Nigerian (NSE) Market Analysis & Valuation
UpdatedOct 31, 2023
DataAggregated Company Financials
Companies147
- 7D2.0%
- 3M6.7%
- 1Y71.4%
- YTD46.1%
In the last week, the market has stayed flat, however the Utilities sector stood out, gaining 16%. More promisingly, the market is up 68% over the past year. Looking forward, earnings are forecast to grow by 20% annually.
Trending IndustriesOil and Gas
Market Valuation and Performance
Has the Nigerian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 31 Oct 2023 | ₦29.4t | ₦19.3t | ₦3.6t | 7.8x | 8.3x | 1.5x |
| Thu, 28 Sep 2023 | ₦29.4t | ₦18.5t | ₦3.4t | 8.4x | 8.8x | 1.6x |
| Sat, 26 Aug 2023 | ₦28.9t | ₦17.3t | ₦2.5t | 8x | 11.4x | 1.7x |
| Mon, 24 Jul 2023 | ₦29.3t | ₦17.1t | ₦2.6t | 8.6x | 11.1x | 1.7x |
| Wed, 21 Jun 2023 | ₦26.2t | ₦16.8t | ₦2.5t | 7.7x | 10.5x | 1.6x |
| Fri, 19 May 2023 | ₦23.0t | ₦16.4t | ₦2.5t | 7x | 9.2x | 1.4x |
| Sun, 16 Apr 2023 | ₦22.9t | ₦16.0t | ₦2.5t | 6.7x | 9x | 1.4x |
| Tue, 14 Mar 2023 | ₦23.6t | ₦15.8t | ₦2.6t | 7x | 9.3x | 1.5x |
| Thu, 09 Feb 2023 | ₦22.4t | ₦15.6t | ₦2.5t | 7x | 9.1x | 1.4x |
| Sat, 07 Jan 2023 | ₦21.2t | ₦15.1t | ₦2.4t | 7x | 8.8x | 1.4x |
| Mon, 05 Dec 2022 | ₦19.8t | ₦15.0t | ₦2.4t | 6.7x | 8.3x | 1.3x |
| Wed, 02 Nov 2022 | ₦18.2t | ₦14.9t | ₦2.4t | 7x | 7.7x | 1.2x |
| Fri, 30 Sep 2022 | ₦18.2t | ₦14.4t | ₦2.4t | 6.9x | 7.6x | 1.3x |
| Sun, 28 Aug 2022 | ₦18.4t | ₦14.2t | ₦2.4t | 7.6x | 7.8x | 1.3x |
| Tue, 26 Jul 2022 | ₦20.0t | ₦13.5t | ₦2.3t | 8.4x | 8.7x | 1.5x |
| Thu, 23 Jun 2022 | ₦20.4t | ₦13.4t | ₦2.3t | 8.9x | 8.8x | 1.5x |
| Sat, 21 May 2022 | ₦22.7t | ₦13.2t | ₦2.2t | 8.9x | 10.3x | 1.7x |
| Mon, 18 Apr 2022 | ₦20.1t | ₦12.6t | ₦2.1t | 8.9x | 9.6x | 1.6x |
| Wed, 16 Mar 2022 | ₦20.1t | ₦12.6t | ₦2.1t | 8.5x | 9.7x | 1.6x |
| Fri, 11 Feb 2022 | ₦20.0t | ₦12.3t | ₦2.1t | 8.7x | 9.7x | 1.6x |
| Sun, 09 Jan 2022 | ₦18.2t | ₦11.6t | ₦1.9t | 7.4x | 9.5x | 1.6x |
| Tue, 07 Dec 2021 | ₦17.9t | ₦11.6t | ₦1.8t | 7.1x | 9.7x | 1.5x |
| Thu, 04 Nov 2021 | ₦18.4t | ₦16.0t | ₦2.4t | 7.2x | 7.7x | 1.1x |
| Sat, 02 Oct 2021 | ₦17.6t | ₦11.0t | ₦1.8t | 7.4x | 9.9x | 1.6x |
| Mon, 30 Aug 2021 | ₦17.2t | ₦11.7t | ₦1.8t | 7.3x | 9.5x | 1.5x |
| Tue, 06 Jul 2021 | ₦16.8t | ₦11.7t | ₦1.8t | 7.4x | 9.3x | 1.4x |
| Fri, 09 Apr 2021 | ₦16.5t | ₦10.9t | ₦1.7t | 7.4x | 9.8x | 1.5x |
| Thu, 31 Dec 2020 | ₦17.3t | ₦10.6t | ₦1.6t | 7.4x | 10.8x | 1.6x |
Price to Earnings Ratio
9x
Current Market PE
- Investors are pessimistic on the Nigerian market, indicating that they anticipate earnings will not grow as fast as they have historically.
- The market is trading at a PE ratio of 8.2x which is lower than its 3-year average PE of 9.5x.
Past Earnings Growth
- The earnings for Nigerian listed companies have grown 32% per year over the last three years.
- Revenues for these companies have grown 23% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Sector Trends
Which sectors have driven the changes within the Nigerian Market?
| NG Market | 2.01% | |
| Utilities | 19.15% | |
| Tech | 5.19% | |
| Materials | 3.11% | |
| Industrials | 2.40% | |
| Financials | 2.20% | |
| Healthcare | 1.51% | |
| Energy | 0.69% | |
| Consumer Staples | 0.48% | |
| Real Estate | 0% | |
| Consumer Discretionary | -0.057% | |
| Telecom | -1.40% | |
Sector PE
- Investors favour the Consumer Discretionary sector the most for future growth which is trading above its 3-year average PE ratio.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
- Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 32% over the next 5 years.
- This is better than its past earnings decline of 9.0% per year.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| DANGCEM Dangote Cement | ₦328.00 | 5.8% +₦302.0b | 48.8% | PE12.7x | Materials | |
| GEREGU Geregu Power | ₦395.50 | 25.6% +₦201.3b | 243.9% | PE86x | Utilities | |
| STANBIC Stanbic IBTC Holdings | ₦74.00 | 6.4% +₦57.7b | 157.4% | PE7.3x | Financials | |
| DANGSUGAR Dangote Sugar Refinery | ₦63.75 | 4.5% +₦33.4b | 291.1% | PE118.9x | Consumer Staples | |
| FBNH FBN Holdings | ₦16.75 | 5.3% +₦30.5b | 70.1% | PB0.4x | Financials |
Market Insights
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