PZ Declares N807.14 mln PAT in Q3 2019 Result,(SP:N10.00k)

Proshare

Thursday, March 28, 2019 08:45AM / NSE With Additional Notes From FBNQuest

Proshare Nigeria Pvt. Ltd.


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Implications

We expect a negative market reaction, along with downward adjustments to consensus 2019E forecasts following a disappointing set of results. Q3 sales were down -10% y/y to N20.0bn, and the company reported a pre-tax loss of –N414m for the quarter.

 

Positives

None

 

Negatives

All key line items worsened y/y. Sales missed our N21.9bn forecast by 9%, while the Q3 pre-tax loss was far off our PBT estimate of N2bn. This negative surprise was driven by a 766bp y/y contraction in gross margin.

 

Year-to-date, PZ shares have shed -17% versus a -1.9% decline by the broad market.

 

We rate the stock Underperform. Our estimates are under review. 

 

PZ Cussons Nigeria Q3 2019 (end-Feb) results vs. FBNQuest Capital Research estimates (N millions)

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


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