Dangote Cement Plc

NGA: DANGCEM · Materials · USD 5.4bn
Net exposure
-0.18
MONITOR

Layer two — exposure vector, eight coefficients

hover for source in filings
LCY revenue share~78% naira
Geographic segment note+ stress
FX-denominated debtPartial USD tranche
Debt note+ stress
Export sharePan-African clinker
Revenue by destination− hedge
Import content of COGSEnergy and spares
MD&A+ stress
Intercompany vs externalMostly external
Related-party noteneutral
Trapped cashModerate, multi-country
Cash restrictions note+ stress
Wage baseRepriced Jul 2024
Employment note+ stress
Inventory + rcv daysTight
Working capital schedules− hedge

Sign convention matters as much as magnitude — an exporter with hard-currency receivables gains from the same move that destroys an importer.

Layer three — diagnosis

Export clinker volumes provide a partial natural hedge, so the devaluation is a margin event rather than a solvency one. The live exposure is energy and spares in the input basket and multi-country trapped balances.

Country signal in force

CPI YoY
34.2%
Policy rate
27.50%
USD/NGN
1,490
Parallel prem.
+18%
Reserves
$36.1b
Sov. spread
912bp

Ranked lead set

4
  1. 01Now
    Cross-border liquidity structure

    Sweeps and pooling across the pan-African footprint to release trapped balances.

    TTSAnnuity
  2. 02Easing cycle
    Local-currency bond issuance

    Term out naira working capital into the reopened issuance window.

    DCMLarge
  3. 03Quarterly
    Energy input hedging

    Commodity and FX hedges on the gas and coal basket.

    MarketsRecurring
  4. 04Now
    Receivables purchase

    On the distributor book at 27% policy rates.

    TTSFlow

Timing is the product: the pitch is strongest at computable moments — the quarter a coefficient breaches a threshold, and the month the policy window reopens.