LASACO
Investo's verdict, shared with you
No fair value published
The derivation ran and was refused by our own plausibility checks — so we publish no number rather than a plausible-looking one.
Why
Our valuation methods disagree
The earnings-based and book-based readings of this company differ by more than 2.5×. That spread is real information, but averaging it would manufacture a number no method actually produced.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
Show what the engine computed
Method spread · 2.95× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 2.95x (Blended P/E band ₦1.97 vs Blended P/B band ₦2.21 vs Justified P/B ₦0.75). No point estimate is defensible until the inputs are reconciled.
LASACO Assurance trades at ₦1.96, roughly in line with a blended fair value of ₦1.86 (base case) derived primarily from P/B analysis against a BVPS of ₦1.87, yet the investment case is materially clouded by a loss-making FY2025 (EPS of -₦0.25 per independent data source data versus a derived positive ₦0.16 from internal filings — a conflict that has not been resolved), sub-cost-of-equity ROE of 8.8% in FY2025, and a justified P/B of just ₦0.75 that implies significant value destruction on a fundamental basis. The stock offers limited upside to even the optimistic valuation leg and carries meaningful quality deficits that preclude a constructive recommendation.
Verdict published 2026-08-18 · fundamentals through Q2-2026 · reviewed as the data changes
Verdict moderated to Watch — Avoid was refused
Committee scores Value POSITIVE (overall cautious); an "avoid" against our own committee is not publishable without a re-derivation.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.