Dangote Cement, MTN Nigeria and BUA Cement account for 36% of the Top 30 in West Africa

Published On: February 5, 2024By Tags: West-Africa

Dangote Cement, MTN Nigeria and BUA Cement account for 36% of the Top 30 in West Africa as of 31 December 2023.

BRVM and Ghana had positive YTD US$ returns of of 9.1% and 9.6% respectively, while Nigeria had negative YTD US$ returns of 25.1%.

Fundamental valuation outliers

NOTE: Valuations figures are listed as at 31 December 2023. Please click on the company name for updated share price.

Companies with the highest and lowest Return on Equity

  1. MTN Nigeria 64.2% with a share price at 264.00 NGN.
  2. Nigerian Breweries -42.9% with a share price at 36.00 NGN.

Companies with the highest and lowest Price Earnings Ratio

  1. Transcorp Hotels 208.7x with a share price at 23.00 NGN.
  2. Nestlé Nigeria, Dangote Sugar, Nigerian Breweries and Oragroup Togo are loss making.

Companies with the highest and lowest Dividend Yield

  1. ONATEL 14.4% with a share price at 2,280.00 CFA.
  2. Coris Bank Burkina Faso and Oragroup Togo are currently not paying dividends.

Companies with highest and lowest Price Book Value Ratio

  1. Geregu Power 20.31x with a share price at 399.00 NGN.
  2. Nestlé Nigeria negative with a share price at 1,100.00 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.