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 April 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 April 2015 was US$75.8bn, up 5.6% on the month but down 4.4% year to date. Pages 2 and 3 set out the share price performance and the latest earnings releases. See also our companion reports on December 2014 earnings releases.
  • The stock market event of the month was the 7% rise of the Nigerian market following the elections which, together with oil prices rising off their lows, resulted in a stable exchange rate.
  • New entrants: FNB Namibia and UBA (Nigeria).
  • Departures: State Bank of Mauritius and Access Bank (Nigeria).
  • Three new all time highs: Safaricom, KCB Bank in Kenya and FNB Namibia.
  • Our analysis shows:
  • 17 companies with a ROE > 25%. 10 companies with a historic P/E < 10.0 times.
    6 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 2.4% and Kenya positive real rates of 2.2%.

Read more in the document below:

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