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>Lafarge Africa Plc (NGX: WAPCO, TP - UR) announced an impressive 836.7% YoY surge in earnings in its Q1’25 results, which reflected robust revenue growth, finance income, and foreign exchange gains.</li><li>The low earnings base in Q1’24, driven by substantial FX losses, also contributed to the magnitude of earnings growth.</li><li>The company reported a topline growth of 80.3% YoY, on account of improving volumes (+18.4% to 1.62 MMt) and an increase in prices, with average revenue per tonne growing 52.3% to N153,019. Recent pricing surveys also showed a strong increase in the price of cement in the first few months of the year, with average retail cement price at N9,700 per 50kg bag in April 2025, as opposed to N8,400 in March 2024.</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>

Lafarge Africa Plc (NGX: WAPCO, TP - UR) announced an impressive 836.7% YoY surge in earnings in its Q1’25 results, which reflected robust revenue growth, finance income, and foreign exchange gains.The low earnings base in Q1’24, driven by substantial FX losses, also contributed to the magnitude of earnings growth.The company reported a topline growth of 80.3% YoY, on account of improving volumes (+18.4% to 1.62 MMt) and an increase in prices, with average revenue per tonne growing 52.3% to N153,019. Recent pricing surveys also showed a strong increase in the price of cement in the first few months of the year, with average retail cement price at N9,700 per 50kg bag in April 2025, as opposed to N8,400 in March 2024.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.

Lafarge Africa Plc - Q1’25 Earnings Race to Multi-Year High