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>Unilever Nigeria Plc (NGX: UNILEVER) retains a compelling investment case supported by years of spontaneous financing (i.e., the cash conversion cycle reveals sustained supplier financing) and consistently improving profitability metrics.</li><li>The latter point is consistent with notable improvements in ROE, ROA and operating margins over the past five years.</li><li>The company also delivered an impressive financial performance in Q1'25, recording a 65.4% YoY increase in net profit to N5.6 billion. </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>

Unilever Nigeria Plc (NGX: UNILEVER) retains a compelling investment case supported by years of spontaneous financing (i.e., the cash conversion cycle reveals sustained supplier financing) and consistently improving profitability metrics.The latter point is consistent with notable improvements in ROE, ROA and operating margins over the past five years.The company also delivered an impressive financial performance in Q1'25, recording a 65.4% YoY increase in net profit to N5.6 billion. 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.

Unilever Nigeria Plc - Earnings Upside on Operational Improvement