Our outlook for Seplat Energy Plc (NGX: SEPLAT) remains positive, underpinned by expectations of stronger working interest (WI) production across SEPLAT Onshore and SEPNU assets. In H1'25, SEPLAT delivered a 231.5% YoY revenue surge, buoyed by WI volumes despite oil price volatility. In this report, we incorporate the company's post-acquisition strategic initiatives, which we expect to further strengthen growth across both liquid and gas production. Updates to our model result in an upward revision of our Target Price (TP) to N8,297.63 (vs. N8,185.26 previously).
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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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