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Unilever Nigeria: Finance Costs Surprised Negatively

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Modest cut to estimates; PT unchanged Unilever Nigeria’s Q3 2016 sales were stronger than we expected. However, PBT was weak and fell c.88% short of our estimate because of a negative surprise in net finance charges. As such, we have cut our earnings (pre-tax profit) forecasts over the 2016-17E period by 9% on average. Despite ...

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