While PRESCO’s Q1’21 price-inspired revenue of N7.92 billion (47.5% YoY) was good, the Q2’21 sales of N13.5 billion (67.5% YoY) was a company record. In our view, the sustained rally in CPO prices suggests that this robust topline performance could subsist for the rest of the year. Aided by recent improvements in cost efficiency and moderation in leverage, we, therefore, raise our 12-month TP to N84.96 (vs N74.59 previously). Our new TP suggests a 17.0% upside relative to our reference price and a BUY recommendation on the ticker. ...
Download (427.45 KB)
CardinalStone is a full service investment banking firm with a vision to build a world class investment banking firm of African origin; operating out of Lagos, Nigeria. The firm was incorporated in April 2008 and began operations in June 2008. CardinalStone is duly registered with the Securities & Exchange Commission in Nigeria to carry on business as an Issuing House, Fund Manager and Broker/Dealer
The Firm's activities are carried out across five business units: Asset Management, Investment Banking, Private Equity, Securities Trading and the Business Support Group.
Latest Reports
