AVAIF
Investo's verdict, shared with you
No fair value published
The derivation ran and was refused by our own plausibility checks — so we publish no number rather than a plausible-looking one.
Why
Our valuation methods disagree
The earnings-based and book-based readings of this company differ by more than 2.5×. That spread is real information, but averaging it would manufacture a number no method actually produced.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
Show what the engine computed
Method spread · 3.36× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 3.36x (Blended P/E band ₦391986.76 vs Blended P/B band ₦1317178.72). No point estimate is defensible until the inputs are reconciled.
Avon HMO Plc (AVAIF) — which filings confirm is actually AVA Infrastructure Fund, a debt-financing vehicle investing in Nigerian infrastructure project loans and money market instruments — trades at ₦1,000,000 per unit, representing a 37–150% premium to the blended fair-value base of ₦669,544 derived from peer-median multiples, with Q1-2026 annualised ROE of only ~3.4% offering no quality offset to that premium. The fund's asset mix (46.4% senior project finance loans, 53.6% money market/bank deposits as of Q4 2025) generates thin net interest income (₦95m) augmented by non-interest income (₦120m) against a book value of ₦4.45bn, producing a PBT margin that looks optically high (~91%) primarily because the cost base is minimal, not because of pricing power. At current price, an investor is paying 26.6x trailing EPS and 0.92x book, yet the weighted valuation model yields a base case implying 33% downside, and confidence in that estimate is itself rated low (score 59/100).
Verdict published 2026-09-05 · fundamentals through Q2-2026 · reviewed as the data changes
Verdict moderated to Watch — Avoid was refused
The valuation legs disagree by 3.36x, so there is no defensible valuation behind an extreme call.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.