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) 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

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

<ul><li>In this edition: • ING | no real surprises in 1Q25; new EUR 2.0bn share buyback • Shell | clear beat of consensus almost across the board; new USD 3.5bn share buyback • Unilever | CEO pledges to accelerate the execution of the company’s strategy • Aalberts | tough start of the year – building shows first signs of recovery • Aalberts | completes acquisition of Paulo Products Company • March retail sales | +3.4% YoY in value and +1.0% YoY in volume terms • Dutch CPI | +4.1% in April • e-Commerce (logistics) sector | France considering imposing tax on small Chinese parcels</li></ul>

In this edition: • ING | no real surprises in 1Q25; new EUR 2.0bn share buyback • Shell | clear beat of consensus almost across the board; new USD 3.5bn share buyback • Unilever | CEO pledges to accelerate the execution of the company’s strategy • Aalberts | tough start of the year – building shows first signs of recovery • Aalberts | completes acquisition of Paulo Products Company • March retail sales | +3.4% YoY in value and +1.0% YoY in volume terms • Dutch CPI | +4.1% in April • e-Commerce (logistics) sector | France considering imposing tax on small Chinese parcels

<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>In this edition: • ING Group | considering takeover in Italy • Unilever | acquires personal care brand Wild • Alfen | signs a multi-year framework agreement with Abloco Energy</li></ul>

In this edition: • ING Group | considering takeover in Italy • Unilever | acquires personal care brand Wild • Alfen | signs a multi-year framework agreement with Abloco Energy

What's New(s) in Amsterdam - 2 April (ING Group | Unilever | Alfen)

<ul><li>In today's edition: • Unilever | to sell The Vegetarian Butcher to Vivera • InPost/Allegro/DHL | DS Smith survey illustrates the importance of the last mile delivery • PostNL | Budbee plans to triple its APM footprint in the Netherlands • Dutch consumer confidence | dropped even further in March</li></ul>

In today's edition: • Unilever | to sell The Vegetarian Butcher to Vivera • InPost/Allegro/DHL | DS Smith survey illustrates the importance of the last mile delivery • PostNL | Budbee plans to triple its APM footprint in the Netherlands • Dutch consumer confidence | dropped even further in March

Deutsche Post AG - What's News in Amsterdam

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 - 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

bpost SA - What's New(s) in Amsterdam

In this edition: • ING | no real surprises in 1Q25; new EUR 2.0bn share buyback • Shell | clear beat of consensus almost across the board; new USD...

The IDEA!

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

What's New(s) in Amsterdam - 2 April (ING Group | Unilever | Alfen)

In this edition: • ING Group | considering takeover in Italy • Unilever | acquires personal care brand Wild • Alfen | signs a multi-year...

The IDEA!

Deutsche Post AG - What's News in Amsterdam

In today's edition: • Unilever | to sell The Vegetarian Butcher to Vivera • InPost/Allegro/DHL | DS Smith survey illustrates the importance of the...

The IDEA!

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