Alfalytics

E ri pe adojutini l'omo to'n pe ni Cadbury yi. L'aduri gbogbo etutu ti mo shey! A poor outing from Cadbury Nigeria PLC. Revenue was up by just 7% y/y - thanks to strong sales from Tom Tom and the likes. Gross margin and other profit margins are down. Working capital was under pressure in Q1 as usual (more of a seasonal thing though), but it was better than last year's Q1. I had hoped that lower global cocoa prices would mean something for gross margins, but it appears that other input costs (e.g., sugar, milk powder, and packaging materials) rose. Also, manufacturers often carry 3 to 6 months of inventory, so the cocoa they processed in Q1 2026 may well have been bought when prices were still elevated. There might be a lag, but we will see in Q2 and Q3. The sharp rise in sales and marketing expenses suggests Cadbury is in an aggressive defensive or market-share posture, possibly responding to competitive pressure from Nestlé, Promasidor, or even informal competition. We'd see in Q2.

Lafarge is currently the fastest-growing cement manufacturer in Nigeria. Look at the numbers. See the insane impact of operating leverage. 45% EBITDA margin. 31% profit margin. 235% return on invested capital. ₦440bn cash (30% of total assets). FFS! How are they winning? See here: x.com/rufyb/status/1… And here: x.com/rufyb/status/1… P/E looks like 14x, and EV/EBITDA is 8.5x. This one still has something in it to smoke o.

Say this one no go still enter ₦1k se, e go hard. MTNN enjoyed full pricing and operating leverage benefits.

@CountofIkoyi @MudiTheInvestor Stop playing jor

@MudiTheInvestor UACN MTN ARADEL WAPCO The list goes on

Attention Newbies! Keep your eyes open. A lot of the top performing stocks are currently overpriced, so don’t get lured in by what you see on social media. Do your own research. Be watchful.

@StockmanNigeria Why skip WAPCO?

UPCOMING #DIVIDEND PAYMENTS Nig. Exchange Group to pay a dividend of N2.00k Today!! ========== -Nig. Exchange Group to pay a dividend of N2.00k on, Wednesday, 29th April, 2026. -Geregu Power Plc will pay a dividend of N9.00k on, Thursday, 30th April, 2026. -The Initiates Plc to pay a dividend of N0.30k on, Monday, 4th May, 2026. -MTN Nig. Communication Plc to pay a dividend of N15.00k on, Tuesday, 5th May, 2026. -Zenith Bank Plc to pay a dividend of N8.75k on, Tuesday, 5th May, 2026. -Unilever Nig. Plc to pay a dividend of N3.25k on, Friday, 8th May, 2026. -Custodian Investment Plc to pay a dividend of N2.50k on, Friday, 8th May, 2026. -Transnational Corporation Plc to pay a dividend of N1.60k on, Friday, 8th May, 2026.

Nascon releases Q1 2026... They too dropped this after crediting our accounts with dividends. ✑ Revenue down by 6% ✑ Cost of sales down by 21% ✑ Gross profit up by 14% Interesting. Nascon operates in three broad regions - North, West, and East; but it is concentrated in the North (two-thirds of revenue). Revenue in the Northern market declined by 7%. Revenue in the Western market also declined by 14%. In the Eastern market, revenue grew by 42%. Therefore, the weakness is broad-based across their two largest geographies, which suggests a demand or pricing issue. When I looked at the cost of sales breakdown and saw a 24% decline in raw materials costs (a steeper decline than revenue), I got the gist that production volumes likely declined significantly. If it were a pricing issue, I'd expect raw materials costs to stay flat. Hence, the steeper decline in raw materials costs relative to revenue suggests to me that they produced and sold less salt this quarter. The possible explanations that come to mind include: - A base effect after the FX-driven price increases that flowed through the FMCG space. - The broader Nigerian consumer is under pressure, and salt, while a staple, is not immune to down-trading or substitution toward cheaper unbranded alternatives (and the producers of these alternatives are now back in the market since FX is now stable). - Nascon may have deliberately pulled back on lower-margin industrial salt sales to focus on higher-margin consumer salt (and this perhaps explains why gross margin expanded to 52% from 48%). I am also looking at the balance sheet. Receivables spiked, and that is another pointer that they are sitting on a lot of working capital (typical when you sell staples to B2C). Nascon appears to be running a margin-led strategy, taking less volume but better unit economics. We'd see in Q2. Current valuation looks like a 14x P/E and 9x EV/EBITDA. But return on invested capital (ROIC) is well above 100% Hmm.

During the meeting today, over 200 of us voted in favour of a ₦6 dividend and somehow, two mysterious individuals voted against it. I was like, “who are these ones?” 😂

Earlier today, I attended my first-ever shareholders’ Annual General Meeting right from Ifon market, while pricing fufu 11 for 1k. 😂

@I_Am_DeOmoluabi @contentmints @BenYousef_E Absolutely

Is this considered "Gambling" under Islamic jurisprudence? @contentmints @BenYousef_E 🙏🏼

Unilever Nigeria Plc just dropped its Q1 2026 numbers… and they’re looking solid Pre-tax profit hit ₦13.4bn (up from ₦10.7bn last year) while revenue jumped nearly 26% to ₦59.1bn — driven majorly by food, personal care, and beauty sales. Even the market reacted fast, the stock popped 10% after the results. But here’s the real question… is this growth sustainable or just early-year momentum? 🤔 Watch till the end to see what it means for investors.

@RidwanuLlah After I watched this film, I was just shouting heeba throughout that day. 😂 Very hilarious.

I was literally saying the “heeba” with him at intervals. Legendary scene 🤣

Once you make your first real return from an investment, something changes in your head permanently. Every time you’re about to spend money, you start thinking “this could be making me more money instead.” Spending starts feeling like losing. That shift is when you stop being a consumer and start being an investor. And once it happens, it never goes back.

One thing so many non-Yorubas don’t understand about Yoruba people is that we can decide to be Eebu-dọla and turn your insult to a flex. We will turn around your insult, render it with meaningless, redress it and wear it as a badge of pride. Many people were not here when ‘Yoruba Demon’ was first coined. Its initial use was negative, then boys began wearing it as a thing of pride. The same with “bigot” 3-4byears ago, people were afraid of being called that, and it was weaponized to silence our people. Today, nobody dey even care again. Call them bigot, dem go just laugh.

@damigreat @BashirElRufai Uwc

@alfalytics @BashirElRufai Really? Thank you for the correction 🙏

This is coming from individuals like you praising the most useless coastal road project in Nigerian history. Hilarious

@damigreat @BashirElRufai Na the senior be rep member. This one is.... I don't know, e sha dey somewhere.

@BashirElRufai No wonder. The so-called elites in the North are very wicked, selfish & callous. If a member of HoR can reason like this, then it's a pointer that his constituents are in trouble. It's so much easier to spot the emptiness of his brain. Fixing 9ja go long o...

4 years later the myrmidons have learnt zero lessons. A terrible thing to be without the capacity to learn anything.

Nothing concern that one with CIVIC EDUCATION! Nothing at all. Blokus

@olumidecapital I really like how careful and conservative you are when it comes to money and your views.

I won't sell a shirt for any financial asset, because nothing is certain except God . Real Wealth is built with process and patience

@raw_sunday Could you please explain what this markdown in the market actually means? I've been seeing it since yesterday.

The stock market might likely close BEARISH today because of too much STOCKS MARKDOWN for DIVIDEND today

Nobody talks about the emotional weight of being the higher earner in a relationship. The silent pressure to provide, the fear of it being used against you, the need to still feel like a team. #EverydayMoneyMatters