May 7, 2025/Cordros Report In this report, we present our outlook for NESTLE for 2025E, following a stronger than expected Q1-25 performance, characterized by lower cost and operating margins. We like that NESTLE was able to bring down its cost-to-sales ratio by 13.86ppts to 59.4% in Q1-25 (Q1-24: 73.3%). This […]
Results & Dividends
Lafarge Africa Plc Q1-25 Update 2025E: We Affirm Our Rating
May 7, 2025/Cordros Report We update our outlook and estimates for Lafarge Africa Plc (WAPCO) for 2025E following a strong performance in Q1-25. During the period, WAPCO reported an impressive 80.3% y/y revenue growth, driven by a favorable price-volume mix, which resulted in an 8.37x y/y increase in EPS to […]
BUA Cement Plc Q1-25 Update: Strong Earnings Outlook Drives Rating Upgrade
May 7, 2025/Cordros Report We update our views on BUACEMENT in this report, accounting for the impressive performance in the first quarter of 2025. BUACEMENT’s revenue surged by 80.5% y/y in Q1-25, which we believe was primarily driven by higher pricing. The robust revenue growth, slower cost escalation (+31.2% y/y), […]
