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>In its audited FY'24/25 financials, Guinness Nigeria Plc (NGX: GUINNESS, TP: UR) reported a solid performance driven by strong revenue growth (+65.8% YoY) as both domestic sales (+ 65.4% YoY) and export sales (+104.2% YoY) outperformed.</li><li>However, cost of sales rose at a slightly faster pace, up 67.4% YoY, bringing gross margin to 29.9% (vs 30.5% in FY'23/24).</li><li>The margin compression was primarily driven by elevated cost pressures in Q1'24/25, where a high cost-tosales ratio of 88.7% dragged gross margin down to 11.3%. </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>

In its audited FY'24/25 financials, Guinness Nigeria Plc (NGX: GUINNESS, TP: UR) reported a solid performance driven by strong revenue growth (+65.8% YoY) as both domestic sales (+ 65.4% YoY) and export sales (+104.2% YoY) outperformed.However, cost of sales rose at a slightly faster pace, up 67.4% YoY, bringing gross margin to 29.9% (vs 30.5% in FY'23/24).The margin compression was primarily driven by elevated cost pressures in Q1'24/25, where a high cost-tosales ratio of 88.7% dragged gross margin down to 11.3%. 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.

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