May 8, 2025/CMC Connect LLP Accelerating growth and sequential margin expansion during the year supports strong operating and financial momentum Operating highlights Our total customer base grew[1]by 8.7% to 166.1 million, with our focus on digital inclusion supporting a 4.3% increase in smartphone penetration to 44.8%. Data customers increased by […]

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 […]

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 […]