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Investor Memo: Seven Times Earnings — What the Dangote Refinery's Nine-Month Numbers Say About the ₦525 Share Price

Nine months, $4.73 billion of net profit and a $650 million net cash pile. At ₦525 a share the Dangote refinery is priced at roughly seven and a half times its annualised earnings. Why the multiple is so low, what could justify it, and what to check before October 27.

,   and  Mfonobong Nsehe
6 min read
Investor Memo: Seven Times Earnings — What the Dangote Refinery's Nine-Month Numbers Say About the ₦525 Share Price

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Investor Memo: The Doubling — Dangote Group Is on Course to Take Revenue From $18 Billion to $36 Billion in a Single Year, and the Cement Arm Is Funding Its Own Expansion
Investor Memo

Investor Memo: The Doubling — Dangote Group Is on Course to Take Revenue From $18 Billion to $36 Billion in a Single Year, and the Cement Arm Is Funding Its Own Expansion

Dangote Group says revenue hit about $17 billion in the first half and is on track to double to $36 billion for the year, from $18 billion in 2025. What the number is made of, why funding 25 million tonnes of cement from cash flow matters more, and what would tell you it holds.

,   and  Mfonobong Nsehe
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