NAHCO
Investo's verdict, shared with you
NAHCO is a high-quality aviation ground-handling franchise generating exceptional returns on equity (73% ROE on FY2026 derived figures) with EPS compounding from ₦0.18 in FY2020 to ₦9.23 in FY2026, reflecting genuine operational leverage from Nigeria's aviation sector recovery and naira pass-through pricing. However, the stock at ₦140 trades at approximately 15.2x trailing P/E and 11.1x P/B, representing a 91% premium to our blended fair value estimate of ₦73.22, leaving virtually no margin of safety for new positions. The committee score's mixed overall verdict (value negative, momentum negative) is consistent with our assessment that current holders of a quality name are best served waiting for price consolidation rather than adding exposure.
Verdict published 2026-10-26 · fundamentals through FY2025 · reviewed as the data changes
Published with 1 open flag · confidence downgraded
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.
Implied P/B at base 5.79x is 2.82x the sector median 2.05x.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.