Nigerian Aviation Handling Valuation

Q: What is the Fair Price of NAHCO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

NAHCO (NGN38.5) is trading below our estimate of [[fair value]] (NGN71.88)

Is NAHCO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NAHCO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NAHCO (NGN38.5) is trading below our estimate of fair value (NGN71.88)

Significantly Below Fair Value: NAHCO is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NAHCO?

Key metric: As NAHCO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NAHCO. This is calculated by dividing NAHCO's market cap by their current earnings.
What is NAHCO's PE Ratio?
PE Ratio	7.7x
Earnings	₦9.78b
Market Cap	₦75.04b

NAHCO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.7x
Enterprise Value/EBITDA	4.2x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does NAHCO's PE Ratio compare to its peers?

The above table shows the PE ratio for NAHCO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	11.6x
SKYAVN Skyway Aviation Handling	7.9x	n/a	₦35.2b
ABJC Servair Abidjan	15.9x	n/a	XOF 21.6b
SGN Saigon Ground Services	13.4x	n/a	₫2.7t
MAC MacroAsia	9.2x	15.8%	₱11.5b
NAHCO Nigerian Aviation Handling	7.7x	n/a	₦75.0b

Price-To-Earnings vs Peers: NAHCO is good value based on its Price-To-Earnings Ratio (7.7x) compared to the peer average (11.6x).

Price to Earnings Ratio vs Industry

How does NAHCO's PE Ratio compare vs other companies in the Global Infrastructure Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: NAHCO is good value based on its Price-To-Earnings Ratio (7.7x) compared to the Global Infrastructure industry average (14.1x).

Price to Earnings Ratio vs Fair Ratio

What is NAHCO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NAHCO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7.7x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NAHCO's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.