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.

Thematic (Sector/Industry)

<ul><li>Last week, the local equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.</li><li>Similarly, the MEP declined by 0.99% WoW, underperforming the NGX-ASI by 2bps.</li><li>YtD, the MEP has returned 68.04%—844bps ahead of the ASI’s YtD return of 59.60%.</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 local equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.Similarly, the MEP declined by 0.99% WoW, underperforming the NGX-ASI by 2bps.YtD, the MEP has returned 68.04%—844bps ahead of the ASI’s YtD return of 59.60%.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 - 12 October 2026

<ul><li>Last week, the local bourse fell 0.52% WoW to close at 239,351.16 points, while the MEP lost 0.81% WoW, underperforming the market’s benchmark by 28bps.</li><li>Despite a weaker weekly performance, the MEP maintains a superior YtD return of 69.76%, outperforming the ASI’s 61.17% return by 858bps.</li><li>The MEP’s underperformance last week largely stemmed from our “strongly overweight” position in MTNN (-2.67% WoW) and GTCO (-3.07% WoW), which collectively cost the MEP 55bps in the week.</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 local bourse fell 0.52% WoW to close at 239,351.16 points, while the MEP lost 0.81% WoW, underperforming the market’s benchmark by 28bps.Despite a weaker weekly performance, the MEP maintains a superior YtD return of 69.76%, outperforming the ASI’s 61.17% return by 858bps.The MEP’s underperformance last week largely stemmed from our “strongly overweight” position in MTNN (-2.67% WoW) and GTCO (-3.07% WoW), which collectively cost the MEP 55bps in the week.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 - 05 October 2026

Equity Bottom-Up

<ul><li>AIRTELAFRI has resumed plans to list its mobile money business on the London Stock Exchange before the end of 2026, especially if market conditions are favourable.</li><li>We believe that the standalone listing of the business could narrow the conglomerate discount value.</li><li>Globally, conglomerate discount has been estimated at 10.0% by Aswath Damodaran, and in some cases the discount could be as high as 30.0%, depending on the industry.</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.

AIRTELAFRI has resumed plans to list its mobile money business on the London Stock Exchange before the end of 2026, especially if market conditions are favourable.We believe that the standalone listing of the business could narrow the conglomerate discount value.Globally, conglomerate discount has been estimated at 10.0% by Aswath Damodaran, and in some cases the discount could be as high as 30.0%, depending on the industry.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.

Airtel Africa Plc - IPO and Operational Performance Anchor Positive Outlook

<ul><li>AIRTELAFRI reported a 29.4% YoY surge in revenue in FY'25/26 (compared to a 0.5% YoY decline in FY'24/25).</li><li>The rebound in topline was primarily driven by tariff increases in Nigeria, faster smartphone penetration, increased data consumption, and higher mobile money usage across its footprint.</li><li>From now on, with AIRTELAFRI structurally positioned to benefit from Africa's digital and financial inclusion opportunities, Group revenue momentum is likely to persist in the near-to medium-term (i.e., rising to $7.8 billion in FY'26/27 and to $9.2 billion in FY’27/28).</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.

AIRTELAFRI reported a 29.4% YoY surge in revenue in FY'25/26 (compared to a 0.5% YoY decline in FY'24/25).The rebound in topline was primarily driven by tariff increases in Nigeria, faster smartphone penetration, increased data consumption, and higher mobile money usage across its footprint.From now on, with AIRTELAFRI structurally positioned to benefit from Africa's digital and financial inclusion opportunities, Group revenue momentum is likely to persist in the near-to medium-term (i.e., rising to $7.8 billion in FY'26/27 and to $9.2 billion in FY’27/28).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.

Airtel Africa Plc - Recalibrating Growth Trajectory on Operational Performance

<ul><li>Last week, the local bourse ended the week on a bullish note, with the NGXASI gaining 2.36% WoW to reach 246,992.44 points.</li><li>Meanwhile, the MEP gained 2.63% WoW, outperforming the market’s benchmark by 27bps.</li><li>The stronger weekly MEP performance allowed for a YtD print of 65.95%, 723bps ahead of the ASI’s 58.72% return.</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 local bourse ended the week on a bullish note, with the NGXASI gaining 2.36% WoW to reach 246,992.44 points.Meanwhile, the MEP gained 2.63% WoW, outperforming the market’s benchmark by 27bps.The stronger weekly MEP performance allowed for a YtD print of 65.95%, 723bps ahead of the ASI’s 58.72% return.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 - 07 September 2026

United Kingdom

Airtel Africa Plc provides telecommunications and mobile money services across 14 countries in Africa, primarily in East, Central, and West Africa. The company offers a range of services including prepaid and postpaid wireless voice, 2G, 3G, 4G, and 5G data services, mobile money, international roaming, and fixed-line telephony. It is headquartered in London, England, and was founded on June 8, 2010.

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Airtel Africa (AAF LN)

CardinalStone Research - Model Equity Portfolio - 12 October 2026

Last week, the local equities market (NGX-ASI) closed bearish, down 0.97% WoW to 248,363.55 points.Similarly, the MEP declined by 0.99% WoW,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 05 October 2026

Last week, the local bourse fell 0.52% WoW to close at 239,351.16 points, while the MEP lost 0.81% WoW, underperforming the market’s benchmark by...

CardinalStone

Airtel Africa Plc - IPO and Operational Performance Anchor Positive Outlook

AIRTELAFRI has resumed plans to list its mobile money business on the London Stock Exchange before the end of 2026, especially if market conditions...

CardinalStone

Airtel Africa Plc - Recalibrating Growth Trajectory on Operational Performance

The rebound in topline was primarily driven by tariff increases in Nigeria, faster smartphone penetration, increased data consumption, and higher...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 07 September 2026

Last week, the local bourse ended the week on a bullish note, with the NGXASI gaining 2.36% WoW to reach 246,992.44 points.Meanwhile, the MEP...

CardinalStone

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