What would improve the case?
Cement volume growth and sustained cash generation; recovery in BUA Foods revenue.
A–Z / B · Nigerian equities
← Research portfolioBUA Foods / BUA Cement
Did the historical winner remain the better performer?
My research view at cutoff
BUA Cement had the stronger operating recovery and YTD momentum at cutoff. Its higher volatility makes position sizing essential. BUA Foods needs renewed revenue growth while preserving its margin gains.
Key findingBUA Cement gained 73.1% YTD versus −4.79% for BUA Foods, but with about 50% annualized volatility.
| Metric | BUA Foods | BUA Cement | NGX ASI |
|---|---|---|---|
| YTD return | −4.79% | 73.1% | 56.04% |
| Annualized volatility | 28.4% | 50.0% | 15.1% |
| Maximum drawdown | −21.3% | −40.0% | −11.0% |
What could weaken it?
Naira and input costs; margin normalisation; cement capital spending and high stock volatility.
Contribution & method.
My Python comparisons, financial analysis, portfolio exercise and research interpretation.
Market data: 1 January–31 August 2026. Financials: 2022–2025 and H1 2026 vs H1 2025. Source: my BUA notebook and financial comparison. Returns and volatility are different measures; the volatility figures are annualized. Historical two-stock portfolio weights are in-sample results, not a diversified allocation recommendation.
Risk-free assumption: 17.13% annual assumption in the original notebook; not a verified current T-bill quote.
Sources and common conventions →Read or review the work.
The portable notebook reviews the dated summary inputs offline. The linked original repository contains the full workflow.