FCMB

FCMB Group trades at a stark 0.44x P/B against a BVPS of ₦27.35 and delivers a 15.1% ROE, representing one of the widest valuation discounts in the NGX banking sector and implying the market ascribes near-zero franchise value beyond liquidation. The H1 2026 earnings release confirms the discount is not earnings-justified: PBT grew 99% YoY to ₦157.3bn, net interest income surged 71.8%, and the cost-to-income ratio compressed sharply from 57.0% to 41.4%, demonstrating genuine operational leverage rather than one-off gains. At ₦11.90 versus a blended fair value of ₦28.48 (base case), the stock offers ~139% upside with a quality backdrop that is improving, not deteriorating.

Verdict published 2026-09-05 · fundamentals through FY-2025 · reviewed as the data changes