Following the company's Q1'24 performance, we raise our target price slightly to N42.24, maintaining a BUY rating on the ticker. Our revision stems from an increase in volumes due to the expected rebound in construction activities and elevated cement prices (higher than the industry average) which will drive a strong top-line performance. Nevertheless, we note the impact of FX losses from Letters of Credit (LCs) and the higher-than-average effective tax rate on the company's bottom line.
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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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