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>This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.</li><li>Honeywell (HON)  spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.</li><li>Solstice was added to the S&amp;P 500 and performed well on its first day of trading before selling off on Friday.<figure class="editor-figure mceNonEditable"></figure></li></ul>

This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.Honeywell (HON)  spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.Solstice was added to the S&amp;P 500 and performed well on its first day of trading before selling off on Friday.

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 bourse advanced by 4.48% WoW, with the NGX ASI reaching 155,645.05 points. In tandem, the Model Equity Portfolio (MEP) gained 4.56% WoW, outperforming the NGXASI by 8bps.</li><li>Year-to-date, the MEP remains ahead with a 54.31% return, maintaining a 3.09ppt lead over the benchmark index’s return of 51.22%.</li><li>The MEP’s outperformance primarily stemmed from our overweight position in DANGCEM (+10.83% WoW) and MTNN (+8.56% WoW), which cumulatively boosted the MEP by 246bps and masked the loss from our overweight position in ZENITHBANK (-1.47% WoW).</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 advanced by 4.48% WoW, with the NGX ASI reaching 155,645.05 points. In tandem, the Model Equity Portfolio (MEP) gained 4.56% WoW, outperforming the NGXASI by 8bps.Year-to-date, the MEP remains ahead with a 54.31% return, maintaining a 3.09ppt lead over the benchmark index’s return of 51.22%.The MEP’s outperformance primarily stemmed from our overweight position in DANGCEM (+10.83% WoW) and MTNN (+8.56% WoW), which cumulatively boosted the MEP by 246bps and masked the loss from our overweight position in ZENITHBANK (-1.47% WoW).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 - 27 October 2025

<ul><li>The local bourse closed the week on a strong note, advancing by 1.35% WoW to 148,977.64 points.</li><li>In tandem, the Model Equity Portfolio (MEP) gained 1.43% WoW, outperforming the NGXASI by 8bps.</li><li>Year-to-date, the MEP remains ahead with a 47.59% return, maintaining a 2.85ppt lead over the benchmark index’s 44.74%</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 strong note, advancing by 1.35% WoW to 148,977.64 points.In tandem, the Model Equity Portfolio (MEP) gained 1.43% WoW, outperforming the NGXASI by 8bps.Year-to-date, the MEP remains ahead with a 47.59% return, maintaining a 2.85ppt lead over the benchmark index’s 44.74%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 -  20 October 2025

<ul><li>Last week, the local bourse remained upbeat to hit an 11-day winning streak as the benchmark index (NGXASI) climbed 2.37% WoW to reach 146,988.04 points.</li><li>Meanwhile, subsequent to the portfolio’s rebalancing last week, the MEP advanced by 2.85% WoW, outpacing the market ‘s benchmark index by 48bps.</li><li>Accordingly, on a YtD basis, the MEP remained ahead of the benchmark index with a return of 45.51%, outperforming the NGXASI’s 42.81% by 270bps.</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 remained upbeat to hit an 11-day winning streak as the benchmark index (NGXASI) climbed 2.37% WoW to reach 146,988.04 points.Meanwhile, subsequent to the portfolio’s rebalancing last week, the MEP advanced by 2.85% WoW, outpacing the market ‘s benchmark index by 48bps.Accordingly, on a YtD basis, the MEP remained ahead of the benchmark index with a return of 45.51%, outperforming the NGXASI’s 42.81% by 270bps.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 - 13 October 2025

<ul><li>Last week, the bulls dominated the bourse as the benchmark index appreciated by 1.02%.</li><li>On the other hand, the MEP appreciated by 108bps, outperforming the market by 6bp.</li><li>Year to date, the MEP has returned 41.48%, while the NGX-ASI has returned 39.50%, outperforming by 1.98%.</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 bulls dominated the bourse as the benchmark index appreciated by 1.02%.On the other hand, the MEP appreciated by 108bps, outperforming the market by 6bp.Year to date, the MEP has returned 41.48%, while the NGX-ASI has returned 39.50%, outperforming by 1.98%.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 - 06 October 2025

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Airtel Africa PLC (AAF LN)

Weekly Update (WDC, AAF, LBTYA, LEN)

This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week. Honeywell (HON) spun off 100% of its Advanced Materials...

Richard Howe

CardinalStone Research - Model Equity Portfolio - 27 October 2025

Year-to-date, the MEP remains ahead with a 54.31% return, maintaining a 3.09ppt lead over the benchmark index’s return of 51.22%.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 20 October 2025

The local bourse closed the week on a strong note, advancing by 1.35% WoW to 148,977.64 points. In tandem, the Model Equity Portfolio (MEP) gained...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 13 October 2025

Last week, the local bourse remained upbeat to hit an 11-day winning streak as the benchmark index (NGXASI) climbed 2.37% WoW to reach 146,988.04...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 06 October 2025

Last week, the bulls dominated the bourse as the benchmark index appreciated by 1.02%. On the other hand, the MEP appreciated by 108bps,...

CardinalStone

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)