LIVINGTRUST
Investo's verdict, shared with you
No fair value published
The derivation ran and was refused by our own plausibility checks. We publish no number rather than a plausible-looking one.
Why · 4 checks
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.
The derivation failed our plausibility check
The computed value landed outside the 0.4×–2.5× band that real price targets occupy. A result that far from the traded price means one of our inputs is wrong, not that the market is wrong by that much — so we publish nothing rather than clamp it into range.
Implied earnings multiple is far from the peer group
At the computed value this company would trade at a P/E a long way from its sector median. Either the earnings input or the peer anchor is unreliable.
A per-share input was repaired or refused
One of the per-share figures behind this valuation did not agree with the audited totals it should reconcile to, so it was recomputed from those totals or rejected outright.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
- A per-share input (earnings or book value) that reconciles to the latest audited totals.
- A verified earnings figure, or a peer group with enough clean constituents to anchor against.
- A per-share figure in the source data that reconciles to the reported totals.
Show what the engine computed
Rejected figure · ₦1.20 — floor — raw base ₦1.20 is 0.34x price. This figure is shown only to document what was refused; it is not an estimate and no upside is computed from it.
Method spread · 4.30× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 4.3x (Blended P/E band ₦0.55 vs Blended P/B band ₦2.02 vs Justified P/B ₦0.47). No point estimate is defensible until the inputs are reconciled.
Failed plausibility rail · Fair value hit our plausibility bounds: floor — raw base ₦1.20 is 0.34x price. The published base is the rail, not a derivation.
Implied P/E off peers · Implied P/E at base 22.73x is 3.65x the sector median 6.23x.
Figure corrected · independently sourced EPS ₦0.2 is 3.78x our filing-derived ₦0.05 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Input quality · independently sourced EPS ₦0.2 is 3.78x our filing-derived ₦0.05 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
LivingTrust Mortgage Bank trades at ₦3.59 (P/B ~3.05x, implied P/E ~67.8x on filing-derived EPS of ₦0.05) against a fundamentally challenged Q1-2026 backdrop where net interest income turned negative (−₦88.9m vs +₦231.9m in Q1-2025) and PAT collapsed 64% YoY to ₦83.6m, indicating a severe funding-cost squeeze that has not yet been absorbed into the market price. The P/B-anchored fair value band tops out at ~₦2.02 under a blended own-history/peer framework, implying material downside even under generous assumptions, while the Justified P/B of ₦0.47 — grounded in a 4.5% ROE versus an ~18% cost of equity — flags outright value destruction at the current operating run-rate. Until earnings normalise, the stock's speculative premium is unsubstantiated by fundamentals.
Verdict published 2026-08-12 · fundamentals through Q1-2026 · reviewed as the data changes
Verdict moderated to Watch — Avoid was refused
Fair value hit our plausibility bounds, so there is no defensible valuation behind an extreme call.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.