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 Sugar Refinery / Equity Bottom-Up

<ul><li>In its 9M’25 results, DANGSUGAR recorded a meaningful turnaround in its profitability with a N13.7 billion net profit in Q3’25, its first positive quarterly result since Q4’24 and the strongest since Q1’23.</li><li>This performance significantly narrowed the company’s cumulative 2025 loss position to N10.6 billion.</li><li>Following this improvement and subsequent conversations with management, we have adjusted our forecast to reflect our expectation of sustained earnings momentum in Q4’25 and FY’26. </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 its 9M’25 results, DANGSUGAR recorded a meaningful turnaround in its profitability with a N13.7 billion net profit in Q3’25, its first positive quarterly result since Q4’24 and the strongest since Q1’23.This performance significantly narrowed the company’s cumulative 2025 loss position to N10.6 billion.Following this improvement and subsequent conversations with management, we have adjusted our forecast to reflect our expectation of sustained earnings momentum in Q4’25 and FY’26. 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.

DANGSUGAR - Earning Recovery Drives Target Price Upward