DANGSUGAR

Dangote Sugar Refinery is a dominant Nigerian sugar processor undergoing a multi-year backward-integration into sugarcane estates, but the investment case is complicated by two consecutive years of net losses (FY2024 EPS: -₦15.86, FY2025 EPS: -₦5.28), severely negative FY2025 ROE of -49.7%, and a balance sheet where book value per share (₦14.04) trades at a steep 5.13x P/B — pricing in a recovery that remains unconfirmed. Q1-2026 PAT of ₦19.15bn on revenue of ₦187.79bn signals a tentative return to profitability, but one quarter of positive earnings does not constitute a durable trend, and the conglomerate exception means the indicative fair value range carries meaningful structural uncertainty.

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