hartland-peel africa equity research | ssa ex sa: top 30 companies - nov 2015

Hartland-Peel Africa Equity Research

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SSA ex SA: TOP 30 COMPANIES – NOVEMBER 2015

Prepared by: Christopher W. Hartland-Peel

Date: December 14, 2015

This report is an update as of November 2015 and covers the Top 30 companies in Sub-

Sahara Africa ex SA by market capitalisation.

Key highlights:

Falling commodity prices and weaker currencies in November brought about falling stock markets

in Sub-Sahara Africa’s stock markets. The market capitalisation of the Top 30 companies as of

November 2015 was US$62.4bn, down 3.8% on the month and down 21.3% year to date.

Share price performance (page 2) and latest earnings releases (page 3). Share prices, in aggregate,

are now at their level of November 2012 in US$ terms.

The stock market events of the month and year have been (i) the weakness of Nigerian and Kenyan

share prices (page 2) and (ii) the continuing weakness of SSA currencies vs US$ (page 9).

New Entrant: Bamburi Cement (Kenya). Departure: Letshego (Botswana).

Our analysis shows:

12 companies with a ROE > 25%. 13 companies with a trailing P/E < 10.0 times.

9 companies with a dividend yield > 5%. 7 companies with a price/book value < 1.50 times.

Valuation graphs detailing Price/Book ratios vs ROE’s (page 8).

Kenyan and Nigerian inflation and interest rates (page 10) - Nigeria and Kenya both have positive

real interest rates of 1.0%.

Sources: Country stock exchanges, company annual and earnings reports. Exchange rates from the Financial Times, London

L/C Issued Market capitalisation P/E Price ROE

-------- December ------ Nov Country Share shares US$ % of Trailing --- Dividend -- to book last 12

09 10 11 12 13 14 15 listed price million millions total 12 months yield cover value months

- 1 1 1 1 1 1 Dangote Cement NIG 157.00 17,041 13,447 21.6% 12.0 3.8% 2.18 4.20 35.0%

4 7 11 10 5 3 2 Safaricom KEN 15.55 40,000 6,089 9.8% 17.7 4.1% 1.37 5.96 33.7%

2 2 2 2 2 2 3 Nigerian Breweries NIG 120.00 7,929 4,782 7.7% 27.3 4.0% 0.93 5.53 20.3%

3 3 4 7 7 5 4 SONATEL BRVM 26,500 100 4,266 6.8% 13.0 6.0% 1.28 4.48 34.5%

13 10 7 5 3 4 5 Nestlé Nigeria NIG 810.00 793 3,227 5.2% 27.9 3.4% 1.05 17.86 63.9%

6 6 3 3 6 6 6 GTB NIG 20.00 29,431 2,959 4.7% 6.6 8.7% 1.74 1.60 28.1%

5 4 5 4 4 7 7 Zenith Bank NIG 15.60 31,396 2,462 3.9% 4.7 1.6% 13.38 0.89 19.0%

8 8 9 9 9 8 8 East African Breweries KEN 278.00 791 2,152 3.5% 24.6 2.7% 1.51 16.89 68.8%

- - - - 17 9 9 Tanzania Breweries TAN 15,000 295 2,043 3.3% 20.3 3.7% 1.34 7.38 36.3%

28 24 17 16 11 18 10 Lafarge Africa NIG 89.03 4,404 1,971 3.2% 10.2 4.0% 2.43 2.30 22.6%

16 17 16 13 13 10 11 ETI NIG 15.35 24,100 1,859 3.0% 5.3 0.0% n.a. 0.76 14.4%

25 14 21 17 20 11 12 Equity Bank KEN 41.75 3,703 1,513 2.4% 9.1 3.6% 3.08 2.42 26.8%

- - - - - 17 13 Forte Oil NIG 261.73 1,092 1,437 2.3% 50.0 1.5% 1.32 22.98 45.9%

11 12 10 11 12 14 14 MCB MAU 208.00 250 1,433 2.3% 9.1 3.1% 3.60 1.45 15.9%

29 26 25 18 15 12 15 KCB Bank KEN 39.75 2,950 1,148 1.8% 6.4 5.0% 3.10 1.55 24.2%

1 5 8 6 8 13 16 First Bank of Nigeria NIG 5.34 35,897 964 1.5% 2.9 1.7% 20.25 0.34 11.8%

9 9 6 8 10 16 17 Guinness Nigeria NIG 121.00 1,506 916 1.5% 23.4 2.6% 1.62 3.77 16.1%

- 30 15 14 14 19 18 Delta Corporation ZIM 0.74 1,235 912 1.5% 10.9 5.1% 1.78 2.00 18.3%

14 - 13 22 23 26 19 FNB Botswana BOT 3.80 2,564 896 1.4% 16.5 4.2% 1.44 3.98 24.2%

- 22 - - - 27 20 Co-op Bank KEN 18.00 4,889 862 1.4% 7.7 2.4% 5.49 2.03 26.5%

15 15 12 30 19 15 21 Stanbic IBTC Bank NIG 16.50 10,000 829 1.3% 11.1 4.8% 1.85 1.44 13.0%

- - - - - - 22 FNB Namibia NAMIBIA 43.50 268 807 1.3% 11.9 4.2% 2.01 3.48 29.3%

- - - - - 22 23 BAT Kenya KEN 785.00 100 768 1.2% 17.8 5.4% 1.04 9.66 54.2%

- - 24 15 21 - 24 Unilever Nigeria NIG 38.06 3,783 724 1.2% > 100.0 0.3% 0.49 19.26 2.5%

20 16 14 19 25 23 25 Barclays Bank Kenya KEN 13.20 5,432 702 1.1% 8.4 9.1% 1.31 1.88 22.4%

7 15 - 21 16 - 26 UBA NIG 3.80 36,271 693 1.1% 2.2 2.6% 17.55 0.46 21.1%

10 13 27 23 26 20 27 Standard Chartered Kenya KEN 218.00 309 660 1.1% 6.9 7.8% 1.86 1.68 24.3%

- - - - - 25 28 Nat Microfinance Bank TAN 2,750.00 500 635 1.0% 9.2 3.8% 2.85 2.19 23.8%

22 21 29 25 - - 29 Bamburi Cement KEN 171.00 363 608 1.0% 12.2 7.0% 1.17 2.32 19.1%

- - - - - 21 30 Seplat Petroleum NIG 217.00 553 604 1.0% 6.6 13.8% 1.10 0.43 4.7%

Total/weighted average $62,369 100.0% 14.8 4.1% 2.65 5.50 31.2%

Median 10.6 4.0% 2.32 24.2%

Mean 13.5 4.3% 5.05 26.8%

= P/E <10.0, Dividend yield > 5.0%, Price/Book < 1.50, ROE > 25%


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SSA ex SA TOP 30 COMPANIES

US$ SHARE PRICE PERFORMANCE

Sources: Country stock exchanges. Exchange rates Financial Times, London. Share price all time high refers to month end share price in US$ terms.

L/C Mkt cap

Country Share US$

Rank listed price millions 1 month 3 months 1 year 2 years 5 years

1 Dangote Cement NIG 157.00 13,447 -4% -9% -22% -36% 2%

2 Safaricom KEN 15.55 6,089 8% 10% -1% 22% 161%

3 Nigerian Breweries NIG 120.00 4,782 -12% -1% -37% -43% -32%

4 SONATEL BRVM 26,500 4,266 -3% -2% -1% 5% 49%

5 Nestlé Nigeria NIG 810.00 3,227 -2% -3% -15% -48% -1%

6 GTB NIG 20.00 2,959 -13% -13% -28% -42% -18%

7 Zenith Bank NIG 15.60 2,462 -11% 3% -32% -42% -29%

8 East African Breweries KEN 278.00 2,152 1% 3% -19% -27% -6%

9 Tanzania Breweries TAN 15,000 2,043 0% -2% -17% 36% 296%

10 Lafarge Africa NIG 89.03 1,971 -7% -11% 0% -29% 19%

11 ETI NIG 15.35 1,859 -17% -17% -16% -13% 18%

12 Equity Bank KEN 41.75 1,513 -1% 5% -26% 0% 51%

13 Forte Oil NIG 261.73 1,437 0% 4% 6% 83% 2242%

14 MCB MAU 208.00 1,433 -3% -4% -11% -15% 10%

15 KCB Bank KEN 39.75 1,148 -1% -8% -39% -30% 20%

16 First Bank of Nigeria NIG 5.34 964 5% -13% -47% -71% -69%

17 Guinness Nigeria NIG 121.00 916 -3% -13% -31% -63% -58%

18 Delta Corporation ZIM 0.74 912 -10% -13% -35% -51% -21%

19 FNB Botswana BOT 3.80 896 -2% -7% -10% -23% 0%

20 Co-op Bank KEN 18.00 862 6% 0% -16% -3% 45%

21 Stanbic IBTC Bank NIG 16.50 829 -13% -16% -52% -33% 11%

22 FNB Namibia NAMIBIA 43.50 807 -2% 0% 31% 41% 62%

23 BAT Kenya KEN 785.00 768 2% -2% -23% 15% 44%

24 Unilever Nigeria NIG 38.06 724 -2% -5% -5% -51% -36%

25 Barclays Bank Kenya KEN 13.20 702 4% 3% -31% -36% -24%

26 UBA NIG 3.80 693 9% 15% -34% -60% -33%

27 Standard Chartered Kenya KEN 218.00 660 8% -5% -42% -42% -23%

28 Nat Microfinance Bank TAN 2,750 635 -5% -3% -43% -20% 85%

29 Bamburi Cement KEN 171.00 608 7% 13% -3% -31% -19%

30 Seplat Petroleum NIG 217.00 604 -6% -11% -54% n.a. n.a.

Total/weighted average $62,369 -4% -4% -19% -20% 78%

= >25% US$ return

Share price performance

------------------------------ up/(down) ---------------------------------


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EARNINGS RELEASES AND US$ EARNINGS

Sources: Country stock exchanges. Exchange rates Financial Times, London.

Earnings are attributable earnings and use the FX rate at the period end.

Mkt cap

Country US$ %

Rank listed millions ROE Period 2014 2015 change

12 month earnings

8 East African Breweries KEN 2,152 68.8% Jun-15 74 90 22%

19 FNB Botswana BOT 896 24.2% Jun-15 82 60 -27%

22 FNB Namibia NAMIBIA 807 29.3% Jun-15 73 81 11%

$229 $231 1%

9 month earnings

1 Dangote Cement NIG 13,447 35.0% Sep-15 858 839 -2%

3 Nigerian Breweries NIG 4,782 20.3% Sep-15 182 131 -28%

5 Nestlé Nigeria NIG 3,227 63.9% Sep-15 103 87 -16%

6 GTB NIG 2,959 28.1% Sep-15 381 390 2%

7 Zenith Bank NIG 2,462 19.0% Sep-15 433 417 -4%

10 Lafarge Africa NIG 1,971 22.6% Sep-15 181 145 -20%

11 ETI NIG 1,859 14.4% Sep-15 277 265 -4%

12 Equity Bank KEN 1,513 26.8% Sep-15 125 122 -3%

13 Forte Oil NIG 1,437 45.9% Sep-15 25 22 -12%

15 KCB Bank KEN 1,148 24.2% Sep-15 140 131 -6%

16 First Bank of Nigeria NIG 964 11.8% Sep-15 338 249 -26%

20 Co-op Bank KEN 862 26.5% Sep-15 71 82 17%

21 Stanbic IBTC Bank NIG 829 13.0% Sep-15 142 55 -61%

24 Unilever Nigeria NIG 724 2.5% Sep-15 11 0.7 -94%

25 Barclays Bank Kenya KEN 702 22.4% Sep-15 70 61 -12%

26 UBA NIG 693 21.1% Sep-15 201 240 19%

28 Nat Microfinance Bank TAN 635 23.8% Sep-15 72 52 -27%

30 Seplat Petroleum NIG 604 4.7% Sep-15 228 69 -70%

$3,838 $3,356 -13%

6 month earnings

2 Safaricom KEN 6,089 33.7% Sep-15 165 173 5%

4 SONATEL BRVM 4,266 34.5% Jun-15 178 166 -7%

9 Tanzania Breweries TAN 2,043 36.3% Sep-15 58 50 -14%

18 Delta Corporation ZIM 912 18.3% Sep-15 44 36 -19%

23 BAT Kenya KEN 768 54.2% Jun-15 20 20 -4%

27 Standard Chartered Kenya KEN 660 24.3% Jun-15 68 38 -44%

29 Bamburi Cement KEN 608 19.1% Jun-15 18 28 55%

$552 $511 -8%3 month earnings

14 MCB MAU 1,433 15.9% Sep-15 44 44 0%

17 Guinness Nigeria NIG 916 16.1% Mar-15 9 2 -80%

$53 $45 -14%

30 Total $62,369

Note: ETI, Seplat Petroleum and Zimbabwean companies report in US$.

<- Earnings US$m ->

-------- Latest Earnings Announcements ------


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Sub-Sahara Africa stock market returns over the period 2009-15 are set out below:

SSA ex SA markets were down 3.2% in November and down 22.3% year to date. During

November all the main markets, except Kenya, fell with Nigeria falling 6.1%, and Mauritius 4.4%.

Kenya rose 4.4%. Zambia rose 21% as the Zambian Kwacha strengthened. Other markets had

small changes in US$ terms and this arose primarily through currency movements.

The key events of 2015 have been (i) falling commodity prices, notably oil, copper and gold,

which has affected EM investor sentiment and (ii) the decline of SSA currencies vs the US$.

Twelve of SSA ex SA’s fifteen stock markets have fallen this year, in part due to weak currencies

(page 9). Only the BRVM, Namibia and the Seychelles have risen this year.

Currency movements year to date have all been negative (page 9). Nigeria is down 8%, Kenya

11%, Ghana 15%, Tanzania 20%, Zambia 38% and Mauritius 13%. The CFA Franc was down

13% tracking movements of the Euro.

Sources: Country stock markets, company annual and earnings reports. Ratios are market cap weighted of listed companies. Exchange rates from the

Financial Times, London.

Sources: Country stock markets. End period exchange rates from Financial Times, London.

SUB-SAHARA AFRICA - STOCK MARKETS: NOVEMBER 2015

--- Market cap ---- P/E ---- Dividend ---- Price/ ----------------------- US$ returns --------------------------------------------------------------

Nov-15 US$ bn % Historic yield cover book 2015 Month 2014 2013 2012 2011 2010 2009

South Africa 755.7 88.0% 17.7 3.0% 1.88 4.50 (16.8%) (8.1%) (2.6%) (4.5%) 16.8% (18.4%) 29.2% 61.5%

Nigeria 46.9 5.5% 14.5 4.0% 3.22 5.13 (27.3%) (6.1%) (26.7%) 43.7% 40.8% (21.6%) 17.0% (38.1%)

Kenya 19.3 2.2% 14.7 4.0% 2.66 5.11 (21.9%) 4.4% 13.6% 43.7% 34.8% (32.6%) 28.3% 2.9%

BRVM Cote d'Ivoire 8.9 1.0% 22.0 5.6% 1.16 4.86 3.3% (3.7%) (2.3%) 45.6% 21.8% (15.5%) 12.7% (23.5%)

Mauritius 5.3 0.6% 21.2 3.2% 3.08 1.26 (23.3%) (4.4%) (4.5%) 23.0% (11.9%) (1.4%) 19.2% 46.9%

Botswana 4.6 0.5% 16.1 3.9% 2.15 3.29 (2.3%) (2.6%) 0.1% 7.0% 3.4% (6.1%) (8.6%) 16.7%

Tanzania 4.5 0.5% 17.3 4.0% 1.71 6.09 (21.2%) (2.8%) 50.5% 98.4% 25.1% 20.2% (14.4%) (6.1%)

Zimbabwe 3.1 0.4% 11.8 3.2% 3.28 2.28 (27.8%) (10.2%) (19.5%) 32.6% 4.5% (3.6%) (0.5%) 52.0%

Zambia 2.7 0.3% 15.8 3.5% 2.07 3.81 (42.4%) 20.8% 2.0% 31.6% (11.9%) 17.5% 14.9% 15.2%

Ghana 2.4 0.3% 12.8 5.4% 2.22 4.28 (26.0%) (1.0%) (22.5%) 44.0% 6.6% (12.1%) 27.4% (52.7%)

Namibia 1.9 0.2% 11.7 3.6% 6.60 3.58 1.3% (3.3%) 7.5% (2.8%) 15.8% 4.9% 24.2% 23.0%

Uganda 1.3 0.2% 27.7 2.7% 2.55 8.01 (4.9%) 9.0% 9.7% 37.1% 1.2% (34.4%) 23.3% (0.4%)

Malawi 1.1 0.1% 10.0 3.5% 3.20 3.03 (22.2%) (9.1%) 10.0% 62.2% (45.5%) (0.5%) (7.1%) (18.2%)

Rwanda 0.5 0.1% 13.7 4.9% 1.64 3.60 (37.3%) (11.2%) (10.3%) 17.1% 52.4% 113.6% n.a. n.a.

Cameroon 0.3 0.0% 12.0 7.2% 8.81 5.73 (7.0%) (7.8%) 4.0% 24.6% 11.4% 12.7% (1.6%) (9.9%)

Seychelles 0.1 0.0% 11.1 5.9% 1.53 2.16 33.8% 9.2% 19.9% (3.6%) n.a. n.a. n.a. n.a.

Sub-Sahara ex SA 102.9 12.0% 15.7 4.0% 2.83 4.70 (22.3%) (3.2%) (13.3%) 41.0% 26.2% (17.6%) 15.1% (20.9%)

Sub-Sahara Africa $858.6 100.0% 17.5 3.1% 2.00 4.52

P/E < 10.0 times, Dividend yield > 5%, Price/book < 1.5 times > 20% US$ return in year

(16.8%)

(27.3%)

(21.9%)

3.3%

(23.3%)

(2.3%)

(21.2%)

(27.8%)

(42.4%)

(26.0%)

1.3%

(4.9%)

(22.2%)

(37.3%)

(7.0%)

33.8%

(22.3%)

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

AFRICAN STOCK MARKETSUS$ RETURNS: YTD NOVEMBER 2015


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NIGERIA

STOCK MARKET & OIL PRICES: 1990-2015

Sources: NSE and commodity reports. Exchange rates Financial Times, London.

NIGERIA: FX RESERVES 1990-2015

$0

$20

$40

$60

$80

$100

$120

$140

$160

0

200

400

600

800

1,000

1,200

1,400

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

NSE INDEX (US$ terms) vs OIL PRICES

NIGERIA US$ INDEX (LHS) BRENT CRUDE US$ PRICE (RHS)

The Big Disconnect after 2009.

Over the year to November 2015 the oil price has fallen 37% but the

NSE Index in US$ terms is

down 29%.

$0

$10

$20

$30

$40

$50

$60

$70

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

NIGERIA - FX RESERVES (US$bn)

Nigeria's FX reserves arenow at their lowest level

since 2006 save for a minor rise since July 2015.

Source: Central Bank of Nigeria


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CHECKLIST: STOCK MARKET POSITIVE & NEGATIVES Degree of supportiveness for the stock market (positive, neutral, negative)

Source: Hartland-Peel Africa Equity Research

Nigeria Kenya Botswana Mauritius Tanzania Zimbabwe

Economic activity (GDP growth) 1 1 1 1 1 (1)

Earnings growth 0 1 1 1 1 (1)

Monetary policy (± real interest rates) (1) (1) 0 0 0 0

Fiscal policy (1) (1) 1 0 0 (1)

Inflation < 5% (+1), 5%-8% (0), > 8% (-1) (1) 0 1 1 1 1

Terms of trade (1) 0 1 0 0 (1)

Current account (1) 1 1 1 0 (1)

Capital inflows 0 0 1 1 0 (1)

Exchange rate overvaluation (1) 0 0 0 0 (1)

Policy consistency 0 1 1 1 0 (1)

Sovereign credit rating (Y/N) and latest change: 1 1 1 1 (1) (1)

upgrade (+1), stable (0), downgrade (-1) 0 0 0 0 n.a. n.a.

Banking system quality 0 1 1 1 1 0

IBRD ease of doing business (1) 0 1 1 (1) (1)

Political risk 0 0 1 1 0 (1)

Elections next six months 0 0 0 0 0 0

Central bank stance 1 1 1 1 0 0

Ethnic, social, religious strife (1) (1) 1 1 1 1

Index > < 5% above/below 6 month MA (1) (1) 0 (1) 0 (1)

Six month momentum > < 5% (1) (1) 0 (1) 0 (1)

Risk tolerance index - positive/negative (1) (1) 0 (1) (1) (1)

TOTAL SCORE (8) 1 14 9 2 (12)

P/E (times) 14.5 14.7 16.1 21.2 17.3 11.8

Price/book ratio 5.13 5.11 3.29 1.26 6.09 2.28

Market ROE 28% 31% 21% 11% 32% 17%

Sovereign credit rating 1 or (1).

IBRB ease of doing business. Evaluation based on SSA regional rankings and position in tercile.

Zimbabwe has no credit rating, therefore a negative.

Risk tolerance index measures the volatility of the monthly change of market index of the prior six months.

Maximum score 20.

Notes: Elections due within next six months is a negative. Otherwise zero.

Stock market momentum indicator relates to the pace of change of the prior six months.

DOMESTIC

EXTERNAL

QUALITATIVE

STOCK MARKET


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SSA ex SA STOCK MARKETS

EM, SSA REGIONAL & SSA ex SA PRINCIPAL MARKET PERFORMANCE

Sources: MSCI, Country stock exchanges. Source: Hartland-Peel Africa Equity Research

Source: NSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.

Source: MSE. End month exchange rates from Financial Times. Source: BSE. End month exchange rates from Financial Times.

0

100

200

300

400

500

600

700

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

MSCI, CHINA & AFRICA EMERGING MARKET INDICESUS$ TERMS

SOUTH AFRICA SUB-SAHARA EX SOUTH AFRICASHANGHAI FAR EASTEASTERN EUROPE

0

200

400

600

800

1,000

1,200

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

SUB-SAHARA AFRICA EX SOUTH AFRICA: REGIONAL MARKET INDICESUS$ TERMS

EAST AFRICA & MAURITIUS WEST AFRICASOUTH AFRICA SUB SAHARA EX SOUTH AFRICASOUTH CENTRAL AFRICA

0

200

400

600

800

1,000

1,200

1,400

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

NIGERIA: MONTHLY TRADING VALUES & US$ INDEXUS$ MILLIONS

MONTHLY TRADING VALUE $M (LHS) NIGERIA US$ INDEX (RHS)

0

50

100

150

200

250

300

350

400

450

500

$0

$50

$100

$150

$200

$250

$300

$350

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

KENYA: MONTHLY TRADING VALUES & US$ INDEXUS$ MILLION

MONTHLY TRADING VALUE $M (LHS) KENYA US$ INDEX (RHS)

Safaricom IPO 2008

0

100

200

300

400

500

600

700

800

900

1,000

$0

$20

$40

$60

$80

$100

$120

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

MAURITIUS: MONTHLY TRADING VALUES & US$ INDEXUS$ MILLION

MONTHLY TRADING VALUE $M (LHS) MAURITIUS US$ INDEX (RHS)

0

500

1,000

1,500

2,000

$0

$10

$20

$30

$40

$50

$60

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

BOTSWANA: MONTHLY TRADING VALUES & US$ INDEXUS$ MILLION

MONTHLY TRADIING VALUE US$M (LHS) BOTSWANA US$ INDEX (RHS)


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VALUATIONS: PRICE/BOOK vs ROE

ROE’s generally exceed the cost of capital and inflation

Higher ROE’s are rewarded with higher valuations

SSA ex SA Top 30: Banks & Finance Investors reward high ROE’s handsomely with

a strong correlation of ROE and Price/Book

value.

Our observations:

FNB Botswana looks overvalued

following its lower full year June 2015

earnings (page 3).

Stanbic IBTC looks overvalued following

its Q3 2015 earnings release (page 3).

Nigerian banks are at a big discount to the

region’s other banks.

First Bank Nigeria and UBA are in a

league of their own with a 66% and 54%

discount to book value. This in turn is

linked to the discount to book value of

most Nigerian banks and which trade at a

40%-50% discount to book and have

P/E’s below 5.0 times.

In the end, it comes down to trade-off

between Risk/Reward. Sources: Price/book ratios and ROE’s derived from market capitalisation data and

the last 12 months earnings.

SSA ex SA Top 30:

Industrial & Commercial Companies As with banks, investors reward high ROE’s

handsomely with a strong correlation of ROE

and Price/Book value.

Our observations:

Regarding specific companies: Forte Oil in Nigeria looks overvalued.

Unilever Nigeria and Guinness

Nigeria both look overvalued but are

supported by the companies’ parents

to acquire a 75% holding at market

premiums notwithstanding poor

earnings (page 3).

Nigerian Breweries also looks

overvalued following its Q3 2015

earnings down 21%.

Seplat Petroleum is now trading at a

57% discount to book reflecting the

poor outlook for oil prices. Sources: Price/book ratios and ROE’s derived from market capitalisation data and

the last 12 months earnings.

GTB

Zenith Bank

First Bank of Nigeria

MCB

FNB Botswana

ETI

Equity Bank

Co-op Bank

KCB BankStanbic IBTC Bank

Standard Chartered Kenya

Nat Microfinance Bank

Barclays Bank Kenya

UBA

FNB Namibia

0.20

2.00

0% 5% 10% 15% 20% 25% 30% 35%

PRICE/BOOK RATIO (Vertical axis ) ROE (Horizontal axis)

SSA EX SA TOP 30 COMPANIES - FINANCIALROE vs PRICE/BOOK

(ROE'S BASED ON LAST 12 MONTHS EARNINGS)

ROE's derived from company latest 12 month financialsROE's derived from company latest 12 month financialsROE's derived from company latest 12 month financialsROE's derived from company latest 12 month financials

Non-Nigerianbanks

Nigerian

banks

Dangote Cement

Nigerian BreweriesSONATEL

Nestlé Nigeria

Guinness Nigeria

East African Breweries

Safaricom

Delta Corporation

Lafarge Africa

Tanzania Breweries

Seplat Petroleum

Forte OilUnilever Nigeria

Bamburi Cement

0.40

4.00

0% 10% 20% 30% 40% 50% 60% 70%

PRICE/BOOK RATIO (Vertical axis ) ROE (Horizontal axis)

SSA EX SA TOP 30 COMPANIES - NON FINANCIALROE vs PRICE/BOOK

(ROE'S BASED ON LAST 12 MONTHS EARNINGS)

ROE's derived from company latest 12 month financials


(Established 1990)

Address:

Web site:

E-mail:

Telephone:

Mobile:



[email protected]

+44 (0) 208 502 0102

+44 (0) 7780 70 5000

9

SUB-SAHARA AFRICA EXCHANGE RATES vs. US$

Commentary:

All of Sub-Sahara Africa currencies have

depreciated year to date November 2015.

One observation is that currencies of

smaller countries have depreciated some

10% more than larger countries.

Depreciating:

(i) South Africa down 20%.

(ii) Zambia down 38%.

(iii) Nigeria down 8%.

(iv) Kenya down 11%.

(v) Ghana down 15%.

(vi) BRVM down 13% on Euro weakness.

(vii) Mauritius & Botswana down 13%.

(viii) Tanzania down 20%.

(ix) Uganda down 18%.

Zimbabwe has the US$ as its functional

currency.

-40% -35% -30% -25% -20% -15% -10% -5% 0% 5%

Rwanda

Uganda

Malawi

Tanzania

Zambia

Ghana

Zimbabwe

Botswana

BRVM

Mauritius

Kenya

Nigeria

South Africa

SUB-SAHARA AFRICA EXCHANGE RATE CHANGES 11 MONTHS TO NOVEMBER 2015

Negative = Currency depreciationPositive = Currency appreciation

Zimabwe : US$ is the functional currency

Source: Financial Times, London


(Established 1990)

Address:

Web site:

E-mail:

Telephone:

Mobile:



[email protected]

+44 (0) 208 502 0102

+44 (0) 7780 70 5000

10

INFLATION & 90 DAY TREASURY BILL RATES

NIGERIA & KENYA

Nigeria:

Treasury bill rates were stable in

November at 10.3% and are still

below their levels of March 2014

when they were at 11.9%.

August 2015 inflation was 9.3%

and has risen modestly during the

year.

We anticipate an increase of

inflation for 2015 as oil, wheat,

sugar and other imported

commodity prices rise as a result

of Naira exchange rate weakness.

Interest rates are positive in real

terms at 1.0%.

Kenya:

Kenyan Treasury bill rates, after

their soaring mid-year, have now

returned to their earlier levels at

9.3%. Since then, the Kenya

Shilling has been stable.

Inflation: November 2015

inflation rose to 7.3% vs 6.7% in

October.

For 2015 we see stable Kenyan

inflation as Kenya is an oil

importer and oil prices are again

below US$50/barrel.

Counteracting this, there has been

FX weakness in recent months

and this will feed through to

inflation.

Interest rates are positive in real

terms at 1.9%.

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

06 07 08 09 10 11 12 13 14 15

NIGERIA: INTEREST RATES & INFLATION

INFLATION 90 DAY TREASURY BILLSSource: Central Bank of Nigeria

0%

5%

10%

15%

20%

25%

30%

06 07 08 09 10 11 12 13 14 15

KENYA: INTEREST RATES & INFLATION

INFLATION 90 DAY TREASURY BILLSSource: Central Bank of Kenya


(Established 1990)

Address:

Web site:

E-mail:

Telephone:

Mobile:



[email protected]

+44 (0) 208 502 0102

+44 (0) 7780 70 5000

11

The following table sets out the Top 30 companies at end November 2015 by sector:

Sources: Country stock exchanges and company annual reports. Aggregate ratios are market cap weighted of Top 30 companies.

End month exchange rates from Financial Times, London.


Country Share shares US$ % of Trailing --- Dividend -- to book last 12

listed price million millions total 12 months yield cover value months

BANKING AND FINANCE

GTB NIG 20.00 29,431 2,959 4.7% 6.6 8.7% 1.74 1.60 28.1%

Zenith Bank NIG 15.60 31,396 2,462 3.9% 4.7 1.6% 13.38 0.89 19.0%

ETI NIG 15.35 24,100 1,859 3.0% 5.3 0.0% n.a. 0.76 14.4%

Equity Bank KEN 41.75 3,703 1,513 2.4% 9.1 3.6% 3.08 2.42 26.8%

MCB MAU 208.00 250 1,433 2.3% 9.1 3.1% 3.60 1.45 15.9%

KCB Bank KEN 39.75 2,950 1,148 1.8% 6.4 5.0% 3.10 1.55 24.2%

First Bank of Nigeria NIG 5.34 35,897 964 1.5% 2.9 1.7% 20.25 0.34 11.8%

FNB Botswana BOT 3.80 2,564 896 1.4% 16.5 4.2% 1.44 3.98 24.2%

Co-op Bank KEN 18.00 4,889 862 1.4% 7.7 2.4% 5.49 2.03 26.5%

Stanbic IBTC Bank NIG 16.50 10,000 829 1.3% 11.1 4.8% 1.85 1.44 13.0%

FNB Namibia NAMIBIA 43.50 268 807 1.3% 11.9 4.2% 2.01 3.48 29.3%

Barclays Bank Kenya KEN 13.20 5,432 702 1.1% 8.4 9.1% 1.31 1.88 22.4%

UBA NIG 3.80 36,271 693 1.1% 2.2 2.6% 17.55 0.46 21.1%

Standard Chartered Kenya KEN 218.00 309 660 1.1% 6.9 7.8% 1.86 1.68 24.3%

Nat Microfinance Bank TAN 2,750 500 635 1.0% 9.2 3.8% 2.85 2.19 23.8%

15 Companies $18,422 29.5% 7.4 4.1% 5.23 1.61 21.7%

INDUSTRIAL & MANUFACTURING

FOOD, BEVERAGE & TOBACCO

Nigerian Breweries NIG 120.00 7,929 4,782 7.7% 27.3 4.0% 0.93 5.53 20.3%

Nestlé Nigeria NIG 810.00 793 3,227 5.2% 27.9 3.4% 1.05 17.86 63.9%

East African Breweries KEN 278.00 791 2,152 3.5% 24.6 2.7% 1.51 16.89 68.8%

Tanzania Breweries TAN 15,000 295 2,043 3.3% 20.3 3.7% 1.34 7.38 36.3%

Guinness Nigeria NIG 121.00 1,506 916 1.5% 23.4 2.6% 1.62 3.77 16.1%

Delta Corporation ZIM $0.74 1,235 912 1.5% 10.9 5.1% 1.78 2.00 18.3%

BAT Kenya KEN 785.00 100 768 1.2% 17.8 5.4% 1.04 9.66 54.2%

Unilever Nigeria NIG 38.06 3,783 724 1.2% > 100.0 0.3% 0.49 19.26 2.5%

$15,526 24.9% 23.2 3.5% 1.16 10.45 38.7%CEMENT & CONSTRUCTION

Dangote Cement NIG 157.00 17,041 13,447 21.6% 12.0 3.8% 2.18 4.20 35.0%

Lafarge Africa NIG 89.03 4,404 1,971 3.2% 10.2 4.0% 2.43 2.30 22.6%

Bamburi Cement KEN 171.00 363 608 1.0% 12.2 7.0% 1.17 2.32 19.1%

$16,026 25.7% 11.8 4.0% 2.17 3.90 32.8%

11 Industrial & manufacturing companies $31,551 50.6% 17.4 3.7% 1.68 7.12 35.7%

TELECOMS

Safaricom KEN 15.55 40,000 6,089 9.8% 17.7 4.1% 1.37 5.96 33.7%

SONATEL BRVM 26,500 100 4,266 6.8% 13.0 6.0% 1.28 4.48 34.5%

2 Companies $10,355 16.6% 15.7 4.9% 1.33 5.35 34.1%

OIL/ENERGY

Forte Oil NIG 261.73 1,092 1,437 2.3% 50.0 1.5% 1.32 22.98 45.9%

Seplat Petroleum NIG 217.00 553 604 1.0% 6.6 13.8% 1.10 0.43 4.7%

2 Companies $2,040 3.3% 37.2 5.1% 1.26 16.31 33.7%

30 Total $62,369 100.0% 14.8 4.1% 2.65 5.50 31.2%



(Established 1990)

Address:

Web site:

E-mail:

Telephone:

Mobile:



[email protected]

+44 (0) 208 502 0102

+44 (0) 7780 70 5000

12

The following table sets out the Top 30 companies at end November 2015 by country:

Sources: Country stock exchanges and company annual reports. Aggregate ratios are market cap weighted of Top 30 companies.

End month exchange rates from Financial Times, London.


Share shares US$ % of Trailing --- Dividend -- to book last 12

price million millions total 12 months yield cover value monthsNIGERIA

Dangote Cement 157.00 17,041 13,447 21.6% 12.0 3.8% 2.18 4.20 35.0%

Nigerian Breweries 120.00 7,929 4,782 7.7% 27.3 4.0% 0.93 5.53 20.3%

Nestlé Nigeria 810.00 793 3,227 5.2% 27.9 3.4% 1.05 17.86 63.9%

GTB 20.00 29,431 2,959 4.7% 6.6 8.7% 1.74 1.60 28.1%

Zenith Bank 15.60 31,396 2,462 3.9% 4.7 1.6% 13.38 0.89 19.0%

Lafarge Africa 89.03 4,404 1,971 3.2% 10.2 4.0% 2.43 2.30 22.6%

ETI 15.35 24,100 1,859 3.0% 5.3 0.0% n.a. 0.76 14.4%

Forte Oil 261.73 1,092 1,437 2.3% 50.0 1.5% 1.32 22.98 45.9%

First Bank of Nigeria 5.34 35,897 964 1.5% 2.9 1.7% 20.25 0.34 11.8%

Guinness Nigeria 121.00 1,506 916 1.5% 23.4 2.6% 1.62 3.77 16.1%

Stanbic IBTC Bank 16.50 10,000 829 1.3% 11.1 4.8% 1.85 1.44 13.0%

Unilever Nigeria 38.06 3,783 724 1.2% > 100.0 0.3% 0.49 19.26 2.5%

UBA 3.80 36,271 693 1.1% 2.2 2.6% 17.55 0.46 21.1%

Seplat Petroleum 217.00 553 604 1.0% 6.6 13.8% 1.10 0.43 4.7%

14 Companies $36,874 59.1% 15.0 3.8% 3.19 5.59 29.8%

KENYA

Safaricom 15.55 40,000 6,089 9.8% 17.7 4.1% 1.37 5.96 33.7%

East African Breweries 278.00 791 2,152 3.5% 24.6 2.7% 1.51 16.89 68.8%

Equity Bank 41.75 3,703 1,513 2.4% 9.1 3.6% 3.08 2.42 26.8%

KCB Bank 39.75 2,950 1,148 1.8% 6.4 5.0% 3.10 1.55 24.2%

Co-op Bank 18.00 4,889 862 1.4% 7.7 2.4% 5.49 2.03 26.5%

BAT Kenya 785.00 100 768 1.2% 17.8 5.4% 1.04 9.66 54.2%

Barclays Bank Kenya 13.20 5,432 702 1.1% 8.4 9.1% 1.31 1.88 22.4%

Standard Chartered Kenya 218.00 309 660 1.1% 6.9 7.8% 1.86 1.68 24.3%

Bamburi Cement 171.00 363 608 1.0% 12.2 7.0% 1.17 2.32 19.1%

9 Companies $14,502 23.3% 15.2 4.4% 1.95 6.28 36.5%

BRVM - COTE D'IVOIRE

SONATEL 26,500 100 4,266 6.8% 13.0 6.0% 1.28 4.48 34.5%

1 Company $4,266 6.8% 13.0 6.0% 1.28 4.48 34.5%

TANZANIA

Tanzania Breweries 15,000 295 2,043 3.3% 20.3 3.7% 1.34 7.38 36.3%

Nat Microfinance Bank 2,750 500 635 1.0% 9.2 3.8% 2.85 2.19 23.8%

2 Companies $2,678 4.3% 17.7 3.7% 1.70 6.15 33.3%

BOTSWANA

FNB Botswana 3.80 2,564 896 1.4% 16.5 4.2% 1.44 3.98 24.2%

1 Company $896 1.4% 16.5 4.2% 1.44 3.98 24.2%

MAURITIUS

MCB 208.00 250 1,433 2.3% 9.1 3.1% 3.60 1.45 15.9%

1 Company $1,433 2.3% 9.1 3.1% 3.60 1.45 15.9%

ZIMBABWE

Delta Corporation 0.74 1,235 912 1.5% 10.9 5.1% 1.78 2.00 18.3%

1 Company $912 1.5% 10.9 5.1% 1.78 2.00 18.3%

NAMIBIA

FNB Namibia 43.50 268 807 1.3% 11.9 4.2% 2.01 3.48 29.3%

1 Company $807 1.3% 11.9 4.2% 2.01 3.48 29.3%

30 Top companies $62,369 100.0% 14.8 4.1% 2.65 5.50 31.2%



(Established 1990)

Address:

Web site:

E-mail:

Telephone:

Mobile:



[email protected]

+44 (0) 208 502 0102

+44 (0) 7780 70 5000

13

TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS


Source: NSE. End month exchange rates from Financial Times. Source: BRVM. End month exchange rates from Financial Times.

Source: NSE. End month exchange rates from Financial Times. Source: NSE, LSE. End month exchange rates from Financial Times.

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

DANGOTE CEMENTSHARE PRICE: US$

2 Benue Cement shares exchanged for 1 Dangote Cement share.Effective October 2010

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

$0.14

$0.16

$0.18

$0.20

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

SAFARICOM KENYASHARE PRICE: US$

Listed 2008

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

NIGERIAN BREWERIESSHARE PRICE: US$

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

SONATELSHARE PRICE: US$

Listed 1998

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

NESTLE NIGERIASHARE PRICE: US$

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

$0.14

$0.16

$0.18

$0.20

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

GUARANTY TRUST BANKSHARE PRICE: US$

NSE US$ PRICE GDR US$ PRICE

Listed 1996

GDR listed 2007


(Established 1990)

Address:

Web site:

E-mail:

Telephone:

Mobile:



[email protected]

+44 (0) 208 502 0102

+44 (0) 7780 70 5000

14



Source: DSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.


$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

ZENITH BANKSHARE PRICE: US$

Listed 2004

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

EAST AFRICAN BREWERIESSHARE PRICE: US$

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

TANZANIA BREWERIESSHARE PRICE: US$

Listed 1998

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

LAFARGE AFRICASHARE PRICE: US$

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

ECOBANK TRANSNATIONAL INCSHARE PRICE: US$

Listed2006

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

EQUITY BANKSHARE PRICE: US$

Listed 2006


(Established 1990)

Address:

Web site:

E-mail:

Telephone:

Mobile:



[email protected]

+44 (0) 208 502 0102

+44 (0) 7780 70 5000

15


Source: NSE. End month exchange rates from Financial Times. Source: MSE. End month exchange rates from Financial Times.


Source: NSE. End month exchange rates from Financial Times. Source: ZSE. End month exchange rates from Financial Times.

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

FORTE OILSHARE PRICE: US$

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

MAURITIUS COMMERCIAL BANKSHARE PRICE: US$

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

KCB BANK SHARE PRICE: US$

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

FIRST BANK NIGERIASHARE PRICE: US$

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

GUINNESS NIGERIASHARE PRICE: US$

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

DELTA CORPORATIONSHARE PRICE: US$


(Established 1990)

Address:

Web site:

E-mail:

Telephone:

Mobile:



[email protected]

+44 (0) 208 502 0102

+44 (0) 7780 70 5000

16


Source: BSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.



$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

FNB BOTSWANASHARE PRICE: US$

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

CO-OP BANK OF KENYA SHARE PRICE: US$

Listed 2008

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

STANBIC IBTC BANKSHARE PRICE: US$

Listed2005

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

FNB NAMIBIASHARE PRICE: US$

Listed 1996

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

BAT KENYASHARE PRICE: US$

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

UNILEVER NIGERIASHARE PRICE: US$


(Established 1990)

Address:

Web site:

E-mail:

Telephone:

Mobile:



[email protected]

+44 (0) 208 502 0102

+44 (0) 7780 70 5000

17



Source: NSE. End month exchange rates from Financial Times. Source: DSE. End month exchange rates from Financial Times.

Source: NSE. End month exchange rates from Financial Times. Sources: NSE, LSE. End month exchange rates from Financial Times.

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

BARCLAYS BANK KENYASHARE PRICE: US$

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

$0.14

$0.16

$0.18

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

UNITED BANK FOR AFRICASHARE PRICE: US$

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

STANDARD CHARTERED BANK KENYASHARE PRICE: US$

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

NATIONAL MICROFINANCE BANK SHARE PRICE: US$

Listed 2008

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

BAMBURI CEMENTSHARE PRICE: US$

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

SEPLAT PETROLEUMSHARE PRICE: US$

NSE US$ PRICE GDR US$ PRICE

Listed2014

hartland-peel africa equity research | ssa ex sa: top 30 companies - nov 2015

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