IMG

IMG is a niche industrial and medical gases franchise with a clean balance sheet (equity/assets ~80%, BVPS ₦19.48) and positive quality and risk factor scores, but the stock at ₦28 trades at a meaningful 27% premium to our blended fair value base of ₦22.07, with declining H1 2026 revenues (-14.6% YoY) and profits (-14.7% YoY) compressing the already modest FY2025 ROE of 8.3%. The combination of deteriorating near-term fundamentals and an extended valuation relative to own-history and sector multiples makes the current entry point unattractive on a risk-adjusted basis.

Verdict published 2026-10-26 · fundamentals through Q3-2026 · reviewed as the data changes