DANGCEM | Dangote Cement Company Update : Beneath the speculative allure lies value

Dangote Cement Plc (DANGCEM) commenced 2023 with a bang, exciting market watchers with prospects of more near-term rewards. Indeed, given the company's lean free float (c.12.3%) and concentrated ownership, a share buyback plan was always going to excite markets. In our view, the renewed interest in the ticker may have also been inspired by experiences from the previous tranches of the programme, wherein the buybacks were executed at multi-year high prices (albeit at the market). However, there is no guarantee that events will play out the same way this time as investors await further details on the timing and terms of the share buyback, which, per SEC directive, would have to be executed before the 12th of December 2023.


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CardinalStone is a full service investment banking firm with a vision to build a world class investment banking firm of African origin; operating out of Lagos, Nigeria. The firm was incorporated in April 2008 and began operations in June 2008. CardinalStone is duly registered with the Securities & Exchange Commission in Nigeria to carry on business as an Issuing House, Fund Manager and Broker/Dealer The Firm's activities are carried out across five business units: Asset Management, Investment Banking, Private Equity, Securities Trading and the Business Support Group.
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