The audited reports of quoted companies on the floor of the Nigerian stock exchange will soon hit the market.
With the new policy from the capital market regulator, Securities and Exchange Commission (SEC), that unaudited Q4 report should be released before eventual release of audited Full Year report, investors at least will have an idea of what to expect when the audited report finally hit the market.
Based on the past full year audited report and quarter 4 reports released so far, we made projections for a few quoted companies of what to expect in their EARNINGS and DIVIDEND PAYOUT.
FBNH:
The earnings per share of First Bank of Nigeria Holding in Q4 report was N1.73. It grew by 3.93% when compared with the EPS N1.66. We expect Earnings per Share of FBNH to be around N1.70 when the audited report is eventually released.
The holding company paid 15.76% of its earnings as dividend in 2018. With the projected EPS of N1.70, we expect FBNH to pay a final dividend of 27 kobo for 2019.
In 2017, FBNH paid a final dividend of 25 kobo. In 2018, it paid a final dividend of 26 kobo. In 2019, dividend payout of the big elephant is projected to increase to 27 kobo or more.
Julius Berger
Julius Berger reported N7.81 as Earnings per share in its Q4 unaudited report for 2019. It was a growth of 69.65% when compared with the EPS of N4.62 reported in FULL YEAR 2018.
Earnings per share of the construction giant in FULL YEAR 2019 is projected at N6.2.
Julius Berger paid N2 as dividend in 2018, implying 43.29% dividend payout ratio from the EPS of N4.62. We expect the construction giant to pay Two Naira, fifty kobo (N2.50) as final dividend in Full year 2019.
NEM Insurance
NEM Insurance in 2018 declared a final dividend of 13 kobo from the Earnings per share of N0.38. The underwriting firm reported EPS of N0.67 in Q4 2019, up by 73.99% when compared with the EPS of N0.38 in full year 2018. The EPS of NEM Insurance is projected at 53 kobo.
Based on the dividend payout of 13 kobo in 2018, from our projected earnings, we expect NEM Insurance to pay a final dividend of 18 kobo.
CADBURY
Cadbury in 2018 declared a final dividend of 25 kobo. This represents about 56.8% dividend payout from the earnings per share of 44 kobo. The EPS reported in Q4 2019 was 67 kobo, up by 53.94% when compared to EPS of 44 kobo in FULL YEAR 2018.
We expect the EPS of Cadbury to be around 60 kobo when the audited report is eventually released. We expect Cadbury to pay a final dividend of between 30 kobo to 34 kobo, based on their projected earnings.
STANBIC IBTC
The earnings per share of Stanbic IBTC in their Q4 report was N7.14, up by 0.8% when compared to the EPS of N7.09 reported in full year 2018. We expect an EPS of about N7 in the full year audited report.
Stanbic IBTC paid a Total dividend of N2.50 in 2018, implying 34.39% dividend payout. The holding company had already given an interim dividend of N1 in the half year of 2019. We expect the organization to pay a final dividend of N1.50 for year-end 2019. Altogether a total dividend of N2.50 is projected for Stanbic IBTC.
FIDELITY BANK
Fidelity Bank declared a final dividend of 11kobo in 2018. In their unaudited report for quarter four, the earnings per share stands at N1.02, up by 29.11% when compared to the Earnings per Share of 79 kobo declared in 2018.
Earnings per share of N1.00 is projected for Fidelity Bank when the Audited report is eventually released.
Based on dividend payout ratio of 13.92% the Bank gave in 2018, and with the projected EPS of N1, we expect Fidelity Bank to pay a final dividend of 14 kobo.
GUARANTY TRUST BANK
Guaranty Trust Bank in 2018 gave total dividend of N2.75. That is, N2.45 as final dividend and 30 kobo as interim dividend. This represents 43.86% dividend payout from the Earnings per Share of N6.27 that year.
Consistently since 2016, the earnings per share of Guaranty Trust bank has been on the upward trend.
In 2016, the Earnings per share of the bank was N4.5. In 2017, EPS grew to N5.79; and in 2018 it grew to N6.27.
Earnings per share of Guaranty Trust Bank for full year 2019 audited report is projected around N7.00.
The Bank has already declared an interim dividend of 30 kobo in half year 2019. A final dividend payout of N2.70 is projected for Guaranty Trust Bank. This implies a total dividend payout of N3.00 in 2019.
ZENITH BANK
In 2018, Zenith Bank gave an interim dividend of 30 kobo and a final dividend of N2.50. Altogether, a total dividend of N2.80 was paid to investors.
In 2016, EPS for Zenith Bank was N4.12. Earnings per share grew to N5.67 in 2017. In 2018, Zenith Bank grew its earnings to N6.15.
Earnings per share of Zenith Bank is projected in the region of N7 when the audited report for full year 2019 report is released.
Zenith Bank gave interim dividend of 30 kobo in half year 2019. We expect a final dividend of N2.90
Based on the dividend payout ratio of 45.53% adopted in 2018, coupled with the projected earnings of N7.00, Zenith Bank will total dividend of N3.20 in full year 2019.
UBA
United Bank for Africa paid a total dividend of 85 kobo in 2018; out of which 20 kobo was interim dividend and 65 kobo was final dividend.
Looking at the past earnings per share of UBA; it has been in the region of N2.00 since 2016.
In 2016, Earnings per share of the Bank was N2.11; in 2017 EPS grew to N2.27 and in 2018, earnings per share of UBA grew to N2.30.
Earnings per share of the Bank in Full Year 2019 audited report is projected around N2.50.
An interim dividend of 20 kobo has been paid to shareholders in half year 2019.
UBA might likely pay a final dividend of 65 kobo for full year 2019, just like the previous year, bringing it to a total dividend payout of 85 kobo.
UBA paid 75kobo in 2016 as dividend. In 2017, dividend grew to 85 kobo. In 2018, dividend 85 kobo dividend was paid as the previous year. Dividend payout for 2019 cannot be less than 85 kobo if not more.
ACCESS BANK
Access Bank in 2018 paid 50 kobo as dividend, implying 18.73% dividend payout form the Earnings per share of N2.67.
In 2016, the earnings per share of Access Bank was N2. Though earnings per share declined to N1.74 in 2017. In 2018 Earnings per share of the Bank grew to N2.67.
In full year audited report for 2019, the Earnings per share of the Bank is projected around N3. The bank declared an interim dividend of 25 kobo for half year 2019.
A final dividend of 35kobo is projected based on the expected earnings of N3, bringing it to a total dividend payout of 60 kobo for full year 2019.
Wema Bank
Wema Bank in 2018 paid a final dividend of 3 kobo from the Earnings per share of about 9 kobo. This implies that the Bank paid 33% of its earnings as dividend in 2018. The earnings per share of the Bank in the quarter four unaudited is 11kobo, up by 22% when compared to the EPS of 9 kobo in Full year 2018.
Earnings per share of 11 kobo is projected for Wema Bank in its full year audited report for 2019. Dividend payout of 3 kobo, same as 2018 is projected for Wema Bank.
FCMB
First City Monument Bank paid 14 kobo as final dividend in 2018, which represents 18.42% of its earnings that year. The Earnings per share of the holding company in the unaudited fourth quarter report is 89 kobo, up by 17.11% when compared to the EPS of 76 kobo reported in Full year 2018.
Earnings per share of FCMB is projected at 80 kobo when the full year 2019 audited report is eventually released.
Based on the projected earnings of 80 kobo, we expect FCMB to pay a final dividend of 15 kobo.
MOBIL
11 Plc, formerly known as Mobil in 2018 paid a final dividend of N8.25. The earnings per share of the firm for Q4 2019 is N25.87 up by 5.33% when compared to the EPS of N24.56 in Full Year 2018.
Earnings per Share of the 11 plc for full year 2019 is projected at N25. Based on the dividend payout ratio of 33.59% adopted by the firm in 2018 and the projected EPS of N25, we expect Mobil to pay a final dividend of N8.50 for 2019 year end.