₦airaland Forum

ClearFlair:
Countries with so many God-given resources ruled by incompetent and greedy people
Chai!

I think it is the most cursed country in Africa

International Energy Insurance FY24 Unaduted Report -

Revenue of 5.6b from 2.7b FY23
Net income of 1.78b from previous 850m which is a 32% net margin
EPS of 139k from previous 57k
Cash and cash equivalent down to 1.2b from previous 4.4b. This is due to a 3b payment for shares deposit they made to Norrenberger in a private placement worth 5b (remaining 2b)
They have a negative equity of 8.9b due to high Total liability of 24.2b compared to total assets of 15.3b and There is an accumulated losses of -23.3b in equity making total equity negative 8.9b
Digging further, noticed they have a 14.1b loan from Daewoo security ltd reflecting in their liabilities, which they took in 2008 at 0% coupon rate payable in 20 years at a 29% premium on maturity in Jan-2028 with an option of converting it to equity.
Converting the 14.1b loan to equity will adjust the balance sheet to have a positive equity, reducing the liability to 10b and increasing the equity to 5b
The downside is massive dilution of extra 8b shares at current price of 1.73 per share to raise total outstanding shares to 9.3b.
This means with a profit of 1.78b for FY24 with EPS of 178k and OS of 1.28b, diluting OS to 9.3b will drop the EPS to a meagre 19k
negative FCF of 1.1b from previous positive 2.91b.
Maintenance cost paid of 1.16b from previous -472m, reinsurance premium of -1.1b and operating cash payment of -2.15b turned the OFC to negative.
72% of revenue comes from motor insurance = 4.25b while maintenance cost of 1b went for motor insurance.
4.24b revenue is from direct premium - insurance from individuals and companies
86m from inward premium - insurance revenue from other insurance company who use them as reinsurance company
1.2b from unearned premium - insurance contract activated and converted to revenue.
They released a forecasted Q1/25 report with -
Gross premium = 3.88b,
Insurance service result = 1.1b
Net profit = 208m.
Using that as a guide, that will give us eps of 16k with a FY25 eps estimate of 65k using OS of 1.28b.
That will be a whooping 50% downside to Fy24 eps of 139k, which means we may see IEI share price go down by 50% this year ending.

Gd0007:


On an iPhone, you can download an app called Vivid ID. It allows you to take a properly sized passport photo under appropriate lighting. You can save the photo on your phone and reprint a hard copy when needed.

Thanks

Cashmadam:
Ensure the passport is saved as a JPeg. Also, ensure you have good network.

When a message pops up on the screen (can't remember what the message is), just click ok. Don't click cancel.

If it still doesn't work, then it means the picture does not meet the required specification.

Thanks

Nonexisting1:
I miss my money that she took and ran with a 'ready' man for marriage. I'll rather face a lion in a duel than miss her. I've moved on but that money still dey pain me. That was all I had as a young hustler then.

JESHAL007:
Good morning sir @emmaodet,
Happy weekend
Please sir what is your economic advice for a young man starting family in this economy, advice for men whose wives are going to be career oriented, how would it affect the tempo of the relationship, does it come with compromise, does it breed disrespect, what are it's pro and cons

For middle-middle class upward, i will suggest the man to take 100% responsibilities of the house even if the wife is working.
For lower-middle class down to lower class, i will suggest the wives contribute to the family purse albeit 30% max because the men in these categories need to have disposable income to invest, hence need their wives support but it comes with a price or a cost - the man will lose part of his masculine power.
Men in these categories don't have the leverage in the upper class have.
You can't give out money to family or friends without your wife's consent since she is a co-contributor unlike the first group.
You don't have the room to be naughty - having affairs outside because it may lead to immediate divorce. The woman will say she is better off staying alone and feeding herself rather than with you and your excess baggage of cheating. It is not as if the money is enough for the family yet you are wasting it on useless affairs.
Why all women have tendency to cheat, a woman working and paying almost half the bills will be more bold and less worried about the repercussion of cheating - the worst that can happen is to chase her out and heaven will not fall, she will quietly rent a single room and continue her life easily. Nothing really changed much.
You should be ready to share the chores at home - while she is cooking, you are washing plates. You wash the clothes together etc
There are many more but i will stop here

lekefew:
Login to AVITS dashboard and go to support on the menu, create a ticket, select Profile Inquires for the topic , fill the form and upload your new DS-160 form in the attachment section and submit. Wait for 24 hours and your confirmation number will be updated on the appointment, you'll get a response on the ticket letting you know it has been updated. I don't know if the weekend will affect the response time. I did mine yesterday and got a response today.

I asked this question a week ago and nobody replied. I figured it out and I thought to help someone else

Thanks, followed your instructions

JESHAL007:
During our father's generation, women in the 50th percentile of income settled down with men in the 50th percentile of income easily but now, they want to enjoy life, they don't want to suffer when they know statistically majority of them would struggle a lifetime, it's crazy, they do not want average and poor men like their female ancestors who settled down with peasant class

Even those female ancestors, many regretted marrying poor men or men within their class. It was just that hypergamy was put in check during their time with religion and tradition. Now, those institutions are failing.
In one hot argument with my dad, my mum vowed never to allow her daughter marry a teacher or civil servant due to what she passed through suffering with my dad.
My mother-in-law also once said if she was as clever and wiser then like now, she wouldn't have married my father-in-law because then, better men with good jobs and career wanted her but she was naive and followed LOVE.
Have had 2 or 3 women say something similar too.

Kingpele:
Billions upon Billions no clear details of how the Billions is spent....but how can 5billion dollars be generated from a festival...this guys is good at calling billions all the time....as if they use billions swear for them

Nahco

Sunrisepebble:
You are spot on. I ran through the numbers on excel, forecasting around 100-110 again for the stock. Hopefully they pay out a good dividend also

I have added them to my watch list too

Sunrisepebble:
N5.42 EPS for a quarter wow. This is on my buy radar at good entry

Yes, it looks good because the major drawdown on their net profit is ''Loss on remeasurement of foreign currency balances including trade and other receivables, trade and other payables and cash and cash equivalents balances'' which cost 89.4b in FY24 with a net loss of 54.8b
Looking at the economy and expecting a stabilized exchange rate, i don't expect them to have such in their finance cost for the time being.
TTM NL = 49b, EPS = -#22.78 but with a strong Q2 eps of #5.42, i expect them to have a FY25 eps of atleast #10 which i EXPECT but not GUARANTEED to increase the price to #100/share around mid this year.

JESHAL007:
@emmaodet, good evening sir, hope you had a good day, I want to clarify something, are married men receiving sex like mad since they monopolized the pussy in the institution or are they sex starved like majority of single guys out there who are average and struggling since they are bottom 80%, worse they patronise prostitutes who give them the worst of the worst forms of transactional sex, are married men sex starved that they too might opt for prostitutes, are married women weaponizing and hoarding pussy

Hello bro.
The question has a broad answer because it is an individual thing and many married men don't open up due to shame, so they keep it to themselves.
Many married men don't feel comfortable telling friends about their wife's sex life because it's kinda private but from my little observation and knowledge, i will say 5 out 10 married men around me had once complained about their wife's low sex attitudes.
We can say many of these women married their husbands due to financial cover or age not on their side, if given the chance and choice, they would have preferred a richer or more good-looking man, but this is life, we don't always get what we want.
Women will be women; it is up to the man to know how to handle such situation.
My case as an example, i don't beg my wife for sex or clingy. There were times she was forming not interested and wanted me to be simping to get the sex, i just ghosted her as if she never existed in that house. It is up to her to pick herself up and fix herself up and make me happy.
I don't wait for her to do my duties at home to provide, so i don't need to constantly remind her or beg her to do her duty to make her hubby happy. I have low tolerance for bullshits, manipulations or games.
If she had not come begging after 3 days of ghosting her, i would have given her just 2 months grace period after which i would have gone to shop for her replacement sex-wise
If you don't like sex or not really interested in it then stay away from relationships and marriages - e no hard.
I don't wait for anyone to tell me to wake up, go to work, pay school fees, house rent, food etc so i won't be the one forcing a woman to perform her duties
She woke me up midnight disturbed that have been ignoring her for days and i told her plain and blank that have lost interest in her, no point sugar coating it.
She was shocked and started crying and praying for evil ladies distracting me outside to die...wetin be my own, i was just sleeping.
EVER SINCE that time, our sex life CHANGED for better.... i guess a little external competition or threat of replacement helps a lot

missjekyll:
Thanks which bunch?
If it sounds too good to be true it probably is.

If you are swindled,there is nothing,zero ,zilch you can do about it.

I suggest sticking with TB and government bonds. Just a gentle suggestion.

They are safe.
I went to their office at marina, the head office and met the guys working there inside UBA bank headquarter.
Moreover, they have a microfinance branch that uses your mutual funds to give you loans which I collected early this month

sterlingD:
UNIVERSITY PRESS PLC

https://doclib.ngxgroup.com/Financial_NewsDocs/42933_UNIVERSITY_PRESS_PLC.-_QUARTER_3_-_FINANCIAL_STATEMENT_FOR_2025_FINANCIAL_STATEMENTS_JANUARY_2025.pdf

Net income of 510m in 9M/24 from a revenue of 3b, a 17% net margin.
Made a loss in their Q3/24 of 172.5m from a revenue of 484m
9M eps of 118k
Point of interest -
The cost of marketing selling and administration of 1.36b from a revenue of 3b is too high. Roughly 50% of the revenue.
A negative trade payable of 901m changed the OFC to negative from a net income of 510m.
Digging further, they have a 526m royalty payable to the authors of the books they have been printing and selling that made the FCF to be negative.
I will do a valuation of the stock later today for full report

Sunrisepebble:
Pls explain your position with the bank recapitalization and the dilution effect. Maybe there’s something I’m missing in my own view also.
Personally I feel these banks are still very cheap on FA terms, even with dilution effect, the PEs are not high at all.

I agree with you that the PEs are not high.
Historically also, the banking sector has very low PEs

emmanuelewumi:
I got negative 157 days for 2023 and negative 22 days for 2024

I got negative 138 days for 2023 and negative 31 days for 2024.

I think it is still within the band, error of -20 days and - 9 days.

Finchat got negative 92 days for 2023.

Hello House,
Please have been trying to upload my kids passport photo in the DS-160 but it is not accepting it.
What can i do? what is the special requirement for acceptance?

emmanuelewumi:
@ Emmadet, kindly assist with their Cash Conversion Cycle.
I got negative figures
This is too good to be true,

Avg Inventory = 2024 inventory + 2023 inventory /2 = 2.1b
Avg Receivable = 2024 Receivable + 2023 receivable / 2 = 222b
Avg Receivable = 2024 Payable + 2023 Payable / 2 = 136b
Change in Inventory = 2024 inventory - 2023 Inventory = 607m

DIO = Avg Inventory /COS x days = 2.1b/164b x 365 = 5 days
DSO = Avg Acct. Receivables / Revenue x days = 222b /306b x 365 = 265 days
DPO = Avg. Payable / (COS + change in inventory) x days = 136b / (306b +607m) x 365 = 301 days
It takes only 5 days for transpower to sell their generated power supply
265 days / roughly 9 months to get paid by either govt. or distribution companies
301 days / 10 months to pay contractors or their bills
CCC = DIO + DSO - DPO = 5 + 265 - 301 = -31 days

[b]A cash conversion cycle (CCC) of -31 days indicates a very efficient working capital management scenario.
A negative cash conversion cycle suggests that a company receives cash from sales before it has to pay its suppliers for the inventory used to create those sales. In other words, the company is generating cash quickly and delaying cash outflows.
The negative number means the company is essentially being paid by customers before it has to pay its own suppliers.
This typically occurs in business models with rapid inventory turnover and favorable payment terms.
The business is highly efficient in managing its working capital
This is generally considered a very positive financial characteristic, as it means the company:
Has strong bargaining power with suppliers
Can delay cash outflows
Generates cash quickly from its operations
Potentially reinvests this cash flow into growth or other business opportunities
The negative number represents the number of days the company can operate without requiring additional cash injection, effectively creating a self-funding business model. [/b]
At bolded is from Claudia

Note -
Cash conversion cycle is mostly used for businesses in business cycle stage 3 -
Companies that just breakeven from losses to net profits so as to asses the company, how much profit and how fast are they converting their profits to cash for expansion or growth.
Companies into production or Manufacuring to know how fast they sell their goods and convert it to cash

ositadima1:
Are the "several million units" you own in Oando affecting your judgment? How can the same person criticize Oando for hyping irrelevant news to boost prices in one post and then accuse them of suppressing news in another? If you ask me, I’d say it’s time for you to chill, do some relaxation exercises, and take your mind off Oando for a while.

At this point, you might be a hazard to others, especially if you drive or engage in sensitive work.

drlaykay:
It's the fee, he stated it.
He wants to stop the USA's big brother role.
No more USA subsidizing things for the rest of the world.
He will rejoin at the appropriate price.
He is a strict business man.

It comes with a price because nothing is actually free in the world.
He who pays the piper dictates the tune, reason why US had always been influencing UN, IMF, World bank and co to subdue others and invade other countries.
Let them stop the funding of these organizations instead of cherry picking and china with Russia would fill the void and start using the same organizations to stifle and starve US economy until she fully bleeds out

Nazgul:
No company in Nigeria can pay you such amount monthly unless your business is recording a tremendous amount of success or you're earning in USD.

That's the only way you can hit the 1m mark monthly.

Average salary for maritime officers and oil and gas staff is 1m and above.
When I was working in Nigeria, mine was around 1.5m per month and it was a common salary in the industry

maak400:
Is the 60k a one time payment? How does it work pls?

You can pay it 4 times a year (quarterly) or twice or once

djon78:
Ok Nations cup in Morocco
That's Great

I personally will plan towards 2026 world cup and it will be in Yankee

My US Visa will be readily available then
In sha Allah!!

God go do am bro.
All na planning.
I don secure my US and Canada visa down since last year sef to avoid stories that touches like denying.
US, Canada and Mexico are the 3 countries hosting it. So it will be a nice time to see these countries

Bobodee09:
He was a well to do man . He had those kids when things were good.

We could ever imagine things will go this bad 10yrs ago.

You came blame anyone who got married 2010 who has 3-4kids. Things was good then

Even if things are good and the government is performing well, doing their duties - good road, electricity, housing, education, jobs etc is the best thing and the best thank you to the government chains of kids? Why give a government extra headaches for doing something right.
Why is it that the best thank you is more headaches to government.
Then we hear all so familiar story of how things were better during their time and never knew things will get this bad. It still boils down to bad decision making.
If the government is trying to make the economy good and better just like you agree to prior 2010, the best thing the reasonable citizens to do is not to have more kids now

Bobodee09:
Is so bad that has a married man you can't even buy yourself new wears.

Throughout last year I couldn't get myself a new set of jeans trouser even tho I needed it badly despite having the money.
All the money I made last year 90% when into paying bills and household expenses.
It so crazy how you has a man you will have over 200k in your acc and you be scared to even buy yourself something of 10k cos of fear of the unknown.
In all of this my wife and kids still has many clothes they haven't worn I paid for you.

Last weekend my wife bought herself over 10 new shirt and when I saw it I reminded her how I couldn't even buy myself new jean....she told me nah me no wan buy nah.
It really hurt me cos whatever money I make the family expenses come first before my own personal needs but it isn't same for women.

I just feel marriage is design for men to suffer honestly.
People just taking from you and no one really care about what you need.

This was me years back but I changed it. Started looking out for myself first.
My wife and in-laws said I was. Selfish but I love the selfish side of me.
I make sure I buy things for myself like clothes or perfs or sneakers on monthly basis.
Whatever is left is what we use to solve whatever problem on ground.
I sleep better now, dress better and smell better.
I see my ladies and married women look at me in admiration and I love it. Far better than when I was a slave to others and was invincible to other gender.
Watch out for yourself bro.
If you die today, your wife, children and family will miraculously adjust to new reality and solve their problems themselves

Bobodee09:
Most times I don't like arguing this things cos it like you women never be accountable for anything.

So having those kids was actually only the man decision The woman didn't want them to be 4 ,the man was constantly raping her.

They just gave birth to the children last night and since he went broke due to the economy he should killed 2 out of those kids so he can take of wife and the remaining 2 according to you.


It very easy to know someone like you isn't married.


No this fact today, left to most men just having 1 or 2 kids is enough but it is women who clamor for more kids in marriage.

A woman clamouring for more kids is one thing, a man accepting it makes him a fool.
When the going gets tough, who is always the one worried? The man
Who won't sleep and be worried when others are sleeping and snoring? Man
Who will be in a tight corner without help? Call friends and family for loan, na so so stories and blocking your line and WhatsApp? Na man go face the heat. So why become the fool?

highchief1:
no born more than two kids.and don’t over upgrade your life.i drive a 2014 car I can buy a 2024.Most of the time we start what we can’t finish.life no to hard na we Dey stress ourselves.i refuse to put my kids in the most expensive school even though I can afford it.i no Dey do pass myself and this have saved me from pressure a great deal.

We are the same bro.
One of the common traps of men is over upgrading their life.
Before I moved to my personal house, I was staying in a reasonable and decent 3 bedroom flat when my mates where staying in 750k to 2m apartments. It helped me free up cash for other purposes.
I can buy a brand new car too but have been using tokunbo Honda Cross tour.
Kids school fees is reasonable instead of swallowing up needed cash for other purposes.
You will be hearing - I want the best for my kids, reason why I am sending my kids to this expensive school.
I like comfort and no traffic residential area, reason why am staying in this expensive location etc

Bobodee09:
My actual problem is fear of the unknown and unforseen expenses.

For instance last year March my daughter just came back from school and by night she got really sick.
In just 6days we spent over 200k on hospital bills.

I don't have people to run to for help, infact I hardly even ask anyone for help...so I can't afford to be financially stranded.

So that my fear which limits me alot but I think I need to put it aside now.

I think what you need is insurance.
Do health insurance for your kids. 60k per kid with axa mansard, that way, you won't be scared of a child been sick.
You spent 200k on your kid within a week when 60k would have covered that.
You can also think of doing education insurance for your kids and life insurance for yourself

djon78:
Actually I understand you
But this doesn't stop you from buying like 2/3 trousers or appareals/ clothes

It's great you are shouldering your responsibilities, I salute you.
But don't neglect yourself.

I used to be like you. Couple of years back I made a bit good money. But my madam, my home expenses, almost chop everything except the ones I invested back in my business.

Only for my madam, to ask me when we were quarrelling wetin I use the money do? Because I told her about the money. When I reminded her all the money I gave her, she no fit talk again.

That taught me a very big lesson. Now all my earnings, I still take good care of my family, but I don't neglect taking care of myself. I buy good clothes, shoes, etc. This year in Sha Allah I go take better vacation abroad even if na Rwanda or Qatar etc cause I no come this Life to watch others enjoy themselves. I work very hard and play harder

We are in spirit. I started looking out for myself too when I realized I was always worried about family and bills while my wife doesn't.
No matter the problem, she doesn't neglect her dressing, buying clothes or her appearance.
I copied the strategy too and started buying good clothes, perfumes, sneakers etc, going to cinemas, swimming, gym etc.
Na wetin remain we go use solve problems.
I also plan going to morrocco by this year ending for African cup of nation whether Nigeria qualifies or not. Next year world cup too, I will be there by God grace

emmanuelewumi:
At N97.6 EPS it should get to N900 or thereabout. I don't use average 5 years PE.

I use justified PE based on the return on equity, earning growth and the spread between the Return on Invested Capital and risk free yield of about 20% on FGN bond

What ROE did you use?
Roic is about 10% thereby leaving a negative spread if you intend to use cost of equity of 20%.
Earnings growth of over 100% between 2023 and 2024 is not sustainable, I think 15-20% looks better

Ades1:
Bros, can you please drop a similar analysis for TOTAL? 2025 is the year of portfolio consolidation, Trying to reduce all holding to 10-12.

Total -

They are into blending of lubricants, sales and marketing of refined petroleum products and solar products.
Petroleum revenue inceased from 326.4b to 634.1b in Q3/24
lubricants and others from 96.2b to 159.8b
There is a legal action against the company (contigent liability) of 1.26 trillion naira and no provision has been made yet for it in the financial report.
loan increased by 16b to 101.5b, cash and cash equiv. from 88.2b to 99.6b. Net debt is 2.2b
Revenue increased yearly by 53% from 2020 to 794b in Q3/2024, FY 24 to be 1 trillion plus
Net income increased by 103% from 2020 to 27.4b Q3/24
Net margin has been decreasing by 17% from 2021 to 2024 to 3.2%
EPS reducing from 49.7 in 2021 to 38.03 in 2023 but increased to 80.8 in Q3/24
FCF reduced from 52.5b in 2021 to -15.8b in Q3/2024
Equity increased from 42b in 2021 to 75b in Q3/24
Retained earnings increasing YoY
current receivables increased to 226.7b from 152.1b, current payable from 214b to 324b
Inventory from 74b to 141b
Using Cap Oil, Mrs, Conoil and Eterna as benchmarks for industry- Finchat as reference point
Industry highest Gross margin for LTM - 12.8% which is Total
Industry highest Operatin margin for LTM - 8.3%, Total is 6.6%
Industry highest Net margin for LTM - 5.96%, Total is 3.2%
Industry P/E - Highest 23.2, Lowest 7.4
Using a forward P/E of 7.4 / 10, implied price will be between #720 to #1000