Company Report | Guinness Nigeria Plc - What the heck is wrong with GUINNESS?

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Company Report | Guinness Nigeria Plc - What the heck is wrong with GUINNESS?
Company Report | Guinness Nigeria Plc.
          …What the heck is wrong with GUINNESS?
Breweries                     I       Company Report                        I   November 2014

Target Price:              N139.66          Revenue slid 6.1% again... what’s the hype about ‘Orijin’?
Rating:                          SELL       Guinness Nig. Plc (GUINNESS) posted yet another disappointing quarterly result (2015:Q1),
                                            as revenue shrank once again by 6.07% (NGN21.05bn vs.NGN22.41bn in the corresponding
                                            period last year). Although we anticipated that the beer maker’s recent drive into the value
           Relative Metrics                 segment (given the launch and subsequent market acceptance of the ‘Orijin’ brand) should
 Current price                    160.00    support performance going forward, the company’s recently released 3 months result
 P/E                               25.90
                                            indicated otherwise. The disappointing performance scorecard is coming just after the beer
 P/B                                5.18
                                            maker announced that Mr. John O'Keeffe will be taking over the headship of the company
 Forward P/E                      26.73x
 52-Wk av. Vol (mn)                0.475
                                            from Mr. Seni Adetu in November 2014.

                                            Cost of sales declined 12.15% to NGN10.50bn (vs. 11.95bn in 2014Q1) thereby trimming
       Fundamental Metrics                  down cost to sales margin to 49.89% from 53.33% in prior period. OPEX fell slightly by 1.34%
 EPS (N)                            6.19    while operating profit improved by 7.84% (NGN2.71bn vs. NGN2.51bn) in the quarter.
 BVPS(N)                           30.91    Finance charges, which rose 31.59% (NGN1.18bn vs. NGN2.51bn), remained a drag to
 Net Margin                        7.05%    earnings.
 ROAE                             20.34%
 ROAA                              7.00%    Although, Profit before tax (PBT) improved reasonably by 5.06%, profit after tax (PAT)
 Leverage                            2.88
                                            contracted by 14.81%, due to higher tax expenses, slimming down to NGN1.49bn compared
 Mkt. Cap (N’bn)                  240.94
                                            to NGN1.74bn in prior period.

                                            Our analysis of Beer market trends in Nigeria linked this sustained performance drags to
             Key Price Metrics              extreme rivalry in the sector, likely market cannibalism, slowing premium brands growth
 Today Return                     -0.01%    and sustained soft discretionary spending.
 WtD Return                       -0.37%
 MtD Return                       -0.93%    Updating our model in the realities of the above and adopting a blend of absolute and
 QtD Return                      -25.57%    relative valuation models, we downgrade our 12months target price for GUINNESS to
 YtD Return                       -32.20    NGN139.66 (from previous NGN194.29), implying a 12.71% downside to current market
 52-Week Return                   -31.33
                                            price of NGN160. Hence, our rating on GUINNESS is downgraded to a SELL.
 52-Week High                     262.00
 52-Week Low                      160.00        52-Weeks Rebased Price Trajectory of Key Breweries Sector Stocks vs. NSEASI
 Year High                        239.95     1.70
 Year Low                         160.00
                                             1.50                          GUINNESS            NB           INTBREW            NSEASI
 Beta                               0.97
 14D-RSI                           35.30     1.30

                                             1.10

                                             0.90

                                             0.70
 Analyst: Wale Olusi                         0.50
 olawaleolusi@meristemng.com                    Nov-13         Jan-14         Mar-14          May-14          Jul-14          Sep-14    Nov-14

                                                Source: NSE

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                                        Equity Research | www.meristemng.com | Nov. 2014
Breweries            I        Company Report               I   November 2014

                  1.0     Recent Developments
                  What is wrong with GUINNESS?
                  GUINNESS is the second largest brewer in Nigeria listed on the Nigerian Stock
                  Exchange in 1965. The company’s operating history in the Nigerian Beer market
                  is over 5-decades. Over the years, the premium GUINNESS stout producer has
                  recorded impressive sales and distribution of its Guinness Stout and Harp Lager
                  beer brands in the Nigerian market, thus making Nigeria the largest market for
                  Guinness Stout in the world by Net Sales Value.

                  As against the above, GUINNESS’ recent number is fraught by performance drags.
                  Revenue has sustained consistent declines (-3.03%, -5.41%, -13.34%, -11.40%, -
                  10.83% and -6.05%) from Q4:2013 to Q1:2015 even as profit after tax continues
                  to bleed (dipped 3.53%, 22.16% 22.14%, 19.30% and 14.81% from Q1:2014 to
                  Q1:2015 in a row) due to higher financial charges, operating expenses and cost
                  disadvantages compared to major competitors.

                  Market survey suggests that a number of factors accounted for this sustained
                  lackluster performance. We highlight our findings below.

                  1. A More Complex and Competitive Operating Environment: Competition in
                     the Nigerian beer market is very keen at the moment. By our estimation,
                     HEINEKEN via its stake in Nigerian Breweries (NB), Consolidated Breweries
                     (CONSBREW) and Champion Breweries Plc. (CHAMPION) controls more than
                     70% of the space. GUINNESS has 26% market share while International
                     Breweries Plc. (INTBREW), controls 4%. But the ‘tug of war’ is between NB
                     and GUINNESS. NB (61% market share) is by far the market leader in the
                     space enjoying the best cost advantage, widest distribution network
                     (c.525,000 retail outlets) and brewing plants spread all over Nigeria. As a
                     result, NB has sustained a better Quarter on Quarter (Q-o-Q) performance
                     compared to GUINNESS.

                  2. The Consumer Rights Advocacy Network of Nigeria (CRANN) accused a
                     Dominant Brewery of Pirate Marketing: The rivalry in the space recently
                     brought about an alleged “De-marketing” of GUINNESS brands by a major
                     Brewery. Other terms used in some quarters include “Guerilla or Pirate-
                     marketing”. According to CRANN, distributors and bar owners are being

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           Equity Research | www.meristemng.com | Nov. 2014
Breweries                    I       Company Report                I    November 2014

                                 offered incentives to de-stock GUINNESS brands in Lagos, Port Harcourt,
                                 Abuja, and Ibadan, and this has been ongoing for a while (more than a year).
                                 As against the above, we see this as a likely incentive-based marketing
                                 strategy on the part of the said ‘Dominant Brewery’ given the operating
                                 environment.

                            3. Slowing Premium Segment Growth: Growth in the beer market has
                               maintained a slowing trend (3.00% and -3.00% in 2012 and 2013 vs. 9.00%
                               10 year average) in recent periods, but we note that the value (affordable)
                               brands are currently driving the sector’s performance. In contrast to
                               GUINNESS, NB (key competitor) had since tapped into this segment of the
                               market, even as other players such as CONSBREW and INTBREW who
                               already had a solid footing on the segment of the market, continue to raise
                               the bar further. GUINNESS, on its part, had concentrated on its premium
                               brands for too long until lately.

                            4.    Slowing Discretionary Spending and GUINNESS’ Pricing Review: The
                                  management of GUINNESS noted that pricing review in December 2013
                                  accounted for its poor half year performance. Realizing the impact of this,
                                  the company had since reverted this decision. However, we wonder why
                                  such a counterproductive decision will be taken at a time when consumer
                                  discretionary spending is slowing in the Country.

                            NGN52bn CAPEX and a Foray into the Value Segment
                            To gear up the company’s resolve to match the keen competition in the
                            industry, GUINNESS invested NGN52bn more than 2 years ago to expand its
                            operations and meet the need of its customers. The beer maker also took a
                            foray into the value segment of the market, launching a range of new brands
                            such as DUBIC EXTRA LAGER, SNAPP, ALVARO and the recently introduced
                            popular ORIJIN brand.

Exhibit2: Product portfolio

Source: Company’s filings

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                     Equity Research | www.meristemng.com | Nov. 2014
Breweries            I       Company Report                 I   November 2014

                  Although the introduction of ‘Orijin’ into the market appears to be a major
                  success, given the widespread acceptance that greeted the herbal-mixed
                  brand, we suspect that the brand may be taking the competition back home, a
                  sort of market cannibalism (by displacing some of its sister brands like
                  Smirnoff), as the most recent quarter result remained a decline despite the
                  hype.

                  Other strategic initiatives include ‘The made of more’ and ‘Made of Black’
                  promo targeted at selling the GUINNESS brand. However, keen competition in
                  the operating environment seem pretty complex as already cited above.

                  Adetu Bows Out, O’Keeffe Steps In
                  Following the sustained performance drag as highlighted above, GUINNESS has
                  announced that Mr. Seni Adetu, the current Managing Director (MD) of the
                  Company will be stepping down in November 2014, for Mr John O'Keeffe, who
                  is currently a Non-Executive Director (NED) to take over the leadership position.
                  According to the company’s website;

                      ‘’Mr John O’Keeffe holds a Bachelor of Commerce degree from the
                      University College Cork, Ireland specializing in Economics & Marketing. He
                      joined Diageo Plc. in 1994 and he has held a number of leadership
                      responsibilities including Brand Manager, Diageo Ireland; New Product
                      Development Manager, Diageo Ireland; Guinness Brand Manager, Diageo
                      Ireland (based in Dublin); Marketing & Innovation Manager, Diageo
                      Jamaica; Marketing Director, Diageo Jamaica/Caribbean; Marketing
                      Director, Diageo Nordics; Commercial & Innovation Director, Diageo
                      Nordics; General Manager, Diageo Sweden & Finland; Managing Director
                      Diageo Russia & CIS markets (based in Moscow) and Managing Director
                      Diageo Russia & Eastern Europe. Mr O’Keefe is presently the Global
                      Category Director, Beer and Baileys for Diageo Plc. Mr O’Keeffe was
                      appointed to the Board as a Non-Executive Director on 9th February 2012’’.

                  We believe that the company opted for John O’Keeffe based on his wealth of
                  experience in Russia and Eastern Europe market, where he has led Diageo (the
                  parent company of GUINNESS) businesses successfully in a more complex and
                  highly competitive operating environment similar to that of Nigeria at the
                  moment. Although we imagine that Mr O’Keeffe will be coming with fresh
                  ideas and strategic initiatives to drive sales volume and attempt to expand
                  market share for GUINNESS, we do not see this translating into stronger
                  performance in the near term.

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           Equity Research | www.meristemng.com | Nov. 2014
Breweries                        I         Company Report            I    November 2014

                               2.0 Ownership, Plants and Distribution Network
                               GUINNESS is a subsidiary of the Diageo Group (46% stake), the fourth largest
                               brewer in Africa and a world leading premium drinks producer with a broad-
                               based portfolio of spirits, beers and wines. Popular brands include Johnnie
                               Walker, Crown Royal, J&B, Windsor, Buchanan's and Bushmills whiskies,
                               Smirnoff, Ciroc and Ketel One vodkas, Baileys, Captain Morgan, Tanqueray and
                               Guinness. Guinness Nigeria remains Diageo’s largest market for the sale of the
                               GUINNESS stout brand.

                               Diageo therefore holds 46% stake in GUINNESS via Guinness Oversea Ltd. Other
                               major stakeholders include Atlantaf (8%) and the Nigerian public (46%).

         Exhibit3: Shareholding Structure                                Geographical Spread of GUINNESS Brewing
Plants
                         Atlantaf
                            8%

                                                 Guinness
                                                Oversea Ltd
                                                   46%

            Others
             46%

                                                                    Brewing Plants
                                                                   Concentrated in
                                                                   the South-West
                     Source: Company fillings

                               In terms of plant distribution, GUINNESS is the second biggest player in Nigeria
                               by installed capacity- with a total capacity of 5.5mhl, operated via its four
                               brewing plants, two in Lagos, and one in Benin and Aba each.

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                      Equity Research | www.meristemng.com | Nov. 2014
Breweries              I          Company Report                            I      November 2014

                  3.0 Industry Outlook and Competitive Dynamics
                  Industry growth outlook
                  Beer market growth has remained pressured by soft consumer spending,
                  worsening security challenges and competition from other beverages in the
                  sector (most especially spirit). Compared to a 10 years average growth of
                  (9.00%), sector growth slowed to 3% in 2012 and -3% in 2013.

                       Exhibit 4: Sector Turnover growth (2002-2013)

                   25%
                   20%
                   15%
                   10%
                    5%
                    0%
                   -5%
                   -10%
                          2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

                   Source: Company fillings, Meristem research

                  Our X-ray of recent latest corporate releases buttress this further as NB posted a
                  9months Revenue growth of 2.33% (vs. >5.00% in September 2013), GUINNESS
                  dipped by 6.36% whilst INTBREW’s most recent filing indicated that sales
                  volume slowed to 6.36% compared to 3years average growth of 126.25%.

                  Heineken to Consolidate Operations of NB and CONSBREW
                  The Nigerian beer market remains dominated by global brewing giants.
                  Heineken controls the largest share, with interest in three key players (NB,
                  CONBREW and CHAMPION) in the space.

                   Exhibit 5: Beer Market share outlook
                          NB
                                                                         4.30%   0.50%            62%+8%=70%
                          GUINNESS                               7.80%                            NB’s MARKET SHARE
                          CONSBREW                                                                  POST MERGER
                                                          25.30%
                          INTBREW
                                                                                         62.10%
                          CHAMPION

                   Source: Company fillings, Meristem research

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           Equity Research | www.meristemng.com | Nov. 2014
Breweries                           I    Company Report              I   November 2014

                                In a bid to optimise its competitive dominance in Nigeria, the global brewing
                                giant has already notified the market of its intention to consolidate the
                                operation of NB and CONSBREW into one. At the completion of this merger, NB
                                is expected to control a total market share of 70%, whilst exercising dominance
                                in both the premium and value segment of the market.

Exhibit 6: Industry Competitive Standing

                                       NB         GUINNESS     CONSBREW             INTBREW         CHAMPION
INSTALLED.
CAPACITY (mhl)                     15.4                5.5               3.7                0.5               0.5
TURNOVER
(N’bn)                           268.6               109.2             33.9               18.5               2.23

MARKET SHARE                 62.10%                25.30%            7.80%             4.30%              0.50%
Source: Company fillings, Meristem research

                                Although, GUINNESS is the 2nd largest brewer in Nigeria by installed capacity
                                (5.5mhl) and revenue (NGN109bn), we believe that the presence of SABMILLER
                                in Nigeria, the second largest brewer in the world, via the acquisition of
                                INTBREW (4.30% Market share) and other non-quoted players such as Pabod
                                breweries, has raised the competitive landscape for GUINNESS in the value
                                segment.

                                4.0 Financial Analysis and Projections
                                Revenue, Cost and Earnings Projections
                                We reviewed our revenue projection for GUINNESS downward given the
                                keen competitive operating environment, the overall growth outlook for
                                the sector and the tempering discretionary spending. As stated above,
                                although we anticipate that the management of the company under the
                                new leadership of Mr O’keeffe will roll out strategies to drive volume and
                                play catch-up with competition, we do not see this impacting top-line
                                significantly in the near term. Consequent on this, we project the beer
                                maker to expand turnover marginally by 0.91% by full year.

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                      Equity Research | www.meristemng.com | Nov. 2014
Breweries                           I       Company Report                        I      November 2014

                                                  We expect cost of sales to stay steady at a cost to sales ratio of 52%-53%, given
                                                  historical average and barring any major shock on the global price of Barley and
                                                  Sorghum in the commodities market. But, we think OPEX margin may be
                                                  pressured up, as new management intensifies effort to increase market share
                                                  and stay competitive.

                                                  Consequent on the above, we imagine that profit may decline further in 2015
                                                  but moderate into the medium to longer term. Hence, we forecast 2015FY PAT
                                                  to peg at NGN9.012bn representing a growth of -5.86%, compared to
                                                  NGN9.57bn in 2014FY.

           Exhibit 7: Financial Highlights (Top-line and Bottom-line Performance and Expectation)
                                                                                                                Profit after taxation (PAT)        Growth
                                     Turnover             Growth                                 16.00                                                          10%
                                                                                      Billions
           125                                                                 9%
Billions

                                                                                                 14.00                                                          5%
           120                                                                 5%                12.00
                                                                                                                                                                0%
                                                                                                 10.00
           115                                                                 1%                                                                               -5%
                                                                                                  8.00
                                                                                                                                                                -10%
                                                                                                  6.00
           110                                                                 -3%
                                                                                                                                                                -15%
                                                                                                  4.00
           105                                                                 -7%                2.00                                                          -20%

                                                                                                  0.00                                                          -25%
           100                                                                 -11%                      2012   2013        2014       2015f   2016f    2017f
                  2012      2013       2014       2015f        2016f   2017f

                 Source: Company fillings, Meristem research

                                                    Valuation
                                                    We adopted a blend of dividend discount model (DDM) and price multiples to estimate
                                                    the fair price of GUINNESS. Our valuation assumptions are based on our reviewed
                                                    turnover growth expectation of 0.91%, 1.50% and 2.50% for 2015FY, 2016FY and 2017FY
                                                    as stated above. We also reviewed our dividend payout expectation downward to 50%
                                                    as against 5-years historical average of 80%.

                                                    Given the above, we downgrade our full year target price (TP) for GUINNESS to
                                                    NGN139.66 from previous NGN194.29. Compared to current market price of
                                                    NGN160/share, this translates to -12.71% downside potential, hence we rate GUINNESS
                                                    a SELL at current price.

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                                           Equity Research | www.meristemng.com | Nov. 2014
Breweries                       I          Company Report                 I     November 2014

          Appendices
 Exhibit 8: Financial Highlights ( Historical and Forecast 2012 to 2017f)

 GUINNESS
 Exhibit 7:NIGERIA PLC Highlights
             Financial                    2012
                                     ( Historical       2013 2012 to 2014
                                                  + Forecast)        2017               2015f        2016f         2017f
 Key Headlines                                                                            FORECAST HORIZON

 Turnover                          116,461,882     122,463,538    109,202,120    110,195,859    111,848,797   114,645,017

 Gross profit                      55,183,201      56,078,434     51,333,214      51,792,054     52,568,935    53,997,803

 EBITDA                            31,388,469      29,155,359     30,609,393      26,098,553     26,358,850    26,508,165

 Operating Profit (EBIT)           21,895,799      20,614,339     16,123,378      16,008,477     16,721,395    17,499,925

 Profit before Tax                 20,383,158      17,008,875     11,681,560      13,253,580     13,925,175    14,633,800

 Profit After Tax                  14,214,620      11,863,726     9,573,480        9,012,434      9,469,119     9,950,984

 Non-current Asset                   77,231,484     88,822,002     91,488,232     96,203,585     91,038,573    91,240,881

 Total Asset                        106,009,667    121,060,621    132,328,273    129,642,187    127,100,906   127,383,352

 Net Asset                           38,611,514     46,039,111     45,061,717     49,567,934     54,302,494    58,780,436
 Cost to Sales Ratio                     52.62%         54.21%         52.99%        53.00%         53.00%        52.90%
 Gross Profit Margin                     47.38%         45.79%         47.01%        47.00%         47.00%        47.10%
 OPEX Margin                             29.22%         29.62%         32.92%        33.17%         32.75%        32.56%
 ROAE                                    36.03%         28.03%         21.02%        19.05%         18.23%        17.60%
 ROAA                                    14.34%         10.45%          7.56%         6.88%          7.38%         7.82%
 Current Ratio (x)                         0.64           0.63            0.92           1.33          1.20          1.45
 Quick Ratio (x)                           0.53           0.57            0.78           0.96          0.86          1.06
 Cash ratio (x)                            0.11           0.06            0.14           0.37          0.34          0.39
 Inventory turnover (x)                    4.00           5.19            4.47           2.88          2.21          2.28
 Du-Pont Analysis
 ROE                                     36.81%         25.77%         21.25%        18.18%         17.44%        16.93%
 Net Margin                              12.21%          9.69%          8.77%         8.18%          8.47%         8.68%
 Asset Turnover (x)                         1.10           1.01           0.83          0.85           0.88          0.90
 Leverage (x)                               2.75           2.63           2.94          2.62           2.34          2.17
 EBITDA Margin                           26.95%         23.81%         28.03%        23.68%         23.57%        23.12%
 Operating profit (EBIT) margin          18.80%         16.83%         14.76%        14.53%         14.95%        15.26%
 Interest burden                            0.93           0.83           0.72          0.83           0.83          0.84
 Interest Coverage (X)                    46.98          10.46            5.42          3.63           4.84          4.98
 Tax burden                                 0.70           0.70           0.82          0.68           0.68          0.68
 Interest coverage                        10.46            5.42           3.63          4.84           4.98          5.09
 Source: Company fillings, Meristem research

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                       Equity Research | www.meristemng.com | Nov. 2014
Breweries                       I          Company Report                         I     November 2014

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   This research report has been prepared by the research analyst(s), whose name(s) appear(s) on the cover of this report. Each
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   Investment Ratings
   Fair Value Estimate

   We estimate stock’s fair value by computing a weighted average of projected prices derived from discounted cash flow and
   relative valuation methodologies. The choice of relative valuation methodology (ies) usually depends on the firm’s peculiar
   business model and what in the opinion of our analyst is considered as a key driver of the stock’s value from a firm specific
   as well as an industry perspective. However, we attach the most weight to discounted cash flow valuation methodology.

   Ratings Specification

   BUY:            Fair value of the stock is above the current market price by at least 20 percent

   HOLD:            Fair value of the stock ranges between -10 percent and 20 percent from the current market price.

   SELL:           Fair value of the stock is more than 10 percent below the current market price.

   Definitions

   Price Targets: Price targets reflect in part the analyst’s estimates for the company’s earnings. The achievement of any price
   target may be impeded by general market and macroeconomic trends, and by other risks related to the company or market,
   and may not occur if the company’s earnings fall short of estimates.

   Asset allocation: The recommended weighting for equities, cash and fixed income instrument is based on a number of
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                     Equity Research | www.meristemng.com | Nov. 2014
Breweries                      I         Company Report                        I     November 2014

   Movements in Price Target

   Company Name: Guinness Nig. Plc.

                                            Previous               NewTarget              Previous                  New
         Date              Price (N)        Target Price(N)        Price (N)              Recommendation            Recommendation
         10/11/14          160.19           194.29                 134.66                 “HOLD”                    “SELL”

   Company disclosures
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   Company                                                              Disclosure

   GUINNESS NIG. Plc.

    a.   The analyst(s) hold(s) personal positions (directly or indirectly) in a class of the common equity securities of the
         company.
    b.   The analyst responsible for this report, as indicated on the front page, is a board member, officer or director of the
         company
    c.   Meristem beneficially owns 1% or more of the equity securities of the company
    d.   Meristem has been the lead manager or co-lead manager of any publicly disclosed offer of securities of the company
         over the past 12 months.
    e.   Meristem beneficially holds a major interest in the debt of the company
    f.   Meristem has received compensation for investment banking activities from the company within the last 12 months
    g.   Meristem intends to seek, or anticipates receipt of compensation for investment banking services from the company in
         the next 3 months
    h.   The content of this research report has been communicated with the company, following which this research has been
         materially amended before its distribution
    i.   The company is a client of the stock broking division of the Meristem group.
    j.   The company is a client of the investment banking division of the Meristem group.
    k.   The company owns more than 5% of the issued share capital of Meristem
    l.   Meristem has other financial or other material interest in the company.

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                    Equity Research | www.meristemng.com | Nov. 2014
Breweries                       I          Company Report                         I     November 2014

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   Important Disclosure

   For U.S. persons only: This research report is a product of Meristem Securities, which is the employer of the research
   analysts who has prepared the research report. The research analysts preparing the research report are resident outside the
   United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analysts are not
   subject to supervision by a U.S. broker-dealer, and are not required to satisfy the regulatory licensing requirements of FINRA
   or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject
   company, public appearances and trading securities held by a research analyst account.

   This report is intended for distribution by Meristem Securities only to "Major Institutional Investors" as defined by Rule 15a-
   6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by U.S. Securities and
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   Transactions in securities discussed in this research report should be effected through Marco Polo or another U.S. registered
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   Legal entity disclosures
   Meristem Securities Limited is a member of The Nigerian Stock Exchange and is authorized and regulated by the Securities
   and Exchange Commission to conduct investment banking and financial advisory business in Nigeria. However, the
   company through its subsidiaries carries out stock broking, wealth management, trustees and registrars businesses which are
   regulated by the SEC and ICMR.

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Breweries                I       Company Report               I    November 2014

       Contact Information
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Meristem Research can also be accessed on the following platforms:
Meristem Research portal: meristem.com.ng/rhub
Bloomberg: MERI 
Capital IQ: www.capitaliq.com                                                        Reuters: www.thomsonreuters.com
ISI Emerging Markets: www.securities.com/ch.html?pc=NG                                       FactSet: www.factset.com

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