ACADEMY

Academy Press Plc trades at ₦5.10, representing a -36.8% premium to our blended fair value estimate of ₦3.22, with a bear-case floor of ₦2.30 — a structurally unattractive entry point. The company's Q1 FY2027 results reveal a severe top-line deterioration (revenue down 50.7% year-on-year to ₦771.5m), a razor-thin PBT margin of just 3.7% on that revenue, and a book value per share of ₦1.12 against which the market still assigns a 4.55x P/B multiple. With the committee score returning a net score of -4 across value, quality, momentum, and income, the risk-reward at current prices is negative.

Verdict published 2026-10-26 · fundamentals through Q1-FY2027 · reviewed as the data changes