Lafarge Africa Plc. 9M:2025 Earnings Note | Driving Profits Through Energy Transition and Operational Efficiency
Lafarge Africa Plc (WAPCO) delivered a solid 9M:2025 performance, supported by volume growth, pricing strength, and energy efficiency gains. Revenue rose 62.77% YoY to NGN780.49bn, while gross margin expanded to 58.44%. Profit before tax and profit after tax grew 232.14% and 245.86% YoY to NGN313.29bn and NGN207.78bn, respectively, with EPS at NGN12.90. ROE and ROA stood at 44.02% and 26.99%, reflecting strong capital efficiency.We retain our target price of NGN192.86 and a STRONG BUY rating, implying a 33.01% upside from the closing price of NGN145.00 on October 24, 2025. Our valuation is based on a blended approach, combining a discounted cash flow model with relative valuation using forward P/E and EV/EBITDA multiples of 15.58x and 9.16x, respectively, applied to our 2025FY earnings forecast.
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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