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>We maintain our cautious outlook on Dangote Sugar Refinery Plc (NGX: DANGSUGAR) due to its significant exposure to FX volatility and high reliance on short-term borrowings.</li><li>The former is driven by the company's dependence on imported raw sugar, with its backward integration program remaining a medium-to-long-term play.</li><li>The latter is consistent with the relative deterioration in its cash conversion cycle from negative 343 days to 103 days in FY'24 and 71 days in Q1'25.</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 maintain our cautious outlook on Dangote Sugar Refinery Plc (NGX: DANGSUGAR) due to its significant exposure to FX volatility and high reliance on short-term borrowings.The former is driven by the company's dependence on imported raw sugar, with its backward integration program remaining a medium-to-long-term play.The latter is consistent with the relative deterioration in its cash conversion cycle from negative 343 days to 103 days in FY'24 and 71 days in Q1'25.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- FX Volatility and Debt Burden Clouds Outlook