Malawian Companies Lead with US$5.1bn Market Cap in South Central Africa’s Top 30 June Report

Published On: August 11, 2023By Tags: Southern-Africa

As of June 2023 Malawi companies possess the highest market capitalisation, totaling US$5.1bn. They are followed by Botswana with US$2.01bn, Namibia with US$1.97bn, Zimbabwe with US$1.67bn, and Zambia with US$1.45bn.

South Central Africa’s companies are the smallest in Sub-Saharan Africa excluding South Africa with the largest company ranking number 22 of the Top 30 companies in Sub-Saharan Africa excluding South Africa.

2022-23 full year US$ earnings for the 19 companies that have reported have decreased by 18%.

3 of the 5 countries represented in the report had positive US$ returns (YTD):

  1. Malawi 67.6%
  2. Namibia 18.1%
  3. Zambia 15.5%

Fundamental valuation outliers

NOTE: Valuations figures are listed as at 30 June 2023. Please click on the company name for an updated share price.

Companies with the highest and lowest Return on Equity

  1. Airtel Malawi 97.7% with a share price at 100.06 MWK
  2. TNM Malawi -3.8% with a share price at 29.97 MWK

Companies with the highest and lowest Price to Earnings Ratio

  1. Zambian Breweries Plc 38.5x with share prices at 7.00 ZMK
  2. Econet Wireless Zimbabwe Limited and TNM Malawi are loss making with a share prices at 881.42 ZWL and 29.97 MWK respectively.

Companies with the highest and lowest Dividend Yield

  1. BIHL 13.3% with a share price at 19.21 BWP
  2. Namibian Breweries, Econet Wireless Zimbabwe Limited, TNM Malawi, and Zambian Breweries are currently not paying dividends.

Companies with the highest and lowest Price to Book Value Ratio

  1. Airtel Malawi 29.12x with a share price at 100.06 MWK
  2. Standard Bank Namibia 0.71x with a share price at 6.50 NAD

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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.