MAYBAKER
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 · 2.91× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 2.91x (Blended P/E band ₦32.47 vs Blended P/B band ₦94.42). No point estimate is defensible until the inputs are reconciled.
May & Baker Nigeria Plc delivered H1 2026 PBT of ₦4.85bn, up ~51% year-on-year on flat revenue of ₦19.28bn, implying meaningful operating leverage and margin expansion (PBT margin ~25.1% vs ~16.7% in H1 2025); at ₦37, the stock trades at 14.3x our filing-derived EPS of ₦2.58, a modest premium to the whole-market fallback P/E median of 12.57x but well below the sector P/B median, and the committee score rates quality, value, and income all positive. The fundamental improvement story is real, but a single clean annual year of data and a 2.91x disagreement between the P/E and P/B valuation legs cap our confidence at low (score 47), warranting disciplined position sizing.
Verdict published 2026-08-18 · fundamentals through FY2025 · reviewed as the data changes
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.