CNIF

CNI Finance Plc (CNIF), listed under Construction/Real Estate, is the vehicle for the Coronation Infrastructure Fund — a closed-end infrastructure debt fund with ₦9.83 billion in NAV (BVPS ₦111.81) and a 19.85% ROE for FY2025, trading at ₦154.3 against a base fair value of ₦202.53 derived from peer-median multiples, implying ~31% upside. The fund's Series 2 launch targeting up to ₦30 billion AuM and a ₦43 billion deployment pipeline signal meaningful earnings accretion potential as capital is put to work in infrastructure debt across energy, transport, and utilities. At 6.95x trailing P/E versus the sector peer median of 10.43x and a P/B of 1.38x versus a peer median of 1.21x, the equity is optically cheap on earnings but approaching fair value on book — the earnings discount is the dominant value signal.

Verdict published 2026-09-05 · fundamentals through Q2-2026 · reviewed as the data changes