Narrative Update • Sep 10
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Nigerian (NSE) Materials Sector Analysis
UpdatedSep 22, 2026
DataAggregated Company Financials
Companies12
- 7D3.6%
- 3M-7.1%
- 1Y108.8%
- YTD80.5%
The Materials industry is up 3.1% in the last week, with BUA Cement up 6.8%. In the same time, Industrial and Medical Gases Nigeria was down 9.9%. In the last 12 months, the industry was up 108%. Earnings are forecast to grow by 25% annually.
Sector Valuation and Performance
Has the Nigerian Materials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 22 Sep 2026 | ₦33.8t | ₦7.5t | ₦2.0t | 17.7x | 16.8x | 4.5x |
| Thu, 20 Aug 2026 | ₦33.9t | ₦7.5t | ₦2.0t | 19.2x | 16.8x | 4.5x |
| Sat, 18 Jul 2026 | ₦32.8t | ₦7.1t | ₦1.9t | 20.7x | 17x | 4.6x |
| Mon, 15 Jun 2026 | ₦38.0t | ₦7.1t | ₦1.9t | 23.3x | 19.7x | 5.3x |
| Wed, 13 May 2026 | ₦40.3t | ₦7.0t | ₦1.9t | 23.7x | 21.4x | 5.7x |
| Fri, 10 Apr 2026 | ₦28.5t | ₦6.8t | ₦1.7t | 14.9x | 17x | 4.2x |
| Sun, 08 Mar 2026 | ₦25.1t | ₦6.8t | ₦1.7t | 13.6x | 15x | 3.7x |
| Tue, 03 Feb 2026 | ₦19.7t | ₦6.5t | ₦1.6t | 11.7x | 12.6x | 3x |
| Thu, 01 Jan 2026 | ₦18.7t | ₦6.5t | ₦1.6t | 10.7x | 12x | 2.9x |
| Sat, 29 Nov 2025 | ₦16.9t | ₦6.5t | ₦1.6t | 9.4x | 10.8x | 2.6x |
| Mon, 27 Oct 2025 | ₦20.0t | ₦6.2t | ₦1.3t | 13.3x | 15x | 3.2x |
| Wed, 24 Sep 2025 | ₦16.1t | ₦6.1t | ₦1.3t | 12.6x | 12.6x | 2.6x |
| Fri, 22 Aug 2025 | ₦16.4t | ₦6.1t | ₦1.3t | 10.8x | 12.8x | 2.7x |
| Sun, 20 Jul 2025 | ₦14.6t | ₦5.8t | ₦900.7b | 15.4x | 16.2x | 2.5x |
| Tue, 17 Jun 2025 | ₦12.3t | ₦5.8t | ₦709.5b | 10.2x | 17.3x | 2.1x |
| Thu, 15 May 2025 | ₦11.9t | ₦5.8t | ₦701.7b | 10.8x | 17x | 2.1x |
| Sat, 12 Apr 2025 | ₦12.3t | ₦5.3t | ₦501.0b | 11.5x | 24.6x | 2.3x |
| Mon, 10 Mar 2025 | ₦12.8t | ₦5.0t | ₦455.1b | 11.1x | 28.1x | 2.6x |
| Wed, 05 Feb 2025 | ₦11.3t | ₦4.7t | ₦395.3b | 12.4x | 28.5x | 2.4x |
| Fri, 03 Jan 2025 | ₦12.4t | ₦4.7t | ₦581.5b | 13.7x | 21.3x | 2.6x |
| Sun, 01 Dec 2024 | ₦12.3t | ₦4.7t | ₦581.5b | 11.9x | 21.1x | 2.6x |
| Tue, 29 Oct 2024 | ₦12.1t | ₦4.5t | ₦549.7b | 13.6x | 22x | 2.7x |
| Thu, 26 Sep 2024 | ₦13.5t | ₦4.3t | ₦556.1b | 12.3x | 24.2x | 3.2x |
| Sat, 24 Aug 2024 | ₦13.5t | ₦4.3t | ₦556.2b | 11.3x | 24.2x | 3.2x |
| Mon, 22 Jul 2024 | ₦16.5t | ₦3.7t | ₦562.5b | 13.2x | 29.4x | 4.5x |
| Wed, 19 Jun 2024 | ₦16.5t | ₦3.7t | ₦562.5b | 14x | 29.4x | 4.5x |
| Fri, 17 May 2024 | ₦16.6t | ₦3.7t | ₦448.3b | 12.2x | 37x | 4.4x |
| Sun, 14 Apr 2024 | ₦17.1t | ₦3.2t | ₦462.4b | 11.7x | 36.9x | 5.3x |
| Tue, 12 Mar 2024 | ₦16.9t | ₦3.2t | ₦576.6b | 11.7x | 29.3x | 5.3x |
| Thu, 08 Feb 2024 | ₦19.1t | ₦2.9t | ₦599.3b | 13.4x | 32x | 6.6x |
| Sat, 06 Jan 2024 | ₦9.5t | ₦2.9t | ₦551.3b | 11x | 17.3x | 3.3x |
| Mon, 04 Dec 2023 | ₦9.5t | ₦2.9t | ₦551.3b | 9.1x | 17.3x | 3.3x |
| Wed, 01 Nov 2023 | ₦9.7t | ₦2.8t | ₦555.0b | 8.3x | 17.5x | 3.4x |
| Fri, 29 Sep 2023 | ₦9.5t | ₦2.6t | ₦497.5b | 8.4x | 19.1x | 3.6x |
Price to Earnings Ratio
19.1x
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 16.7x which is lower than its 3-year average PE of 20.6x.
- The 3-year average PS ratio of 3.6x is lower than the industry's current PS ratio of 4.5x.
Past Earnings Growth
- The earnings for companies in the Materials industry have grown 59% 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 Market | 3.56% | |
| Materials | 3.60% | |
| Paper and Forestry Products | 15.00% | |
| Packaging | 10.00% | |
| Basic Materials | 3.57% | |
| Metals and Mining | 0% | 0 |
| Chemicals | -1.12% | |
Industry PE
- Investors are most optimistic about the Metals and Mining industry which is trading above its 3-year average PE ratio of 85.1x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Packaging industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 6.9x.
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 71% 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?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| BUACEMENT BUA Cement | ₦297.00 | 6.8% +₦640.0b | 95.7% | PE20.1x | |
| DANGCEM Dangote Cement | ₦1.05k | 1.5% +₦268.0b | 103.4% | PE15.6x | |
| HBMNG HBM Nigeria | ₦355.00 | 4.4% +₦241.6b | 184.0% | PE16.4x | |
| BETAGLAS Beta Glass | ₦511.50 | 10.0% +₦27.9b | 5.2% | PE10x | |
| CAP Chemical and Allied Products | ₦102.00 | 0.5% +₦407.4m | 43.7% | PE13.5x |