Olabisi Ayodeji

Tellimer Research

Equity Research Analyst, Banks (Africa) @ Tellimer Research

Olabisi focuses on Nigeria banks, having previously covered consumer companies in Nigeria and cement companies across SSA. Her experience in covering multiple sectors of the Nigeria economy has deepened her understanding of the market, allowing her to contextualise key macroeconomic trends while providing insights to investors. Prior to joining Tellimer, Olabisi was as an associate at PWC Nigeria.

Olabisi Ayodeji
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Latest from Olabisi Ayodeji

Seplat: Eland Oil & Gas acquisition to support growth; reiterate Buy

Seplat’s US$484mn cash acquisition of Eland Oil & Gas(Eland) should support management’s ambition of becoming Nigeria’s leading indigenous oil & gas company. Eland’s higher cost of production (US$9.5/bbl vs. US$6.5/bbl in 2019f) as well as Seplat’s i...
Tellimer Research
Ayodeji
Ayodeji Dawodu @ Tellimer Research 19 November 2019

Ecobank Ghana: Q3 19: Non-interest income boosts earnings as operational efficiency improves

EGH recorded Q3 19 PAT of GHS 118mn (up 18% yoy),in line with our forecast, driven by increases across major revenue lines. The key positives were: (1) strong non-interest income growth (up 36% yoy); (2) an increase in net interest income (up 8% yoy)...
Tellimer Research
Nkemdilim
Nkemdilim Nwadialor @ Tellimer Research 31 October 2019

Stanchart Ghana: Q3 19: Earnings improve on robust loan growth and lower net impairment charge

SCB’s Q3 19 PAT was up 88% yoy at GHS69mn,well ahead of our forecast due to a 66% drop in net impairment charge (vs our expectation of a 52% increase). Key negatives were: 1) a reduction in margins, which fell 1.25ppts yoy to 7.4% on our estimates du...
Tellimer Research
Nkemdilim
Nkemdilim Nwadialor @ Tellimer Research 29 October 2019

GCB Bank: Q3 19 results: Non-interest revenue growth boost earnings; reiterate Buy

GCB’s Q3 19 PAT rose 39% yoy to GHS96mn, above our GHS78mn forecast due to higher-than-expected net fee income, which rose by 33% yoy (94% above our forecast) and lower-than-expected net impairment charges (17% below our forecast). Pre-provision prof...
Tellimer Research
Nkemdilim
Nkemdilim Nwadialor @ Tellimer Research 29 October 2019

Fidelity Bank: Revenues drive good Q3 19 results; reiterate Buy

Fidelity’s Q3 19 net income rose 13% yoy to NGN7.1bn, above our NGN6.4bn forecastdue to lower-than-expected cost of risk of 0.2% (vs 0.5% forecast). Stage 3 loans fell 3% qoq, driving a 0.5ppts decline in the bad loan ratio to 4.8%, while provisions ...
Tellimer Research
Olabisi
Olabisi Ayodeji @ Tellimer Research 29 October 2019

Nigeria Tier 1 Banks: Looking to the rest of Africa for growth

Exposure to the rest of Africa is growing. Access should stay flattish at 12%, due to the absorption of Diamond in Nigeria. For Tier 1 banks, we forecast PBT/assets of 4.0% for the rest of Africa in FY 19f-22f, a 0.6ppt improvement over the prior thr...
Tellimer Research
Olabisi
Olabisi Ayodeji @ Tellimer Research 28 October 2019

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