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>In our previous update on Guinness Nigeria Plc ("GUINNESS"), we discussed the company's transition to a new calendar-year reporting structure and outlined our expectations for earnings.</li><li>In this report, we revisit the assumptions made and provide revised forecasts.</li><li>We also adjust valuation metrics such as risk-free rate (16.4% from 18.0%) and equity risk premium (13.8% from 14.3%) to arrive at our new 12- month Target Price ("TP") of N204.63 (vs. N181.38 previously), which suggests an unchanged BUY recommendation on the ticker.</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 our previous update on Guinness Nigeria Plc ("GUINNESS"), we discussed the company's transition to a new calendar-year reporting structure and outlined our expectations for earnings.In this report, we revisit the assumptions made and provide revised forecasts.We also adjust valuation metrics such as risk-free rate (16.4% from 18.0%) and equity risk premium (13.8% from 14.3%) to arrive at our new 12- month Target Price ("TP") of N204.63 (vs. N181.38 previously), which suggests an unchanged BUY recommendation on the ticker.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.

GUINNESS - Resilient Earnings Recovery Supports Dividend Resumption in FY’26