Hartland-Peel Africa Equity Research provides one of the most comprehensive databases on African listed companies dating back to 1990. The database has been licensed to various financial institutions and institutional investors internationally.

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.

Key highlights:
  • 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%.
Read more in the document below:

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