Dangote Cement Q4 2020 Results Review: Bullish Outlook for ’21f Driven by Capacity Addition

Dangote Cement Q4 2020 Results

By FBNQuest Research Negligible changes to our EPS forecasts over the ’21-22f period DangCem delivered strong Q4 ’20 results with earnings up +55% y/y to N86.8bn. However, we have made negligible changes to our EPS forecast over the ’21-22f period because Q4 figures were broadly in line with our expectations. Our new price target of N239.5 is down by around -1% because we have raised our risk-free rate assumption by +100bps to 11%. Looking ahead, we expect DangCem to produce a stellar performance in FY’21 projecting an EPS growth of…

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