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No fair value published
No valuation could be derived for this company from the inputs we hold.
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Input quality · no EPS within 2y — latest usable is FY2022, refused as a current anchor
Input quality · no BVPS within 2y — latest usable is FY2022, refused as a current anchor
Nigerian Breweries is a structurally sound franchise whose reported earnings have been severely distorted by non-cash FX revaluation losses on foreign-currency obligations post-naira devaluation and dilution from a large rights issue (20.7bn new shares listed December 2024 at ₦26.50), not by a deterioration in the underlying beer business. our independent cross-check implies a normalised EPS of ₦3.19 on a P/E of 20.4x, consistent with the current price of ₦67.90, and the street consensus (6 analysts, Buy, PT ₦92.53) suggests meaningful upside as FX pressure normalises and the recapitalised balance sheet reduces leverage risk. At a P/B of 3.26x versus a historical peak of 15.9x (FY2018) and 9.0x (FY2021), the multiple has compressed substantially, offering a reasonable entry point if normalised earnings recover.
Verdict published 2026-08-18 · fundamentals through 30/06/2026 · reviewed as the data changes
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.