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Analysis Of Results Of Companies On The Nigerian Stock Exchange - Investment (5) - Nairaland

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Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by janykute: 7:53pm On Apr 30, 2013
Please Ugodre.awaiting your analysis on the recent released result of FBHN.
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 10:04pm On Apr 30, 2013
feelamong: You forgot to include the fact that this stock GSK at a time dropped to N21 and only rose to N43 when the news filtered out that its parent body wanted to increase its stake to 70% or there about!

Now that the parent body is back, i expect them to increase capacity and also maybe acquire one or two small pharm coys in the medium to long term! Just throw in the fact that Nigeria is soon to be made the Hub for vaccine production in the whole of west Africa and maybe beyond!

True that...! Do you think then that the price is cheap?
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by wogegbo: 8:02pm On May 05, 2013
Hi Ugodre,

Pls I am highly impressed by sound analysis of results of coys on the nigerian stock market. Thus sincerely wish you add me to email list for me receive both old and new analysis of coy results henceforth. My email address is wogegbo@yahoo.com. Thanks.
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 10:04am On May 06, 2013
wogegbo: Hi Ugodre,

Pls I am highly impressed by sound analysis of results of coys on the nigerian stock market. Thus sincerely wish you add me to email list for me receive both old and new analysis of coy results henceforth. My email address is wogegbo@yahoo.com. Thanks.

Ok I will..you can also track my latest post on ugometrics.com . Cheers
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 10:09am On May 06, 2013
FBN HOLDINGS PLC 2012 EARNINGS REVEAL TRIPPLE RISE IN PAT...BUT NOT ENOUGH TO BEAT ITS PEERS


FBN Holdings Plc (owners of First Bank) released a double dose of earnings report last week (29/4/2013-3/5/2013) which included its 2012 audited accounts and the first quarter 2013 unaudited reports

2012 Audited Accounts

FBN Holdings posted Gross Earnings of N360billion a 31% rise when compared to 2011 (N273.8billion). Net Interest Income also rose 27.8% to N225billion just as income from commission and fees topped N62billion in the period under review. The bank posted a 150% operational profit of N93billion (2011: N37billion). Profit after tax at the end of the period was N75.6billion an over 306% increase from the prior year. Earnings per share rose from 60kobo t0 N2.33.

Highlights

-Net Interest Income Margin dropped from 82% (2011) to 78% this year. Most banks in Nigeria had lower Interest margins and only Diamond Bank did better than First bank at 80%.

-The Group (well, Bank) recorded N12.3billion in loan losses (2011: N38billion) making it N50billion in two years already. In addition in the first quarter of 2013 they recorded about N1.48billion in loan losses. When you consider that GT Bank recorded about N800m in loan losses for the whole of 2012 you realize how precarious their risk assets are.

-The Group's operating expenses of N192billion is only next to ETI's N200billion and chalked of 68% of Operating Income or 53% of Gross Earnings (same with 2011). Too high and a common problem with Holdco's as too many non-productive subsidiaries increase expenses.

-Average tax rate came at about 18.3% slicing off N17billion of of Pre-Tax profits. Tax and loan losses contributed to its below peer PAT of N75billion. For example, whilst Zenith's loan impairment as a percentage of Net Interest Income was 5.5% its tax rate was 1.4%. GTB loan impairment as a percentage of Net Interest Income was 0.6% its tax rate was 15.9%. First Bank was 5.5% in loan impairment as a percentage of Net Interest Income and 18.3% in tax rate.

Return on Average Equity was 18% for the bank, higher than inflation and slightly better than FGN bond rates. Unfortunately, it fell below the likes of GTB, Zenith, Access percentage of 34%, 23.5% and 20% respectively.

- Operating profit for the first quarter of 2013 increased 26% to N31billion (pre-tax profits N30.4billion) an impressive return and currently higher than its peers did so far.

-FBN Holding is a holding company for the bank and its other subsidiaries. However, the Bank is the highest contributor to bottom line.

-The Bank as at the end of the first quarter of this year, had about N2.7tr in deposits and N1.9tr in net loans. During the past year, it grew loans and advances by 13% but is yet to add to that in the current year.

-The company's share price dropped 3% to N18.65 on announcement of the result but has since climbed back to N19.55 currently representing a 8.4x multiple on trailing twelve months earnings. Price to book ratio is 1.4x indicating the sluggish rise in market valuation.


FBN Holdings posted its 2012 Audited Accounts on the website of the NSE

Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 2:33pm On May 10, 2013
UBA PLC IS BACK TO PROFITABILITY - POST IMPRESSIVE N51.4BILLION PAT!!

UBA Plc finally released its 2012 audited accounts with profits after tax of N51.4billion. This ensures the bank is back to profitability after a whopping loss of N26.6billion a year earlier. The bank's net interest income rose 34% to N91billion and income from commission and fees (including other operating income) rose 21% to N61.4billion. Total operating income also rose 94% toN154.6billion.

Key Highlights

The bank is yet to release its annual report so details about the earnings are limited

However, Net Interest margin remained flat at 61% and was below the above 70% posted by the likes of Zenith First Bank and UBA

UBA's Net Interest income is the 6th largest in the banking industry this year.

The N61billion made in commission and fees is one of the highest in the industry

The banks loan losses reduced drastically by 87% to N4.5billion. It was N37billion a year last year. It is also less industry average of N14billion

The banks operating expenses remained flat during the year boosting efficiency in operating profits

The Bank Generated N256.2billion in cash from operations during the period

The banks deposits rose 21% to N1.7trillion and only Zenith Bank, First Bank and ETI is higher

Return on Equity was an impressive 30% and to the peak of this result. Only GTB did better amongst its peers at the top with 33%.

The bank also paid minimal tax equal to 1% of pre-tax profits. That is quite surprising considering it is a Holdco. I believe they must have enjoyed some relief from losses carried forward

The banks retained earnings is now N50billion a 212% rise from 2011.

Earnings per share was N1.77

Share price rose 2% to N7.64 at the time I wrote this blog. The share price is currently 4.32x its earnings (4.32x P.E ratio)



UBA Plc 2012 Audited Accounts was posted on the website of the NSE
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by VICTOFX(m): 8:43am On May 15, 2013
nice analysis here, but please, i need info on how to go about my afribank shares, i bought 2000units since 2008,but have not been following it up even after when afribank Nigeria plc merged with mainstreet bank. but recently i walked into a branch of mainstreet bank at Ibadan with my certificate to make enquiry about the shares, but they were telling me thing i do not really understand, like they are not in charge of the shares n blablabla, so as i type, i am yet to know the status of my investment, please kindly advice me on what to do, and also use the info i have given to help me analyze what i should be expecting so i will not just be given anything seeing that i am a novice. thank in anticipation, my email is ueng2k7@yahoo.com, u can contact me for any private discuss.
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by Omexonomy: 1:04pm On May 18, 2013
I am typing from a phone. All ur units in afribank are gone for bad. Sanusi solld the bank to about three igbo men and they change the name from PLC to LTD which means it does not belong to the public but now the property of individual.
VICTOFX: nice analysis here, but please, i need info on how to go about my afribank shares, i bought 2000units since 2008,but have not been following it up even after when afribank Nigeria plc merged with mainstreet bank. but recently i walked into a branch of mainstreet bank at Ibadan with my certificate to make enquiry about the shares, but they were telling me thing i do not really understand, like they are not in charge of the shares n blablabla, so as i type, i am yet to know the status of my investment, please kindly advice me on what to do, and also use the info i have given to help me analyze what i should be expecting so i will not just be given anything seeing that i am a novice. thank in anticipation, my email is ueng2k7@yahoo.com, u can contact me for any private discuss.
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by Toluway: 11:47am On May 19, 2013
If I were a girl, I would ask to marry this Ugodri. I didn't know there remains any man in Nigeria that could be this magnanimous with information and knowledge! Just ride on. Let no one discourage you. God of creation and reward will surely reward you. You are the type I wish to know. You've made my day in Nairaland. Thank you.

1 Like

Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by VICTOFX(m): 9:52pm On May 21, 2013
thanx man, but pls tell both sanusi and d buyers to watch their back.
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by bigpastor(m): 9:14am On Jun 04, 2013
ugodre:

True that...! Do you think then that the price is cheap?
Pls Ugodre, Kindly add my e-mail add to your subscription list of latest analysis
bigpastor232@gmail.com
Thanks
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 5:22pm On Jun 08, 2013
big pastor:
Pls Ugodre, Kindly add my e-mail add to your subscription list of latest analysis
bigpastor232@gmail.com
Thanks

ok I will
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by mercylicious: 2:36pm On Jun 22, 2013
Hallo Ugodre,
I visited ur website late last night/ early this morning and saw a message, acnt suspended. The message is still on today. What is the issue?
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 4:11pm On Jun 23, 2013
mercylicious: Hallo Ugodre,
I visited ur website late last night/ early this morning and saw a message, acnt suspended. The message is still on today. What is the issue?

very sorry about that. I am doing a site upgrade to make the site more reliable. It will be ready tomorrow hopefully
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by miftpulse: 4:59pm On Jun 23, 2013
Oga ugodre, good work, some of us are following you on twitter
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 4:29pm On Jun 24, 2013
miftpulse: Oga ugodre, good work, some of us are following you on twitter

Thanks a lot.
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by Born2beRich1(m): 9:35am On Jun 26, 2013
Hello Ugodre,

Your stock market analysis is indeed insightful and outstanding.

So, as a member, I want to use this medium to invite you to join the www.stockmarketnigeria.com ..we need more people like you in the forum that would give insightful analysis on the stock exchange freely thereby assisting numerous Nigerians to reach their full potentials in the stock market world.

Please note that the website is matured and simply deals with analysis of the stockmarket and your knowledge in the NSE will be deeply appreciated..

We expect to see you soon.

Enjoy.

2 Likes

Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ihedioramma: 12:25pm On Jun 27, 2013
WHAT OF OANDO OIL? WHAT CAN YOU TEACH ABOUT IT OR FOLLOW IT NOW?
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 8:36am On Jul 03, 2013
Red Flag: KFC Nigeria Co Owners, Chellarams Plc, Post N23.3billion in Revenue But N90m In PAT For FY Ended March 2013


Chellarams Plc released its Full Year to March 2013 results with revenues dropping 6.8% to N23.3billion (2012: N25billion). Gross Profit however increased slightly by 0.4% to N3.03billion. Operating profit dropped 5.8% to N585million compared to N621million in 2012. Pre-tax profits also dropped significantly to N241million (2012: N379million). Profit after tax at the end of the period was N90million a 64% drop from N251million posted in 2012. Earnings per share for the reporting period was 15.6kobo compared to 34.7kobo in 2012.

Key Highlights

-The revenue drop from N25billion to N23.3billion is the company's first in over 6 years

-Operating cost has been on a steady increase since 2010. It sliced off 80.7% off Gross Profit during the period (2012: 79.4%). The company's annual report is hard to come by which would have helped explained the reason for its high operating cost.

-Finance cost reduced 2.6% to N471million despite a lower debt to equity ratio in the period under review compared to the prior period. Total debt this period was about N6.4billion -with N4.7billion of these currently due. Based on the company's operating profit it is nearly impossible to meet up with fallen due obligations.

-Return on equity is apparently low churning out 2.4% in the period far below Industry Average.

-The company however has N1.5billion in retained earnings which ensures dividend payout provided it continues to remain profitable

-Chellarams continues to invest in new product lines as well as add new subsidiaries to its group. In the year under review it spent N892million in net investments in addition to the N627million it spent in the prior year. It launched a new Malt drink earlier in the year a move that I do not see reaping profits in the short term considering the competitiveness of the beverage industry. In 2012, it stopped its bicycle manufacturing division blaming the lack lustre effort of the FG in protecting local industries from cheap imports.

-Chellarams also has interest in KFC Nigeria owners, Devyani International Nigeria Limited. It appears the partnership hasn't helped stop the haemorrhaging profit decline in the company.
-KFC as at the time of this post was trading at N4.89 per share with a P.E of 15.2x. It share price if also 1.1x its book value per share.

Chellarams results for the year ended March 2013 is rated a RED INK

Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 8:39am On Jul 03, 2013
Oando Plc Post 530% Rise In PAT To N10.7billion But Debt Also Rose 160% to N288billion!!

Oando Plc released its 2012 Audited Results with revenues increasing 17.8% to N673.1billion (2011: N571.3billion). Gross profit also increased 24% to N81.6billion during the period as cost of sales tapered down relative to revenues during the period. Operating profit for the period was N34.1billion a 76% increase from the N19.3billion posted a year before. Pre-tax profits also rose 35.3% to N17.5billion as a N11billion reduction in operating expenses set of the extra N10billion in interest expense during the period.

Profit after tax for the period increased over five folds to N10.7billion for the period ended December 2012.

Key Highlights

-Despite an N85billion rise in cost of sale during the period, N673billion derived in revenue was high enough to offset the impact. Gross profit margin therefore increased to 12.1%

-The company slashed an astonishing N10.5billion in operating expenses during the period. The largest drop was in administrative expenses which dropped from N52billion to N42billion. Selling and marketing costs dropped N7.8billion to N7.55billion as well.

-Finance cost however rose 160% to N16.5billion as the company added an extra N82billion in loans during the period. The extra increase in loans obtained was used in funding new investments such as the acquisition of oil blocks and expansion into power projects

-The results shows a debt to equity ratio of about 2.7x

-Oando also just concluded a rights issue where it raised about N54.5billion in new equity.

-The additional equity raised will see the debt to equity ratio decline to 1.8x which is much better than the current ratios. I see the company exploring new sources of equity capital to further reduce their debts. to at least 100-80% of Equity.

-I won't be surprised to hear the company announce moves to sell part of their equity in oil blocks and energy investments to foreign interest in the near future as part of its alternative sources of debt free capital

-The company has a healthy retained earnings of N37.1billion which I believe is just about enough to ensure dividend payments for at least one financial year.

-Oando share price has taken a hit in the last one month, dropping 16% to N13.05 (at the time I wrote this blog) from N15.15. It has returned a negative 9% in the last year also compared to most stocks that have seen over 100% return on share price appreciations.

-Oando currently trades at 2.7x in P.E and the share prices is 87% of its book value per share

Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 8:43am On Jul 03, 2013
Evans Medical Rides On Tax Credit To Post N285million PAT For 2012 FY

Evans Medical Plc released its 2012 FY results with revenues rising 6.4% to N4.8billion (2011:N4.5billion). Gross profit rose 20% to N2.6billion during the year on the back of a 6% reduction in cost of sales. However, operating expenses will thread higher during the year to N1.9billion (2011: N1.6billion) or 75% of Gross Profit. The company's finance cost also rose 28% to N503million compared to N393million posted in 2011.

Evans Medical ended the year with a profit after tax of N285million up 64% from the N174million posted the year before.

Key Highlights

-Earnings per share rose 95% to 41kobo during the period

-The increase in profit after tax was mainly as a result of a tax credit of N87million during the year. Otherwise 2012 actually had a lesser pre-tax profit of N198million as against N245million in 2011

-Debt to Equity ratio is high at 1:1. This pits interest at 77% of Operating Profit during the period. This puts the company under immense cash constraints as it tries to repay its loans.
-In 2012, N541million was spent in cash to repay a N867million debt obligation. The company had to basically refinance about N326million of the remaining debt as can be seen from their cash flow statement.

-Return on equity was 12.6%, only GSK posted a higher ROE at 18%.

-I assigned a black ink to the results because it was able to post higher organic profit (operating profit) of N650million (2011: N550million)

Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by chunkuli: 1:46am On Jul 11, 2013
pls kindly add me to your subscription list. folukoga@yahoo.co.uk, thanks
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ihedioramma: 6:17am On Jul 11, 2013
ADD ME TO YOUR LIST ALL SO ihedioramma@yahoo.ca or 08095025817
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by chukyjones: 5:04pm On Jul 12, 2013
me too. chukyjones@yahoo.com
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by prinzayf(m): 7:09pm On Jul 12, 2013
pls add me to your subscription
list. omobabasuper@yahoo.com, thanks
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by soloniger: 1:03am On Jul 15, 2013
ugodre:

ok I will
Oga me tooo asywudil@gmail.com
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 7:36pm On Jul 19, 2013
Unilever Increase Debts By N4billion But Post N3.9billion Pre-Tax Profits For H1 2013

Unilever Nigeria Plc released its H1 2013 results posting a 10.2% rise in revenue to N29.6billion (2012 H1: N26.9billion). Gross profit also rose 11.2% to N10.8billion despite a surge in cost of sales in the period under review. Operating Expenses rose 13% to N6.5billion compared to N5.7billion same period in 2012. Despite increase in operating expenses, Operating profit rose 8.5% YoY to N4.3billion. Pre-tax profits also rose 3.8% to N3.9billion in June 2013. Earnings per share will however remain flat at 72kobo per share following a more conservative provision for income taxes.

Key Highlights

- Revenue Growth was actually better using QoQ comparisons. The company generated N15.4billion this quarter compared N14.2billion generated in Q1 2013. QoQ Growth was therefore 8% compared to same period in 2012 which dropped 9%.

-Their two core business segments Food Products & Home and Personal Care posted 10% and 11% year on year growth, each adding 12.6 and N17billion to 2013 Half Year revenue respectively.

-Unilever continued its investment in capacity expansion spending another N2billion 6 months to date and an extra N1billion from March 2013. Funding for capacity expansion surprisingly came from new loans during the period. Investment in the last one year has now topped N5billion.

-Debt to Equity rose sharply to 1.16 as the company increased its overdrafts facilities and short term loans by a whopping N4billion. The company did not reveal details of the loans in the report released to the NSE.

-Interest cost increased 60% to N497billion compared to the same period last year. Interest payment as a percentage of Operating profit has been on a steady increase in the last 6 quarters. It has now grown from N180million in the whole of 2011 to about N380million in the first half of 2013 alone. This is still 9% of operating profit and I do not see it rising above 14% at the end of the year after interest from newly acquired loans start to kick in.

-Unilever still generated Ebita cash flows of around N9billion annually (2012) which to an extent can provide buffer for debt repayments. However, I expect the company to refinance their overdraft by converting them into longer term facilities.

-The company also faces a working capital shortfall of about N10billion which it has basically been financing from trade creditors

-With a return on equity of about 31% this half year, shareholders need to worry of about the impact of taking on debts on their value. Unilever also post a comfortable return on asset of of over 26% last year, which is set to go even higher providing extra cover for high interest rates. Shareholders have also cashed in over N10billion in dividend payments in the last one year alone even though it amount to a below market dividend yield of just 2.2% (TTM)

-Unilever has a share price of N62 and a price earnings ratio of 42x. Intending investors will have to hope the obvious overprice value of the stock will persist otherwise they only stand to get a yield of just 2.3%.

-The risk of a value impairment on the share price makes a purchase option all the more precarious

Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 7:41pm On Jul 19, 2013
H1 2013 Results:Sterling Bank Post Strong Earnings Growth as Pre-Tax Profits Rose 93% To N6.7billion

Sterling Bank released its 2013 H1 results with Gross Earnings rising 28% to N41.8billion. Net Interest income rose 26.8% to N15.1billion in the period under review compared to N11.9billion in Q1 2012. Pre-tax profits rose 93% to N6.2billion (2012 H1: N3.2billion). Earnings per share will therefore rise 76.5% to 35kobo compared to 20kobo same period last year.

Key Highlights

-Loans and advances rose 7% to N272. 7billion compared to N230billion in at the end of 2012. The bank has only added N42billion to its Loan book.

-Net Interest Income rose 26.8% during the period to N15billion on the back of an increase in loans and advances. Interest margin will also fare better than it did the same period last year rising 48.8%

-Operating expenses rose sharply to N18.5billion representing an increase of 24%. It in fact added about N10billion in operating expenses between April and June 2013
However, this did not impact heavily on Cost to Income ratio as it dropped to 71% from 82%. The reason for this is the 70% rise in other operating income. Income from fees, commissions and other sources added a huge N10.7billion to Net Operating Income which help negate the impact of high operating cost.

-Deposits also grew 21% in the last six months which is a strong improvement from 18% growth at the end of 2012

-Sterling Bank suffered more loan losses during the period, writing off N1.1billion at this time of the year. The bank did not have significant loan losses last year but has now incurred losses in two consecutive quarters. It wrote of over N700million between April and June alone.

-Return on Average Equity at the end of the period was 12%

-The banks currents Earnings Per share is just 9kobo lower than the 44kobo posted in the whole of 2012

-Earnings per share is likely to be much lower at the end of Q3 as the dilution brought about by the recent rights issue begin to impact on the books of the company.

-Sterling Bank share price rose 0.38% to N2.67 today representing an earnings yield on TTM EPS of 16.3%. The share price is currently trading at 90% of Book Value per share.

Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by ugodre(m): 7:45pm On Jul 19, 2013
Nigerian Breweries Still Searching For Bottom Line Growth: Post N29.6billion Pre-Tax Profits For H1 2013

Nigerian Breweries (NB:NL) released its 2013 H1 results with revenues rising 7.4% to N133billion as at June 30 2013 (H1 2012: N124.6b). Gross Profit during the year also rose 7.6% to N66.3billion during the period as the company struggled to deal with rising raw material cost. Core operating profit for the period will thus remain flat at N31.6billion growing by just 0.6% over the prior year. Pre-tax profits at the end if the period under review was N29.6billion and just 3.8% higher than the N28.5 billion posted same period last year.

Key Highlights

-Revenue Growth managed to keep up with GDP growth rate at just 7.4%

-Margins struggled for growth as operating cost continued to eat up the little revenue growth they reported.

-Gross Profit margin for example was 49.6% this period no major difference from the 49.5% growth posted same period last year

-S,G & A grew double figures (15%) to N34.7billion signifying an inability to stem rising operating cost. This is the third straight reporting period that has seen rising operating expenses (18% YoY FY 2012, 9% YoY Q1 2013 and now 15% YoY H12013).

-Without the contribution of N1.4billion in other income, which rose 62% YoY, then pre-tax profits may have been lower in comparative terms to H1 2012.

-No significant reduction in Debts as the company maintained about the same debt to equity structure.

-Return on Equity of 12.7% is still very healthy and on course to at least match last years results. As it stands it is above inflation rate.

-NBL is still a very profitable entity and with a strong Revenue Reserve of N93.4billion. However, it still relies on loans and current liabilities to augment working capital requirements.

-It owes current back taxes of about 27.8billion and If required to be paid may be a financial strain on operations. Working capital is currently negative at a whopping N39.8billion
Investment in Capex and capacity expansion has now topped N50billion in the last 18months

-NBL was trading at N177.4 at blog time and represents 33.8x TTM earnings per share.

-Anyone who buys at this price would currently be carrying an earnings yield of about 3%. Going by this result, things are not about to change anytime soon. Share price has increased 55% in the last one year and just 20% in value year to date (Jan - July)

Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by Sobrit(m): 2:18pm On Jul 20, 2013
Man, u are good. God bless u... Off to ur site
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by hotcake: 8:14pm On Jul 20, 2013
ugodre, kindly add us to your mailing list. Our email: hftrustfund@yahoo.com Thanks
Re: Analysis Of Results Of Companies On The Nigerian Stock Exchange by Johngrin: 6:15pm On Aug 01, 2013
please I need the daily stock analysis for agriculture allied product stock analysis

Thanks

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