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Berger Nigeria Rises to Four-Month High on Valuation Bets

May 22 (Bloomberg) -- Julius Berger Nigeria Plc, the country’s largest construction company by market value, rose to a four-month high as investors bet its price could almost double this year, according to Kundila Finance Ltd.

The stock gained the daily limit of 5 percent to 32.61 naira by the close in Lagos, the commercial capital, the highest since Jan. 18.

Julius Berger shares rose as high as 62.26 naira on June 30 and fell to 19.86 naira on Feb. 29, according to data compiled by Bloomberg. “If the company continues with the work it is doing, its price could rise to the June level before the end of the year,” Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance, said by phone today. “Julius Berger is the foremost construction company in Nigeria today.”

The company, which derives 65 percent of its earnings from government projects, wants more private-sector deals to maintain growth, Managing Director Wolfgang Goetsch said on Dec. 1. Julius Berger will pay a 2.40 naira dividend per share for the full year, it said on March 23.

Julius Berger is a unit of Germany’s Bilfinger Berger AG.

Link to Company News:{JBERGER NL <Equity> CN <GO>}

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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