Earnings Report /
Nigeria

Seplat misses Q3 oil rally; we cut the TP, but reiterate Buy

  • Seplat was unable to take advantage of the oil price rally in Q3

  • The force majeure at the Forcados Terminal led to lower oil and gas volume and revenue. Pre-tax profit rose only 3% qoq

  • We have cut Seplat's TP to GBP1.90 (from GBP2.10) and NGN1,076 (NGN1,202), given lower volumes and gas price forecast

Janet Ogunkoya
Janet Ogunkoya

Senior Research Analyst

Tellimer Research
2 November 2021
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