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DSE

Dar es Salaam Stock ExchangeDAR:DSE Stock Report

Market Cap

TSh29.5b

7D

-4.6%

1Y

40.9%

Updated

17 Oct, 2021

Data

Company Financials
DSE fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance3/6
Financial Health6/6
Dividends3/6

DSE Overview

Dar es Salaam Stock Exchange Plc operates as a securities exchange in Tanzania.

Price History & Performance

Summary of all time highs, changes and price drops for Dar es Salaam Stock Exchange
Historical stock prices
Current Share PriceTSh1,240.00
52 Week HighTSh880.00
52 Week LowTSh1,400.00
Beta0.44
1 Month Change3.33%
3 Month Change1.64%
1 Year Change40.91%
3 Year Change-27.06%
5 Year Change0%
Change since IPO24.00%

Recent News & Updates

Shareholder Returns

DSETZ Capital MarketsTZ Market
7D-4.6%0.8%-0.3%
1Y40.9%42.4%4.4%

Return vs Industry: DSE matched the TZ Capital Markets industry which returned 41.7% over the past year.

Return vs Market: DSE exceeded the TZ Market which returned 4.4% over the past year.

Price Volatility

Is DSE's price volatile compared to industry and market?
DSE volatility
DSE Beta0.44
Industry Beta0.87
Market Beta1

Stable Share Price: DSE is not significantly more volatile than the rest of TZ stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: DSE's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
199623Moremi Marwahttps://www.dse.co.tz

Dar es Salaam Stock Exchange Plc operates as a securities exchange in Tanzania. The company assists companies to raise capital through the issuance of equities and debt securities; and a securities market to investors who intend to invest in the listed companies. It is involved in the electronic trading; and clearing and settlement of securities, such as shares and bonds.

Dar es Salaam Stock Exchange Fundamentals Summary

How do Dar es Salaam Stock Exchange's earnings and revenue compare to its market cap?
DSE fundamental statistics
Market CapTSh29.54b
Earnings (TTM)TSh4.64b
Revenue (TTM)TSh7.49b

6.4x

P/E Ratio

3.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
DSE income statement (TTM)
RevenueTSh7.49b
Cost of RevenueTSh855.82m
Gross ProfitTSh6.63b
ExpensesTSh1.99b
EarningsTSh4.64b

Last Reported Earnings

Dec 31, 2020

Next Earnings Date

n/a

Earnings per share (EPS)194.72
Gross Margin88.57%
Net Profit Margin61.98%
Debt/Equity Ratio0.0%

How did DSE perform over the long term?

See historical performance and comparison

Dividends

9.2%

Current Dividend Yield

59%

Payout Ratio

Valuation

Is Dar es Salaam Stock Exchange undervalued compared to its fair value and its price relative to the market?

6.37x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: DSE (TZS1240) is trading above our estimate of fair value (TZS693.44)

Significantly Below Fair Value: DSE is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: DSE is good value based on its PE Ratio (6.4x) compared to the African Capital Markets industry average (10.7x).

PE vs Market: DSE is good value based on its PE Ratio (6.4x) compared to the TZ market (11.1x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate DSE's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: DSE is overvalued based on its PB Ratio (1.2x) compared to the XF Capital Markets industry average (1x).


Future Growth

How is Dar es Salaam Stock Exchange forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

7.5%

Forecasted Diversified Financials industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Dar es Salaam Stock Exchange has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Past Performance

How has Dar es Salaam Stock Exchange performed over the past 5 years?

12.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: DSE has a high level of non-cash earnings.

Growing Profit Margin: DSE's current net profit margins (62%) are higher than last year (55.1%).


Past Earnings Growth Analysis

Earnings Trend: DSE's earnings have grown by 12.9% per year over the past 5 years.

Accelerating Growth: DSE's earnings growth over the past year (30.4%) exceeds its 5-year average (12.9% per year).

Earnings vs Industry: DSE earnings growth over the past year (30.4%) underperformed the Capital Markets industry 34.1%.


Return on Equity

High ROE: DSE's Return on Equity (18.6%) is considered low.


Financial Health

How is Dar es Salaam Stock Exchange's financial position?


Financial Position Analysis

Short Term Liabilities: DSE's short term assets (TZS24.9B) exceed its short term liabilities (TZS2.2B).

Long Term Liabilities: DSE's short term assets (TZS24.9B) exceed its long term liabilities (TZS1.3B).


Debt to Equity History and Analysis

Debt Level: DSE is debt free.

Reducing Debt: DSE had no debt 5 years ago.

Debt Coverage: DSE has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: DSE has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Dividend

What is Dar es Salaam Stock Exchange current dividend yield, its reliability and sustainability?

9.21%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: DSE's dividend (9.21%) is higher than the bottom 25% of dividend payers in the TZ market (1.97%).

High Dividend: DSE's dividend (9.21%) is in the top 25% of dividend payers in the TZ market (8.2%)


Stability and Growth of Payments

Stable Dividend: DSE has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: DSE's dividend payments have increased, but the company has only paid a dividend for 4 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (58.6%), DSE's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.2yrs

Average board tenure


CEO

Moremi Marwa (45 yo)

8.42yrs

Tenure

Mr. Moremi Marwa, MBA, has been the Chief Executive Officer at Dar Es Salaam STOCK Exchange since May 2013 and served as its Ex-Officio Director since 2013 and serves as its Director since 2015. Mr. Marwa...


Board Members

Experienced Board: DSE's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Dar es Salaam Stock Exchange Plc's employee growth, exchange listings and data sources


Key Information

  • Name: Dar es Salaam Stock Exchange Plc
  • Ticker: DSE
  • Exchange: DAR
  • Founded: 1996
  • Industry: Financial Exchanges and Data
  • Sector: Diversified Financials
  • Market Cap: TSh29.542b
  • Shares outstanding: 23.82m
  • Website: https://www.dse.co.tz

Number of Employees


Location

  • Dar es Salaam Stock Exchange Plc
  • NHC Corporate Office
  • Kambarage House, 3rd Floor
  • Dar es Salaam
  • Tanzania

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/17 15:01
End of Day Share Price2021/10/15 00:00
Earnings2020/12/31
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.