August 18, 2026/CSL Update
Dangote Cement delivered a strong Revenue performance in H1 2026, with Revenue rising by 21.4% year-on-year (y/y) to ₦2.5 trillion. The growth was primarily driven by robust performance in the Nigerian market, supported by higher selling prices and volume expansion.
Looking ahead, we expect sustained demand from ongoing infrastructure development and real estate activities to continue supporting topline growth. Consequently, we forecast FY 2026 revenue of ₦5.4 trillion, representing a 24.2% y/y increase.
The company’s earnings outlook remains favourable, underpinned by strong operating leverage, disciplined cost management, and continued investments in compressed natural gas (CNG) logistics and alternative fuel systems.
These initiatives are expected to enhance operational efficiency and lower production and distribution costs. Furthermore, reduced foreign exchange exposure, and a more stable exchange rate environment should help moderate finance costs. As a result, we forecast Profit Before Tax (PBT) to increase by 60.0% y/y to ₦2.4 trillion in FY 2026, compared with ₦1.5 trillion in FY 2025.
We maintain a Buy recommendation on Dangote Cement with a target price of ₦1,359.79/s. This implies a potential upside of 31.5% relative to the last closing price of ₦1,034.00 per share. Our valuation is based on a blended methodology comprising Discounted Cash Flow (DCF) and Relative Valuation, weighted 60% and 40%, respectively.
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