Independent equity research and valuation projects.

Each project looks at the business model and how it generates revenue, industry and the underlying risks embedded in it, then financials and valuation before forming an investment view.

Project 01

HBM Nigeria Plc Equity Research Report

Published: 25 August 2026

Industrial Goods | Cement Manufacturing

A full initiation-style coverage report on HBMNG Plc, covering the business and sector overview, financial statement analysis, and its valuation. It is built to reach a defensible view on whether the stock is fairly priced.

Recommendation

SELL ₦264.20 -20.9%

This was a case of a good business trading at a high valuation. The company is structurally strong and financially stable. However, at its market price as of 13 August 2026, the stock appears overpriced.

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Project 02

Nestlé Nigeria Plc Equity Research Report

Published: 30 June 2026

Consumer Goods | Foods & Beverages

A full initiation-style coverage report on Nestlé Nigeria, covering the business and sector overview, financial statement analysis, and its valuation. It is built to reach a defensible view on whether the stock is fairly priced.

Recommendation

HOLD ₦2,949 -5.63%

Continued operational improvements support earnings growth. However, downside risks from currency volatility, input cost pressures and consumer weakness justify a neutral recommendation.

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