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Ghanaian (GSE) Market Analysis & Valuation

UpdatedMay 30, 2023
DataAggregated Company Financials
Companies26
  • 7D-2.6%
  • 3M4.3%
  • 1Y-2.2%
  • YTD2.4%

Over the last 7 days, the market has dropped 2.6%, driven by a decline of 4.4% in the Communication Services sector. In the last 12 months the market has been flat overall. As for the next few years, earnings are expected to grow by 24% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 May 2023GH₵24.7bGH₵52.2bGH₵4.9b4.7x5x0.5x
Thu, 27 Apr 2023GH₵27.3bGH₵48.3bGH₵5.9b5x4.6x0.6x
Sat, 25 Mar 2023GH₵28.0bGH₵48.5bGH₵6.0b5.2x4.7x0.6x
Mon, 20 Feb 2023GH₵23.9bGH₵47.8bGH₵5.8b4.9x4.1x0.5x
Wed, 18 Jan 2023GH₵24.1bGH₵43.3bGH₵5.8b4.6x4.1x0.6x
Fri, 16 Dec 2022GH₵24.3bGH₵43.2bGH₵5.9b5.4x4.1x0.6x
Sun, 13 Nov 2022GH₵24.3bGH₵38.9bGH₵5.6b4.4x4.3x0.6x
Tue, 11 Oct 2022GH₵24.4bGH₵38.9bGH₵5.7b4.4x4.3x0.6x
Thu, 08 Sep 2022GH₵24.9bGH₵38.9bGH₵5.6b4.6x4.4x0.6x
Sat, 06 Aug 2022GH₵23.6bGH₵38.3bGH₵5.4b4.4x4.4x0.6x
Mon, 04 Jul 2022GH₵25.2bGH₵33.6bGH₵5.2b4.9x4.8x0.8x
Wed, 01 Jun 2022GH₵25.2bGH₵33.4bGH₵5.3b4.9x4.8x0.8x
Fri, 29 Apr 2022GH₵26.6bGH₵31.2bGH₵5.2b5.5x5.1x0.9x
Sun, 27 Mar 2022GH₵27.3bGH₵30.4bGH₵4.9b6.3x5.5x0.9x
Tue, 22 Feb 2022GH₵27.0bGH₵29.5bGH₵4.7b5.9x5.7x0.9x
Thu, 20 Jan 2022GH₵26.0bGH₵27.2bGH₵4.6b5.5x5.7x1x
Sat, 18 Dec 2021GH₵26.8bGH₵27.2bGH₵4.6b5.5x5.9x1x
Mon, 15 Nov 2021GH₵28.6bGH₵27.1bGH₵4.5b5.8x6.3x1.1x
Wed, 13 Oct 2021GH₵27.3bGH₵25.3bGH₵4.4b5.3x6.3x1.1x
Fri, 10 Sep 2021GH₵26.8bGH₵25.1bGH₵4.3b4.5x6.2x1.1x
Sun, 08 Aug 2021GH₵28.0bGH₵25.7bGH₵4.4b4.8x6.3x1.1x
Sat, 01 May 2021GH₵25.6bGH₵23.7bGH₵4.2b5.1x6.1x1.1x
Tue, 02 Feb 2021GH₵19.9bGH₵23.0bGH₵3.9b5.1x5.1x0.9x
Fri, 06 Nov 2020GH₵18.0bGH₵22.7bGH₵3.7b4.8x4.9x0.8x
Mon, 10 Aug 2020GH₵18.6bGH₵22.6bGH₵3.3b5.5x5.6x0.8x
Price to Earnings Ratio

6x


Total Market Cap: GH₵19.0bTotal Earnings: GH₵3.1bTotal Revenue: GH₵23.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Ghanaian Market Price to Earnings3Y Average 5.2x202120222023
Current Market PE
  • Investors are relatively neutral on the Ghanaian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 5.2x.
Past Earnings Growth
  • The earnings for Ghanaian listed companies have grown 16% per year over the last three years.
  • Revenues for these companies have grown 31% 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 Market-2.60%
Consumer Staples0.92%
Energy0.17%
Real Estate0%
Materials0%
Industrials0%
Consumer Discretionary0%
Healthcare0%
Tech0%
Utilities0%
Financials-0.68%
Telecom-4.42%
Sector PE
    Forecasted Growth
    • Analysts are most optimistic on the Financials sector, expecting annual earnings growth of 57% over the next 5 years.
    • This is better than its past earnings growth rate of 30% per year.

    Top Stock Gainers and Losers

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

    CompanyLast Price7D1YValuationSector
    FML Fan MilkGH₵1.3030.0%
    +GH₵34.9m
    -56.7%PS0.3xConsumer Staples
    UNIL Unilever GhanaGH₵6.084.8%
    +GH₵17.5m
    3.2%PE25.5xConsumer Staples
    TOTAL TotalEnergies Marketing GhanaGH₵6.450.3%
    +GH₵2.2m
    57.3%PE4.2xEnergy
    See more
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    Latest News

    BOPP

    GH₵13.00

    Benso Oil Palm Plantation

    7D

    -7.9%

    1Y

    116.7%

    UNIL

    GH₵6.08

    Unilever Ghana

    7D

    4.8%

    1Y

    3.2%

    MTNGH

    GH₵1.08

    Scancom

    7D

    -4.4%

    1Y

    20.0%

    GCB

    GH₵3.15

    GCB Bank

    7D

    -1.3%

    1Y

    -37.7%

    FML

    GH₵1.30

    Fan Milk

    7D

    30.0%

    1Y

    -56.7%

    EGL

    GH₵2.43

    Enterprise Group

    7D

    -10.0%

    1Y

    -26.4%

    SIC

    GH₵0.24

    SIC Insurance

    7D

    -4.0%

    1Y

    -14.3%