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>In its H1'25 audited financials, MTN Nigeria Communications Plc (NGX: MTNN: TP— UR*) had an impressive outing, with a bottom-line print of N414.86 billion, compared to a negative print of N519.06 billion last year.</li><li>This stellar turnaround highlights the marked growth in revenue (+54.6% YoY), driven largely by the full effect of the price adjustments.</li><li>Service revenue for the period expanded by 54.6% YoY to reach N2.38 trillion, benefiting from a troika of factors: tariff adjustments that were fully reflected in Q2'25, sustained demand for data services and disciplined commercial execution</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 H1'25 audited financials, MTN Nigeria Communications Plc (NGX: MTNN: TP— UR*) had an impressive outing, with a bottom-line print of N414.86 billion, compared to a negative print of N519.06 billion last year.This stellar turnaround highlights the marked growth in revenue (+54.6% YoY), driven largely by the full effect of the price adjustments.Service revenue for the period expanded by 54.6% YoY to reach N2.38 trillion, benefiting from a troika of factors: tariff adjustments that were fully reflected in Q2'25, sustained demand for data services and disciplined commercial executionContent 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 - Price Adjustments Buoy Performance