Nigerian Undervalued over 20% based on DCF

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.

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.

PZ Cussons Nigeria

Market Cap: ₦329.5b

Manufactures, distributes, and sells various consumer products and home appliances to wholesalers in Nigeria and internationally.

Skyway Aviation Handling

Market Cap: ₦193.7b

Provides aviation handling services in Nigeria.

FTN Cocoa Processors

Market Cap: ₦20.8b

Engages in the processing and sale of cocoa beans and palm kernel seeds in Nigeria.

Northern Nigeria Flour Mills

Market Cap: ₦14.1b

Engages in the milling of wheat, sorghum, maize, and other grains in Nigeria.

Meyer

Market Cap: ₦9.3b

Manufactures and sells paint, coating, adhesives, and flooring products in Nigeria.

McNichols

Market Cap: ₦7.5b

Manufactures, packages, markets, and distributes food and beverage products in Nigeria.

University Press

Market Cap: ₦2.2b

Engages in the printing, publishing, sale, and distribution of educational and general reading books and materials in Nigeria and internationally.