FIRSTHOLDCO
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 · 3 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.
The derivation failed our plausibility check
The computed value landed outside the 0.4×–2.5× band that real price targets occupy. A result that far from the traded price means one of our inputs is wrong, not that the market is wrong by that much — so we publish nothing rather than clamp it into range.
A per-share input was repaired or refused
One of the per-share figures behind this valuation did not agree with the audited totals it should reconcile to, so it was recomputed from those totals or rejected outright.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
- A per-share input (earnings or book value) that reconciles to the latest audited totals.
- A per-share figure in the source data that reconciles to the reported totals.
Show what the engine computed
Rejected figure · ₦46.63 — floor — raw base ₦46.63 is 0.37x price. This figure is shown only to document what was refused; it is not an estimate and no upside is computed from it.
Method spread · 4.72× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 4.72x (Blended P/E band ₦16.21 vs Blended P/B band ₦76.56 vs Justified P/B ₦32.64). No point estimate is defensible until the inputs are reconciled.
Failed plausibility rail · Fair value hit the credibility rail: floor — raw base ₦46.63 is 0.37x price. The published base is the rail, not a derivation.
Input repaired · vendor EPS ₦0.91 is 0.29x our filing-derived ₦3.14 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Input quality · vendor EPS ₦0.91 is 0.29x our filing-derived ₦3.14 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Vendor cross-check · vendor eps 0.91 REJECTED — it neither reproduces the traded price via the vendor's own pe_ratio 13.6 nor agrees with our filing-derived EPS 3.14. Treat vendor EPS as unreliable for this name.
First HoldCo Plc trades at ₦124.9, implying 1.53x P/B on a BVPS of ₦81.60 — a meaningful premium to both its own five-year median P/B of ~0.55x and the blended fair-value anchor of ₦46.63 (itself a c…
Verdict moderated to Watch — Avoid was refused
Fair value hit the credibility rail, so there is no defensible valuation behind an extreme call.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.