Earnings Report /
Nigeria

Seplat: Management plans for renewables, PIB & IOC exits; cut TP but still a Buy

  • We update our view on Seplat following the release of Q2 21 results – 50% qoq increase in adj. PBT but below estimates

  • Cut TP to GBP2.10 (previously GBP2.15) and NGN1,202 (NGN1,229) accounting for higher production and finance costs

  • Management call key takeaways: (1) interested in IOC assets (2) renewable energy strategy (3) adjusting to PIB

Janet Ogunkoya
Janet Ogunkoya

Senior Research Analyst

Tellimer Research
4 August 2021
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