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 NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.</li><li>Similarly, the MEP also declined, shedding 0.05%, however, outperforming the benchmark index by 9bps.</li><li>On a YtD basis, the MEP remains ahead of the benchmark with a return of 42.27%, outperforming the NGXASI’s 39.44% by 283bps.</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 NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.Similarly, the MEP also declined, shedding 0.05%, however, outperforming the benchmark index by 9bps.On a YtD basis, the MEP remains ahead of the benchmark with a return of 42.27%, outperforming the NGXASI’s 39.44% by 283bps.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 - 01 December 2025

Equity Bottom-Up

<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

<ul><li>In week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points.</li><li>Similarly, the MEP had a weak outing, down by 2.35%, underperforming the benchmark index by 11bps.</li><li>However, on a YtD basis, the MEP remains ahead, returning 42.33% compared to the NGX ASI’s 39.64%, representing an outperformance of 269bps.</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 week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points.Similarly, the MEP had a weak outing, down by 2.35%, underperforming the benchmark index by 11bps.However, on a YtD basis, the MEP remains ahead, returning 42.33% compared to the NGX ASI’s 39.64%, representing an outperformance of 269bps.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 November 2025

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.

Axalta Coating Systems / Equity Bottom-Up

<ul><li>In today's edition: • ABN Amro | announced further reduction of its flexible workforce • AkzoNobel | Cevian pledges support for AkzoNobel/Axalta merger • InPost | enters cross-border deal with Austrian Post for business customers • Unilever | said to be exploring the sale of three UK heritage brands • Corbion | targets adjusted EBITDA of approx. EUR 300m by 2028 • bpostgroup | renews contract with Amazon for 5 years</li></ul>

In today's edition: • ABN Amro | announced further reduction of its flexible workforce • AkzoNobel | Cevian pledges support for AkzoNobel/Axalta merger • InPost | enters cross-border deal with Austrian Post for business customers • Unilever | said to be exploring the sale of three UK heritage brands • Corbion | targets adjusted EBITDA of approx. EUR 300m by 2028 • bpostgroup | renews contract with Amazon for 5 years

Axalta Coating Systems Ltd - What's News in Amsterdam

<ul><li>Last week, the domestic bourse extended its decline, with the benchmark NGX-ASI falling 1.68% WoW to close at 147,013.59 points.</li><li>Similarly, the MEP retreated by 1.86%, underperforming the benchmark index by 18bps.</li><li>Nevertheless, on a year-to-date basis, the MEP remains ahead, returning 45.75% compared to the NGX ASI’s 42.83%, representing an outperformance of 292bps.</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 domestic bourse extended its decline, with the benchmark NGX-ASI falling 1.68% WoW to close at 147,013.59 points.Similarly, the MEP retreated by 1.86%, underperforming the benchmark index by 18bps.Nevertheless, on a year-to-date basis, the MEP remains ahead, returning 45.75% compared to the NGX ASI’s 42.83%, representing an outperformance of 292bps.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 November 2025

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 - 01 December 2025

Last week, the NGXASI dipped further, shedding 0.14% WoW to settle at 143,520.53 points, extending its losing streak to a fifth consecutive week.

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

CardinalStone Research - Model Equity Portfolio - 24 November 2025

In week 47, the domestic bourse closed lower for the fourth consecutive week, shedding 2.24% WoW to close at 143,722.62 points. Similarly, the MEP...

CardinalStone

Axalta Coating Systems Ltd - What's News in Amsterdam

In today's edition: • ABN Amro | announced further reduction of its flexible workforce • AkzoNobel | Cevian pledges support for AkzoNobel/Axalta...

The IDEA!

CardinalStone Research - Model Equity Portfolio - 17 November 2025

Last week, the domestic bourse extended its decline, with the benchmark NGX-ASI falling 1.68% WoW to close at 147,013.59 points.

CardinalStone

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