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Nigerian (NSE) Market Analysis & Valuation

UpdatedJun 18, 2024
DataAggregated Company Financials
Companies129
  • 7D0.4%
  • 3M-4.7%
  • 1Y96.7%
  • YTD49.2%

In the last week, the market has stayed flat, however the Real Estate sector stood out, gaining 13%. Meanwhile, the market is actually up 97% over the past year. As for the next few years, earnings are expected to grow by 23% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

Has the Nigerian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 18 Jun 2024₦38.9t₦22.4t₦5.7t7.4x6.9x1.7x
Thu, 16 May 2024₦38.9t₦21.9t₦5.3t7.1x7.4x1.8x
Sat, 13 Apr 2024₦41.4t₦20.1t₦4.2t7.8x9.9x2.1x
Mon, 11 Mar 2024₦40.8t₦19.5t₦3.6t7.8x11.4x2.1x
Wed, 07 Feb 2024₦45.0t₦21.3t₦3.9t9.2x11.5x2.1x
Fri, 05 Jan 2024₦32.7t₦20.1t₦3.6t9.1x9x1.6x
Sun, 03 Dec 2023₦29.8t₦19.8t₦3.6t8.2x8.3x1.5x
Tue, 31 Oct 2023₦29.4t₦19.3t₦3.6t7.8x8.3x1.5x
Thu, 28 Sep 2023₦29.4t₦18.5t₦3.4t8.4x8.8x1.6x
Sat, 26 Aug 2023₦28.9t₦17.3t₦2.5t8x11.4x1.7x
Mon, 24 Jul 2023₦29.3t₦17.1t₦2.6t8.6x11.1x1.7x
Wed, 21 Jun 2023₦26.2t₦16.8t₦2.5t7.7x10.5x1.6x
Fri, 19 May 2023₦23.0t₦16.4t₦2.5t7x9.2x1.4x
Sun, 16 Apr 2023₦22.9t₦16.0t₦2.5t6.7x9x1.4x
Tue, 14 Mar 2023₦23.6t₦15.8t₦2.6t7x9.3x1.5x
Thu, 09 Feb 2023₦22.4t₦15.6t₦2.5t7x9.1x1.4x
Sat, 07 Jan 2023₦21.2t₦15.1t₦2.4t7x8.8x1.4x
Mon, 05 Dec 2022₦19.8t₦15.0t₦2.4t6.7x8.3x1.3x
Wed, 02 Nov 2022₦18.2t₦14.9t₦2.4t7x7.7x1.2x
Fri, 30 Sep 2022₦18.2t₦14.4t₦2.4t6.9x7.6x1.3x
Sun, 28 Aug 2022₦18.4t₦14.2t₦2.4t7.6x7.8x1.3x
Tue, 26 Jul 2022₦20.0t₦13.5t₦2.3t8.4x8.7x1.5x
Thu, 23 Jun 2022₦20.4t₦13.4t₦2.3t8.9x8.8x1.5x
Sat, 21 May 2022₦22.7t₦13.2t₦2.2t8.9x10.3x1.7x
Mon, 18 Apr 2022₦20.1t₦12.6t₦2.1t8.9x9.6x1.6x
Wed, 16 Mar 2022₦20.1t₦12.6t₦2.1t8.5x9.7x1.6x
Fri, 11 Feb 2022₦20.0t₦12.3t₦2.1t8.7x9.7x1.6x
Sun, 09 Jan 2022₦18.2t₦11.6t₦1.9t7.4x9.5x1.6x
Tue, 07 Dec 2021₦17.9t₦11.6t₦1.8t7.1x9.7x1.5x
Thu, 04 Nov 2021₦18.4t₦16.0t₦2.4t7.2x7.7x1.1x
Sat, 02 Oct 2021₦17.6t₦11.0t₦1.8t7.4x9.9x1.6x
Mon, 30 Aug 2021₦17.2t₦11.7t₦1.8t7.3x9.5x1.5x
Tue, 06 Jul 2021₦16.8t₦11.7t₦1.8t7.4x9.3x1.4x
Price to Earnings Ratio

9.3x


Total Market Cap: ₦16.8tTotal Earnings: ₦1.8tTotal Revenue: ₦11.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Market Price to Earnings3Y Average 9.3x202220232024
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 6.9x which is lower than its 3-year average PE of 9.3x.
Past Earnings Growth
  • The earnings for Nigerian listed companies have grown 46% per year over the last three years.
  • Revenues for these companies have grown 24% 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 Market0.38%
Real Estate12.79%
Energy5.05%
Financials0.62%
Consumer Staples0.56%
Industrials0.39%
Materials0.28%
Consumer Discretionary0.006%
Utilities-0.035%
Healthcare-0.61%
Tech-1.74%
Telecom-3.95%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 12.6x.
    • 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 Energy sector, expecting annual earnings growth of 57% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Financials sector is expected to see its earnings decline by 7.7% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
WAPCO Lafarge Africa₦35.908.6%
+₦45.9b
24.7%PE14xMaterials
ZENITHBANK Zenith Bank₦36.002.9%
+₦31.4b
12.5%PB0.4xFinancials
NB Nigerian Breweries₦31.659.1%
+₦27.2b
-27.6%PS0.5xConsumer Staples
GTCO Guaranty Trust Holding₦42.202.8%
+₦24.5b
30.7%PB0.5xFinancials
UBA United Bank for Africa₦22.353.2%
+₦23.9b
94.3%PB0.3xFinancials
See more
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Market Insights

Last week, we looked at some of the reasons the healthcare sector has underperformed over the last few years...

Latest News

ZENITHBANK

₦36.00

Zenith Bank

7D

2.9%

1Y

12.5%

PRESCO

₦345.00

Presco

7D

6.7%

1Y

94.7%

GUINNESS

₦60.25

Guinness Nigeria

7D

9.9%

1Y

-22.5%

ETI

₦21.35

Ecobank Transnational

7D

-9.9%

1Y

38.6%

STANBIC

₦52.00

Stanbic IBTC Holdings

7D

-1.3%

1Y

-1.8%

CUSTODIAN

₦9.35

Custodian Investment

7D

-11.0%

1Y

35.5%

NB

₦31.65

Nigerian Breweries

7D

9.1%

1Y

-27.6%

FBNH

₦22.60

FBN Holdings

7D

-1.3%

1Y

41.7%

UBA

₦22.35

United Bank for Africa

7D

3.2%

1Y

94.3%

NESTLE

₦925.00

Nestlé Nigeria

7D

1.6%

1Y

-26.0%

CADBURY

₦15.25

Cadbury Nigeria

7D

-4.7%

1Y

-18.9%

GTCO

₦42.20

Guaranty Trust Holding

7D

2.8%

1Y

30.7%

FCMB

₦7.75

FCMB Group

7D

-1.3%

1Y

52.0%

WAPCO

₦35.90

Lafarge Africa

7D

8.6%

1Y

24.7%

ACCESSCORP

₦18.65

Access Holdings

7D

-3.4%

1Y

25.6%

UNILEVER

₦15.05

Unilever Nigeria

7D

-5.0%

1Y

-0.3%