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>Lafarge Africa Plc (NGX: WAPCO) recorded strong Q1'25 performance, with core earnings rising by triple digits and gross and EBIT margins advancing by 1.9 ppts and 6.9 ppts, respectively.</li><li>These results and positive market developments have prompted an upward revision to our estimates and valuation.</li><li>Specifically, mostly aided by higher realisable cement price and volume projections, we raise our 12-month Target Price ('TP') to N116.11, representing a potential upside of 36.2% from the current reference price.</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>

Lafarge Africa Plc (NGX: WAPCO) recorded strong Q1'25 performance, with core earnings rising by triple digits and gross and EBIT margins advancing by 1.9 ppts and 6.9 ppts, respectively.These results and positive market developments have prompted an upward revision to our estimates and valuation.Specifically, mostly aided by higher realisable cement price and volume projections, we raise our 12-month Target Price ('TP') to N116.11, representing a potential upside of 36.2% from the current reference price.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.

Lafarge Africa

WAPCO - TP Upgraded on Improved Outlook