This report is an update as of May 2015 and covers the Top 30 companies in Sub-Sahara Africa ex SA by market capitalisation.
- 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:
- 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%.
|-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.|