Following the release of H1'22 financials and subsequent conversations with management, we lower our EBIT expectations for DANGCEM across our forecast horizon. Specifically, we now expect an average EBIT of N737.7 billion over the next five years (vs N899.5 billion previously). Our cautious position primarily reflects the cumulative impact of higher energy prices and expected temperance in the pace of cement price increases as competition intensifies. We have a new 12-month target price (TP) of N322.58 (vs N349.76 previously).
Download (407.53 KB)
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.
Latest Reports
