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) is expected to continue to experience price-induced top-line growth in FY’25 despite projected volume weakness driven by the Pan-African operations.</li><li>Cost initiatives such as the alternative fuel scheme, use of CNG trucks, and trimming of financial liabilities are also expected to support margins, dovetailing to a mean gross margin of 59.1% across our forecast horizon that is also consistent with capacity expansions in the medium term.</li><li>All considered, we see legroom for mean ROA and ROE of 16.7% and 38.4% over the next half decade vs 10.1% and 24.2% in previous forecasts.</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) is expected to continue to experience price-induced top-line growth in FY’25 despite projected volume weakness driven by the Pan-African operations.Cost initiatives such as the alternative fuel scheme, use of CNG trucks, and trimming of financial liabilities are also expected to support margins, dovetailing to a mean gross margin of 59.1% across our forecast horizon that is also consistent with capacity expansions in the medium term.All considered, we see legroom for mean ROA and ROE of 16.7% and 38.4% over the next half decade vs 10.1% and 24.2% in previous forecasts.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 - Sustaining Market Leadership Amid Exogenous Headwinds