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>UAC of Nigeria Plc (NGX: UACN) H1'25 performance came broadly in line with our estimates, supporting the retention of our FY’25 margin assumptions.</li><li>The recent efforts of the company to enhance working capital efficiency have improved our outlook, leading to an upward revision of our 12-month Target Price (TP) to N76.91 (from N41.49 previously).</li><li>Despite the valuation uplift, we downgraded our rating to HOLD (from BUY), as we see limited near-term upside from the current price levels.</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>

UAC of Nigeria Plc (NGX: UACN) H1'25 performance came broadly in line with our estimates, supporting the retention of our FY’25 margin assumptions.The recent efforts of the company to enhance working capital efficiency have improved our outlook, leading to an upward revision of our 12-month Target Price (TP) to N76.91 (from N41.49 previously).Despite the valuation uplift, we downgraded our rating to HOLD (from BUY), as we see limited near-term upside from the current price levels.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.

UAC of Nigeria Plc - Strong Growth Momentum but Limited Upside