JBERGER

Julius Berger Nigeria Plc trades at ₦310.8, representing a current P/E of ~16x and P/B of 1.76x against a blended fair value of ₦177.23 — implying roughly 43% downside to intrinsic value using earnings and book multiples anchored to its own historical trading range and sector peers. While the company retains franchise value as Nigeria's premier infrastructure contractor and is demonstrating solid H1 2026 revenue of ₦424.6bn, the current market price has rerated aggressively ahead of fundamentals, and profitability quality is compromised by an effective tax rate of ~73.6% in Q2 2026 and a negative ROA of -0.61%, making the risk/reward unfavourable at current levels.

Verdict published 2026-10-26 · fundamentals through 2025 · reviewed as the data changes