UCAP
Investo's verdict, shared with you
No fair value published
The derivation ran and was refused by our own plausibility checks — so we publish no number rather than a plausible-looking one.
Why
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.
What we would need
- Earnings and book value drawn from the same set of accounts, so the two legs can be reconciled.
Show what the engine computed
Method spread · 3.31× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 3.31x (Blended P/B band ₦17.9 vs Justified P/B ₦5.4). No point estimate is defensible until the inputs are reconciled.
United Capital Plc is a Nigerian financial services company trading at ₦17.9 (1.72x BVPS of ₦10.39) with a independently reported P/E of 8.66x and dividend yield of 5.57%, presenting a mixed profile where income and quality factors are partially offset by a justified P/B of only 0.52x—implying the stock's peer-relative pricing significantly exceeds its fundamental earning-power valuation given ROE of 11.3% against an estimated cost of equity of ~18%. Insider purchases at ₦18.05–₦18.075 in early August 2026 provide a modest sentiment anchor but do not resolve the core valuation conflict. The committee score registers a net score of zero with value flagged negative, which is consistent with this analysis.
Verdict published 2026-08-18 · fundamentals through Q2-2026 · reviewed as the data changes
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.