This report was produced by Hartland-Peel Africa Equity Research. It is an update as of September 2014 and covers the Top 30 companies in Sub-Sahara Africa ex SA by market capitalisation.
- The market capitalisation of the Top 30 companies in September 2014 was down 0.6% on the month and up 4.8% YTD to US$96.2bn. Page 2 sets out their latest earnings releases.
- New entrant: Co-operative Bank of Kenya in at 29. Departure: Flour Mills Nigeria.
- Six companies’ US$ share prices are at an all time high (page 2).
- Our analysis shows:
- Sixteen companies with a ROE above 25%;
- Eight companies with a historic P/E below 10.0;
- Six companies with a dividend yield above 5%; and
- Four companies with a price/book value below 1.50 times.
- We have included valuation graphs detailing Price/Book ratios vs ROE’s (page 5).
- We have highlighted the impact of currency movements on the region’s stock markets (page 6).
- We have included graphs of Kenyan and Nigerian inflation and interest rates (page 7). Nigeria has positive real interest rates of 1% and Kenya positive real rates of 2.0%.