As we welcome 2025, it is expected that the year will offer a mix of challenges and opportunities. Nigeria’s economy is poised to grow at its fastest pace since 2014, with GDP growth expected to reach 3.7% on the back of healthy performances in oil & gas and manufacturing.
Airtel Africa Plc (AIRTELAFRI) is poised to return to profitability in FY'24/25, driven by strategic efforts to eliminate dollar-denominated debt at the HoldCo level by localising debt within its respective OpCos.
The 2025 outlook for Okomu Oil Palm Company Plc (OKOMUOIL) is biased to the upside, supported by elevated CPO prices in the first half of 2025.
Fidelity Bank Plc ("FIDELITYBK") achieved a major feat in earnings in 9M'24, wherein PAT surged by 2.5x to N224.7 billion. The financial performance highlighted a strong tilt to net interest income (NII: 83.0% of operating income) and a modest improvement in non-interest revenue (NIR: 17.0% of operating income).
Following the release of 9M'24 result of Dangote Cement Plc (DANGCEM), we have marginally revised our 12-month Target Price “TP” downward to N493.77 (from N524.32 previously), representing a 3.1% potential upside from the current reference price. We maintain a HOLD recommendation on the stock.
Stanbic IBTC Holdings Plc ("STANBIC") is likely to sustain the earnings run rate observed in 9M'24, with EPS projected to hit N18.36 in FY'24 (vs N14.11 in 9M'24 and N10.85 in FY'23) and progress to N22.67 in FY'25.
