November 19, 2025/Cordros Report This report provides an updated outlook and revised estimates for TOTAL for the remainder of 2025E. The company’s Q3-25 performance was notably weaker, with revenue declining by 38.0% y/y (9M-25: –26.0% y/y), reflecting broad-based contractions across all business segments. Operating expenses rose by 14.0% y/y, exerting […]

November 13, 2025/Cordros Report In this note, we update our outlook on BUA Cement Plc (BUACEMENT) following the release of its 9M-25 results. During the period, the company delivered strong operating results with EBITDA margin expanding by 19.04ppts y/y to 46.9%, supported by a 47.2% y/y increase in revenue driven […]

November 13, 2025/Cordros Report We revise our outlook on Dangote Cement Plc (DANGCEM) following the release of its 9M-25 results, which reflected a strong operating performance. The company’s revenue grew by 23.2% y/y, largely price-driven, while EBITDA margin expanded by 958bps y/y to 45.3%, as cost discipline held firm with […]