Ghanaian (GSE) Market Analysis & Valuation

Market Valuation and Performance

Has the Ghanaian Market valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 31 Oct 2023	GH₵31.1b	GH₵50.6b	GH₵2.2b	5.5x	14.2x	0.6x
Thu, 28 Sep 2023	GH₵31.5b	GH₵50.6b	GH₵2.2b	5.5x	14.3x	0.6x
Sat, 26 Aug 2023	GH₵30.1b	GH₵49.7b	GH₵2.3b	4.4x	13x	0.6x
Mon, 24 Jul 2023	GH₵28.3b	GH₵48.7b	GH₵2.1b	4.3x	13.6x	0.6x
Wed, 21 Jun 2023	GH₵26.7b	GH₵48.9b	GH₵2.0b	5.3x	13.1x	0.5x
Fri, 19 May 2023	GH₵25.2b	GH₵48.7b	GH₵5.0b	4.9x	5x	0.5x
Sun, 16 Apr 2023	GH₵26.7b	GH₵48.5b	GH₵6.0b	4.9x	4.5x	0.6x
Tue, 14 Mar 2023	GH₵24.6b	GH₵48.5b	GH₵6.0b	4.9x	4.1x	0.5x
Thu, 09 Feb 2023	GH₵23.8b	GH₵43.4b	GH₵5.9b	4.8x	4.1x	0.5x
Sat, 07 Jan 2023	GH₵24.2b	GH₵43.2b	GH₵5.8b	4.8x	4.2x	0.6x
Mon, 05 Dec 2022	GH₵24.4b	GH₵43.3b	GH₵5.9b	4.5x	4.2x	0.6x
Wed, 02 Nov 2022	GH₵24.4b	GH₵39.2b	GH₵5.9b	4.4x	4.1x	0.6x
Fri, 30 Sep 2022	GH₵24.4b	GH₵38.9b	GH₵5.6b	4.4x	4.3x	0.6x
Sun, 28 Aug 2022	GH₵24.7b	GH₵38.9b	GH₵5.6b	4.5x	4.4x	0.6x
Tue, 26 Jul 2022	GH₵24.1b	GH₵33.6b	GH₵5.2b	4.6x	4.6x	0.7x
Thu, 23 Jun 2022	GH₵24.7b	GH₵33.5b	GH₵5.3b	4.7x	4.7x	0.7x
Sat, 21 May 2022	GH₵25.2b	GH₵31.8b	GH₵5.3b	4.9x	4.8x	0.8x
Mon, 18 Apr 2022	GH₵26.6b	GH₵30.5b	GH₵5.0b	5.8x	5.3x	0.9x
Wed, 16 Mar 2022	GH₵27.4b	GH₵30.3b	GH₵5.0b	5.9x	5.5x	0.9x
Fri, 11 Feb 2022	GH₵25.7b	GH₵27.7b	GH₵4.6b	5.8x	5.6x	0.9x
Sun, 09 Jan 2022	GH₵25.7b	GH₵27.2b	GH₵4.6b	5.5x	5.6x	0.9x
Tue, 07 Dec 2021	GH₵27.1b	GH₵27.2b	GH₵4.6b	5.5x	6x	1x
Thu, 04 Nov 2021	GH₵27.4b	GH₵26.3b	GH₵4.5b	5.7x	6x	1x
Sat, 02 Oct 2021	GH₵27.3b	GH₵24.2b	GH₵4.3b	4.8x	6.4x	1.1x
Mon, 30 Aug 2021	GH₵28.0b	GH₵25.7b	GH₵4.4b	4.8x	6.3x	1.1x
Tue, 06 Jul 2021	GH₵26.6b	GH₵25.7b	GH₵4.4b	4.7x	6x	1x
Fri, 09 Apr 2021	GH₵22.0b	GH₵23.7b	GH₵4.2b	5x	5.2x	0.9x
Thu, 31 Dec 2020	GH₵19.0b	GH₵23.0b	GH₵3.9b	4.6x	4.9x	0.8x

Current Market PE

Investors are optimistic on the Ghanaian market, and appear confident in strong long term growth rates.

The market is trading at a PE ratio of 14.2x which is higher than its 3-year average PE of 6.2x.

Past Earnings Growth

The earnings for Ghanaian listed companies have declined 16% per year over the last three years.
Meanwhile revenues for these companies have grown 31% per year.
This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Ghanaian Market?


GH Market	0.019%
Consumer Staples	1.22%
Financials	0.95%
Energy	0%
Real Estate	0%
Materials	0%
Industrials	0%
Consumer Discretionary	0%
Healthcare	0%
Tech	0%
Utilities	0%
Telecom	-0.72%

Sector PE

Forecasted Growth

Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 21% over the next 5 years.
However this is lower than its past earnings growth rate of 29% per year.

	Company	Last Price	7D	1Y	Valuation	Sector
	EGH Ecobank Ghana	GH₵5.90	5.4% +GH₵96.8m	-11.1%	PB0.6x	Financials
	BOPP Benso Oil Palm Plantation	GH₵19.93	4.8% +GH₵32.0m	188.4%	PE4.8x	Consumer Staples

Company

Last Price

Valuation

Sector

EGH Ecobank Ghana

GH₵5.90

5.4%
+GH₵96.8m

-11.1%

PB0.6x

Financials

BOPP Benso Oil Palm Plantation

GH₵19.93