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.

Thematic (Sector/Industry)

<ul><li>Last week, the local bourse gained 0.81% WoW to close at 241,298.47 points, halting the 2-week decline, while the MEP gained 0.88% WoW, outperforming the market’s benchmark by 7bps.</li><li>The stronger weekly MEP performance allowed for a YtD print of 61.62%, 656bps ahead of the ASI’s 55.06% return.</li><li>The MEP’s outperformance last week was driven by our overweight positions in ACCESSCORP (+9.26% WoW) and SEPLAT (+10.00% WoW), which collectively added 65bps to the MEP’s performance.</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 local bourse gained 0.81% WoW to close at 241,298.47 points, halting the 2-week decline, while the MEP gained 0.88% WoW, outperforming the market’s benchmark by 7bps.The stronger weekly MEP performance allowed for a YtD print of 61.62%, 656bps ahead of the ASI’s 55.06% return.The MEP’s outperformance last week was driven by our overweight positions in ACCESSCORP (+9.26% WoW) and SEPLAT (+10.00% WoW), which collectively added 65bps to the MEP’s performance.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 - 31 August 2026

<ul><li>Last week, the local bourse fell 1.35% WoW to close at 239,351.16 points, while the MEP lost 1.52% WoW, underperforming the market’s benchmark by 18bps.</li><li>Despite a weaker weekly performance, the MEP maintains a superior YtD return of 60.19%, outperforming the ASI’s 53.81% return by 637bps.</li><li>The MEP’s underperformance last week was driven by our “strongly overweight” position in MTNN (-3.23% WoW) and overweight exposure in ARADEL (-9.99% WoW), which collectively cost the MEP 44bps. </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 local bourse fell 1.35% WoW to close at 239,351.16 points, while the MEP lost 1.52% WoW, underperforming the market’s benchmark by 18bps.Despite a weaker weekly performance, the MEP maintains a superior YtD return of 60.19%, outperforming the ASI’s 53.81% return by 637bps.The MEP’s underperformance last week was driven by our “strongly overweight” position in MTNN (-3.23% WoW) and overweight exposure in ARADEL (-9.99% WoW), which collectively cost the MEP 44bps. 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 August 2026

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.

Equity Bottom-Up

<ul><li>In this edition: • Aegon | healthy appetite for its UK business • MICC / Unilever | six of eight independent directors exit Ben & Jerry’s board • Dutch consumer confidence | down 2 points at -/-23 in January</li></ul>

In this edition: • Aegon | healthy appetite for its UK business • MICC / Unilever | six of eight independent directors exit Ben & Jerry’s board • Dutch consumer confidence | down 2 points at -/-23 in January

What's News in Amsterdam - 23 January (Aegon | MICC / Unilever | Consumer confidence)

<ul><li>Last week, the local bourse lost 1.14% WoW to close at 242,770.94 points, while the MEP declined 1.34% WoW, underperforming the benchmark by 20bps.</li><li>Notwithstanding, the MEP has returned 62.70% YtD, outperforming the ASI’s 56.01% return by 669bps.</li><li>The MEP’s underperformance was largely driven by our overweight positions in MTNN (-4.73% WoW) and HBMNG (-7.22% WoW), alongside our strong overweight position in ZENITHBANK (-2.70% WoW), which collectively dragged the MEP’s performance by 117bps. </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 local bourse lost 1.14% WoW to close at 242,770.94 points, while the MEP declined 1.34% WoW, underperforming the benchmark by 20bps.Notwithstanding, the MEP has returned 62.70% YtD, outperforming the ASI’s 56.01% return by 669bps.The MEP’s underperformance was largely driven by our overweight positions in MTNN (-4.73% WoW) and HBMNG (-7.22% WoW), alongside our strong overweight position in ZENITHBANK (-2.70% WoW), which collectively dragged the MEP’s performance by 117bps. 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 -  17 August 2026

<ul><li>In this edition: • Magnum Ice Cream Co. | to oust Ben & Jerry’s chair, escalating governance dispute</li></ul>

In this edition: • Magnum Ice Cream Co. | to oust Ben & Jerry’s chair, escalating governance dispute

Unilever Nigeria Plc - What's New(s) in Amsterdam - 16 December (The Magnum Ice Cream Company)

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)

CardinalStone Research - Model Equity Portfolio - 31 August 2026

Last week, the local bourse gained 0.81% WoW to close at 241,298.47 points, halting the 2-week decline, while the MEP gained 0.88% WoW,...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 24 August 2026

Last week, the local bourse fell 1.35% WoW to close at 239,351.16 points, while the MEP lost 1.52% WoW, underperforming the market’s benchmark by...

CardinalStone

What's News in Amsterdam - 23 January (Aegon | MICC / Unilever | Consumer confidence)

In this edition: • Aegon | healthy appetite for its UK business • MICC / Unilever | six of eight independent directors exit Ben & Jerry’s...

The IDEA!

CardinalStone Research - Model Equity Portfolio - 17 August 2026

Last week, the local bourse lost 1.14% WoW to close at 242,770.94 points, while the MEP declined 1.34% WoW, underperforming the benchmark by 20bps.

CardinalStone

Unilever Nigeria Plc - What's New(s) in Amsterdam - 16 December (The Magnum Ice Cream Company)

In this edition: • Magnum Ice Cream Co. | to oust Ben & Jerry’s chair, escalating governance dispute

The IDEA!

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