Hartland-Peel

Africa Equity Research

Sub-Sahara Africa stock markets have offered outstanding rewards for investors as governments implement market reforms, relax foreign investment restrictions and promote the private sector.

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Expertise and Professional Assignments

  • Corporate and project finance
  • Bank and enterprise rehabilitation

  • Stock market and money markets

  • Private sector development
  • Macroeconomic policy issues
  • Loan and equity syndication
  • International taxation
  • Credit and risk evaluation
  • Privatisation strategy and implementation
  • Project feasibility and evaluation
  • SMSE and indigenous sector development
  • Regulatory, legal and competition issues
  • Monetary and fiscal policy
  • Currency risk management
  • Asset and liability management
  • Management consultancy

About Hartland-Peel

Experience

Christopher Hartland-Peel has worked extensively in emerging markets – with the IFC in Washington D.C., the ADB and USAID, and Standard Bank and Exotix in London.

Research

In the 1990s he was based in Nairobi working on privatisation and financial market development where he realised there was little or no effective research done on sub-Saharan stock markets. In 1996 his book, “African Equities, a guide to markets and companies” was published by Euromoney Books.

Database

Hartland-Peel Africa Equity Research provides, we believe, one of the most comprehensive databases on African listed companies dating back to 1990. The database has been licensed to various financial institutions and institutional investors internationally.
    • Sub-Sahara 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.
    • A rated equity analyst by South African institutional investors as polled by the Financial Mail in 1998 and 1999.

Stock Markets

Sub-Saharan nations have restructured their economies and are well-positioned to profit from the next stage of globalisation.

Sub-Saharan Africa

Sub-Sahara Africa stock markets have offered outstanding rewards for investors as governments implement market reforms, relax foreign investment restrictions and promote the private sector.

Sub-Saharan nations have restructured their economies and are well-positioned to profit from the next stage of globalisation.

Sub-Sahara Africa stock markets ex-South Africa:

  • Botswana
  • BRVM (Cote d’Ivoire, Senegal, Mali, Burkina Faso, Niger, Guinea Bissau, Togo, Benin)

  • Cameroon

  • Ghana
  • Kenya
  • Malawi

  • Mauritius

  • Mozambique

  • Namibia

  • Nigeria
  • Rwanda
  • Seychelles
  • Tanzania
  • Uganda
  • Zambia

  • Zimbabwe

Stock Markets Data Available

DATA AVAILABLE CONTENT FREQUENCY
Regional stock market indices:

  • South Africa
  • Sub-Sahara Africa ex SA
  • Market capitalisation weighted US$ indices and sub-indices from 1990.
  • Sub-indices covering (i) East Africa & Mauritius, (ii) West Africa & (iii) Central Southern Africa.
  • Monthly
  • Monthly
Market performance year to date and for the most recent month for all countries listed above
  • Market summary and performance of Africa’s stock markets. Market capitalisation, P/E’s, dividend yields and price/book ratios, EPS and dividend per share.
  • Country policy evaluation as to future impact on stock market performance.
  • Monthly
  • Monthly
Stock market summaries for the principal companies for all countries listed above (90% of market capitalisation covered)
  • Share prices; Market capitalisation; Price/earnings ratios; Dividend yield and cover; Price/book ratios; Last 12 months earnings per share and dividend per share.
  • Market performance; Sectoral profitability.
  • Monthly
  • Monthly
Stock market and country macro-economic view from 1990 for all countries listed above
  • US$ stock market returns; Stock market momentum indicators; Inflation and interest rates; Inflation adjusted exchange rates; Principal exports and imports.
  • Monthly

Companies

Performance

Local stock markets are outperforming those of both developed and developing countries, and show low correlations with main asset classes.

Reliability

There have been no scandals, failures of stockbroking firms or fraud in any of the markets reviewed. All the countries have effective accounting, auditing and legal professions that enable investors to have reliable financial information and disclosure.

Management

Most companies have good quality management, conservative financial ratios, low levels of debt and strong market shares.

Company Data Available

DATA AVAILABLE CONTENT FREQUENCY
Top 30 companies
  • Ranked by Sector; Country; Market capitalisation.
  • Data and information on: Share prices; Market capitalisation; Price/earnings ratios; Dividend yield and cover; Price/book ratios; Last 12 months earnings per share and dividend per share.
  • US$ share monthly price graphs from 1990.
  • Monthly
  • Monthly
  • Monthly
Top 30 company reviews
  • What the company does; How it makes its money; Divisional analysis; SWOT analysis; Market position and principal competitors; Management; Shareholders; Market position; US$ attributable income.
  • Available on request
Top 30 company financial data
  • Income statements; Balance sheet; Cash flow; Earnings per share, Dividends and dividend cover and yield; Margins (EBITDA, operating, pre-tax and attributable); Liquidity and working capital; Long-term debt and interest coverage; Divisional/segment data; Capacity and production.
  • Available on request

Sectors

Banking & Finance

  • Commercial Banks
  • Insurance
  • Real Estate

Manufacturing

  • Brewing & soft drinks
  • Cement
  • Food & consumer goods
  • Tobacco

Mining

  • Gold

  • Nickel

  • Coal

Oil and Gas

Plantations

  • Tea & coffee

  • Sugar

  • Palm oil/Rubber

Power

Services / Distribution

  • Hotel & tourism
  • Retailing
  • Airlines
  • Fuel Distributors

Telecoms

Sector Data Available

DATA AVAILABLE CONTENT
Individual sector information
  • Capacity and production
  • Valuations:
    • Share prices
    • Market capitalisation
    • Price/earnings ratios
    • Dividend yield and cover
    • Price/book ratios
    • Market performance
    • Sectoral profitability
    • EBITDA margins, operating margins
  • EBITDA margins, operating margins
  • Debt levels, interest coverage
  • US$ share price graphs from 1990