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.

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<ul><li>The local bourse closed the week on a bearish note, with the benchmark index losing 0.25% WoW to settle at 249,712.37 points.</li><li>On the other hand, the MEP lost 0.15% WoW, outperforming the NGXASI by 10bps.</li><li>Year-to-date, the MEP has delivered a 65.17% YtD return, outperforming the NGXASI’s 60.47% return by 4.70%.</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 closed the week on a bearish note, with the benchmark index losing 0.25% WoW to settle at 249,712.37 points.On the other hand, the MEP lost 0.15% WoW, outperforming the NGXASI by 10bps.Year-to-date, the MEP has delivered a 65.17% YtD return, outperforming the NGXASI’s 60.47% return by 4.70%.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 - 25 May 2026

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>Markets snapped back sharply this week after President Trump announced a two-week ceasefire with Iran, pausing a five-week conflict that had closed the Strait of Hormuz and sent oil prices surging.</li><li>On April 7, WTI crude plunged more than 16%, its biggest single-day drop since April 2020, as the ceasefire reopened a critical global energy corridor.</li><li>Stocks followed oil higher, with the Dow jumping 1,325 points and the S&amp;P 500 posting its best day since April 2025, closing at 6,782.</li></ul>

Markets snapped back sharply this week after President Trump announced a two-week ceasefire with Iran, pausing a five-week conflict that had closed the Strait of Hormuz and sent oil prices surging.On April 7, WTI crude plunged more than 16%, its biggest single-day drop since April 2020, as the ceasefire reopened a critical global energy corridor.Stocks followed oil higher, with the Dow jumping 1,325 points and the S&amp;P 500 posting its best day since April 2025, closing at 6,782.

<ul><li>Airtel Africa is up 272% since I recommended it in 2022 and the thesis has largely played out.</li><li>When I recommended the stock, it was trading at 7x FCF despite an incredible secular growth outlook and a built-in catalyst (Mobile Money IPO).</li><li>Today, Airtel Africa has everything it had in 2022 except its valuation has expanded to 16.5x FCF. </li></ul>

Airtel Africa is up 272% since I recommended it in 2022 and the thesis has largely played out.When I recommended the stock, it was trading at 7x FCF despite an incredible secular growth outlook and a built-in catalyst (Mobile Money IPO).Today, Airtel Africa has everything it had in 2022 except its valuation has expanded to 16.5x FCF. 

[Alert] Sell Airtel Africa; Lock in 272% Gain

<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>Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.</li>
<li>Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.</li>
<li>Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.</li>
</ul>


Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.
Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.
Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.


United Kingdom

Airtel Africa PLC provides telecommunication services. The Company offers postpaid and prepaid plans, transfer of credit, conference call, mobile Internet, messaging, voicemail, and roaming facilities. Airtel Africa serves customers worldwide.

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Airtel Africa PLC (AAF LN)

CardinalStone Research - Model Equity Portfolio - 25 May 2026

The local bourse closed the week on a bearish note, with the benchmark index losing 0.25% WoW to settle at 249,712.37 points.

CardinalStone

Weekly Update (FDX, FDXF, AAF)

Markets snapped back sharply this week after President Trump announced a two-week ceasefire with Iran, pausing a five-week conflict that had closed...

Richard Howe

[Alert] Sell Airtel Africa; Lock in 272% Gain

Airtel Africa is up 272% since I recommended it in 2022 and the thesis has largely played out. When I recommended the stock, it was trading at 7x...

Richard Howe

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

Weekly Update (MRP, WDC, HON, LGFA)

Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024. Subsequently, on February 6, 2025,...

Richard Howe

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