Coming back to my tomatoes analogy, Wapic insurance would be in between the best of the tomatoes and the rotten ones beneath the grass. It’s in the middle, which is a good or bad thing depending on what side of the fence that one stands. Though the insurance stocks are penny stocks, a clear dichotomy exists. There are front liners like Custodian Insurance and Mansard Insurance. Followed by stocks in the middle like Continental Reinsurance and Aiico Insurance. Then the rest of the pack to which Wapic belongs to.
On face value, Wapic is not an attractive stock. A stock with an earning per share of less than one kobo trading between 50-55 kobo is a hard sell. More so with the clouds of the 50 kobo floor threatening to rain. Custodian trading at 4 naira has Q1 earnings per share of 24 kobo. Aiico trading at slightly less than 1 naira has a Q1 earnings per share of 6 kobo.
All is not gloom concerning Wapic. One could argue that the recently appointed management is finding its feet. In conclusion, buy if you believe that dry bones will rise again. If your faith is smaller than the mustard seed, remain in the land of the living.