ELLAHLAKES
Investo's verdict, shared with you
Ellah Lakes Plc is a deep-value agricultural holding trading at 1.21x book (₦6.41 BVPS) against a blended fair value of ₦11.39, implying ~47% upside; however, the discount is structurally earned given persistent losses — PAT of -₦509m on just ₦174m of Q2 revenue — and a negative ROE of -18.9% in FY2026, meaning the book value anchor itself is eroding. The investment case hinges entirely on whether a turnaround in commercial throughput (H1 2026 revenue of ₦533.86m shows some activity) and the balance-sheet restructuring via director-loan-to-equity conversion can arrest the cash burn before net assets deteriorate further.
Verdict published 2026-10-26 · fundamentals through 12 months ended 31 July 2025 · reviewed as the data changes
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.