FTGINSURE
Investo's verdict, shared with you
Fortis Global Insurance Plc trades at ₦1.85, a material discount to our blended fair value base of ₦2.58 (39.6% upside), anchored primarily on a P/B framework given the unreliable earnings picture — the stock trades at just 0.66x book versus a sector median of 1.03x. However, the valuation discount is substantially offset by deeply concerning fundamental deterioration: the most recent audited filing (June 2026) shows no positive earnings, a pre-tax loss of ₦2.60bn on revenue of just ₦1.10bn in Q2-2026, and a multi-year pattern of losses across 2020–2023 and 2025 that renders the single profitable year (FY2024 EPS of ₦0.39) an anomaly rather than a trend. The P/E component of our valuation is therefore anchored to stale, likely non-representative earnings, and the honest quality read is negative.
Verdict published 2026-10-26 · fundamentals through Q2-2026 · reviewed as the data changes
Published with 1 open flag · confidence downgraded
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.
EPS anchor is from the accounts to 2024-12-31; the company has since filed FORTIS GLOBAL INSURANCE PLC - AUDITED FINANCIAL STATEMENTS F (2026-06-03), which we hold and which shows no positive earnings per share to anchor on
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.