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Unilever Nigeria Plc: FX Woes Adding to Structural Challenges

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Unilever logo       Resumption of weak earnings in Q2 2016 Following Unilever Nigeria’s (Unilever) weaker-than-expected Q2 2016 numbers, we have cut our earnings estimates over the 2016-17E period by -48% on average. In addition, we have increased our risk-free rate assumption by 200bps to 14.5%. However, we have trimmed our price target by ...

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