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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Dangote Sugar Refinery / Equity Bottom-Up

<ul>
<li>Despite improving revenue prospects, as seen in the 45.8% YoY increase in H1'24 sales, Dangote Sugar Refinery Plc (DANGSUGAR) is likely to report losses for the second consecutive year in FY'24.</li>
<li>Sustained margin contraction despite improved sales.</li>
<li>Elevated FX losses spurred by the impact of the 41.6% YTD Naira depreciation on the company's FCY liabilities. However, we note that the company's FCY liabilities have moderated from FY'23 levels.</li>
</ul>
<p><em>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.</em></p>


Despite improving revenue prospects, as seen in the 45.8% YoY increase in H1'24 sales, Dangote Sugar Refinery Plc (DANGSUGAR) is likely to report losses for the second consecutive year in FY'24.
Sustained margin contraction despite improved sales.
Elevated FX losses spurred by the impact of the 41.6% YTD Naira depreciation on the company's FCY liabilities. However, we note that the company's FCY liabilities have moderated from FY'23 levels.

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.

Dangote Sugar Refinery Plc: Losses may subsist due to FX pressures

Nigeria

Dangote Sugar Refinery PLC produces, refines, packages, and sells granulated raw white sugar domestically and regionally in Africa. The Company also plans to increase international focus.

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Dangote Sugar Refinery (DANGSUGA NL)

Dangote Sugar Refinery Plc: Losses may subsist due to FX pressures

Given the above considerations, we adjusted our model and arrived at a new 12-month Target Price (TP) of N39.66 (vs 38.30 previously) and an...

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