November 19, 2025/Cordros Report We update our views on MTN Nigeria Communications Plc (MTNN) following its 9M-25 unaudited results, which showed solid revenue growth (+57.5% y/y), a 15.10 ppts y/y expansion in EBITDA margin to 51.4%, and an EPS of NGN35.77. The performance was driven by robust data demand, an […]

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 […]