August 14, 2025/United Capital Report Equities Market Summary Today, the Nigerian Stock Exchange Market closed on a negative note following share price depreciation in DANGSUGA (-7.89%) and TRANSCOR (-2.34%). As a result, the benchmark All-Share Index (NGX-ASI) fell by 0.34% to close at 145,367.03 points. Year to date returns remained […]
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Airtel Africa Plc Q1-26 Update: Robust Earnings Outlook Drives Target Price Upgrade
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 […]
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 […]
