UZEE STOCKS UPDATE LTD | UZEE INVEST | BN: 8288457 📲 WhatsApp: wa.me/2348033481247 📢 WhatsApp Channel: whatsapp.com/channel/0029VbC… 🌐 Website: uzeeinvest.ng 📚 Investment Training: nestuge.me/uzeestocksupdate 📘 The Nigerian Investor's Blueprint (Vol. 1): selar.com/f73m50v345 ▶️ YouTube: youtube.com/@uzeestocksupdat… 📌 Pinterest: pin.it/5fyLyvAlB 𝕏: @uzeeupdate | @updateuzee Fundamentals first. Always. We look before we leap. Build wealth with clarity. Not guesswork.

📡 MTN NIGERIA (MTNN): BUY, HOLD OR WAIT? Price: ~₦848 🎯 Fair value: ₦950–₦1,050 📌 Verdict: 🟢 BUY I ran MTNN through my FQVDM framework. Here’s what matters 👇 F — FUNDAMENTALS 🟢 H1 2026: • Revenue: ₦2.99T (+25.9%) • EBITDA: ₦1.67T (+39.2%) • PAT: ₦707.5B (+70.6%) • EPS: ₦33.76 (+70.6%) • FCF: ₦712.7B (+73.9%) • EBITDA margin: 55.9% Subscriber base: 92.2M Active data users: 55.7M This isn't just top-line growth. Profitability + margins + cash flow are improving. Q — QUALITY 🟢 MTN's moat goes beyond its brand. It's: Network + spectrum + infrastructure + distribution + scale + customer base. Data revenue grew 38.4%. That's a powerful structural growth driver. V — VALUATION 🟡 At ~₦848: P/E: ~12.7x EV/EBITDA: ~6.3x FCF yield: ~10.5% Not dirt cheap. Not expensive enough to dismiss. The price matters. That's why I see BUY, not Strong Buy. D — DIVIDEND 🟢 H1 interim dividend: ₦26/share At ₦848 = ~3.1% interim yield. But the MTNN thesis isn't simply dividend income. It's earnings + FCF growth + shareholder returns. M — MOMENTUM 🟢/🟡 MTNN has already rerated significantly. ~+93% over 52 weeks. Bullish? Yes. Reason to chase? No. --- 🐂 BULL CASE If MTN sustains: 20%+ revenue growth + 50%+ EBITDA margins + strong FCF + data growth + improving fintech economics …the current valuation could still work. 🐻 BEAR CASE Watch: • Operating costs • Energy costs • Regulation • Consumer affordability • Capex requirements • Fintech execution • Valuation after the rally A positive net-cash position doesn't make the business risk-free. --- 🧮 FQVDM SCORE Fundamentals 🟢 Quality 🟢 Valuation 🟡 Dividend 🟢 Momentum 🟢/🟡 🎯 VERDICT: BUY Existing holder → HOLD / ADD ON WEAKNESS New investor → BUY GRADUALLY Aggressive investor → WAIT Chasing the rally → DON'T The question isn't: “Is MTN a good company?” It's: “Is MTN a good company AT ₦848?” That's investing. Not hype. Fundamentals First. Always. Want to learn how to analyse MTNN and other NGX stocks using FQVDM? "UZEE Invest" uzeeinvest.ng Disclaimer: Educational content only. Not financial or investment advice. The BUY/HOLD/SELL view is an analytical opinion based on available information and is not a guarantee of future performance. Investing involves risk, including possible loss of capital. Do your own research and consider your objectives and risk tolerance before investing.

📡 MTN NIGERIA (MTNN): FULL FQVDM RESEARCH NOTE Price: ~₦848 Verdict: 🟢 BUY Fair-value range: ~₦950–₦1,050 Upside to midpoint: ~18% Here's the thesis 👇 F — FUNDAMENTALS 🟢 H1 2026 was strong: • Revenue: ₦2.99T (+25.9%) • EBITDA: ₦1.67T (+39.2%) • EBITDA margin: 55.9% • PAT: ₦707.5B (+70.6%) • EPS: ₦33.76 (+70.6%) • FCF: ₦712.7B (+73.9%) Subscriber base reached 92.2M, while active data users reached 55.7M. That's not just revenue growth. Margins + earnings + cash flow are all moving in the right direction. Q — QUALITY 🟢 MTN has significant scale, network infrastructure, brand strength and customer reach. The strongest structural opportunity is data: Data revenue grew 38.4%, while network data traffic increased 25.8%. MTN also had 5.0M MoMo wallets, supporting its broader fintech opportunity. The moat isn't simply the brand. It's the combination of: Network + spectrum + distribution + customer base + infrastructure. V — VALUATION 🟡 At ~₦848: • Trailing P/E: ~12.7x • EV/EBITDA: ~6.3x • FCF yield: ~10.5% The valuation isn't screaming “cheap.” But it isn't obviously excessive either. The market is already pricing in a meaningful recovery. That's why I wouldn't call MTNN a Strong Buy at ₦848. Good business ≠ automatically cheap stock. D — DIVIDEND 🟢 MTNN approved an H1 2026 interim dividend of ₦26/share. At ~₦848, that's roughly a 3.1% interim yield, before considering any additional final dividend. But don't buy MTNN purely for the dividend. The bigger thesis is: Earnings + cash flow growth + shareholder returns. M — MOMENTUM 🟢/🟡 MTNN has already experienced a powerful rerating. Its 52-week performance is roughly +93%, with the share price above its 50-day and 200-day moving averages. That's bullish. But it also means chasing the rally increases entry risk. --- 🐂 THE BULL CASE If MTN sustains: **20%+ service-revenue growth + mid/high-50% EBITDA margins + strong FCF conversion + data growth + improving fintech economics** then the current valuation can still look reasonable. 🐻 THE BEAR CASE Don't ignore: • High operating costs • Energy-cost pressure • Customer affordability • Regulatory risk • Heavy network investment requirements • Fintech execution risk • Valuation risk after the rally MTNN reported a ₦116.3B positive net cash position at H1, but substantial lease liabilities remain. Deleveraged doesn't mean risk-free. --- 🧮 FQVDM SCORECARD Fundamentals: 🟢 Strong Quality: 🟢 Strong Valuation: 🟡 Fair Dividend: 🟢 Attractive Momentum: 🟢 Positive, but extended 🎯 FINAL VERDICT: BUY Not Strong Buy at ~₦848. Why? MTNN currently looks like a high-quality growth + income business at a reasonable valuation, but the stock has already rerated significantly. My preferred approach: 🟢 Existing shareholder → HOLD / ADD ON WEAKNESS 🟢 New investor → BUY GRADUALLY 🟡 Aggressive investor → WAIT FOR A BETTER ENTRY 🔴 Chasing a sharp rally → DON'T The next major catalyst is MTNN's Q3 2026 results. --- 🧠 THE BIG LESSON Don't ask: “Is MTN a good company?” Ask: “Is MTN a good company at THIS price?” That's the difference between company analysis and investment analysis. A great company can still be a bad investment at the wrong price. Fundamentals First. Always. Stay Invested. Learn how to analyse MTNN, GTCO, Dangote Cement, BUA Foods and other NGX stocks using FQVDM: "UZEE Invest" uzeeinvest.ng Disclaimer: This content is for educational and informational purposes only and does not constitute investment, financial, tax or legal advice. The BUY/HOLD/SELL framework represents an analytical view based on the information available at the time of publication, not a guarantee of future performance. Stocks can rise or fall, and you may lose part or all of your invested capital. Always conduct your own research and consider your risk tolerance and investment objectives before investing.

💰 If you had ₦500,000 to invest today, where would you put it? 🇺🇸 US Stocks 🇳🇬 NGX Stocks 🏦 Treasury Bills 🏢 Commercial Paper 🇳🇬 FGN Bonds Here’s how I’d think about it—not as a prediction, but as a risk-allocation exercise: 🇺🇸 US Stocks — ₦150k (30%) Long-term growth + currency diversification. Focus on quality businesses, not hype. 🇳🇬 NGX Stocks — ₦100k (20%) Potential capital appreciation + dividends. But analyse earnings, valuation and liquidity. 🏦 Treasury Bills — ₦125k (25%) Lower-risk, short-term fixed income for capital preservation and liquidity. 🇳🇬 FGN Bonds — ₦75k (15%) Longer-duration income and portfolio stability. 🏢 Commercial Paper — ₦50k (10%) Potentially attractive yield, but credit risk matters. Don't chase yield without understanding the issuer. The lesson? Don't ask: “Which investment will make me the most money?” Ask: “What combination gives me growth, income, liquidity and protection against concentration risk?” ₦500k doesn't need to make you rich overnight. It needs to help you build good investing habits. Start small. Study deeply. Compound patiently. What would YOUR ₦500k portfolio look like? 👇 Fundamentals First. Always. Stay Invested. Learn how to analyse investments: "UZEE Invest" uzeeinvest.ng

📊 How do you analyse a stock before buying it? Don't start with the share price. Start with the business. Use this checklist: 1️⃣ Fundamentals — Revenue, profit, EPS & cash flow 2️⃣ Quality — Moat, management, ROE/ROIC & competitive advantage 3️⃣ Valuation — P/E, P/B, PEG, EV/EBITDA & intrinsic value 4️⃣ Dividend — Yield, payout & sustainability 5️⃣ Momentum — Price trend, volume & market sentiment Then ask: 🐂 What could make the company outperform? 🐻 What could break the investment thesis? A stock isn't just a ticker. You're buying a piece of a business. Understand the business before you buy the shares. Fundamentals First. Always. Stay Invested. Learn stock analysis: "UZEE Invest" uzeeinvest.ng

🐂 GTCO: Bulls vs Bears — FQVDM breakdown Before you buy GTCO, understand both sides of the argument. F — Fundamentals 🐂 Strong profitability, capital generation and a valuable banking franchise. 🐻 Earnings remain exposed to Nigeria’s macro environment, interest rates and credit risk. Q — Quality 🐂 Strong brand, scale and diversified financial-services platform. 🐻 Banking quality can deteriorate quickly if asset quality or underwriting weakens. V — Valuation 🐂 If earnings growth continues and the market undervalues its fundamentals, upside remains. 🐻 A great bank can still be a bad investment if you overpay. D — Dividend 🐂 GTCO has historically rewarded shareholders with dividends. 🐻 Don't buy solely for yield—sustainability matters more than one attractive payout. M — Momentum 🐂 Positive earnings surprises and improving investor sentiment can drive rerating. 🐻 Momentum can reverse quickly when macro conditions or sentiment change. ⚖️ THE VERDICT GTCO deserves research—not blind buying. The real question isn't: “Is GTCO a good bank?” It's: “Is GTCO's current market price attractive relative to its future earnings, cash generation, risks and growth?” That's where FQVDM separates investing from speculation. Fundamentals First. Always. Stay Invested. Learn how to analyse stocks: "UZEE Invest" uzeeinvest.ng

🇳🇬 Nigerian companies a Warren Buffett-style investor would STUDY before buying. Not because Buffett would automatically buy them. Because they have characteristics worth investigating: • GTCO — strong franchise + capital generation • Zenith Bank — scale + profitability • Dangote Cement — dominant market position • BUA Foods — essential products + growth • Seplat Energy — cash generation + energy exposure • Presco — agricultural assets + pricing power • MTN Nigeria — scale + recurring demand • Nestlé Nigeria — powerful consumer brand But here's the Buffett lesson: A great company is not automatically a great investment. You still need to examine: 📌 Earnings quality 📌 Free cash flow 📌 Debt 📌 ROE/ROIC 📌 Competitive moat 📌 Management 📌 Valuation 📌 Dividend sustainability Great business + sensible price + patience = where the real work begins. Don't ask: “What stock should I buy?” Ask: “What business would I be comfortable owning for 10 years—and at what price?” Fundamentals First. Always. Stay Invested. Learn to analyse stocks: "UZEE Invest" uzeeinvest.ng

🌍 Global investing knowledge, explained through the Nigerian lens. 🇳🇬 The stock market is global. But your understanding should be practical. From NGX to NYSE & NASDAQ, learn how to: • Read financial statements • Analyse companies fundamentally • Understand valuation • Compare stocks, ETFs & fixed income • Manage risk and build a smarter portfolio • Invest with conviction—not hype or FOMO Understand → Innerstand → Overstand → Become Outstanding. Fundamentals First. Always. Stay Invested. Learn more: "UZEE Invest" uzeeinvest.ng

🇳🇬 NIGERIA MARKET UPDATE — 8 OCTOBER 2026 Several developments today could matter to Nigerian investors: 🏭 Dangote Refinery IPO ~$300m of the $1.6bn IPO has reportedly been opened to eligible East African investors through GDRs on the Nairobi Securities Exchange. 📉 Multi-Trex Revenue surged to ₦3.61bn, but a ₦615m net loss shows the difference between growing sales and generating profits. 📱 MTN Nigeria An executive sold 25,000 shares worth ~₦20.48m. Insider transactions deserve context—they are not automatically bullish or bearish signals. 💰 Banks & CBN Banks reduced SDF placements by ~₦941.9bn to ₦3.76tn. Liquidity movements can offer clues about where money is flowing across the financial system. 🛢️ Oil & Gas NUPRC has recovered 50+ fallow oil fields under its “drill-or-drop” policy—potentially important for future production and investment. ⚡ Renewable Energy REA and Stanbic IBTC announced a ₦100bn financing facility for renewable-energy developers. 🌍 Global markets Oil climbed above $100 as Middle East supply concerns intensified, while gold recovered as the dollar weakened. And here’s the bigger lesson: Revenue is not profit. A catalyst is not a thesis. A headline is not a valuation. Before investing, ask: → Is the business growing profitably? → Is cash flow improving? → Is debt manageable? → What is the valuation? → What could invalidate the investment thesis? Fundamentals First. Always. Stay Invested. Learn how to analyse Nigerian & U.S. investments with clarity—not guesswork.

🚨 WALL STREET TOMORROW: 5 CATALYSTS TO WATCH The market isn’t short of volatility. The question is whether you understand what is driving it. Here’s what matters: 📊 PEPSICO — Q3 earnings Investors will watch EPS, revenue and especially organic volume growth. Can consumers absorb higher prices? 👷 JOBLESS CLAIMS Consensus: ~200K. A major upside surprise could revive concerns about labor-market weakness and influence Fed expectations. 🏦 FED SPEECH Christopher Waller’s comments could move rate-sensitive assets if he signals anything about inflation, growth or future policy. 💵 30-YEAR TREASURY AUCTION Weak demand → potentially higher long-term yields → more pressure on high-duration growth and tech stocks. 📈 0DTE OPTIONS Yes, they can provide defined maximum loss when buying options. But don’t confuse “defined risk” with “low risk.” 0DTE options decay extremely fast, and leverage can turn a small market move into a large loss just as quickly as a gain. The bigger lesson: Catalysts create opportunities. They also create traps. Before trading the headline, understand: → What is expected? → What would surprise the market? → How is valuation positioned? → What happens if the thesis is wrong? Don’t chase volatility. Understand it. Fundamentals First. Always. Stay Invested. Learn to analyse markets and investments with clarity.

🚨 NGX INVESTORS: 8 NEW STOCK INSIGHTS JUST DROPPED Simply Wall St’s latest update highlights several Nigerian stocks worth putting under the microscope: 🔹 CWG — Revenue and cash flow improving, but margins are under pressure. 🔹 GTCO — Core lending income is stronger, but weaker non-interest revenue and higher costs are weighing on profitability. 🔹 UACN — Divesting its majority stake in Livestock Feeds could free capital for other growth opportunities. 🔹 LIVESTOCK — Proposed new ownership could reshape its supply chain and growth prospects. 🔹 STANBIC — Strong trading and fee income, but funding costs and expenses remain key watch points. 🔹 AIRTELAFRI — Starlink satellite-to-mobile expansion creates a new growth avenue, but execution matters. 🔹 MTNN — Moving beyond telecom into AI-ready data centres and digital infrastructure. 🔹 FIDSON — New generic-drug manufacturing opportunity could open additional markets. But here's the important part: A “fair value” estimate is NOT a Buy signal. Before buying any stock, ask: 📌 Are earnings growing? 📌 Is cash flow improving? 📌 Is debt manageable? 📌 Is the business quality strong? 📌 Is the valuation attractive? 📌 What could invalidate the investment thesis? Fundamentals First. Always. Don't buy the story. Understand the business behind the stock. Learn how to analyse Nigerian & U.S. stocks with clarity: 🌐 "UZEE Invest" uzeeinvest.ng #NGX #NigerianStocks #Investing #GTCO #CWG #MTNN #AirtelAfrica #STANBIC #UACN #FinancialLiteracy

🇳🇬 If Warren Buffett were Nigerian, which stocks might catch his attention? Not because they are “hot.” Not because someone shouted BUY! But because Buffett looks for great businesses at sensible prices. His checklist: ✅ Durable competitive advantage ✅ Consistent earnings ✅ Strong returns on capital ✅ Low/prudent debt ✅ Trustworthy management ✅ Predictable economics ✅ Attractive valuation So, on the NGX, companies such as: GTCO — banking franchise & capital allocation DANGCEM — scale, pricing power & strong cash generation ZENITHBANK — franchise strength & profitability SEPLAT — energy assets & cash generation PRESCO — integrated agribusiness & long-term demand could make a Buffett-style watchlist. But here's the lesson: A great company is not automatically a great investment. Price matters. The real question isn't: «“Is this a good company?”» It's: «“What am I paying for this business, and what return can that price reasonably deliver?”» That is the difference between stock picking and investing. Want to learn how to invest like a pro? Visit UZEE Invest → uzeeinvest.ng Fundamentals First. Always. Stay Invested.

5 market signals worth watching right now: 🏠 Housing: Mortgage demand remains weak as 7.5% rates keep potential buyers on the sidelines. 🔥 Inflation: U.S. consumers’ 1-year inflation expectations rose to 3.9% in September, the highest in more than 3 years. 🛡️ Defense: Investor sentiment toward defense stocks is near a 10-year low—but sentiment alone isn't a reliable timing signal. 🤖 Mag 7: Goldman Sachs data shows hedge-fund net exposure to the Magnificent 7 near 22% of total U.S. exposure, the highest since tracking began in 2022. 📈 S&P 500: Historically, when the S&P 500 records at least one new closing high in October, Q4 has averaged a 4.74% gain since 1950, versus 3.99% in other years. The lesson: One indicator rarely tells the whole story. Watch rates + inflation + positioning + earnings + valuation together. Fundamentals First. Always. Stay Invested. uzeeinvest.ng

The company that grades diamonds — and barely anyone talks about it. 💎 It doesn’t mine diamonds. It doesn’t cut them. It doesn’t sell jewellery. It certifies them. And that simple position in the value chain can create a powerful moat. The company reportedly has: • ~50% share of India’s diamond-certification market • ~⅓ of global certification revenue • A leading position in lab-grown diamond certification • Very low leverage • ROCE above 45% • A highly capital-light business model Q1 FY27: Revenue: ₹370.8Cr (+23% YoY) EBITDA: ₹223.8Cr (+29%) EBITDA margin: ~60% PAT: ₹165.7Cr (+31%) But here's the part investors shouldn't ignore: Great business ≠ automatically great stock. The company changed its financial year, and some historical growth comparisons aren't apples-to-apples. Acquisition-driven growth also needs to be separated from organic growth. The real question is: How much of this moat is already priced into the stock? Fundamentals first. Valuation second. Never buy a great business blindly. uzeeinvest.ng

Introversion is not loneliness. Humility is not self-doubt. Silence is not ignorance. Authority is not influence. Kindness is not weakness. Generosity is not loyalty. Wealth is not health. Privilege is not entitlement. Calmness is not acceptance. Appearance is not happiness. Never mistake what you can see for what someone is experiencing. People are deeper than the labels we give them.

Charlie Munger had a brilliant way of explaining envy: «“It was the only one of the sins that you could never have any fun at.”» Warren Buffett put it even more simply: «“Envy is such a counterproductive kind of thing.”» Think about it. Someone else’s success doesn't reduce your potential. Their wealth doesn't increase your poverty. Their progress doesn't stop yours. Envy makes you study someone else’s scoreboard instead of improving your own. Focus on building. Learn. Invest. Compound. Your only useful competition is with the person you can become. Fundamentals First. Always. Stay Invested. uzeeinvest.ng

Markets don’t move on headlines alone. They move on expectations. As investors assess the latest U.S. market signals, keep an eye on: 📊 Earnings & forward guidance 💰 Interest rates & bond yields 🤖 AI-driven capital spending 🛢️ Energy prices 📈 Mega-cap positioning 🌎 Global macro risks The key question isn't simply “What happened today?” It’s: “What has the market already priced in?” That distinction separates reacting to markets from actually understanding them. Fundamentals First. Always. Stay Invested. uzeeinvest.ng

The company that grades diamonds — and barely anyone talks about it. 💎 It doesn’t mine diamonds. It doesn’t cut them. It doesn’t sell jewellery. It certifies them. And that simple position in the value chain can create a powerful moat. The company reportedly has: • ~50% share of India’s diamond-certification market • ~⅓ of global certification revenue • A leading position in lab-grown diamond certification • Very low leverage • ROCE above 45% • A highly capital-light business model Q1 FY27: Revenue: ₹370.8Cr (+23% YoY) EBITDA: ₹223.8Cr (+29%) EBITDA margin: ~60% PAT: ₹165.7Cr (+31%) But here's the part investors shouldn't ignore: Great business ≠ automatically great stock. The company changed its financial year, and some historical growth comparisons aren't apples-to-apples. Acquisition-driven growth also needs to be separated from organic growth. The real question is: How much of this moat is already priced into the stock? Fundamentals first. Valuation second. Never buy a great business blindly. uzeeinvest.ng

5 market signals worth watching right now: 🏠 Housing: Mortgage demand remains weak as 7.5% rates keep potential buyers on the sidelines. 🔥 Inflation: U.S. consumers’ 1-year inflation expectations rose to 3.9% in September, the highest in more than 3 years. 🛡️ Defense: Investor sentiment toward defense stocks is near a 10-year low—but sentiment alone isn't a reliable timing signal. 🤖 Mag 7: Goldman Sachs data shows hedge-fund net exposure to the Magnificent 7 near 22% of total U.S. exposure, the highest since tracking began in 2022. 📈 S&P 500: Historically, when the S&P 500 records at least one new closing high in October, Q4 has averaged a 4.74% gain since 1950, versus 3.99% in other years. The lesson: One indicator rarely tells the whole story. Watch rates + inflation + positioning + earnings + valuation together. Fundamentals First. Always. Stay Invested. uzeeinvest.ng