We maintain our optimism on WAPCO and forecast a price induced margin expansion to 22.3% (+1.1 ppts YoY). In our view, WAPCO has been playing within a sellers' market since H2'20, a period that has been characterised by relatively inelastic demand response to price changes. As a result, margins continue to expand despite a high inflationary environment.
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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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