Zimbabwe YTD US$ market returns rallies 153.3% in December 2021 Top 30 Equities Valuation Report
Sub-Saharan Africa’s (excluding South Africa’s) stock markets rose 0.5% in December and are up 10.2% year to date. Markets falling were Nigeria (down 1.2%), Ghana (down 2.3)% and Zimbabwe (down 4.4%).
The market capitalisation of the Top 30 companies for December 2021 was US$111bn, up 1.7% on November.
US$ returns by market
Six sub-Saharan African stock markets had year-to-date US$ returns above 20% as at 31 December 2021:
AVZ Minerals (ASX) and MTN Uganda are new entrants in the Top 30, replacing Africa Oil (TSX) and Access Bank.
Fundamental valuation outliers
NOTE: Valuations figures are listed as at 31 December 2021. Please click on the company name for the updated share price.
“Companies with the highest and lowest Return on Equity
- Nestle Nigeria 197.6% with a share price at 1,556.50 NGN
- Jumia Technologies -28.8% with a share price at 11.40 USD
“Companies with the highest and lowest Price to Earnings Ratio
- Helios Towers 100.0x with a share price at 1.72 GBP; Ireland Blyth 100.0x with a share price at 53.00 MUR
- AVZ Minerals and Jumia Technologies are loss making.
“Companies with the highest and lowest Dividend Yield
- Zenith Bank 11.9% with a share price at 25.15 NGN
- MTN Group, IHS Towers, AVZ Minerals, Jumia Technologies, Helios Towers, Equity Bank, East African Breweries and Ireland Blyth are currently not paying dividends.
“Companies with the highest and lowest Price to Book Value Ratio
- Nestle Nigeria 54.02x with a share price at 1,556.50 NGN
- Access Bank 0.56x with a share price at 650.00 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.
