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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 18.7x - 20.7x | 19.7x |
| Selected Fwd P/E Multiple | 4.6x - 5.1x | 4.9x |
| Fair Value | ₦3.28 - ₦3.62 | ₦3.45 |
| Upside | -32.6% - -25.5% | -29.0% |
| Benchmarks | - | Full Ticker |
| Chellarams Plc | - | NGSE:CHELLARAM |
| John Holt Plc | - | NGSE:JOHNHOLT |
| FTG Holdings Ltd | - | NASE:FTGH |
| C & I Leasing Plc | - | NGSE:CILEASING |
| KAP Limited | - | JSE:KAP |
| SCOA Nigeria Plc | - | NGSE:SCOA |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| CHELLARAM | JOHNHOLT | FTGH | CILEASING | KAP | SCOA | |||
| NGSE:CHELLARAM | NGSE:JOHNHOLT | NASE:FTGH | NGSE:CILEASING | JSE:KAP | NGSE:SCOA | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | 62.6% | 35.1% | -10.6% | -0.5% | -12.6% | ||
| 3Y CAGR | NM- | NM- | 25.3% | NM- | -1.0% | 33.4% | ||
| Latest Twelve Months | 92.7% | 754.6% | 370.4% | 86.1% | 351.2% | 101.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -15.5% | 6.7% | 0.1% | 2.3% | 1.3% | -1.9% | ||
| Prior Fiscal Year | -18.2% | -54.5% | -1.7% | 1.0% | 1.8% | 0.7% | ||
| Latest Fiscal Year | -0.8% | 78.5% | 4.9% | 1.6% | 3.8% | 1.2% | ||
| Latest Twelve Months | -0.8% | 158.8% | 4.9% | 1.4% | 3.3% | 0.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 16.7x | 1.1x | 7.2x | 3.1x | 4.5x | 57.6x | ||
| Price / LTM Sales | 0.3x | 2.3x | 0.1x | 0.5x | 0.2x | 0.3x | ||
| LTM P/E Ratio | -37.9x | 1.5x | 1.1x | 14.9x | 4.9x | 32.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -37.9x | 1.5x | 14.9x | |||||
| Historical LTM P/E Ratio | -2.6x | -0.6x | 2.2x | |||||
| Selected P/E Multiple | 18.7x | 19.7x | 20.7x | |||||
| (x) LTM Net Income | 99 | 99 | 99 | |||||
| (=) Equity Value | 1,847 | 1,944 | 2,042 | |||||
| (/) Shares Outstanding | 649.8 | 649.8 | 649.8 | |||||
| Implied Value Range | 2.84 | 2.99 | 3.14 | |||||
| FX Rate: NGN/NGN | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.84 | 2.99 | 3.14 | 4.86 | ||||
| Upside / (Downside) | -41.5% | -38.4% | -35.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CHELLARAM | JOHNHOLT | FTGH | CILEASING | KAP | SCOA | |
| Value of Common Equity | 6,889 | 2,996 | 224 | 16,129 | 4,752 | 3,158 | |
| (/) Shares Outstanding | 722.9 | 389.2 | 178.1 | 2,948.6 | 2,501.0 | 649.8 | |
| Implied Stock Price | 9.53 | 7.70 | 1.26 | 5.47 | 1.90 | 4.86 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.53 | 7.70 | 1.26 | 5.47 | 1.90 | 4.86 | |
| Trading Currency | NGN | NGN | KES | NGN | ZAR | NGN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |