Event: Total Nigeria (Total) reports Q1 2017 results Implications: Cuts to consensus 2017E estimates expected Positives: Q4 sales of N80.5bn up 35% y/y and PBT up 11% y/y to N4.3bn Negatives: Gross margin contracted -371bps y/y to 11.2%; PAT declined -5% y/y due to a relatively higher tax rate of 37.1% This afternoon, Total Nigeria (Total) ...
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