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>In Q1’25/26, the Nigerian business reported a revenue growth of 30.0% to $333.0 million as a result of an interplay of price increases and rising data traffic.</li><li>For the remainder of the fiscal year, we expect this positive trend to persist, underpinned by resilient demand for mobile internet services and accelerating smartphone penetration.</li><li>Accordingly, we now forecast Nigerian data revenue growth of 36.0% YoY in FY’25/26 (vs 32.0% previously and decline of 26.1% in FY’24/25), while maintaining our stance on the voice revenue growth at 18.0% (vs a contraction of 37.0% in the prior year), reflecting the structural shift toward data services.</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>

In Q1’25/26, the Nigerian business reported a revenue growth of 30.0% to $333.0 million as a result of an interplay of price increases and rising data traffic.For the remainder of the fiscal year, we expect this positive trend to persist, underpinned by resilient demand for mobile internet services and accelerating smartphone penetration.Accordingly, we now forecast Nigerian data revenue growth of 36.0% YoY in FY’25/26 (vs 32.0% previously and decline of 26.1% in FY’24/25), while maintaining our stance on the voice revenue growth at 18.0% (vs a contraction of 37.0% in the prior year), reflecting the structural shift toward data services.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.

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