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 · 3 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.
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.
Show what the engine computed
Method spread · 5.53× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 5.53x (Blended P/E band ₦5.94 vs Blended P/B band ₦32.87). No point estimate is defensible until the inputs are reconciled.
Implied P/E off peers · Implied P/E at base 70.08x is 3.91x the sector median 17.92x.
Implied P/B off peers · Implied P/B at base 1.82x is 0.32x the sector median 5.65x.
Champion Breweries trades at ₦11.95, implying a independently confirmed P/E of ~76x on trailing EPS of ₦0.20–₦0.32 — a multiple that is 3.9–4.3x the NGX Consumer Goods sector median of 17.92x and is unsupported by underlying fundamentals: FY2025 ROE is a meagre 2.6% (independent data source: 5.18%), the company-level entity posted a ₦943.5m after-tax loss in H1 2026 driven by ₦4.91bn in finance costs, and the committee score returns a net score of -4 across value, quality, momentum, and risk factors. While the group-level H1 2026 revenue surged 124% YoY to ₦35.73bn, this growth is not yet translating into adequate shareholder returns at current valuations, and a new MD/CEO assumed office only on 1 September 2026, introducing strategic uncertainty.
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 5.53x, so there is no defensible valuation behind an extreme call.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.