Analysts at WSTC Securities Believe NASCON Share is Overpriced

Admin 02-Nov-2020 Business

By Olayemi Esan 

At ₦13.10, equity analysts at WSTC Securities Limited expressed believe that NASCON Allied Industries Plc.’s share is overpriced.

As a result, analysts maintain sell recommendation on the company’s share, hinted that current price is 37% above its reference price.

At market capitalisation of ₦34.708 billion on 2.649 billion shares outstanding, Dangote Industries owns 62% of NASCON, Stanbic Nominee 7% and others 31%.

In the recently released results for NASCON Allied Industries Plc, the group recorded a topline growth of 4% year on year from ₦21.03 billion to ₦21.87bn in 9M-2020.

Analysts said due to reclassification of haulage cost, gross profit rose 75% from ₦5.13 billion in 9M-2019 to ₦8.96 billion in 9M-2020. 

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