Equity Analysis /
Nigeria

Dangote Cement: Share buyback announcement underwhelms; retain Hold

  • Dangote Cement (Dangcem) announced the second tranche of its share buyback programme: maximum of 1% outstanding shares

  • Investor reaction has been underwhelming so far: the stock rose by only 6% versus 17% when first tranche was announced

  • The stock trades 5% below our TP of NGN290; retain Hold on Dangcem. We prefer Lafarge (Buy)

Janet Ogunkoya
Janet Ogunkoya

Senior Research Analyst

Tellimer Research
14 January 2022
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