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Ghanaian (GSE) Market Analysis & Valuation

UpdatedApr 17, 2024
DataAggregated Company Financials
Companies23
  • 7D2.0%
  • 3M12.0%
  • 1Y35.6%
  • YTD12.5%

Over the last 7 days, the market has risen 2.0%, driven by gains of 2.6% in the Communication Services sector. As for the past 12 months, the market is up 36%. As for the next few years, earnings are expected to grow by 13% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Apr 2024GH₵36.4bGH₵58.6bGH₵7.9b3.1x4.6x0.6x
Fri, 15 Mar 2024GH₵34.7bGH₵53.6bGH₵5.2b5.6x6.7x0.6x
Sun, 11 Feb 2024GH₵31.5bGH₵52.8bGH₵3.3b5.7x9.6x0.6x
Tue, 09 Jan 2024GH₵31.2bGH₵52.6bGH₵3.2b5.2x9.8x0.6x
Thu, 07 Dec 2023GH₵31.4bGH₵52.6bGH₵3.2b5x9.9x0.6x
Sat, 04 Nov 2023GH₵31.2bGH₵50.8bGH₵2.2b5.2x14.1x0.6x
Mon, 02 Oct 2023GH₵31.6bGH₵50.6bGH₵2.2b5.5x14.3x0.6x
Wed, 30 Aug 2023GH₵30.3bGH₵49.7bGH₵2.3b4.5x13.1x0.6x
Fri, 28 Jul 2023GH₵28.8bGH₵48.7bGH₵2.1b4.7x13.9x0.6x
Sun, 25 Jun 2023GH₵26.9bGH₵48.9bGH₵2.0b5.4x13.2x0.5x
Tue, 23 May 2023GH₵25.2bGH₵48.7bGH₵5.0b4.9x5x0.5x
Thu, 20 Apr 2023GH₵26.5bGH₵48.5bGH₵6.0b4.9x4.4x0.5x
Sat, 18 Mar 2023GH₵27.0bGH₵48.5bGH₵6.0b5.1x4.5x0.6x
Mon, 13 Feb 2023GH₵23.6bGH₵43.4bGH₵5.8b4.7x4.1x0.5x
Wed, 11 Jan 2023GH₵24.2bGH₵43.3bGH₵5.8b4.6x4.2x0.6x
Fri, 09 Dec 2022GH₵24.4bGH₵43.3bGH₵5.9b4.9x4.2x0.6x
Sun, 06 Nov 2022GH₵24.4bGH₵39.0bGH₵5.7b4.4x4.3x0.6x
Tue, 04 Oct 2022GH₵24.4bGH₵38.9bGH₵5.6b4.4x4.3x0.6x
Thu, 01 Sep 2022GH₵24.9bGH₵38.9bGH₵5.6b4.6x4.4x0.6x
Sat, 30 Jul 2022GH₵25.0bGH₵34.0bGH₵5.3b5x4.7x0.7x
Mon, 27 Jun 2022GH₵24.8bGH₵33.5bGH₵5.3b4.8x4.7x0.7x
Wed, 25 May 2022GH₵25.2bGH₵33.3bGH₵5.3b4.9x4.8x0.8x
Fri, 22 Apr 2022GH₵26.5bGH₵30.5bGH₵5.0b5.5x5.3x0.9x
Sun, 20 Mar 2022GH₵27.2bGH₵30.3bGH₵4.9b6.3x5.6x0.9x
Tue, 15 Feb 2022GH₵25.7bGH₵27.7bGH₵4.6b5.8x5.6x0.9x
Thu, 13 Jan 2022GH₵25.2bGH₵27.2bGH₵4.6b5.5x5.5x0.9x
Sat, 11 Dec 2021GH₵26.8bGH₵27.2bGH₵4.6b5.5x5.9x1x
Mon, 08 Nov 2021GH₵28.1bGH₵27.1bGH₵4.5b5.8x6.2x1x
Wed, 06 Oct 2021GH₵27.5bGH₵25.3bGH₵4.4b4.8x6.3x1.1x
Fri, 03 Sep 2021GH₵28.1bGH₵25.7bGH₵4.4b4.8x6.3x1.1x
Sun, 01 Aug 2021GH₵27.7bGH₵25.7bGH₵4.4b4.8x6.3x1.1x
Wed, 05 May 2021GH₵25.6bGH₵23.7bGH₵4.2b5.1x6.1x1.1x
Price to Earnings Ratio

6.1x


Total Market Cap: GH₵25.6bTotal Earnings: GH₵4.2bTotal Revenue: GH₵23.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Ghanaian Market Price to Earnings3Y Average 6.9x202220232024
Current Market PE
  • Investors are pessimistic on the Ghanaian market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 4.6x which is lower than its 3-year average PE of 6.9x.
Past Earnings Growth
  • The earnings for Ghanaian listed companies have grown 23% per year over the last three years.
  • Revenues for these companies have grown 35% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Ghanaian Market?

GH Market1.97%
Telecom2.56%
Financials1.72%
Energy0%
Real Estate0%
Materials0%
Industrials0%
Consumer Discretionary0%
Consumer Staples0%
Healthcare0%
Tech0%
Utilities0%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 2.6x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
  • The Healthcare sector is the least preferred by investors for future growth, which is trading below its 3-year average of 4.4x.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 13% over the next 5 years.
  • However this is lower than its past earnings growth rate of 39% per year.
  • In contrast, the Telecom sector is expected to see its earnings grow by 13% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
MTNGH ScancomGH₵1.602.6%
+GH₵529.4m
33.3%PE5.3xTelecom
GCB GCB BankGH₵4.2011.7%
+GH₵116.6m
33.3%PB0.4xFinancials
ACCESS Access Bank (Ghana)GH₵4.807.9%
+GH₵60.9m
20.0%PB0.6xFinancials
TOTAL TotalEnergies Marketing GhanaGH₵9.510.1%
+GH₵1.1m
48.8%PE6.3xEnergy
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Latest News

ACCESS

GH₵4.80

Access Bank (Ghana)

7D

7.9%

1Y

20.0%

MTNGH

GH₵1.60

Scancom

7D

2.6%

1Y

33.3%

GCB

GH₵4.20

GCB Bank

7D

11.7%

1Y

33.3%

TOTAL

GH₵9.51

TotalEnergies Marketing Ghana

7D

0.1%

1Y

48.8%