MEYER
Investo's verdict, shared with you
Meyer Plc is a profitable, asset-light paint and coatings manufacturer on the NGX with a demonstrably improving earnings trajectory — EPS compounding from ₦0.06 in FY2021 to ₦0.87–₦1.11 (filing-derived vs. independent data source) by FY2025 — and an ROE of ~20–24%, which is genuinely attractive for an industrial goods name. However, at the current market price of ₦16.70, the stock trades at 19.2x our filing-derived EPS (₦0.87) and meaningfully above the model's base fair value of ₦13.97, implying ~16% downside to intrinsic value on the primary P/E method, leaving limited margin of safety for new entry. The committee score reads 'constructive' on quality and value factors but flags a negative valuation gap, which we concur with — the stock has re-rated sharply since FY2022 (P/E 3.1x to 19.2x) and much of the fundamental improvement appears priced in.
Verdict published 2026-08-11 · fundamentals through Q2-2026 · reviewed as the data changes
Verdict moderated to Watch — Avoid was refused
Committee scores Value POSITIVE (overall constructive); an "avoid" against our own committee is not publishable without a re-derivation.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.