LEGENDINT

Legend Internet Plc trades at ₦4.35, representing a ~23% premium to our blended fair value base of ₦3.54 and sitting at the 97th percentile of its valuation band, despite Q3-2026 financials revealing near-zero revenue of ₦226.9m against a near-equivalent pre-tax loss of ₦226.2m and negative net interest income of ₦63.9m — indicating the business is currently consuming capital rather than generating it. The FY2025 EPS of ₦0.09 that underpins the valuation is a thin and deteriorating earnings base, and Q2-2026 filings already showed a hard reversal to a net loss of ₦99.3m versus a prior-year profit of ₦239.9m, making the headline P/E of ~50x on derived earnings an unreliable anchor. With an overall committee score of 'insufficient' across value, quality, income, and risk dimensions, and no street consensus to provide a check, the honest read is that the current price embeds speculative premium unsupported by fundamental delivery.

Verdict published 2026-08-18 · fundamentals through Q3-2026 · reviewed as the data changes