MORISON
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 · 5 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.
The derivation failed our plausibility check
The computed value landed outside the 0.4×–2.5× band that real price targets occupy. A result that far from the traded price means one of our inputs is wrong, not that the market is wrong by that much — so we publish nothing rather than clamp it into range.
Implied earnings multiple is far from the peer group
At the computed value this company would trade at a P/E a long way from its sector median. Either the earnings input or the peer anchor is unreliable.
Implied book multiple is far from the peer group
At the computed value this company would trade at a P/B a long way from its sector median. Either the book-value input or the peer anchor is unreliable.
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 input (earnings or book value) that reconciles to the latest audited totals.
- A verified earnings figure, or a peer group with enough clean constituents to anchor against.
- A verified book value per share, or a peer group with enough clean constituents.
- A per-share figure in the source data that reconciles to the reported totals.
Show what the engine computed
Rejected figure · ₦2.19 — floor — raw base ₦2.19 is 0.21x price. This figure is shown only to document what was refused; it is not an estimate and no upside is computed from it.
Method spread · 58.58× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 58.58x (Blended P/E band ₦0.12 vs Blended P/B band ₦7.03). No point estimate is defensible until the inputs are reconciled.
Failed plausibility rail · Fair value hit our plausibility bounds: floor — raw base ₦2.19 is 0.21x price. The published base is the rail, not a derivation.
Implied P/E off peers · Implied P/E at base 223.75x is 17.80x the sector median 12.57x.
Implied P/B off peers · Implied P/B at base 2.23x is 0.22x the sector median 10.21x.
Figure corrected · independently sourced EPS ₦0.06 is 6.12x our filing-derived ₦0.01 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Input quality · independently sourced EPS ₦0.06 is 6.12x our filing-derived ₦0.01 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Independent cross-check · independent data source eps 0.06 REJECTED — it neither reproduces the traded price via our independent data source own pe_ratio 2489.92 nor agrees with our filing-derived EPS 0.01. Treat independently sourced EPS as unreliable for this name.
Morison Industries Plc is a micro-cap Nigerian healthcare manufacturer trading at ₦10.40 with a market capitalisation of ₦13.1bn, yet its balance-sheet book value per share is only ₦0.98, implying a current P/B of ~10.6x against a book that has historically been sub-₦1.00. The company returned to slim profitability in FY2025 (PBT ₦15.7m on revenue of ₦513.8m, reversing a ₦59.7m loss in 2024) and posted 48% revenue growth in Q1-2026, but the Q1-2026 period still records an operating loss of ₦8.2m, signalling that the turnaround is nascent and fragile. The stock's near-doubling from ₦5.15 (end-FY2025) to ₦10.40 has dramatically outpaced any demonstrable improvement in intrinsic value, making the risk/reward deeply asymmetric to the downside.
Verdict published 2026-08-18 · fundamentals through Q2-2026 · reviewed as the data changes
Verdict moderated to Watch — Avoid was refused
Fair value hit our plausibility bounds, so there is no defensible valuation behind an extreme call.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.