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>Nigerian Breweries Plc ("NB") has experienced a strong rebound in performance, with EPS recovering to N2.84 in H1'25 (from a loss of N8.28 in H1'24).</li><li>The turnaround underscores the impact of price adjustments and ongoing cost optimisation efforts.</li><li>These operational improvements, combined with a derisked balance sheet, suggest a more positive outlook for the company.</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>

Nigerian Breweries Plc ("NB") has experienced a strong rebound in performance, with EPS recovering to N2.84 in H1'25 (from a loss of N8.28 in H1'24).The turnaround underscores the impact of price adjustments and ongoing cost optimisation efforts.These operational improvements, combined with a derisked balance sheet, suggest a more positive outlook for the company.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 - Pricing in the Recovery