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) has demonstrated remarkable resilience, evidenced by its 9M'24 financials, wherein it maintained profitability despite significant macroeconomic headwinds.</li><li>This strong performance, reflecting the company's strategic focus on driving revenue growth and managing costs efficiently, followed the discontinuation of loss-making operations.</li><li>In view of the current run rate, we now revise our projections for the company and guide to a new 12-month Target Price (TP) of N40.07 (vs N29.60 previously), while maintaining a BUY recommendation.</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) has demonstrated remarkable resilience, evidenced by its 9M'24 financials, wherein it maintained profitability despite significant macroeconomic headwinds.This strong performance, reflecting the company's strategic focus on driving revenue growth and managing costs efficiently, followed the discontinuation of loss-making operations.In view of the current run rate, we now revise our projections for the company and guide to a new 12-month Target Price (TP) of N40.07 (vs N29.60 previously), while maintaining a BUY recommendation.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 - Sustained Profitability Amidst Macroeconomic Pressures