Nigerian (NSE) Energy Sector Analysis

Sector Valuation and Performance

Has the Nigerian Energy Sector valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 22 Jul 2026	₦7.1t	₦2.6t	₦784.8b	21.8x	9.1x	2.8x
Fri, 19 Jun 2026	₦7.7t	₦2.0t	₦395.9b	21.9x	19.5x	3.8x
Sun, 17 May 2026	₦8.4t	₦2.0t	₦392.1b	31.4x	21.5x	4.1x
Tue, 14 Apr 2026	₦6.0t	₦2.1t	₦389.5b	29x	15.4x	2.9x
Thu, 12 Mar 2026	₦6.3t	₦2.1t	₦386.2b	37.1x	16.3x	3x
Sat, 07 Feb 2026	₦4.3t	₦2.1t	₦385.9b	23.7x	11.2x	2.1x
Mon, 05 Jan 2026	₦3.5t	₦2.2t	₦377.6b	21.7x	9.4x	1.6x
Wed, 03 Dec 2025	₦3.4t	₦2.2t	₦377.6b	18.9x	9x	1.6x
Fri, 31 Oct 2025	₦3.8t	₦2.1t	₦300.7b	20.2x	12.7x	1.8x
Sun, 28 Sep 2025	₦2.9t	₦2.2t	₦309.2b	22.3x	9.3x	1.3x
Tue, 26 Aug 2025	₦2.7t	₦2.2t	₦319.2b	23.9x	8.4x	1.2x
Thu, 24 Jul 2025	₦2.7t	₦2.8t	₦304.1b	12.1x	9x	1x
Sat, 21 Jun 2025	₦2.9t	₦2.8t	₦304.1b	12.1x	9.4x	1x
Mon, 19 May 2025	₦2.8t	₦2.8t	₦312.7b	11.9x	8.9x	1x
Wed, 16 Apr 2025	₦2.8t	₦2.6t	₦308.3b	11.1x	9x	1.1x
Fri, 14 Mar 2025	₦2.9t	₦2.6t	₦297.5b	12.4x	9.8x	1.1x
Sun, 09 Feb 2025	₦3.1t	₦2.6t	₦297.5b	12.4x	10.4x	1.2x
Tue, 07 Jan 2025	₦3.2t	₦2.1t	₦192.2b	14.5x	16.6x	1.5x
Thu, 05 Dec 2024	₦2.5t	₦2.1t	₦192.2b	11x	13.3x	1.2x
Sat, 02 Nov 2024	₦2.4t	₦2.0t	₦191.5b	9.2x	12.4x	1.2x
Mon, 30 Sep 2024	₦391.4b	₦1.5t	₦42.0b	9.3x	9.3x	0.3x
Wed, 28 Aug 2024	₦356.2b	₦1.5t	₦42.0b	8.5x	8.5x	0.2x
Fri, 26 Jul 2024	₦273.1b	₦1.3t	₦35.8b	8.7x	7.6x	0.2x
Sun, 23 Jun 2024	₦251.8b	₦1.2t	₦34.4b	7.6x	7.3x	0.2x
Tue, 21 May 2024	₦228.0b	₦1.2t	₦34.8b	8.6x	6.6x	0.2x
Thu, 18 Apr 2024	₦381.6b	₦1.1t	₦26.9b	10.3x	14.2x	0.4x
Sat, 16 Mar 2024	₦389.8b	₦1.1t	₦28.5b	9.5x	13.7x	0.4x
Mon, 12 Feb 2024	₦426.8b	₦1.1t	₦28.5b	9.5x	15x	0.4x
Wed, 10 Jan 2024	₦452.6b	₦1.3t	₦10.2b	9.9x	44.3x	0.3x
Fri, 08 Dec 2023	₦414.2b	₦1.3t	₦10.2b	9.5x	40.6x	0.3x
Sun, 05 Nov 2023	₦390.3b	₦1.3t	₦10.3b	9.5x	37.8x	0.3x
Tue, 03 Oct 2023	₦374.7b	₦1.2t	₦9.8b	8x	38.3x	0.3x
Thu, 31 Aug 2023	₦361.5b	₦1.2t	₦9.8b	8x	36.9x	0.3x
Sat, 29 Jul 2023	₦377.5b	₦1.2t	₦14.4b	9.7x	26.2x	0.3x

Current Industry PE

Investors are pessimistic on the Nigerian Energy industry, indicating that they anticipate long term growth rates will be lower than they have historically.

The industry is trading at a PE ratio of 9.1x which is lower than its 3-year average PE of 17.2x.

The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 2.8x.

Past Earnings Growth

The earnings for companies in the Energy industry have grown 279% per year over the last three years.
Revenues for these companies have grown 29% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Nigerian Energy sector?


NG Market	2.49%
Energy	0.048%
Oil and Gas	0.053%
Energy Services	-0.67%

Industry PE

Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 13.2x.

It looks like they are confident that earnings will grow faster in the future than they have historically.

Investors are most pessimistic about the Oil and Gas industry, which is trading below its 3-year average of 14.8x.

Forecasted GrowthThere is insufficient data on the sub-industries of this industry.

	Company	Last Price	7D	1Y	Valuation
	OANDO Oando	₦40.00	5.3% +₦20.7b	-22.8%	PE2x
	ETERNA Eterna	₦30.50	5.9% +₦3.7b	-27.8%	PE18.4x

Company

Last Price

Valuation

OANDO Oando

₦40.00

5.3%
+₦20.7b

-22.8%

PE2x

ETERNA Eterna

₦30.50

5.9%
+₦3.7b

-27.8%

PE18.4x

New major risk - Earnings quality

The company has a high level of non-cash earnings. Accrual ratio: 37% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (37% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (23% net profit margin). Revenue is less than US$5m (₦5.3b revenue, or US$3.8m). Market cap is less than US$100m (₦42.8b market cap, or US$31.0m).

Nigerian (NSE) Energy Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Eterna Plc to Report Q2, 2026 Results on Jul 27, 2026

Full year 2025 earnings released: ₦4.12 loss per share (vs ₦16.00 loss in FY 2024)

New major risk - Earnings quality

Reports Resilient FY 2025 Earnings Amid Revenue Decline, Debt Restructuring and Improved Asset Quality