GlobalView Capital Limited

Industrial & Medical Gases Plc’s Q1 2026 results:

Revenue barely grew just about 0.4%. That means the company’s sales are almost the same as last year, with little to no real expansion.

Profit improved slightly.

Profit before tax increased by about 2%, and profit after tax rose by around 5%. So the company is doing a bit better at managing costs, but the growth is modest overall.

Earnings per share also edged up slightly from 54 kobo to 57 kobo, which is a small gain for shareholders.

Now, here’s the concern:

* The stock is very expensive relative to its performance. A Price-to-Earnings ratio of about 70x is extremely high for a company with such slow growth.
* Earnings yield is low (around 1.4%), which suggests limited value for investors at current prices.

Cadbury Nigeria’s Q1 2026 results:

Revenue grew slightly by about 7%, so the company is selling a bit more than last year. On the surface, that looks fine.

But the real story is in the profit.

Profit before tax dropped by about 39%, and profit after tax also fell by the same margin. That means even though sales increased, the company is struggling with higher costs or shrinking margins and it’s keeping far less money from what it earns.

Earnings per share also fell sharply from 262 kobo to 160 kobo. In simple terms, shareholders are getting significantly less value compared to last year.

From an investment perspective:

* The stock still looks expensive. A Price-to-Earnings ratio of about 41x is high, especially for a company with declining profits.
* Earnings yield is low (around 2.4%), which doesn’t offer much value at current prices.

Bottom line:
Cadbury is growing sales slightly, but profitability is under pressure—and that’s the bigger concern. Rising costs or operational challenges are eating into profits. Combined with a high valuation, this makes the stock less attractive at the moment unless performance improves.