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
Wed, 19 Jun 2024	GH₵39.3b	GH₵59.8b	GH₵8.7b	3.2x	4.5x	0.7x
Fri, 17 May 2024	GH₵39.0b	GH₵59.7b	GH₵8.7b	3.4x	4.5x	0.7x
Sun, 14 Apr 2024	GH₵35.7b	GH₵58.6b	GH₵7.9b	3.1x	4.5x	0.6x
Tue, 12 Mar 2024	GH₵34.6b	GH₵51.5b	GH₵3.7b	6.3x	9.4x	0.7x
Thu, 08 Feb 2024	GH₵31.5b	GH₵52.8b	GH₵3.3b	5.5x	9.6x	0.6x
Sat, 06 Jan 2024	GH₵31.2b	GH₵52.6b	GH₵3.2b	5.2x	9.8x	0.6x
Mon, 04 Dec 2023	GH₵31.6b	GH₵52.6b	GH₵3.2b	5x	10x	0.6x
Wed, 01 Nov 2023	GH₵31.1b	GH₵50.6b	GH₵2.2b	5.5x	14.3x	0.6x
Fri, 29 Sep 2023	GH₵31.5b	GH₵50.6b	GH₵2.2b	5.5x	14.3x	0.6x
Sun, 27 Aug 2023	GH₵30.3b	GH₵49.7b	GH₵2.3b	4.4x	13.1x	0.6x
Tue, 25 Jul 2023	GH₵28.3b	GH₵48.7b	GH₵2.1b	4.3x	13.6x	0.6x
Thu, 22 Jun 2023	GH₵26.7b	GH₵48.9b	GH₵2.0b	5.2x	13.1x	0.5x
Sat, 20 May 2023	GH₵25.2b	GH₵48.7b	GH₵5.0b	4.9x	5x	0.5x
Mon, 17 Apr 2023	GH₵26.7b	GH₵48.5b	GH₵6.0b	4.9x	4.5x	0.6x
Wed, 15 Mar 2023	GH₵25.0b	GH₵48.5b	GH₵6.0b	4.9x	4.2x	0.5x
Fri, 10 Feb 2023	GH₵23.7b	GH₵43.4b	GH₵5.9b	4.8x	4.1x	0.5x
Sun, 08 Jan 2023	GH₵24.2b	GH₵43.2b	GH₵5.8b	4.6x	4.2x	0.6x
Tue, 06 Dec 2022	GH₵24.4b	GH₵43.3b	GH₵5.9b	4.5x	4.2x	0.6x
Thu, 03 Nov 2022	GH₵24.4b	GH₵39.0b	GH₵5.6b	4.4x	4.3x	0.6x
Sat, 01 Oct 2022	GH₵24.4b	GH₵38.9b	GH₵5.6b	4.4x	4.3x	0.6x
Mon, 29 Aug 2022	GH₵24.7b	GH₵38.9b	GH₵5.6b	4.5x	4.4x	0.6x
Wed, 27 Jul 2022	GH₵24.1b	GH₵33.6b	GH₵5.2b	4.6x	4.6x	0.7x
Fri, 24 Jun 2022	GH₵24.8b	GH₵33.5b	GH₵5.3b	4.8x	4.7x	0.7x
Sun, 22 May 2022	GH₵25.2b	GH₵31.8b	GH₵5.3b	4.9x	4.8x	0.8x
Tue, 19 Apr 2022	GH₵26.6b	GH₵30.5b	GH₵5.0b	5.8x	5.3x	0.9x
Thu, 17 Mar 2022	GH₵27.2b	GH₵30.3b	GH₵5.0b	6x	5.4x	0.9x
Sat, 12 Feb 2022	GH₵25.6b	GH₵27.7b	GH₵4.6b	5.8x	5.6x	0.9x
Mon, 10 Jan 2022	GH₵25.7b	GH₵27.2b	GH₵4.6b	5.5x	5.6x	0.9x
Wed, 08 Dec 2021	GH₵27.1b	GH₵27.2b	GH₵4.6b	5.5x	6x	1x
Fri, 05 Nov 2021	GH₵28.1b	GH₵26.3b	GH₵4.5b	5.7x	6.2x	1.1x
Sun, 03 Oct 2021	GH₵27.3b	GH₵24.2b	GH₵4.3b	4.8x	6.4x	1.1x
Tue, 31 Aug 2021	GH₵28.0b	GH₵25.7b	GH₵4.4b	4.8x	6.3x	1.1x
Wed, 07 Jul 2021	GH₵26.6b	GH₵25.7b	GH₵4.4b	4.7x	6x	1x

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 4.5x which is lower than its 3-year average PE of 6.8x.

Past Earnings Growth

The earnings for Ghanaian listed companies have grown 25% per year over the last three years.
Revenues for these companies have grown 33% 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	-0.12%
Financials	0.63%
Energy	0.067%
Real Estate	0%
Materials	0%
Industrials	0%
Consumer Discretionary	0%
Healthcare	0%
Tech	0%
Telecom	0%
Utilities	0%
Consumer Staples	-3.53%

Sector PE

Investors favour the Consumer Staples sector the most for future growth even though it's trading below its 3-year average PE ratio of 14.2x.

It looks like investors are confident that earnings will grow faster in the future than they have historically.

Forecasted Growth

Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 10% over the next 5 years.
However this is lower than its past earnings growth rate of 50% per year.

In contrast, the Telecom sector is expected to see its earnings grow by 10% per year over the next few years.

Top Stock Gainers and Losers

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

Company	Last Price	7D	1Y	Valuation	Sector
GCB GCB Bank	GH₵5.50	4.8% +GH₵66.3m	71.9%	PB0.4x	Financials
FML Fan Milk	GH₵3.38	6.0% +GH₵22.1m	156.1%	PE15.6x	Consumer Staples
TOTAL TotalEnergies Marketing Ghana	GH₵9.67	0.1% +GH₵1.1m	49.9%	PE6x	Energy