Equity Analysis /

Dangote Cement: DANGOTE CEMENT: Decent Q1; reiterate Hold

    Olabisi Ayodeji
    Olabisi Ayodeji

    Equity Research Analyst, Banks (Africa)

    Tellimer Research
    30 April 2018
    Published byTellimer Research
    We maintain our Hold recommendation on the company, with a TP of NGN214.00. Although we like its unmatched profitability profile and dominant presence in key markets, we think that its current valuation (FY 18f EV/EBITDA of 11.2x versus GEM peers trading at 10.5x) fairly captures its strong profitability and dominant position in Sub-Saharan Africa.