Dangote Sugar Refinery Plc is currently trading at N69, reflecting a 28% decline from its 52-week high. While the stock’s trailing price-to-earnings ratio appears expensive at 493x, this figure is skewed by significant foreign exchange losses incurred between 2023 and 2025. Following a return to profitability in H1 2026, with an earnings per share of N3.42, the annualized forward-looking P/E ratio sits at approximately 10.1x. However, sustaining this recovery depends on continued operational efficiency and exposure management against volatile foreign exchange conditions. Shareholders should note that dividend payments remain suspended due to accumulated retained losses, with recovery likely preceding any return to payouts.