Tekedia Capital: Analysts value Dangote Refinery at NGN 77.7 trillion-NGN 82.62 trillion, above IPO indicative cap
Reuters2026/09/09 20:47- Tekedia Capital analysis flagged valuations of Dangote Refinery at NGN 77.7 trillion to NGN 82.62 trillion, above an indicative NGN 65.22 trillion IPO value.
- Offer terms: 4,100,000,000 new shares at NGN 525 each; implied pre-listing market cap NGN 63.07 trillion; post-offer NGN 65.22 trillion.
- Valuation upside rests on ramp-up assumptions; analysts projected 2026 revenue near $28.2 billion to $29.6 billion, net earnings $3.8 billion to $4.1 billion.
- Prospectus showed 1H 2026 revenue $13.91 billion, profit after tax $1.82 billion; 2025 recorded a full-year loss of $475.8 million.
- Execution risk centers on refining margins, utilization, funding a $14.27 billion expansion from 700,000 bpd toward 1,400,000 bpd capacity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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