CADBURY

Cadbury Nigeria Plc has executed a decisive earnings turnaround, swinging from two consecutive years of losses (FY2023–2024) to a reported EPS of ₦3.93 for FY2025, driven by gross margin expansion of 32% YoY through Q3-2026 on revenue of ₦126.7bn. At ₦57 per share, the stock trades at a trailing P/E of approximately 14.5x — a meaningful discount to both its own historical median (median ~27x across profitable years) and our blended fair value estimate of ₦74.53, implying ~31% upside. The franchise benefits from the Mondelez parentage, strong brand equity in confectionery and beverages, and a rebuilt equity base (total equity up 68% YoY to ₦23.6bn), positioning it as a quality recovery name at a still-reasonable entry point.

Verdict published 2026-11-01 · fundamentals through Q3-2026 · reviewed as the data changes