Research & Analysis
Institutional-grade research on Nigerian equities, frontier markets, currencies and global macro.
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 · 8 min read
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 · 9 min read
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 · 7 min read
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 · 8 min read
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 · 11 min read
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 · 12 min read
Nvidia’s exceptional profitability reflects more than a shortage of powerful chips. Its advantage combines leading hardware, networking, software and an ecosystem that allows customers to deploy AI infrastructure quickly. However, competition, custom silicon and the growing bargaining power of its largest customers could gradually make today’s margins more difficult to sustain.
ET&A Research · 6 August 2026 · 10 min read
Tesla delivered a sharp recovery in vehicle volumes and revenue during the second quarter of 2026. However, declining margins, rising expenditure and negative free cash flow suggest that the company’s growth is becoming increasingly expensive.
ET&A Research · 2 August 2026 · 10 min read
Boeing is delivering more aircraft, generating cash again and gradually rebuilding regulatory confidence. However, persistent losses, programme delays, quality failures and a weakened balance sheet mean its recovery remains far from complete.
ET&A Research · 30 July 2026 · 10 min read