SUNUASSUR
Investo's verdict, shared with you
Sunu Assurances Nigeria Plc is a mid-tier Nigerian insurer trading at ₦3.00 per share against a blended fair value range of ₦1.73–₦3.59 (base ₦2.37), placing the stock 26% above our base estimate and broadly at the upper end of a band we consider fair to moderately rich. The company delivered FY2025 PAT of ₦1.53bn on revenues of ₦21.6bn with ROE of 10.5%—below our estimated cost of equity of 18%—meaning book value is being consumed on an economic basis even as accounting earnings grow. Against this quality backdrop, the current market price offers limited reward and meaningful downside risk to intrinsic value.
Verdict published 2026-10-31 · fundamentals through Year ending December 31, 2026 · reviewed as the data changes
Verdict moderated to Hold — Avoid was refused
Committee scores Value POSITIVE (overall cautious); an "avoid" against our own committee is not publishable without a re-derivation.
Published with 1 open flag · confidence downgraded
Our own committee reads this differently
Our rules-based factor scorecard scores this company's Value factor the opposite way to our fair value. Both cannot be right, so neither is presented as settled.
Committee scores Value POSITIVE (cautious) but our base fair value implies -21% downside.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.