Use historical share prices if you want to compare valuations for 2024 and 2025. Use the current 2026 price if you want to assess the shares at today’s price. But EPS does not use share price at all. The difference is between “What did the business earn?” and “What were investors paying for those eaRead more
Use historical share prices if you want to compare valuations for 2024 and 2025. Use the current 2026 price if you want to assess the shares at today’s price. But EPS does not use share price at all.
The difference is between “What did the business earn?” and “What were investors paying for those earnings?”
Imagine Mama Ngozi’s tomato business has been divided into shares. The profit belonging to each share comes from the business accounts. The price someone offers to buy a share is a separate matter. That price can change without changing the profit the business already earned.
Let us apply that to your three calculations.
EPS means earnings per share. It tells you how much of the company’s profit belongs to each ordinary share.
Basic EPS = Profit attributable to ordinary shareholders ÷ Weighted average number of ordinary shares during the year.
“Weighted average” simply means allowing for how long shares were in issue during the year, rather than automatically using the number at year-end.
For 2024 EPS, use the company’s 2024 figures. For 2025 EPS, use its 2025 figures. Neither calculation needs a share price.
The easiest starting point is the EPS already reported in the audited annual report. Check whether it is stated in naira or kobo. An EPS of 200 kobo is ₦2, not ₦200.
P/E means price-to-earnings ratio. It compares the price of one share with the earnings belonging to one share.
P/E = Share price ÷ EPS.
Suppose these are fictional figures:
At the end of 2024, the share price was ₦20 and full-year EPS was ₦2. The P/E calculated using those figures is 10.
At the end of 2025, the share price was ₦30 and full-year EPS was ₦2.50. The P/E is 12.
Now suppose the price in 2026 is ₦40. Dividing ₦40 by the 2025 EPS of ₦2.50 gives a P/E of 16.
That last calculation is valid, but label it correctly: “Current P/E using 2025 full-year earnings.” It is not the historical 2025 P/E.
For a simple year-by-year comparison, you can use the closing price on the last trading day of each company’s financial year, divided by that year’s EPS. Use the same method throughout.
But there is one important catch: full-year results are usually published after the year ends. So this is a comparison made with hindsight. If you want to know what an investor could actually have calculated on a particular date, use only earnings information already published by that date.
PEG takes the P/E and compares it with earnings growth.
PEG = P/E ÷ EPS growth rate expressed as a percentage number.
Using the fictional figures above, EPS rose from ₦2 to ₦2.50. That is 25% growth.
Using the 2025 P/E of 12:
PEG = 12 ÷ 25 = 0.48.
Use 25, not 0.25, in that calculation. Label this a PEG based on historical one-year growth. Many PEG calculations instead use expected future growth, so check the method before comparing figures. A low PEG alone does not prove a share is cheap, especially if profit jumped because of a one-off gain. PEG is generally not useful when earnings growth is zero or negative.
To get the historical prices, check NGX historical market reports or request dated closing prices from your stockbroker. Get EPS from the company’s audited reports on its investor relations page or NGX filings.
Also check for share splits or bonus issues. Prices and EPS must reflect the same share basis. Do not automatically use a data provider’s “adjusted close”, because it may also include dividend adjustments.
The simple rule is: EPS comes from the accounts. P/E adds the price for your chosen date. PEG adds a clearly stated earnings-growth measure. Always write down the dates and method beside your calculation.
For Nigerian-listed shares, start with Nigerian Exchange Limited (NGX), your stockbroker’s historical price records, and the company’s annual reports. The main thing is to ask for the price on a particular date, because there is no single share price for an entire financial year. Think of Mama NgoziRead more
For Nigerian-listed shares, start with Nigerian Exchange Limited (NGX), your stockbroker’s historical price records, and the company’s annual reports. The main thing is to ask for the price on a particular date, because there is no single share price for an entire financial year.
Think of Mama Ngozi checking what tomatoes cost last year. Does she mean the price on the last market day in December, the average price throughout the year, or the highest price that year? Those figures can be different. The same applies to shares.
If you are comparing a company’s financial results across years, the closing share price at each financial year-end is a useful starting point. “Closing price” means the price recorded at the end of the trading day. If the year-end falls on a weekend or public holiday, use the last trading day before it. Also check the company’s financial year-end, because it may not be 31 December.
Here is how to find the figures:
1. Check NGX’s official website.
Go to ngxgroup.com and look for market data, daily price lists or historical data services. You need the individual company’s share price, not the All-Share Index, which tracks the wider market.
Older records may not all be freely available online. If you cannot find your dates, contact NGX through its official contact details and ask how to obtain historical daily closing prices. Confirm whether there is a fee.
2. Ask your stockbroker for a historical price report.
You can send this request: “Please provide the daily closing prices for [company name and trading symbol] from [start date] to [end date], preferably in Excel or CSV. Please confirm whether the prices are adjusted for share splits, bonus issues or other changes to the shares.”
CSV is simply a file format you can open in Excel. The available history and any charges will depend on the broker.
3. Check the company’s annual reports.
Visit the company’s official website and open its investor relations or annual reports page. Some reports include the year-end market price, the year’s highest and lowest prices, or a share-performance summary.
Search inside the report for “share price”, “market price” or “share information”. Not every company includes these figures. Also, do not confuse “nominal value” or “par value” with the market price. A share’s stated face value is not necessarily what investors paid for it on the exchange.
4. Use financial-data websites as a second source.
Sites such as Investing.com may carry historical prices for some Nigerian shares. Search for the company, confirm that the listing is on the Nigerian exchange and quoted in naira, then look for “Historical Data”. Coverage and download access vary, so cross-check important figures with NGX or your broker.
One small detail can spoil an otherwise good analysis: adjusted prices.
Suppose, purely as an example, Mama Ngozi owned 100 shares priced at ₦20 each. The company then split every share into two. She would have 200 shares at roughly ₦10 each immediately after the split, with the same total value before other market movements. A price chart showing ₦20 falling to ₦10 could wrongly look like a 50% loss.
That is why you should ask whether the historical prices have been adjusted for changes like share splits and bonus issues. If you want the actual quoted price on a past date, request the unadjusted closing price. If you want to measure investment performance, account for those changes and dividends too. Do not assume every provider’s “adjusted close” includes the same things.
For your analysis, keep a simple spreadsheet showing each financial year-end, the trading date used, the closing price and the source. Use the same method across all the years.
Finally, if you are testing what an investor could have known at the time, check when the results became public. A December year-end result published the following March was not yet available to someone buying in December. Matching the right price with the right information date makes your analysis much more reliable.
Which share price should I use to calculate EPS, P/E and PEG ratios for 2024 and 2025: historical prices or the current 2026 price?
Use historical share prices if you want to compare valuations for 2024 and 2025. Use the current 2026 price if you want to assess the shares at today’s price. But EPS does not use share price at all. The difference is between “What did the business earn?” and “What were investors paying for those eaRead more
Use historical share prices if you want to compare valuations for 2024 and 2025. Use the current 2026 price if you want to assess the shares at today’s price. But EPS does not use share price at all.
The difference is between “What did the business earn?” and “What were investors paying for those earnings?”
Imagine Mama Ngozi’s tomato business has been divided into shares. The profit belonging to each share comes from the business accounts. The price someone offers to buy a share is a separate matter. That price can change without changing the profit the business already earned.
Let us apply that to your three calculations.
EPS means earnings per share. It tells you how much of the company’s profit belongs to each ordinary share.
Basic EPS = Profit attributable to ordinary shareholders ÷ Weighted average number of ordinary shares during the year.
“Weighted average” simply means allowing for how long shares were in issue during the year, rather than automatically using the number at year-end.
For 2024 EPS, use the company’s 2024 figures. For 2025 EPS, use its 2025 figures. Neither calculation needs a share price.
The easiest starting point is the EPS already reported in the audited annual report. Check whether it is stated in naira or kobo. An EPS of 200 kobo is ₦2, not ₦200.
P/E means price-to-earnings ratio. It compares the price of one share with the earnings belonging to one share.
P/E = Share price ÷ EPS.
Suppose these are fictional figures:
At the end of 2024, the share price was ₦20 and full-year EPS was ₦2. The P/E calculated using those figures is 10.
At the end of 2025, the share price was ₦30 and full-year EPS was ₦2.50. The P/E is 12.
Now suppose the price in 2026 is ₦40. Dividing ₦40 by the 2025 EPS of ₦2.50 gives a P/E of 16.
That last calculation is valid, but label it correctly: “Current P/E using 2025 full-year earnings.” It is not the historical 2025 P/E.
For a simple year-by-year comparison, you can use the closing price on the last trading day of each company’s financial year, divided by that year’s EPS. Use the same method throughout.
But there is one important catch: full-year results are usually published after the year ends. So this is a comparison made with hindsight. If you want to know what an investor could actually have calculated on a particular date, use only earnings information already published by that date.
PEG takes the P/E and compares it with earnings growth.
PEG = P/E ÷ EPS growth rate expressed as a percentage number.
Using the fictional figures above, EPS rose from ₦2 to ₦2.50. That is 25% growth.
Using the 2025 P/E of 12:
PEG = 12 ÷ 25 = 0.48.
Use 25, not 0.25, in that calculation. Label this a PEG based on historical one-year growth. Many PEG calculations instead use expected future growth, so check the method before comparing figures. A low PEG alone does not prove a share is cheap, especially if profit jumped because of a one-off gain. PEG is generally not useful when earnings growth is zero or negative.
To get the historical prices, check NGX historical market reports or request dated closing prices from your stockbroker. Get EPS from the company’s audited reports on its investor relations page or NGX filings.
Also check for share splits or bonus issues. Prices and EPS must reflect the same share basis. Do not automatically use a data provider’s “adjusted close”, because it may also include dividend adjustments.
The simple rule is: EPS comes from the accounts. P/E adds the price for your chosen date. PEG adds a clearly stated earnings-growth measure. Always write down the dates and method beside your calculation.
See lessWhere and how can I find historical share prices for previous financial years?
For Nigerian-listed shares, start with Nigerian Exchange Limited (NGX), your stockbroker’s historical price records, and the company’s annual reports. The main thing is to ask for the price on a particular date, because there is no single share price for an entire financial year. Think of Mama NgoziRead more
For Nigerian-listed shares, start with Nigerian Exchange Limited (NGX), your stockbroker’s historical price records, and the company’s annual reports. The main thing is to ask for the price on a particular date, because there is no single share price for an entire financial year.
Think of Mama Ngozi checking what tomatoes cost last year. Does she mean the price on the last market day in December, the average price throughout the year, or the highest price that year? Those figures can be different. The same applies to shares.
If you are comparing a company’s financial results across years, the closing share price at each financial year-end is a useful starting point. “Closing price” means the price recorded at the end of the trading day. If the year-end falls on a weekend or public holiday, use the last trading day before it. Also check the company’s financial year-end, because it may not be 31 December.
Here is how to find the figures:
1. Check NGX’s official website.
Go to ngxgroup.com and look for market data, daily price lists or historical data services. You need the individual company’s share price, not the All-Share Index, which tracks the wider market.
Older records may not all be freely available online. If you cannot find your dates, contact NGX through its official contact details and ask how to obtain historical daily closing prices. Confirm whether there is a fee.
2. Ask your stockbroker for a historical price report.
You can send this request: “Please provide the daily closing prices for [company name and trading symbol] from [start date] to [end date], preferably in Excel or CSV. Please confirm whether the prices are adjusted for share splits, bonus issues or other changes to the shares.”
CSV is simply a file format you can open in Excel. The available history and any charges will depend on the broker.
3. Check the company’s annual reports.
Visit the company’s official website and open its investor relations or annual reports page. Some reports include the year-end market price, the year’s highest and lowest prices, or a share-performance summary.
Search inside the report for “share price”, “market price” or “share information”. Not every company includes these figures. Also, do not confuse “nominal value” or “par value” with the market price. A share’s stated face value is not necessarily what investors paid for it on the exchange.
4. Use financial-data websites as a second source.
Sites such as Investing.com may carry historical prices for some Nigerian shares. Search for the company, confirm that the listing is on the Nigerian exchange and quoted in naira, then look for “Historical Data”. Coverage and download access vary, so cross-check important figures with NGX or your broker.
One small detail can spoil an otherwise good analysis: adjusted prices.
Suppose, purely as an example, Mama Ngozi owned 100 shares priced at ₦20 each. The company then split every share into two. She would have 200 shares at roughly ₦10 each immediately after the split, with the same total value before other market movements. A price chart showing ₦20 falling to ₦10 could wrongly look like a 50% loss.
That is why you should ask whether the historical prices have been adjusted for changes like share splits and bonus issues. If you want the actual quoted price on a past date, request the unadjusted closing price. If you want to measure investment performance, account for those changes and dividends too. Do not assume every provider’s “adjusted close” includes the same things.
For your analysis, keep a simple spreadsheet showing each financial year-end, the trading date used, the closing price and the source. Use the same method across all the years.
Finally, if you are testing what an investor could have known at the time, check when the results became public. A December year-end result published the following March was not yet available to someone buying in December. Matching the right price with the right information date makes your analysis much more reliable.
See less