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Nigerian (NSE) Materials Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies13
  • 7D-0.9%
  • 3M43.2%
  • 1Y92.5%
  • YTD28.8%

Last week, the Materials industry hasn't moved much but BUA Cement is up 4.3% in that time. The past year has been better, since the industry has gained 93% in that time. Earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Mar 2026₦24.1t₦6.6t₦1.6t14.5x15.2x3.6x
Tue, 27 Jan 2026₦19.7t₦6.5t₦1.6t13.4x12.7x3x
Thu, 25 Dec 2025₦18.6t₦6.5t₦1.6t10.7x11.9x2.8x
Sat, 22 Nov 2025₦17.1t₦6.5t₦1.6t9.4x11x2.6x
Mon, 20 Oct 2025₦18.0t₦6.1t₦1.3t12.5x14.1x2.9x
Wed, 17 Sep 2025₦16.2t₦6.1t₦1.3t12.3x12.6x2.6x
Fri, 15 Aug 2025₦18.0t₦6.1t₦1.3t11.7x14.1x2.9x
Sun, 13 Jul 2025₦12.3t₦5.8t₦900.7b13.9x13.7x2.1x
Tue, 10 Jun 2025₦12.2t₦5.8t₦709.5b9.6x17.2x2.1x
Thu, 08 May 2025₦11.8t₦5.8t₦701.7b9.9x16.8x2.1x
Sat, 05 Apr 2025₦12.4t₦5.3t₦501.5b10.2x24.6x2.3x
Mon, 03 Mar 2025₦12.8t₦4.8t₦423.6b11.2x30.2x2.6x
Wed, 29 Jan 2025₦11.1t₦4.7t₦581.6b13.7x19.1x2.4x
Fri, 27 Dec 2024₦12.4t₦4.7t₦581.5b13.1x21.3x2.6x
Sun, 24 Nov 2024₦12.2t₦4.7t₦581.5b11.4x21x2.6x
Tue, 22 Oct 2024₦12.4t₦4.3t₦556.1b13.4x22.3x2.9x
Thu, 19 Sep 2024₦13.5t₦4.3t₦556.0b13.2x24.2x3.2x
Sat, 17 Aug 2024₦14.3t₦4.3t₦556.1b13.2x25.7x3.4x
Mon, 15 Jul 2024₦16.5t₦3.7t₦562.5b14.1x29.4x4.5x
Wed, 12 Jun 2024₦16.5t₦3.7t₦562.5b12.9x29.3x4.4x
Fri, 10 May 2024₦16.6t₦3.7t₦448.3b12.3x37x4.4x
Sun, 07 Apr 2024₦17.0t₦3.2t₦576.6b11.7x29.5x5.3x
Tue, 05 Mar 2024₦16.7t₦3.2t₦573.5b11.7x29.1x5.3x
Thu, 01 Feb 2024₦19.7t₦2.9t₦599.3b12.1x32.9x6.8x
Sat, 30 Dec 2023₦9.3t₦2.9t₦551.3b10.4x16.9x3.2x
Mon, 27 Nov 2023₦9.7t₦2.9t₦551.3b9.1x17.5x3.3x
Wed, 25 Oct 2023₦9.5t₦2.6t₦497.5b8.4x19x3.6x
Fri, 22 Sep 2023₦10.0t₦2.6t₦497.5b8.4x20.2x3.8x
Sun, 20 Aug 2023₦9.9t₦2.6t₦497.5b7.2x19.9x3.8x
Tue, 18 Jul 2023₦9.5t₦2.5t₦518.5b9x18.4x3.9x
Thu, 15 Jun 2023₦8.3t₦2.5t₦518.5b9.4x16.1x3.4x
Sat, 13 May 2023₦8.2t₦2.5t₦528.0b8x15.4x3.3x
Mon, 10 Apr 2023₦8.4t₦2.5t₦522.2b7.4x16.2x3.4x
Wed, 08 Mar 2023₦8.7t₦2.5t₦522.5b8x16.6x3.5x
Price to Earnings Ratio

16.6x


Total Market Cap: ₦8.7tTotal Earnings: ₦522.5bTotal Revenue: ₦2.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Materials Sector Price to Earnings3Y Average 20.5x202420252026
Current Industry PE
  • Investors are pessimistic on the Nigerian Materials 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 15.2x which is lower than its 3-year average PE of 20.5x.
  • The industry is trading close to its 3-year average PS ratio of 3.4x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have grown 45% per year over the last three years.
  • Revenues for these companies have grown 39% 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 Market-1.27%
Materials-0.86%
Packaging0%0
Paper and Forestry Products0%0
Basic Materials-0.86%
Chemicals-1.06%
Metals and Mining-7.34%
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 76.6x.
    • 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 16% over the next 5 years.
  • In contrast, the Basic Materials industry is expected to see its earnings grow by 16% 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
BUACEMENT BUA Cement₦219.004.3%
+₦304.8b		135.5%PE23.6x

Latest News

WAPCO
₦200.00
Lafarge Africa
7D
-4.8%
1Y
166.7%
MULTIVERSE
₦22.70
Multiverse Mining and Exploration
7D
-9.9%
1Y
132.8%
DANGCEM
₦779.00
Dangote Cement
7D
-2.6%
1Y
62.3%

DANGCEM: Lower Margin Outlook Will Likely Pressure Expensive Shares

Analysts have nudged their fair value estimate for Dangote Cement to NGN693.01 from NGN667.16, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What's in the News A board meeting is scheduled for February 26, 2026, to review and discuss the audited financial statements for the year ending December 31, 2025, along with other corporate matters (Key Developments).
BUACEMENT
₦219.00
BUA Cement
7D
4.3%
1Y
135.5%

BUACEMENT: Unchanged Fair Value Will Likely Keep Rich Earnings Multiple Under Pressure

Analysts have kept their NGN149.69 price target for BUA Cement unchanged, with only minimal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions feeding into their valuation framework. What's in the News Board meeting scheduled for February 26, 2026, with plans to consider the audited financial statements for the year ended December 31, 2025 (company event notice).
MEYER
₦18.65
Meyer
7D
-9.9%
1Y
101.6%
IMG
₦36.00
Industrial and Medical Gases Nigeria
7D
0%
1Y
4.2%
UNIONDICON
₦16.60
Union Dicon Salt
7D
-9.8%
1Y
207.4%