9M 2021 earnings up 111% for West Africa’s Top 30 companies

Published On: January 21, 2022By Tags: West-Africa

Dangote Cement, MTN Nigeria and BUA Cement account for 50% by value of the Top 30 in West Africa, as of 31 December 2021.

Ghana and the BRVM had positive US$ returns year to date of 38.3% and 29.3% respectively.

9-month 2021 reported US$ earnings were up 111% as the initial impact of COVID-19 passed.

Fundamental valuation outliers

NOTE: Valuations figures are listed as at 31 December 2021. Please click on the company name for updated share price.

Companies with the highest and lowest Return on Equity

  1. Nestle Nigeria 130.0% with a share price at 1,556.50 NGN
  2. International Breweries -11.8% with a share price at 4.95 NGN

Companies with the highest and lowest Price Earnings Ratio

  1. Nigerian Breweries 36.5x with a share price at 50.00 NGN
  2. International Breweries is loss-making.

Companies with the highest and lowest Dividend Yield

  1. Zenith Bank 11.9% with a share price at 25.15 NGN
  2. Coris Bank Burkina Faso, Ecobank Ghana, Ecobank Transnational Incorporated (ETI), International Breweries and NSIA Banque Côte d’Ivoire are currently not paying dividends.

Companies with highest and lowest Price Book Value Ratio

  1. Nestle Nigeria 35.54x with a share price at 1,556.50 NGN
  2. Ecobank Transnational Incorporated (ETI) 0.35x with a share price at 8.70 NGN

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About the Author: Hartland-Peel Africa Equity Research

Sub-Saharan Africa ex SA: Equity, debt and FX research covering sixteen countries and advising institutional investors. Proprietary data base of sixteen African stock markets, 250+ companies which is one of the most extensive and complete. New issues, IPO’s and distribution of equity on privatisation. Development of lending and corporate finance opportunities for the bank, privatisation and asset management. An ‘A’ rated equity analyst by South African institutional investors as polled by the Financial Mail in 1998 and 1999.

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