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

Dangote Petroleum Refinery and Petrochemicals / Equity Bottom-Up

Dangote Petroleum Refinery and Petrochemicals (DANGOTEPETROL NL)

Dangote Petroleum Refinery and Petrochemicals

<ul><li>We initiate coverage on Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) with a 12-month Target Price (‘TP’) of $0.52 (N688.09) and a projected market capitalisation of N77.7 trillion, using the official exchange rate of N1,322.50/$ as of 4 September 2026.</li><li>Our valuation for DPRP was obtained using a blend of multi-stage Discounted Cash Flow (DCF) and relative valuation (EV/EBITDA and P/E) approaches.</li><li>This valuation implies an expected total return of 39.6%, comprising 31.1% capital appreciation and an 8.5% dividend yield, assuming a reference price of N525.00 per share.</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>

We initiate coverage on Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) with a 12-month Target Price (‘TP’) of $0.52 (N688.09) and a projected market capitalisation of N77.7 trillion, using the official exchange rate of N1,322.50/$ as of 4 September 2026.Our valuation for DPRP was obtained using a blend of multi-stage Discounted Cash Flow (DCF) and relative valuation (EV/EBITDA and P/E) approaches.This valuation implies an expected total return of 39.6%, comprising 31.1% capital appreciation and an 8.5% dividend yield, assuming a reference price of N525.00 per share.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.

Dangote Petroleum Refinery Petrochemicals FZE