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
Sun, 04 Dec 2022	₦171.5b	₦1.0t	₦7.0b	4.6x	24.5x	0.2x
Tue, 01 Nov 2022	₦176.6b	₦1.0t	₦6.2b	7x	28.7x	0.2x
Thu, 29 Sep 2022	₦188.3b	₦968.7b	₦9.9b	7.5x	19.1x	0.2x
Sat, 27 Aug 2022	₦197.2b	₦968.7b	₦9.9b	7.5x	20x	0.2x
Mon, 25 Jul 2022	₦202.0b	₦919.4b	₦11.1b	8.3x	18.2x	0.2x
Wed, 22 Jun 2022	₦208.8b	₦897.9b	₦12.7b	8.6x	16.4x	0.2x
Fri, 20 May 2022	₦217.8b	₦905.1b	₦12.5b	9.6x	17.4x	0.2x
Sun, 17 Apr 2022	₦196.6b	₦860.9b	₦10.4b	8.4x	18.8x	0.2x
Tue, 15 Mar 2022	₦206.9b	₦861.1b	₦10.4b	9.8x	19.9x	0.2x
Thu, 10 Feb 2022	₦203.0b	₦850.3b	₦13.3b	13.9x	15.3x	0.2x
Sat, 08 Jan 2022	₦187.6b	₦776.4b	₦15.9b	7.1x	11.8x	0.2x
Mon, 06 Dec 2021	₦189.1b	₦776.4b	₦15.9b	7.1x	11.9x	0.2x
Wed, 03 Nov 2021	₦206.6b	₦775.1b	₦15.9b	8.2x	13x	0.3x
Fri, 01 Oct 2021	₦194.4b	₦712.1b	₦13.5b	7.7x	14.4x	0.3x
Sun, 29 Aug 2021	₦191.0b	₦1.3t	₦42.5b	6.8x	4.5x	0.1x
Mon, 05 Jul 2021	₦151.7b	₦1.3t	₦42.5b	5.8x	3.6x	0.1x
Thu, 08 Apr 2021	₦142.4b	₦1.2t	₦37.1b	8.2x	3.8x	0.1x
Sun, 10 Jan 2021	₦147.8b	₦1.2t	₦32.0b	9.8x	4.6x	0.1x
Sat, 03 Oct 2020	₦104.5b	₦1.3t	₦78.3b	7.7x	1.3x	0.08x
Tue, 07 Jul 2020	₦111.0b	₦1.3t	₦75.7b	6.7x	1.5x	0.08x
Fri, 10 Apr 2020	₦105.7b	₦1.5t	₦76.9b	4.8x	1.4x	0.07x
Thu, 02 Jan 2020	₦147.6b	₦1.5t	₦80.4b	6x	1.8x	0.1x

Current Industry PE

Investors are optimistic on the Nigerien Energy industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 24.5x which is higher than its 3-year average PE of 8.5x.

Past Earnings Growth

The earnings for companies in the Energy industry have declined 41% per year over the last three years,
Revenues have also declined 13% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

Industry PE

Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 7.0x.

Analysts expect its future annual earnings growth (37.4%) to be largely in line with prior year's earnings growth.

Forecasted Growth

Analysts are most optimistic on the Oil and Gas industry, expecting annual earnings growth of 37% over the next 5 years.
This is roughly in line with its past earnings growth rate.

In contrast, the Oil and Gas industry is expected to see its earnings grow by 37% per year over the next few years.

	Company	Last Price	7D	1Y	Valuation
	ARDOVA Ardova	₦15.25	9.7% +₦1.8b	12.1%	PS0.08x
	ETERNA Eterna	₦5.92	3.9% +₦286.9m	-2.1%	PS0.07x

Company

Last Price

Valuation

ARDOVA Ardova

₦15.25

9.7%
+₦1.8b

12.1%

PS0.08x

ETERNA Eterna

₦5.92

3.9%
+₦286.9m

-2.1%

PS0.07x

Jul 07

Sector Valuation and Performance