Janet Ogunkoya
Senior Research Analyst @ Tellimer Research
Janet covers some of the key names in the Africa consumer and industrials space. She is an accounting graduate of Redeemers University and previously worked at ARM Securities, where she was responsible for coverage of industrials and upstream oil and gas, and at Cordros Capital, where she covered banks.
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Latest articles from Janet Ogunkoya
Nigeria: Wider trade deficit and absent inflows = further pressure for the naira
Nigeria's Q1 21 trade data released by the National Bureau of Statistics showed total trade rose 7% qoq to NGN9.8tn (US$24bn) in Q1 21. Items tagged "other antibiotics" were the second-largest import category, as Nigerians ramped up medical spending ...
Janet Ogunkoya @ Tellimer Research 10 June 2021
Lafarge Africa: Q1 21 – High sensitivity to FX issues, but good cash position
We update our model following the release of Lafarge Africa's Q1 21 result. The major adjustments include the upward revision in our revenue per tonne and cost per tonne estimates. We are yet to incorporate in our model. Further increase in ex-factor...
Janet Ogunkoya @ Tellimer Research 11 May 2021
Dangote Cement: Another share buyback programme is in the works, upgrade to Buy
Dangote grew domestic sales by an impressive 19% yoy and took up 2ppts in market share to 63% in the quarter (see details on market dynamics and Q1 results below). No further detail was provided but we will monitor progress on this. Impressive toplin...
Janet Ogunkoya @ Tellimer Research 6 May 2021
Seplat: Venturing into a renewable energy future; declares surprise dividend
Seplat released Q1 21 results that showed PAT growing by 126% qoq to US$25mn. Other updates to our forecast include: (1) lower 2021 production to 53boepd (previously 55boepd); (2) the new Eurobond issuance of US$650mn used to pay off the old loans (U...
Janet Ogunkoya @ Tellimer Research 3 May 2021
Aluminium Bahrain: Q1 21 preview – Positive expectations amid commodity supercycle speculation
Aluminium Bahrain (Alba) will report Q1 21 results on 3 May 2021. This compares to a net profit of BHD32mn in Q4 20 and a net profit of BHD5.8mn in Q1 20. We also project sales volume would increase by 2% qoq to 385 kilo tonnes (100% capacity) suppor...
Janet Ogunkoya @ Tellimer Research 29 April 2021
How Africa has coped with Covid, and its long path out of the pandemic
It has been over a year since the first Covid case was detected in Africa. However, the economic hardships caused by the pandemic, which the Finance Minister estimated cost the country cUS$100mn daily, led to a decision to ease lockdown measures in J...
Ayobami Omole @ Tellimer Research 27 April 2021
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