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In: Banks|company results
28 Jul 2010In past week, the banks have been releasing their company results. Below are the results presentations along with the accompanying press releases: Diamond Bank 6M 2010 Results Diamond Bank Q2 2010 Results Diamond Bank Press Release FCMB 6M 2010 Results FCMB 6M 2010 Press Release Zenith Bank 6M 2010 Results First Bank 6M 2010 Results [...]
UBA released its FY09 result for the 15-month period ended December 2009. The highlights are:
• UBA reported gross earnings of N246.7bn (US$1.6bn) for the 15 months ended 31 December 2009, representing a 45.6% increase from the corresponding 12 month period to September 2008.
• Total assets decreased by 7.5% from N1.7tn (US$11.5bn) in 2008 to N1.5tn(US$10.3bn) as at FY2009
• Total loans and advances grew by 40.6% to N606.6bn ($4.0bn) while its loan to deposit ratio went up to 48.7% from 32.4% recorded in the prior year. • Operating income was up 46.0% from N128.2bn (US$852.6m) to N187.1bn (US$1.2bn)
• Deposits and other accounts decreased by 6.6% from N1.3tn (US$8.9bn) as at September 2008 to N1.2tn(US$8.3bn)
• Keeping loan quality at an acceptable limit seemed to be a challenge as Non-Performing Loans (NPL) (as a proportion of gross loans) went up from 4.0% in FY2008 to 8.0%
• The exceptional item reported included a net charge of N38.2bn (US$254.0m) for diminution in the value of assets which significantly hampered the bank’s bottom-line earnings potential; After-Tax Profits went down 94.9% from N41.2bn(US$274.4m) in 2008 to N2.1bn(US$14.1m) for FY2009.
Afrinvest, ARM and Meristem each prepared analyses of the company’s results:
Afrinvest - UBA FY 2009 Earnings Update (333).
Here are the analyses of the Q2 results for PZ Cussons and Guinness Nigeria PLC by FSDH Securities and Afrinvest respectively:
<strong>FSDH – PZ Cussons:</strong>
<blockquote>In arriving at a fair value for PZ, we estimated TO, Earning Before Interest Tax Depreciation and Amortization (EBITDA) and PAT for the FY ending May 31, 2010. We project a TO of N69.76bn, based on our view that the TO will contract by 13.85%, over the previous year. We project EBITDA of N9.50bn based on EBITDA margin of 13.61% and a PAT of N6.37bn based on a PAT margin of 9.13%. We used 3.18bn Ordinary Shares currently in issue. The Forward Earnings Per Share (FEPS) generates N2.01. We estimated the Dividend Per Share (DPS) of N1.04 based on a dividend payout of 51.91%. Applying Enterprise Value (EV)/EBITDA multiple of 9.88x, a P/E multiple of 12.50x, we arrived at N29.54 per share using EV/EBITDA multiple and N25.07 per share using price earnings multiple. Applying a weight of 55% on N29.54 and 45% on N25.07, we arrived at N27.53 per share, which is our fair value. The forward earnings yield and dividend yield based, on our fair value generate 7.29% and 3.78% respectively. <strong>We therefore place a HOLD on PZ stock at the current market price of N26</strong>.</blockquote>
FSDH - PZ Cussons -Q2, 2009 (407)
<strong>Afrinvest – Guinness Nigeria</strong>
<blockquote>* Guinness Q2’10 results saw turnover up by 23.8% while both PBT and PAT were down by 10.0% by 10.8% respectively.
* Operating expenses saw further increases on the back of an extensive marketing drive and on-going capacity additions
* Going forward, we expect to see top and bottom line growth resulting from the marketing initiative as well as capacity expansion
* <strong>Our recommendation is NEUTRAL with a FY’10 (June 30) price target of N139.23</strong></blockquote>
Afrinvest - Guinness Q2 2010 Earnings Update (196)
In: company results
26 Jan 2010Courtesy of Meristem Securities here are the results for the following companies released in the month of January:
7Up Bottling Com Plc Q2-09
Afromedia Plc FYE’09
Scoa Nigeria Plc FYE’09
Incar Plc Q3-09
Fidson Healthcare Plc FYE’09
Beco Petroleum Plc Q1-09
United Nig Textiles Plc Q3-09
African Paints Plc Q3-09
Costain West Africa Plc FYE’09
Tripple Gee & Company Plc Q3-09
Wema Bank Plc FYE’08
Wema Bank Plc FYE’09
Unic Insurance Plc Q3-09
Unic Insurance Plc Q2-09
Unic Insurance Plc Q1-09
Studio Press Nigeria Plc FYE’09
Here is Vetiva’s analysis of 7-Up Bottling Company’s Q2 2009 results:
In: company results
8 Sep 2009The companies listed below released their recent results in the month of August 2009. You can review the detailed results here:
Company Results - August 2009 (372)FIRST BANK PLC
NAHCO PLC
ECOBANK NIGERIA PLC
ZENITHBANK PLC
INCAR NIGERIA PLC
ECOBANK TRANSNATIONAL INCORPORATED
BCC PLC
OCEANIC BANK INTERNATIONAL PLC
OASIS INSURANCE PLC
CONSOLIDATED HALLMARK INSURANCE PLC
STARCOMMS PLC
LARFARGE CEMENT (WAPCO NIGERIA)
UBA PLC
C & I LEASING PLC
AG LEVENTIS NIGERIA PLC
IPWA PLC
CAP PLC
LASACO ASSURANCE PLC
UNILEVER NIGERIA PLC
COURTVILLE INVESTMENT PLC
BANK PHB PLC
NATIONAL SPORTS LOTTERY PLC
GREAT NIGERIA INSURANCE PLC
JOHN HOLT PLC
UNIVERSITY PRESS PLC
REGENCY ALLIANCE INSURANCE PLC
NESTLE NIGERIA PLC
STANBIC IBTC PLC
MOBIL OIL NIGERIA PLC
AIICO INSURANCE PLC
TANTALIZERS PLC
INTERNATIONAL ENERGY INSURANCE PLC
CADBURY NIGERIA PLC
PORTLAND PAINTS & PRODUCTS NIG.
IKEJA HOTEL PLC
UNION DIAGNOSTIC & CLINIC SERVICES PLC
OANDO PLC
DIAMOND BANK PLC
UNIVERSITY PRESS PLC
VITAFOAM NIGERIA PLC
NATIONAL SALT COMPANY OF NIG. PLC
TRIPPLE GEE & COMPANY PLC
CEMENT COMPANY OF NORTHERN NIG PLC
CRUSADER (NIG.) PLC
FIRST ALUMINIUM NIG. PLC
CONSOLIDATED HALLMARK PLC
CHEVRON OIL NIG. PLC
Below are the analysis of the recent results of Lafarge WAPCO, Dangote Sugar, UACN Property Dev Co, Nestle and Nigerian Breweries and recommendations of their stocks by FSDH securities.
Dangote Sugar – SELL
Nigerian Breweries – HOLD
UACN Property Dev Co- BUY
Nestle Nigeria – BUY
Lafarge Cement WAPCO Nigeria Plc – BUY
In: company results
30 Jun 2009Cordros Capital Limited has prepared a chart of the company results released in the first half of the year. Read below:
In: company results
10 Jun 2009Here are the company results released in May 2009:
In: company results
15 May 2009Here are the recently released company results:
In: company results
28 Apr 2009GT Bank recently released the results for the 10-month period ended Dec 31st 2008. It was quite impressive. They provided using the IFRS and GAAP accounting standards. You can view both below:
Here is the stock market report for the week ended April 24th 2009:
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