FIDSON
Investo's verdict, shared with you
No fair value published
The derivation ran and was refused by our own plausibility checks. We publish no number rather than a plausible-looking one.
Why · 2 checks
Our valuation methods disagree
The earnings-based and book-based readings of this company differ by more than 2.5×. That spread is real information, but averaging it would manufacture a number no method actually produced.
Implied book multiple is far from the peer group
At the computed value this company would trade at a P/B a long way from its sector median. Either the book-value input or the peer anchor is unreliable.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
- A verified book value per share, or a peer group with enough clean constituents.
Show what the engine computed
Method spread · 4.13× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 4.13x (Blended P/E band ₦50.02 vs Blended P/B band ₦206.83). No point estimate is defensible until the inputs are reconciled.
Implied P/B off peers · Implied P/B at base 3.77x is 0.37x the sector median 10.21x.
Fidson Healthcare Plc is a domestically-focused Nigerian pharmaceutical manufacturer demonstrating accelerating top-line momentum — H1 2026 revenue of ₦74.5bn represents 17.2% year-on-year growth against H1 2025, with PAT of ₦7.7bn and an annualised EPS run-rate well above the FY2025 derived figure of ₦4.31. The business carries a genuine quality signal: FY2025 ROE of 16.7% (our independent cross-check at 26.1% suggests possible retained-earnings restatement effects worth monitoring), a net equity position of ₦59.1bn against total assets of ₦110.4bn implying manageable leverage, and a dividend of ₦1.50/share declared for FY2025. However, at the current price of ₦80 the stock trades at a trailing P/E of ~18.6x against a 5-year own-history median of 11.1x, a premium that is difficult to reconcile with the P/E-anchored fair value of ₦50.02, making the current entry point unattractive on the primary valuation method despite sound underlying fundamentals.
Verdict published 2026-09-05 · fundamentals through Q2-2026 · reviewed as the data changes
Verdict moderated to Watch — Avoid was refused
Committee scores Value POSITIVE (overall strong); an "avoid" against our own committee is not publishable without a re-derivation.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.