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 · 4 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.
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.
Show what the engine computed
Rejected figure · ₦1.54 — floor — raw base ₦1.54 is 0.15x 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 · 26.28× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 26.28x (Blended P/E band ₦0.18 vs Blended P/B band ₦4.73). No point estimate is defensible until the inputs are reconciled.
Failed plausibility rail · Fair value hit our plausibility bounds: floor — raw base ₦1.54 is 0.15x price. The published base is the rail, not a derivation.
Implied P/E off peers · Implied P/E at base 154.5x is 8.65x the sector median 17.86x.
Implied P/B off peers · Implied P/B at base 1.59x is 0.33x the sector median 4.89x.
Independent cross-check · independent data source eps ₦0.06 is 6x our ₦0.01, which is read from FY2025 of the filed accounts and agrees with the previous year's printed comparative. our independent data snapshot carries no period and is not corroborated here; our figure stands.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.