JOHNHOLT

John Holt Plc is undergoing a credible operational turnaround: Q3-2026 revenue of ₦2.5bn represents 99% YoY growth and the company swung from a ₦249m loss to ₦135m PAT in the same period, while the stock trades at ₦9.10 — a 38% discount to our base fair value of ₦14.62 and at only 0.66x book (BVPS ₦13.88). The recovery is nascent, earnings quality remains mixed (exchange gains contributing alongside operating improvement), and zero dividends limit near-term income appeal, but the valuation gap is material and the directional trend is unambiguously positive.

Verdict published 2026-08-15 · fundamentals through Q3-2026 · reviewed as the data changes