CORNERST
Investo's verdict, shared with you
Cornerstone Insurance is a profitable, dividend-paying Nigerian insurer with a real ROE of ~14.5% (FY2025), meaningful revenue growth (+18.6% in H1 2026) and a sound capital position (BVPS ₦4.47, total assets ₦150bn by H1 2026), but the stock at ₦5.40 trades at 1.21x P/B against a blended fair value of ₦4.07–₦4.27, implying roughly 24–25% downside to base and ~32% to the justified P/B anchor given ROE below cost of equity. The risk/reward is unfavourable at the current price despite solid underlying franchise quality, and the position-in-band reading of 0.89 (rich) is consistent with this view.
Verdict published 2026-09-05 · fundamentals through Q2-2026 · reviewed as the data changes
Verdict moderated to Watch — Avoid was refused
Committee scores Value POSITIVE (overall constructive); an "avoid" against our own committee is not publishable without a re-derivation.
Published with 1 open flag · confidence downgraded
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.
Committee scores Value POSITIVE (constructive) but our base fair value implies -24.6% downside.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.