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Hight dividend yield (fully franked) - niche market - potential to grow gross margin via its new Transform-U product range - solid financials - no debt - well managed - revenue somewhat stifled, but the margin growth will ensure growth in EPS and dividends into FY26 and beyond. Moderate MOAT.

2020年10月15日IPO价格25.7元招股上市，首日收盘价56元。 2022年第一期股权激励行权价：36.344元；第二期计划行权价27.20元； 2024年新规定：行权价前5个交易日平均收盘价9折，并且不得低于16.3元。

Summary: BUA Cement delivered a stellar financial performance in H1 2025, with revenue rising 59.4% YoY to ₦580.3 billion and PAT surging over 428% YoY to ₦180.9 billion. This growth reflects pricing power, improved volume uptake, and operational efficiency.

The Company MERKO EHITUS is an Estonian infrastructure and real estate development group operating mainly in Estonia and Lithuania and partially in Norway(until 2026) and Latvia. Solid economic growth and population growth could be an advantage for market leader Merko Ehitus.

Core of the earning of company comes from its thermal power plant in Zambia. It operates the only thermal plant in Zambia which account for around 9 percent of Zambia energy.

DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal Price to FCF value of 25

DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal Price to FCF value of 30

DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal Price to FCF value of 20

DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal Price to FCF value of 20