Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases).</li><li>The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit.</li><li>Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50).</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases).The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit.Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50).

External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

Macroeconomics

<ul><li>The recently published GDP report by the National Bureau of Statistics (NBS) showed that economic activities slowed in the penultimate quarter of the year, settling at 3.98%, at par with our estimate of 4.00%.</li><li>This is unsurprising to us, as we had anticipated a slowdown in growth due to softer oil output, a consequence of a fading supportive base effect.</li><li>Additionally, oil production moderated in the period to 1.64mb/d (vs 1.68mb/d in Q2'25), reflecting scheduled maintenance activities that were carried out in some upstream facilities and delays in the commencement of operations at OMLs 71 and 72.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The recently published GDP report by the National Bureau of Statistics (NBS) showed that economic activities slowed in the penultimate quarter of the year, settling at 3.98%, at par with our estimate of 4.00%.This is unsurprising to us, as we had anticipated a slowdown in growth due to softer oil output, a consequence of a fading supportive base effect.Additionally, oil production moderated in the period to 1.64mb/d (vs 1.68mb/d in Q2'25), reflecting scheduled maintenance activities that were carried out in some upstream facilities and delays in the commencement of operations at OMLs 71 and 72.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GDP Q3 2025 - GDP Momentum to Gather Pace in Q4'25

Equity Bottom-Up

Guinness Nigeria Plc brews beer. The Company further packages and markets beverages such as Guinness Stout, Malta Guinness, Harp larger and Gordon's Spark.

<ul><li>In our previous update on Guinness Nigeria Plc ("GUINNESS"), we discussed the company's transition to a new calendar-year reporting structure and outlined our expectations for earnings.</li><li>In this report, we revisit the assumptions made and provide revised forecasts.</li><li>We also adjust valuation metrics such as risk-free rate (16.4% from 18.0%) and equity risk premium (13.8% from 14.3%) to arrive at our new 12- month Target Price ("TP") of N204.63 (vs. N181.38 previously), which suggests an unchanged BUY recommendation on the ticker.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In our previous update on Guinness Nigeria Plc ("GUINNESS"), we discussed the company's transition to a new calendar-year reporting structure and outlined our expectations for earnings.In this report, we revisit the assumptions made and provide revised forecasts.We also adjust valuation metrics such as risk-free rate (16.4% from 18.0%) and equity risk premium (13.8% from 14.3%) to arrive at our new 12- month Target Price ("TP") of N204.63 (vs. N181.38 previously), which suggests an unchanged BUY recommendation on the ticker.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GUINNESS - Resilient Earnings Recovery Supports Dividend Resumption in FY’26

Presco Plc produces specialty fats and oils. The company specializes in the cultivation of oil palm and in the extraction, refining and fractioning of crude oil into finished products. It possesses oil palm plantations, a palm oil mill, a palm kernel crushing plant and a vegetable oil refining plant in Nigeria.

<ul><li>PRESCO is positioned for another year of strong earnings expansion in FY'26, supported by firmer yields, deeper processing efficiencies, and the continued impact of its enlarged footprint through the integration of the Ghana Oil Palm Development Company (GOPDC).</li><li>Volume projections are expected to remain healthy, while pricing should experience a more moderate growth compared to the previous 2 years.</li><li>Margins are expected to remain robust, reflecting cooling inflation, tighter cost discipline, and scale leverage across mills.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PRESCO is positioned for another year of strong earnings expansion in FY'26, supported by firmer yields, deeper processing efficiencies, and the continued impact of its enlarged footprint through the integration of the Ghana Oil Palm Development Company (GOPDC).Volume projections are expected to remain healthy, while pricing should experience a more moderate growth compared to the previous 2 years.Margins are expected to remain robust, reflecting cooling inflation, tighter cost discipline, and scale leverage across mills.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PRESCO PLC - Reinforcing Value Amid Capital Restructuring

<ul><li>Last week, the NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.</li><li>Similarly, the MEP also declined, shedding 0.05%, however, outperforming the benchmark index by 9bps.</li><li>On a YtD basis, the MEP remains ahead of the benchmark with a return of 42.27%, outperforming the NGXASI’s 39.44% by 283bps.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last week, the NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.Similarly, the MEP also declined, shedding 0.05%, however, outperforming the benchmark index by 9bps.On a YtD basis, the MEP remains ahead of the benchmark with a return of 42.27%, outperforming the NGXASI’s 39.44% by 283bps.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio - 01 December 2025