DANGCEM

Dangote Cement is Nigeria's dominant large-cap industrial, delivering H1 2026 revenue of ₦2.51 trillion (+21.4% YoY), EBITDA margin of 47.3%, PAT of ₦638.5 billion (+22.7%), and a net cash position of ₦215.2 billion — fundamentals that are unambiguously strong. The stock trades at a structural scarcity and index-weight premium on the NGX that the bottom-up multiple framework understates; the committee score flags only valuation as negative, with all quality, momentum, income, and risk factors reading positive. At ₦1,034, the price sits 74% of the way through our widened fair-value band (bear ₦684 / base ₦877 / bull ₦1,155), above our base but within the scarcity-adjusted upper range, making it a quality hold rather than an outright buy.

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