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>Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) in its 9M'25 unaudited financials delivered a strong set of results for 9M'25, reinforcing its positive momentum amid an improving operating environment.</li><li>The company reported a 99.7% YoY rise in net income, supported by a 200.7% YoY surge in operating profit, highlighting strong operational leverage and disciplined cost management.</li><li>UNILEVER's topline performance remained robust, with total revenue printing at N155.4 billion (+49.7% 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.

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) in its 9M'25 unaudited financials delivered a strong set of results for 9M'25, reinforcing its positive momentum amid an improving operating environment.The company reported a 99.7% YoY rise in net income, supported by a 200.7% YoY surge in operating profit, highlighting strong operational leverage and disciplined cost management.UNILEVER's topline performance remained robust, with total revenue printing at N155.4 billion (+49.7% 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.

Unilever Nigeria Plc - Sustained Earnings Momentum in 9M25

<ul><li>Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) recorded a net income of N14.4 billion in its H1’25 financials, marking a 224.6% YoY increase.</li><li>This growth was as a result of the 53.5% YoY growth in revenue and cost optimization as evidenced by a moderation in cost-to-sales ratio to 57.1% (from 59.0% in H1’24).</li><li>Notably, EPS for H1’25 improved by 2.3x to N2.51 and the company has declared an interim dividend of N0.50 per share.</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.

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) recorded a net income of N14.4 billion in its H1’25 financials, marking a 224.6% YoY increase.This growth was as a result of the 53.5% YoY growth in revenue and cost optimization as evidenced by a moderation in cost-to-sales ratio to 57.1% (from 59.0% in H1’24).Notably, EPS for H1’25 improved by 2.3x to N2.51 and the company has declared an interim dividend of N0.50 per share.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.

Unilever Nigeria Plc - Earnings Triple on Strong Core Performance

<ul><li>Unilever Nigeria Plc (NGX: UNILEVER) retains a compelling investment case supported by years of spontaneous financing (i.e., the cash conversion cycle reveals sustained supplier financing) and consistently improving profitability metrics.</li><li>The latter point is consistent with notable improvements in ROE, ROA and operating margins over the past five years.</li><li>The company also delivered an impressive financial performance in Q1'25, recording a 65.4% YoY increase in net profit to N5.6 billion. </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.

Unilever Nigeria Plc (NGX: UNILEVER) retains a compelling investment case supported by years of spontaneous financing (i.e., the cash conversion cycle reveals sustained supplier financing) and consistently improving profitability metrics.The latter point is consistent with notable improvements in ROE, ROA and operating margins over the past five years.The company also delivered an impressive financial performance in Q1'25, recording a 65.4% YoY increase in net profit to N5.6 billion. 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.

Unilever Nigeria Plc - Earnings Upside on Operational Improvement

<ul><li>Unilever Nigeria Plc (NGX: UNILEVER, TP – UR) reported a 65.4% YoY growth in net profit to N5.6 billion in Q1’25, supported by solid top-line growth across its product segments and a significant boost from net finance income during the period.</li><li>Revenue grew by 45.4% YoY, reflecting broad-based gains across key segments.</li><li>The Beauty &amp; Wellbeing (+76.4% YoY), Food (+51.3% YoY), and Personal Care (+29.6% YoY) segments all delivered strong performances, underscoring improved consumer demand and product traction.</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.

Unilever Nigeria Plc (NGX: UNILEVER, TP – UR) reported a 65.4% YoY growth in net profit to N5.6 billion in Q1’25, supported by solid top-line growth across its product segments and a significant boost from net finance income during the period.Revenue grew by 45.4% YoY, reflecting broad-based gains across key segments.The Beauty &amp; Wellbeing (+76.4% YoY), Food (+51.3% YoY), and Personal Care (+29.6% YoY) segments all delivered strong performances, underscoring improved consumer demand and product traction.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.

Unilever Nigeria Plc -Net Profit Jumps in Q1’25

<ul><li>Unilever Nigeria Plc (NGX: UNILEVER) has demonstrated remarkable resilience, evidenced by its 9M'24 financials, wherein it maintained profitability despite significant macroeconomic headwinds.</li><li>This strong performance, reflecting the company's strategic focus on driving revenue growth and managing costs efficiently, followed the discontinuation of loss-making operations.</li><li>In view of the current run rate, we now revise our projections for the company and guide to a new 12-month Target Price (TP) of N40.07 (vs N29.60 previously), while maintaining a BUY recommendation.</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.

Unilever Nigeria Plc (NGX: UNILEVER) has demonstrated remarkable resilience, evidenced by its 9M'24 financials, wherein it maintained profitability despite significant macroeconomic headwinds.This strong performance, reflecting the company's strategic focus on driving revenue growth and managing costs efficiently, followed the discontinuation of loss-making operations.In view of the current run rate, we now revise our projections for the company and guide to a new 12-month Target Price (TP) of N40.07 (vs N29.60 previously), while maintaining a BUY recommendation.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.

Unilever Nigeria Plc - Sustained Profitability Amidst Macroeconomic Pressures

Nigeria

Unilever Nigeria Plc manufactures and markets consumer products primarily in the home, personal care and foods categories. The Company sells products such as Omo washing powder, Key soap, Royco bouillon, Lipton tea, Blue Band margarine, Pears baby care goods, Vaseline petroleum jelly, Lux soap, and Close Up toothpaste.

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Unilever Nigeria (UNILEVER NL)

Unilever Nigeria Plc - Sustained Earnings Momentum in 9M25

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) in its 9M'25 unaudited financials delivered a strong set of results for 9M'25, reinforcing its...

CardinalStone

Unilever Nigeria Plc - Earnings Triple on Strong Core Performance

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) recorded a net income of N14.4 billion in its H1’25 financials, marking a 224.6% YoY increase.

CardinalStone

Unilever Nigeria Plc - Earnings Upside on Operational Improvement

The company also delivered an impressive financial performance in Q1'25, recording a 65.4% YoY increase in net profit to N5.6 billion.

CardinalStone

Unilever Nigeria Plc -Net Profit Jumps in Q1’25

Unilever Nigeria Plc (NGX: UNILEVER, TP – UR) reported a 65.4% YoY growth in net profit to N5.6 billion in Q1’25, supported by solid top-line...

CardinalStone

Unilever Nigeria Plc - Sustained Profitability Amidst Macroeconomic Pressures

This strong performance, reflecting the company's strategic focus on driving revenue growth and managing costs efficiently, followed the...

CardinalStone

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