UBA
Investo's verdict, shared with you
No fair value published
The derivation ran and was refused by our own plausibility checks. We publish no number rather than a plausible-looking one.
Why · 2 checks
Our valuation methods disagree
The earnings-based and book-based readings of this company differ by more than 2.5×. That spread is real information, but averaging it would manufacture a number no method actually produced.
A per-share input was repaired or refused
One of the per-share figures behind this valuation did not agree with the audited totals it should reconcile to, so it was recomputed from those totals or rejected outright.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
- A per-share figure in the source data that reconciles to the reported totals.
Show what the engine computed
Method spread · 3.24× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 3.24x (Blended P/E band ₦46.72 vs Blended P/B band ₦126.35 vs Justified P/B ₦39.01). No point estimate is defensible until the inputs are reconciled.
Figure corrected · independently sourced EPS ₦19.99 is 2.18x our filing-derived ₦9.16 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Input quality · independently sourced EPS ₦19.99 is 2.18x our filing-derived ₦9.16 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Independent cross-check · independent data source eps 19.99 REJECTED — it neither reproduces the traded price via our independent data source own pe_ratio 5.71 nor agrees with our filing-derived EPS 9.16. Treat independently sourced EPS as unreliable for this name.
UBA trades at 0.46x book (₦45.15 vs BVPS ₦97.54) against a peer median of 1.30x P/B, representing a statistically extreme discount that mechanically anchors a wide valuation band; however, a filing-derived ROE of 9.4% against an estimated cost of equity of ~18% means book value is not being earned through at a rate that justifies peer multiples, and the justified P/B of 0.40x (₦39.01) is actually close to the current price. The committee score is net-negative (-1, cautious), flagging quality and income as negative factors, which materially constrains the investment case despite apparent cheapness. The imminent leadership transition — Tony Elumelu retiring as Group Chairman effective 21 August 2026 after a 12-year tenure — introduces a governance overhang that adds uncertainty to an already data-conflicted picture.
Verdict published 2026-08-18 · fundamentals through Q1-2026 · reviewed as the data changes
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.