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Home Spotlight

Seplat has a ‘HOLD’ recommendation for next week

Onome Ohwovoriole by Onome Ohwovoriole
September 6, 2019
in Spotlight, Stock Market
Buy/Sell/Hold, Guaranty Trust Bank, Nigeria Stock Excahnge
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Stocks on our Buy/Sell/Hold list are picked from the gainers and losers of the previous week, as well as various analyst reports. 

Seplat: Hold  

Recent results: Results for the half year ended June 2019 show that revenue increased from N104 billion in 2018 to N108 billion in 2019. Profit before tax dipped slightly from N37 billion in 2018 to N36.9 billion in 2019. Profit after tax however rose from N14.8 billion in 2018 to N36.5 billion in 2019.  

Price Information  

Current Share Price: N397.70  

Price to Earnings Ratio: 2.85X

Price to Book Ratio:0.36

Year to date: -37.86%

One Year Return: -30%  

External View  

Analysts at United Capital have a ‘Buy’ rating on the stock. They have a one year target price of N876.2 per share. This represents a potential upside of 120.3% from the stock’s price of N397.7 as at when the report was prepared.  

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Our View 

Seplat is a HOLD in Nairametrics’ opinion. While the stock declined somewhat sharply last week (perhaps due to reports that AMCON had obtained a court order seizing its Chairman’s assets), the stock has not declined sufficiently to warrant entry. 

The stock is also trading at 2.84 times earnings, far lower than 7.4 average PE ratio on the NSE.  

Stanbic IBTC: HOLD 

Recent results: Results for the half year ended June 2019 show that gross earnings increased from N114 billion in 2018 to N117 billion in 2019. Profit before tax however fell from N50.7 billion in 2018 to N44.6 billion in 2019. Profit after tax also declined from N43 billion in 2018 to N36.2 billion in 2019.  

Price information  

Current Share Price: N37  

Price to Earnings Ratio: 5.83X  

Price to Book Ratio: 1.45 

Year to Date: -22.84%

One Year Return: -16.45% 

External View  

Analysts at United Capital have a ‘Buy’ recommendation on the stock. They have a 12–month target price of N53.7. This represents a potential upside of 41.3%, from the stock’s price of N38 as at when the report was prepared.  

Analysts at Afrinvest have a ‘Buy’ recommendation on the stock. They have a 12–month target price of N48.11. This represents a potential upside of 26.6%, from the stock’s price of N38.  

Our View 

Stanbic IBTC is a HOLD in Nairametrics opinion. While H1 2019 results show a decline year on year, the stock has not dipped sufficiently to warrant entry. It is also highly unlikely to do so anytime soon, as it is thinly traded.  

UPDC  

Recent results: Results for the half year ended June 2019 show that revenue rose slightly from N1.2 billion in 2018 to N1.4 billion in 2019. Loss for the period however dipped slightly from N1.8 billion in 2018 to N1.2 billion in 2019.  

Price Information  

Current Share Price: N0.99  

Price to Earnings Ratio: NA  

Price to Book Ratio: 0.15 

Year to Date Return:  -48.17%

One Year Return: -36.94%  

External View 

None  

Our View 

UPDC is a HOLD in Nairametrics’ opinion. While the stock has had poor fundamentals, and ordinarily would not make our list, there have been several announcements made this week. Parent company, UAC of Nigeria, will divest its holding to shareholders. UPDC will in turn divest its stake in a REIT to shareholders.  

Since the announcement was made, the stock has appreciated. An investor call scheduled for today should provide more details.  

 CCNN: HOLD 

Recent results: Results for the half year ended June 2019, show that revenue increased from N12 billion in 2018 to N32 billion in 2019. Profit before tax increased from N3.6 billion in 2018 to N9.7 billion in 2019. Profit after tax also rose from N2.6 billion in 2018 to N7.2 billion in 2019.  

Price Information 

Current Share Price: N17.40 

Price Earnings Ratio: 6.91X

Price to Book Ratio: 0.67  

Year to Date Return: -10.31%

One Year Return: -42.08%  

External View 

None  

Our View 

CCNN is a HOLD in Nairametrics’ opinion, as the stock has not declined sufficiently to our entry price.

The stock is also trading within range of other stocks in the cement space. Dangote Cement is trading at a PE ratio of 6.63 times earnings.


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Tags: CCNN PlcSeplat Petroleum Development Company PlcStanbic IBTCUACN Property Development Company Plc (UPDC)
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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