Nigeria

Seplat: Venturing into a renewable energy future; declares surprise dividend

  • Seplat released Q1 21 results which showed growth in PAT by 126% qoq to US$25mn thanks to higher oil prices

  • Seplat surprised with an interim dividend of US$0.025. FY21f DPS equates to a yield of 11% on the LSE and 9% on the NGSE

  • We revised target price higher to GBP2.15 and NGN1,229. Seplat to venture into renewable energy, starting with solar

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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").

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