MACRO | Nigeria: 2024 Mid-Year Outlook - At the Precipice of a Strategic Shift
![](/images/providers/cardinalstone.jpg)
The global economy is dynamic. Hence, investment strategy must evolve to keep pace and remain relevant.
The global economy is dynamic. Hence, investment strategy must evolve to keep pace and remain relevant.
Despite prevailing macroeconomic conditions, NESTLE grew revenue by 43.4% YoY in Q1'24. However, earnings were eroded by higher production costs and foreign exchange losses.
We adjust our FY'24 estimates for FBNH to reflect the impact of the elevated interest rate environment and potential improvements in cost-of-risk (CoR).
In its 9M'23/24 results, Guinness Nigeria Plc (GUINNESS) recorded a 27.2% YoY revenue growth and a pre-tax loss of N60.4 billion.
AIRTELAFRI's financial results for FY'23/24 showed a downturn in earnings, largely due to multi-currency weaknesses in some of its operational regions.
The odds are in favour of PRESCO in 2024, as we see legroom for higher domestic CPO prices and improved RBDO production. Furthermore, the proposed acquisition of a 100.0% equity stake in Ghana Oil Palm Development Company Limited (GOPDC) bodes well for growth in the near term. We have a 12-month TP of N384.20 and a BUY rating on the ticker.