MEYER
Investo's verdict, shared with you
Meyer Plc is a profitable, asset-light industrial goods company with a demonstrated four-year earnings growth trajectory — EPS rising from ₦0.47 (FY2023) to ₦0.93 (FY2025) — and a solid 21.6% ROE, yet at the current price of ₦17.50 it trades at an implied 18.8x P/E against a blended fair value of ₦14.80, implying roughly 15% downside to intrinsic value. The committee score reads 'strong' on quality, value, income, and risk dimensions, but the valuation gap factor is explicitly flagged negative, confirming richness rather than opportunity at this price. A disciplined investor should recognise the business quality while acknowledging the stock has re-rated ahead of fundamentals.
Verdict published 2026-10-26 · fundamentals through Q3-2026 · reviewed as the data changes
Verdict moderated to Hold — Avoid was refused
Committee scores Value POSITIVE (overall strong); 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.