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 recently published earnings release, MTN Nigeria Communications Plc (MTNN) posted a Q2'25 PAT of N281.17 billion on the back of the implementation of the tariff adjustments.</li><li>The impact of the higher tariff was fully reflected in the period, with the 6.7% YoY increase in mobile subscriber base also supporting top-line.</li><li>We also note sustained demand for data services and growing deployment of cost optimisation strategies.</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 recently published earnings release, MTN Nigeria Communications Plc (MTNN) posted a Q2'25 PAT of N281.17 billion on the back of the implementation of the tariff adjustments.The impact of the higher tariff was fully reflected in the period, with the 6.7% YoY increase in mobile subscriber base also supporting top-line.We also note sustained demand for data services and growing deployment of cost optimisation strategies.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 Telecommunications Plc - Positive Outlook Affirmed for Telco Bellwether