Last week, Nestle Nigeria Plc (NESTLE) submitted its financial result for FY-2020. According to the report, Revenue grew marginally by 1.1% y/ y to N287.1bn in FY-2020 from N284.0bn in FY-2019. However, the company faced some cost pressures during the year and saw Cost of Sales grow by 7.7% y/y. Overall, the pressure from input cost and higher Interest expense weighed on profitability as Profit before Tax (PBT) and Profit after Tax (PAT) declined 14.7% and 14.2% respectively. Following the new numbers, we update our forecasts and valuation with details in the report.