RTBRISCOE

RT Briscoe Nigeria Plc is undergoing a meaningful earnings recovery — Q3 2026 nine-month revenue grew 30% to ₦35.3bn and PAT surged 64% to ₦968.6m — yet the stock trades at only 3.84x trailing EPS of ₦2.38, a steep discount to both our blended fair value of ₦20.32 and the NGX Services sector median P/E of 10.52x. The valuation gap is substantial (122% upside to base case), and the committee score flags positive value and quality factors, though negative momentum and risk signals — most critically a deeply negative total equity of -₦4.69bn — demand that position sizing remain disciplined.

Verdict published 2026-10-31 · fundamentals through Q3-2026 · reviewed as the data changes