Equity Research
Research
Initiation notes and thematic pieces on listed and private companies, built from their published accounts.
- Seplat Energy: Initiation of Coverage A three-statement model, DCF and peer multiples, with the key risks to the call set out.
- Two Eras at the CBN: Emefiele and Cardoso in Numbers Rates, inflation, FX and reserves compared across both governorships.
- Nigerian Fintech: How the Models Make Money Payments and lending economics, and what they mean for valuation.