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Ghanaian (GSE) Market Analysis & Valuation

UpdatedOct 31, 2023
DataAggregated Company Financials
  • 7D0.02%
  • 3M0.3%
  • 1Y31.1%
  • YTD29.7%

The market has been flat over the last week. More promisingly, the market is up 31% over the past year. Earnings are forecast to grow by 21% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 31 Oct 2023GH₵31.1bGH₵50.6bGH₵2.2b5.5x14.2x0.6x
Thu, 28 Sep 2023GH₵31.5bGH₵50.6bGH₵2.2b5.5x14.3x0.6x
Sat, 26 Aug 2023GH₵30.1bGH₵49.7bGH₵2.3b4.4x13x0.6x
Mon, 24 Jul 2023GH₵28.3bGH₵48.7bGH₵2.1b4.3x13.6x0.6x
Wed, 21 Jun 2023GH₵26.7bGH₵48.9bGH₵2.0b5.3x13.1x0.5x
Fri, 19 May 2023GH₵25.2bGH₵48.7bGH₵5.0b4.9x5x0.5x
Sun, 16 Apr 2023GH₵26.7bGH₵48.5bGH₵6.0b4.9x4.5x0.6x
Tue, 14 Mar 2023GH₵24.6bGH₵48.5bGH₵6.0b4.9x4.1x0.5x
Thu, 09 Feb 2023GH₵23.8bGH₵43.4bGH₵5.9b4.8x4.1x0.5x
Sat, 07 Jan 2023GH₵24.2bGH₵43.2bGH₵5.8b4.8x4.2x0.6x
Mon, 05 Dec 2022GH₵24.4bGH₵43.3bGH₵5.9b4.5x4.2x0.6x
Wed, 02 Nov 2022GH₵24.4bGH₵39.2bGH₵5.9b4.4x4.1x0.6x
Fri, 30 Sep 2022GH₵24.4bGH₵38.9bGH₵5.6b4.4x4.3x0.6x
Sun, 28 Aug 2022GH₵24.7bGH₵38.9bGH₵5.6b4.5x4.4x0.6x
Tue, 26 Jul 2022GH₵24.1bGH₵33.6bGH₵5.2b4.6x4.6x0.7x
Thu, 23 Jun 2022GH₵24.7bGH₵33.5bGH₵5.3b4.7x4.7x0.7x
Sat, 21 May 2022GH₵25.2bGH₵31.8bGH₵5.3b4.9x4.8x0.8x
Mon, 18 Apr 2022GH₵26.6bGH₵30.5bGH₵5.0b5.8x5.3x0.9x
Wed, 16 Mar 2022GH₵27.4bGH₵30.3bGH₵5.0b5.9x5.5x0.9x
Fri, 11 Feb 2022GH₵25.7bGH₵27.7bGH₵4.6b5.8x5.6x0.9x
Sun, 09 Jan 2022GH₵25.7bGH₵27.2bGH₵4.6b5.5x5.6x0.9x
Tue, 07 Dec 2021GH₵27.1bGH₵27.2bGH₵4.6b5.5x6x1x
Thu, 04 Nov 2021GH₵27.4bGH₵26.3bGH₵4.5b5.7x6x1x
Sat, 02 Oct 2021GH₵27.3bGH₵24.2bGH₵4.3b4.8x6.4x1.1x
Mon, 30 Aug 2021GH₵28.0bGH₵25.7bGH₵4.4b4.8x6.3x1.1x
Tue, 06 Jul 2021GH₵26.6bGH₵25.7bGH₵4.4b4.7x6x1x
Fri, 09 Apr 2021GH₵22.0bGH₵23.7bGH₵4.2b5x5.2x0.9x
Thu, 31 Dec 2020GH₵19.0bGH₵23.0bGH₵3.9b4.6x4.9x0.8x
Price to Earnings Ratio


Total Market Cap: GH₵18.0bTotal Earnings: GH₵3.7bTotal Revenue: GH₵22.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Ghanaian Market Price to Earnings3Y Average 6.3x202120222023
Current Market PE
  • Investors are optimistic on the Ghanaian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 14.2x which is higher than its 3-year average PE of 6.2x.
Past Earnings Growth
  • The earnings for Ghanaian listed companies have declined 16% per year over the last three years.
  • Meanwhile revenues for these companies have grown 31% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Ghanaian Market?

GH Market0.019%
Consumer Staples1.22%
Real Estate0%
Consumer Discretionary0%
Sector PE
    Forecasted Growth
    • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 21% over the next 5 years.
    • However this is lower than its past earnings growth rate of 29% per year.

    Top Stock Gainers and Losers

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

    CompanyLast Price7D1YValuationSector
    EGH Ecobank GhanaGH₵5.905.4%
    BOPP Benso Oil Palm PlantationGH₵19.934.8%
    188.4%PE4.8xConsumer Staples
    See more
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