THOMASWY

Thomas Wyatt Nigeria Plc is a micro-cap natural resources name trading at ₦2.50 against a blended fair value range of ₦1.19–₦2.40, with the base case at ₦1.92 implying roughly 23% downside from current levels. The company returned to profitability in FY2026 (EPS ₦0.11, PAT ₦31.4mn on revenue of ₦102.3mn), but the earnings base is thin, ROE is low at 4.6%, and the committee score flags the stock as weak across value, momentum, and risk dimensions. At 22.6x trailing P/E versus a sector/market median of 13.5x, the market is pricing in a recovery that the fundamentals do not yet convincingly support.

Verdict published 2026-10-31 · fundamentals through Q2-2026 · reviewed as the data changes