Following the release of its H1'22 unaudited results and subsequent conversations with management, we raise our earnings forecast for FY'22 to N24.1 billion (vs N20.1 billion). Our PAT adjustments reflect projected volume increases and sustenance of higher CPO prices on the back of parallel market FX weaknesses. These adjustments resulted in an increase in our 12-month target price (TP) to N223.25 (N183.22 previously) and a HOLD rating on the counter. ...
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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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