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Nigerian (NSE) Materials Sector Analysis

UpdatedMay 17, 2026
DataAggregated Company Financials
Companies12
  • 7D5.0%
  • 3M71.0%
  • 1Y246.5%
  • YTD116.4%

Over the last 7 days, the Materials industry has risen 5.0%, driven by gains from Dangote Cement of 8.5%. In the same time, Aluminium Extrusion Industries was down 5.3%. This means that the industry has gained 247% over the past year. Earnings are forecast to grow by 10% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 18 May 2026₦40.6t₦7.0t₦1.9t26.5x21.6x5.8x
Wed, 15 Apr 2026₦29.0t₦6.8t₦1.7t15.1x17.3x4.3x
Fri, 13 Mar 2026₦25.7t₦6.8t₦1.7t13.2x15.3x3.8x
Sun, 08 Feb 2026₦20.7t₦6.5t₦1.6t13.5x13.2x3.2x
Tue, 06 Jan 2026₦18.9t₦6.5t₦1.6t10.7x12.1x2.9x
Thu, 04 Dec 2025₦17.8t₦6.5t₦1.6t10.3x11.4x2.7x
Sat, 01 Nov 2025₦19.8t₦6.5t₦1.6t11.7x12.7x3x
Mon, 29 Sep 2025₦16.4t₦6.1t₦1.3t12.5x12.8x2.7x
Wed, 27 Aug 2025₦16.4t₦6.1t₦1.3t10.6x12.8x2.7x
Fri, 25 Jul 2025₦15.1t₦5.9t₦960.5b13.9x15.7x2.6x
Sun, 22 Jun 2025₦12.2t₦5.8t₦709.5b10.8x17.2x2.1x
Tue, 20 May 2025₦12.0t₦5.8t₦710.2b10.8x16.9x2.1x
Thu, 17 Apr 2025₦12.3t₦5.3t₦501.0b10.5x24.6x2.3x
Sat, 15 Mar 2025₦12.8t₦5.3t₦501.7b11x25.4x2.4x
Mon, 10 Feb 2025₦11.3t₦4.7t₦395.3b12.2x28.7x2.4x
Wed, 08 Jan 2025₦12.4t₦4.7t₦581.5b14.5x21.4x2.6x
Fri, 06 Dec 2024₦12.5t₦4.7t₦581.5b13.7x21.5x2.7x
Sun, 03 Nov 2024₦12.0t₦4.7t₦578.7b11.3x20.8x2.6x
Tue, 01 Oct 2024₦13.3t₦4.3t₦556.1b12.9x24x3.1x
Thu, 29 Aug 2024₦13.5t₦4.3t₦556.1b13.3x24.2x3.2x
Sat, 27 Jul 2024₦15.4t₦4.1t₦568.8b13.2x27.1x3.8x
Mon, 24 Jun 2024₦16.5t₦3.7t₦562.5b14.3x29.4x4.5x
Wed, 22 May 2024₦16.6t₦3.7t₦448.3b12.2x37x4.4x
Fri, 19 Apr 2024₦16.6t₦3.2t₦462.4b11.8x35.8x5.2x
Sun, 17 Mar 2024₦16.9t₦3.2t₦576.6b11.7x29.4x5.3x
Tue, 13 Feb 2024₦19.1t₦2.9t₦599.3b14.5x31.9x6.6x
Thu, 11 Jan 2024₦10.1t₦2.9t₦551.3b12.2x18.4x3.5x
Sat, 09 Dec 2023₦9.3t₦2.9t₦551.3b9.1x16.8x3.2x
Mon, 06 Nov 2023₦9.5t₦2.9t₦551.1b8.3x17.3x3.3x
Wed, 04 Oct 2023₦9.3t₦2.6t₦497.5b8.4x18.7x3.5x
Fri, 01 Sep 2023₦10.0t₦2.6t₦497.5b8.4x20x3.8x
Sun, 30 Jul 2023₦9.9t₦2.6t₦527.9b7.5x18.7x3.7x
Tue, 27 Jun 2023₦8.6t₦2.5t₦518.5b9.2x16.6x3.5x
Thu, 25 May 2023₦8.2t₦2.5t₦528.0b8.1x15.4x3.3x
Price to Earnings Ratio

15.4x


Total Market Cap: ₦8.2tTotal Earnings: ₦528.0bTotal Revenue: ₦2.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Materials Sector Price to Earnings3Y Average 20.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the Nigerian Materials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 20.6x.
  • The 3-year average PS ratio of 3.4x is lower than the industry's current PS ratio of 5.8x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have grown 53% per year over the last three years.
  • Revenues for these companies have grown 42% 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 Materials sector?

NG Market2.61%
Materials4.95%
Chemicals7.31%
Basic Materials4.98%
Packaging0%0
Paper and Forestry Products0%0
Metals and Mining-0.84%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry even though it's trading below its 3-year average PE ratio of 78.4x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Basic Materials industry, expecting annual earnings growth of 10% over the next 5 years.
  • In contrast, the Basic Materials industry is expected to see its earnings grow by 10% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
DANGCEM Dangote Cement₦1.18k8.5%
+₦1.5t		168.2%PE17.7x
BUACEMENT BUA Cement₦435.001.7%
+₦240.4b		419.7%PE32.6x
WAPCO Lafarge Africa₦337.002.1%
+₦112.8b		322.6%PE19.9x
BERGER Berger Paints Nigeria₦168.9555.6%
+₦17.5b		617.4%PE28.5x
MEYER Meyer₦21.5514.6%
+₦1.4b		123.3%PE24.6x

Latest News

BERGER
₦168.95
Berger Paints Nigeria
7D
55.6%
1Y
617.4%
DANGCEM
₦1,180.00
Dangote Cement
7D
8.5%
1Y
168.2%
Narrative Update • May 14

DANGCEM: Rich Valuation Will Persist Despite Higher Margin Expectations

Analysts have kept their NGN fair value estimate for Dangote Cement steady at NGN641.25. The updated price target reflects a slightly higher discount rate and lower revenue growth assumptions, partly offset by expectations for stronger profit margins and a similar forward P/E multiple.
UNIONDICON
₦21.70
Union Dicon Salt
7D
9.9%
1Y
191.3%
MEYER
₦21.55
Meyer
7D
14.6%
1Y
123.3%
ALEX
₦9.00
Aluminium Extrusion Industries
7D
-5.3%
1Y
25.9%
WAPCO
₦337.00
Lafarge Africa
7D
2.1%
1Y
322.6%
Narrative Update • May 05

Lafarge Africa Plc Delivers Exceptional FY 2025 Earnings Growth Driven by Revenue Expansion, Margin Improvement and Strong Cash Generation

Analyst: Qudus Adebara (Research Analyst) Executive Summary Lafarge Africa Plc delivered an outstanding financial performance for the year ended 31 December 2025, supported by strong cement revenue growth, improved cost efficiency, foreign exchange gains, and significantly lower finance costs. Revenue increased by 53% YoY to ₦1.066 trillion , driven primarily by cement sales.
BUACEMENT
₦435.00
BUA Cement
7D
1.7%
1Y
419.7%
Narrative Update • May 05

BUACEMENT: Future Dividend Will Support Rich P/E Despite Softer Revenue Assumptions

Analysts have raised their price target on BUA Cement from NGN149.69 to NGN157.04, citing updated assumptions that include a slightly lower discount rate, more moderate revenue growth expectations, and a higher projected profit margin and P/E multiple. What's in the News Board meeting scheduled for February 26, 2026, to consider the audited financial statements for the year ended December 31, 2025 (company event filing).