Nigerian Undervalued based on future growth

MTN Nigeria Communications

Market Cap: ₦15.9t

Provides broadband fixed wireless access, telecommunication, and mobile financial services to consumer, commercial, and institutional customers in Nigeria.

Guaranty Trust Holding

Market Cap: ₦4.5t

Operates as a financial holding company for Guaranty Trust Bank Limited that provides commercial banking services in Nigeria, Ghana, Gambia, Sierra Leone, Liberia, Cote D'Ivoire, Kenya, Uganda, Rwanda, Tanzania, and the United Kingdom.

Zenith Bank

Market Cap: ₦4.2t

Provides banking and other financial services to corporate and individual customers in Nigeria, rest of Africa, and internationally.

Lafarge Africa

Market Cap: ₦3.5t

Manufactures, markets, and sells cement and other cementitious products in Nigeria.

Nigerian Breweries

Market Cap: ₦2.2t

Engages in brewing, marketing, and selling of lager, stout, non-alcoholic malt drinks, and soft drinks in Nigeria.

Stanbic IBTC Holdings

Market Cap: ₦2.1t

A financial holding company, provides banking and other financial services to individuals, businesses, institutions, and corporations in Nigeria and internationally.

United Bank for Africa

Market Cap: ₦2.0t

Primarily provides corporate, commercial, and retail banking services in Nigeria, rest of Africa, and internationally.

Access Holdings

Market Cap: ₦1.3t

Operates as the financial holding company of Access Bank Plc that provide various banking products and services in Nigeria, rest of Africa, and Europe.

Unilever Nigeria

Market Cap: ₦594.0b

Manufactures and markets food, home care, and beauty and personal care products primarily in Nigeria and internationally.

Nascon Allied Industries

Market Cap: ₦397.3b

Engages in the processing of raw salt into refined, edible, and grade salt in Nigeria.

Cadbury Nigeria

Market Cap: ₦156.7b

Engages in manufacturing and selling branded fast moving consumer goods in Nigeria.

May & Baker Nigeria

Market Cap: ₦60.4b

May & Baker Nigeria Plc, together with its subsidiaries, manufactures, sells, and distributes human pharmaceuticals, human vaccines, and consumer products in Nigeria.