UNILEVER

Unilever Nigeria is a high-quality FMCG franchise delivering strong profitability — ROE of ~31%, PBT margin of ~24% on H1 2026 revenue of ₦119.9bn (up ~22% YoY) — but the stock trades at 21.1x trailing P/E and 6.51x P/B, materially above peer-median multiples of 15.76x and 5.05x respectively, implying ~25% downside to our blended fair value of ₦89.37. Quality is real and durable, but the current price already prices in significant execution optimism, leaving limited margin of safety.

Verdict published 2026-08-18 · fundamentals through FY2025 · reviewed as the data changes