NIDF

NIDF is a high-quality infrastructure debt fund delivering a portfolio yield of 18.23% across 15 diversified loans, with a cumulative total return of 449.07 (base 100, June 2017) that materially outperforms the 10-Year FGN bond benchmark. The fund exhibits a robust ROE of 17.97%, near-zero tax drag (PAT equals PBT at ₦5.37bn in Q1-2026), and a clean balance sheet with equity comprising 94.96% of total assets (₦130.5bn equity vs ₦137.5bn total assets), reflecting minimal leverage. However, at the current price of ₦163.30, the stock trades at 11.4% above the base fair value of ₦144.73 and sits at the upper bound of the bull scenario (₦168.28), placing it at 0.88 position-in-band — richly valued relative to its own history and blended peer multiples.

Verdict published 2026-08-12 · fundamentals through H1-2026 · reviewed as the data changes