Company Intelligence — Overview
NICOL
An investment holding company, re-rated by its portfolio
DSE: NICO · National Investments Company Limited · Dar es Salaam Stock Exchange
~3,830
Market price · TZS/sh (May 26)
226.2 bn
Total equity / NAV proxy
247.6 bn
Total assets
28.95 bn
Q3 portfolio fair-value gain
70
Dividend · TZS/sh
+39%
Equity growth (9M ’25)
Subscriber tier
The full 10-section Investment Brief
Full model · valuation · return analysis · recommendation
The analysis — key observations
- NAV expansion. Total equity (a proxy for NAV) climbed to TZS 226.2bn from TZS 162.59bn, and total assets to TZS 247.6bn from TZS 188.87bn — a ~39% step-up in nine months.
- Portfolio-driven returns. Q3 comprehensive income was dominated by a TZS 28.95bn fair-value gain on investments — returns move with the market value of holdings, not trading profit.
- Non-cash, mark-to-market. Much of the gain is unrealised revaluation; it can reverse if markets fall, so NAV is the number to watch over time.
- Income too. A final dividend of TZS 70/share (Sep 2025) provides a cash return alongside NAV growth.
Read NICOL as an investment company: its worth tracks the value of its portfolio (listed equities and government securities), so the right lens is net asset value (NAV) and price-vs-NAV — not operating earnings.
Valuation context — TZS/share (illustrative, educational)
For an investment company, compare the share price to NAV per share (total equity ÷ shares outstanding) — a price above NAV is a premium, below a discount. NICOL’s NAV has grown strongly; verify the current share count from the company’s reports before drawing conclusions. Educational only — not advice.
Market backdrop — DSE & macro · mid-2026
3,950
DSE All-Share Index · 18 Jun 26
34.2 tn
DSE market cap · TZS
~6%
GDP growth
~3.3%
Inflation · stable macro
Key risks
Market risk
NAV moves with the value of holdings; a market downturn would reverse unrealised gains.
Concentration & transparency
Portfolio composition and concentration matter; check disclosures for the underlying holdings.
Premium/discount
Investment companies can trade above or below NAV; the gap can widen or narrow over time.