GTCO

GTCO is the NGX's premier banking franchise — asset-light holdco structure, sector-leading through-cycle ROE (normalised high-20s to 30s% on an annual group basis per FY2025 reported ROE of ~27%), and a 10.5% dividend yield that anchors total-return even at current prices. Our multi-method valuation anchored on P/B vs ROE places base fair value at ₦119.24, implying the stock is broadly fairly priced at ₦121 — not cheap enough to accumulate aggressively, but far too high-quality to exit. The committee score reads 'constructive' with positive value, quality, and income factors, and we concur: GTCO is a hold for existing holders at current levels.

Verdict published 2026-10-28 · fundamentals through Q3-2026 · reviewed as the data changes