Shares of NCR (Nigeria) Plc have climbed 76.8% year-to-date in 2026, ranking the stock among the top performers on the Nigerian Exchange (NGX), despite lingering concerns over its underlying fundamentals.
The rally builds on strong gains recorded in previous years and has lifted the company’s market capitalisation to about ₦13.9 billion. Market analysts attribute the surge largely to momentum trading and a tight free float, with NCR Corporation, the U.S.-based parent company, controlling nearly 62% of outstanding shares.
However, the sharp price increase contrasts with NCR Nigeria’s financial history. Between 2020 and 2024, the company posted declining revenues and cumulative losses of roughly ₦4.2 billion. While a modest turnaround emerged in 2025 when NCR reported a ₦238 million profit for the first nine months analysts caution that profitability is yet to be firmly established.
At current levels, the stock trades on an earnings multiple of around 11 times, a valuation many observers say is driven more by sentiment than sustained earnings strength.
Outlook: Investors are expected to watch closely for consistent revenue growth and repeat profitability, as the durability of the rally will depend on fundamentals eventually catching up with price momentum. Visit www.jocomms.com for more news.