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>MTN Nigeria Communication Plc (NGX: MTNN; TP: UR*) delivered a remarkable performance in 9M’25 as earnings per share (EPS) surged to N35.77 (from a loss of N24.51 in 9M’24).</li><li>This strong showing was supported by robust revenue growth, easing cost pressures, and a solid swing to a net foreign exchange (FX) gain.</li><li>Topline earnings grew by 57.5% YoY to N3.7 trillion, aided by a very strong performance in the data segment (73.2% to c.N2.0 trillion). </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>

MTN Nigeria Communication Plc (NGX: MTNN; TP: UR*) delivered a remarkable performance in 9M’25 as earnings per share (EPS) surged to N35.77 (from a loss of N24.51 in 9M’24).This strong showing was supported by robust revenue growth, easing cost pressures, and a solid swing to a net foreign exchange (FX) gain.Topline earnings grew by 57.5% YoY to N3.7 trillion, aided by a very strong performance in the data segment (73.2% to c.N2.0 trillion). 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 - Strong 9M’25 Performance Restores Balance Sheet Strength