The coverage directory
Follow the company. Test the thesis. Published company coverage, organised around the latest research file. Prices and valuation ranges inside reports are dated snapshots, never live quotes.
Energy ARADEL
Scale and cash have arrived. The remaining question is how much survives finance costs, tax, capex and minority interests for ordinary shareholders.
Latest research Aradel: The Little Oil Company Has Acquired an Empire 22 August 2026 · 12 min read
Open company file → Consumer goods CHAMPION
Revenue has grown sharply, while debt, dilution and finance costs remain central to the shareholder case.
Latest research Champion Breweries: Beer, Bullet and the Morning After 2 August 2026 · 11 min read
Open company file → Energy DANGREF
A major industrial asset whose minority value depends on debt, uptime, governance and the price eventually paid.
Latest research Dangote Refinery IPO: Three Valuations Before Shift Change 10 September 2026 · 10 min read
Open company file → Banking FIRSTHOLDCO
A cleaner bank after recapitalisation, with the legacy loan book and ownership reshuffle still part of the thesis.
Latest research First HoldCo: The Old Bank, the New Money and the Shareholder Waiting Room 10 August 2026 · 11 min read
Open company file → Banking GTCO
Cheap deposits, formidable capital and rare institutional restraint. The remaining argument is price.
Latest research GTCO: The Bank That Keeps Its Shirt Buttoned 2 August 2026 · 8 min read
Open company file → Consumer goods HONYFLOUR
Demand is dependable. The shareholder economics still need kneading.
Latest research HONYFLOUR: Man Must Wack 2 August 2026 · 6 min read
Open company file → Telecommunications MTNN
Data demand and a repaired balance sheet support the case. Energy costs and capex decide how much growth reaches shareholders.
Latest research MTN Nigeria: The Data Is Flying. The Generator Has Sent Its Invoice. 28 August 2026 · 15 min read
Open company file → Agriculture PRESCO
An integrated palm-oil franchise with strong cash generation. The remaining argument is whether the price already knows.
Latest research Presco: The Plantation Is Excellent. The Price Has Heard. 10 August 2026 · 9 min read
Open company file → Consumer goods PZ
The rebound is real enough to underwrite. Sustainability, valuation and the parent-listing structure still matter.
Latest research PZ Nigeria: The Soap Has Stopped Slipping 1 September 2026 · 19 min read
Open company file → Energy SEPLAT
Dollar earnings, additional scale and lower leverage improve the franchise. Valuation and capital allocation still matter.
Latest research Seplat Energy: Excellent Company, Demanding Price 2 August 2026 · 3 min read
Open company file → Banking STANBIC
Quality is evident. Quality still needs a price.
Latest research Stanbic IBTC: quality still needs a price 28 August 2026 · 4 min read
Open company file → Hospitality TANTALIZER
The restaurants are recovering, while the market is already paying for a wider diversification story.
Latest research Tantalizers: The Old Man, the Sea and a Rather Expensive Plate of Jollof 2 August 2026 · 9 min read
Open company file → Banking UBA
A formidable deposit franchise and continental reach, offset by asset-quality, cost and capital-efficiency questions.
Latest research UBA: A Fine African Franchise, Carrying More Luggage Than It Admits 2 August 2026 · 8 min read
Open company file → Insurance UNIVINSURE
Regulatory risk, governance discipline and the quality of the operating franchise sit at the centre of the case.
Latest research Universal Insurance: The Risk That Wasn’t Insured 28 August 2026 · 15 min read
Open company file → Financials VFDGROUP
Profit has recovered. Per-share compounding, financing drag and the moat still need proving.
Latest research VFD Group: Berkshire Ambition, Lagos Financing 2 August 2026 · 7 min read
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