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>Dangote Cement Plc (NGX: DANGCEM) delivered a strong H1 2025 result, with earnings rising to N520.5 billion, way ahead of its FY'24 performance.</li><li>The result was driven by improved pricing in Nigeria, modest cost growth, and a swing to FX gains, which helped offset continued pressure across Pan-African operations.</li><li>Pricing is expected to remain elevated, while Nigerian volumes should benefit from rising public and private sector demand, alongside growing export activity.</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>

Dangote Cement Plc (NGX: DANGCEM) delivered a strong H1 2025 result, with earnings rising to N520.5 billion, way ahead of its FY'24 performance.The result was driven by improved pricing in Nigeria, modest cost growth, and a swing to FX gains, which helped offset continued pressure across Pan-African operations.Pricing is expected to remain elevated, while Nigerian volumes should benefit from rising public and private sector demand, alongside growing export activity.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.

DANGCEM - Pricing Strength and Cost Discipline Drive Upgraded Outlook