We update our view on Dangote Cement following the release of Q2 20 results where EPS grew by 7% yoy to NGN3.85
We project EPS (ex-FX impact) at NGN13.41 for 2020, 7% higher yoy than NGN12.56 in 2019
We lower our target price for DANGCEM to NGN191 (from NGN250) and maintain our Buy recommendation
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.