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>In its unaudited 9M’25 results, UAC of Nigeria Plc (NGX: UACN, TP: UR) delivered a subdued performance, with net profit declining by 60.6% YoY to N5.4 billion, pressured by a significant increase in finance costs and higher selling, general, and administrative (SG&amp;A) expenses.</li><li>Revenue grew by 19.8% YoY, supported by performances across core segments: Edible Feeds (+3.4% YoY), Paints (+28.0% YoY), and Packaged Food &amp; Beverages (+37.3% YoY).</li><li>Cost of sales increased by 17.3% YoY, as a result, gross profit grew by 28.1% YoY.</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 unaudited 9M’25 results, UAC of Nigeria Plc (NGX: UACN, TP: UR) delivered a subdued performance, with net profit declining by 60.6% YoY to N5.4 billion, pressured by a significant increase in finance costs and higher selling, general, and administrative (SG&amp;A) expenses.Revenue grew by 19.8% YoY, supported by performances across core segments: Edible Feeds (+3.4% YoY), Paints (+28.0% YoY), and Packaged Food &amp; Beverages (+37.3% YoY).Cost of sales increased by 17.3% YoY, as a result, gross profit grew by 28.1% YoY.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.

UAC of Nigeria Plc - Higher Operating and Financing Cost Weigh on 9M’25 Earnings

<ul><li>UAC of Nigeria Plc (NGX: UACN) H1'25 performance came broadly in line with our estimates, supporting the retention of our FY’25 margin assumptions.</li><li>The recent efforts of the company to enhance working capital efficiency have improved our outlook, leading to an upward revision of our 12-month Target Price (TP) to N76.91 (from N41.49 previously).</li><li>Despite the valuation uplift, we downgraded our rating to HOLD (from BUY), as we see limited near-term upside from the current price levels.</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.

UAC of Nigeria Plc (NGX: UACN) H1'25 performance came broadly in line with our estimates, supporting the retention of our FY’25 margin assumptions.The recent efforts of the company to enhance working capital efficiency have improved our outlook, leading to an upward revision of our 12-month Target Price (TP) to N76.91 (from N41.49 previously).Despite the valuation uplift, we downgraded our rating to HOLD (from BUY), as we see limited near-term upside from the current price 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.

UAC of Nigeria Plc - Strong Growth Momentum but Limited Upside

<ul><li>In its unaudited H1’25 results, UAC of Nigeria Plc (NGX: UACN, TP: UR) delivered strong EBIT growth.</li><li>However, the shift from a net finance gain to a net finance loss during the period weighed on earnings, resulting in a 22.9% YoY decline in net profit</li><li>Revenue grew by 32.6% YoY, supported by strong performances across core segments: Edible Feeds (+27.3% YoY), Paints (+28.7% YoY), and Packaged Food &amp; Beverages (+44.5% YoY).</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 unaudited H1’25 results, UAC of Nigeria Plc (NGX: UACN, TP: UR) delivered strong EBIT growth.However, the shift from a net finance gain to a net finance loss during the period weighed on earnings, resulting in a 22.9% YoY decline in net profitRevenue grew by 32.6% YoY, supported by strong performances across core segments: Edible Feeds (+27.3% YoY), Paints (+28.7% YoY), and Packaged Food &amp; Beverages (+44.5% YoY).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.

UAC of Nigeria Plc - Solid Operating Performance Dampened by Net Finance Cost

<ul><li>While earnings may moderate in 2025 due to the absence of FX gains that supported 2024 performance, UACN’s underlying fundamentals remain resilient.</li><li>In Q1’25, EBIT more than doubled (+100.8% YoY), reflecting operational efficiencies, including the integration of low-cost energy sources.</li><li>The sustained improvement in receivable days, with further gains expected through 2025, also bodes well for the company’s cash conversion cycle and overall working capital management.</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.

While earnings may moderate in 2025 due to the absence of FX gains that supported 2024 performance, UACN’s underlying fundamentals remain resilient.In Q1’25, EBIT more than doubled (+100.8% YoY), reflecting operational efficiencies, including the integration of low-cost energy sources.The sustained improvement in receivable days, with further gains expected through 2025, also bodes well for the company’s cash conversion cycle and overall working capital management.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.

UAC of Nigeria Plc - Robust Core Performance Amid Finance Cost Challenges

<ul><li>UAC of Nigeria Plc (NGX: UACN, TP – UR) reported a 44.0% YoY decline in net profit to N3.3 billion in its unaudited Q1’25 results, primarily due to a shift from a net finance gain to a net finance loss during the period.</li><li>Revenue grew by 38.1% YoY, driven by strong performances across key business segments: Edible Feeds (+35.8% YoY), Paints (+18.6% YoY), and Packaged Food &amp; Beverages (+59.8% YoY).</li><li>This revenue outturn is largely due to volume growth in the Packaged Food &amp; Beverages segment and price adjustments across all businesses. </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.

UAC of Nigeria Plc (NGX: UACN, TP – UR) reported a 44.0% YoY decline in net profit to N3.3 billion in its unaudited Q1’25 results, primarily due to a shift from a net finance gain to a net finance loss during the period.Revenue grew by 38.1% YoY, driven by strong performances across key business segments: Edible Feeds (+35.8% YoY), Paints (+18.6% YoY), and Packaged Food &amp; Beverages (+59.8% YoY).This revenue outturn is largely due to volume growth in the Packaged Food &amp; Beverages segment and price adjustments across all businesses. 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.

UAC of Nigeria Plc - Finance Cost Weighs on Earnings

Nigeria

UAC of Nigeria PLC manufactures food products, operates fast-food restaurants, and offers logistic as well as real estate services. The Company also produces cereals, oils, paints, personal care products, and bottled spring water through subsidiaries. UAC of Nigeria serves customers in Nigeria.

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UAC of Nigeria (UACN NL)

UAC of Nigeria Plc - Higher Operating and Financing Cost Weigh on 9M’25 Earnings

In its unaudited 9M’25 results, UAC of Nigeria Plc (NGX: UACN, TP: UR) delivered a subdued performance, with net profit declining by 60.6% YoY to...

CardinalStone

UAC of Nigeria Plc - Strong Growth Momentum but Limited Upside

UAC of Nigeria Plc (NGX: UACN) H1'25 performance came broadly in line with our estimates, supporting the retention of our FY’25 margin assumptions.

CardinalStone

UAC of Nigeria Plc - Solid Operating Performance Dampened by Net Finance Cost

Revenue grew by 32.6% YoY, supported by strong performances across core segments: Edible Feeds (+27.3% YoY), Paints (+28.7% YoY), and Packaged Food...

CardinalStone

UAC of Nigeria Plc - Robust Core Performance Amid Finance Cost Challenges

While earnings may moderate in 2025 due to the absence of FX gains that supported 2024 performance, UACN’s underlying fundamentals remain resilient.

CardinalStone

UAC of Nigeria Plc - Finance Cost Weighs on Earnings

Revenue grew by 38.1% YoY, driven by strong performances across key business segments: Edible Feeds (+35.8% YoY), Paints (+18.6% YoY), and Packaged...

CardinalStone

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