company background image
ARDO

ArdovaNGSE:ARDOVA Stock Report

Market Cap

₦19.4b

7D

-1.3%

1Y

25.2%

Updated

26 Oct, 2021

Data

Company Financials +
ARDOVA fundamental analysis
Snowflake Score
Valuation1/6
Future Growth3/6
Past Performance2/6
Financial Health5/6
Dividends0/6

ARDOVA Overview

Ardova Plc, an integrated energy company, markets petroleum products in Nigeria.

Price History & Performance

Summary of all time highs, changes and price drops for Ardova
Historical stock prices
Current Share Price₦14.90
52 Week High₦11.90
52 Week Low₦22.00
Beta0.65
1 Month Change-3.87%
3 Month Change-17.22%
1 Year Change25.21%
3 Year Change-31.02%
5 Year Change-87.58%
Change since IPO298.81%

Recent News & Updates

Shareholder Returns

ARDOVANG Oil and GasNG Market
7D-1.3%2.1%1.5%
1Y25.2%71.6%39.2%

Return vs Industry: ARDOVA underperformed the NG Oil and Gas industry which returned 77.1% over the past year.

Return vs Market: ARDOVA underperformed the NG Market which returned 40.2% over the past year.

Price Volatility

Is ARDOVA's price volatile compared to industry and market?
ARDOVA volatility
ARDOVA Beta0.65
Industry Beta0.54
Market Beta1

Stable Share Price: ARDOVA is not significantly more volatile than the rest of NG stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: ARDOVA's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1964146Olumide Adeosunhttps://www.ardovaplc.com

Ardova Plc, an integrated energy company, markets petroleum products in Nigeria. It operates through four segments: Fuels, Lubricants and Greases, LPG and Cylinder Sales, and Solar System. The Fuels segment engages in sales and distribution of petroleum products and aviation turbine kerosene for various automobiles and machinery in retail outlets, as well as to industrial customers.

Ardova Fundamentals Summary

How do Ardova's earnings and revenue compare to its market cap?
ARDOVA fundamental statistics
Market Cap₦19.44b
Earnings (TTM)₦2.63b
Revenue (TTM)₦181.40b

7.4x

P/E Ratio

0.1x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ARDOVA income statement (TTM)
Revenue₦181.40b
Cost of Revenue₦167.95b
Gross Profit₦13.45b
Expenses₦10.82b
Earnings₦2.63b

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.01
Gross Margin7.41%
Net Profit Margin1.45%
Debt/Equity Ratio63.0%

How did ARDOVA perform over the long term?

See historical performance and comparison

Valuation

Is Ardova undervalued compared to its fair value and its price relative to the market?

7.4x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ARDOVA (NGN14.9) is trading above our estimate of fair value (NGN1.95)

Significantly Below Fair Value: ARDOVA is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ARDOVA is poor value based on its PE Ratio (7.4x) compared to the African Oil and Gas industry average (7.1x).

PE vs Market: ARDOVA is poor value based on its PE Ratio (7.4x) compared to the NG market (7.3x).


Price to Earnings Growth Ratio

PEG Ratio: ARDOVA is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: ARDOVA is overvalued based on its PB Ratio (1x) compared to the NG Oil and Gas industry average (0.8x).


Future Growth

How is Ardova forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

23.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ARDOVA's forecast earnings growth (23.7% per year) is above the savings rate (13.2%).

Earnings vs Market: ARDOVA's earnings (23.7% per year) are forecast to grow faster than the NG market (15.4% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ARDOVA's revenue (8.8% per year) is forecast to grow slower than the NG market (10.4% per year).

High Growth Revenue: ARDOVA's revenue (8.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ARDOVA's Return on Equity is forecast to be low in 3 years time (14.5%).


Past Performance

How has Ardova performed over the past 5 years?

9.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ARDOVA has a high level of non-cash earnings.

Growing Profit Margin: ARDOVA became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: ARDOVA's earnings have grown by 9.2% per year over the past 5 years.

Accelerating Growth: ARDOVA has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: ARDOVA has become profitable in the last year, making it difficult to compare its past year earnings growth to the Oil and Gas industry (50.7%).


Return on Equity

High ROE: ARDOVA's Return on Equity (13.4%) is considered low.


Financial Health

How is Ardova's financial position?


Financial Position Analysis

Short Term Liabilities: ARDOVA's short term assets (NGN51.5B) exceed its short term liabilities (NGN51.0B).

Long Term Liabilities: ARDOVA's short term assets (NGN51.5B) exceed its long term liabilities (NGN1.1B).


Debt to Equity History and Analysis

Debt Level: ARDOVA's debt to equity ratio (63%) is considered high.

Reducing Debt: ARDOVA's debt to equity ratio has reduced from 100.7% to 63% over the past 5 years.

Debt Coverage: ARDOVA's debt is well covered by operating cash flow (32.7%).

Interest Coverage: ARDOVA's interest payments on its debt are well covered by EBIT (4x coverage).


Balance Sheet


Dividend

What is Ardova current dividend yield, its reliability and sustainability?

2.80%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate ARDOVA's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate ARDOVA's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ARDOVA's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ARDOVA's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: ARDOVA is not paying a notable dividend for the NG market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of ARDOVA's dividend in 3 years as they are not forecast to pay a notable one for the NG market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.8yrs

Average management tenure


CEO

Olumide Adeosun

2.75yrs

Tenure

Mr. Olumide Adeosun has been Chief Executive Officer of Ardova Plc (formerly known as Forte Oil Plc) since 2019 and is its Director since June 20, 2019. Mr. Adeosun has experience providing transactional,...


Leadership Team

Experienced Management: ARDOVA's management team is considered experienced (2.8 years average tenure).


Board Members

Experienced Board: ARDOVA's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Ardova Plc's employee growth, exchange listings and data sources


Key Information

  • Name: Ardova Plc
  • Ticker: ARDOVA
  • Exchange: NGSE
  • Founded: 1964
  • Industry: Oil and Gas Refining and Marketing
  • Sector: Energy
  • Market Cap: ₦19.445b
  • Shares outstanding: 1.31b
  • Website: https://www.ardovaplc.com

Number of Employees


Location

  • Ardova Plc
  • 13 Walter Carrington Crescent
  • Victoria Island
  • Lagos
  • Nigeria

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/26 21:18
End of Day Share Price2021/10/26 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.