Nigerian (NSE) Market Analysis & Valuation
UpdatedMay 30, 2023
DataAggregated Company Financials
Companies143
- 7D1.3%
- 3M0.7%
- 1Y6.2%
- YTD11.2%
Over the last 7 days, the market has risen 1.3%, driven by gains of 4.2% in the Financials sector. As for the past 12 months, the market is up 6.2%. As for the next few years, earnings are expected to grow by 15% per annum.
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, 30 May 2023 | ₦23.4t | ₦16.4t | ₦2.5t | 7.3x | 9.4x | 1.4x |
| Thu, 27 Apr 2023 | ₦22.7t | ₦16.1t | ₦2.5t | 7.1x | 9.2x | 1.4x |
| Sat, 25 Mar 2023 | ₦23.2t | ₦15.8t | ₦2.6t | 6.9x | 9.1x | 1.5x |
| Mon, 20 Feb 2023 | ₦22.5t | ₦15.6t | ₦2.5t | 7.1x | 9.2x | 1.4x |
| Wed, 18 Jan 2023 | ₦21.8t | ₦15.1t | ₦2.4t | 7.3x | 9x | 1.4x |
| Fri, 16 Dec 2022 | ₦20.2t | ₦15.0t | ₦2.4t | 6.9x | 8.5x | 1.3x |
| Sun, 13 Nov 2022 | ₦18.4t | ₦15.0t | ₦2.4t | 6.6x | 7.7x | 1.2x |
| Tue, 11 Oct 2022 | ₦18.3t | ₦14.3t | ₦2.4t | 6.8x | 7.7x | 1.3x |
| Thu, 08 Sep 2022 | ₦18.5t | ₦14.3t | ₦2.4t | 7.4x | 7.8x | 1.3x |
| Sat, 06 Aug 2022 | ₦19.3t | ₦14.0t | ₦2.3t | 7.3x | 8.2x | 1.4x |
| Mon, 04 Jul 2022 | ₦20.7t | ₦13.4t | ₦2.3t | 8.7x | 8.9x | 1.5x |
| Wed, 01 Jun 2022 | ₦21.2t | ₦13.4t | ₦2.3t | 8.5x | 9.1x | 1.6x |
| Fri, 29 Apr 2022 | ₦20.7t | ₦12.7t | ₦2.1t | 8.5x | 9.7x | 1.6x |
| Sun, 27 Mar 2022 | ₦19.9t | ₦12.6t | ₦2.1t | 8.5x | 9.4x | 1.6x |
| Tue, 22 Feb 2022 | ₦20.1t | ₦12.3t | ₦2.1t | 8.6x | 9.7x | 1.6x |
| Thu, 20 Jan 2022 | ₦19.6t | ₦11.6t | ₦1.9t | 7.6x | 10.3x | 1.7x |
| Sat, 18 Dec 2021 | ₦17.9t | ₦11.6t | ₦1.9t | 7.3x | 9.4x | 1.5x |
| Mon, 15 Nov 2021 | ₦18.7t | ₦11.6t | ₦1.8t | 7.1x | 10.2x | 1.6x |
| Wed, 13 Oct 2021 | ₦17.7t | ₦11.0t | ₦1.8t | 7.4x | 9.9x | 1.6x |
| Fri, 10 Sep 2021 | ₦16.9t | ₦11.6t | ₦1.8t | 7.2x | 9.4x | 1.5x |
| Sun, 08 Aug 2021 | ₦17.3t | ₦11.7t | ₦1.8t | 7.4x | 9.5x | 1.5x |
| Sat, 01 May 2021 | ₦16.7t | ₦10.9t | ₦1.7t | 7.6x | 9.9x | 1.5x |
| Tue, 02 Feb 2021 | ₦18.0t | ₦10.6t | ₦1.6t | 8x | 11.3x | 1.7x |
| Fri, 06 Nov 2020 | ₦13.8t | ₦10.3t | ₦1.5t | 7.1x | 9x | 1.3x |
| Mon, 10 Aug 2020 | ₦11.1t | ₦10.0t | ₦1.5t | 6.6x | 7.3x | 1.1x |
Price to Earnings Ratio
7.3x
Current Market PE
- Investors are relatively neutral on the Nigerian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
- The market is trading close to its 3-year average PE ratio of 9.1x.
Past Earnings Growth
- The earnings for Nigerian listed companies have grown 17% per year over the last three years.
- Revenues for these companies have grown 17% 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 | 1.33% | |
| Tech | 6.07% | |
| Energy | 5.24% | |
| Healthcare | 4.35% | |
| Financials | 4.25% | |
| Consumer Staples | 2.62% | |
| Utilities | 1.69% | |
| Real Estate | 0.96% | |
| Telecom | 0.65% | |
| Industrials | 0.57% | |
| Consumer Discretionary | 0.30% | |
| Materials | -0.66% | |
Sector PE
- Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 12.2x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 75.1% which is higher than its past year's earnings decline of 57.6% per year.
Forecasted Growth
- Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 116% over the next 5 years.
- This is roughly in line with its past earnings growth rate.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| MTNN MTN Nigeria Communications | ₦250.00 | 8.2% +₦386.2b | 8.7% | PE13.9x | Telecom | |
| DANGCEM Dangote Cement | ₦290.00 | 7.4% +₦337.5b | 4.7% | PE12.9x | Materials | |
| BUAFOODS BUA Foods | ₦123.00 | 5.1% +₦108.0b | 112.4% | PE20.3x | Consumer Staples | |
| ZENITHBANK Zenith Bank | ₦29.70 | 10.0% +₦84.8b | 26.7% | PB0.6x | Financials | |
| NESTLE Nestlé Nigeria | ₦1.15k | 10.0% +₦82.6b | -18.0% | PE19.3x | Consumer Staples |
Market Insights
The best luxury goods are typically “better quality” than their cheaper counterparts in the sense that they are more durable...
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