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

MTN Nigeria Communications / Equity Bottom-Up

<ul><li>The demand for data in Nigeria remains highly inelastic, even amid 2025’s strong price increases.</li><li>This enduring demand is propelled by an entrenched digital lifestyle among a young, mobile-first population and the proliferation of platforms like TikTok, YouTube, and Instagram.</li><li>Further, soaring adoption of remote-work tools, fintech apps, and ecommerce platforms has made data indispensable, diminishing sensitivity to price hikes. </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>

The demand for data in Nigeria remains highly inelastic, even amid 2025’s strong price increases.This enduring demand is propelled by an entrenched digital lifestyle among a young, mobile-first population and the proliferation of platforms like TikTok, YouTube, and Instagram.Further, soaring adoption of remote-work tools, fintech apps, and ecommerce platforms has made data indispensable, diminishing sensitivity to price hikes. 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.

MTN Nigeria Communications Plc - Data Strength and Cost Efficiency Anchor Re-Rating