Latest / Green Ticker Tales / Nigerian stocks to watch WTD April 24, 2026

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Nigerian stocks to watch WTD April 24, 2026 · Green Ticker Tales

0:00
good morning going to be doing things a bit differently today now usually i just run through stocks i will be paying close attention to in this week's training session on the ngx and if you like the video version the video is up already so the video goes out sunday evenings and then the audio version on monday mornings uh so in any case what's going to be different i'm going to be going into some deep dive uh in um stambic ibtc numbers but first
0:28
uh would start with the broad what list so what am i watching this week stambic ipdc is first on my watch list uh the company dropped its audited full year 2025 numbers after trading hours on friday so i'm looking forward to the market reaction uh towards those numbers a lot of people seem to be disappointed by the phone era final dividend but i think
0:56
and the reason why they're disappointed is means that for now dividend six and a half fifty couple in total compared that to your dividend yield your dividend yield um appears to be quite small at least about three point four five percent in simple terms you can think of your dividend yield as a percentage or the proportion of your stocks prices paid as dividend right uh so three point four five percent seems a bit small however and bear in mind that in the last uh
1:26
one year the stock price has risen massively uh it's done about 200 or so percent in the last one year just this year alone just 2026 alone that stock price has risen by i think about a bit over 80 percent so when you've had a massive increase or when you've had your share price rise faster than your earnings it's only normal that your dividend yield will compress um a bit uh so
1:55
um i'm seeing so maybe maybe you may see a slight sell-off uh in that stock uh and um you may see a slight style of in that stock but i don't think it's going to be sustained for long it's also possible you may see the stock trade even higher because that's over 180 it is very likely that uh stanby ibtz holdings will be the first company on the ngx the first banking stock
2:24
on the ngx to cross the 200 naira market to become trade for at least 200 a share so what else am i looking at um you you also have the oil and gas stocks seplat are the other clues around 16 1649 naira share i think that should be an all-time high or close to an all-time high uh then you had seplatz
2:52
crossing the 10 000 era max that made history last week was the first company on the ngx to trade at 10 000 or more and i think that that stock i've said before that stock's pushing to maybe 12k 15k before the year runs out and who knows it's a platter two thousand i shared very likely that's the momentum uh driven by both global and the global focus on oil
3:19
following the geoconflicts and just internal dynamics of both firms there's enough momentum to push those stocks to to further highs and i think we're going to see some of that uh this week as well beggar pins remains on my radar beggar prince had a board meeting to consider q1 numbers last week so it's it's likely that um we should have we should actually have those numbers out um anytime
3:49
uh from now the fugas you cannot discuss you can't discuss uh nigerian stock market and not talk to banking stocks and not talk some of the big five stocks and in this case the focus literally would be on the fugas are yet to release their audited numbers talking uba i'm talking access i'm talking uh first hold school anytime from now we should get audited 2025 numbers from those banks
4:19
all those financial entities and the outlook for the results could move the market not just individual stocks so you have the results that's beat and especially dividends that beat uh shareholder expectations then you'd see rallying the stocks on the market otherwise you might see the market depressed for a few days so those are stocks worth paying attention to
4:48
uh as well they also index as you hold uh the index crosses to something came up index measures the average performance of stocks so uh where do we go from here are we going to go further i'm going to pull back our way to stay where we are it's hard to tell i mean the friday's trading session was exclusive it was wild uh who knows how this week could be it's possible to see some form of profit taking and when you look at some of the top gainers
5:15
uh for last week it's i mean you had the tranx gaining 60.48 percent echo bank green 46.3 some people might want to take profit off the table because if you're down 46 percent uh in a week beat your share index you've beat uh inflation what else you beat low fixed income returns uh so you've cleared all the markers so you might see some profit taking in some of uh last week's
5:44
top gainers and for some of last week's our top users was performing was coronation insurance uh coronation insurance fell by 14.3 percent but the the reason why i'm paying close attention to coronation insurance it's at this point is straight up by 1.2 times book value which isn't which isn't really expensive um so we could see a rebound in that stock
6:12
At this week, lots of earnings are likely to be out. At this week, you have Unilever, Nigeria, Skyway, International Breweries, Champion Breweries, Nigerian Breweries, Transpar, Transco Hotel, all these firms will be holding board meetings to consider Q1 earnings. They could be out. And then you have the banks as well. Your tier two banks, the likes of your Fidelity, FCMB.
6:41
uh which other one am i missing again fidelity fcmb i think those are the two that probably haven't dropped the sterling hasn't dropped this audited financial so those could drop anytime from now as well i know there's not a lot of focus on them because they're not really market movers per se but people still pay attention they are still banking stocks they are banking stocks and so they were quite liquid and people always pay attention uh to those
7:09
affirms as well now coming back to stomach ibt says i was going to discuss stomach numbers in details i was originally going to um discuss them as a standalone uh podcast episode but well got caught up over the weekend and for more context you can watch the video on youtube as well uh so stomach ibtc numbers i mean one of the reasons i pay close attention to stomach is
7:36
It's one of the firms that has pretty sizable non-interest revenue. Why is that the case? What you have listed is the hold core. So within that hold core, you have standard, the bank, you have the asset management side of the firm, you have the pension fund administrator, and they all, the asset management and pension funds bring in a good chunk of money. So you have 585 billion in net interest income.
8:06
net interest income came in at 585 billion 110 billion in non-interest uh revenue uh profit after tax of 380.7 billion and any special 23 at 68 cuba um the impressive numbers for me are the roas and roe it's on an equity of 33.8 that's some of the best formats among banks in the country
8:31
rank banks by return on equity i'm sure this bank will probably be top three top four so that's major for the handful of banks we have a 33.8 return on equity means that for every 100 that are invested in equity you've got a return of 3.8 i mean you can't beat that another way to look at it is to say look um your equity is made up of your capital and within profit and your portion of that
9:02
uh your profit which is a portion of portion of profit profit on that as your profit is return on equity so at the three percent i mean it means that your equity you get the three percent on your equity between inflation um even if you factor equity will scream your money likes you've done an amazing job so kudos to them on that it's also one of the best performance they've had in terms of return on equity return on assets they've had in the last uh the last uh
9:32
five years return on assets 4.42 percent it's actually impressive that i went up because if you had your assets going up by 24.7 percent and then your return on assets growing faster so actually they've done a pretty amazing job uh you've been able to sweat your assets because if your assets grew by about 25 and your return on assets up 36 then you've um sweated those assets uh properly so it was a good set of um
10:02
numbers um coming to valuation some people might say it's expensive it's cheap i always say that if you're going to value this time big ability you holdings then you you're better off doing a sotp evaluation some of the parts because if you're going to you go by your classic price to book value book value i think for this stock is something that i share stock is trading uh i think about two point something times book value however
10:30
um if you do an sotp evaluation and just for the fun of it um let me see what germany gives me sotp sotp means some of the parts and we use some of the parts because a stambic ibdc is a holding company and it has fairly large components the i mean the pfa is one of the biggest in the country the asset management is also one of the biggest in the country so
10:58
You can't necessarily measure the value of those investments by just your normal book value, which is equity, the way you value a bank, right? It's a holding company. You want to take a different approach to doing that. Now, I'm running this through Gemini, and let's see what Gemini has to give us as well.
11:27
the last i did is i remember doing this sometime last year and uh i i think i got a valuation of the 150 or 160. um let's try it one more time and let's see what it's it gives us and so uh sotp what i'm seeing here is a bank estimated value for the bank it's um
11:56
what i've seen here the bank i mean the bank banks typically are valued at a multiple book value price to book value um so you apply one to one point let's go to the the net sotp valuation the bank has an estimated value of 935 billion pensions 210 billion um asset management 120 billion i think that's that's pretty low um
12:25
And then you have a net SOTP value of 1.1 trillion. So even at that, you might say, look, stock is trading at a market cap of, I think, 3.something trillion. Let's confirm. So yes, you say it's trading at a premium. Nobody would deny that stock is trading at a premium. But that premium is justified because in some ways, this company is
12:56
is first i mean primos into paris is the term which i've used in describing and not just stamping but you can probably put the trio or the other two of zenith and digital these are firms that trade at um primos into paris they are first among equals so naturally a portion or include the premium in value in them so yes uh sotp valuation of one trillion i think this sotp valuation is a bit low because
13:26
When you see estimated value of the bank is $935 billion and the pension is $210 billion. Now, you can't be valuing a pension arm with $7 trillion in assets, $7 trillion in assets at $210 billion. So I can easily argue that you probably could. I mean, if you have $7 trillion in assets, you can't value that entity at $210 billion. You probably should put $400 or $500 billion or more, right?
13:55
um same thing with with um the asset management side of things so i think you can easily have a valuation of 2 2.5 trillion uh for as sotp valuation uh for stambic ibgc uh holdings and all so that's pretty much my thoughts on it is it pricey yeah but it's not frotty so
14:21
In any case, you probably could see a pullback to 150, 160 and all. So, ladies and gentlemen, these are my thoughts. I'll see you at midday with a midday update. And for those who can join Twitter, 2 p.m. on Twitter, I'll be rounding down alongside Crypto Senko, rounding down the Monday's trading session. Have a good week and have a good day as well.