Nigerian Breweries Plc ("NB") has experienced a strong rebound in performance, with EPS recovering to N2.85 in H1'25 (from a loss of N8.28 in H1'24). The turnaround underscores the impact of price adjustments and ongoing cost optimisation efforts. These operational improvements, combined with a derisked balance sheet, suggest a more positive outlook for the company. Consequently, we revised our Target Price ("TP") to N80.62/share and now have a BUY rating on the ticker.
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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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