Goldman Sachs has cut the rating of PZ Cussons (UK) down to “neutral” vs “buy” and removed it from pan-Europe buy list.
According to Reuters, Goldman reckons PZ Cussons (UK) has outperformed the sector by 14 percent YTD and has re-rated to 19x 12m fwd P/E, from 16x at the beginning of 2015.
PZ Cussons Nigeria, which happens to be the company’s biggest market reported pre-tax of N3.9billion representing a 23% drop year on year.
PZ Cussons Nigeria share price is up 33% YTD and closed flat at N31.77
