MULTIVERSE

Multiverse Mining and Exploration Plc trades at ₦21.30, representing a meaningful premium to our blended fair value base of ₦13.97 (implied downside of ~34%) anchored on peer-median multiples of 12.57x P/E and 2.10x P/B against a market currently pricing the stock at 16.59x trailing EPS and 5.02x book. While the business demonstrates genuine quality — ROE of ~30% on our derived basis (22% per our independent cross-check) and positive Q3-2026 PBT of ₦89.1m on revenue of ₦329.6m — the valuation leaves no margin of safety and the committee score registers a net score of -2 with negative value and momentum factors.

Verdict published 2026-08-18 · fundamentals through FY2025 · reviewed as the data changes