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>Aradel Holdings Plc (NGX: ARADEL—BUY, TP: *UR) published its unaudited Q1’25 financial results, reporting a 33.5% YoY increase in PAT to $22.5 million.</li><li>The performance was driven by a stellar 69.8% YoY growth in revenue, which rose to $131.4 million.</li><li>Revenue growth was largely fueled by a 177.0% YoY surge in crude oil revenue to $93.4 million, driven by a 12.1% YoY increase in oil production volumes (to 15.0 kboepd), improved utilization of the Trans Niger Pipeline (TNP), minimal crude losses and additional value from the Alternative Crude Evacuation (ACE) system. </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.

Aradel Holdings Plc (NGX: ARADEL—BUY, TP: *UR) published its unaudited Q1’25 financial results, reporting a 33.5% YoY increase in PAT to $22.5 million.The performance was driven by a stellar 69.8% YoY growth in revenue, which rose to $131.4 million.Revenue growth was largely fueled by a 177.0% YoY surge in crude oil revenue to $93.4 million, driven by a 12.1% YoY increase in oil production volumes (to 15.0 kboepd), improved utilization of the Trans Niger Pipeline (TNP), minimal crude losses and additional value from the Alternative Crude Evacuation (ACE) system. 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.

Aradel Holdings- PAT Grows by 33.5% YoY in Q1'25 - 28 April 2025

<ul><li>In its 9M'24 unaudited results, Aradel Holdings Plc (ARADEL) grew topline by 29.6% YoY to $274.4 million, driven by an increase in production volumes to 18,567 barrels of oil equivalent per day (boepd) (vs. 14,306 boepd in FY'23) and higher average realised oil price.</li><li>Production traction was notably broad-based, with crude oil, gas, and refined products expanding by 37.7%, 60.6%, and 17.8%, respectively.</li><li>The volume growth was largely attributable to the successful implementation of the Alternative Crude Evacuation (ACE) system and the addition of four new wells in the Ogbele oil field (PML 14)</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 its 9M'24 unaudited results, Aradel Holdings Plc (ARADEL) grew topline by 29.6% YoY to $274.4 million, driven by an increase in production volumes to 18,567 barrels of oil equivalent per day (boepd) (vs. 14,306 boepd in FY'23) and higher average realised oil price.Production traction was notably broad-based, with crude oil, gas, and refined products expanding by 37.7%, 60.6%, and 17.8%, respectively.The volume growth was largely attributable to the successful implementation of the Alternative Crude Evacuation (ACE) system and the addition of four new wells in the Ogbele oil field (PML 14)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.

Aradel Holdings Plc - Strategic Investments to Drive Earnings Upside

Thematic (Sector/Industry)

<ul><li>Last week, the NGXASI bucked its negative trend, gaining 2.45%WoW to settle at 147,040.26 points.</li><li>In the same vein, the MEP also gained 2.47% WoW, outperforming the benchmark index by 2bps.</li><li>On a YtD basis, the MEP remains ahead of the benchmark with a return of 45.77%, outperforming the NGXASI’s 42.86% by 292bps.</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 bucked its negative trend, gaining 2.45%WoW to settle at 147,040.26 points.In the same vein, the MEP also gained 2.47% WoW, outperforming the benchmark index by 2bps.On a YtD basis, the MEP remains ahead of the benchmark with a return of 45.77%, outperforming the NGXASI’s 42.86% by 292bps.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 - 08 December 2025

<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

<ul><li>In week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points.</li><li>Similarly, the MEP had a weak outing, down by 2.35%, underperforming the benchmark index by 11bps.</li><li>However, on a YtD basis, the MEP remains ahead, returning 42.33% compared to the NGX ASI’s 39.64%, representing an outperformance of 269bps.</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 week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points.Similarly, the MEP had a weak outing, down by 2.35%, underperforming the benchmark index by 11bps.However, on a YtD basis, the MEP remains ahead, returning 42.33% compared to the NGX ASI’s 39.64%, representing an outperformance of 269bps.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 - 24 November 2025

Nigeria

Aradel Holdings PLC operates as a holding company. The Company, through its subsidiaries, focuses on acquisition, exploration, development, and production of oil and natural gas, as well as invests in downstream, midstream, and upstream assets. Aradel Holdings serves customers in Nigeria.

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Aradel Holdings (ARADEL NL)

Aradel Holdings- PAT Grows by 33.5% YoY in Q1'25 - 28 April 2025

Aradel Holdings Plc (NGX: ARADEL—BUY, TP: *UR) published its unaudited Q1’25 financial results, reporting a 33.5% YoY increase in PAT to $22.5...

CardinalStone

Aradel Holdings Plc - Strategic Investments to Drive Earnings Upside

Production traction was notably broad-based, with crude oil, gas, and refined products expanding by 37.7%, 60.6%, and 17.8%, respectively.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 08 December 2025

Last week, the NGXASI bucked its negative trend, gaining 2.45%WoW to settle at 147,040.26 points.In the same vein, the MEP also gained 2.47% WoW,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 01 December 2025

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.

CardinalStone

CardinalStone Research - Model Equity Portfolio - 24 November 2025

In week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points. Similarly, the MEP...

CardinalStone

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