Annonce • Jul 08
Academy Press Plc, Annual General Meeting, Sep 24, 2026 Academy Press Plc, Annual General Meeting, Sep 24, 2026, at 12:00 W. Central Africa Standard Time. Location: 28/32 industrial avenue, llupeju industrial estate, llupeju, lagos, Nigeria New Risk • Jul 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 52% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (52% accrual ratio). Market cap is less than US$10m (₦5.81b market cap, or US$4.24m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.8% average weekly change). Profit margins are more than 30% lower than last year (6.5% net profit margin). Revenue is less than US$5m (₦4.4b revenue, or US$3.2m). Reported Earnings • Jul 06
Full year 2026 earnings released: EPS: ₦0.32 (vs ₦0.80 in FY 2025) Full year 2026 results: EPS: ₦0.32 (down from ₦0.80 in FY 2025). Revenue: ₦4.41b (down 3.8% from FY 2025). Net income: ₦287.6m (down 60% from FY 2025). Profit margin: 6.5% (down from 16% in FY 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₦6.70, the stock trades at a trailing P/E ratio of 45.5x. Average trailing P/E is 16x in the Commercial Services industry globally. Total returns to shareholders of 303% over the past three years. New Risk • Jun 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₦6.62b market cap, or US$4.82m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.5% average weekly change). Profit margins are more than 30% lower than last year (3.0% net profit margin). Revenue is less than US$5m (₦4.4b revenue, or US$3.2m). Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₦7.50, the stock trades at a trailing P/E ratio of 51x. Average trailing P/E is 16x in the Commercial Services industry globally. Total returns to shareholders of 417% over the past three years. Board Change • May 20
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Executive Director & Finance Director Oluwakemi Ogunnubi was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 13
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Executive Director & Finance Director Oluwakemi Ogunnubi was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 25
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Executive Director & Finance Director Oluwakemi Ogunnubi was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 01
Third quarter 2026 earnings released: ₦0.063 loss per share (vs ₦0.31 loss in 3Q 2025) Third quarter 2026 results: ₦0.063 loss per share (improved from ₦0.31 loss in 3Q 2025). Revenue: ₦944.9m (up 39% from 3Q 2025). Net loss: ₦60.6m (loss narrowed 79% from 3Q 2025). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has increased by 105% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jan 06
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Executive Director & Finance Director Oluwakemi Ogunnubi was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 22
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Executive Director & Finance Director Oluwakemi Ogunnubi was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 31
Second quarter 2026 earnings released: EPS: ₦0.18 (vs ₦0.004 loss in 2Q 2025) Second quarter 2026 results: EPS: ₦0.18 (up from ₦0.004 loss in 2Q 2025). Revenue: ₦1.17b (up 78% from 2Q 2025). Net income: ₦123.8m (up ₦127.7m from 2Q 2025). Profit margin: 11% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Oct 31
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Executive Director & Finance Director Oluwakemi Ogunnubi was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Oct 10
Upcoming dividend of ₦0.15 per share Eligible shareholders must have bought the stock before 17 October 2025. Payment date: 30 October 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Nigerian dividend payers (4.1%). Lower than average of industry peers (7.4%). Buy Or Sell Opportunity • Aug 01
Now 21% undervalued Over the last 90 days, the stock has risen 283% to ₦11.00. The fair value is estimated to be ₦13.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 57%. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₦11.26, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 10x in the Commercial Services industry in Africa. Total returns to shareholders of 743% over the past three years. Reported Earnings • Jul 27
Full year 2025 earnings released: EPS: ₦0.96 (vs ₦0.095 in FY 2024) Full year 2025 results: EPS: ₦0.96 (up from ₦0.095 in FY 2024). Revenue: ₦4.59b (up 1.7% from FY 2024). Net income: ₦722.4m (up ₦650.4m from FY 2024). Profit margin: 16% (up from 1.6% in FY 2024). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jul 25
Academy Press Plc, Annual General Meeting, Oct 23, 2025 Academy Press Plc, Annual General Meeting, Oct 23, 2025, at 12:00 W. Central Africa Standard Time. Location: 28/32, industrial avenue, ilupeju industrial estate, lagos Nigeria Annonce • Jul 24
Academy Press Plc announces Annual dividend, payable on October 30, 2025 Academy Press Plc announced Annual dividend of NGN 0.1500 per share payable on October 30, 2025, ex-date on October 17, 2025 and record date on October 16, 2025. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₦7.50, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 6x in the Commercial Services industry in Africa. Total returns to shareholders of 408% over the past three years. New Risk • Jul 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Nigerian stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (108% accrual ratio). Market cap is less than US$10m (₦6.80b market cap, or US$4.44m). Minor Risk Revenue is less than US$5m (₦4.6b revenue, or US$3.0m). Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦5.61, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 6x in the Commercial Services industry in Africa. Total returns to shareholders of 364% over the past three years. New Risk • Jun 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 108% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (108% accrual ratio). Market cap is less than US$10m (₦3.48b market cap, or US$2.24m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (₦4.6b revenue, or US$2.9m). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₦3.58, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 6x in the Commercial Services industry in Africa. Total returns to shareholders of 175% over the past three years. Board Change • Apr 24
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Executive & Finance Director Oluwakemi Ogunnubi was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 02
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Executive & Finance Director Oluwakemi Ogunnubi was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦3.28, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 6x in the Commercial Services industry in Africa. Total returns to shareholders of 213% over the past three years. Reported Earnings • Feb 01
Third quarter 2025 earnings released: ₦0.013 loss per share (vs ₦0.34 loss in 3Q 2024) Third quarter 2025 results: ₦0.013 loss per share. Revenue: ₦680.4m (up 54% from 3Q 2024). Net loss: ₦282.0m (loss widened 9.2% from 3Q 2024). New Risk • Jan 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₦2.38b market cap, or US$1.54m). Minor Risks High level of debt (77% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (₦4.4b revenue, or US$2.9m). Board Change • Nov 18
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. No independent directors (8 non-independent directors). Executive & Finance Director Oluwakemi Ogunnubi was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 30
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₦656.7m (up 1.8% from 2Q 2024). Net loss: ₦3.93m (loss narrowed 88% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 120% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦3.17, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 9x in the Commercial Services industry in Africa. Total returns to shareholders of 1,057% over the past three years. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₦3.02, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 8x in the Commercial Services industry in Africa. Total returns to shareholders of 966% over the past three years. Upcoming Dividend • Aug 23
Upcoming dividend of ₦0.10 per share Eligible shareholders must have bought the stock before 30 August 2024. Payment date: 12 September 2024. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Nigerian dividend payers (7.0%). Lower than average of industry peers (8.1%). Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₦2.20, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 8x in the Commercial Services industry in Africa. Total returns to shareholders of 638% over the past three years. Reported Earnings • Aug 03
First quarter 2025 earnings released: EPS: ₦0.69 (vs ₦0.051 in 1Q 2024) First quarter 2025 results: EPS: ₦0.69 (up from ₦0.051 in 1Q 2024). Revenue: ₦1.85b (down 4.8% from 1Q 2024). Net income: ₦522.3m (up ₦472.1m from 1Q 2024). Profit margin: 28% (up from 2.6% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 92% per year, which means it is well ahead of earnings. Annonce • Aug 02
Academy Press Plc, Annual General Meeting, Sep 05, 2024 Academy Press Plc, Annual General Meeting, Sep 05, 2024, at 12:00 W. Central Africa Standard Time. Location: registered office of the company, 28/32, industrial avenue, ilupeju industrial estate, lagos Nigeria New Risk • Jul 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 121% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Market cap is less than US$10m (₦1.50b market cap, or US$994.4k). Minor Risks Dividend is not well covered by earnings (105% payout ratio). Large one-off items impacting financial results. Revenue is less than US$5m (₦4.5b revenue, or US$3.0m). Reported Earnings • Jul 04
Full year 2024 earnings released: EPS: ₦0.095 (vs ₦0.032 loss in FY 2023) Full year 2024 results: EPS: ₦0.095 (up from ₦0.032 loss in FY 2023). Revenue: ₦4.51b (flat on FY 2023). Net income: ₦72.0m (up ₦96.0m from FY 2023). Profit margin: 1.6% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 92% per year, which means it is well ahead of earnings. Reported Earnings • Feb 01
Third quarter 2024 earnings released: ₦0.34 loss per share (vs ₦0.053 loss in 3Q 2023) Third quarter 2024 results: ₦0.34 loss per share (further deteriorated from ₦0.053 loss in 3Q 2023). Revenue: ₦442.5m (down 54% from 3Q 2023). Net loss: ₦258.2m (loss widened ₦217.9m from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 94% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 05
Upcoming dividend of ₦0.10 per share at 4.9% yield Eligible shareholders must have bought the stock before 12 September 2023. Payment date: 21 September 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Nigerian dividend payers (6.2%). Higher than average of industry peers (2.3%). Reported Earnings • Jul 31
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₦1.94b (up 37% from 1Q 2023). Net income: ₦50.2m (down 64% from 1Q 2023). Profit margin: 2.6% (down from 9.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 103% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jul 16
Now 26% undervalued Over the last 90 days, the stock is up 45%. The fair value is estimated to be ₦2.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company became loss making. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₦2.50, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 10x in the Commercial Services industry in Africa. Total returns to shareholders of 923% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₦2.20, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 15x in the Commercial Services industry in Africa. Total returns to shareholders of 800% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₦1.92, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 12x in the Commercial Services industry in Africa. Total returns to shareholders of 738% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦1.56, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 13x in the Commercial Services industry in Africa. Total returns to shareholders of 559% over the past three years. Reported Earnings • Jan 27
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₦951.0m (up 47% from 3Q 2022). Net loss: ₦40.3m (loss narrowed 34% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₦910.1m (down 32% from 2Q 2022). Net income: ₦44.2m (down 80% from 2Q 2022). Profit margin: 4.9% (down from 16% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Executive Director Paul Aderibigbe was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 12
Upcoming dividend of ₦0.10 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 29 September 2022. Trailing yield: 4.5%. Lower than top quartile of Nigerien dividend payers (8.1%). Lower than average of industry peers (8.2%). Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 26% share price decline to ₦1.36, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 9x in the Commercial Services industry in Africa. Total returns to shareholders of 418% over the past three years. Buying Opportunity • May 09
Now 26% undervalued Over the last 90 days, the stock is up 28%. The fair value is estimated to be ₦2.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improved over the past week After last week's 34% share price gain to ₦1.47, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 11x in the Commercial Services industry in Africa. Total returns to shareholders of 460% over the past three years. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Non-Executive Director Pritchard David was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₦1.44, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 11x in the Commercial Services industry in Africa. Total returns to shareholders of 399% over the past three years. Buying Opportunity • Apr 11
Now 22% undervalued Over the last 90 days, the stock is up 167%. The fair value is estimated to be ₦2.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 20% share price gain to ₦1.63, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 10x in the Commercial Services industry in Africa. Total returns to shareholders of 366% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improved over the past week After last week's 30% share price gain to ₦1.03, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 10x in the Commercial Services industry in Africa. Total returns to shareholders of 187% over the past three years. Reported Earnings • Oct 28
Second quarter 2022 earnings released: EPS ₦0.37 (vs ₦0.14 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₦1.35b (up 255% from 2Q 2021). Net income: ₦221.1m (up ₦308.1m from 2Q 2021). Profit margin: 16% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 27
First quarter 2022 earnings released The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: ₦762.5m (up 356% from 1Q 2021). Net loss: ₦16.4m (loss narrowed 72% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year and the company’s share price has also fallen by 11% per year. Reported Earnings • Jul 02
Full year 2021 earnings released: ₦0.32 loss per share (vs ₦0.036 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: ₦1.68b (down 31% from FY 2020). Net loss: ₦191.2m (loss widened ₦169.4m from FY 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 02
New 90-day high: ₦0.45 The company is up 45% from its price of ₦0.31 on 02 December 2020. The Nigerien market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 22% over the same period. Reported Earnings • Jan 22
Third quarter 2021 earnings released: ₦0.038 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2021 results: Revenue: ₦718.9m (up 77% from 3Q 2020). Net loss: ₦23.2m (loss narrowed 83% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 14
New 90-day high: ₦0.36 The company is up 24% from its price of ₦0.29 on 16 October 2020. The Nigerien market is up 36% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ₦0.31 The company is up 3.0% from its price of ₦0.30 on 21 August 2020. The Nigerien market is up 39% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 37% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: ₦0.25 The company is down 24% from its price of ₦0.33 on 29 July 2020. The Nigerien market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 28% over the same period. 
