External broker reports(aggregated public sources), CardinalStone

CardinalStone

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.

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>Airtel Africa Plc (AIRTELAFRI—TP: N3,635.78 ) Q1'25/26 results were in line with expectations as topline scaled by 22.4% to reach $1.42 billion, reflecting the impact of the tariff adjustments in Nigeria and the continued execution of its customer experience-focused strategy in its other markets.</li><li>Notably, the Nigerian OpCo is now on a recovery course, as revenue grew by 29.7% to $332.00 million (+48.6% in constant currency).</li><li>The upbeat stemmed from an interplay of price increases (maximum 50.0% tariff increase approval) and rising data traffic.</li></ul><p><em>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.</em></p>

Airtel Africa Plc (AIRTELAFRI—TP: N3,635.78 ) Q1'25/26 results were in line with expectations as topline scaled by 22.4% to reach $1.42 billion, reflecting the impact of the tariff adjustments in Nigeria and the continued execution of its customer experience-focused strategy in its other markets.Notably, the Nigerian OpCo is now on a recovery course, as revenue grew by 29.7% to $332.00 million (+48.6% in constant currency).The upbeat stemmed from an interplay of price increases (maximum 50.0% tariff increase approval) and rising data traffic.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.

Airtel Africa Plc - Earnings Recovery Driven by Operational Improvement

Airtel Africa PLC

Airtel Africa Plc - Earnings Recovery Driven by Operational Improvement