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Ghanaian (GSE) Market Analysis & Valuation

UpdatedMar 18, 2024
DataAggregated Company Financials
Companies25
  • 7D0.06%
  • 3M10.0%
  • 1Y25.3%
  • YTD7.5%

The market has stayed flat over the 7 days. More promisingly, the market is up 25% over the past year. 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
Tue, 19 Mar 2024GH₵34.7bGH₵53.6bGH₵5.2b5.6x6.7x0.6x
Thu, 15 Feb 2024GH₵31.5bGH₵52.8bGH₵3.3b5.7x9.6x0.6x
Sat, 13 Jan 2024GH₵31.2bGH₵52.6bGH₵3.2b5.2x9.8x0.6x
Mon, 11 Dec 2023GH₵31.2bGH₵52.6bGH₵3.2b5x9.8x0.6x
Wed, 08 Nov 2023GH₵31.4bGH₵51.5bGH₵2.5b5x12.4x0.6x
Fri, 06 Oct 2023GH₵31.7bGH₵50.6bGH₵2.2b5.5x14.4x0.6x
Sun, 03 Sep 2023GH₵30.1bGH₵49.7bGH₵2.3b5.4x13x0.6x
Tue, 01 Aug 2023GH₵29.3bGH₵48.8bGH₵2.1b4.4x13.8x0.6x
Thu, 29 Jun 2023GH₵27.6bGH₵49.0bGH₵2.0b5.6x13.6x0.6x
Sat, 27 May 2023GH₵24.7bGH₵52.3bGH₵5.1b4.7x4.9x0.5x
Mon, 24 Apr 2023GH₵27.3bGH₵48.3bGH₵5.9b5x4.6x0.6x
Wed, 22 Mar 2023GH₵27.0bGH₵48.5bGH₵6.0b5.1x4.5x0.6x
Fri, 17 Feb 2023GH₵23.8bGH₵43.4bGH₵5.8b4.7x4.1x0.5x
Sun, 15 Jan 2023GH₵24.1bGH₵43.3bGH₵5.8b4.6x4.1x0.6x
Tue, 13 Dec 2022GH₵24.3bGH₵43.3bGH₵5.9b5.2x4.2x0.6x
Thu, 10 Nov 2022GH₵24.4bGH₵38.9bGH₵5.6b4.4x4.3x0.6x
Sat, 08 Oct 2022GH₵24.4bGH₵38.9bGH₵5.6b4.4x4.3x0.6x
Mon, 05 Sep 2022GH₵24.9bGH₵38.9bGH₵5.6b4.6x4.4x0.6x
Wed, 03 Aug 2022GH₵24.0bGH₵38.2bGH₵5.4b4.3x4.5x0.6x
Fri, 01 Jul 2022GH₵25.2bGH₵33.5bGH₵5.3b4.9x4.8x0.8x
Sun, 29 May 2022GH₵25.2bGH₵33.4bGH₵5.3b4.9x4.8x0.8x
Tue, 26 Apr 2022GH₵26.5bGH₵30.5bGH₵5.0b5.5x5.3x0.9x
Thu, 24 Mar 2022GH₵27.2bGH₵30.4bGH₵4.9b6.3x5.5x0.9x
Sat, 19 Feb 2022GH₵27.0bGH₵29.5bGH₵4.7b5.9x5.7x0.9x
Mon, 17 Jan 2022GH₵25.9bGH₵27.2bGH₵4.6b5.5x5.7x1x
Wed, 15 Dec 2021GH₵26.8bGH₵27.2bGH₵4.6b5.5x5.9x1x
Fri, 12 Nov 2021GH₵28.2bGH₵27.1bGH₵4.5b5.8x6.2x1x
Sun, 10 Oct 2021GH₵27.5bGH₵25.3bGH₵4.4b4.8x6.3x1.1x
Tue, 07 Sep 2021GH₵26.4bGH₵25.1bGH₵4.3b4.5x6.1x1x
Thu, 05 Aug 2021GH₵27.9bGH₵25.7bGH₵4.4b4.8x6.3x1.1x
Sun, 09 May 2021GH₵25.6bGH₵23.7bGH₵4.2b5.1x6.1x1.1x
Price to Earnings Ratio

5.2x


Total Market Cap: GH₵22.0bTotal 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 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 6.9x.
Past Earnings Growth
  • The earnings for Ghanaian listed companies have grown 7.2% 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 Market0.058%
Consumer Staples1.86%
Energy0%
Real Estate0%
Materials0%
Industrials0%
Consumer Discretionary0%
Healthcare0%
Tech0%
Telecom0%
Utilities0%
Financials-0.39%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 1.6x.
    • 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 4.6x.
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₵1.553.3%
+GH₵661.8m
29.2%PE5.2xTelecom
UNIL Unilever GhanaGH₵11.839.9%
+GH₵66.9m
228.6%PE4.1xConsumer Staples
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Market Insights

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Latest News

UNIL

GH₵11.83

Unilever Ghana

7D

9.9%

1Y

228.6%

FML

GH₵3.24

Fan Milk

7D

-1.8%

1Y

100.0%

CAL

GH₵0.48

CalBank

7D

-4.0%

1Y

-4.0%

EGH

GH₵6.10

Ecobank Ghana

7D

-1.6%

1Y

13.0%