CHAMS
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 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.
A per-share input was repaired or refused
One of the per-share figures behind this valuation did not agree with the audited totals it should reconcile to, so it was recomputed from those totals or rejected outright.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
- A verified book value per share, or a peer group with enough clean constituents.
- A per-share figure in the source data that reconciles to the reported totals.
Show what the engine computed
Method spread · 5.03× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 5.03x (Blended P/E band ₦1.29 vs Blended P/B band ₦6.49). No point estimate is defensible until the inputs are reconciled.
Implied P/B off peers · Implied P/B at base 1.28x is 0.32x the sector median 4.04x.
Figure corrected · independently sourced EPS ₦0.1 is 2.16x our filing-derived ₦0.05 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Input quality · independently sourced EPS ₦0.1 is 2.16x our filing-derived ₦0.05 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Chams Holding trades at ₦3.70, implying a filed-earnings P/E of approximately 80x on ₦0.05 EPS — a multiple the business cannot remotely justify given a 2.1% ROE, near-breakeven PAT of ₦43.9mn on ₦35.7bn of assets, and a committee score that is negative on value, quality, and momentum. Even accepting our independent data source higher ₦0.10 EPS, the implied P/E of ~37x remains a substantial premium to the ICT peer median of 27.83x for a company generating sub-3% returns on equity. The only credible anchor for the current price is the P/B leg (1.67x traded vs. our modelled 2.51–3.43x band), but that leg itself conflicts so sharply with the P/E leg that no clean fair-value point estimate is defensible without resolving the EPS discrepancy.
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 5.03x, so there is no defensible valuation behind an extreme call.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.