Seven Gates Research
Nigerian in knowledge, international in scope, sceptical by habit. The argument comes first. The arithmetic gets the final vote.
Market lens / 8 November 2026
Nigeria's reported cholera cases fell sharply in September, yet Borno accounted for almost the entire remaining burden. A US strike on a commercial vessel raises Gulf freight risk, New Zealand's preliminary count leaves the governing bloc one seat above a majority, and public markets are imposing a higher proof threshold on AI spending.
Read the evidence and implications →Maggi, Milo and Golden Morn came through the currency shock, and profit is back. But most of this year's fall in debt came from the exchange rate, operating cash is down, the parent now wants to buy the water business, and at ₦2,750 the share already prices in most of the repair. WATCH.
Read the analysis →A Sindhi trading house carried its name from Hyderabad to Lagos in 1923 and stayed through empire, Partition and every devaluation since. Its Isolo yard is worth more than the whole company. In August sellers drove the price down as far as the exchange allows, three times in nine sessions, and then it stopped moving altogether.
Read the analysis →Debt has nearly gone and cash generation is strong, but at N174.60 the price already assumes N12 to N14 of sustainable earnings per share, and about N7m of stock changes hands on an average day. Hold, watch, and become interested below N150.
Read the analysis →The coverage directory
Published coverage, with the latest view in each company file. Values inside reports are dated research snapshots, never live quotes.
Dollar earnings, additional scale and lower leverage improve the franchise. Valuation and capital allocation still matter.
Research as of Open company file →Cheap deposits, formidable capital and rare institutional restraint. The remaining argument is price.
Research as of Open company file →Profit has recovered. Per-share compounding, financing drag and the moat still need proving.
Research as of Open company file →A formidable deposit franchise and continental reach, offset by asset-quality, cost and capital-efficiency questions.
Research as of Open company file →Data demand and a repaired balance sheet support the case. Energy costs and capex decide how much growth reaches shareholders.
Research as of Open company file →The NGX Valuation Lab
What has to go right for the price to make sense? Change the inputs and see what happens to value.
Open the Valuation Lab →Growth, reinvestment and the cost of capital.
Compare the cases behind your conviction.
How much room is there to be wrong?
Nigeria's PMI shows a fifth month of expansion and renewed price pressure, South Africa enters coalition negotiations, a tanker attack kills a seafarer, and AI capital becomes more selective.
Read brief →A court removes a leading Nigerian challenger, AI fears drive a global equity rout, the Bank of England raises rates and tanker attacks continue in the Gulf.
Read brief →Nigeria revises its external borrowing request, South Africa begins coalition arithmetic, Arm reports stronger AI demand and oil gives back part of its war premium.
Read brief →The seven gates
Every company passes through the same seven gates before it earns a view.
Interesting first. Correct always.
Strong opinions, loosely held. Capital, tightly held.
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