NB

Nigerian Breweries is a recapitalised market-leader in Nigeria's beer industry whose FY2025 reported earnings (₦3.19–3.20 EPS) reflect a genuine operational recovery after two years of heavy, non-cash FX revaluation losses distorted the income statement; on normalised pre-FX earnings the business is trading at ~23x, only modestly above the blended fair-value anchor of ₦78.78, while H1 2026 results (revenue +9% YoY, PAT ₦92.96bn, EPS 300k) confirm the recovery is tracking. The rights-issue recapitalisation has stabilised the balance sheet, ROE has recovered to ~17.7%, and the stock at ₦74 sits inside the bear-to-base band (₦66.63–₦78.78), offering a modest but credible entry margin for patient investors.

Verdict published 2026-10-26 · fundamentals through 30/06/2026 · reviewed as the data changes