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- Cote D'Ivoire: Reaching the end-game?
- Sub-Saharan Africa - Top 30 Companies
- Sub-Saharan Africa Markets - April 2007
- Sub-Saharan Africa Markets - February 2007
- Sub-Saharan Africa - Top 30 Companies
- Building Foudations in Africa: Cement Companies in Sub Saharan Africa
- Africa: Stock Market Dealing Costs
- Letshego - Micro Provident Botswana Limited
- Ghana - Stock Market Review
- Kenya - Modest losses on the stock market since the election but are investors ignoring the bad corporate news yet to come?
- Malawi: Press Corp - Telecoms, Banking, Retailing & FMCG
- Malawi: Press Corp - Telecoms, Banking & FMCG
- Dangote Sugar Refinery Plc (DSR) - Nigeria
- UAC Nigeria - Food, fast food, paint vehicles & real estate
- Dangote Sugar Refinery Plc (DSR) - Nigeria
- Flour Mills of Nigeria Plc - Nigeria
- Platinum Habib Bank (Bank PHB) - Nigeria
- UAC OF NIGERIA PLC - NIGERIA
- WEMA BANK PLC - Nigeria
- C&I Leasing PLC - Nigeria
- Flour Mills of Nigeria PLC
- Platinum Habib Bank (Bank PHB) - Nigeria
- Nigeria: Dangote Sugar
- Nigeria - Insurance Companies
- Dangote Sugar Refinery - Nigeria
- Nigerian Banks: Undervalued
- Sonatel: Mobile Telecoms - Senegal, Mali, Guinea and Guinea Bissau
- Sonatel: Mobile Telecoms - Senegal and Mali
- Tanzania: CRDB Bank
- Ecobank Transnational Inc - Africa Banking
- Ecobank Transnational Inc (RTI) - Pan-Africa Bank
- Stanbic Bank Uganda - Post IPO Note
- Stanbic Bank Uganda - IPO
- ZAMBIA: Celtel Zambia IPO - Mobile Telecoms
- La Societe Africaine de Plantation D'Heveas (SAPH)
- Sub-Saharan Africa Markets - June 2007
- Lonrho Africa - Resurreting itself through hard work and good investments
- SIPH - West Africa Rubber Plantations
- Kenya: From Poster Child to Bad Boy
- Exotic Markets: 2007 Outlook
- IMF/World Bank 2006 Annual Meetings
- Argentina Untendered but not out
- Argentine Inflation Indexed Bonds: High Returns in Short Duration Bonds
- 2007 Budget and Warrants update
- Debt Restructuring - Too little, too late?
- Closer but still no cigar
- Outlook for the Debt
- Is Nicaragua Considering a Debt Renegotiation?
- Upside in BPI Bonds
- Venezuela Warrants 2008
- Further Upside on the Venezuela Warrants
- North Korea Economy weakens in 2006
- What progress as Six Nations' deadline nears?
- North Korea Nuclear Fallout
- Implications of liquidity squeeze
- Bosnia Bs: Update May 2008
- Will GDP trigger the Bs
- Still value in the As and Bs
- Serbia's Election: Assesment
- Improving economy, despite the risks, leads politics
- AFDB Annual Meetings: Reflections from Maputo
- Africa Local Debt Market Monitor
- Africa Local Debt Market Monitor
- Doing Business 2007: How does Africa rate?
- Cameroon
- Executive Summary
- Republic of Congo: Riding the African wave
- Reaching the end-game?
- Tasting bitter?
- Ghana
- Inflation on the rise again
- Have local interest rates reached their peak
- Can the miracle ecomony adapt?
- Local markets still active
- Nigeria's oil warrant repurchase tender: result and reaction
- Oil Warrants - Valuation update
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- Top 30 Companies - September update
- Top 30 Companies - August update
- Top 30 Companies - December 2011 Sub-Sahara Africa Ex South Africa
- Top 30 Company Report - Sub-Saharan Africa Ex South Africa
- Top 30 Company Report - Sub-Saharan Africa Ex South Africa
- Sub-Saharan Africa - Top 30 Companies
- Sub-Saharan Africa - Top 30 Companies
- Sub-Saharan Africa - Top 30 Companies
- Botswana
- Finance
- Letshego Holdings - Micro Provident Botswana Limited
- Letshego Holdings - Update
- Letshego Holdings - Full Year Results
- Letshego Holdings - H1 2009 Results
- Letshego Holdings - 10 Years of Profitable Lending To SSA Civil Servants
- Letshego Holdings - Not Feeling Blue At All
- Letshego Holdings - Still Growing, Still Cheap
- Letshego Holding Limited: strong growth to continue
- Banking
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- Burkina Faso
- Ghana
- Kenya
- Overview
- Banking
- Equity Bank Limited (EQBNK:KN): Downgrade to HOLD on lower short term profitability outlook
- Kenya Commercial Bank Ltd (KCB:KN)
- Co-op Bank Kenya (COOP:KN): Maintain hold on lower profitability outlook
- Kenya banks: soft landing priced in, selective valuations compelling - KCB remains top pick
- Barclays Bank Kenya - Return to strength
- Co-op Bank: return constrained by payout
- Kenya Commercial Bank Limited (KCB): Efficiency gains
- Equity Bank: Maintain BUY on strong earnings growth
- Co-op Bank: Benefiting from expansion
- Standard Chartered H1 results: No risk, no return
- Barclays H1 results: What happens after the restructuring?
- Kenya Banking Sector Update - On the fast lane
- Co-op bank - 1Q10 Results
- Equity Bank 1Q10 Results
- KCB Bank Group - FY10 Results
- Equity Bank - FY10 Results
- Equity Bank (Kenya)
- Standard Chartered Kenya
- Barclays Bank Kenya
- Kenya Commercial Bank
- Equity Bank (Kenya)
- Safaricom Kenya: The winner of the price war
- Equity Bank: Growth to continue. Upgrade to Buy
- KCB: upward rerating likely to continue. Reiterate buy
- Breweries
- EABL: 22% cut in TP on higher WACC and lower ST EPS growth
- EABL FY11: Pressure still on! Maintain HOLD.
- EABL FY11 preview: Shares under pressure, more clarity needed
- East African Breweries: Don't panic - hold on for the future!
- EABL - 1H10 Results
- East African Breweries Ltd: A frustrating Hold
- EABL: Investor call highlights. Estimates trimmed
- East African Breweries - Almost at its peak. Hold reiterated.
- Cement
- Investment
- Tobacco
- Telecoms
- Safaricom Kenya: Underpromise and overdeliver. Maintain BUY
- Safaricom Kenya: FY12 results preview
- Safaricom 1H 2012 results: We see light at the end of the tunnel!
- Safaricom: It's not all about prices
- Safaricom FY11 Results - Earnings in line with our expectations
- Safaricom: It's not all about voice - Can Internet save safaricom?
- Safaricom - Buy on overreaction to price war
- Safaricom
- Safaricom - Full year March 2009 results
- Safaricom - H1 2009 Results Commentary
- Malawi
- Nigeria
- Banking
- UBA: Upgrade to BUY on improving fundamentals
- First Bank of Nigeria: Profitability momentum gathering
- Guaranty Trust Bank: Premium rating for premium earnings
- Zenith Bank: Maintain BUY on improving profitability
- Nigerian banks report a strong return to profitability, is it sustainable?
- Access Bank Plc (Access: NL): Bargain acquisition
- UBA: Downgrade on another year of disappointing earnings
- Zenith Bank - remain positive despite potential negative 4Q11
- First Bank of Nigeria (FBN): Maintain BUY despite lower earnings
- Guaranty Trust Bank (GTB): Upgrade on impressive 3Q11 earnings
- Access Bank: Short term pain before potential long term gain
- Zenith Bank: 1H11 results reiterate BUY recommendation
- Nigerian Banks - BUY Zenith, FBN and UBA; HOLD GTB
- Nigerian Banks FY10/1Q11 earnings review
- UBA - Capital intensive and distracted by expansion
- Zenith Bank - Low risk growth
- First Bank of Nigeria - Elephant learning new tricks
- GTB - Quality justifies price
- Nigerian Banks - BUY: GTB, FBN, Zenith; HOLD: UBA
- Nigerian Bank Sector Overview
- Guaranty Trust Bank
- Nigerian Banking Sector Travails
- Access Bank (Nigeria)
- Guaranty Trust Bank (Nigeria)
- Platinum Habib Bank (Bank PHB)
- WEMA BANK PLC - Nigeria
- Platinum Habib Bank (Bank PHB)
- First City Monument Bank
- Nigerian Banks: Undervalued
- Nigerian Banks - Trip notes
- Diamond Bank
- UBA: Maintain BUY on improving profitability
- Zenith Bank: Downgrade to Hold. Fully priced
- Access Bank: Maintain BUY. Graduating to the Top Tier
- First Bank of Nigeria: further rerating justified
- Guaranty Trust Bank: Peak earnings. Downgrade to Hold.
- Breweries
- Guinness Nigeria: Lower earnings, high valuation, cut to SELL
- Nigerian Breweries: Down to HOLD on lack of upside potential
- Nigerian Breweries: FY11 earnings positive for the stock. BUY
- Guinness Nigeria: On track to miss our FY12 forecasts?
- How to play the SSA brewers in early 2012
- Nigerian Brewers: Capacity is the key!
- Nigerian Breweries and Guinness Nigeria
- Nigerian Breweries - 2008 Full year results
- Nigerian Breweries
- Guinness Nigeria (GN): fundamentals matter more than ever, Sell
- Nigerian Brewers: Field trip to Lagos - update on the industry
- Guinness Nigeria (GN): weakened positioning. Sell reiterated
- Nigerian Breweries (NB): Time to take profit. Cut to Sell.
- Guinness Nigeria, 1H 13 conf call highlights. Sell reiterated.
- Nigerian Brewers: results publications confirm tough environment
- Cement
- Pan-African expansion: Into Dangote's mind
- Nigerian cement industry: 2012, the transitional year
- How to play cement in Nigeria?
- Flour Mills Nigeria: Investing for future growth
- Benue Cement
- Lafarge WAPCO
- Flour Mills of Nigeria PLC
- Flour Mills of Nigeria PLC
- Nigerian cement sector update: Keep buying the country focus
- Dangote Cement: still high execution risks. Hold reiterated
- Lafarge WAPCO: stronger than expected. Buy reiterated
- Ashaka Cement: Fully valued for now, down to Hold
- Conglomerate
- Finance
- Food & Consumer Goods
- Nestle Nigeria: Strong 1H12 results. Raise TP to NGN506
- Cadbury Nigeria: It's time to get involved, initiate with a BUY
- Nestle Nigeria: Impressive 1Q12 results, but we maintain our call
- Nestle Nigeria: Quality comes at a price. Initiate HOLD
- Flour Mills Nigeria: Rights issue 101.6% subscribed
- Unilever Nigeria: Running ahead of fundamentals
- Dangote Sugar Refinery
- Unilever Nigeria - Full year 2008 results
- Dangote Sugar Refinery Plc (DSR)
- Dangote Sugar Refinery Plc (DSR)
- Dangote Sugar Refinery Plc (DSR)
- Dangote Sugar Refinery Plc (DSR)
- Flour Mills Nigeria: Restructuring pays off
- Unilever Nigeria: Sell. Better value elsewhere
- NESTLE NIGERIA: Estimates raised. Fairly valued - Hold
- Cadbury Nigeria: Downgrade to HOLD following strong rally
- Flour Mills Nigeria: Roll forward estimates. Maintain BUY
- Nestle Nigeria: FY12 results in line with expectations. Reiterate hold
- Flour Mills Nigeria: Limited upside, downgrade to HOLD
- Insurance
- Fuel
- Overview
- Banking
- Senegal
- Telecoms
- Sonatel: Attractive dividend yield. Maintain BUY
- Sonatel: FY11 results-still a sound dividend play
- Sonatel: H1 2011 results review
- Sonatel - BUY on high margins and generous dividend payment
- Sonatel: Mobile Telecoms
- Sonatel (review)
- Sonatel - Full year 2008 results
- Sonatel: Mobile Telecoms - Senegal, Mali, Guinea and Guinea Bissau
- Sonatel: Mobile Telecoms - Senegal and Mali
- Sonatel: FY2012 results preview
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