We expect the strong top-line growth witnessed in FY’21 (22.9%YoY) to subsist in the current financial year, with data revenues likely to remain the key driver. Specifically, data is likely to outperform other revenue sources like voice with a 45.0% YoY out-turn on the impact of increasing penetration. Voice revenue is expected to grow by a tamer 6.0%, supported by the growing subscriber base and increased network penetration.
All in, we expect top-line growth of 18.9% in FY’22E. In our view, the key themes to watch out for in 2022 are as shown below:
Download (345.02 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
