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Nigerian (NSE) Materials Sector Analysis

UpdatedNov 15, 2025
DataAggregated Company Financials
Companies14
  • 7D-7.5%
  • 3M1.0%
  • 1Y50.7%
  • YTD46.2%

Over the last 7 days, the Materials industry has dropped 7.5%, driven by a pullback from Dangote Cement of 10.0%. In the past year, the industry has gained 51%. Earnings are forecast to grow by 25% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 16 Nov 2025₦18.1t₦6.5t₦1.6t10.4x11.6x2.8x
Tue, 14 Oct 2025₦17.7t₦6.1t₦1.3t12.5x13.8x2.9x
Thu, 11 Sep 2025₦16.4t₦6.1t₦1.3t10.7x12.8x2.7x
Sat, 09 Aug 2025₦18.1t₦6.1t₦1.3t11.7x14.2x3x
Mon, 07 Jul 2025₦12.3t₦5.8t₦709.5b12.3x17.3x2.1x
Wed, 04 Jun 2025₦12.2t₦5.8t₦710.2b10.5x17.2x2.1x
Fri, 02 May 2025₦11.8t₦5.8t₦701.7b10.4x16.8x2x
Sun, 30 Mar 2025₦12.4t₦5.3t₦501.7b11x24.7x2.3x
Tue, 25 Feb 2025₦12.8t₦4.7t₦395.3b12.8x32.5x2.7x
Thu, 23 Jan 2025₦11.1t₦4.7t₦581.5b14.1x19.1x2.4x
Sat, 21 Dec 2024₦12.4t₦4.7t₦581.5b13.1x21.3x2.6x
Mon, 18 Nov 2024₦12.0t₦4.7t₦581.5b10.7x20.7x2.6x
Wed, 16 Oct 2024₦12.4t₦4.3t₦556.1b13.4x22.3x2.9x
Fri, 13 Sep 2024₦13.4t₦4.3t₦556.1b13x24.2x3.2x
Sun, 11 Aug 2024₦15.0t₦4.3t₦556.1b13.2x26.9x3.5x
Tue, 09 Jul 2024₦16.5t₦3.7t₦562.5b14x29.4x4.5x
Thu, 06 Jun 2024₦16.5t₦3.7t₦562.5b12.2x29.3x4.4x
Sat, 04 May 2024₦16.6t₦3.7t₦457.0b12.3x36.2x4.5x
Mon, 01 Apr 2024₦17.0t₦3.2t₦576.6b12x29.6x5.4x
Wed, 28 Feb 2024₦17.2t₦2.9t₦599.3b11.9x28.8x6x
Fri, 26 Jan 2024₦18.6t₦2.9t₦551.3b12.9x33.7x6.4x
Sun, 24 Dec 2023₦9.3t₦2.9t₦551.3b9.4x16.9x3.2x
Tue, 21 Nov 2023₦9.7t₦2.9t₦551.3b7.6x17.5x3.3x
Thu, 19 Oct 2023₦9.5t₦2.6t₦497.5b8.4x19x3.6x
Sat, 16 Sep 2023₦10.0t₦2.6t₦497.5b8.4x20.2x3.8x
Mon, 14 Aug 2023₦9.9t₦2.6t₦497.5b7.3x19.8x3.7x
Wed, 12 Jul 2023₦10.0t₦2.5t₦518.5b9.4x19.3x4.1x
Fri, 09 Jun 2023₦8.6t₦2.5t₦528.0b8.1x16.2x3.5x
Sun, 07 May 2023₦8.4t₦2.5t₦530.6b7.4x15.9x3.4x
Tue, 04 Apr 2023₦8.4t₦2.5t₦522.5b7.4x16.2x3.4x
Thu, 02 Mar 2023₦8.6t₦2.5t₦522.5b8.3x16.6x3.5x
Sat, 28 Jan 2023₦8.4t₦2.3t₦453.0b7.6x18.6x3.6x
Mon, 26 Dec 2022₦8.2t₦2.3t₦452.7b9.3x18.2x3.6x
Wed, 23 Nov 2022₦7.0t₦2.3t₦452.7b9.1x15.4x3x
Price to Earnings Ratio

15.4x


Total Market Cap: ₦7.0tTotal Earnings: ₦452.7bTotal Revenue: ₦2.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Materials Sector Price to Earnings3Y Average 21.1x202320242025
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 11.6x which is lower than its 3-year average PE of 21.1x.
  • The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have grown 51% per year over the last three years.
  • Revenues for these companies have grown 41% 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-1.97%
Materials-7.54%
Chemicals0.29%
Paper and Forestry Products0%0
Packaging-6.01%
Basic Materials-7.60%
Metals and Mining-11.01%
Industry PE
  • Investors are most optimistic about the Chemicals industry which is trading above its 3-year average PE ratio.
    • 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 25% over the next 5 years.
  • However this is lower than its past earnings growth rate of 245% per year.
  • In contrast, the Basic Materials industry is expected to see its earnings grow by 25% 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
WAPCO Lafarge Africa₦134.002.3%
+₦48.3b		219.0%PE8.7x
BERGER Berger Paints Nigeria₦37.456.7%
+₦681.1m		99.2%PE7.9x

Latest News

DANGCEM
₦594.00
Dangote Cement
7D
-10.0%
1Y
24.1%

Dangote Group – Zimbabwe Expansion Update (Dangote to Establish $1 Billion Integrated Cement Factory)

Author: Qudus Adebara Transaction Overview Dangote Group has signed a landmark $1 billion investment agreement with the Government of Zimbabwe to develop an integrated industrial complex , with the cement factory serving as the core component of the project. The investment marks Dangote’s official entry into the Zimbabwean cement market, aligning with the country’s Vision 2030 industrialization agenda under President Emmerson Mnangagwa.
BUACEMENT
₦168.00
BUA Cement
7D
-6.7%
1Y
75.9%

BUACEMENT: Future Net Profit Margin Growth Will Not Offset Revenue Weakness

Analysts have raised their price target for BUA Cement from ₦125.83 to ₦132.77. They cite expectations of significantly higher profit margins and a lower projected forward P/E ratio, despite slightly reduced revenue growth forecasts.
BETAGLAS
₦370.00
Beta Glass
7D
-6.0%
1Y
715.9%

Beta Glass Plc – Highlight Strategic Investments and Sustainability Focus

Executive Summary Beta Glass Plc, a leading Nigerian manufacturer of container glass, reported strong operational performance in Q3 2025, underpinned by strategic investments in energy efficiency, sustainability, and operational transformation. The Group continues to focus on innovation, cost optimization, and sustainability initiatives while strengthening its manufacturing base to meet growing domestic and regional demand.
MULTIVERSE
₦10.05
Multiverse Mining and Exploration
7D
-14.5%
1Y
26.4%
BERGER
₦37.45
Berger Paints Nigeria
7D
6.7%
1Y
99.2%
WAPCO
₦134.00
Lafarge Africa
7D
2.3%
1Y
219.0%

Lafarge Africa Plc Q3 – Strong Momentum Sustained into Q3 2025 as Profit Soars 246% YoY

WaneInvestmentHouse made no meaningful changes to valuation assumptions.
UNIONDICON
₦6.30
Union Dicon Salt
7D
-18.7%
1Y
-21.3%