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SSA ex SA: TOP 30 COMPANIES – JULY 2016
Prepared by: Christopher W. Hartland-Peel
Date: August 5, 2016
This report is an update as of July 2016 and covers the Top 30 companies in Sub-Sahara Africa ex
SA by market capitalisation. Key highlights:
The Naira floated in June falling 40% and in July fell a further 13% from ₦280 to ₦318 to the US$.
The market capitalisation of the Top 30 companies for July 2016 was US$50.8bn, down 6% on June
and down 21% year to date. Nigerian banks and manufacturing companies all fell sharply (page 3).
In July SSA ex SA stock markets fell 5.1% in US$ terms, led by Nigeria down 13% (page 5).
Year to date three stock markets have positive US$ returns (page 5) and some currencies appreciated,
led by the SA Rand (page 2).
During July oil prices fell 14% to US$43.17/barrel but gold managed a 2% gain. Year to date oil is
up 18% and gold is up 27%.
New entrants: National Microfinance Bank (Tanzania) and Barclays Bank Kenya.
Departures: Guinness Nigeria and Stanbic IBTC in Nigeria.
Our analysis shows:
11 companies with a ROE > 25%. 10 companies with a trailing P/E < 10.0 times.
16 companies with a dividend yield > 5%. 9 companies with a price/book value < 1.50 times.
Sources: Country stock exchanges, company annual and earnings reports. Exchange rates from the Financial Times, London
SUB-SAHARA AFRICA ex SA - TOP 30 COMPANIES 31-Jul-16
(Ranked by market capitalisation)
L/C Issued Market capitalisation P/E Price ROE
-------- December ------- July Country Share shares US$ % of Trailing --- Dividend -- to book last 12
10 11 12 13 14 15 16 listed price million millions total 12 months yield cover value months
1 1 1 1 1 1 1 Dangote Cement NIG 180.00 17,041 9,638 19.0% 18.2 4.4% 1.23 4.71 25.8%
7 11 10 5 3 2 2 Safaricom KEN 19.05 40,000 7,515 14.8% 20.0 7.6% 0.66 6.53 32.6%
3 4 7 7 5 4 3 SONATEL BRVM 22,805 100 3,887 7.7% 11.8 7.3% 1.16 3.65 30.9%
2 2 2 2 2 3 4 Nigerian Breweries NIG 137.99 7,929 3,438 6.8% 30.7 3.5% 0.94 6.35 20.7%
8 9 9 9 8 9 5 East African Breweries KEN 289.00 791 2,254 4.4% 23.6 4.2% 1.02 21.03 89.3%
6 3 3 6 6 6 6 GTB NIG 24.05 29,431 2,224 4.4% 7.9 7.4% 1.72 1.74 24.2%
10 7 5 3 4 5 7 Nestlé Nigeria NIG 850.00 793 2,117 4.2% 43.8 3.4% 0.67 17.73 40.5%
- - - 17 9 11 8 Tanzania Breweries TAN 13,750 295 1,854 3.6% 18.7 4.0% 1.34 6.77 36.3%
4 5 4 4 7 7 9 Zenith Bank NIG 16.91 31,396 1,668 3.3% 5.1 10.6% 1.86 0.89 17.7%
12 10 11 12 14 13 10 MCB MAU 207.50 250 1,467 2.9% 8.3 3.1% 3.94 1.45 17.4%
14 21 17 20 11 14 11 Equity Bank KEN 38.00 3,703 1,388 2.7% 8.1 5.3% 2.34 1.95 24.0%
17 16 13 13 10 10 12 ETI NIG 12.74 24,100 965 1.9% loss 5.0% n.a. 0.41 -3.1%
24 17 16 11 18 8 13 Lafarge Africa NIG 56.00 5,465 962 1.9% loss 5.4% n.a. 2.61 -22.7%
26 25 18 15 12 15 14 KCB Bank KEN 32.00 2,950 931 1.8% 4.8 6.2% 3.33 1.16 24.2%
- - - - - 24 15 FNB Namibia NAMIBIA 48.00 268 927 1.8% 11.8 4.2% 1.99 3.84 32.4%
- - - - 22 23 16 BAT Kenya KEN 842.00 100 830 1.6% 16.2 5.9% 1.05 9.51 58.5%
30 15 14 14 19 18 17 Delta Corporation ZIM 0.66 1,235 818 1.6% 10.2 7.1% 1.38 1.79 17.6%
- 13 22 23 26 19 18 FNB Botswana BOT 3.20 2,564 778 1.5% 15.2 5.0% 1.31 3.35 22.0%
- - - - - 26 19 Société Générale-CI BRVM 135,000 3.1 716 1.4% 15.5 4.3% 1.50 4.87 31.4%
13 27 23 26 20 29 20 Standard Chartered Kenya KEN 209.00 344 708 1.4% 11.6 7.3% 1.17 1.75 15.1%
22 - - - 27 20 21 Co-op Bank KEN 14.50 4,889 699 1.4% 6.1 5.5% 2.99 1.41 23.3%
- - - - - - 22 Bank of Windhoek NAMIBIA 17.23 498 619 1.2% 10.1 3.4% 2.87 2.35 23.3%
- - - - 17 12 23 Forte Oil NIG 175.50 1,092 602 1.2% 42.7 2.0% 1.19 13.25 31.0%
21 29 25 - - 27 24 Bamburi Cement KEN 166.00 363 594 1.2% 11.5 7.8% 1.11 2.24 19.6%
- - - - 25 - 25 Nat Microfinance Bank TAN 2,470 500 565 1.1% 7.8 4.2% 3.04 1.85 23.7%
- - - - - - 26 Tanzania Cigarette TAN 12,000 100 549 1.1% 18.3 5.0% 1.10 6.88 37.7%
16 14 19 25 23 25 27 Barclays Bank Kenya KEN 10.05 5,432 538 1.1% 6.5 9.9% 1.55 1.37 21.2%
- - - - 21 - 28 Seplat Petroleum NIG 297.83 563 527 1.0% loss 8.6% n.a. 0.37 -2.1%
15 - 21 16 - 28 29 UBA NIG 4.55 36,280 519 1.0% 2.8 13.2% 2.69 0.51 18.0%
18 30 12 18 29 - 30 Access Bank NIG 5.58 28,928 507 1.0% 2.5 10.8% 3.76 0.44 18.0%
Total/weighted average $50,804 100.0% 16.5 5.7% 1.34 5.52 28.5%
Median 10.8 5.4% 2.35 23.7%
Mean 14.4 6.0% 4.46 25.1%
= P/E <10.0, Dividend yield > 5.0%, Price/Book < 1.50, ROE > 25%
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Highlights continued...
Historic P/E’s, Price/book ratios are near multi-year lows and dividend yields are rising.
Source: Hartland-Peel Africa Equity Research Source: Hartland-Peel Africa Equity Research
Earnings resilience is fading. Of the 12 companies reporting for the six months to June 2016
earnings declined 59% in US$ terms affected by the Naira devaluation and FX losses of some
Nigerian companies (page 4). This contrasts with the earnings reported for the year to December
2015 with earnings down 6% in US$ terms.
Two new all time highs - Safaricom in Kenya and FNB Namibia (page 3).
Share prices, in aggregate, are now at their October 2011 level in US$ terms.
The stock market events were:
(i) A further 13% decline in Nigeria following the Naira weakness.
(ii) Rand appreciation which helped southern Africa currencies and their markets.
Kenyan and Nigerian inflation and interest rates (page 10) - Kenya has positive real interest rates
of 2.1% and Nigeria’s real rate is a negative 2.4%.
SUB-SAHARA AFRICA EXCHANGE RATES vs US$
YEAR TO DATE: JULY 2016
Commentary:
The major changes in June were
a further 13% depreciation of the
Nigerian Naira and a further 6%
appreciation of the SA Rand.
Appreciating (year to date): (i) SA Rand up 11.8%.
(ii) Kenya up 0.9%.
(iii) Botswana up 6.7%.
(iv) Zambia up 6.8%.
(v) BRVM up 2.9%.
(vi) Mauritius up 1.4%.
Unchanged: Seychelles & Uganda Depreciating (year to date):
(i) Nigeria down 37.5%.
(ii) Tanzania down 1.2%.
(iii) Malawi down 7.3%.
(iv) Rwanda down 5.5%.
(v) Ghana down 3.9%.
Zimbabwe has the US$ as its
functional currency. Sources: Exchange rates from the Financial Times, London
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
SSA EX SA TOP 30 COMPANIES PRICE/EARNINGS & PRICE/BOOK RATIOS
P/E RATIO (LHS) PRICE/BOOK (RHS)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
SSA EX SA TOP 30 COMPANIES PRICE/EARNINGS RATIO & DIVIDEND YIELDS
P/E RATIO (LHS) DIVIDEND YIELD (RHS)
-40% -30% -20% -10% 0% 10%
Seychelles
Rwanda
Malawi
Uganda
Ghana
Zambia
Zimbabwe
Tanzania
Botswana
Mauritius
BRVM
Kenya
Nigeria
South Africa
SUB-SAHARA AFRICA EXCHANGE RATE CHANGES YTD JULY 2016
Negative = Currency depreciationPositive = Currency appreciation
Zimabwe : US$ is the functional currency
Source: Financial Times, London
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SSA ex SA TOP 30 COMPANIES
US$ SHARE PRICE PERFORMANCE
Sources: Country stock exchanges. Exchange rates Financial Times, London.
Share price all time high refers to month end share price in US$ terms.
L/C Mkt cap
Country Share US$
Rank listed price millions 1 month 3 months 1 year 2 years 5 years
1 Dangote Cement NIG 180.00 9,638 -17% -31% -34% -60% -21%
2 Safaricom KEN 19.05 7,515 7% 11% 33% 35% 382% Yes
3 SONATEL BRVM 22,805 3,887 0% -14% -18% -16% 25%
4 Nigerian Breweries NIG 137.99 3,438 -11% -26% -29% -61% -26%
5 East African Breweries KEN 289.00 2,254 4% -3% -1% -14% 43%
6 GTB NIG 24.05 2,224 -8% -10% -35% -59% -20%
7 Nestlé Nigeria NIG 850.00 2,117 -11% -14% -37% -61% 2%
8 Tanzania Breweries TAN 13,750 1,854 0% -2% -11% -9% 451%
9 Zenith Bank NIG 16.91 1,668 -5% -17% -34% -66% -45%
10 MCB MAU 207.50 1,467 -1% -3% -8% -17% -7%
11 Equity Bank KEN 38.00 1,388 -2% -5% -2% -27% 48%
12 ETI NIG 12.74 965 -29% -47% -58% 0% -56%
13 Lafarge Africa NIG 56.00 962 -32% -48% -66% -76% -38%
14 KCB Bank KEN 32.00 931 -5% -23% -35% -49% 25%
15 FNB Namibia NAMIBIA 48.00 927 7% 8% 21% 58% 79% Yes
16 BAT Kenya KEN 842.00 830 1% -1% 15% 12% 187%
17 Delta Corporation ZIM 0.66 818 2% -5% -33% -41% -17%
18 FNB Botswana BOT 3.20 778 -3% -10% -22% -22% -29%
19 Société Générale-CI BRVM 135,000 716 -6% -16% 31% 57% 163%
20 Standard Chartered Kenya KEN 209.00 708 7% 8% -13% -35% -7%
21 Co-op Bank KEN 14.50 699 -10% -26% -26% -34% 19%
22 Bank of Windhoek NAMIBIA 17.23 619 6% 4% 0% 17% 0%
23 Forte Oil NIG 175.50 602 -18% -49% -42% -59% 338%
24 Bamburi Cement KEN 166.00 594 -3% -13% 9% -18% -15%
25 Nat Microfinance Bank TAN 2,470 565 55% 21% -16% -53% 112%
26 Tanzania Cigarette TAN 12,000 549 0% 0% -29% -30% 244%
27 Barclays Bank Kenya KEN 10.05 538 4% -9% -28% -49% -42%
28 Seplat Petroleum NIG 297.83 527 -20% -45% -38% -77% not listed
29 UBA NIG 4.55 519 -14% -16% -32% -70% -57%
30 Access Bank NIG 5.58 507 -14% -14% -27% -72% -60%
Total/weighted average $50,804 -6% -14% -16% -28% 81%
= >25% US$ return
All time
high
Share price performance
------------------------------ up/(down) ---------------------------------
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SSA ex SA TOP 30 COMPANIES
EARNINGS RELEASES AND US$ EARNINGS
Sources: Country stock exchanges. Exchange rates Financial Times, London.
Earnings are attributable earnings and use the FX rate at the period end.
Mkt cap
Country US$ %
Rank listed millions ROE Period 2014 2015 change
12 month earnings
2 Safaricom KEN 7,515 32.6% Mar-16 345 376 9%
3 SONATEL BRVM 3,887 30.9% Dec-15 354 320 -10%
5 East African Breweries KEN 2,254 89.3% Jun-16 90 96 6%
17 Delta Corporation ZIM 818 17.6% Mar-16 92 80 -13%
19 Société Générale-CI BRVM 716 31.4% Dec-15 51 45 -13%
24 Bamburi Cement KEN 594 19.6% Dec-15 39 51 31%
26 Tanzania Cigarette TAN 549 37.7% Dec-15 40 30 -23%
$1,011 $998 -1%
9 month earnings
10 MCB MAU 1,467 17.4% Mar-16 117 133 14%
$117 $133 14%
2015 2016
6 month earnings
1 Dangote Cement NIG 9,638 25.8% Jun-16 619 376 -39%
4 Nigerian Breweries NIG 3,438 20.7% Jun-16 108 67 -38%
7 Nestlé Nigeria NIG 2,117 40.5% Jun-16 45 2 -96%
8 Tanzania Breweries TAN 1,854 36.3% Sep-15 58 50 -14%
12 ETI NIG 965 -3.1% Jun-16 217 127 -42%
13 Lafarge Africa NIG 962 -22.7% Jun-16 129 (152) n.m.
15 FNB Namibia NAMIBIA 927 32.4% Dec-15 42 38 -9%
16 BAT Kenya KEN 830 58.5% Jun-16 20 21 9%
18 FNB Botswana BOT 778 22.0% Dec-15 36 26 -28%
22 Bank of Windhoek NAMIBIA 619 23.3% Dec-15 31 29 -6%
25 Nat Microfinance Bank TAN 565 23.7% Jun-16 39 39 0%
28 Seplat Petroleum NIG 527 -2.1% Jun-16 34 (63) n.m.
$1,377 $560 -59%
3 month earnings
6 GTB NIG 2,224 24.2% Mar-16 132 128 -4%
9 Zenith Bank NIG 1,668 17.7% Mar-16 139 133 -4%
11 Equity Bank KEN 1,388 24.0% Mar-16 46 44 -5%
14 KCB Bank KEN 931 24.2% Mar-16 47 46 -3%
20 Standard Chartered Kenya KEN 708 15.1% Mar-16 19 25 31%
21 Co-op Bank KEN 699 23.3% Mar-16 34 34 -1%
23 Forte Oil NIG 602 31.0% Mar-16 1 3 138%
27 Barclays Bank Kenya KEN 538 21.2% Mar-16 23 22 -6%
29 UBA NIG 519 18.0% Mar-16 83 84 0%
30 Access Bank NIG 507 18.0% Mar-16 68 97 43%
$594 $615 4%
30 Total $50,804
Note: ETI, Seplat Petroleum and Zimbabwean companies report in US$.
<- Earnings US$m ->
-------- Latest Earnings Announcements ------
<- Earnings US$m ->
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Sub-Sahara Africa stock market returns over the period 2010-16 are set out below:
SSA ex SA markets were down 5.1% in June and down 17.9% year to date.
During July, Nigeria fell 13% following the floating of the Naira and the BRVM fell 6%.
Tanzania rose 11% and Namibia 8%.
Nine of SSA ex SA’s fifteen stock markets rose in June but only three are up year to date.
High Sharpe ratios & low standard deviation of returns feature Botswana, Tanzania and Mauritius.
Sources: Country stock markets, company financial reports. Ratios are market cap weighted. Exchange rates from the Financial Times, London.
Sources: Country stock markets. End period exchange rates from Financial Times, London.
Sources: Country stock markets. End period exchange rates from Financial Times, London.
SUB-SAHARA AFRICA - STOCK MARKETS: JULY 2016
--- Market cap ---- P/E ---- Dividend ---- Price/ Market ----------------------- US$ returns ----------------------------------------------
Jul-16 US$ bn % Historic yield cover book ROE 2016 Month 2015 2014 2013 2012 2011 2010
South Africa 804.4 90.4% 17.7 3.0% 1.88 4.50 n.a. 16.4% 6.8% (24.0%) (2.6%) (4.5%) 16.8% (18.4%) 29.2%
Nigeria 30.2 3.4% 18.7 5.1% 1.46 4.93 20.0% (36.7%) (12.9%) (24.0%) (26.7%) 43.7% 40.8% (21.6%) 17.0%
Kenya 19.5 2.2% 14.4 6.0% 1.74 6.01 33.5% (0.5%) 1.0% (21.5%) 13.6% 43.7% 34.8% (32.6%) 28.3%
BRVM Cote d'Ivoire 9.8 1.1% 34.2 5.4% 1.14 5.73 20.0% (2.0%) (5.7%) 5.7% (2.3%) 45.6% 21.8% (15.5%) 12.7%
Mauritius 5.2 0.6% 22.3 3.0% 3.07 1.20 11.1% (2.5%) 2.6% (22.8%) (4.5%) 23.0% (11.9%) (1.4%) 19.2%
Botswana 4.6 0.5% 17.6 4.6% 1.66 3.00 18.3% (1.0%) (0.2%) (5.6%) 0.1% 7.0% 3.4% (6.1%) (8.6%)
Tanzania 3.8 0.4% 14.6 4.8% 1.68 5.12 32.3% 16.1% 10.7% (20.6%) 50.5% 98.4% 25.1% 20.2% (14.4%)
Zimbabwe 2.7 0.3% 9.7 4.4% 2.58 2.08 16.9% (13.9%) (1.3%) (29.4%) (19.5%) 32.6% 4.5% (3.6%) (0.5%)
Namibia 2.3 0.3% 11.8 3.7% 5.50 3.58 33.9% 8.9% 7.6% (4.4%) 7.5% (2.8%) 15.8% 4.9% 24.2%
Zambia 2.3 0.3% 16.0 4.4% 1.75 4.92 21.9% (12.5%) (4.0%) (45.8%) 2.0% 31.6% (11.9%) 17.5% 14.9%
Ghana 2.2 0.2% 12.1 5.5% 2.65 3.48 13.9% (13.5%) 0.2% (25.5%) (22.5%) 44.0% 6.6% (12.1%) 27.4%
Uganda 1.3 0.1% 50.7 2.8% 2.75 21.76 30.7% (3.6%) 1.8% 2.3% 9.7% 37.1% 1.2% (34.4%) 23.3%
Malawi 0.8 0.1% 8.8 4.0% 3.11 2.47 27.7% (14.9%) 0.9% (31.9%) 10.0% 62.2% (45.5%) (0.5%) (7.1%)
Rwanda 0.5 0.1% 16.6 3.8% 1.93 3.06 19.7% (8.8%) (2.1%) (38.3%) (10.3%) 17.1% 52.4% 113.6% n.a.
Cameroon 0.3 0.0% 9.8 7.9% 9.20 5.32 n.a. (4.9%) 0.6% (5.6%) 4.0% 24.6% 11.4% 12.7% (1.6%)
Seychelles 0.1 0.0% 20.7 2.9% 1.77 4.55 22.7% 7.2% 12.0% 31.8% 19.9% (3.6%) n.a. n.a. n.a.
Sub-Sahara ex SA 85.6 9.6% 19.1 5.1% 1.85 5.00 (17.9%) (5.1%) (20.6%) (13.3%) 41.0% 26.2% (17.6%) 15.1%
Sub-Sahara Africa $890.0 100.0% 17.8 3.2% 1.88 4.55
P/E < 10.0 times, Dividend yield > 5%, Price/book < 1.5 times > 20% US$ return in year
16.4%
(36.7%)
(0.5%)(2.0%) (2.5%)
(1.0%)
16.1%
(13.9%)
8.9%
(12.5%) (13.5%)
(3.6%)
(14.9%)
(8.8%)
(4.9%)
7.2%
(17.9%)
-40%
-30%
-20%
-10%
0%
10%
20%
AFRICAN STOCK MARKETSUS$ RETURNS: YTD JULY 2016
0.30.3
0.2
(0.0)
0.9
(0.0)
0.2 0.20.2
0.10.0
0.9
0.8
2.2
(0.0) (0.0)
0.7
1.6
0.1
0.4
0.60.6
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
(0.5)
0.0
0.5
1.0
1.5
2.0
2.5
SUB-SAHARA AFRICA EX SOUTH AFRICA STOCK MARKETSSHARPE RATIOS & STANDARD DEVIATION OF RETURNS - US$ TERMS
SHARPE RATIO (LHS) STANDARD DEVIATION (RHS)
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NIGERIA
STOCK MARKET & OIL PRICES: 1990-2016
Sources: NSE and commodity reports. Exchange rates Financial Times, London.
NIGERIA: FX RESERVES 1990-2016
$0
$20
$40
$60
$80
$100
$120
$140
$160
0
200
400
600
800
1,000
1,200
1,400
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
NSE INDEX (US$ terms) vs OIL PRICES
NIGERIA US$ INDEX (LHS) BRENT CRUDE US$ PRICE (RHS)
The Big Disconnect after 2009.
Over the year to July 2016the gap between the
NSE Index in US$ terms
has turned positive.
$0
$10
$20
$30
$40
$50
$60
$70
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
NIGERIA - FX RESERVES (US$bn)
Nigeria's FX reserves arenow at their lowest level
since 2006.
Source: Central Bank of Nigeria
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CHECKLIST: STOCK MARKET POSITIVE & NEGATIVES Degree of supportiveness for the stock market (positive, neutral, negative)
Source: Hartland-Peel Africa Equity Research
Nigeria Kenya Botswana Mauritius Tanzania Zimbabwe S. Africa
Economic activity (GDP growth) (1) 1 1 1 1 (1) 0
Earnings growth (1) 1 1 1 1 (1) (1)
Monetary policy (± real interest rates) 1 (1) 0 0 0 (1) (1)
Fiscal policy (1) (1) 1 0 0 (1) 0
Inflation < 5% (+1), 5%-8% (0), > 8% (-1) (1) 0 1 1 0 1 1
Terms of trade (1) 0 (1) 0 0 (1) (1)
Current account (1) (1) 1 1 (1) (1) 1
Capital inflows 0 0 1 1 0 (1) 0
Exchange rate overvaluation 0 0 0 0 0 (1) 1
Policy consistency 0 1 1 1 0 (1) 0
Sovereign credit rating (Y/N) and latest change: 1 1 1 1 (1) (1) 1
Rating: Fitch/Moodies/S&P BB- B+ A- Baa1 None None BBB-
upgrade (+1), stable (0), downgrade (-1) 0 0 0 0 n.a. n.a. (1)
Banking system quality 0 1 1 1 1 0 1
IBRD ease of doing business (1) 0 1 1 (1) (1) 1
Political risk 0 0 1 1 0 (1) 0
Elections next six months 0 0 0 0 0 0 0
Central bank stance 1 1 1 1 0 0 1
Ethnic, social, religious strife (1) (1) 1 1 1 1 0
Index > < 5% above/below 6 month MA 1 0 0 (1) 0 0 0
Six month momentum > < 5% 0 0 0 0 1 (1) 0
Risk tolerance index - positive/negative 0 0 (1) (1) 1 (1) 1
TOTAL SCORE (4) 2 11 10 3 (12) 4
P/E (times) 19.2 13.1 17.8 21.2 11.6 9.8
Price/book ratio 5.00 5.24 3.03 1.21 0.96 2.10
Market ROE 24% 33% 18% 11% 8% 17%
Maximum score 20.
Notes: Elections due within next six months is a negative. Otherwise zero.
Sovereign credit rating 1 or (1).
IBRB ease of doing business. Evaluation based on SSA regional rankings and position in tercile.
Zimbabwe and Tanzania have no credit rating, therefore a negative.
Risk tolerance index measures the volatility of the monthly change of market index of the prior six months.
Stock market momentum indicator relates to the pace of change of the prior six months.
DOMESTIC
EXTERNAL
QUALITATIVE
STOCK MARKET
Page 8
Hartland-Peel Africa Equity Research
(Established 1990)
Address:
Web site:
E-mail:
Telephone:
Mobile:
1 High Silver, Loughton, Essex IG10 4EL, UK
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[email protected]
+44 (0) 208 502 0102
+44 (0) 7780 70 5000
8
SSA ex SA STOCK MARKETS
EM, SSA REGIONAL & SSA ex SA PRINCIPAL MARKET PERFORMANCE
Sources: MSCI, Country stock exchanges. Source: Hartland-Peel Africa Equity Research
Source: NSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.
Source: MSE. End month exchange rates from Financial Times. Source: BSE. End month exchange rates from Financial Times.
0
100
200
300
400
500
600
700
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
MSCI, CHINA & AFRICA EMERGING MARKET INDICESUS$ TERMS
SOUTH AFRICA SUB-SAHARA EX SOUTH AFRICA
SHANGHAI FAR EAST
EASTERN EUROPE
0
200
400
600
800
1,000
1,200
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
SUB-SAHARA AFRICA EX SOUTH AFRICA: REGIONAL MARKET INDICESUS$ TERMS
EAST AFRICA & MAURITIUS WEST AFRICA
SOUTH AFRICA SUB SAHARA EX SOUTH AFRICA
SOUTH CENTRAL AFRICA
0
200
400
600
800
1,000
1,200
1,400
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
NIGERIA: MONTHLY TRADING VALUES & US$ MARKET RETURNSUS$ MILLIONS
TRADING VALUE $M (LHS) NIGERIA US$ INDEX (RHS) Source: NSE
0
50
100
150
200
250
300
350
400
450
500
$0
$50
$100
$150
$200
$250
$300
$350
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
KENYA: MONTHLY TRADING VALUES US$ MILLION& KENYA US$ INDEX
KENYA TRADING $M (LHS) KENYA US$ INDEX (RHS)
Safaricom IPO --------------->
Source: NSE
0
100
200
300
400
500
600
700
800
900
1,000
$0
$20
$40
$60
$80
$100
$120
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
MAURITIUS: MONTHLY TRADING VALUES & US$ INDEXUS$ MILLION
MONTHLY TRADING VALUES $M (LHS) US$ INDEX (RHS) Source: MSE
0
500
1,000
1,500
2,000
$0
$10
$20
$30
$40
$50
$60
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
BOTSWANA: MONTHLY TRADING VALUES US$ MILLIONS& BOTSWANA US$ INDEX
MONTHLY TRADIING VALUE US$M (LHS) BOTSWANA US$ INDEX (RHS) Source: BSE
Page 9
Hartland-Peel Africa Equity Research
(Established 1990)
Address:
Web site:
E-mail:
Telephone:
Mobile:
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+44 (0) 208 502 0102
+44 (0) 7780 70 5000
9
SSA ex SA TOP 30 COMPANIES
VALUATIONS: PRICE/BOOK vs ROE
ROE’s generally exceed the cost of capital and inflation
Higher ROE’s are rewarded with higher valuations
SSA ex SA Top 30: Banks & Finance Investors reward high ROE’s handsomely with
a strong correlation of ROE and Price/Book
value.
Our observations regarding outliers:
ETI although reporting H1 2016 earnings
down 42% at US$127m has incurred a 12
month loss on account of US$200m loss
in Q4 2015.
FNB Botswana and Société Générale CI
look overvalued, the first following its
sharply lower H1 December 2015
earnings (page 4).
KCB Bank looks undervalued relative to
other Kenyan banks.
Nigerian banks are at a big discount to the
region’s other banks. UBA and Access
Bank have discounts to book value of
49% and 56% respectively. Sources: Price/book ratios and ROE’s derived from market capitalisation data and
the last 12 months earnings.
SSA ex SA Top 30:
Industrial & Commercial Companies As with banks, investors reward high ROE’s
handsomely with a strong correlation of ROE
and Price/Book value.
Our observations regarding outliers:
Lafarge Africa reported a H1 loss of
US$152m (page 4) on account of FX
losses.
East African Breweries has a high ROE
on account of its high leverage and the
H1 2016 US$22m gain on disposal of its
glass interests.
Forte Oil in Nigeria still looks overvalued
despite its 49% fall over the past three
months.
Seplat Petroleum of Nigeria has been sold
down as the oil price has fallen. 2015 full
year earnings fell 73% and H1 2016 was
US$63m loss (page 4).
Nigerian Breweries looks overvalued
relative to other SSA ex SA brewers. Sources: Price/book ratios and ROE’s derived from market capitalisation data and
the last 12 months earnings.
Zenith Bank
UBA
MCB
FNB Botswana
ETI
Equity Bank
Co-op Bank
KCB Bank
Standard Chartered Kenya
FNB Namibia
Société Générale-CI
GTB
Access Bank
Bank of Windhoek
Nat Microfinance Bank
Barclays Bank Kenya
0.30
3.00
-5% 0% 5% 10% 15% 20% 25% 30% 35%
PRICE/BOOK RATIO (Vertical axis ) ROE (Horizontal axis)
SSA EX SA TOP 30 COMPANIES - FINANCIALROE vs PRICE/BOOK
(ROE'S BASED ON LAST 12 MONTHS EARNINGS)
ROE's derived from company latest 12 month financialsROE's derived from company latest 12 month financialsROE's derived from company latest 12 month financialsROE's derived from company latest 12 month financials
Non-Nigerianbanks
Nigerianbanks
Dangote Cement
Nigerian Breweries
SONATEL
Nestlé NigeriaEast African Breweries
Safaricom
Delta CorporationLafarge Africa
Tanzania Breweries
Forte Oil
Bamburi Cement
Seplat Petroleum
BAT Kenya
Tanzania Cigarette
0.30
3.00
-30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
PRICE/BOOK RATIO (Vertical axis ) ROE (Horizontal axis)
SSA EX SA TOP 30 COMPANIES - NON FINANCIALROE vs PRICE/BOOK
(ROE'S BASED ON LAST 12 MONTHS EARNINGS)
ROE's derived from company latest 12 month financials
Page 10
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(Established 1990)
Address:
Web site:
E-mail:
Telephone:
Mobile:
1 High Silver, Loughton, Essex IG10 4EL, UK
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[email protected]
+44 (0) 208 502 0102
+44 (0) 7780 70 5000
10
INFLATION & 90 DAY TREASURY BILL RATES
NIGERIA & KENYA
Nigeria:
Nigerian Treasury bill rates have
risen sharply during 2016 and in
July were at 14.1%.
Nigerian inflation is now at a 10
year high. June 2016 inflation
rose to 16.5% vs 15.6% in May.
For 2016 we see rising Nigerian
inflation as the impact of the
Naira devaluation works its way
into consumer prices.
Real interest rates are negative at
2.1%.
Kenya:
Kenyan Treasury bill rates soared
mid-year 2015 as the CBK
supported the Shilling and then
fell back after two months.
Since April 2016 the Central
Bank of Kenya has steadily
reduced interest rates to 7.9%.
The Kenyan Shilling has been
stable.
Inflation: June 2016 inflation
rose to 5.8% vs 5.0% in May.
For 2016 we see stable Kenyan
inflation as Kenya is an oil
importer and oil prices at $43 in
July compares with US$49 in
July 2015.
Real interest rates are 2.1%.
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
06 07 08 09 10 11 12 13 14 15 16
NIGERIA: INTEREST RATES & INFLATION
INFLATION 90 DAY TREASURY BILLSSource: Central Bank of Nigeria
0%
5%
10%
15%
20%
25%
30%
06 07 08 09 10 11 12 13 14 15 16
KENYA: INTEREST RATES & INFLATION
INFLATION 90 DAY TREASURY BILLSSource: Central Bank of Kenya
Page 11
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Address:
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E-mail:
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11
The following table sets out the Top 30 companies at end July 2016 by sector:
Sources: Country stock exchanges and company annual reports. Aggregate ratios are market cap weighted of Top 30 companies.
End month exchange rates from Financial Times, London.
SUB-SAHARA AFRICA ex SA - TOP 30 COMPANIES 31-Jul-16
(Ranked by sector market capitalisation)
L/C Issued Market capitalisation P/E Price ROE
Country Share shares US$ % of Trailing --- Dividend -- to book last 12
listed price million millions total 12 months yield cover value monthsBANKING AND FINANCE
GTB NIG 24.05 29,431 2,224 4.4% 7.9 7.4% 1.72 1.74 24.2%
Zenith Bank NIG 16.91 31,396 1,668 3.3% 5.1 10.6% 1.86 0.89 17.7%
MCB MAU 207.50 250 1,467 2.9% 8.3 3.1% 3.94 1.45 17.4%
Equity Bank KEN 38.00 3,703 1,388 2.7% 8.1 5.3% 2.34 1.95 24.0%
ETI NIG 12.74 24,100 965 1.9% loss 5.0% n.a. 0.41 -3.1%
KCB Bank KEN 32.00 2,950 931 1.8% 4.8 6.2% 3.33 1.16 24.2%
FNB Namibia NAMIBIA 48.00 268 927 1.8% 11.8 4.2% 1.99 3.84 32.4%
FNB Botswana BOT 3.20 2,564 778 1.5% 15.2 5.0% 1.31 3.35 22.0%
Société Générale-CI BRVM 135,000 3.1 716 1.4% 15.5 4.3% 1.50 4.87 31.4%
Standard Chartered Kenya KEN 209.00 344 708 1.4% 11.6 7.3% 1.17 1.75 15.1%
Co-op Bank KEN 14.50 4,889 699 1.4% 6.1 5.5% 2.99 1.41 23.3%
Bank of Windhoek NAMIBIA 17.23 498 619 1.2% 10.1 3.4% 2.87 2.35 23.3%
Nat Microfinance Bank TAN 2,470 500 565 1.1% 7.8 4.2% 3.04 1.85 23.7%
Barclays Bank Kenya KEN 10.05 5,432 538 1.1% 6.5 9.9% 1.55 1.37 21.2%
UBA NIG 4.55 36,280 519 1.0% 2.8 13.2% 2.69 0.51 18.0%
Access Bank NIG 5.58 28,928 507 1.0% 2.5 10.8% 3.76 0.44 18.0%
16 Companies $15,219 30.0% 7.7 6.5% 2.20 1.79 20.8%
INDUSTRIAL & MANUFACTURING
FOOD, BEVERAGE & TOBACCO
Nigerian Breweries NIG 137.99 7,929 3,438 6.8% 30.7 3.5% 0.94 6.35 20.7%
East African Breweries KEN 289.00 791 2,254 4.4% 23.6 4.2% 1.02 21.03 89.3%
Nestlé Nigeria NIG 850.00 793 2,117 4.2% 43.8 3.4% 0.67 17.73 40.5%
Tanzania Breweries TAN 13,750 295 1,854 3.6% 18.7 4.0% 1.34 6.77 36.3%
BAT Kenya KEN 842.00 100 830 1.6% 16.2 5.9% 1.05 9.51 58.5%
Delta Corporation ZIM $0.66 1,235 818 1.6% 10.2 7.1% 1.38 1.79 17.6%
Tanzania Cigarette TAN 12,000 100 549 1.1% 18.3 5.0% 1.10 6.88 37.7%
$11,860 23.3% 26.8 4.2% 1.01 11.17 42.9%CEMENT & CONSTRUCTION
Dangote Cement NIG 180.00 17,041 9,638 19.0% 18.2 4.4% 1.23 4.71 25.8%
Lafarge Africa NIG 56.00 5,465 962 1.9% loss 5.4% n.a. 2.61 -22.7%
Bamburi Cement KEN 166.00 363 594 1.2% 11.5 7.8% 1.11 2.24 19.6%
$11,194 22.0% 16.3 4.7% 1.12 4.40 21.3%
10 Industrial & manufacturing companies $23,054 45.4% 21.7 4.4% 1.07 7.88 32.4%
TELECOMS
Safaricom KEN 19.05 40,000 7,515 14.8% 20.0 7.6% 0.66 6.53 32.6%
SONATEL BRVM 22,805 100 3,887 7.7% 11.8 7.3% 1.16 3.65 30.9%
2 Companies $11,402 22.4% 17.2 7.5% 0.83 5.55 32.1%
OIL/ENERGY
Forte Oil NIG 175.50 1,092 602 1.2% 42.7 2.0% 1.19 13.25 31.0%
Seplat Petroleum NIG 297.83 563 527 1.0% loss 8.6% n.a. 0.37 -2.1%
2 Companies $1,130 2.2% 22.8 5.0% 0.64 7.24 15.6%
30 Total $50,804 100.0% 16.5 5.7% 1.34 5.52 28.5%
= P/E <10.0, Dividend yield > 5.0%, Price/Book < 1.50, ROE > 25%
Page 12
Hartland-Peel Africa Equity Research
(Established 1990)
Address:
Web site:
E-mail:
Telephone:
Mobile:
1 High Silver, Loughton, Essex IG10 4EL, UK
www.hartland-peel.com
[email protected]
+44 (0) 208 502 0102
+44 (0) 7780 70 5000
12
The following table sets out the Top 30 companies at end July 2016 by country:
Sources: Country stock exchanges and company annual reports. Aggregate ratios are market cap weighted of Top 30 companies.
End month exchange rates from Financial Times, London.
SUB-SAHARA AFRICA ex SA - TOP 30 COMPANIES 31-Jul-16
(Ranked by country market capitalisation)
L/C Issued Market capitalisation P/E Price ROE
Share shares US$ % of Trailing --- Dividend -- to book last 12
price million millions total 12 months yield cover value monthsNIGERIA
Dangote Cement 180.00 17,041 9,638 19.0% 18.2 4.4% 1.23 4.71 25.8%
Nigerian Breweries 137.99 7,929 3,438 6.8% 30.7 3.5% 0.94 6.35 20.7%
GTB 24.05 29,431 2,224 4.4% 7.9 7.4% 1.72 1.74 24.2%
Nestlé Nigeria 850.00 793 2,117 4.2% 43.8 3.4% 0.67 17.73 40.5%
Zenith Bank 16.91 31,396 1,668 3.3% 5.1 10.6% 1.86 0.89 17.7%
ETI 12.74 24,100 965 1.9% loss 5.0% n.a. 0.41 -3.1%
Lafarge Africa 56.00 5,465 962 1.9% loss 5.4% n.a. 2.61 -22.7%
Forte Oil 175.50 1,092 602 1.2% 42.7 2.0% 1.19 13.25 31.0%
Seplat Petroleum 297.83 563 527 1.0% loss 8.6% n.a. 0.37 -2.1%
UBA 4.55 36,280 519 1.0% 2.8 13.2% 2.69 0.51 18.0%
Access Bank 5.58 28,928 507 1.0% 2.5 10.8% 3.76 0.44 18.0%
11 Companies $23,167 45.6% 18.5 5.4% 1.19 5.25 21.6%
KENYA
Safaricom 19.05 40,000 7,515 14.8% 20.0 7.6% 0.66 6.53 32.6%
East African Breweries 289.00 791 2,254 4.4% 23.6 4.2% 1.02 21.03 89.3%
Equity Bank 38.00 3,703 1,388 2.7% 8.1 5.3% 2.34 1.95 24.0%
KCB Bank 32.00 2,950 931 1.8% 4.8 6.2% 3.33 1.16 24.2%
BAT Kenya 842.00 100 830 1.6% 16.2 5.9% 1.05 9.51 58.5%
Standard Chartered Kenya 209.00 344 708 1.4% 11.6 7.3% 1.17 1.75 15.1%
Co-op Bank 14.50 4,889 699 1.4% 6.1 5.5% 2.99 1.41 23.3%
Bamburi Cement 166.00 363 594 1.2% 11.5 7.8% 1.11 2.24 19.6%
Barclays Bank Kenya 10.05 5,432 538 1.1% 6.5 9.9% 1.55 1.37 21.2%
9 Companies $15,457 30.4% 16.5 6.7% 1.22 7.27 38.9%
BRVM - COTE D'IVOIRE
SONATEL 22,805 100 3,887 7.7% 11.8 7.3% 1.16 3.65 30.9%
Société Générale-CI 135,000 3.1 716 1.4% 15.5 4.3% 1.50 4.87 31.4%
2 Companies $4,603 9.1% 12.4 6.8% 1.21 3.84 31.0%
TANZANIA
Tanzania Breweries 13,750 295 1,854 3.6% 18.7 4.0% 1.34 6.77 36.3%
Nat Microfinance Bank 2,470 500 565 1.1% 7.8 4.2% 3.04 1.85 23.7%
Tanzania Cigarette 12,000 100 549 1.1% 18.3 5.0% 1.10 6.88 37.7%
3 Companies $2,968 5.8% 16.5 4.2% 1.62 5.85 34.2%
NAMIBIA
FNB Namibia 48.00 268 927 1.8% 11.8 4.2% 1.99 3.84 32.4%
Bank of Windhoek 17.23 498 619 1.2% 10.1 3.4% 2.87 2.35 23.3%
2 Companies $1,546 3.0% 11.1 3.9% 2.34 3.24 28.8%
MAURITIUS
MCB 207.50 250 1,467 2.9% 8.3 3.1% 3.94 1.45 17.4%
1 Company $1,467 2.9% 8.3 3.1% 3.94 1.45 17.4%
ZIMBABWE
Delta Corporation 0.66 1,235 818 1.6% 10.2 7.1% 1.38 1.79 17.6%
1 Company $818 1.6% 10.2 7.1% 1.38 1.79 17.6%
BOTSWANA
FNB Botswana 3.20 2,564 778 1.5% 15.2 5.0% 1.31 3.35 22.0%
1 Company $778 1.5% 15.2 5.0% 1.31 3.35 22.0%
30 Top companies $50,804 100.0% 16.5 5.7% 1.34 5.52 28.5%
= P/E <10.0, Dividend yield > 5.0%, Price/Book < 1.50, ROE > 25%
Page 13
Hartland-Peel Africa Equity Research
(Established 1990)
Address:
Web site:
E-mail:
Telephone:
Mobile:
1 High Silver, Loughton, Essex IG10 4EL, UK
www.hartland-peel.com
[email protected]
+44 (0) 208 502 0102
+44 (0) 7780 70 5000
13
TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS
Source: NSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.
Source: BRVM. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.
Source: NSE. End month exchange rates from Financial Times. Source: NSE, LSE. End month exchange rates from Financial Times.
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
DANGOTE CEMENTSHARE PRICE: US$
2 Benue Cement shares exchanged for 1 Dangote Cement share.Effective October 2010
$0.00
$0.02
$0.04
$0.06
$0.08
$0.10
$0.12
$0.14
$0.16
$0.18
$0.20
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
SAFARICOM KENYASHARE PRICE: US$
Listed 2008
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
SONATELSHARE PRICE: US$
Listed 1998
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
NIGERIAN BREWERIESSHARE PRICE: US$
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
EAST AFRICAN BREWERIESSHARE PRICE: US$
$0.00
$0.02
$0.04
$0.06
$0.08
$0.10
$0.12
$0.14
$0.16
$0.18
$0.20
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
GUARANTY TRUST BANKSHARE PRICE: US$
NSE US$ PRICE GDR US$ PRICE
Listed 1996
GDR listed 2007
Page 14
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Address:
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E-mail:
Telephone:
Mobile:
1 High Silver, Loughton, Essex IG10 4EL, UK
www.hartland-peel.com
[email protected]
+44 (0) 208 502 0102
+44 (0) 7780 70 5000
14
TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS
Source: NSE. End month exchange rates from Financial Times. Source: DSE. End month exchange rates from Financial Times.
Source: NSE. End month exchange rates from Financial Times. Source: MSE. End month exchange rates from Financial Times.
Source: NSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
NESTLE NIGERIASHARE PRICE: US$
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
TANZANIA BREWERIESSHARE PRICE: US$
Listed 1998
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
ZENITH BANKSHARE PRICE: US$
Listed 2004
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
MAURITIUS COMMERCIAL BANKSHARE PRICE: US$
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
EQUITY BANKSHARE PRICE: US$
Listed 2006
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
$0.45
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
ECOBANK TRANSNATIONAL INCSHARE PRICE: US$
Listed2006
Page 15
Hartland-Peel Africa Equity Research
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Address:
Web site:
E-mail:
Telephone:
Mobile:
1 High Silver, Loughton, Essex IG10 4EL, UK
www.hartland-peel.com
[email protected]
+44 (0) 208 502 0102
+44 (0) 7780 70 5000
15
TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS
Source: NSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.
Source: NSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.
Source: ZSE. End month exchange rates from Financial Times. Source: BSE. End month exchange rates from Financial Times.
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
LAFARGE AFRICASHARE PRICE: US$
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
KCB BANK SHARE PRICE: US$
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
FNB NAMIBIASHARE PRICE: US$
Listed 1996
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
BAT KENYASHARE PRICE: US$
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
DELTA CORPORATIONSHARE PRICE: US$
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
FNB BOTSWANASHARE PRICE: US$
Page 16
Hartland-Peel Africa Equity Research
(Established 1990)
Address:
Web site:
E-mail:
Telephone:
Mobile:
1 High Silver, Loughton, Essex IG10 4EL, UK
www.hartland-peel.com
[email protected]
+44 (0) 208 502 0102
+44 (0) 7780 70 5000
16
TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS
Source: BRVM. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.
Source: NSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.
Source: NSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.
$0
$50
$100
$150
$200
$250
$300
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
SGB-CISHARE PRICE: US$
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
STANDARD CHARTERED BANK KENYASHARE PRICE: US$
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
CO-OP BANK OF KENYA SHARE PRICE: US$
Listed 2008
$0.80
$0.85
$0.90
$0.95
$1.00
$1.05
$1.10
$1.15
$1.20
$1.25
$1.30
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
BANK OF WINDHOEKSHARE PRICE: US$
Listed 2013
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
FORTE OILSHARE PRICE: US$
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
BAMBURI CEMENTSHARE PRICE: US$
Page 17
Hartland-Peel Africa Equity Research
(Established 1990)
Address:
Web site:
E-mail:
Telephone:
Mobile:
1 High Silver, Loughton, Essex IG10 4EL, UK
www.hartland-peel.com
[email protected]
+44 (0) 208 502 0102
+44 (0) 7780 70 5000
17
TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS
Source: DSE. End month exchange rates from Financial Times. Source: DSE. End month exchange rates from Financial Times.
Source: NSE. End month exchange rates from Financial Times. Source: NSE, LSE. End month exchange rates from Financial Times.
Source: NSE. End month exchange rates from Financial Times. Sources: NSE. End month exchange rates from Financial Times.
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
NATIONAL MICROFINANCE BANK SHARE PRICE: US$
Listed 2008
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
TANZANIA CIGARETTESHARE PRICE: US$
Listed 2000
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
BARCLAYS BANK KENYASHARE PRICE: US$
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
SEPLAT PETROLEUMSHARE PRICE: US$
NSE US$ PRICE GDR US$ PRICE
Listed2014
$0.00
$0.02
$0.04
$0.06
$0.08
$0.10
$0.12
$0.14
$0.16
$0.18
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
UNITED BANK FOR AFRICASHARE PRICE: US$
$0.00
$0.02
$0.04
$0.06
$0.08
$0.10
$0.12
$0.14
$0.16
$0.18
$0.20
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16
ACCESS BANKSHARE PRICE: US$
Listed 1999
