”“

ND THEY ARE OFF. Sort of. The current earn-ings season has begun, and

it is not with the thunder of hooves in full gallop. Disappointed? Look again. On the spectator stands, in-vestors are not booing in reaction to the slowmo take-off.

Instead, there are sighs of relief. It could have been worse, they say in hushed tones. Look on the bright side some counsel. The dividend trickled through so things cannot be so bad.

If the benevolent commentary from analysts is anything to go by blue chip companies will go unpun-ished for uninspired 2014 results. Consider them first-time offenders. Besides, their share prices have tak-en enough beating as it is from the selloff in recent months. How much lower should stock prices prostrate before investors begin to cause self-inflicted injuries? Welcome to the new normal where flat is the new growth for favoured companies with attractive long-term investment the-ses.

Nestlé Nigeria presents the clas-sic case of a company that enjoys the market’s benefit of doubt.

Bellwether stock in stormy weather

The back story of Nestlé Foods Nigeria’s 2014 results represents

the challenging environment perfectly. The company’s growth slumped to its lowest level in 17 years, write analysts at CSL Research.

Earnings per share were flat at N27.90 per share, as revenue grew 8 per cent. Gross margins scaled over at 42.7 per cent, while operat-ing profit rose by 5 per cent. There was an imperceptible drop in the op-erating margin to 20.4 per cent from 20.9 per cent in the previous year.

The big shocker was a leap in net finance costs by 66 per cent to N4.75 billon. This was caused by losses on a US Dollar denominated inter-company loan due to the 14.7 per cent decline in the naira-dollar exchange rate during the year.

In their diagnosis, Nestlé’s results were assailed by the insecurity in the north-eastern part of the country,

growing competition, and weakened consumer spending power are to blame. To these three leg chains will now be added the effects of a devalued currency, a rise in the cost of living due to planned tariff hikes for electricity and used cars, as well as the possible reduction of the subsidy on petrol in 2015.

Its lacklustre results notwith-standing, Robyn Collins, food and beverages analyst at Renaissance Capital describes Nestlé’s 2014 performance as ‘a credible result in the current environment’. For afi-cionados of Monopoly, the board game, this has got to be the equiva-lent of Pass GO collect $200.

Nestlé’s selling points

Nestlé has a handful of positives going for it. It is the leading food and beverages company in the country. This fact alone earns the stock au-tomatic permanent residency status in most investors’ portfolios. It has a well-diversified brand portfolio; however, just four (Golden Morn cereal, Milo Powder, Maggi Mix’py, and Maggi cube) contribute 80 per cent to revenues.

The company benefits from extensive local sourcing of raw materials, where its size confer huge

Vanguard Markets | Monday, March 02, 2015 | Issue 031

FIXED INCOME & FOREX

Nestlé Nigeria gets leniency for bland 2014 results

Source: FMDQ

A

If the benevolent commentary from analysts is anything to go by blue chip companies will go unpunished for uninspired 2014 results

VerbatimWe therefore highlight that lower oil prices coupled with lower oil production volumes and its attendant impact on macro-economic indicators remain significant risk to growth in the near term.

- Dunn Loren Merrifield, February 24, 2014

Currency Central Rate

SWISS FRANC 208.0919

YEN 1.6547

WAUA 279.3005

RIYAL 52.6596

DANISH KRONE 29.6979

SDR 279.3045

FOREX RATES

EARNINGS IN CONTEXT

! Page VM2

Earnings season is in full swing on the NSE. 2014 was a bumpy year especially for companies that depend on consumers’ discretionary income to thrive. Investors are not expecting miracles to happen this time. All they want is prudent management through the turbulence, which some analysts anticipate would last for two years. The tighten seatbelt lights have come on.

MoFr197.0

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312.0

322.0304.9203

Tu We Th Fr

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253.0

242.0

264.0221.7728

Tu We Th Fr

Euro/N

MoFr31.00

31.20

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31.8031.5003

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CNY/N

MoFr0.32

0.33

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Street event for relaunch of Nestlé Maggi Chicken. Once the most popular stock cube in Nigerian cooking pots its market share has dropped to around 35% due to competition from Unilever’s Knorr and Royco brands as well as to Promasidor’s Onga.

BUSINESSVM2

EARNINGS IN CONTEXT

HIGH TABLE

VM | Monday, March 02, 2015 | Issue 031

Nestlé Nigeria

Pub Grub

W Continued from Page VM1

EDITOR: MIDENO BAYAGBON

GROUP BUSINESS EDITOR: OMOH GABRIEL

CONTENT DIRECTION: OBIORA TABANSI ONYEASO

DESIGN & ILLUSTRATION: PUBLICAN MEDIA

Vanguard Markets features unbiased, in-depth coverage of corporate and market developments across a wide range of business sectors.Every week, Vanguard Markets delivers essential business analysis and commentary on Nigerian companies, regional economies, and global markets. Vanguard Markets is published by Vanguard Media Limited in associa-tion with Customs Street Advisors Limited, a specialist communications consultancy.

Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa.

Website: www.vanguardngr.com

ISSN 0794-652X

Published by

In Association With

bargaining power over farmers. CSL Research estimates that Nestlé sources up to 63 per cent of its inputs (cocoa, maize, sorghum, soya bean, and sugar) from local providers limiting its exposure to deteriorating exchange rates. This gives it an added advantage over importers for the grey market, and food manufacturers that depend heavily on imported raw materials.

In reality, this good news is offset by the company’s significant dollar debt exposure. In 2013, Nestlé had 71 per cent of its debt denominated in US dollars with interest ranging from LIBOR+150-300 basis points. A devalued naira and hike in LIBOR rates leaden its repayment burden.

Contrary to the general view that Nestlé Nigeria’s high returns are the result of historic cost account-ing that has favoured the company in a high inflation environment, CSL analysts use Occam’s Razor to settle the mystery: the company ‘is simply more profitable, at the EBIT level than, for example, its parent Nestlé SA, and even has superior margins to some other Nestlé group compa-nies in emerging markets.’

While its EBIT margins has declined

in the last 6 years, they project a degree of stabilisation going forward. According to CSL this will come from four factors. Sustained decent growth, a strong brand presence in its four top products (Golden Morn cereal, Milo Powder, Maggi Mix’py, and Maggi cube), a high degree of local sourcing and effective cost management.

Analysts are not discouraged because the truth is that so long as one is playing in the equity market, and constructs a balanced portfolio, there is no place to run. This explains why readers of the company

earnings release could almost hear Dharnesh Gordhon beating his chest in his remarks. ‘We are pleased with the turnover growth despite the challenging macroeconomic environment. It is encouraging that we sustained almost the same level of Profit After Tax in 2013 notwithstanding the devaluation of the naira which increased our net finance costs.’ Only the cocksure, that is those sure of portfolio heaven, make these types of confessions without appearing contrite. In fact, they expect a pat on the back. ;

WORK FOR A TECH-nology company in Victoria Island. Though I bring my

lunch to work most times I take com-fort in the fact that workers in the area are spoilt for choice. The area between Adetokunbo Ademola Street and Ajose Adeogun Street is densely populated with restaurants, bukkas and fast food options. This may be due to the fact that 80 percent of buildings in this metro-triangle are banks. It can best be described as a ‘food zone’ and serves food for masses of bankers, auto com-pany workers and oil companies.

During lunchtime it is advisable

to forgo the traffic on Ajose Adeogun and send for food from your office as some cleaners serve dual functions as food delivery men and women, mak-ing extra in tips or ‘forgone change’ to augment their salaries.

The only problem is that you would have to ‘love the one you’re with’. This is because oftentimes you would have limited options to where you can send for delivery using the cleaner system. In my experience they are usually limited to two buk-kas and one restaurant that are pop-ular with co-workers.

Going out for lunch is rare but if I did, I would go to a hole in the wall called Step Inn. This works because it is on the back road adjacent to Ajose Adeogun Street and so does not in-volve any time for traffic.

It is also as close to an experience of an English public house as you would find in Lagos. Literally. Its pa-trons in the most literal sense are ex-patriate men with very friendly wait-resses sensitive to the fact that these men are in the country without their wives. It paints a picture of the public house ‘bar maid,’ a notion that lives on 21st century Lagos.

One positive is they are perfectly coordinated with matching sport themed outfits and celebrate Ni-gerian holidays, football matches with their outfits (think of the Nige-

rian football jersey on Nigerian Inde-pendence Day).

The food is just as entertaining as the colourful surroundings. I would generally order chicken livers drowned in a delicious bowl of gar-lic sauce. This comes with a side of flat bread, which never seems to be enough. The pub also serves steak and ostrich which is typically ordered

medium rare with mashed potatoes. You won’t find better seasoned steak in Lagos.

Depending on what you were having it would run from N3200 - N3800.

You could also try the South Afri-can steak with South African value prices, well almost. Other menu items include fillet of sole, a Sun-

day roast, steak gammon and chips. However my other main interest are the chicken wings. They cost roughly N1000 (depending on the sides you have with them).

However a note of warning, Take cash as their POS hardly ever works.

Although I have been here numer-ous times, I am never tired of having the cake and custard, the only dessert at Step Inn. The cake is not particu-larly noteworthy as an independent, however the combination of both cake and custard as a dessert is very familiar to me. Puddings were the saving grace of every UK boarding school lunch goer as school food was notoriously terrible. Puddings were always the high point at meal times. The hole in the wall in the heart of the Island has left a place in my heart. ;

Step Inn is a good old fashioned English pub in the center of VI’s bustling business district

Ify Ojiis a lawyer, writer and food lover. She is the creator of the GidiTang.com (syno-nym: Lagos Flavour) blog on food and drink in Lagosify@teamlogicgroup.com

I

It is also as close to an experience of an English public house as you would find in Lagos

Nestle Nigeria Plc FY 2014 Result - Financial Highlights (N Billion)Statement of Comprehensive Income FY 2014 FY 2013 Y-o-Y GrowthGross Revenue 143.3 133.1 7.7%

Cost of Sales (82.1) (76.3) 7.6%

Gross profit 61.2 56.8 7.8%

OPEX (32.0) (29.0) 10.6%

Investment Income 0.6 0.4 52.7%

Finance Cost 5.3 2.1 147.2%

PBT 24.4 26.0 -6.1%

Taxation (2.2) (3.8) -41.7%

PAT 22.2 22.3 -0.1%

Per share data NestleCurrent Price 824.01

Trailing EPS 28.05

BVPS 45.3

Price multiples/Ratios Shares Outstanding(bn) 0.8

Trailing P/E 29.4x

P/BV 18.2x

RoAE (Annualized) 58.1%

RoAA (Annualized) 20.8%

Gross Profit Margin 42.7%

Cost of Sales Margin 57.3% 57.3%

OPEX Margin 22.3% 21.8%

NET Margin 15.5% 16.7%

Debt to Equity 90.0% 67.5%

Source: Company sources and Afrinvest Research

Nestlé’s product portfolioCategory Brand ProductSeasoning Maggi Maggi Mix’py

Maggi Cube

Powdered chocolate Milo Milo Powder

Confectionery Milo ChocoMilo

Water Nestlé Waters Nestlé Pure Life

Dairy Nido Nestlé Nido FortifiedNestlé Nido Nutripak

Coffee Nescafé Nescafé

Cereal Golden Morn Golden Morn

Infant nutrition CerelacNutrend

CerelacNutrend

Most Nestlé products have variants, e.g., Maggi cube has 4 variants: Regular, Chicken, Crayfish and Arome.

Step Inn162B, Sinari Daranijo Street

Victoria Island, LagosTel: +234(0)1-810-2677 +234(0)807-883-3207

LEGEND

15-week trading bar:This bar shows the volume of the company’s shares traded during the 5 most recent weeks. Each alternate colour bar represents a consecutive week. The bar is to be read from left to right. The first bar on the left (light blue) represents the traded volume five weeks ago. The next bar (grey) represents the volume 4 weeks ago. The 5th and last bar (light blue) signifies the volume of shares exchanged last week. The purpose of the Weekly Trading bar is to give readers an instant view of trading volumes as they compare on a week-by-week basis.

2Liquidity Rating: This indicates the level of demand for a company’s shares based on the number of deals rather than volume done over the past week. Stocks are graded accord-ing 5 categories. Blue spheres are used to represent liquidity. • Category 5: This is the highest liquidity rating shown by 5 blue spheres.

Stocks that have traded more than 20 deals per day on at least 4 days in the past week are awarded this score

• Category 4: This is shown by 4 blue spheres. It indicates that the stock has

traded between 12 to 19 deals per day on at least 4 days in the past week• Category 3: Shown with 3 spheres, this liquidity classification represents

those stocks that have traded 8 to 11 deals per day on at least 4 days in the past week

• Category 2: Shown with 2 spheres it identifies those stocks that traded 4 to 7 deals per day on at least 4 days in the past week

• Category 1: This is shown by one blue sphere to represent stocks on which 3 deals and/or below were traded per day on at least 4 days in the week.

SECTOR PRICE CHANGES – FEB 23 – MAR 02, 2015MARKET REVIEW – FEBRUARY 23 – MARCH 02, 2015

TRADING UPDATE

Agriculture 2 2 1Conglomerates 1 3 1

Construction/Real Estate 1 7 1Consumer Goods 6 16 9

Financial Services 1 38 18Healthcare 0 7 3

ICT 0 11 0Industrial Goods 6 12 3

Natural Resources 0 5 0Oil & Gas 4 4 3Services 6 8 4

Declined Unchanged Advanced

TOP DECLINERS WTD

OKOMU OIL PALM COMPANY PLC -14.22

ACADEMY PRESS PLC -12.93

NATIONAL AVIATION HAN-DLING COMPANY PLC -8.3

RED STAR EXPRESS PLC -7.69

R. T. BRISCOE (NIG.) PLC -7.59

TOP GAINERS WTD

CAP PLC 10.19

FLOUR MILLS NIGERIA PLC 9.59

TRANSNATIONAL CORPORATION OF NIG PLC 9.39

TRANS NATIONWIDE EX-PRESS PLC 8.99

GUARANTY TRUST BANK PLC 7.9

TOP DECLINERS WTD

NATIONAL SALT COMPANY NIGERIA PLC -7.15

BETA GLASS COMPANY (NIG.) PLC -4.98

PORTLAND PAINTS AND PRODUCTS NIG. PLC -4.96

NAVITUS ENERGY PLC -4.55

CUTIX PLC -4.46

TOP GAINERS WTD

UAC OF NIGERIA PLC 18.74

UNION BANK OF NIGERIA PLC 15.76

JULIUS BERGER NIGERIA PLC 15.55

ACCESS BANK OF NIGERIA PLC 14.29

IKEJA HOTEL PLC 12.95

DASHBOARD

TickerFriday 5-day 4-Week

5-Week trading1

52-Week price rangeYtD Liquidity

Rating2Close Change, % Volume Open Week Hi Week Lo Change, % Volume Open Change, % Volume Low Close ( ) High

7UP 150.35 -0.25% 195 151.00 152.00 150.35 -0.43% 1,567 153.00 -1.73% 26,801 81.23 197.94 -5.44% ABCTRANS 0.53 0.00% 0 0.52 0.53 0.52 1.92% 2,100 0.51 3.92% 32,661 0.51 0.92 -7.02%

ACCESS 6.40 2.73% 381,173 5.60 6.89 5.50 14.29% 1,586,863 5.18 23.55% 10,222,952 4.50 10.18 1.75% AGLEVENT 1.15 -3.36% 19 1.18 1.19 1.09 -2.54% 9,425 1.26 -8.73% 14,926 1.09 1.66 -12.21%

AIICO 0.75 1.35% 18,245 0.74 0.77 0.71 1.35% 61,637 0.80 -6.25% 494,721 0.65 0.90 -10.71% AIRSERVICE 2.05 -1.91% 230 2.10 2.20 2.00 -2.38% 10,992 1.71 19.88% 406,395 1.56 3.12 20.59%ASHAKACEM 18.04 -9.44% 302 18.98 20.91 18.04 -4.95% 3,245 20.24 -10.87% 22,565 13.87 34.60 -13.31% BETAGLAS 25.73 0.00% 2 27.08 27.08 25.73 -4.99% 1,002 30.00 -14.23% 118,217 15.49 31.49 -2.54%CADBURY 38.00 0.26% 364 38.81 40.84 37.10 -2.09% 3,865 41.12 -7.59% 19,994 33.10 85.40 -9.52%

CAP 37.80 0.00% 357 37.89 39.79 36.00 -0.24% 3,612 38.75 -2.45% 13,583 33.01 46.95 1.34% CCNN 10.70 7.21% 2,502 10.69 10.95 9.98 0.09% 4,427 9.37 14.19% 32,882 8.33 15.98 8.30%

CONOIL 31.17 0.06% 1,498 32.00 32.78 31.15 -2.59% 7,504 32.68 -4.62% 17,172 29.50 79.51 -9.39% CONTINSURE 0.92 8.24% 80,578 0.86 0.92 0.82 6.98% 119,793 0.90 2.22% 200,303 0.80 1.24 -5.15% COURTVILLE 0.50 0.00% 3,681 0.50 0.50 0.50 0.00% 5,753 0.50 0.00% 18,306 0.50 0.77 0.00%CUSTODYINS 3.90 0.00% 17,468 3.90 4.00 3.72 0.00% 29,869 3.91 -0.26% 508,005 1.90 4.35 11.11%

CUTIX 1.45 -3.33% 280 1.57 1.64 1.45 -7.64% 4,394 1.55 -6.45% 17,929 1.21 2.10 8.21%DANGCEM 153.00 -0.26% 5,599 153.95 155.00 151.15 -0.62% 25,711 156.00 -1.92% 263,611 139.10 250.02 -19.47%

DANGFLOUR 3.44 0.29% 2,466 3.47 3.55 3.26 -0.86% 19,290 3.04 13.16% 312,016 2.88 9.65 -21.82% DANGSUGAR 6.34 -1.40% 10,481 6.19 6.45 6.06 2.42% 62,750 6.82 -7.04% 1,446,122 4.70 11.85 4.97% DIAMONDBNK 3.90 -4.88% 115,011 3.82 4.29 3.70 2.09% 665,215 3.58 8.94% 3,220,869 3.45 7.05 -28.44%

ETERNA 2.70 3.85% 1,802 2.51 2.70 2.51 7.57% 8,066 2.67 1.12% 27,614 2.39 5.35 -9.70% ETI 16.01 1.84% 55,343 16.00 16.62 15.45 0.06% 506,014 16.18 -1.05% 3,135,512 12.40 20.28 -12.03%

FBNH 7.70 -1.66% 422,696 7.45 7.95 7.20 3.36% 2,423,420 7.09 8.60% 9,922,807 6.35 16.52 -11.49% FCMB 2.20 2.33% 101,534 2.07 2.20 1.99 6.28% 766,411 2.05 7.32% 3,926,272 1.93 4.64 -12.00%

FIDELITYBK 1.28 0.00% 43,842 1.19 1.30 1.18 7.56% 663,373 1.26 1.59% 2,053,309 1.13 2.40 -20.00% FIDSON 3.00 0.00% 1,125 3.00 3.14 2.92 0.00% 18,593 3.26 -7.98% 126,717 2.32 3.90 -19.14%

FLOURMILL 34.00 -2.86% 167,295 31.48 36.00 29.99 8.01% 246,152 38.42 -11.50% 515,491 26.60 73.91 -13.13% FO 204.57 -0.36% 1,794 220.40 231.99 202.10 -7.18% 14,787 230.00 -11.06% 48,030 85.50 259.94 -9.92%

GLAXOSMITH 40.20 -1.95% 622 39.90 41.00 39.90 0.75% 4,897 38.68 3.93% 22,671 38.22 71.20 -15.21% GUARANTY 23.50 0.86% 345,941 21.78 23.80 20.02 7.90% 1,406,055 20.03 17.32% 6,539,482 16.69 31.80 -6.67% GUINNESS 119.25 -1.45% 1,184 120.55 129.99 119.25 -1.08% 14,934 129.99 -8.26% 37,608 110.00 214.99 -27.86%

HONYFLOUR 3.00 -1.32% 1,912 2.83 3.04 2.77 6.01% 14,624 3.00 0.00% 50,844 2.77 4.50 -9.09% INTBREW 18.00 4.59% 3,197 17.98 18.80 17.01 0.11% 51,411 20.90 -13.88% 88,576 17.01 32.20 -18.96% JBERGER 48.51 5.00% 371 38.08 48.51 38.08 27.39% 5,523 44.80 8.28% 40,075 38.08 76.45 -15.83%

LINKASSURE 0.50 0 0 0.50 0.00% 50 0.50 0.50 0.00%MANSARD 2.89 0.00% 2,328 2.82 3.03 2.70 2.48% 14,489 3.00 -3.67% 33,837 1.96 3.79 -7.07%MAYBAKER 1.65 -4.62% 1,043 1.55 1.90 1.48 6.45% 40,471 1.44 14.58% 79,042 1.29 2.27 9.27%

MOBIL 150.00 0.00% 273 157.50 157.50 147.10 -4.76% 2,450 157.00 -4.46% 4,593 112.54 182.00 -3.39% MRS 48.02 0.00% 0 48.02 48.02 48.02 0.00% 11 48.02 0.00% 105 41.84 70.00 -4.99%

NAHCO 4.36 -3.33% 2,261 4.73 4.74 4.31 -7.82% 11,833 4.80 -9.17% 51,166 3.56 5.84 -12.80% NASCON 6.36 0.95% 11,242 6.78 7.14 6.14 -6.19% 77,395 6.42 -0.93% 301,423 5.68 13.50 1.44%

NB 142.20 4.94% 64,729 134.00 142.25 132.45 6.12% 214,059 142.02 0.13% 1,038,615 122.55 189.00 -12.76% NEIMETH 0.71 0.00% 694 0.71 0.71 0.71 0.00% 1,179 0.72 -1.39% 3,683 0.67 1.89 -6.58%

NEM 0.63 0.00% 7,292 0.60 0.65 0.56 5.00% 177,326 0.53 18.87% 576,045 0.51 0.90 -3.08% NESTLE 820.00 0.00% 2,486 820.00 857.99 813.15 0.00% 5,493 800.00 2.50% 98,947 743.00 1,200.00 -17.64%

NIGERINS 0.50 0.00% 0 0.50 0.50 0.50 0.00% 2,248 0.50 0.00% 8,546 0.50 0.54 0.00%NNFM 17.15 0.00% 14 17.15 17.15 17.15 0.00% 14 18.95 -9.50% 541 17.15 23.08 -1.15%OANDO 13.99 3.25% 12,119 13.98 14.43 13.35 0.07% 138,793 15.30 -8.56% 1,698,173 12.83 36.89 -20.06%

OKOMUOIL 31.00 1.57% 5,368 32.24 35.58 30.20 -3.85% 18,218 28.69 8.05% 126,939 23.20 42.98 24.00% PAINTCOM 1.49 0.00% 0 1.54 1.54 1.49 -3.25% 1,600 1.43 4.20% 3,646 1.33 1.99 1.36%PORTPAINT 3.64 0 3.83 3.99 3.64 -4.96% 2,955 3.75 -2.93% 4,853 3.52 5.75 -1.89%

PRESCO 30.77 0.00% 5 31.00 32.38 30.77 -0.74% 4,748 31.06 -0.93% 47,044 20.88 46.30 19.63%PRESTIGE 0.50 0 0 0.50 0.00% 2,228 0.50 0.63 0.00%

PZ 28.99 -0.03% 3,100 27.50 29.00 27.00 5.42% 417,412 29.64 -2.19% 661,368 16.60 39.80 22.06% REDSTAREX 3.53 -3.02% 1,812 3.80 3.80 3.53 -7.11% 5,811 3.60 -1.94% 18,477 3.44 5.35 -6.12% ROYALEX 0.50 0.00% 9,103 0.50 0.50 0.50 0.00% 19,989 0.50 0.00% 34,548 0.50 0.64 -3.85%

RTBRISCOE 0.73 0.00% 2,385 0.76 0.82 0.73 -3.95% 3,796 0.61 19.67% 76,261 0.58 1.36 -13.10%SEPLAT 470.00 5.26% 1,464 445.53 481.57 445.53 5.49% 4,045 305.23 53.98% 18,849 252.93 735.00 33.71%

SKYEBANK 2.09 -1.42% 25,146 2.01 2.15 2.00 3.98% 141,654 1.97 6.09% 2,967,974 1.70 4.00 -17.39% SOVRENINS 0.50 0 0.50 0.50 0.50 0.00% 20 0.50 0.00% 491 0.50 0.50 0.00% STANBIC 24.98 0.00% 5,233 24.41 26.29 24.41 2.34% 102,307 26.14 -4.44% 221,687 19.40 35.00 -7.75%

STERLNBANK 2.38 4.85% 8,513 2.22 2.38 2.20 7.21% 82,775 2.32 2.59% 513,057 2.09 2.74 -1.65% TOTAL 139.99 -0.01% 227 140.00 141.00 139.99 -0.01% 1,213 147.98 -5.40% 4,675 130.43 195.50 -6.05%

TRANSCORP 2.68 -0.37% 102,836 2.45 2.77 2.41 9.39% 948,644 2.82 -4.96% 4,446,258 2.19 7.08 -16.51% UAC-PROP 9.69 4.19% 4,219 10.00 10.00 9.30 -3.10% 8,661 9.11 6.37% 33,093 8.09 21.31 1.25%

UACN 40.37 -2.70% 294,598 34.00 42.49 33.98 18.74% 665,525 37.02 9.05% 957,292 26.00 67.85 18.74% UBA 3.47 -0.29% 198,629 3.41 3.90 3.13 1.76% 1,504,872 3.50 -0.86% 5,758,910 2.90 8.26 -19.68%

UBCAP 1.40 -3.45% 38,740 1.32 1.48 1.26 6.06% 170,354 1.44 -2.78% 503,719 1.26 3.04 -16.67% UBN 9.84 8.13% 4,818 8.92 9.84 8.50 10.31% 13,492 9.23 6.61% 200,280 6.48 10.89 15.76%

UNILEVER 35.00 1.27% 5,052 32.66 35.00 32.56 7.16% 89,377 34.00 2.94% 203,509 27.00 55.00 -6.89% UNITYBNK 0.50 0.00% 1,517 0.50 0.50 0.50 0.00% 2,915 0.50 0.00% 41,712 0.50 0.50 0.00%VITAFOAM 3.60 5.26% 6,899 3.59 3.75 3.42 0.28% 11,972 3.59 0.28% 127,658 3.23 4.72 -6.01%

WAPCO 86.40 1.65% 5,081 85.00 88.99 80.07 1.65% 43,432 82.00 5.37% 154,169 66.50 136.73 6.67% WAPIC 0.50 0.00% 314,349 0.50 0.51 0.50 0.00% 453,011 0.51 -1.96% 894,678 0.50 0.99 -21.88%

WEMABANK 0.97 2.11% 41,147 0.98 1.00 0.93 -1.02% 253,906 0.93 4.30% 737,509 0.85 1.21 5.43% ZENITHBANK 17.60 -2.76% 179,203 17.37 19.00 16.55 1.32% 1,143,429 16.13 9.11% 5,037,621 14.54 25.80 -2.22%

MARKET DATA VM3VM | Monday, March 02, 2015 | Issue 031

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 6.4010.184.50

YtD 0.11 -1.10 0.8014.29%

3M 1W

0.80

Dec Jan Feb

1.75% -14.67%

23/02

M T W T F

27/02

ASHAKACEM 18.0434.6013.87

YtD -2.77 -4.21 -0.94-4.95%3M 1W

0.94

Dec Jan Feb

-13.31% -18.92%

23/02

M T W T F

27/02

CADBURY 38.0085.4033.10

YtD -4.00 -4.50 -0.81-2.09%3M 1W

0.81

Dec Jan Feb

-9.52% -10.59%

23/02

M T W T F

27/02

CAP 37.8046.9533.01

YtD 0.50 0.78 -0.09-0.24%3M 1W

0.09

Dec Jan Feb

1.34% 2.11%

23/02

M T W T F

27/02

CCNN 10.7015.988.33

YtD 0.82 -0.31 0.010.09%3M 1W

0.01

Dec Jan Feb

8.30% -2.82%

23/02

M T W T F

27/02

CONTINSURE 0.921.240.80

YtD -0.05 -0.01 0.066.98%3M 1W

0.06

Dec Jan Feb

-5.15% -1.08%

23/02

M T W T F

27/02

FCMB 2.204.641.93

YtD -0.30 -1.02 0.136.28%3M 1W

0.13

Dec Jan Feb

-12.00% -31.68%

23/02

M T W T F

27/02

GUARANTY 23.5031.8016.69

YtD -1.68 -1.75 1.727.90%3M 1W

1.72

Dec Jan Feb

-6.67% -6.93%

23/02

M T W T F

27/02

MANSARD 2.893.791.96

YtD -0.22 -0.11 0.072.48%3M 1W

0.07

Dec Jan Feb

-7.07% -3.67%

23/02

M T W T F

27/02

OANDO 13.9936.8912.83

YtD -3.51 -7.86 0.010.07%3M 1W

0.01

Dec Jan Feb

-20.06% -35.97%

23/02

M T W T F

27/02

STANBIC 24.9835.0019.40

YtD -2.10 -5.47 0.572.34%3M 1W

0.57

Dec Jan Feb

-7.75% -17.96%

23/02

M T W T F

27/02

UBA 3.478.262.90

YtD -0.85 -1.67 0.061.76%3M 1W

0.06

Dec Jan Feb

-19.68% -32.49%

23/02

M T W T F

27/02

DANGCEM 153.00250.02139.10

YtD -37.00 -25.10 -0.95-0.62%3M 1W

0.95

Dec Jan Feb

-19.47% -14.09%

23/02

M T W T F

27/02

FIDELITYBK 1.282.401.13

YtD -0.32 -0.27 0.097.56%3M 1W

0.09

Dec Jan Feb

-20.00% -17.42%

23/02

M T W T F

27/02

GUINNESS 119.25214.99110.00

YtD -46.05 -37.97 -1.30-1.08%3M 1W

1.30

Dec Jan Feb

-27.86% -24.15%

23/02

M T W T F

27/02

MOBIL 150.00182.00112.54

YtD -5.27 -15.25 -7.50-4.76%3M 1W

7.50

Dec Jan Feb

-3.39% -9.23%

23/02

M T W T F

27/02

OKOMUOIL 31.0042.9823.20

YtD 6.00 1.46 -1.24-3.85%3M 1W

1.24

Dec Jan Feb

24.00% 4.94%

23/02

M T W T F

27/02

TOTAL 139.99195.50130.43

YtD -9.02 -25.35 -0.01-0.01%3M 1W

0.01

Dec Jan Feb

-6.05% -15.33%

23/02

M T W T F

27/02

UNILEVER 35.0055.0027.00

YtD -2.59 0.35 2.347.16%3M 1W

2.34

Dec Jan Feb

-6.89% 1.01%

23/02

M T W T F

27/02

DIAMONDBNK 3.907.053.45

YtD -1.55 -2.16 0.082.09%3M 1W

0.08

Dec Jan Feb

-28.44% -35.64%

23/02

M T W T F

27/02

FLOURMILL 34.0073.9126.60

YtD -5.14 -16.43 2.528.01%3M 1W

2.52

Dec Jan Feb

-13.13% -32.58%

23/02

M T W T F

27/02

HONYFLOUR 3.004.502.77

YtD -0.30 -0.29 0.176.01%3M 1W

0.17

Dec Jan Feb

-9.09% -8.81%

23/02

M T W T F

27/02

NASCON 6.3613.505.68

YtD 0.09 -1.51 -0.42-6.19%3M 1W

0.42

Dec Jan Feb

1.44% -19.19%

23/02

M T W T F

27/02

PRESCO 30.7746.3020.88

YtD 5.05 3.24 -0.23-0.74%3M 1W

0.23

Dec Jan Feb

19.63% 11.77%

23/02

M T W T F

27/02

UACN 40.3767.8526.00

YtD 6.37 -3.71 6.3718.74%3M 1W

6.37

Dec Jan Feb

18.74% -8.42%

23/02

M T W T F

27/02

WAPCO 86.40136.7366.50

YtD 5.40 5.90 1.401.65%3M 1W

1.40

Dec Jan Feb

6.67% 7.33%

23/02

M T W T F

27/02

ETI 16.0120.2812.40

YtD -2.19 -1.57 0.010.06%3M 1W

0.01

Dec Jan Feb

-12.03% -8.93%

23/02

M T W T F

27/02

FO 204.57259.9485.50

YtD -22.53 -9.61 -15.83-7.18%3M 1W

15.83

Dec Jan Feb

-9.92% -4.49%

23/02

M T W T F

27/02

INTBREW 18.0032.2017.01

YtD -4.21 -8.34 0.020.11%3M 1W

0.02

Dec Jan Feb

-18.96% -31.66%

23/02

M T W T F

27/02

NB 142.20189.00122.55

YtD -20.80 -30.30 8.206.12%3M 1W

8.20

Dec Jan Feb

-12.76% -17.57%

23/02

M T W T F

27/02

PZ 28.9939.8016.60

YtD 5.24 0.75 1.495.42%3M 1W

1.49

Dec Jan Feb

22.06% 2.66%

23/02

M T W T F

27/02

UAC-PROP 9.6921.318.09

YtD 0.12 -0.77 -0.31-3.10%3M 1W

0.31

Dec Jan Feb

1.25% -7.36%

23/02

M T W T F

27/02

ZENITHBANK 17.6025.8014.54

YtD -0.40 -3.30 0.231.32%3M 1W

0.23

Dec Jan Feb

-2.22% -15.79%

23/02

M T W T F

27/02

TICKER 25.2327.4019.23

1YtD 0.230.92%

2.9012.99%

0.010.04%3M 1W

0.01

May June July21/07

M T W T F

25/07

FBNH 7.7016.526.35

YtD -1.00 -2.70 0.253.36%3M 1W

0.25

Dec Jan Feb

-11.49% -25.96%

23/02

M T W T F

27/02

GLAXOSMITH 40.2071.2038.22

YtD -7.21 -11.80 0.300.75%3M 1W

0.30

Dec Jan Feb

-15.21% -22.69%

23/02

M T W T F

27/02

JBERGER 48.5176.4538.08

YtD -9.12 -9.54 10.4327.39%3M 1W

10.43

Dec Jan Feb

-15.83% -16.43%

23/02

M T W T F

27/02

NESTLE 820.001200.00743.00

YtD -175.60 -100.70 0.000.00%3M 1W

0.00

Dec Jan Feb

-17.64% -10.94%

23/02

M T W T F

27/02

SEPLAT 470.00735.00252.93

YtD 118.50 51.99 24.475.49%3M 1W

24.47

Dec Jan Feb

33.71% 12.44%

23/02

M T W T F

27/02

3 4 5

8

12

9 10

11

6

13

7

21

1. 52-week low price2. Year low price3. Current price4. Year high price5. 52-week high price6. Current price7. 5-day price change8. 1-year price change9. 3-months price change10. 1-week price change11. Daily price movement over 3 months.12. 30-day moving average13. Daily price movement over last week

BUSINESSVM2 VM | Monday, March 02, 2015 | Issue 031