DARREN SHIRLEY | SHORE CAPITAL
PZ Cussons has issued a subdued trading update. Taking management’s guidance, and the lack of visibility in Nigeria where currency is likely to face a stronger headwind together with the potential for some short-term disruption around the presidential election in February, we have downgraded our forecasts.
CHARLES PICK | NUMIS
The fist half performance was good given circumstances, and outside Nigeria PZ Cussons is holding its own and even within Nigeria there are pockets of strong performances. It is unfortunate that results are so second half loaded, especially in Africa – this leaves residual forecast risk.
JEREMY GRIME | PANMURE GORDON
PZ Cussons is less diversified than its larger peers and with currency headwinds combined with African unrest resulting in declining profits, outweighing the positive impact of relaunched brands in Europe, as well as acquisitions, the shares look fully valued.