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>We have revised our Target Price (“TP”) slightly upward for Nigerian Breweries Plc (“NB”) to N82.89/share (from N80.62/share), following the release of the company's 9M'25 earnings and subsequent conversations with management.</li><li>Our revision captures our expectation of stronger earnings growth in FY’26, supported by improved volumes, continued cost optimization, and the expected absence of one-off impairment charges that weighed on Q3’25 performance.</li><li>Our updated valuation also reflects a new risk-free rate and equity risk premium of 16.4% and 13.8% (versus 18.0% and 14.3% prior) as well as a higher emphasis on FY’26 earnings in our relative valuation methodologies.</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>

We have revised our Target Price (“TP”) slightly upward for Nigerian Breweries Plc (“NB”) to N82.89/share (from N80.62/share), following the release of the company's 9M'25 earnings and subsequent conversations with management.Our revision captures our expectation of stronger earnings growth in FY’26, supported by improved volumes, continued cost optimization, and the expected absence of one-off impairment charges that weighed on Q3’25 performance.Our updated valuation also reflects a new risk-free rate and equity risk premium of 16.4% and 13.8% (versus 18.0% and 14.3% prior) as well as a higher emphasis on FY’26 earnings in our relative valuation methodologies.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.

Nigerian Breweries Plc - Earnings Outlook Remains Positive