August 14, 2025/Cordros Report In this note, we update our 2026E outlook for Airtel Africa Plc (AIRTELAFRI) following the release of their Q1-26 financial results. The company delivered robust performance during the period, posting revenue growth of 22.4% y/y, EBITDA margin expansion of 276bps y/y to 48.0%, and a sharp […]
Results & Dividends
TotalEnergies Marketing Nigeria Plc Q2-25 Update: Earnings Under Pressure, We are Underweight
August 14, 2025/Cordros Report In this report, we revise our outlook and estimates for TOTAL for 2025E following the review of their H1-25 results. The company delivered a weak performance during the period, with revenue declining by 20.0% y/y, driven by broad-based declines across business segments. EBITDA margin contracted by […]
Nestle Nigeria Plc Q2-25 Update: Stronger Cash Flow Supports TP Upgrade
August 14, 2025/Cordros Report We update our view and estimates for Nestle Nigeria Plc (NESTLE) after a solid H1-25 showing. While heightened price sensitivity and downtrading pressured volumes, effective price increases between H1-24 and Q1-25 preserved margins, offsetting the 2.9% q/q revenue decline in Q2-25. For the rest of 2025E, […]
