- Why Dangote Cement, Lafarge Africa, MTN should be in your portfolio
- Access Holdings, First Holdco, Zenith, UBA grossly underpriced
- Seplat Energy, a good buy at N5809
Wole Olajide, ACS
The Premium Board is the listing segment for the elite group of issuers that meet the Nigerian Exchange’s most stringent corporate governance and listing standards. The Board is a platform for showcasing companies who are industry leaders in their sectors. Premium Board features companies that adhere to international best practices on corporate governance and meet NGX’s highest standards of capitalization and liquidity.
A Premium Board listing gives a company access to a global pool of investors who are focused on companies managed in conformity with the highest standards in their target markets. Companies seeking admission to NGX Premium Board are required to satisfy one set of Listing Standards:
- The company must meet the minimum market capitalization requirement of NGN200 billion on the date The Exchange receives its application (or at the time of listing – for new listings)
- The company must be evaluated under the NGX Corporate Governance Rating System (CGRS) and achieve a minimum rating score of 70%
- The company must satisfy either:
- A minimum free float requirement of 20% of its issued share capital, ORR
- The value of its free float shares is equal to or above NGN40 billion on the date the Exchange receives its application to list.
Present Listings on the Premium Board
The stocks on the Nigerian Exchange Group’s Premium Board include: Access Holdings, Dangote Cement, First Holdco, Lafarge Africa, MTN Nigeria Communications, Seplat Energy, United Bank for Africa Plc, and Zenith Bank. These companies are considered elite for meeting higher governance and liquidity standards
ACCESS HOLDINGS PLC
Access Holdings Plc has a Market Capitalisation of N1.15 trillion on the Premium Board of the Nigerian Exchange.
Currently trading at N21.50, the share price of Access Holdings has touched a high of N28.95 from a low of N19.90 in the past one year.
It is trading 25.73% away from its 52 weeks high of N28.95. A position in Access Holdings has an uptrend potential of about 26%.
The Financial Institution reported Gross Earnings of N3.9 billion in Q3 2025, up by 14.13% from N3.42 billion revenue reported the previous year. Profit after tax of N447.55 billion was achieved from the 9 months period, down by 2.23%.
With the earnings per share of N8 at the current price of N21.50, a low P/E ratio of 2.69x and earnings yield of 37.21% makes Access Holdings very attractive.
A Book Value of N74.64 relative to the current share price of N21.50 confirms that Access Holdings is grossly UNDERPRICED.
DANGOTE CEMENT
Dangote Cement is one of the heavy weight stocks on NGX with a Market Capitalisation of N10.38 trillion.
Currently trading at N614.90, the share price of Dangote Cement has touched a high of N665 from a low of N349.20 in the past one year.
It is trading 7.53% away from its 52 weeks high of N665. A position in Dangote Cement at the current price of N614.90 has an uptrend potential of about 8%, relative to its 52 weeks high of N665.
The Q3 2025 financial report of the company shows significant growth in its topline and bottom-line figures. Revenue grew by 23.21% to N3.155 trillion in Q3 2025 from N2.561 trillion revenue reported the previous year. Profit after tax went up by 166.31% to N743.263 billion in Q3 2025 from N279.096 billion profit reported the previous year. The earnings per share of the Group stands at N43.82.
At the share price of N614.90, the P/E ratio of Dangote Cement stands at 14.03x with earnings yield of 7.13%.
The PEG ratio (Price/Earnings to Growth) of Dangote Cement is 0.50. The PEG of Dangote Cement being less than 1 implies that it is UNDERVALUED. Therefore, Dangote Cement is a good BUY at the current price of N614.90.
FIRST HOLDCO
First Holdco Plc, parent company of First Bank Nigeria has a market capitalization of N1.32 trillion on NGX.
Currently trading at N31.50, the share price of the Big Elephant has touched a high of N37.50 from a low of N23.55 in the past one year.
It is trading 16% away from its 52 weeks high of N37.50. This implies that a position in First Holdco has an uptrend potential of 16%.
In Q3 2025, the Financial Institution recorded Gross Earnings of N2.709 trillion, up by 9.30% from N2.478 trillion reported the previous year. Profit after tax of N450.868 billion was achieved for the 9-month period, down by 15.55% from N533.877 billion profit reported the previous year. The earnings per share of First Holdco stands at N10.82.
At the share price of N31.50, a low P/E ratio of 2.91x and a mouth-watering earnings yield of 34.35% makes First Holdco very attractive.
Its Book Value of N77.78, relative to its current market price of N31.50 confirms that First Holdco is grossly UNDERPRICED.
LAFARGE AFRICA
Large Africa Plc (WAPCO) has a market capitalization of N2.22 trillion on the floor of the Nigerian Exchange.
Currently trading at N138, the share price of Lafarge Africa has touched a high of N154.30 from a low of N63.80 in the past one year.
It is trading 10.56% away from its 52 weeks high of 154.30. This implies an uptrend potential of about 11% for Lafarge Africa, relative to its 52 weeks high.
In Q3 2025, the Company reported revenue of N780.486 billion, up by 62.77% from N479.496 billion revenue reported the previous year. Profit after tax grew year on year by 245.86% to N207.78 billion from N60.076 billion profit reported the previous year. The earnings per share of Lafarge Africa stands at N12.90.
At the share price of N138, the P/E ratio of Lafarge Africa stands at 10.70x with earnings yield of 9.35%.
The PEG ratio (Price/Earnings to Growth) of Lafarge Africa is 0.20. The PEG ratio being less than 1 implies that the Company is UNDERVALUED. Therefore, Lafarge Africa is a good BUY at the current price of N138.
MTN NIGERIA COMMUNICATION PLC
MTN Nigeria Communication Plc is one of the heavy weight stocks listed on the premium board of the Nigerian Exchange. The telecommunication giant has a market capitalization of N9.88 trillion.
Currently trading at N470.60, the share price of MTN has touched a high N520.1 from a low of N170 in the past one year. It is trading 9.52% away from its 52 weeks high of N520.10. This implies that a position in MTN has uptrend potential of about 10%.
In Q3 2025, the revenue of the telecom giant hits N3.73 trillion for the 9 months period, up by 57.41% from N2.37 trillion revenue reported the previous year. Profit after tax soared to N750.19 billion from the loss after tax of N514.93 billion reported the previous year. Earnings per share of MTN Nigeria stands at N35.77.
At the share price of N470.60, the P/E ratio of MTN Nigeria stands at 13.16x with earnings yield of 7.6%.
The PEG ratio (Price/Earnings to Growth) of MTN Nigeria is 0.38. The PEG ratio being less than 1 implies that the Company is UNDERVALUED. Therefore, MTN Nigeria is a good BUY at the current price of N470.60.
SEPLAT ENERGY
The Oil & Gas firm is listed on the premium board of the Nigerian Exchange with current market capitalization of N3.485 trillion.
Currently trading at N5809, the share price of Seplat Energy has touched a high of N5917.20 from a low of N4964.40. It is trading 1.83% away from its 52 weeks high of N5917.20.
In Q3 2025, the Company’s revenue reported revenue of N3.356 trillion for the 9 months period, up by 213.4% from N1.071 trillion revenue reported the previous year. Profit after grew by 177.65% to N146.6 billion from N52.8 billion reported the previous year. Earnings share of Seplat Energy stands at N240.18.
At the share price of N5809, the P/E ratio of Seplat Energy stands at 24.19x with earnings yield of 4.13%.
The PEG ratio (Price/Earnings to Growth) of Seplat Energy is 0.47. The PEG ratio being less than 1 implies that the Company is UNDERVALUED. That means there is an uptrend potential in the share price of Seplat Energy. At that, Seplat Energy is a good buy at the current price of N5809.
UNITED BANK FOR AFRICA
United Bank for Africa (UBA) currently has a market capitalisation of N1.64 trillion on the premium board of NGX.
Currently trading at N40, the share price of UBA in the past one year has touched a high of N50.55 from a low of N30.50. It is trading 20.87% away from its 52 weeks week high of N50.55. This implies that a position in UBA at the current price of N40, has an uptrend potential of about 21%.
In Q3 2025, UBA reported Gross Earnings of N2.469 trillion for the 9 months period, up by 2.96% from N2.398 trillion recorded the previous year. Profit after tax grew by 2.33% to N537.53 billion from N525.31 billion profit reported the previous year. The earnings per share of UBA stands at N13.56.
At the share price of N40, a low P/E ratio of 2.95x and mouth-watering earnings yield of 33.9% makes UBA very attractive.
Its Book Value of N104.81 relative to the current share price of N40 confirms that UBA is grossly UNDERPRICED.
ZENITH BANK
Zenith Bank has a current market capitalization of N2.55 trillion on the premium board of the Nigerian Exchange.
Currently trading at N62.20, the share price of Zenith Bank in the past one year has touched a high of N78.50 from a low of N43. It is trading 20.76% away from its 52 weeks high of N78.50. This implies that a position in Zenith has an uptrend potential of about 21% relative to its 52 weeks high.
Zenith Bank reported Gross Earnings of N3.37 trillion in Q3 2025, up by 16.29% from N2.9 trillion Gross Earnings reported the previous year. Profit after tax of N764.204 billion was achieved for the 9 months period, down by 7.62% from N827.277 billion profit reported the previous year. Earnings per share of Zenith Bank stands at N18.60.
At the share price 62.20, The P/E ratio of Zenith Bank stands at 3.34x with earnings yield of 29.9%. This looks very attractive for discerning investors.
Its Book Value of N115.17 relative its current market price of N62.20 confirms that Zenith Bank UNDERPRICED.
