MAYBAKER

May & Baker Nigeria Plc is a quality Nigerian healthcare compounder delivering materially accelerating earnings — H1 2026 PBT of ₦4.85bn grew 51% year-on-year on flat revenue of ₦19.28bn, signalling substantial margin expansion rather than mere top-line inflation. ROE of ~28% (FY2025) on a book value per share of ₦9.25 reflects genuine capital efficiency, and the balance sheet remains conservatively leveraged with total equity of ₦15.96bn against total assets of ₦28.43bn. At ₦39.75, the stock trades marginally above our blended fair value of ₦38.13 but within the bull-case range of ₦48.28, leaving limited near-term upside on a pure multiple basis yet offering a compelling long-term compounding story if margin gains are sustained.

Verdict published 2026-10-26 · fundamentals through FY2025 · reviewed as the data changes