INFINITY

Infinity Trust Mortgage Bank is a demonstrably improving franchise — 9M 2026 PAT of ₦2.61bn (+25% YoY) and a five-year EPS CAGR from ₦0.09 to ₦0.65 evidence genuine earnings momentum — but the stock at ₦11.25 trades at 17.4x trailing P/E and 3.46x P/B against a blended fair value range of ₦4.50–₦8.24, implying roughly 58% downside to our base case of ₦4.73. Quality is real; the price is not justified by any reasonable multiple framework anchored to peers or the bank's own history. The committee score correctly flags Value as 'negative' — the market has priced in substantial future growth that even an optimistic scenario struggles to validate at current levels.

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