Research & Analysis
Institutional-grade research on Nigerian equities, frontier markets, currencies and global macro.
BlackRock built its dominance by becoming the world’s largest asset manager. Its next phase, however, is increasingly focused on businesses that look very different from traditional fund management. Infrastructure, private credit, data and investment technology could gradually make BlackRock’s earnings less dependent on public markets and significantly change how investors value the company.
ET&A Research · 24 August 2026
Dangote Refinery is often discussed as a solution to Nigeria’s dependence on imported fuel. Its larger significance may be elsewhere: changing where margins are earned, where foreign exchange is spent, how fuel moves around the country and whether Nigeria can finally capture more value from its own hydrocarbons.
ET&A Research · 17 August 2026
ASML occupies one of the strongest competitive positions in global industry. Its machines are indispensable to advanced semiconductor manufacturing, yet its exposure to chip investment cycles, geopolitics and rapidly changing technology makes the company considerably harder to value than the word “monopoly” might suggest.
ET&A Research · 17 August 2026
As generative AI reshapes how people search for information, Alphabet faces a delicate challenge: integrating AI deeply enough to defend Google’s dominance without undermining the advertising economics that made Search one of the most profitable businesses in the world.
ET&A Research · 17 August 2026
Coca-Cola has spent much of the post-pandemic period demonstrating exceptional pricing power, raising prices while preserving demand and expanding revenue. But as inflation normalises and consumers become more price-sensitive, the next phase of the investment case may depend less on charging more and more on selling more.
ET&A Research · 16 August 2026
CoreWeave delivered another quarter of exceptional revenue growth, a rapidly expanding backlog and stronger guidance. But the scale of investment required to support that growth remains equally extraordinary, keeping debt, interest costs and capital expenditure at the centre of the investment debate.
ET&A Research · 12 August 2026
Diageo is becoming leaner just as the global alcohol market is becoming more selective. Cost savings can protect margins, but restoring meaningful growth may require something harder: adapting some of the world’s best-known drinks brands to consumers who are changing what, when and how much they drink.
ET&A Research · 11 August 2026
Ethiopian Airlines’ success is not simply the result of operating aircraft. It reflects a long-term operating system built around internal capability, network scale, disciplined reinvestment and institutional continuity. Its experience offers lessons for African companies seeking to build durable businesses rather than merely achieve short periods of growth.
ET&A Research · 6 August 2026
Nike’s difficulties began with flawed distribution, product and organisational decisions. However, the longer the recovery takes, the greater the risk that a temporary execution problem becomes a lasting loss of cultural relevance.
ET&A Research · 6 August 2026
