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 November 2015 and covers the Top 30 companies in Sub-Sahara Africa ex SA by market capitalisation.

Key highlights:
  • Falling commodity prices and weaker currencies in November brought about falling stock markets in Sub-Sahara Africa’s stock markets. The market capitalisation of the Top 30 companies as of November 2015 was US$62.4bn, down 3.8% on the month and down 21.3% year to date.
  • Share price performance (page 2) and latest earnings releases (page 3). Share prices, in aggregate, are now at their level of November 2012 in US$ terms.
  • The stock market events of the month and year have been (i) the weakness of Nigerian and Kenyan share prices (page 2) and (ii) the continuing weakness of SSA currencies vs US$ (page 9).
  • New Entrant: Bamburi Cement (Kenya). Departure: Letshego (Botswana).
  • Our analysis shows:
    • 12 companies with a ROE > 25%.
    • 13 companies with a trailing P/E < 10.0 times.
    • 9 companies with a dividend yield > 5%.
    • 7 companies with a price/book value < 1.50 times.
  • Valuation graphs detailing Price/Book ratios vs ROE’s (page 8).
  • Kenyan and Nigerian inflation and interest rates (page 10) - Nigeria and Kenya both have positive real interest rates of 1.0%.

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