NSLTECH

Secure Electronic Technology Plc (NSLTECH) trades at ₦0.70, a 46% discount to our base fair value of ₦1.31 derived from a peer-median P/B multiple of 2.05x applied to book value per share of ₦0.64, offering meaningful price upside on a pure asset-relative basis. However, the company reported a pre-tax loss of ₦166.8 million on revenue of ₦4.24 billion in FY2025, generating a negative ROE of approximately -4.6%, which materially undermines the quality pillar required to convert a valuation gap into a confident buy. The investment case rests almost entirely on mean-reversion to sector multiples rather than on demonstrated earnings power, making this a speculative recovery story contingent on a return to profitability.

Verdict published 2026-10-26 · fundamentals through H1-2025 · reviewed as the data changes