Zambia US$ returns up 11.7% YTD in Dec. ’22 South Central Top 30 report

South Central Africa’s companies are the smallest in Sub-Saharan Africa excluding South Africa with the largest company ranking number 35 of the Top companies in Sub-Saharan Africa excluding South Africa.

H1 2022 US$ earnings for the 20 companies that have reported are down 18%.

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

1. Zambia 11.7%
2. Malawi 7.4%
3. Botswana 1.8%

Fundamental valuation outliers

NOTE: Valuations figures are listed as at 31 December 2022. Please click on the company name for an updated share price.

Companies with the highest and lowest Return on Equity

1. Airtel Malawi 89.7% with a share price at 56.64 MWK
2. Econet Wireless Zimbabwe Limited 1.2% with a share price at 96.27 ZWL

Companies with the highest and lowest Price to Earnings Ratio

1. Econet Wireless Zimbabwe Limited 99.6x with a share price at 96.27 ZWL
2. Letshego Holdings Limited 4.4x with a share price at 1.25 BWP

Companies with the highest and lowest Dividend Yield

1. FNB Namibia 14.5% with a share price at 32.51 NAD
2. Namibian Breweries, Econet Wireless Zimbabwe Limited, EcoCash Holdings Zimbabwe, and Zambian Breweries are currently not paying dividends.

Companies with the highest and lowest Price to Book Value Ratio

1. Innscor Africa Limited 19.00x with a share price at 713.66 ZWL
2. Standard Bank Namibia and Letshego Holdings Limited
   0.53x with share prices at 4.41 NAD and 1.25 BWP respectively

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