JAIZBANK

Jaiz Bank is a high-quality Islamic finance franchise demonstrating genuine earnings power — FY2025 ROE of 30.6%, net margin above 50%, and EPS growth from ₦0.09 in FY2021 to ₦0.68 in FY2025 — but the market has dramatically re-rated the stock to ₦7.80, implying a P/E of ~11.5x and P/B of ~3.5x, both far above the blended fair-value anchor of ₦3.74–₦4.20 derived from own-history multiples and sector peers. Even accounting for the bank's superior ROE, the current price embeds optimism that leaves limited margin of safety and a modelled downside of approximately 51% to our base fair value of ₦3.81.

Verdict published 2026-10-26 · fundamentals through Q1-2026 · reviewed as the data changes