CAP

CAP Plc is a high-quality paint and coatings franchise with a genuinely exceptional ROE of ~44–49% and strong H1 2026 earnings momentum (+12% revenue, +18% PBT YoY), but the stock at ₦115.45 trades at 15.38x trailing P/E and 6.75x P/B, meaningfully above the model's base fair value of ₦88.11 and at or above the bull-case estimate of ₦115.13, leaving no margin of safety. The committee score (net score +1, value 'neutral', valuation gap 'negative') corroborates this read: excellent business, stretched price.

Verdict published 2026-09-05 · fundamentals through 9M 2013 · reviewed as the data changes