LINKASSURE
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 · 2.57× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 2.57x (Blended P/E band ₦1.25 vs Blended P/B band ₦2.6 vs Justified P/B ₦1.01). No point estimate is defensible until the inputs are reconciled.
Linkage Assurance Plc is a sub-scale Nigerian non-life insurer trading at 0.68x P/B against a peer median of 1.03x, offering a modest discount to book that is partly warranted by a weak ROE of 6.7–9.4% versus an estimated cost of equity of ~18%. The recently completed ₦16.2bn fully-subscribed rights issue addresses NAICOM recapitalisation requirements and materially expands the equity base, which suppresses near-term ROE but improves solvency headroom and growth optionality. The committee score reads 'strong' on a net basis (value, quality, momentum, and risk all positive), but low analytic confidence (score 54, one clean annual year) and a 2.57x spread across valuation legs make a precise fair value claim indefensible at this stage.
Verdict published 2026-08-18 · fundamentals through FY2026 · reviewed as the data changes
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.