MOFIREIF
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 · 2 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.
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 figure in the source data that reconciles to the reported totals.
Show what the engine computed
Method spread · 3.02× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 3.02x (Blended P/E band ₦118.62 vs Blended P/B band ₦357.8). No point estimate is defensible until the inputs are reconciled.
Figure corrected · BVPS FY2026: bvps_scale_disagreement(rep=103.95 der=259.88)
Input quality · BVPS FY2026: bvps_scale_disagreement(rep=103.95 der=259.88)
MOFI Real Estate Investment Fund (MREIF) is a government-backed mortgage liquidity vehicle disbursing capital at scale — ₦131.67bn cumulative across 1,909 homebuyers as of Q2 2026 — with a balance sheet that is almost entirely equity-funded (₦259.9bn equity vs ₦261.8bn total assets), suggesting near-zero leverage and minimal insolvency risk. However, at the current market price of ₦100, the stock trades at a deep discount to our derived book value (0.38x P/B) but at a modest premium to the P/E-implied fair value (₦118.62), and critical data conflicts — including a 2.5x BVPS discrepancy between reported (₦103.95) and derived (₦259.88) figures — prevent a high-confidence point estimate. Until the BVPS input is reconciled and a longer audited earnings history is established, the risk-adjusted entry case rests primarily on the P/E leg and the observable dividend income stream.
Verdict published 2026-08-12 · fundamentals through FY2026 · reviewed as the data changes
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.