November 12, 2026/InvestmentOne Report
Aradel’s 9M:2026 result was shaped more by acquisition accounting than by operations. Revenue rose 633.04% YoY to NGN3.95trn on the consolidation of Renaissance and ND Western, but profit after tax fell 82.33% to NGN43.30bn after a NGN529.10bn remeasurement of the contingent consideration (earn-out), NGN420.29bn of which fell in Q3 and turned the quarter into a NGN147.74bn loss. Attributable EPS declined 41.74% to NGN32.57.
We rate Aradel UNDERWEIGHT with a 12-month target price of NGN1,256.92, implying 3.02% downside from NGN1,296.00.
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