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 is an update as of February 2015 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 February 2015 was down 0.5% on the month and 12.5% year to date at US$69.4bn. Pages 2 and 3 set out the share price performance and the latest earnings releases.
  • The stock market events of the month were (i) the stabilisation at lower levels in Nigeria and (ii) stock market rises in Kenya and Tanzania - these countries will benefit from falling oil prices.
  • Three new all time highs: Safaricom, KCB Bank and Standard Chartered Kenya.
  • Our analysis shows:
  • 17 companies with a ROE > 25%. 9 companies with a historic P/E < 10.0 times.
    5 companies with a dividend yield > 5%. 7 companies with a price/book value < 1.50 times.
  • We have included valuation graphs detailing Price/Book ratios vs ROE’s (page 8).
  • We have highlighted the impact of currency movements on the region’s stock markets (page 9).
  • We have included graphs of Kenyan and Nigerian inflation and interest rates (page 10). Nigeria has positive real interest rates of 3.2% and Kenya positive real rates of 3.0%.

Read more in the document below:

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