STANBIC

Stanbic IBTC Holdings is a high-quality Nigerian financial conglomerate demonstrating sustained earnings compounding — EPS has grown from ₦4.20 in FY2021 to ₦23.68 in FY2025, a ~4.6x increase in four years — backed by a 26.3% ROE (FY2025) and a diversified revenue base spanning banking, asset management, insurance, and stockbroking. At the current price of ₦160, the stock trades above our blended fair value of ₦137.13 and above the two-analyst street consensus target of ₦156.60, offering a negative implied upside of approximately -14.3% to base case. The risk-reward at current levels does not justify fresh accumulation, but the franchise quality and income visibility argue firmly against an exit.

Verdict published 2026-10-26 · fundamentals through Q3-2026 · reviewed as the data changes