FTGINSURE

Fortis Global Insurance Plc trades at ₦2.00, a 47% discount to the computed base fair value of ₦2.94 (P/B-anchored, peer-median multiples), with a current P/B of 0.71x against a sector median of 1.13x — a statistically meaningful valuation gap. However, the investment case is materially complicated by a deeply loss-making Q2-2026 (PBT of -₦2.60bn on revenue of only ₦1.10bn), a independently reported ROE of -19.1% that directly contradicts the filing-derived ROE of +13.7% used in the valuation model, and a record of losses in four of the five historical years shown. The stock demands a watch-to-speculative-accumulate framing contingent on resolution of our independent data source/filing data conflict and evidence of a durable earnings recovery.

Verdict published 2026-09-05 · fundamentals through Q2-2026 · reviewed as the data changes