The West Africa

Top 30 Companies
(quarterly)

JUNE 2021

P R E PA R E D BY C H R I STO P H E R . H A RT L A N D - P E E L @ H A RT L A N D - P E E L .C O M
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICA TOP 30 COMPANIES: JUNE 2021 July 16, 2021

Prepared by: Christopher W. Hartland-Peel
This quarterly report as of June 2021 covers the Top 30 companies in West Africa by market
capitalisation. Key highlights:
Mkt cap
US$bn P/E Price/book ROE
Big Cap (10 companies) $37.4bn 18.9 10.14 54.4%
Mid Cap (20 companies) $9.4bn 7.2 1.16 13.8%
Total/weighted average $46.9bn 16.6 8.32 46.2%
 Dangote Cement, MTN Nigeria and BUA account for 49% by value of the Top 30 in W. Africa.
 Q1 2021 reported earnings were up 26% as the initial impact Covid 19 passed (page 6).
 Company US$ share price graphs on pages 10-14. Dual listed stocks trade at discounts to their
home markets with an 8% discount for GTB, 23% for Seplat Petroleum and 35% for Airtel Africa.
 Big cap stocks are far more profitable. Big caps have ROE’s of 54% vs 14% for mid cap stocks.
 Of the Top 30 stocks, Nigeria has 19, the BRVM 7 and Ghana 4.
 Banks account for 16 stocks, manufacturing 8, telecoms four and others two.
WEST AFRICA - TOP 30 COMPANIES 30-Jun-21
(Ranked by market capitalisation)

L/C Issued Market capitalisation P/E Price ROE

DecDec June Country Share shares US$ % of Trailing --- Dividend -- to book last 12
19 20 21 listed price million millions total 12 months yield cover value months
BIG CAP
1 1 1 Dangote Cement NIG 221.00 17,041 9,185 19.6% 13.7 7.2% 1.01 4.30 31.4%
3 2 2 MTN Nigeria NIG 164.00 20,355 8,142 17.4% 16.3 5.7% 1.07 18.71 115.0%
- 3 3 BUA Cement NIG 71.50 33,864 5,906 12.6% 34.3 2.4% 1.19 6.47 18.8%
5 4 4 Nestlé Nigeria NIG 1,540.00 793 2,977 6.4% 31.1 3.9% 0.82 41.67 133.8%
15 8 5 MTN Ghana GHANA 1.20 14,749 2,504 5.3% 10.6 6.7% 1.42 4.42 41.8%

6 5 6 SONATEL BRVM 13,500.00 100 2,441 5.2% 8.0 10.1% 1.24 2.18 27.3%
7 6 7 GTB NIG 29.90 29,431 2,146 4.6% 9.8 10.0% 1.01 1.10 25.0%
13 7 8 Zenith Bank NIG 23.75 31,396 1,819 3.9% 2.8 12.6% 2.87 0.67 24.2%
8 10 9 Nigerian Breweries NIG 60.00 7,997 1,170 2.5% 65.2 1.6% 0.98 2.98 4.6%
9 9 10 Stanbic IBTC NIG 40.25 11,106 1,090 2.3% 5.5 3.7% 4.86 1.20 21.8%
$37,380 79.8% 18.9 6.2% 1.28 10.14 54.4%

MID CAP
10 15 11 Seplat Petroleum NIG 690.00 568 957 2.0% loss 5.9% n.a. 0.57 -4.5%
14 11 12 Lafarge Africa NIG 21.25 16,108 835 1.8% 11.1 4.7% 1.91 0.95 8.6%
11 12 13 Access Bank NIG 8.45 35,545 733 1.6% 2.9 7.7% 4.53 0.40 14.1%
15 14 14 First Bank Nigeria NIG 7.35 35,895 643 1.4% 3.0 6.1% 5.45 0.35 11.6%
12 13 15 UBA NIG 7.30 34,199 609 1.3% 3.4 7.1% 4.13 0.36 10.6%

18 17 16 Dangote Sugar NIG 18.75 12,147 555 1.2% 7.7 7.9% 1.65 1.83 23.9%
- 16 17 Oragroup Togo BRVM 3,990.00 69 501 1.1% > 100.0 1.6% 0.07 2.63 0.3%
- 18 18 Coris Bank - Burkino Faso BRVM 8,300.00 32 480 1.0% 8.9 0.0% n.a. 1.67 18.8%
21 19 19 Société Générale-CI BRVM 8,100.00 31 456 1.0% 5.2 5.0% 3.84 1.01 19.4%
20 26 20 StanChart Ghana GHANA 18.60 2,507 426 0.9% 5.2 9.4% 2.04 1.71 32.6%

- 21 21 ONATEL BRVM 3,300.00 68 406 0.9% 7.2 14.0% 0.99 3.17 43.8%
16 24 22 Union Bank Nigeria NIG 5.60 29,121 398 0.8% 8.8 4.5% 2.55 0.63 7.2%
17 23 23 Ecobank Ghana GHANA 7.00 2,251 382 0.8% 4.1 0.0% n.a. 0.92 22.5%
25 20 24 International Breweries NIG 5.30 26,862 347 0.7% loss 0.0% n.a. 0.94 -8.1%
23 22 25 Ecobank CI BRVM 3,400.00 55 338 0.7% 6.1 11.5% 1.41 1.56 25.4%

- 28 26 Soc Ivoirienne de Banque BRVM 3,360.00 50 304 0.6% 5.6 11.9% 1.51 1.44 25.9%
19 25 27 ETI NIG 5.00 24,730 302 0.6% 71.8 0.0% n.a. 0.20 0.3%
26 27 28 Flour Mills Nigeria NIG 29.85 4,100 299 0.6% 5.8 4.7% 3.67 0.77 13.3%
- 29 29 Okomo Oil Palm NIG 110.00 954 256 0.5% 13.5 6.4% 1.17 3.60 26.7%
24 - 30 Ghana Commercial Bank GHANA 5.40 1,431 243 0.5% 3.2 4.6% 6.72 0.65 20.4%
$9,468 20.2% 7.2 5.7% 2.10 1.16 13.8%

Total/weighted average $46,848 100.0% 16.6 6.1% 1.45 8.32 46.2%

= P/E <10.0, Dividend yield > 5.0%, Price/Book < 1.50, ROE > 25%
Sources: Country stock exchanges, company annual and earnings reports. Exchange rates from the Financial Times, London
1
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICAN STOCK MARKETS: 1990-2021

WEST AFRICAN:STOCK MARKETS

US$ INDEX 1990=100
1,400

1,200

1,000

800

600

400
<---BRVM -- Côte d’Ivoire
200 <---Nigeria
<---Ghana
0
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
BRVM US$ INDEX NIGERIA US$ INDEX GHANA US$ INDEX
Sources: Country stock exchanges. Exchange rates Financial Times, London.

WEST AFRICA - STOCK MARKETS: JUNE 2021

--- Market cap ---- P/E ---- Dividend ---- Price/ Market ------------------------------- US$ returns ----------------------------
Jun-21 US$ bn % Historic yield cover book ROE 2021 Q2 2021 2020 2019 2018 2017 2016

Nigeria 41.6 77.3% 18.2 5.8% 1.49 9.22 48.1% (9.4%) (3.0%) 37.9% (14.5%) (18.6%) 24.5% (40.7%)
BRVM Cote d'Ivoire 7.8 14.5% 8.4 7.2% 1.21 2.03 20.4% 6.7% 14.7% (0.5%) (6.8%) (34.2%) (5.4%) (6.6%)
Ghana 4.4 8.3% 13.6 5.8% 1.85 2.98 31.8% 36.0% 17.3% 16.0% (23.9%) (7.1%) 44.0% (24.5%)
West Africa 53.8 100.0% 16.4 6.0% 1.48 7.66 (4.4%) 1.0% (5.3%) (14.4%) (21.7%) 17.2% (33.5%)

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

2
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICA: EXCHANGE RATES

The Achilles heel for investors in Nigeria and Ghana
NIGERIA, GHANA & COTE D'IVOIRE US$ EXCHANGE RATE
Nigerian and Ghanaian currency weakness 1990 = 100
is on-going and chronic. It is one of the 100.0

biggest risks that investors face.

Côte d’Ivoire’s currency, the CFA Franc, is 10.0
linked to the Euro, and, since the 1994
maxi devaluation, has appreciated against
the US$.
1.0
Up = Apreciating against US$
Currency devaluation/(appreciation): Down = Depreciating against US$
CAGR pa 5 yr 10 yr 20 yr
Ghana 8.3% 14.5% 11.0% 0.1
Nigeria 7.7% 10.4% 6.7% 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

Côte d’Ivoire (1.3%) 2.0% (1.7%) Sources: IMF, FT COTE D'IVOIRE NIGERIA GHANA

NIGERIA: US$/NAIRA EXCHANGE RATE

Nigeria’s currency has periods of relative
450
stability punctuated by maxi-devaluations 400
in 1995, 2009 and 2016-17. 350
300
The currency has depreciated: 250
8% compound over the past 5 years. 200
10% compound over the past 10 years. 150
100

Inflation has averaged 11% annually over 50

0
the past 10 years. 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
Sources: IMF, CBN, Financial Times.
Ghana’s currency has periods of relative GHANA - NOMINAL EXCHANGE RATE
stability punctuated by maxi-devaluations c 6.00
CEDI/US$

as in 2000, 2009 and 2014-15. However,

from 2017 there has been steady currency c 5.00

depreciation. c 4.00

c 3.00
The currency has depreciated:
8% compound over the past 5 years. c 2.00

14% compound over the past 10 years. c 1.00

c 0.00
Inflation has averaged 12% over the past 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
10 years. Source: IMF and FT

COTE D'IVOIRE: CFA/US$ EXCHANGE RATE

800
Côte d’Ivoire is a member of the UMEAO 700
currency area and the FX rate has been
broadly stable as it is linked to the Euro. 600
Since 2000 it has appreciated 1.7%
500
compound against the US$.
400
This has resulted in low inflation and this,
300
in turn, to modest budget deficits.
200
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
Sources: IMF, FT

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 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICA: TOP 30 COMPANIES

VALUATIONS: PRICE/BOOK vs ROE
ROE’s generally exceed the cost of capital and inflation
Higher ROE’s are rewarded with higher valuations
WEST AFRICA TOP 30 COMPANIES - FINANCIAL
ROE vs PRICE/BOOK West Africa:
(ROE'S BASED ON LAST 12 MONTHS EARNINGS) Banks & Finance
3.00
 Investors reward high ROE’s
handsomely with a strong correlation
2.50 Oragroup Togo
of ROE and Price/Book value.
 Our observations regarding outliers:
 Two BRVM banks have
2.00 valuations much higher than their
StanChart Ghana Nigerian and Ghanaian peers.
Coris Bank - Burkino Faso
Ecobank CI  Oragroup Togo looks expensive
1.50
and the share price has not reacted
Soc Ivoirienne de Banque
to the poor 2020 earnings, down
1.00
Société Générale-CI Stanbic IBTC
GTB 96% for the full year.
Ecobank Ghana  ETI’s 2020 earnings were down
Union Bank Nigeria
Ghana Commercial Bank
Zenith Bank 98% on account of goodwill
0.50
UBA Access Bank impairment.
ETI First Bank Nigeria

0.00
0% 5% 10% 15% 20% 25% 30% 35%

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

ROE'sderived
ROE's derivedfrom
fromcompany
companylatest
latest1212month
monthfinancials
financials
Sources: Price/book ratios and ROE’s derived from market capitalisation data and the last 12
month earnings.

WEST AFRICA TOP 30 COMPANIES: NON-FINANCIAL

ROE vs PRICE/BOOK West Africa
(ROE'S BASED ON LAST 12 MONTHS EARNINGS)
Industrial & Commercial
50.00
Nestlé Nigeria Companies
 As with banks, investors reward high
ROE’s handsomely with a strong
MTN Nigeria correlation of ROE and Price/Book
value.
 Our observations regarding the
companies:
BUA Cement
5.00
 Outliers: Nestlé Nigeria and
Dangote Cement MTN Nigeria are richly valued
Okomo Oil Palm MTN Ghana
Nigerian Breweries ONATEL relative to other companies on
SONATEL
account of their high leverage.
Dangote Sugar  BUA Cement looks overvalued
compared to Dangote Cement.
International Breweries
Lafarge Africa
 Unilever Nigeria, International
Unilever Nigeria Flour Mills Nigeria
Breweries and Seplat Petroleum
0.50
Seplat Petroleum are all loss-making.
-20% 0% 20% 40% 60% 80% 100% 120% 140%
PRICE/BOOK RATIO (Vertical axis ) ROE (Horizontal axis)
ROE's sderived
ROE' derivedfrom
fromcompany
companylatest
latest1212month
monthfinancials
financials
Sources: Price/book ratios and ROE’s derived from market capitalisation data and the last 12
month earnings.

4
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICA TOP 30 COMPANIES

US$ SHARE PRICE PERFORMANCE
L/C Mkt cap US$ share price performance
Country Share US$ -------------------------- up/(down) ----------------------------
Rank listed price millions 1 month 3 months 1 year 2 years 5 years
BIG CAP
1 Dangote Cement NIG 221.00 9,185 4% 3% 64% 5% -21%
2 MTN Nigeria NIG 164.00 8,142 1% 2% 32% not listed not listed
3 BUA Cement NIG 71.50 5,906 -3% -3% 74% 376% 562%
4 Nestlé Nigeria NIG 1,540.0 2,977 10% 12% 16% -3% 25%
5 MTN Ghana GHANA 1.20 2,504 8% 12% -5% -22% not listed

6 SONATEL BRVM 13,500.00 2,441 -5% 6% 12% -15% -37%

7 GTB NIG 29.90 2,146 5% -9% 28% -20% -11%
8 Zenith Bank NIG 23.75 1,819 3% 5% 39% 5% 4%
9 Nigerian Breweries NIG 60.00 1,170 3% 24% 57% -16% -70%
10 Stanbic IBTC NIG 40.25 1,090 -12% -22% 25% -12% 71%
$37,380 2% 2% 34% 45% 66%

MID CAP
11 Seplat Petroleum NIG 690.00 957 0% 25% 69% 14% 44%
12 Lafarge Africa NIG 21.25 835 0% -4% 100% 55% -78%
13 Access Bank NIG 8.45 733 3% 5% 22% 14% 1%
14 First Bank Nigeria NIG 7.35 643 3% 1% 32% -1% 30%
15 UBA NIG 7.30 609 2% 3% 10% 3% 7%

16 Dangote Sugar NIG 18.75 555 10% 10% 47% 45% 94%
17 Oragroup Togo BRVM 3,990.00 501 -4% 4% 9% not listed not listed
18 Coris Bank - Burkino Faso BRVM 8,300.00 480 5% 10% 17% 3% not listed
19 Société Générale-CI BRVM 8,100.00 456 -11% 3% 14% -6% -40%
20 StanChart Ghana GHANA 18.60 426 0% 1% 18% -10% 2%

21 ONATEL BRVM 3,300.00 406 1% -2% 19% -14% -48%

22 Union Bank Nigeria NIG 5.60 398 -6% 6% -11% -28% -24%
23 Ecobank Ghana GHANA 7.00 382 -2% -5% -8% -24% -22%
24 International Breweries NIG 5.30 347 -4% -7% 22% -75% -82%
25 Ecobank CI BRVM 3,400.00 338 -3% 4% 8% 6% not listed

26 Soc Ivoirienne de Banque BRVM 3,360.00 304 -3% 24% 51% 25% not listed
27 ETI NIG 5.00 302 -3% -1% -5% -60% -78%
28 Flour Mills Nigeria NIG 29.85 299 7% 4% 48% 87% -9%
29 Okomo Oil Palm NIG 110.00 256 14% 22% 34% 51% 137%
30 Ghana Commercial Bank GHANA 5.40 243 2% 18% 56% 1% 18%
$9,468 0% 1% 7% 1% 0%

Total/weighted average $46,848 1% 2% 28% 36% 53%

= >25% US$ return

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

Share price all time high refers to month end share price in US$ terms.

5
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICA: TOP 30 COMPANIES

EARNINGS RELEASES AND US$ EARNINGS
L/C Mkt cap -------- Latest Earnings Announcements ------
Country Share US$ Earnings US$m %
Rank listed price millions ROE Period 2019 2020 change

3 month earnings
1 Dangote Cement NIG 221.00 9,185 31.4% Mar-21 161 220 37%
2 MTN Nigeria NIG 164.00 8,142 115.0% Mar-21 134 180 34%
3 BUA Cement NIG 71.50 5,906 18.8% Mar-21 52 55 5%
4 Nestlé Nigeria NIG 1,540.00 2,977 133.8% Mar-21 29 30 3%
5 MTN Ghana GHANA 1.20 2,504 41.8% Mar-21 61 80 30%
7 GTB NIG 29.90 2,146 25.0% Mar-21 130 110 -16%
8 Zenith Bank NIG 23.75 1,819 24.2% Mar-21 132 129 -2%
9 Nigerian Breweries NIG 60.00 1,170 4.6% Mar-21 14 19 30%
10 Stanbic IBTC NIG 40.25 1,090 4.6% Mar-21 52 26 -51%
11 Seplat Petroleum NIG 690.00 957 -4.5% Mar-21 (107) 36 n.m.
12 Lafarge Africa NIG 21.25 835 8.6% Mar-21 21 22 6%
13 Access Bank NIG 8.45 733 14.1% Mar-21 106 127 20%
14 First Bank Nigeria NIG 7.35 643 11.6% Mar-21 64 38 -41%
15 UBA NIG 7.30 609 10.6% Mar-21 74 87 17%
16 Dangote Sugar NIG 18.75 555 23.9% Mar-21 17 21 23%
17 Oragroup Togo BRVM 3,990.00 501 0.3% Mar-21 1 5 330%
18 Coris Bank - Burkino Faso BRVM 8,300.00 480 18.8% Mar-21 13 22 67%
19 Société Générale-CI BRVM 8,100.00 456 19.4% Mar-21 24 27 9%
20 StanChart Ghana GHANA 18.60 426 32.6% Mar-21 19 20 4%
21 ONATEL BRVM 3,300.00 406 0.3% Mar-21 13 14 9%
22 Union Bank Nigeria NIG 5.60 398 -8.1% Mar-21 16 15 -3%
23 Ecobank Ghana GHANA 7.00 382 22.5% Mar-21 22 30 32%
24 International Breweries NIG 5.30 347 -8.1% Mar-21 (15) (6) n.m.
26 Soc Ivoirienne de Banque BRVM 3,360.00 304 25.9% Mar-21 14 20 38%
27 ETI NIG 5.00 302 0.3% Mar-21 48 52 8%
29 Okomo Oil Palm NIG 110.00 256 26.7% Mar-21 5 13 142%
30 Ghana Commercial Bank GHANA 5.40 243 26.7% Mar-21 16 24 45%
$43,771 $1,121 $1,413 26%

9 month earnings
25 Ecobank CI BRVM 3,400.00 338 25.4% Sep-20 9 15 74%
$338 $9 $15 74%

12 month earnings
6 SONATEL BRVM 13,500.00 2,441 27.3% Dec-20 287 315 9%
28 Flour Mills Nigeria NIG 29.85 299 13.3% Mar-21 27 64 133%
$2,739 $315 $378 20%

30 Companies $46,848

= >25% ROE

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

Share price all time high refers to month end share price in US$ terms.

6
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

Set out below are the Top 30 West African companies as of June 2021 by sector:
WEST AFRICA - TOP 30 COMPANIES 30-Jun-21
(Ranked by market capitalisation)

L/C Issued Market capitalisation P/E Price ROE

Country Share shares US$ % of Trailing --- Dividend -- to book last 12
listed price million millions total 12 months yield cover value months
BANKING & FINANCE
GTB NIG 29.90 29,431 2,146 4.6% 9.8 10.0% 1.01 1.10 25.0%
Zenith Bank NIG 23.75 31,396 1,819 3.9% 2.8 12.6% 2.87 0.67 24.2%
Stanbic IBTC NIG 40.25 11,106 1,090 2.3% 5.5 3.7% 4.86 1.20 21.8%
Access Bank NIG 8.45 35,545 733 1.6% 2.9 7.7% 4.53 0.40 14.1%
First Bank Nigeria NIG 7.35 35,895 643 1.4% 3.0 6.1% 5.45 0.35 11.6%
UBA NIG 7.30 34,199 609 1.3% 3.4 7.1% 4.13 0.36 10.6%
Oragroup Togo BRVM 3,990.00 69 501 1.1% > 100.0 1.6% 0.07 2.63 0.3%
Coris Bank - Burkino Faso BRVM 8,300.00 32 480 1.0% 8.9 0.0% n.a. 1.67 18.8%
Société Générale-CI BRVM 8,100.00 31 456 1.0% 5.2 5.0% 3.84 1.01 19.4%
StanChart Ghana GHANA 18.60 2,507 426 0.9% 5.2 9.4% 2.04 1.71 32.6%
Union Bank Nigeria NIG 5.60 29,121 398 0.8% 8.8 4.5% 2.55 0.63 7.2%
Ecobank Ghana GHANA 7.00 2,251 382 0.8% 4.1 0.0% n.a. 0.92 22.5%
Ecobank CI BRVM 3,400.00 55 338 0.7% 6.1 11.5% 1.41 1.56 25.4%
Soc Ivoirienne de Banque BRVM 3,360.00 50 304 0.6% 5.6 11.9% 1.51 1.44 25.9%
ETI NIG 5.00 24,730 302 0.6% 71.8 0.0% n.a. 0.20 0.3%
Ghana Commercial Bank GHANA 5.40 1,431 243 0.5% 3.2 4.6% 6.72 0.65 20.4%
16 Company(ies) $10,869 23.2% 7.2 7.4% 2.60 0.99 19.4%

FOOD, BEVERAGE & TOBACCO

Nestlé Nigeria NIG 1,540.00 793 2,977 6.4% 31.1 3.9% 0.82 41.67 133.8%
Nigerian Breweries NIG 60.00 7,997 1,170 2.5% 65.2 1.6% 0.98 2.98 4.6%
Dangote Sugar NIG 18.75 12,147 555 1.2% 7.7 7.9% 1.65 1.83 23.9%
International Breweries NIG 5.30 26,862 347 0.7% loss 0.0% n.a. 0.94 -8.1%
Flour Mills Nigeria NIG 29.85 4,100 299 0.6% 5.8 4.7% 3.67 0.77 13.3%
$5,349 11.4% 32.7 3.6% 1.05 24.14 78.2%
CEMENT & CONSTRUCTION
Dangote Cement NIG 221.00 17,041 9,185 19.6% 13.7 7.2% 1.01 4.30 31.4%
BUA Cement NIG 71.50 33,864 5,906 12.6% 34.3 2.4% 1.19 6.47 18.8%
Lafarge Africa NIG 21.25 16,108 835 1.8% 11.1 4.7% 1.91 0.95 8.6%
$15,926 34.0% 21.2 5.3% 1.12 4.93 25.6%

8 Industrial & manufacturing companies $21,275 45.4% 24.1 4.9% 1.10 9.76 38.8%

TELECOMS
MTN Nigeria NIG 164.00 20,355 8,142 17.4% 16.3 5.7% 1.07 18.71 115.0%
MTN Ghana GHANA 1.20 14,749 2,504 5.3% 10.6 6.7% 1.42 4.42 41.8%
SONATEL BRVM 13,500.00 100 2,441 5.2% 8.0 10.1% 1.24 2.18 27.3%
ONATEL BRVM 3,300.00 68 406 0.9% 7.2 14.0% 0.99 3.17 43.8%
4 Company(ies) $13,492 28.8% 13.4 6.9% 1.16 28.48 83.4%

AGRICULTURE
Okomo Oil Palm NIG 110.00 954 256 0.5% 13.5 6.4% 1.17 3.60 26.7%
1 Company(ies) $256 0.5% 13.5 6.4% 1.17 3.60 26.7%

OTHER
Seplat Petroleum NIG 690.00 568 957 2.0% loss 5.9% n.a. 0.57 -4.5%
1 Company(ies) $957 2.0% 0.0 5.9% 0.00 0.57 -4.5%

30 Total $46,848 100.0% 16.6 6.1% 1.45 8.32 46.2%

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

Sources: Country stock exchanges, Bloomberg and company annual reports. Aggregate ratios are market cap weighted of Top 30 companies.
End month exchange rates from Financial Times, London.

7
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

Set out below are the Top 30 West African companies as of June 2021 by country:

WEST AFRICA - TOP 30 COMPANIES 30-Jun-21

(Ranked by market capitalisation)

L/C Issued Market capitalisation P/E Price ROE

Share shares US$ % of Trailing --- Dividend -- to book last 12
price million millions total 12 months yield cover value months
NIGERIA
Dangote Cement 221.00 17,041 9,185 19.6% 13.7 7.2% 1.01 4.30 31.4%
MTN Nigeria 164.00 20,355 8,142 17.4% 16.3 5.7% 1.07 18.71 115.0%
BUA Cement 71.50 33,864 5,906 12.6% 34.3 2.4% 1.19 6.47 18.8%
Nestlé Nigeria 1,540.00 793 2,977 6.4% 31.1 3.9% 0.82 41.67 133.8%
GTB 29.90 29,431 2,146 4.6% 9.8 10.0% 1.01 1.10 25.0%
Zenith Bank 23.75 31,396 1,819 3.9% 2.8 12.6% 2.87 0.67 24.2%
Nigerian Breweries 60.00 7,997 1,170 2.5% 65.2 1.6% 0.98 2.98 4.6%
Stanbic IBTC 40.25 11,106 1,090 2.3% 5.5 3.7% 4.86 1.20 21.8%
Seplat Petroleum 690.00 568 957 2.0% loss 5.9% n.a. 0.57 -4.5%
Lafarge Africa 21.25 16,108 835 1.8% 11.1 4.7% 1.91 0.95 8.6%
Access Bank 8.45 35,545 733 1.6% 2.9 7.7% 4.53 0.40 14.1%
First Bank Nigeria 7.35 35,895 643 1.4% 3.0 6.1% 5.45 0.35 11.6%
UBA 7.30 34,199 609 1.3% 3.4 7.1% 4.13 0.36 10.6%
Dangote Sugar 18.75 12,147 555 1.2% 7.7 7.9% 1.65 1.83 23.9%
Union Bank Nigeria 5.60 29,121 398 0.8% 8.8 4.5% 2.55 0.63 7.2%
International Breweries 5.30 26,862 347 0.7% loss 0.0% n.a. 0.94 -8.1%
ETI 5.00 24,730 302 0.6% 71.8 0.0% n.a. 0.20 0.3%
Flour Mills Nigeria 29.85 4,100 299 0.6% 5.8 4.7% 3.67 0.77 13.3%
Okomo Oil Palm 110.00 954 256 0.5% 13.5 6.4% 1.17 3.60 26.7%
19 Companies $38,369 81.9% 18.6 5.8% 1.45 9.58 49.9%

BRVM
SONATEL 13,500.00 100 2,441 5.2% 8.0 10.1% 1.24 2.18 27.3%
Oragroup Togo 3,990.00 69 501 1.1% > 100.0 1.6% 0.07 2.63 0.3%
Coris Bank - Burkino Faso 8,300.00 32 480 1.0% 8.9 0.0% n.a. 1.67 18.8%
Société Générale-CI 8,100.00 31 456 1.0% 5.2 5.0% 3.84 1.01 19.4%
ONATEL 3,300.00 68 406 0.9% 7.2 14.0% 0.99 3.17 43.8%
Ecobank CI 3,400.00 55 338 0.7% 6.1 11.5% 1.41 1.56 25.4%
Soc Ivoirienne de Banque 3,360.00 50 304 0.6% 5.6 11.9% 1.51 1.44 25.9%
7 Companies $4,925 10.5% 6.7 8.3% 1.25 2.06 24.1%

GHANA
MTN Ghana 1.20 14,749 2,504 5.3% 10.6 6.7% 1.42 4.42 41.8%
StanChart Ghana 18.60 2,507 426 0.9% 5.2 9.4% 2.04 1.71 32.6%
Ecobank Ghana 7.00 2,251 382 0.8% 4.1 0.0% n.a. 0.92 22.5%
Ghana Commercial Bank 5.40 1,431 243 0.5% 3.2 4.6% 6.72 0.65 20.4%
4 Company(ies) $3,555 7.6% 8.7 6.1% 1.70 3.46 37.1%

30 Top companies $46,848 100.0% 16.6 6.1% 1.45 8.32 46.2%

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

Sources: Country stock exchanges, Bloomberg and company annual reports. Aggregate ratios are market cap weighted of Top 30 companies.
End month exchange rates from Financial Times, London.

8
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

COMMODITIES
OIL PRICES - BRENT CRUDE
US$ PER BARREL
$140
Nigeria, Côte d’Ivoire and
$120 Ghana are all petroleum
exporters.
$100

$80
Hence, falling oil prices in
2020 reduced GDP, exports
$60 and government revenues.
This has now reversed.
$40

$20 Oil prices have risen 19% in

the past three months and
$0
88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
44% year to date.

Source: IMF, Financial Times

COCOA PRICES
US$ PER TONNE
$4,000
Ghana, Côte d’Ivoire and, to
$3,500 Côte d'Ivoire a lesser extent, Nigeria are
civil war 2003
$3,000 cocoa producers.
$2,500
Cocoa production benefits
$2,000 rural communities and has
$1,500 well developed infrastructure
and crop harvesting.
$1,000

$500 Cocoa prices have fallen 6%

$0 in the past three months but
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 are up 11% year to date.

Source: Financial Times

GOLD PRICE
US$ PER OUNZE
$2,000 Ghana and, to lesser extent,
$1,800 Côte d’Ivoire are important
Gold at $380
$1,600 gold producers.
$1,400
The rising gold price from
$1,200
2019 will have benefitted
$1,000
these two countries.
$800
$600 Gold prices have risen 4% in
$400 the past three months but are
$200 down 7% year to date.
$0
85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21

Source: IMF, Financial Times.

9
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICA TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS

DANGOTE CEMENT MTN NIGERIA
SHARE PRICE: US$ SHARE PRICE: US$
$1.60 $0.50
$1.40 2Benue Cement shares exchanged
for 1 Dangote Cement share. $0.45
$1.20
Effective October 2010
$1.00 $0.40

$0.80 $0.35
$0.60
$0.30
$0.40
Listed
$0.25
$0.20 2019
$0.00 $0.20
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
Source: NSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.

BUA CEMENT NESTLE NIGERIA

SHARE PRICE: US$ SHARE PRICE: US$
$0.30 $8.00
$7.00
$0.25
$6.00
June 2020. BUA
$0.20
reverse merger $5.00
$0.15 withCement Co. $4.00
of Northern
$3.00
$0.10 Nigeria. -------->
From 2000-20 $2.00
$0.05 Cement Co. of $1.00
Northern Nigeria
$0.00 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

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

MTN GHANA SONATEL

SHARE PRICE: US$ SHARE PRICE: US$
$0.22 $50

$0.20 $45
$40
$0.18
$35
$0.16 $30
Listed 2018
$25
$0.14
$20
$0.12 $15
$10 Listed 1998
$0.10
$5
$0.08 $0
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
Source: GSE. End month exchange rates from Financial Times. Source: BRVM. End month exchange rates from Financial Times.

10
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICA: TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS

GUARANTY TRUST BANK ZENITH BANK
SHARE PRICE: US$ SHARE PRICE: US$
$0.20 $0.25
$0.18
$0.16 $0.20
$0.14
$0.12 $0.15
$0.10 GDR listed 2007
$0.08
$0.10
$0.06
$0.04 Listed
Listed 1996 $0.05 2004
$0.02
$0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
NSE US$ PRICE GDR US$ PRICE
Source: NSE, LSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.

NIGERIAN BREWERIES STANBIC IBTC BANK

SHARE PRICE: US$ SHARE PRICE: US$
$1.20 $0.40

$1.00 $0.35
$0.30
$0.80
$0.25
$0.60 $0.20
$0.15
$0.40
$0.10
$0.20
Listed
$0.05 2005
$0.00 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

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

SEPLAT PETROLEUM LAFARGE AFRICA

SHARE PRICE: US$ SHARE PRICE: US$
$4.50 $0.80
$4.00 $0.70
$3.50 Listed $0.60
$3.00 2014
$0.50
$2.50
$2.00 $0.40

$1.50 $0.30
$1.00 $0.20
$0.50
$0.10
$0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
NSE US$ PRICE GDR US$ PRICE
Source: NSE, LSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.

11
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICA: TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS

ACCESS BANK FIRST BANK NIGERIA
SHARE PRICE: US$ SHARE PRICE: US$
$0.20 $0.25
$0.18
$0.16 $0.20
$0.14
$0.12 $0.15
$0.10
$0.08 $0.10
$0.06
$0.04 Listed $0.05
$0.02 1999
$0.00 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

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

UNITED BANK FOR AFRICA

DANGOTE SUGAR
SHARE PRICE: US$
SHARE PRICE: US$
$0.18 $0.35
$0.16
$0.30
$0.14
$0.25
$0.12
$0.10 $0.20
$0.08 $0.15
$0.06 Listed
$0.10 2007
$0.04
$0.02 $0.05
$0.00 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

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

ORAGROUP-TOGO CORIS BANK - BF

SHARE PRICE: US$ SHARE PRICE: US$
$9.00 $19.00
$18.00
$8.50
$17.00
$8.00 $16.00
$15.00
$7.50
Listed 2019 $14.00
$7.00 $13.00
$12.00
$6.50
$11.00 Listed 2017
$6.00 $10.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

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

12
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICA: TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS

SGB-CI STANDARD CHARTERED GHANA
SHARE PRICE: US$ SHARE PRICE: US$
$30.00 $7.00

$25.00 $6.00

$20.00
$5.00

$4.00
$15.00
$3.00
$10.00
$2.00
$5.00
$1.00

$0.00 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
Source: BRVM. End month exchange rates from Financial Times. Source: GSE. End month exchange rates from Financial Times.

ONATEL UNION BANK NIGERIA

SHARE PRICE: US$ SHARE PRICE: US$
$14 $0.35

$12 $0.30

$10 $0.25

$8 $0.20

$6 $0.15

$4 $0.10
Listed 2009
$2 $0.05

$0 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

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

ECOBANK GHANA INTERNATIONAL BREWERIES

SHARE PRICE: US$ SHARE PRICE: US$
$0.20
$3.50
$0.18
$3.00 $0.16
$0.14
$2.50
$0.12
$2.00 $0.10
$0.08
$1.50 $0.06

Listed 2006 $0.04

$1.00
$0.02
From 2007
$0.50 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

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

13
 Address: 1 High Silver, Loughton, Essex IG10 4EL, UK
Hartland-Peel Web site: www.hartland-peel.com
Africa Equity Research E-mail: [email protected]
(Established 1990) Telephone: +44 (0) 20 35 36 35 84
Mobile: +44 (0) 7780 70 5000

WEST AFRICA TOP 30 COMPANIES: US$ SHARE PRICE GRAPHS

ECOBANK - CI SOCIETE IVOIRIENNE DE BANQUE
SHARE PRICE: US$ SHARE PRICE: US$
$12.00 $8.00
$7.50
$11.00
Listed 2018 $7.00
$10.00
$6.50
$9.00 $6.00
$8.00 $5.50
$5.00 Listed 2016
$7.00
$4.50
$6.00
$4.00
$5.00 $3.50
$4.00 $3.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

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

ECOBANK TRANSNATIONAL INC FLOUR MILLS NIGERIA

SHARE PRICE: US$ SHARE PRICE: US$
$0.45 $0.70
$0.40
$0.60
$0.35
$0.30 $0.50
$0.25 $0.40
$0.20
$0.30
$0.15 Listed
$0.10 2006 $0.20
From
$0.05 $0.10 2000
$0.00 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
Source: NSE. End month exchange rates from Financial Times. Source: NSE. End month exchange rates from Financial Times.

OKUMO OIL PALM GHANA COMMERCIAL BANK

SHARE PRICE: US$ SHARE PRICE: US$
$0.35 $3.00

$0.30 $2.50

$0.25 $2.00
$0.20
$1.50
$0.15
$1.00
$0.10
Listed
$0.50 Listed 1996
$0.05 2000
$0.00 $0.00
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
Source: NSE. End month exchange rates from Financial Times. Source: GSE. End month exchange rates from Financial Times.

14
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