UCAP
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.
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.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
- Agreement between the filing-derived valuation and the vendor ratios the committee scores.
Show what the engine computed
Method spread · 5.70× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 5.7x (Blended P/B band ₦30.76 vs Justified P/B ₦5.4). No point estimate is defensible until the inputs are reconciled.
Committee disagrees · Committee scores Value NEGATIVE (mixed) but our base fair value implies +29.2% upside.
United Capital Plc delivered standout H1 2026 results — 80% PBT growth to ₦24.78bn and 77% PAT growth to ₦21.10bn — demonstrating strong earnings momentum in its investment banking and asset manageme…
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.