CADBURY

Cadbury Nigeria Plc trades at ₦64.90, virtually flat with the blended base fair value of ₦65.34 (70% P/E, 30% P/B anchor), offering negligible upside on our model but supported by a genuinely strong quality profile: ROE of ~42%, net margin of ~8%, and total equity up 48% year-on-year to ₦21.5bn. The central concern is H1 2026 margin compression — operating profit fell 28% and net profit fell 20% despite 8% revenue growth — suggesting cost pressures that must be monitored before the thesis can be upgraded.

Verdict published 2026-09-05 · fundamentals through FY2025 · reviewed as the data changes