FIDELITYBK

Fidelity Bank trades at ₦22.50, a 22% discount to our ₦29.01 base fair value, with the stock sitting at just the 17th percentile of its estimated fair-value band — implying meaningful margin of safety. The bank delivered Q1-2026 PAT of ₦74.5bn on total assets of ₦11.4tn, with a reported ROE of 26.4% that materially exceeds its estimated cost of equity (~18%), supporting a justified P/B above current trading levels. At 1.03x P/B and a blended P/E of ~3.9x against a 14-bank sector median of 4.83x, the valuation discount is real and not explained by quality deterioration.

Verdict published 2026-10-26 · fundamentals through unknown · reviewed as the data changes