CHAMPION
Investo's verdict, shared with you
No fair value published
The derivation ran and was refused by our own plausibility checks. We publish no number rather than a plausible-looking one.
Why · 4 checks
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.
Implied earnings multiple is far from the peer group
At the computed value this company would trade at a P/E a long way from its sector median. Either the earnings input or the peer anchor is unreliable.
Implied book multiple is far from the peer group
At the computed value this company would trade at a P/B a long way from its sector median. Either the book-value input or the peer anchor is unreliable.
Our own committee reads this differently
Our rules-based factor scorecard scores this company's Value factor the opposite way to our fair value. Both cannot be right, so neither is presented as settled.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
- A verified earnings figure, or a peer group with enough clean constituents to anchor against.
- A verified book value per share, or a peer group with enough clean constituents.
- Agreement between the filing-derived valuation and the vendor ratios the committee scores.
Show what the engine computed
Method spread · 7.98× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 7.98x (Blended P/E band ₦4.83 vs Blended P/B band ₦38.55). No point estimate is defensible until the inputs are reconciled.
Implied P/E off peers · Implied P/E at base 74.72x is 4.52x the sector median 16.54x.
Implied P/B off peers · Implied P/B at base 1.94x is 0.29x the sector median 6.67x.
Committee disagrees · Committee scores Value NEGATIVE (weak) but our base fair value implies +35.9% upside.
Champion Breweries is a small-cap Nigerian brewer whose H1 2026 Group revenue surged 124% YoY to ₦35.73bn, but this headline growth masks a critical structural fracture: the Company (parent entity) p…
Verdict moderated to Watch — Avoid was refused
The valuation legs disagree by 7.98x, so there is no defensible valuation behind an extreme call.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.