Valuation
53
IMG · Industrial & Medical Gases Nigeria Plc
Illiquid Neutral Quality 4/5Distress proxy: 33.99 (Safe)
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Composite score
54.3
Tier: Illiquid
Last close
₦34
As of latest snapshot
30-day ADV
₦385.6K
Liquidity signal
Market cap
₦22.44B
Natural Resources
Financials
70
Technical
35
AI bottom line
IMG presents a quality signal with 8.2% ROE significantly outpacing the 0.7% sector median, supported by a 11.9% net margin, though fair valuation at 18.6x P/E offers limited alpha. The critical constraint is severe illiquidity (₦0.4M daily volume) combined with negative 40.6% FCF margin, making position sizing and exit execution the dominant risk for institutional investors.
Stock Snowflake 5-axis radar
Blue = IMG. Gold dash = Natural Resources median. Bigger area = better across the five research dimensions.
What the model is seeing
- Trades at P/E 18.6x — in line with Natural Resources median of 17.2x.
- ROE of 8.2% — well above Natural Resources median of 0.7%. Top-quartile capital efficiency.
- Below both 50-day (-10.4%) and 200-day (-2.8%) moving averages — sustained downtrend.
Risk flags
Thin liquidity — 30d ADV ≈ ₦0.4M
Cash burn — FCF margin -40.6%
Price & trend
Close price with 50-day and 200-day moving averages, last 12 months.
Composite score history
How the model has rated this stock over the available history. Tier changes happen at 75 / 60 / 40.
Key metrics
Valuation
P/E ratio18.6x
P/B ratio2.1x
P/S ratio3.0x
EV/EBITDA13.0x
FCF yield-13.6%
Financials
ROE8.2%
ROA6.4%
Net margin11.9%
FCF margin-40.6%
Debt / Equity0.0x
Technical
Last close₦34
Above 50d MA-10.4%
Above 200d MA-2.8%
ADX (trend)0.0
RSI0.0
Dividend history 5 fiscal years shown
All amounts are gross of Nigeria's 10% withholding tax on dividends. Bonus ratios are 'new shares for shares held'.
Current yield: 1.63%
| FY | Interim DPS | Final DPS | Total cash | Bonus | Qualification | Payment |
|---|---|---|---|---|---|---|
| 2025 | — | ₦0.5 | ₦0.5 | — | 04 Jun 2026 | 24 Jun 2026 |
| 2024 | — | ₦0.8 | ₦0.8 | — | — | 25 Jun 2025 |
| 2023 | — | ₦0.5 | ₦0.5 | — | — | 02 Jul 2024 |
| 2022 | — | ₦0.4 | ₦0.4 | — | — | 25 Jul 2023 |
| 2021 | — | — | — | 1 for 5 | — | — |
Peers in Natural Resources
Closest names by composite score within the same sector. Click a symbol to open its detail page.
| Symbol | Composite | P/E | P/B | ROE | Tier |
|---|---|---|---|---|---|
| THOMASWY | 43.4 | — | 2.8x | -6.9% | Illiquid |
| MULTIVERSE | 67.6 | 15.8x | 6.2x | 34.7% | Illiquid |
| ALEX | 75.0 | — | 0.8x | -9.9% | Illiquid |
Recent news mentioning IMG
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NGX corporate disclosures IMG · last 1
Plain-English summaries of every NGX filing for IMG, generated from the underlying PDFs by Claude Haiku. Click "Read the filing" to open the official document.
AGM Notice
filed 23 Jun 2026
IMG approved a 50 kobo dividend per ordinary share for FY2025 at its 66th AGM on 19 June 2026. The company re-elected three non-executive directors (Danjuma, Oluwadeyi, Ado) and constituted a new statutory audit committee. Director Olawale Oyedele, age 70, was noted as having reached retirement threshold.