NIDF

NIDF is a seasoned infrastructure debt fund with nine years of uninterrupted distributions, cumulative payouts of ₦110 billion since inception, and a portfolio weighted-average yield of 18.68% — characteristics that confer meaningful income predictability in Nigeria's elevated-rate environment. At ₦158 per unit, the stock trades at a 3.4% premium to our blended base fair value of ₦152.66 (70% P/E, 30% P/B), leaving little margin of safety at current prices. The fund's steady ROE of ~17.8% and growing earnings base (9M 2026 PBT ₦17.36 billion, +2.9% YoY) support quality retention even if near-term price upside is limited.

Verdict published 2026-10-26 · fundamentals through 9 months ended 30 September 2026 · reviewed as the data changes