OANDO

Oando Plc is executing a credible operational transition — FY 2025 audited results show 32% YoY production growth to 32,482 boepd, ₦3.2 trillion revenue, and ₦204.8 billion PAT, while H1 2026 unaudited results confirm 20% revenue growth to ₦2.1 trillion and 16% production growth to 42,789 boepd with an 18% reduction in production opex — signalling genuine operational leverage rather than purely acquisition-driven growth. At ₦35.20, the stock trades at a marginal -8.2% discount to our blended base fair value of ₦32.30, placing it slightly rich within a bear-to-bull band of ₦26.12–₦41.19, leaving limited margin of safety. The committee score returns a net-zero mixed signal (value and quality positive, momentum and risk negative), which broadly aligns with our hold stance on a name showing real operational progress but carrying unresolved data, leverage, and governance risks.

Verdict published 2026-08-18 · fundamentals through H1 2026 · reviewed as the data changes