BANKS

YE

Rating

Price Target (N)

Price (N)

Potential Up/ Downside 

Mkt Cap 

(N m)

Mkt Cap (US$ m)

P/E (x) 2017

P/E (x) 2018E

EPS gr. 2017 (y/y)

EPS gr. 2018 (y/y)

P/B (x)

2017

P/B (x)

2018E

ROAE

2018E

Div Yield

2018E

Access

Dec

UP

10.3

10.7

-3.7%

  309,529 

  844 

3.4

4.8

10.4%

-28.8%

0.6

0.7

13.0%

5.8%

Diamond

Dec

UP

1.3

1.4

-4.9%

  31,730 

  86 

n/a

4.6

n/a

n/a

0.1

0.1

3.1%

2.2%

Fidelity

Dec

UP

2.7

1.9

44.0%

  55,029 

  150 

2.5

3.1

236.9%

-18.0%

0.3

0.3

8.6%

9.8%

FCMB

Dec

N

3.3

2.2

49.2%

  43,566 

  119 

3.7

2.6

-37%

42.1%

0.2

0.2

8.8%

9.6%

GT Bank

Dec

N

50.4

42.0

20.2%

  1,234,637 

  3,365 

6.9

7.2

25.8%

-3.8%

2.0

1.7

26.0%

6.2%

Stanbic IBTC

Dec

N

41.3

47.5

-13.1%

  477,350 

  1,301 

9.4

8.1

107%

16.2%

2.6

2.1

28.5%

3.1%

UBA 

Dec

OP

15.0

10.6

41.2%

  362,514 

  988 

3.8

3.9

-23.1%

-1.7%

0.7

0.7

17.6%

10.3%

Zenith

Dec

OP

40.5

26.7

51.9%

  836,717 

  2,281 

5.0

4.6

8.4%

0.1%

1.0

0.9

20.8%

10.1%

AVERAGE

n/a

n/a

23.1%

  418,884 

  1,142 

5.0

4.9

47.0%

0.9%

1.0

0.8

15.8%

7.1%

CEMENT

YE

Rating

Price Target (N)

Price (N)

Potential Up/ Downside 

Mkt Cap (N m)

Mkt Cap

EV/Sales (x) 2017

EV/EBITDA

(x) 2017

EV/EBITDA

(x) 2018E

P/E (x)                   FY 2017

P/E (x)             FY 2018E

EPS gr. FY2018/17E

EPS gr. FY2019/18E

Div Yield

2018E

Dangote Cement

Dec

N

245.4

  244.0 

0.6%

4,157,884

11,333

5.7

11.8

10.6

21.0

16.0

31.2%

28.0%

5.1%

Lafarge Africa

Dec

N

46.9

  40.5 

15.8%

351,274

957

1.7

18.0

8.8

n/a

21.1

n/a

7.7%

4.3%

AVERAGE

n/a

n/a

8.2%

2,254,579

6,145

3.7

14.9

9.7

21.0

18.6

31.2%

17.9%

4.7%

OIL & GAS

YE

Rating

Price Target (N)

Price (N)

Potential Up/ Downside 

Mkt Cap (N m)

Mkt Cap

EV/Sales (x) 2017

EV/EBITDA

(x) 2017

EV/EBITDA

(x) 2018E

P/E (x)                   FY 2017

P/E (x)             FY 2018E

EPS gr. FY2018/17E

EPS gr. FY2019/18E

Div Yield

2018E

11

Dec

N

283.7

172.5

64.5%

62,203

171.9

0.5

3.6

4.0

6.9

6.7

3.3%

1.5%

5.0%

Seplat

Dec

OP

971.0

734.7

32.2%

432,330

1194.7

2.8

6.5

1.7

4.4

5.6

-21.8%

30.6%

7.2%

Total

Dec

N

312.0

212.0

47.2%

71,979

198.9

0.3

4.0

4.5

9.0

9.4

-4.5%

4.4%

6.9%

AVERAGE

n/a

n/a

47.9%

188,837

522

1.2

4.7

3.4

6.7

7.2

-7.6%

12.2%

6.4%

BREWERIES

YE

Rating

Price Target (N)

Price (N)

Potential Up/ Downside 

Mkt Cap (N m)

Mkt Cap

EV/Sales (x) 2017

EV/EBITDA

(x) 2017

EV/EBITDA

(x) 2018E

P/E (x)                   FY 2017

P/E (x)             FY 2018E

EPS gr. FY2018/17E

EPS gr. FY2019/18E

Div Yield

2018E

Guinness

Jun

N

103.5

100.0

3.5%

219,039

605

1.3

10.1

8.8

36.0

22.4

60.6%

35.3%

0.7%

NB

Dec

N

109.7

115.4

-5.0%

922,843

2,550

2.7

10.3

11.1

29.3

28.3

3.8%

24.9%

3.5%

International Breweries

Dec

N

47.4

51.8

-8.5%

445,266

1,230

12.5

34.9

19.7

311.5

n/a

n/a

n/a

0.0%

AVERAGE

n/a

n/a

-3.3%

529,049

1,462

5.5

18.4

13.2

125.6

25.3

32.2%

30.1%

1.4%

CONSUMER GOODS

YE

Rating

Price Target (N)

Price (N)

Potential Up/ Downside 

Mkt Cap (N m)

Mkt Cap

EV/Sales (x) 2017

EV/EBITDA

(x) 2017

EV/EBITDA

(x) 2018E

P/E (x)                   FY 2017

P/E (x)             FY 2018E

EPS gr. FY2018/17E

EPS gr. FY2019/18E

Div Yield

2018E

DSR

Dec

N

24.0

16.5

45.5%

  198,000 

547.1

0.8

3.4

1.8

5.0

3.9

28.8%

-10.3%

10.7%

FMN

Mar

OP

48.2

29.5

63.6%

  77,415 

211.0

0.6

5.8

4.5

9.7

6.3

55.4%

26.3%

4.8%

Nestle

Dec

UP

1,110.5

1,600.0

-30.6%

  1,268,247 

3504.6

5.2

20.5

20.5

37.6

32.8

14.6%

11.7%

3.0%

PZ

May

UP

19.1

21.9

-12.6%

  86,755 

239.7

1.0

5.2

8.1

6.1

20.4

-70.1%

36.0%

0.9%

UACN

Dec

OP

26.5

15.1

76.2%

  43,364 

119.8

0.9

11.4

8.1

47.5

9.3

410.5%

26.4%

6.3%

Unilever

Dec

UP

43.1

49.0

-12.0%

  281,505 

  778 

1.6

9.0

12.5

26.2

23.9

9.6%

19.9%

1.3%

AVERAGE

n/a

n/a

21.7%

  325,881 

  900 

1.7

9.2

9.3

22.0

16.1

74.8%

18.4%

4.5%

AGRICULTURE

YE

Rating

Price Target (N)

Price

 (N)

Potential Up/ Downside 

Mkt Cap

 (N m)

Mkt Cap (US$ m)

EV/Sales (x) 2017

EV/EBITDA

(x) 2017

EV/EBITDA

(x) 2018E

P/E (x)                   FY 2017

P/E (x)             FY 2018E

EPS gr. FY2018/17E

EPS gr. FY2019/18E

Div Yield

2018E

Okomu oil

Dec

N

91.5

85.0

7.6%

  81,082 

  224 

3.9

6.6

5.4

9.2

8.3

11.1%

12.5%

4.2%

Presco

Dec

N

85.1

75.0

13.5%

  68,690 

  190 

3.1

5.3

5.0

2.9

11.8

-75.8%

10.8%

1.7%

AVERAGE

n/a

n/a

10.6%

  74,886 

  207 

3.5

5.9

5.2

6.0

10.0

-32.3%

11.7%

3.0%