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Nigerian (NSE) Telecom Sector Analysis
UpdatedDec 18, 2025
DataAggregated Company Financials
Companies7
- 7D12.5%
- 3M22.1%
- 1Y203.4%
- YTD164.9%
In the last week, the Telecom industry is up 13%, with MTN Nigeria Communications up 13%. This means that the industry has gained 203% over the past year. Looking forward, earnings are forecast to grow by 27% annually.
Sector Valuation and Performance
Has the Nigerian Telecom Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 18 Dec 2025 | ₦11.2t | ₦4.7t | ₦865.3b | 8.5x | 12.9x | 2.4x |
| Sat, 15 Nov 2025 | ₦10.0t | ₦4.7t | ₦865.3b | 7.2x | 11.5x | 2.1x |
| Mon, 13 Oct 2025 | ₦29.0b | ₦14.3b | -₦766,935,000.00 | 11.3x | -37.8x | 2x |
| Wed, 10 Sep 2025 | ₦29.3b | ₦14.3b | -₦766,935,000.00 | 12.6x | -38.1x | 2x |
| Fri, 08 Aug 2025 | ₦27.0b | ₦14.3b | -₦766,935,000.00 | 10.2x | -35.2x | 1.9x |
| Sun, 06 Jul 2025 | ₦29.7b | ₦14.1b | -₦1,035,376,000.00 | 7.9x | -28.7x | 2.1x |
| Tue, 03 Jun 2025 | ₦23.5b | ₦14.1b | -₦1,035,376,000.00 | 6.7x | -22.7x | 1.7x |
| Thu, 01 May 2025 | ₦27.6b | ₦14.2b | -₦1,980,966,000.00 | 14x | -13.9x | 1.9x |
| Sat, 29 Mar 2025 | ₦10.7b | ₦13.9b | -₦2,510,056,000.00 | 13.5x | -4.3x | 0.8x |
| Mon, 24 Feb 2025 | ₦12.2b | ₦13.9b | -₦2,510,056,000.00 | 15.9x | -4.9x | 0.9x |
| Wed, 22 Jan 2025 | ₦13.8b | ₦11.3b | -₦2,805,178,000.00 | 12.1x | -4.9x | 1.2x |
| Fri, 20 Dec 2024 | ₦10.4b | ₦11.3b | -₦2,805,178,000.00 | 8.4x | -3.7x | 0.9x |
| Sun, 17 Nov 2024 | ₦10.4b | ₦11.3b | -₦2,809,025,000.00 | 9.7x | -3.7x | 0.9x |
| Tue, 15 Oct 2024 | ₦9.6b | ₦10.3b | -₦3,058,638,000.00 | n/a | -3.1x | 0.9x |
| Thu, 12 Sep 2024 | ₦11.7b | ₦10.3b | -₦3,058,638,000.00 | n/a | -3.8x | 1.1x |
| Sat, 10 Aug 2024 | ₦8.7b | ₦10.3b | -₦3,058,638,000.00 | n/a | -2.9x | 0.8x |
| Mon, 08 Jul 2024 | ₦8.4b | ₦10.8b | -₦2,344,982,000.00 | 220.5x | -3.6x | 0.8x |
| Wed, 05 Jun 2024 | ₦8.7b | ₦10.7b | -₦1,619,123,000.00 | 6.6x | -5.4x | 0.8x |
| Fri, 03 May 2024 | ₦9.0b | ₦11.3b | -₦381,009,000.00 | 5.9x | -23.7x | 0.8x |
| Sun, 31 Mar 2024 | ₦9.0b | ₦11.2b | -₦302,669,000.00 | 6x | -29.8x | 0.8x |
| Tue, 27 Feb 2024 | ₦5.2t | ₦2.3t | ₦239.0b | 7.5x | 21.8x | 2.2x |
| Thu, 25 Jan 2024 | ₦6.2t | ₦2.3t | ₦238.9b | 10.7x | 25.8x | 2.6x |
| Sat, 23 Dec 2023 | ₦5.3t | ₦2.3t | ₦238.9b | 5.5x | 22x | 2.2x |
| Mon, 20 Nov 2023 | ₦5.0t | ₦2.3t | ₦238.9b | 5.3x | 21x | 2.1x |
| Wed, 18 Oct 2023 | ₦5.2t | ₦2.2t | ₦308.2b | 4.8x | 17x | 2.4x |
| Fri, 15 Sep 2023 | ₦5.7t | ₦2.2t | ₦308.2b | 4.7x | 18.4x | 2.5x |
| Sun, 13 Aug 2023 | ₦5.7t | ₦2.2t | ₦308.4b | 5.1x | 18.5x | 2.6x |
| Tue, 11 Jul 2023 | ₦5.6t | ₦2.1t | ₦365.1b | 7.9x | 15.3x | 2.6x |
| Thu, 08 Jun 2023 | ₦5.1t | ₦2.1t | ₦364.0b | 7.5x | 14x | 2.4x |
| Sat, 06 May 2023 | ₦4.7t | ₦2.1t | ₦364.0b | 5.7x | 12.8x | 2.2x |
| Mon, 03 Apr 2023 | ₦4.9t | ₦2.0t | ₦360.5b | 5x | 13.5x | 2.4x |
| Wed, 01 Mar 2023 | ₦5.0t | ₦2.0t | ₦360.5b | 5x | 13.8x | 2.5x |
| Fri, 27 Jan 2023 | ₦4.7t | ₦1.9t | ₦347.8b | 3.1x | 13.4x | 2.4x |
| Sun, 25 Dec 2022 | ₦4.4t | ₦1.9t | ₦348.2b | 3.1x | 12.5x | 2.3x |
Price to Earnings Ratio
12.5x
Current Industry PE
- Investors are pessimistic on the Nigerian Communication Services 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 12.9x which is higher than its 3-year average PE of -1.3x.
- The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
- The earnings for companies in the Communication Services industry have grown 35% per year over the last three years.
- Revenues for these companies have grown 35% 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 Telecom sector?
| NG Market | 2.44% | |
| Telecom | 12.50% | |
| Wireless Telecom | 12.53% | |
| Telecom Services and Carriers | 3.15% | |
| Media | -1.95% | |
Industry PE
- Investors are most optimistic about the Media 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.
- Investors are most pessimistic about the Wireless Telecom industry, which is trading below its 3-year average of 18.2x.
Forecasted Growth
- Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 27% over the next 5 years.
- In contrast, the Wireless Telecom industry is expected to see its earnings grow by 27% 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 | |
|---|---|---|---|---|---|
| MTNN MTN Nigeria Communications | ₦531.70 | 12.5% +₦1.2t | 203.8% | PE12.9x | |
| LEGENDINT Legend Internet | ₦5.21 | 3.2% +₦320.0m | n/a | n/a |