DAARCOMM

DAAR Communications Plc is a deeply discounted Nigerian media conglomerate trading at ₦1.70 (1.18x P/B) against a model-derived base fair value of ₦2.92, implying ~72% upside, anchored on a blended P/B methodology that appropriately discounts the company's own loss-making historical multiples (median 0.64x) in favour of a 75% weight to SERVICES sector peers (median 2.48x). H1 2026 results mark a credible inflection: revenue surged to ₦3.27bn versus ₦2.06bn in H1 2025 (+59% YoY) with PAT of ₦530m versus prior-year losses, suggesting an operating turnaround is in progress. However, retained losses of ₦(17.99bn) and a historically negative ROE (FY2025: -5.2%) mean quality remains impaired, and the turnaround is still unproven across a full cycle.

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