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.

Equity Bottom-Up

<ul><li>Access Holdings Plc (NGX: ACCESSCORP, TP: N45.12) reported an 18.5% YoY increase in Profit After Tax (PAT) to N216.5 billion in its Q1’26 unaudited results.</li><li>The performance was largely driven by a 26.9% YoY decline in interest expense and a 19.1% YoY growth in Non-Interest Revenue (NIR), which together offset elevated cost pressures from net impairment charges (+239.0% YoY), OPEX (+25.3% YoY), and a 2.5ppts increase in the Effective Tax Rate to 20.5%.</li><li>Despite the growth in PAT, Earnings Per Share (EPS) declined by 24.4% YoY to N3.69 (vs N4.88 in Q1’25), reflecting dilution from the additional 18.83 billion shares issued via its rights issue and private placement programs.</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.

Access Holdings Plc (NGX: ACCESSCORP, TP: N45.12) reported an 18.5% YoY increase in Profit After Tax (PAT) to N216.5 billion in its Q1’26 unaudited results.The performance was largely driven by a 26.9% YoY decline in interest expense and a 19.1% YoY growth in Non-Interest Revenue (NIR), which together offset elevated cost pressures from net impairment charges (+239.0% YoY), OPEX (+25.3% YoY), and a 2.5ppts increase in the Effective Tax Rate to 20.5%.Despite the growth in PAT, Earnings Per Share (EPS) declined by 24.4% YoY to N3.69 (vs N4.88 in Q1’25), reflecting dilution from the additional 18.83 billion shares issued via its rights issue and private placement programs.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.

ACCESSCORP - PAT Expansion Amid Funding Cost Moderation

Thematic (Sector/Industry)

<ul><li>The local bourse maintained its weekly winning streak, with the benchmark index gaining 2.27% WoW to settle at 250,330.92 points.</li><li>The MEP gained 2.01% WoW; however, it underperformed the NGXASI by 26bps.</li><li>The MEP now has a 65.42% YtD return, outperforming the NGXASI’s 60.87% by 4.56%.</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 local bourse maintained its weekly winning streak, with the benchmark index gaining 2.27% WoW to settle at 250,330.92 points.The MEP gained 2.01% WoW; however, it underperformed the NGXASI by 26bps.The MEP now has a 65.42% YtD return, outperforming the NGXASI’s 60.87% by 4.56%.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 -  18 May 2026

<ul><li>We have revised our FY'25 Profit After Tax (PAT) projection for ACCESSCORP to N646.6 billion (from N843.0 billion previously), suggesting a marginal 0.7% YoY increase that is akin to the pattern observed in the last 2 years.</li><li>Notably, ACCESSCORP's PAT has averaged N637.9 billion in the last 2 years with a smoothened growth of 2.6% that is reflective of funding and operating cost pressures.</li><li>Despite the notable slowdown in growth for interest expense (+6.0% YoY in 9M'25 vs 5-year average of +56.1%) and OPEX (+7.0% YoY in 9M'25 vs 5-year average of +44.7%), we expect Profit Before Tax (PBT) to close flat (+0.8% YoY) given the 2.4x jump in impairment charge on financial assets in 9M'25. </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.

We have revised our FY'25 Profit After Tax (PAT) projection for ACCESSCORP to N646.6 billion (from N843.0 billion previously), suggesting a marginal 0.7% YoY increase that is akin to the pattern observed in the last 2 years.Notably, ACCESSCORP's PAT has averaged N637.9 billion in the last 2 years with a smoothened growth of 2.6% that is reflective of funding and operating cost pressures.Despite the notable slowdown in growth for interest expense (+6.0% YoY in 9M'25 vs 5-year average of +56.1%) and OPEX (+7.0% YoY in 9M'25 vs 5-year average of +44.7%), we expect Profit Before Tax (PBT) to close flat (+0.8% YoY) given the 2.4x jump in impairment charge on financial assets in 9M'25. 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.

ACCESS HOLDINGS PLC -  Company Update - Improving Outlook Anchors Valuation Upside

<ul><li>Access Holdings Plc (NGX: ACCESSCORP; TP— UR*) reported a stellar Q3’25 performance, buoyed by a strong rebound in Non-Interest Revenue (NIR).</li><li>The Group’s Q3’25 Profit After Tax (PAT) of N231.6 billion (+31.3% YoY), surpassed its H1’25 PAT by N15.7 billion and proved supportive for the uptick in 9M’25 Profit Before Tax (PBT).</li><li>Despite the 10.4% increase in 9M’25 PBT to N616.2 billion, PAT declined marginally by 2.2% YoY to N447.5 billion, reflecting a heavier tax burden in the period.</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.

Access Holdings Plc (NGX: ACCESSCORP; TP— UR*) reported a stellar Q3’25 performance, buoyed by a strong rebound in Non-Interest Revenue (NIR).The Group’s Q3’25 Profit After Tax (PAT) of N231.6 billion (+31.3% YoY), surpassed its H1’25 PAT by N15.7 billion and proved supportive for the uptick in 9M’25 Profit Before Tax (PBT).Despite the 10.4% increase in 9M’25 PBT to N616.2 billion, PAT declined marginally by 2.2% YoY to N447.5 billion, reflecting a heavier tax burden in the period.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.

ACCESSCORP - Strong Q3'25 Results Fail to Offset 9M'25 Profit Slump

<ul><li>Last week, the equities market sustained its upward momentum, with the benchmark index rising 6.95% WoW to settle at 194,987.80 points.</li><li>The MEP gained 7.29% simultaneously, outperforming the ASI by 34bps.</li><li>On a YtD basis, the MEP’s total return of 27.09% now leads the NGXASI’s 25.39% by 179bps</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 equities market sustained its upward momentum, with the benchmark index rising 6.95% WoW to settle at 194,987.80 points.The MEP gained 7.29% simultaneously, outperforming the ASI by 34bps.On a YtD basis, the MEP’s total return of 27.09% now leads the NGXASI’s 25.39% by 179bpsContent 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 - 23 February 2026

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Access Holdings (ACCESSCO NL)

ACCESSCORP - PAT Expansion Amid Funding Cost Moderation

Access Holdings Plc (NGX: ACCESSCORP, TP: N45.12) reported an 18.5% YoY increase in Profit After Tax (PAT) to N216.5 billion in its Q1’26 unaudited...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 18 May 2026

The local bourse maintained its weekly winning streak, with the benchmark index gaining 2.27% WoW to settle at 250,330.92 points.

CardinalStone

ACCESS HOLDINGS PLC - Company Update - Improving Outlook Anchors Valuation Upside

We also expect FY'25 Earnings Per Share (EPS) to print at N11.97 (-28.4% YoY), which also factors in the impact of an expanded share base.

CardinalStone

ACCESSCORP - Strong Q3'25 Results Fail to Offset 9M'25 Profit Slump

Access Holdings Plc (NGX: ACCESSCORP; TP— UR*) reported a stellar Q3’25 performance, buoyed by a strong rebound in Non-Interest Revenue (NIR).

CardinalStone

CardinalStone Research - Model Equity Portfolio - 23 February 2026

Last week, the equities market sustained its upward momentum, with the benchmark index rising 6.95% WoW to settle at 194,987.80 points.

CardinalStone

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