UNIVINSURE
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 · 2.58× between the highest and lowest valuation leg.
Methods disagree · The valuation legs disagree by 2.58x (Blended P/E band ₦0.92 vs Blended P/B band ₦1.37 vs Justified P/B ₦0.53). No point estimate is defensible until the inputs are reconciled.
Figure corrected · independently sourced EPS ₦0.28 is 2.26x our filing-derived ₦0.12 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Input quality · independently sourced EPS ₦0.28 is 2.26x our filing-derived ₦0.12 — one of the two earnings bases is wrong; the P/E leg is unreliable until resolved
Universal Insurance Plc trades at ₦0.85, a 36% discount to our P/B-anchored base fair value of ₦1.05, supported by a strong H1-2026 PBT surge to ₦5.01bn (vs ₦1.39bn H1-2025) and total assets of ₦31.02bn; however, a 2.26x EPS discrepancy between filing-derived (₦0.12) and independent data source (₦0.28) data renders the P/E valuation leg unreliable, and a pending ₦7.13bn FPNG equity injection that transfers 50.1% majority control to an incoming shareholder creates material dilution and governance uncertainty that must be priced in. The honest read is cautiously constructive but conviction is low until EPS inputs are reconciled and the capital raise dilution impact is quantified.
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.