We revise our CPO and RBDO production forecasts for FY'23 to 62,500 tons and 65,000 tons, respectively (vs 52,813 tons and 55,943 in 2022 and 66,211 tons and 61,228 tons in previous projections). The company's output will likely be supported by the continued ramp-up in production at the acquired SIAT Nigeria Ltd, which increased the oil palm area planted by 15,000 hectares and boosted matured areas by 40.1% late last year. Overall, we forecast revenue 13.4% higher in FY'23 at N92.85 billion, with EPS likely to grow 45.7% YoY to N18.99 per share.
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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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