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 May 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 May 2015 was US$73.2bn, down 3.4% on the month and down 7.8% year to date. Pages 2 and 3 set out the share price performance and the latest earnings releases. See also our companion reports on December 2014 earnings releases.
  • The stock market event of the month was US$ strength vs SSA ex SA currencies which resulted in the Kenyan market falling 7%. Nigeria fell marginally as the FX rate remained stable.
  • New entrants: Letshego (Botswana). Departures: FNB Namibia.
  • One all time high: Letshego in Botswana.
  • Our analysis shows:
  • -14 companies with a ROE > 25%. -10 companies with a historic P/E < 10.0 times.
    -7 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 2.3% and Kenya positive real rates of 1.0%.

Read more in the document below:

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