CUSTODIAN

Custodian Investment Plc is a high-quality Nigerian financial conglomerate (insurance/asset management) delivering exceptional earnings momentum — FY2025 EPS of ₦11.19 (up ~49% YoY from ₦7.50), H1 2026 gross revenue of ₦167.6bn (+34.8% YoY) and PBT of ₦43.1bn (+41.6% YoY) — underpinned by a structurally sound 26.3% ROE (FY2025) with our independent cross-check suggesting an even higher trailing ROE of 38.4%. However, at ₦72 the stock trades at 6.43x trailing P/E and 1.69x P/B, sitting at 91% of the computed bull-case fair value of ₦74.19 and 20% above the base-case of ₦60.04, leaving limited margin of safety despite the quality of the franchise.

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