Business & Finance

An Analysis of Apple Inc.’s Financial Performance and Growth Prospects

By Adebowale AterePosted on July 10, 2023Posted in Business & FinanceTagged Apple, DCF, Facebook, Google, iPhone, ValuationNo Comments

Apple is the largest technology company in the world in terms of revenue and market capitalization and is
among the Big Five American information technology companies, which also includes Alphabet (Google), Amazon, Meta (Facebook), and Microsoft. The Americas is Apple’s biggest regional market, encompassing both North and South America. Other significant markets include Europe (comprising European countries as well as India, the Middle East and Africa), Greater China (encompassing mainland China, Hong Kong, and Taiwan), Japan, and the Rest of Asia Pacific (including Australia and other Asian countries not included in the company’s other reportable segments).

FMN Plc Investment Pitch – GA Academy 3.0

By Oluwatobi SholankePosted on June 17, 2023Posted in Business & FinanceTagged Flourmill, GDP, Inflation, recommendation, Revenue, Stock, Stock pitch, ValuationNo Comments

This stock pitch was prepared by Basirat Adebiyi, Abbas Bashar, Oluwatobi Sholanke, and Chigbo Oguejiofor as part of their project during the recently concluded Gifted Analysts Academy 3.0

Flour Mills Nigeria Plc: Showcasing Unprecedented Progress in the Growth of Organic Sales and Profitability

By Adebowale AterePosted on June 7, 2023Posted in Business & FinanceTagged Agriculture, DCF, Flourmill, Food, Honeywell, Nigeria, Valuation1 Comment

With the Nigerian government’s
ongoing focus on promoting agricultural development through its policies and budgetary plans, Flour Mills Nigeria Plc can leverage this support to build a strong agribusiness that can meet domestic food demand, generate export revenue, and create jobs. How
effectively is the company taking
advantage of this opportunity?

Weekly Economic & Market Commentary (26-03-2023)

By Abuh JonathanPosted on March 26, 2023Posted in Business & FinanceTagged Commentary, News, WeeklyNo Comments

Last week was an eventful one for the global and domestic economy as we move towards the end of the first quarter of 2023. In the global space, the US Federal Reserve raised the federal fund rate by 25bps to a range of 4.75% – 5.00%, signaling an end to its aggressive rate hikes amidst the banking sector crisis. Locally, the DMO had a successful bond auction in March, raising N563bn which exceeded its planned target of N360bn, with strong demand seen across four different bond maturities. Likewise, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) increased the MPR by 50bps from 17.5% to 18% in March 2023, making it the second consecutive hawkish tone this year, albeit less aggressive compared to January. Other notable domestic happenings last week were the latest data on currency in circulation, equities market update and happenings in the currency space.

Weekly Economic & Market Commentary

By Abuh JonathanPosted on March 13, 2023Posted in Business & FinanceTagged Commentary, News, WeeklyNo Comments

Last week in Nigeria, the DMO conducted its NTB auction for March, which was oversubscribed due to strong demand. Foreign trade decreased in Q4’22 due to a decline in import trade, but increased by 31.8% YoY. Nigeria’s composite PMI sank to 44.7 in February, ending a 32-month expansion sequence, largely due to cash shortage and fuel shortages. The Nigerian equities market closed bullish, while the naira appreciating in the parallel market. In the US, Silicon Valley Bank collapsed, and the latest job numbers showed that US employers hired more workers than expected in February. The FED will consider these circumstances in their upcoming meeting on whether to hold or raise interest rates.

Stock Pitch – Dangote Sugar Refinery Plc

By Solomon Sele AyebawanaemiPosted on December 15, 2022Posted in Business & FinanceTagged Dangote sugar, DCF, DDM, Opportunities, Risks, Stock pitch, ValuationNo Comments

We recommend a BUY on DANGSUGAR based on our target price of N26.31. This representing a potential 72.0% upside on the closing price of N15.30 as of 14th December, 2022.
Year-to-date (YTD), DANGSUGAR has dropped -10% compared to +13.54% and -5.4% for the NGX-ASI and the NGX-CONSUMER GOODS index respectively. Due to this, the stock is trading at its 52-week low of N15.30 per share, creating a value opportunity for investors.

FLOURMILL Stock Pitch – Gifted Analysts Academy 2.0

By Joshua OlorunsaiyePosted on November 30, 2022Posted in Business & FinanceTagged Flourmill, Gifted Analysts Academy, Stock pitchNo Comments

This stock pitch was prepared and presented by Ridwan Okeshola, Oluwatimilehin Agbejimi, and Omolola Omotalade

GTCO Stock Pitch – Gifted Analysts Academy 2.0

By Solomon Sele AyebawanaemiPosted on November 30, 2022Posted in Business & FinanceTagged Gifted Analysts Academy, GTCO, Stock pitchNo Comments

This stock pitch was prepared and presented by Ayebawanaemi Solomon, Ailende Edna, Lawal Hamzah Ajisafe Damilola and Chisom Nwankwo

UNITED CAPITAL PLC: 9 MONTHS-2022 PERFORMANCE REVIEW AND STOCK RECOMMENDATION

By Solomon Sele AyebawanaemiPosted on October 26, 2022Posted in Business & FinanceTagged CAGR, Comparative valuation, Financial Performance, Target Price, United Capital, ValuationNo Comments

United Capital Plc has seen steady growth in both top and bottom lines over the years, and we expect both to continue to grow at double digits over the next five years. The company’s Return on Equity (ROE) has averaged over 30% in the past 5 years. This is one of the highest among publicly listed financial service companies and highlights the company’s strong value creation for its shareholders. We recommend a buy for the stock based on our findings and the future prospects of the company. Our blended target price of N15.10 suggests a potential upside of 20.8% compared to the current share price of N12.50 (24th October, 2022). The target price was arrived at by using a weighted average of 65% for the DDM method and 35% for the comparable method of valuation.

The company also has the following market value ratios:

P/E ratio: 6.7X (FY-21 EPS: N1.88)
Forward P/E: 5.2X (FY-22 EPS: N2.41)
Dividend yield: 12% (last dividend reported: N1.50)
P/B ratio: 2.55X (Book value: N4.9)

Fidson Healthcare PLC H1-22 Performance Review

By Ailende EdnaPosted on October 26, 2022Posted in Business & FinanceTagged FIDSON, Gross profit, GSK, Healthcare, Revenue5 Comments

Currently, the local drugs manufacturers are faced with an intense competition from imported products and multinational companies. For instance, 70% of the drugs consumed in Nigeria are imported. Also, almost all the local manufacturers source their active pharmaceuticals ingredients or raw material through importation. The preceding suggests that they are merely purchasing drugs and repackaging them for use. These account for the major challenge in the pharmaceutical industry in Nigeria. Though, Fidson is currently working to expand into Active pharmaceutical production (API). Other constraints, will be infrastructural challenges such as inconsistent energy, weak technology, scarcity of forex and high taxation etc.