Narrative Update • Jul 23
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Nigerian (NSE) Utilities Sector Analysis
UpdatedSep 19, 2026
DataAggregated Company Financials
Companies3
- 7D-7.5%
- 3M-22.4%
- 1Y-33.9%
- YTD-33.2%
Over the last 7 days, the Utilities industry has dropped 4.0%, driven by a pullback from Transcorp Power of 19%. However, the industry is down 31% over the past year. Earnings are forecast to grow by 43% annually.
Sector Valuation and Performance
Has the Nigerian Utilities Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 19 Sep 2026 | ₦3.8t | ₦997.0b | ₦172.5b | 15.5x | 21.7x | 3.8x |
| Mon, 17 Aug 2026 | ₦4.1t | ₦997.0b | ₦172.5b | 19.2x | 23.7x | 4.1x |
| Wed, 15 Jul 2026 | ₦4.3t | ₦1.1t | ₦195.6b | 20.8x | 22.1x | 4x |
| Fri, 12 Jun 2026 | ₦5.1t | ₦1.1t | ₦195.6b | 20.8x | 26.2x | 4.7x |
| Sun, 10 May 2026 | ₦5.3t | ₦1.1t | ₦195.6b | 23.1x | 27.2x | 4.9x |
| Tue, 07 Apr 2026 | ₦5.7t | ₦1.1t | ₦204.5b | 25.2x | 27.7x | 5x |
| Thu, 05 Mar 2026 | ₦5.7t | ₦1.1t | ₦204.5b | 25.2x | 27.8x | 5x |
| Sat, 31 Jan 2026 | ₦5.6t | ₦1.1t | ₦178.2b | 25.6x | 31.6x | 5.1x |
| Mon, 29 Dec 2025 | ₦5.6t | ₦1.1t | ₦179.3b | 25.6x | 31.1x | 5.2x |
| Wed, 26 Nov 2025 | ₦5.6t | ₦1.1t | ₦179.3b | 25.6x | 31.1x | 5.2x |
| Fri, 24 Oct 2025 | ₦5.9t | ₦1.0t | ₦177.6b | 28.5x | 33.3x | 5.6x |
| Sun, 21 Sep 2025 | ₦5.7t | ₦1.0t | ₦174.9b | 27x | 32.5x | 5.5x |
| Tue, 19 Aug 2025 | ₦5.5t | ₦1.0t | ₦174.9b | 24.6x | 31.5x | 5.3x |
| Thu, 17 Jul 2025 | ₦5.8t | ₦925.1b | ₦162.1b | 25.9x | 35.6x | 6.2x |
| Sat, 14 Jun 2025 | ₦5.8t | ₦925.1b | ₦162.1b | 26.6x | 35.7x | 6.3x |
| Mon, 12 May 2025 | ₦5.7t | ₦925.1b | ₦162.1b | 26.6x | 35.4x | 6.2x |
| Wed, 09 Apr 2025 | ₦6.0t | ₦851.0b | ₦159.0b | 34.2x | 37.7x | 7x |
| Fri, 07 Mar 2025 | ₦6.1t | ₦809.7b | ₦154.1b | 34.2x | 39.8x | 7.6x |
| Sun, 02 Feb 2025 | ₦6.0t | ₦809.7b | ₦154.1b | 32.8x | 39.2x | 7.5x |
| Tue, 31 Dec 2024 | ₦6.0t | ₦783.6b | ₦143.7b | 39.6x | 41.9x | 7.7x |
| Thu, 28 Nov 2024 | ₦6.0t | ₦783.6b | ₦143.7b | 39.6x | 41.9x | 7.7x |
| Sat, 26 Oct 2024 | ₦6.0t | ₦707.3b | ₦134.9b | 39.6x | 44.7x | 8.5x |
| Mon, 23 Sep 2024 | ₦5.6t | ₦640.8b | ₦122.4b | 40.4x | 45.6x | 8.7x |
| Wed, 21 Aug 2024 | ₦5.7t | ₦640.8b | ₦122.4b | 49.9x | 46.8x | 8.9x |
| Fri, 19 Jul 2024 | ₦5.8t | ₦521.1b | ₦105.0b | 89.2x | 55.2x | 11.1x |
| Sun, 16 Jun 2024 | ₦5.7t | ₦511.4b | ₦103.9b | 92.7x | 55.3x | 11.2x |
| Tue, 14 May 2024 | ₦5.8t | ₦369.2b | ₦73.7b | 51.6x | 78.6x | 15.7x |
| Thu, 11 Apr 2024 | ₦5.9t | ₦276.9b | ₦39.0b | 89.9x | 150.8x | 21.2x |
| Sat, 09 Mar 2024 | ₦5.8t | ₦276.9b | ₦39.0b | 92.9x | 149.4x | 21x |
| Mon, 05 Feb 2024 | ₦2.0t | ₦276.9b | ₦39.0b | 57.9x | 52.5x | 7.4x |
| Wed, 03 Jan 2024 | ₦1.4t | ₦230.9b | ₦25.2b | 57.5x | 55x | 6x |
| Fri, 01 Dec 2023 | ₦1.3t | ₦230.9b | ₦25.2b | 53.7x | 50.9x | 5.5x |
| Sun, 29 Oct 2023 | ₦1.2t | ₦103.0b | ₦10.4b | 82.6x | 115.8x | 11.7x |
| Tue, 26 Sep 2023 | ₦1.1t | ₦202.5b | ₦22.1b | 56.2x | 49.7x | 5.4x |
Price to Earnings Ratio
49.7x
Current Industry PE
- There are only 3 companies in the Nigerian Utilities industry, so there is insufficient data to make an industry-wide assessment of both the PE and PS ratio.
Past Earnings Growth
- The earnings for companies in the Utilities industry have grown 98% per year over the last three years.
- Revenues for these companies have grown 70% 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 Utilities sector?
| NG Market | 3.53% | |
| Utilities | -7.53% | |
| Renewable Energy | 1.91% | |
| Electric Utilities | -8.41% | |
Industry PE
- Investors are most optimistic about the Electric Utilities industry even though it's trading below its 3-year average PE ratio of 75.3x.
- Analysts are expecting annual earnings growth of 42.9%, which is higher than its past year's earnings decline of 33.0% per year.
- Investors are most pessimistic about the Renewable Energy industry, which is trading below its 3-year average of 11.7x.
Forecasted Growth
- Analysts are most optimistic on the Electric Utilities industry, expecting annual earnings growth of 43% over the next 5 years.
- This is better than its past earnings decline of 33% per year.
- In contrast, the Electric Utilities industry is expected to see its earnings grow by 43% 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 | |
|---|---|---|---|---|---|
| TRANSCORP Transnational | ₦34.65 | 1.9% +₦6.6b | -24.7% | PE4.6x |