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Nigeria

Nigeria cement: New entrants, new capacity and our new recommendations

  • Nigeria's cement sales by the three main players increased 11% over 9M 2021 to 22mt

  • Key sector highlights: capacity additions, new players, implication on prices, attractive dividend, more 'green' talk

  • Dangcem – new TP of NGN290, downgrade to Hold. Lafarge – new TP of NGN35, Buy. Multiples are cheap but FX is a deterrent

Nigeria cement: New entrants, new capacity and our new recommendations
Janet Ogunkoya
Janet Ogunkoya

Senior Research Analyst

Tellimer Research
17 November 2021
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