IMG

IMG trades at ₦34.10, representing a ~27% premium to the blended base fair value of ₦26.85 (70% P/E, 30% P/B anchor), with the stock sitting at the upper bound of the bull-case range of ₦33.56 — effectively fully pricing in best-case outcomes. The H1 2026 filing reveals a deteriorating fundamental backdrop: revenue down 14.6% YoY to ₦3.90bn and net profit down 14.7% to ₦406.6m, while the annualised EPS of ~₦1.35 implies the stock trades at ~25x earnings against a blended fair multiple of ~13–18x. With a committee score net score of -2 (negative value, momentum, and income factors), the risk/reward is unattractive at current levels.

Verdict published 2026-08-18 · fundamentals through Q2-2026 · reviewed as the data changes