We raise our 12-month target price for GUINNESS to N86.68/share (vs N74.60 previously) to reflect the impact of a better-than-expected 9M’21/22 earnings, improved net cash position, and higher price growth expectations across our forecast horizon. The section below highlights the prominent drivers of our target price revision:

While our FY'21/22 revenue growth projection is largely unchanged, we have slightly adjusted our five-year CAGR to 13.9% (vs 12.7% previously). This revision reflects an expected average price increase of c.6.3% over the next five years (vs 5.0% previously), reflecting an improved capacity to transfer cost burden across the industry.