Nigerian Breweries (NSA:NB) Shiller PE Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSA:NB Nigerian Breweries PLC NSA:NB
67 GF Score
Price ₦75.20
GF Value ₦35.78
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Nigerian Breweries Shiller PE Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Nigerian Breweries  (NSA:NB) Shiller PE Ratio Explanation

Compared with the regular PE Ratio, which works poorly for cyclical businesses, the Shiller PE Ratio smoothed out the fluctuations of profit margins during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Shiller PE Ratio should give similar results to regular PE Ratio.

Compared with the PS Ratio, the Shiller PE Ratio makes the comparison between different industries more meaningful.


Be Aware

Shiller PE Ratio assumes that over the long term, businesses and profitability revert to their means. If a company's business model does not work in the future compared with the past, Shiller PE Ratio and PS Ratio will give false valuations.


Nigerian Breweries Shiller PE Ratio Related Terms


Nigerian Breweries Shiller PE Ratio Historical Data

* Premium members only.

The historical data trend for Nigerian Breweries's Shiller PE Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Nigerian Breweries Shiller PE Ratio Chart

Nigerian Breweries Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Shiller PE Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 12.03 12.90 25.66 - -

Nigerian Breweries Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Shiller PE Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - - - -

NSA:NB vs STZ, TAP: Shiller PE Ratio Comparison

For the Beverages - Brewers subindustry, Nigerian Breweries's Shiller PE Ratio, along with its competitors' market caps and Shiller PE Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Nigerian Breweries Shiller PE Ratio vs Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Nigerian Breweries's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Nigerian Breweries's Shiller PE Ratio falls into.


NSA:NB
67GF Score
Nigerian Breweries PLC NSA:NB
Shiller PE Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Nigerian Breweries Shiller PE Ratio Calculation

For Shiller PE Ratio, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller PE Ratio is also called PE10.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

Nigerian Breweries's E10 for the quarter that ended in Jun. 2026 is calculated as:

For example, Nigerian Breweries's adjusted earnings per share data for the three months ended in Jun. 2026 was:

Adj_EPS=Earnings per Share (Diluted)/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=1.1945/333.9520*333.9520
=1.195

Current CPI (Jun. 2026) = 333.9520.

Nigerian Breweries Quarterly Data

Earnings per Share (Diluted) CPI Adj_EPS
201609 0.096 241.428 0.133
201612 0.778 241.432 1.076
201703 1.070 243.801 1.465
201706 1.141 244.955 1.555
201709 0.024 246.819 0.032
201712 0.837 246.524 1.134
201803 0.945 249.554 1.265
201806 0.762 251.989 1.010
201809 -0.338 252.439 -0.447
201812 0.431 251.233 0.572
201903 0.743 254.202 0.976
201906 0.491 256.143 0.640
201909 -0.097 256.759 -0.126
201912 0.355 256.974 0.461
202003 0.510 258.115 0.660
202006 0.008 257.797 0.010
202009 0.126 260.280 0.161
202012 0.040 260.474 0.051
202103 0.709 264.877 0.894
202106 0.007 271.696 0.008
202109 0.046 274.310 0.056
202112 0.409 278.802 0.489
202203 1.254 287.504 1.456
202206 0.464 296.311 0.523
202209 -0.358 296.808 -0.402
202212 -0.141 296.797 -0.159
202303 -1.196 301.836 -1.323
202306 -3.323 305.109 -3.638
202309 -0.865 307.789 -0.938
202312 -4.425 306.746 -4.818
202403 -4.694 312.332 -5.018
202406 -2.970 314.175 -3.157
202409 -6.275 315.301 -6.647
202412 0.150 315.605 0.159
202503 1.438 319.799 1.502
202506 1.416 322.561 1.466
202509 -0.094 324.800 -0.097
202512 0.439 324.054 0.452
202603 1.806 330.213 1.826
202606 1.195 333.952 1.195

Add all the adjusted EPS together and divide 10 will get our E10.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Nigerian Breweries (NSA:NB) Overvalued in 2026?

Based on GuruFocus' analysis, Nigerian Breweries stock appears to be overvalued. The current stock price of ₦75.20 is trading 110.2% above its estimated GF Value™ of ₦35.78. GuruFocus considers Nigerian Breweries to be Significantly Overvalued.

Key valuation signals for NSA:NB:

  • Shiller PE Ratio:
  • GF Value™: ₦35.78 vs. price of ₦75.20 (110.2% above fair value)
  • GF Score™: 67/100 with 2 warning signs

No single metric tells the full story. See the NSA:NB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Nigerian Breweries Business Description

Address 1, Abebe Village Road, P. O. Box 545, Iganmu House, Iganmu, Lagos, NGA, 101241
Nigerian Breweries PLC is a Brewing firm. The company's principal activities are brewing, marketing, and selling lager, stout, non-alcoholic malt, and soft drinks. Geographically, it derives a majority of its revenue from Nigeria and also has a presence in the United Kingdom, the Netherlands, the United States of America, Canada, some parts of Africa, and parts of the Middle East and Asia. The company's brands include Star, Goldberg, Turbo King, Ace Bitters, Gulder, Maltina, Legend Extra Stout, Amstel Malta, Heineken, Maltina Sip-it, Fayrouz, Goldberg, Malta Gold, and others.
67GF Score

Get the complete analysis for NSA:NB

Shiller PE Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₦75.20
Price
₦35.78
GF Value