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BOC Gases NigeriaNGSE:IMG Stock Report

Last Price


Market Cap







19 Jan, 2022


Company Financials
IMG fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance4/6
Financial Health6/6

IMG Stock Overview

BOC Gases Nigeria Plc manufactures and supplies industrial, medical, and specialty gases primarily in Nigeria.

Price History & Performance

Summary of all time highs, changes and price drops for BOC Gases Nigeria
Historical stock prices
Current Share Price₦9.45
52 Week High₦15.12
52 Week Low₦7.70
1 Month Change0%
3 Month Change-10.00%
1 Year Change-37.50%
3 Year Change149.34%
5 Year Change168.47%
Change since IPO23.53%

Recent News & Updates

Shareholder Returns

IMGNG ChemicalsNG Market

Return vs Industry: IMG underperformed the NG Chemicals industry which returned -1.7% over the past year.

Return vs Market: IMG underperformed the NG Market which returned 4.1% over the past year.

Price Volatility

Is IMG's price volatile compared to industry and market?
IMG volatility
IMG Average Weekly Movement2.9%
Chemicals Industry Average Movement4.9%
Market Average Movement5.3%
10% most volatile stocks in NG Market8.4%
10% least volatile stocks in NG Market2.9%

Stable Share Price: IMG is less volatile than 75% of NG stocks over the past 3 months, typically moving +/- 3% a week.

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

About the Company

195982Ayodeji Oseni

BOC Gases Nigeria Plc manufactures and supplies industrial, medical, and specialty gases primarily in Nigeria. It also offers welding and medical equipment. BOC Gases Nigeria plc also exports its products.

BOC Gases Nigeria Fundamentals Summary

How do BOC Gases Nigeria's earnings and revenue compare to its market cap?
IMG fundamental statistics
Market Cap₦3.93b
Earnings (TTM)₦328.23m
Revenue (TTM)₦3.47b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
IMG income statement (TTM)
Cost of Revenue₦1.84b
Gross Profit₦1.62b

Last Reported Earnings

Jun 30, 2021

Next Earnings Date


Earnings per share (EPS)0.79
Gross Margin46.80%
Net Profit Margin9.47%
Debt/Equity Ratio0%

How did IMG perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio


Is BOC Gases Nigeria undervalued compared to its fair value and its price relative to the market?


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: IMG (NGN9.45) is trading above our estimate of fair value (NGN7.21)

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

Price To Earnings Ratio

PE vs Industry: IMG is poor value based on its PE Ratio (12x) compared to the African Chemicals industry average (10.7x).

PE vs Market: IMG is poor value based on its PE Ratio (12x) compared to the NG market (7.6x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate IMG's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: IMG's PB Ratio (1.3x) is in line with the NG Chemicals industry average.

Future Growth

How is BOC Gases Nigeria forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Materials industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as BOC Gases Nigeria has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Past Performance

How has BOC Gases Nigeria performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: IMG has high quality earnings.

Growing Profit Margin: IMG's current net profit margins (9.5%) are higher than last year (7.9%).

Past Earnings Growth Analysis

Earnings Trend: IMG's earnings have grown by 19.7% per year over the past 5 years.

Accelerating Growth: IMG's earnings growth over the past year (36.3%) exceeds its 5-year average (19.7% per year).

Earnings vs Industry: IMG earnings growth over the past year (36.3%) underperformed the Chemicals industry 40.8%.

Return on Equity

High ROE: IMG's Return on Equity (11.1%) is considered low.

Financial Health

How is BOC Gases Nigeria's financial position?

Financial Position Analysis

Short Term Liabilities: IMG's short term assets (NGN3.4B) exceed its short term liabilities (NGN2.3B).

Long Term Liabilities: IMG's short term assets (NGN3.4B) exceed its long term liabilities (NGN499.3M).

Debt to Equity History and Analysis

Debt Level: IMG is debt free.

Reducing Debt: IMG had no debt 5 years ago.

Debt Coverage: IMG has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: IMG has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet


What is BOC Gases Nigeria current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: IMG's dividend (5.29%) is higher than the bottom 25% of dividend payers in the NG market (2.95%).

High Dividend: IMG's dividend (5.29%) is low compared to the top 25% of dividend payers in the NG market (7.44%).

Stability and Growth of Payments

Stable Dividend: IMG's dividend payments have been volatile in the past 10 years.

Growing Dividend: IMG's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (64%), IMG's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


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


Average board tenure


Ayodeji Oseni



Mr. Ayodeji Oseni was appointed Managing Director and CEO of BOC Gases Nigeria Plc in July 2016. He also serves as Board Member of BOC Gases Nigeria Plc . He is a member of the Institute of Directors of Ni...

Board Members

Experienced Board: IMG's board of directors are considered experienced (6.3 years average tenure).


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

BOC Gases Nigeria plc's employee growth, exchange listings and data sources

Key Information

  • Name: BOC Gases Nigeria plc
  • Ticker: IMG
  • Exchange: NGSE
  • Founded: 1959
  • Industry: Industrial Gases
  • Sector: Materials
  • Implied Market Cap: ₦3.934b
  • Shares outstanding: 416.24m
  • Website:

Number of Employees


  • BOC Gases Nigeria plc
  • Block H
  • Plot 1-3
  • Lagos
  • 1053
  • Nigeria


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/19 21:16
End of Day Share Price2022/01/19 00:00
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.