March 16, 2026/Cordros Report In this note, we update our 2026E estimates and outlook for Lafarge Africa Plc (WAPCO) following the release of its 2025FY results and subsequent management engagement. A key takeaway from the company’s earnings call was management’s confirmation that the 4.50MTPA capacity expansion at the Sagamu and Ashaka plants has commenced, […]
Results & Dividends
MTN Nigeria 2025FY: We Raise Our Target Price to NGN975.47; Maintain BUY
March 12, 2026/Cordros Report We update our view on MTNN following the release of its 2025FY results, which reflected a stronger operating performance, supported by ARPU growth (+45.4% y/y), subscriber net additions of 6.40 million, EBITDA margin expansion (+13.63ppts y/y), and a swing from FX losses to FX gains. For 2026E, […]
BUA Cement Plc: Pricing Gains Buoy Strong Earnings Performance
March 6, 2026/InvestmentOne Report BUA Cement Plc delivered a 34.57% YoY growth in revenue to NGN1.18trn in FY:2025, largely driven by price increases, as Cost of Sales (COS) declined modestly by 0.16% YoY to NGN575.26bn. The moderation in COS was mostly due to lower energy costs (-13.36% YoY to NGN244.75bn), […]
