Narrative Update • May 10
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Nigerian (NSE) Industrials Sector Analysis
UpdatedMay 18, 2026
DataAggregated Company Financials
Companies15
- 7D2.0%
- 3M26.2%
- 1Y154.3%
- YTD90.2%
Over the last 7 days, the Industrials industry has risen 2.0%, driven by gains from Skyway Aviation Handling of 9.5%. Meanwhile, Nigerian Aviation Handling actually underperformed within the industry, shrinking 5.5% in the last week. In the last 12 months, the industry was up 154%.
Sector Valuation and Performance
Has the Nigerian Industrials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 18 May 2026 | ₦1.4t | ₦1.0t | ₦64.3b | 22.8x | 21.1x | 1.3x |
| Wed, 15 Apr 2026 | ₦1.2t | ₦1.0t | ₦65.5b | 17.9x | 18.6x | 1.2x |
| Fri, 13 Mar 2026 | ₦1.2t | ₦1.0t | ₦68.5b | 17.2x | 17.1x | 1.1x |
| Sun, 08 Feb 2026 | ₦1.0t | ₦1.0t | ₦68.7b | 14.8x | 14.7x | 1x |
| Tue, 06 Jan 2026 | ₦721.4b | ₦943.2b | ₦53.4b | 12.3x | 13.5x | 0.8x |
| Thu, 04 Dec 2025 | ₦675.6b | ₦943.0b | ₦52.7b | 11.7x | 12.8x | 0.7x |
| Sat, 01 Nov 2025 | ₦703.3b | ₦904.3b | ₦44.3b | 13.1x | 15.9x | 0.8x |
| Mon, 29 Sep 2025 | ₦685.0b | ₦913.9b | ₦45.9b | 12.1x | 14.9x | 0.7x |
| Wed, 27 Aug 2025 | ₦678.4b | ₦913.9b | ₦46.2b | 12x | 14.7x | 0.7x |
| Fri, 25 Jul 2025 | ₦657.4b | ₦854.2b | ₦38.8b | 14.6x | 16.9x | 0.8x |
| Sun, 22 Jun 2025 | ₦535.1b | ₦833.8b | ₦40.3b | 11x | 13.3x | 0.6x |
| Tue, 20 May 2025 | ₦520.6b | ₦833.7b | ₦39.7b | 8.5x | 13.1x | 0.6x |
| Thu, 17 Apr 2025 | ₦468.7b | ₦760.3b | ₦41.0b | 9.9x | 11.4x | 0.6x |
| Sat, 15 Mar 2025 | ₦466.1b | ₦751.4b | ₦41.0b | 9.9x | 11.4x | 0.6x |
| Mon, 10 Feb 2025 | ₦468.0b | ₦750.8b | ₦40.9b | 9x | 11.4x | 0.6x |
| Wed, 08 Jan 2025 | ₦463.3b | ₦689.4b | ₦37.1b | 9.9x | 12.5x | 0.7x |
| Fri, 06 Dec 2024 | ₦457.2b | ₦689.4b | ₦37.1b | 7.8x | 12.3x | 0.7x |
| Sun, 03 Nov 2024 | ₦449.0b | ₦678.0b | ₦34.0b | 7.1x | 13.2x | 0.7x |
| Tue, 01 Oct 2024 | ₦392.0b | ₦608.4b | ₦32.4b | 8x | 12.1x | 0.6x |
| Thu, 29 Aug 2024 | ₦425.8b | ₦606.7b | ₦32.1b | 9x | 13.2x | 0.7x |
| Sat, 27 Jul 2024 | ₦322.8b | ₦580.9b | ₦32.6b | 10.7x | 9.9x | 0.6x |
| Mon, 24 Jun 2024 | ₦298.0b | ₦580.7b | ₦32.1b | 10.7x | 9.3x | 0.5x |
| Wed, 22 May 2024 | ₦273.8b | ₦598.6b | ₦30.7b | 11.4x | 8.9x | 0.5x |
| Fri, 19 Apr 2024 | ₦245.4b | ₦586.6b | ₦20.4b | 12.7x | 12x | 0.4x |
| Sun, 17 Mar 2024 | ₦262.1b | ₦588.6b | ₦21.2b | 10.2x | 12.4x | 0.4x |
| Tue, 13 Feb 2024 | ₦239.1b | ₦588.6b | ₦21.2b | 10.6x | 11.3x | 0.4x |
| Thu, 11 Jan 2024 | ₦229.6b | ₦582.8b | ₦20.1b | 12.1x | 11.4x | 0.4x |
| Sat, 09 Dec 2023 | ₦190.5b | ₦582.0b | ₦20.1b | 10.5x | 9.5x | 0.3x |
| Mon, 06 Nov 2023 | ₦191.5b | ₦586.4b | ₦20.2b | 8.9x | 9.5x | 0.3x |
| Wed, 04 Oct 2023 | ₦180.6b | ₦569.9b | ₦19.2b | 10x | 9.4x | 0.3x |
| Fri, 01 Sep 2023 | ₦179.6b | ₦569.8b | ₦19.1b | 9.9x | 9.4x | 0.3x |
| Sun, 30 Jul 2023 | ₦165.0b | ₦562.0b | ₦18.1b | 10.9x | 9.1x | 0.3x |
| Tue, 27 Jun 2023 | ₦142.5b | ₦546.8b | ₦11.7b | 11.3x | 12.2x | 0.3x |
| Thu, 25 May 2023 | ₦130.0b | ₦547.0b | ₦11.8b | 8.8x | 11x | 0.2x |
Price to Earnings Ratio
11x
Current Industry PE
- Investors are optimistic on the Nigerian Industrials industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 21.1x which is higher than its 3-year average PE of 12.4x.
- The 3-year average PS ratio of 0.60x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
- The earnings for companies in the Industrials industry have grown 76% per year over the last three years.
- Revenues for these companies have grown 23% 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 Industrials sector?
| NG Market | 1.67% | |
| Industrials | 2.01% | |
| Logistics | 25.34% | |
| Transportation | 10.00% | |
| Electrical | 8.16% | |
| Infrastructure | 2.99% | |
| Construction | 0% | 0 |
| Industrials | 0% | 0 |
| Machinery | 0% | 0 |
| Airlines | 0% | 0 |
| Trade Distributors | -3.57% | |
| Commercial Services | -13.57% | |
Industry PE
- Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 35.1x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Trade Distributors industry, which is trading below its 3-year average of 10.3x.
Forecasted GrowthThere is insufficient data on the sub-industries of this industry.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| SKYAVN Skyway Aviation Handling | ₦142.95 | 9.5% +₦16.9b | 115.3% | PE22.8x | |
| SCOA SCOA Nigeria | ₦33.05 | 32.7% +₦5.3b | 639.4% | PE32.8x | |
| EUNISELL Eunisell Interlinked | ₦191.90 | 12.9% +₦5.2b | 1,526.3% | PE379.5x | |
| REDSTAREX Red Star Express | ₦31.90 | 18.6% +₦4.8b | 474.8% | PE34.8x | |
| ABCTRANS ABC Transport | ₦6.27 | 10.0% +₦1.4b | 135.7% | PE15.5x |