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Nigerian (NSE) Market Analysis & Valuation
UpdatedJan 08, 2025
DataAggregated Company Financials
Companies128
- 7D0.7%
- 3M9.6%
- 1Y35.9%
- YTD0.3%
The Communication Services sector gained 23% while the market remained flat over the last week. More promisingly, the market is up 36% over the past year. As for the next few years, earnings are expected to grow by 30% 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 |
|---|---|---|---|---|---|---|
| Thu, 09 Jan 2025 | ₦43.2t | ₦26.5t | ₦6.9t | 9.2x | 6.2x | 1.6x |
| Sat, 07 Dec 2024 | ₦41.1t | ₦29.6t | ₦7.0t | 7.5x | 5.9x | 1.4x |
| Mon, 04 Nov 2024 | ₦106.7t | ₦29.1t | ₦6.9t | 7.6x | 15.5x | 3.7x |
| Wed, 02 Oct 2024 | ₦105.1t | ₦25.8t | ₦6.0t | 7.9x | 17.6x | 4.1x |
| Fri, 30 Aug 2024 | ₦119.3t | ₦24.7t | ₦5.7t | 6.9x | 20.8x | 4.8x |
| Sun, 28 Jul 2024 | ₦38.1t | ₦23.1t | ₦5.8t | 7.3x | 6.6x | 1.6x |
| Tue, 25 Jun 2024 | ₦38.9t | ₦22.4t | ₦5.7t | 7.4x | 6.9x | 1.7x |
| Thu, 23 May 2024 | ₦38.5t | ₦21.8t | ₦5.2t | 6.8x | 7.3x | 1.8x |
| Sat, 20 Apr 2024 | ₦40.1t | ₦20.0t | ₦4.1t | 7.5x | 9.7x | 2x |
| Mon, 18 Mar 2024 | ₦41.9t | ₦19.5t | ₦3.6t | 8.7x | 11.6x | 2.1x |
| Wed, 14 Feb 2024 | ₦44.7t | ₦21.3t | ₦4.0t | 9x | 11.3x | 2.1x |
| Fri, 12 Jan 2024 | ₦35.1t | ₦20.1t | ₦3.6t | 9.9x | 9.7x | 1.7x |
| Sun, 10 Dec 2023 | ₦29.9t | ₦19.9t | ₦3.6t | 8.4x | 8.4x | 1.5x |
| Tue, 07 Nov 2023 | ₦29.5t | ₦19.8t | ₦3.6t | 7.8x | 8.3x | 1.5x |
| Thu, 05 Oct 2023 | ₦29.3t | ₦18.4t | ₦3.3t | 8.3x | 8.8x | 1.6x |
| Sat, 02 Sep 2023 | ₦29.7t | ₦17.4t | ₦2.6t | 8.2x | 11.6x | 1.7x |
| Mon, 31 Jul 2023 | ₦28.2t | ₦17.2t | ₦2.6t | 8.2x | 10.9x | 1.6x |
| Wed, 28 Jun 2023 | ₦26.4t | ₦16.9t | ₦2.5t | 7.6x | 10.5x | 1.6x |
| Fri, 26 May 2023 | ₦23.2t | ₦16.4t | ₦2.5t | 7.1x | 9.3x | 1.4x |
| Sun, 23 Apr 2023 | ₦22.5t | ₦16.1t | ₦2.5t | 7x | 9.1x | 1.4x |
| Tue, 21 Mar 2023 | ₦23.1t | ₦15.8t | ₦2.6t | 6.7x | 9.1x | 1.5x |
| Thu, 16 Feb 2023 | ₦22.5t | ₦15.6t | ₦2.5t | 7x | 9.2x | 1.4x |
| Sat, 14 Jan 2023 | ₦21.9t | ₦15.1t | ₦2.4t | 7.4x | 9.1x | 1.5x |
| Mon, 12 Dec 2022 | ₦20.2t | ₦15.0t | ₦2.4t | 6.9x | 8.5x | 1.3x |
| Wed, 09 Nov 2022 | ₦18.5t | ₦15.0t | ₦2.4t | 6.7x | 7.7x | 1.2x |
| Fri, 07 Oct 2022 | ₦17.9t | ₦14.3t | ₦2.4t | 6.9x | 7.5x | 1.3x |
| Sun, 04 Sep 2022 | ₦18.6t | ₦14.3t | ₦2.4t | 7.4x | 7.8x | 1.3x |
| Tue, 02 Aug 2022 | ₦18.9t | ₦13.9t | ₦2.4t | 7x | 8x | 1.4x |
| Thu, 30 Jun 2022 | ₦20.6t | ₦13.4t | ₦2.3t | 8.8x | 8.9x | 1.5x |
| Sat, 28 May 2022 | ₦21.8t | ₦13.3t | ₦2.2t | 8.5x | 9.8x | 1.6x |
| Mon, 25 Apr 2022 | ₦20.4t | ₦12.7t | ₦2.1t | 8.6x | 9.6x | 1.6x |
| Wed, 23 Mar 2022 | ₦20.0t | ₦12.6t | ₦2.1t | 8.4x | 9.5x | 1.6x |
| Fri, 18 Feb 2022 | ₦20.0t | ₦12.3t | ₦2.1t | 8.7x | 9.7x | 1.6x |
| Sun, 16 Jan 2022 | ₦19.4t | ₦11.6t | ₦1.9t | 7.6x | 10.2x | 1.7x |
Price to Earnings Ratio
10.2x
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 6.2x which is lower than its 3-year average PE of 9.6x.
Past Earnings Growth
- The earnings for Nigerian listed companies have grown 54% per year over the last three years.
- Revenues for these companies have grown 32% 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 | 0.69% | |
| Telecom | 22.74% | |
| Real Estate | 16.82% | |
| Healthcare | 4.04% | |
| Financials | 2.68% | |
| Industrials | 1.89% | |
| Consumer Discretionary | 0.39% | |
| Utilities | 0.25% | |
| Materials | 0.15% | |
| Consumer Staples | 0.0037% | |
| Information Technology | 0% | |
| Financials | 0% | |
| Health Care | 0% | |
| Industrials | 0% | |
| Energy | -0.66% | |
| Tech | -3.64% | |
Sector PE
- Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 35.5x.
- 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 Consumer Staples sector, expecting annual earnings growth of 52% over the next 5 years.
- However this is lower than its past earnings growth rate of 127% per year.
- In contrast, the Financials industry is expected to see its earnings growth to stay flat over the next few years.
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 | ₦220.00 | 10.0% +₦419.3b | -22.0% | PS1.5x | Telecom | |
| FBNH FBN Holdings | ₦31.45 | 12.1% +₦122.0b | 21.9% | PB0.4x | Financials | |
| TRANSCORP Transnational Corporation of Nigeria | ₦49.50 | 13.8% +₦61.0b | -3.8% | PE10.8x | Utilities | |
| WEMABANK Wema Bank | ₦11.45 | 25.8% +₦50.4b | 33.1% | PB1.1x | Financials | |
| UCAP United Capital | ₦22.20 | 8.8% +₦32.4b | 167.5% | PE21.1x | Financials |
