NB Stock Overview
Nigerian Breweries Plc engages in the brewing, marketing, and selling of lager, stout, non-alcoholic malt drinks, and soft drinks in Nigeria.
Nigerian Breweries Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||₦48.40|
|52 Week High||₦78.50|
|52 Week Low||₦39.90|
|1 Month Change||6.37%|
|3 Month Change||-17.69%|
|1 Year Change||-2.22%|
|3 Year Change||-3.87%|
|5 Year Change||-71.53%|
|Change since IPO||1,837.94%|
Recent News & Updates
|NB||NG Beverage||NG Market|
Return vs Industry: NB underperformed the NG Beverage industry which returned 20.1% over the past year.
Return vs Market: NB exceeded the NG Market which returned -4.1% over the past year.
|NB Average Weekly Movement||3.1%|
|Beverage Industry Average Movement||3.4%|
|Market Average Movement||5.1%|
|10% most volatile stocks in NG Market||8.3%|
|10% least volatile stocks in NG Market||2.8%|
Stable Share Price: NB is less volatile than 75% of NG stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: NB's weekly volatility (3%) has been stable over the past year.
About the Company
Nigerian Breweries Plc engages in the brewing, marketing, and selling of lager, stout, non-alcoholic malt drinks, and soft drinks in Nigeria. The company offers its products under the Star, Heineken, Gulder, Goldberg, 33 Export, Life, More, Ace Bitters, Star Radler, Star Lite, Desperados, Tiger, Legend, Williams, Turbo King, Amstel, Maltina, Malta Gold, Hi-Malt, fayrouz, and Climax brands. It also provides Climax herbal energy drink.
Nigerian Breweries Fundamentals Summary
|NB fundamental statistics|
Is NB overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|NB income statement (TTM)|
|Cost of Revenue||₦300.88b|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||2.88|
|Net Profit Margin||4.72%|
How did NB perform over the long term?See historical performance and comparison
3.3%Current Dividend Yield
Is NB undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 3/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for NB?
Other financial metrics that can be useful for relative valuation.
|What is NB's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does NB's PE Ratio compare to its peers?
|NB PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
GUINNESS Guinness Nigeria
CHAMPION Champion Breweries
DANGSUGAR Dangote Sugar Refinery
NESTLE Nestlé Nigeria
NB Nigerian Breweries
Price-To-Earnings vs Peers: NB is expensive based on its Price-To-Earnings Ratio (16.8x) compared to the peer average (14.2x).
Price to Earnings Ratio vs Industry
How does NB's PE Ratio compare vs other companies in the Global Beverage Industry?
Price-To-Earnings vs Industry: NB is good value based on its Price-To-Earnings Ratio (16.8x) compared to the Global Beverage industry average (19.8x)
Price to Earnings Ratio vs Fair Ratio
What is NB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||16.8x|
|Fair PE Ratio||15.7x|
Price-To-Earnings vs Fair Ratio: NB is expensive based on its Price-To-Earnings Ratio (16.8x) compared to the estimated Fair Price-To-Earnings Ratio (15.7x).
Share Price vs Fair Value
What is the Fair Price of NB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: NB (NGN48.4) is trading below our estimate of fair value (NGN80.97)
Significantly Below Fair Value: NB is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.
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How is Nigerian Breweries forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?
Future Growth Score2/6
Future Growth Score 2/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: NB's forecast earnings growth (16.2% per year) is above the savings rate (12.6%).
Earnings vs Market: NB's earnings (16.2% per year) are forecast to grow slower than the NG market (18% per year).
High Growth Earnings: NB's earnings are forecast to grow, but not significantly.
Revenue vs Market: NB's revenue (8.3% per year) is forecast to grow slower than the NG market (12.9% per year).
High Growth Revenue: NB's revenue (8.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: NB's Return on Equity is forecast to be high in 3 years time (21.1%)
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How has Nigerian Breweries performed over the past 5 years?
Past Performance Score3/6
Past Performance Score 3/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: NB has a high level of non-cash earnings.
Growing Profit Margin: NB's current net profit margins (4.7%) are higher than last year (2.4%).
Past Earnings Growth Analysis
Earnings Trend: NB's earnings have declined by 22.7% per year over the past 5 years.
Accelerating Growth: NB's earnings growth over the past year (149.4%) exceeds its 5-year average (-22.7% per year).
Earnings vs Industry: NB earnings growth over the past year (149.4%) exceeded the Beverage industry 25.7%.
Return on Equity
High ROE: NB's Return on Equity (12.6%) is considered low.
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How is Nigerian Breweries's financial position?
Financial Health Score3/6
Financial Health Score 3/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: NB's short term assets (NGN149.3B) do not cover its short term liabilities (NGN304.6B).
Long Term Liabilities: NB's short term assets (NGN149.3B) exceed its long term liabilities (NGN39.2B).
Debt to Equity History and Analysis
Debt Level: NB's net debt to equity ratio (40.7%) is considered high.
Reducing Debt: NB's debt to equity ratio has increased from 8.6% to 46.8% over the past 5 years.
Debt Coverage: NB's debt is well covered by operating cash flow (32.7%).
Interest Coverage: NB's interest payments on its debt are well covered by EBIT (4.5x coverage).
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What is Nigerian Breweries's current dividend yield, its reliability and sustainability?
Dividend Score 1/6
Cash Flow Coverage
Current Dividend Yield
Dividend Yield vs Market
|Nigerian Breweries Dividend Yield vs Market|
|Company (Nigerian Breweries)||3.3%|
|Market Bottom 25% (NG)||4.0%|
|Market Top 25% (NG)||8.6%|
|Industry Average (Beverage)||4.9%|
|Analyst forecast in 3 Years (Nigerian Breweries)||10.4%|
Notable Dividend: NB's dividend (3.31%) isn’t notable compared to the bottom 25% of dividend payers in the NG market (3.96%).
High Dividend: NB's dividend (3.31%) is low compared to the top 25% of dividend payers in the NG market (8.63%).
Stability and Growth of Payments
Stable Dividend: NB's dividend payments have been volatile in the past 10 years.
Growing Dividend: NB's dividend payments have fallen over the past 10 years.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonably low payout ratio (40.8%), NB's dividend payments are well covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: NB is paying a dividend but the company has no free cash flows.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Hans Essaadi (56 yo)
Mr. Hans Essaadi serves as the Managing Director, Chief Executive Officer & Director at Nigerian Breweries Plc since July 31, 2021. He serves as the Managing Director of Al Haram Beverages, the Heineken Op...
Experienced Management: NB's management team is considered experienced (4.2 years average tenure).
Experienced Board: NB's board of directors are considered experienced (4.2 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
|Owner Type||Number of Shares||Ownership Percentage|
|Employee Share Scheme||3,262,000||0.04%|
|Company Controlled Foundation||25,101,680||0.3%|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Nigerian Breweries Plc's employee growth, exchange listings and data sources
- Name: Nigerian Breweries Plc
- Ticker: NB
- Exchange: NGSE
- Founded: 1946
- Industry: Brewers
- Sector: Food, Beverage & Tobacco
- Implied Market Cap: ₦397.892b
- Shares outstanding: 8.22b
- Website: https://www.nbplc.com
Number of Employees
- Nigerian Breweries Plc
- Iganmu House
- Abebe Village Road
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|NB||NGSE (Nigerian Stock Exchange)||Yes||Ordinary Shares||NG||NGN||Jan 1994|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/10/01 00:00|
|End of Day Share Price||2022/09/30 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.