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>A key driver of WAPCO's impressive performance, particularly in Q2'25, was the favourable pricing environment that supported its cement and construction solutions.</li><li>This price support drove average revenue per tonne to N171,866 in Q2'25 and N162,265 over H1'25 (vs. N123,573 in Q2'24, and N111,622 in H1'24).</li><li>We expect revenue per tonne to remain elevated with a mean of N167,968 (vs. N162,743 previously) for FY'25E.</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>

A key driver of WAPCO's impressive performance, particularly in Q2'25, was the favourable pricing environment that supported its cement and construction solutions.This price support drove average revenue per tonne to N171,866 in Q2'25 and N162,265 over H1'25 (vs. N123,573 in Q2'24, and N111,622 in H1'24).We expect revenue per tonne to remain elevated with a mean of N167,968 (vs. N162,743 previously) for FY'25E.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.

WAPCO - Margin Uptick Drives Valuation Upside

Lafarge Africa

WAPCO - Margin Uptick Drives Valuation Upside