An analysis of Oando Plc by Renaissance Capital Africa suggests that the market is valuing the company based on its debts rather than its oil and gas reserves. The investment bank's report, titled 'Oando Plc: A billion barrels in search of a balance sheet,' estimates Oando's fair equity value at about N1.53 trillion against a current market capitalisation of roughly N320 billion. The report argues that investors are overlooking the company's resource base due to concerns about its borrowings.
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