Top 10 Stock to Buy in September – CSL Stockbrokers Picks
Spotting value in stocks isn’t an easy task, and going to the stock market blindly is even more dangerous unless you have the expertise. Investors without such expertise rely on stockbrokers, and this reduces the risk of losing the investment significantly.
In August, the Nigerian Exchange experienced significant fluctuation as bargain hunting faded versus previous trend in the local bourse. This suggests price corrections have made stock companies cheaper, and then resulting in an increase in upside potentials.
For September, equity investors at CSL Stockbrokers Limited have selectively picked these top stocks with upside potential for their clients.
ACCESSCORP | BUY | TP: ₦43.88 | Rated – Access Holdings Plc, Nigeria’s largest financial services group by assets, presents a compelling investment opportunity, supported by decent financial performance, strategic capital initiatives, and a diversified business model.
Analysts estimated N43.88 as target price (TP) for Access Holdings as against N25.85 per share in equity market on Tuesday, showing there is wide upside opportunity for picking the shares today.
As of financial year 2024, the Group maintained a strong capital adequacy ratio of 20.46%, CSL Stockbrokers noted in its recommendation list. Supporting the buying recommendation, analysts said asset quality remains healthy, with a Q1 2025 annualised cost of risk (COR) of 0.8% though we expect a moderate increase due to the end of the forbearance regime.
The financial services company’s valuations are attractive, CSL Stockbrokers noted, with a price-to-book value (PBV) of 0.39x. The Group also reported an impressive Q1 2025 annualised return on average equity (RoAE) of 29.6%.
In line with the Central Bank of Nigeria’s directive, Access Holdings confirmed it is currently compliant with the single obligor limit requirement. CSL said regarding the regulatory forbearance on credit facilities, the Group has stated it will fully comply with the Central Bank’s directive by 30 June, 2025 and remains committed to maintaining strong capital buffers while continuing to pay dividends to shareholders. “We have accounted for increased provisioning but still find valuations attractive”, the firm said.
GTCO | BUY | TP: ₦115.43 | Rated – GTCO’s transition to a holding company structure has allowed it to diversify its revenue streams across banking, payments, pensions, and fund management, enhancing resilience and growth prospects, CSL Stockbrokers Limited said in its recommendation report for September.
Analysts estimated N115.43 as target price for GTCO as against N91.50 per share in equity market on Tuesday, showing there is wide upside opportunity for picking the shares today.
The investment firm recalled the financial services company’s capital adequacy ratio stood at a robust 39.3% as of 2024. The bank reports healthy asset quality with Q1 2025 annualised cost of risk (COR) of 1.7% and nonperforming loan (NPL) ratio of 5.2% as of 2024 indicating prudent risk management practices.
Analysts explained GTCO’s balance sheet has been substantially derisked and currently has no forbearance loans. It also maintains one of the lowest cost-to-income ratios in the industry with cost to income ratio ex-provisions at 28.1% in Q1 2025 reflecting its disciplined approach to cost management and operational excellence.
CSL affirmed that GTCO rates well with respect to asset quality, corporate governance, capital adequacy, cost management and stable and attractive dividend payment. Recent listing of its shares on the London stock Exchange (LSE) has further improved the stock’s appeal.
NAHCO | Not Rated – NAHCO is well positioned for sustained growth into financial year 2025, supported by the continued recovery in air travel, increased cargo volumes, and enhanced operational efficiency. Analysts said the company is on track to deliver a strong full-year performance, driven by the expansion of its service offerings and strategic partnerships across key airports.
In the first half of 2025, analysts stated that NAHCO recorded impressive triple-digit revenue growth of 111.41% year-on-year to ₦32.33 billion, while Pre-tax Profit rose by 96.07% to ₦11.79 billion, reflecting solid top-line performance and effective cost management.
DANGCEM | BUY | TP: ₦681.71 | Rated – Dangote Cement Plc posted a strong H1 2025 performance, with pre-tax profit surging 149.2% year on year to ₦730.03 billion, driven by robust revenue growth in both Nigerian and Pan-African markets, cost efficiencies, and lower FX losses.
Analysts estimated N681.77 as target price (TP) for Dangote Cement as against N520.20 per share in equity market on Tuesday, showing there is wide upside opportunity for picking the shares today.
Looking ahead, CSL Stockbrokers Limited highlighted that increased government infrastructure spending and private sector investment are expected to support continued growth. Trading at an EV/EBITDA of 6.76x vs. the Europe, the Middle East, and Africa (EMEA) peer average of 9.10x, the stock offers potential valuation upside. CSL said.
WAPCO | BUY | TP: ₦199.14 | Rated – Analysts at CSL Stockbrokers picked Lafarge Africa (Ticker: WAPCO), noting that the cement company is well positioned for sustained growth in the second half of 2025, driven by increasing cement demand and effective cost management initiatives.
Analysts estimated N199.40 as target price (TP) for Lafarge Africa WAPCO as against N110.85 per share in equity market on Tuesday, showing there is wide upside opportunity for picking the shares today.
According to CSL, the cement company is on track to deliver a strong full-year performance, with profit growth expected to remain robust. In the first half of 2025, Wapco’s Pre-tax Profit surged by 328.3% year-on-year to ₦199.74 billion, highlighting its strong earnings momentum.
A consistent history of dividend payments continues to bolster investor confidence, CSL Stockbrokers Limited highlighted. Analysts said currently, the company trades at an EV/EBITDA multiple of 6.30x—well below the EMEA industry average of 10.30x—indicating room for potential valuation upside.
CADBURY | BUY | TP: ₦83.08 | Rated – Consumer Goods company, Cadbury Nigeria Plc, engages in manufacturing and selling branded fast moving consumer goods in Nigeria. The company operates through three segments: Refreshment Beverages, Confectionery, and Intermediate Cocoa Products. CADBURY is currently improving operating efficiency via sound cost management and balance sheet optimization.
Analysts estimated N83.08 as target price (TP) for Cadbury Nigeria Plc as against N55 per share in equity market on Tuesday, showing there is wide upside opportunity for picking the shares today.
Analysts said Cadbury Nigeria Plc.’s valuation remains attractive, with an EV/EBITDA of 7.87x—below the Middle East and Africa (MEA) median of 8.41x. Cadbury recorded solid performance in the first half of the year and remains on track to deliver a strong FY 2025 performance.
In H1 2025, Cadbury recorded impressive revenue growth of 50.2% year-on-year to ₦77.25 billion, while Profit Before Tax rose by 204.7% to ₦14.54 billion, reflecting solid top-line performance and good operational efficiency. The consumer goods stock is rated in anticipation of an upside potential in the stock market.
NESTLE | BUY | TP: ₦2,327.22 | Rated – Nestle Nigeria Plc continues to sustain its impressive performance from Q4 2024, driven by growing Revenue and good cost management, analysts said in the stock recommendation report for September.
Analysts estimated N2,327.22 as target price for Nestle Nigeria Plc as against N1,870 per share in equity market on Tuesday, showing there is wide upside opportunity for picking the shares today.
The consumer goods company recorded revenue growth of 42.8% year-on-year to ₦581.12 billion and Pre-tax Profit of ₦88.40 billion (+135% year on year) in H1 2025, putting it in an improved position to possibly resume dividend payment by 2025.
CSL Stockbrokers said Nestle Nigeria’s valuation remains attractive, with an EV/EBITDA of 7.44x—below the MEA median of 10.43x. The stock is posed for upside potential at the current price, based on the stock recommendation list released by the investment firm.
UACN | BUY | TP: ₦103.44 | Rated –UAC of Nigeria Plc, a diversified business with activities in Animal Feeds and Other Edibles, Paints, Packaged Food and Beverages, Quick Service Restaurants, Logistics and Real Estate made it to CSL Stockbrokers top 10 stock to buy in Sept.
Analysts estimated N103.44 as target price for UACN as against N73 per share quoted in equity market on Tuesday, showing there is wide upside opportunity for picking the shares today.
The Group through its subsidiaries currently rank as number 1 in the baked snack category (packaged food and beverages), number 1 in the premium decorative category (paints), and number 1 in the fish feed category (edibles & feed).
Analysts at CSL Stockbrokers Limited recalled that UACN recently announced it entered into an agreement to acquire CHI Limited—the owners of the Chivita and Hollandia brands— from the Coca-Cola Company.
CHI Limited also owns the snack brands Superbite and Beefie which are strong competitors to UACN’s own Gala brand. The acquisition move is a strategic one which should further solidify the UACN brand as a leading FMCG in the country while still contributing significantly to its financial performance over the mid-to long-term period.
In the first haf of 2025, UACN Plc grew revenue by 33% year on year to ₦110.41 billion and Pre-tax Profit was ₦11.10 billion (-26% year on year) in H1 2025 due to the exclusion of FX and one-off property gains recorded in the prior year.
Analysts at CSL Stockbrokers stated that the first half of 2025 underlying pretax profit of ₦10.7bn was 91% higher than underlying H1 2024 PBT of ₦5.6 billion. UACN presently trades with an EV/EBITDA of 7.32x—below the MEA median of 9.80x.
AIRTELAFR | BUY | TP: ₦3,230.33 | Rated – Airtel Africa is projected to report strong revenue and profit growth, driven by recent tariff hikes across key markets that are expected to boost topline performance and support earnings.
The company’s cost reduction initiatives are beginning to yield positive results, while its strategy to localize debt within operating countries is also showing early benefits by reducing exposure to foreign exchange volatility.
These strategic moves are anticipated to drive increased investor interest and market activity around the stock. In Q1 2026 earnings release, Airtel Africa’s Revenue jumped by 22.4% year on year to US$1.42 billion while Pre-tax Profit surged by 268.9% year on year to US$273 million, highlighting its strong earnings momentum.
MTNN | BUY | TP: ₦555.33 | Rated – MTN’s recent tariff increases are expected to drive top-line growth and support profit margins. The company’s cost management initiatives are beginning to yield positive results, while the renegotiation of tower contracts has helped reduce foreign exchange losses.
These improvements are set to support a recovery in both profitability and shareholders’ funds. “We believe that the combination of a stronger financial position and the anticipated resumption of dividend payments will enhance investor sentiment and drive renewed interest in the stock in the coming months”.
In H1 2025, MTN recorded Revenue growth of 54.5% year on year to ₦2.38 trillion, while Pre-tax Profit rose to ₦622.26 billion from a Pre-tax Loss position of ₦751.29 billion in H1 2024. This reflects its solid top-line performance and effective cost management. #Top 10 Stock to Buy in September – CSL Stockbrokers Picks Naira Closed at N1,531 as CBN Sells Dollars to Banks
