CILEASING
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 · 2 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.
The derivation failed our plausibility check
The computed value landed outside the 0.4×–2.5× band that real price targets occupy. A result that far from the traded price means one of our inputs is wrong, not that the market is wrong by that much — so we publish nothing rather than clamp it into range.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
- A per-share input (earnings or book value) that reconciles to the latest audited totals.
Show what the engine computed
Rejected figure · ₦17.82 — ceiling — raw base ₦17.82 is 3.30x price. This figure is shown only to document what was refused; it is not an estimate and no upside is computed from it.
Method spread · 2.84× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 2.84x (Blended P/E band ₦11.49 vs Blended P/B band ₦32.58). No point estimate is defensible until the inputs are reconciled.
Failed plausibility rail · Fair value hit our plausibility bounds: ceiling — raw base ₦17.82 is 3.30x price. The published base is the rail, not a derivation.
C&I Leasing trades at ₦5.40, a steep 68% discount to its own book value per share of ₦16.79 and at a trailing P/E of ~4.2x against a blended fair-value P/E anchor of ₦11.49, suggesting meaningful undervaluation on an earnings basis if the quality of reported earnings holds. However, a low ROE of 7.6% (FY2025), negative momentum, and a 2.84x disagreement between the two valuation legs introduce material uncertainty that prevents high-conviction positioning at this stage. The committee score's net score of +1 ('constructive') is consistent with a cautious accumulate stance rather than an aggressive buy.
Verdict published 2026-09-05 · fundamentals through Q2-2026 · reviewed as the data changes
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.