FSDH Securities placed a “buy” recommendation on Guinness Nigeria plc for both capital appreciation and dividend payment based on current fundamentals.  Said analysts noted that the company may pay another special dividend in the current year as a result of the huge surplus reserve in its books, as profit after tax grew by 102.87% and turnover rose by 23.86% in 2008 compared to in 2007.  Nigeria is a strategic market for the company and can be expected to grow further.  According to the firm’s Managing Director, Keith Taylor, the country is poised to become the biggest market for Guinness products by 2011.  FSDH places a fair value of N109.09k on the firm, which as of Wednesday traded at 80.25.

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