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Year *Forecast

2007
3.56
2008
3.75
2009
1.68
2010
1.63
2011*
2.66
2012*
4.77

Lafarge WAPCO EPS

6
5
4
3
2
1
0
*Forecast

25.16667
25.93865

WAPCO EPS

2007
2008
2009
2010
2011*
2012*

2.96
6.5
16.8
6.52

Lafarge WAPCO 4
18
16
Dividend Cover Ratio

2007
2008
2009
2010

14
12
10
8
6
4
2
0
2007

Source: Lafarge Cement WAPCO Plc Annual Reports 2007 -2

Lafarge WAPCO 4-Year Dividend Cover Ratio

Series1

2008

2009

e Cement WAPCO Plc Annual Reports 2007 -2010

2010

Company
Lafarge WAPCO
Ashaka Cement
Cement Company of Northern Nigeria
Dangote
Edo Cement
Unicem

% Capacity
15.1
3.6
4.5
60.5
7.2
9.0
100.0

4.2
1
1.25
16.8
2
2.5
27.75

% Capacity (Po
Edo Cement
7%

Source: Access Investments and Securities In

% Capacity (Post 2012)


Unicem
9%

Lafarge WAPCO
15%
Ashaka Cement
4%
Cement
Company of
Northern Nigeria
4%

Dangote
61%

cess Investments and Securities Industry Update 2010

Share Price (N)


EPS(N)
PE (x)
DPS (N)
Dividend Cover (x)
Dividend Yield (%)
Gearing Ratio (%)

Lafarge WAPCO CCNN


30
12.46
1.68
1.44
1.441527
17.86
8.65
0.1
0.9
16.8
1.6
0.33
7.22 7.223114
57
28

60
50
40
30
20
10
0
Share Price (N)

Source: Annual Reports for Lafarge Cement WAPCO and Cement C

are Price (N)

Investors Ratios Company Comparison - FY 2009

Lafarge WAPCO
CCNN

EPS(N)

PE (x)

DPS (N)

arge Cement WAPCO and Cement Company of Northern Nigeria 2009

Dividend Cover Dividend Yield Gearing Ratio


(x)
(%)
(%)

farge WAPCO

EPS Share Price


3.75
25.71
1.68
30
1.63
40.7
2.66
43.25

PE Ratio
7
18
25
16

Lafarge Cement WAP

30
PE Values

Year *Forecast
2008
7
2009
18
2010
25
2011*
16

25
20
15
10
5
0
2008

Market Prices (close) for March 2008 - 11 from http://w

farge Cement WAPCO Plc PE Ratio:


2008 - 2011*

*Forecast

2009

2010

2011*

close) for March 2008 - 11 from http://www.proshareng.com/quote/WAPCO

2008
2009
2010

Dividend Yield Dividend Share Price


2.33%
60
2571
0.33%
10
3000
0.61%
25
4070

LafargeWAPCO Plc Divid


2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
2008

Market Prices (close) for December 2008 - 10 fro


Dividends from Annual Reports 2008 -2010

rgeWAPCO Plc Dividend Yield (2008 - 2010)

Dividend Yield

2009

2010

close) for December 2008 - 10 from http://www.proshareng.com/quote/WAPCO

m Annual Reports 2008 -2010

2007
4,713
4,713
32,806
14%

Bank Overdraft
Short Term Loans
Long Term Liabilities
Total
Equity Shareholders' Fund
Gearing Ratio

2008
7,113
7,113
40,456
18%

2009
24,793
24,793
43,711
57%

2010
1,412
45,183
46,595
48,292 120%
96%
100%

Gearing Ratio
'07
'08
'09
'10

14%
18%
57%
96%

80%
60%
40%
20%
0%

Lafarge WAPCO PlcGearing Ratio 2007


2010
100%
80%
60%
40%
20%

'07

0%

'08
'07 '09
'10

'08

'09

'10

Gearing Ratio 2007 -

Gearing Ratio

'10

Average
EPS
Lafarge WAPCO Plc
CCNN Plc
Dividend
Lafarge WAPCO Plc
CCNN Plc
Dividend Cover
Lafarge WAPCO Plc
CCNN Plc

EPS
Dividend
Dividend Cover

2006

2007

2008

2009

316
74.25

365
-32

356
11

375
134

168
184

72.5
47.5
0
7.42
0.08

100
10

120
0

60
90

10
90

3.65
-3.2

3.0
0

6.25
1.49

16.8
2.04

Lafarge
CCNN
316
74.25
72.5
47.5
7.42
0.08