HBMNG
Investo's verdict, shared with you
HBM Nigeria Plc (formerly Lafarge Africa, now HBMNG) is a high-quality industrial goods franchise demonstrating strong profitability — Q2-2026 PBT margin of ~47% on ₦678bn revenue and ROE of ~26% (our independent cross-check suggests 51% on a trailing basis) — but the stock at ₦334 trades at ~7.75x BVPS versus a peer-median 4.69x, implying roughly 39% downside to our base fair value of ₦202. The combination of genuine earnings power and an elevated multiple creates a hold-not-buy situation: quality is real, but the price already reflects it and then some.
Verdict published 2026-08-18 · 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.
BVPS FY2025: bvps_no_equity_crosscheck
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.