NASCON

NASCON Allied Industries is a high-quality consumer goods compounder demonstrating strong operational leverage — H1 2026 PAT grew 25.7% YoY on only 3.8% revenue growth, driving a 50% gross margin and ROE of ~45-59% depending on the period measured. However, at ₦195 the stock trades at 15.72x trailing EPS and 7.07x book, sitting 31% above the blended base fair value of ₦148.66 and beyond even the bull-case estimate of ₦187.78, meaning near-term total return is unattractive despite the underlying business quality. The honest read is that the market has already priced in the earnings acceleration, leaving a narrow margin of safety.

Verdict published 2026-08-10 · fundamentals through Q2-2026 · reviewed as the data changes