Nigerian (NSE) Banks Industry Analysis

Industry Valuation and Performance

Has the Nigerian Banks Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 27 Nov 2022	₦2.8t	₦4.1t	₦1.2t	2.5x	2.4x	0.7x
Tue, 25 Oct 2022	₦2.6t	₦3.9t	₦1.1t	2.5x	2.4x	0.7x
Thu, 22 Sep 2022	₦2.8t	₦3.9t	₦1.1t	2.7x	2.5x	0.7x
Sat, 20 Aug 2022	₦2.9t	₦3.8t	₦1.1t	2.8x	2.6x	0.8x
Mon, 18 Jul 2022	₦3.0t	₦3.7t	₦1.1t	2.8x	2.7x	0.8x
Wed, 15 Jun 2022	₦3.1t	₦3.7t	₦1.1t	3x	2.8x	0.8x
Fri, 13 May 2022	₦3.3t	₦3.6t	₦983.0b	3.1x	3.4x	0.9x
Sun, 10 Apr 2022	₦3.0t	₦3.5t	₦968.0b	3x	3.1x	0.9x
Tue, 08 Mar 2022	₦3.2t	₦3.4t	₦967.7b	3.4x	3.3x	0.9x
Thu, 03 Feb 2022	₦3.3t	₦3.4t	₦948.6b	3.6x	3.4x	1x
Sat, 01 Jan 2022	₦3.0t	₦3.4t	₦930.6b	3.3x	3.2x	0.9x
Mon, 29 Nov 2021	₦2.9t	₦3.4t	₦865.6b	3.3x	3.4x	0.9x
Wed, 27 Oct 2021	₦3.0t	₦3.3t	₦868.4b	3.8x	3.5x	0.9x
Fri, 24 Sep 2021	₦2.6t	₦3.3t	₦856.8b	3.5x	3.1x	0.8x
Sun, 22 Aug 2021	₦2.9t	₦3.4t	₦858.1b	3.8x	3.4x	0.9x
Fri, 09 Jul 2021	₦2.9t	₦3.4t	₦858.1b	3.8x	3.4x	0.9x
Thu, 01 Apr 2021	₦3.0t	₦3.1t	₦823.7b	4.2x	3.6x	0.9x
Sun, 03 Jan 2021	₦2.9t	₦3.1t	₦809.2b	3.7x	3.6x	0.9x
Wed, 07 Oct 2020	₦2.3t	₦3.0t	₦761.0b	3.4x	3x	0.7x
Tue, 30 Jun 2020	₦2.1t	₦3.0t	₦807.0b	2.7x	2.6x	0.7x
Fri, 03 Apr 2020	₦1.8t	₦3.0t	₦814.6b	2.2x	2.2x	0.6x
Mon, 06 Jan 2020	₦2.8t	₦2.9t	₦803.8b	3.5x	3.4x	1x

Current Industry PE

Investors are pessimistic on the Nigerien Banks 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 2.4x which is lower than its 3-year average PE of 3.1x.

Past Earnings Growth

The earnings for companies in the Banks industry have grown 14% per year over the last three years.
Revenues for these companies have grown 13% 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 Financials industry?

Industry PE

Investors are most optimistic about the Regional Banks industry, which is trading close to its 3-year average PE ratio of 6.2x.

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

Investors are most pessimistic about the Diversified Banks industry, which is trading below its 3-year average of 3.1x.

Forecasted Growth

Analysts are most optimistic on the Diversified Banks industry, expecting annual earnings growth of 15% over the next 5 years.
However this is lower than its past earnings growth rate of 32% per year.

In contrast, the Diversified Banks industry is expected to see its earnings grow by 15% per year 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
ACCESSCORP Access Holdings	₦8.60	6.2% +₦17.3b	-4.4%	PB0.3x
ZENITHBANK Zenith Bank	₦21.90	2.6% +₦17.3b	-10.1%	PB0.5x
ETI Ecobank Transnational	₦10.65	6.5% +₦16.0b	33.1%	PB0.4x
GTCO Guaranty Trust Holding	₦20.00	2.8% +₦11.7b	-20.0%	PB0.5x
UBA United Bank for Africa	₦7.30	2.1% +₦5.1b	-9.9%	PB0.3x

Nov 02

Industry Valuation and Performance