The Ledger
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Smith: Kenya's Equity Group compounded dollar EPS at 20% annually for 20 years
“It started as a listed entity around 20 years ago, and since then it has grown its dollar EPS by over 20% per annum.”
Smith: Africa consistently accounts for half of the world's fastest-growing economies
“If you look at the top 10 or top 20 fastest growing economies in the world, Africa always makes up
Half of those, and has done for many years, and is expected to continue to do so.”
Smith: A 20-year US inflation differential perfectly explains African currency depreciation
“The most important thing for us, the starting point is that if we look at any of our floating currencies over a 20 year period, the inflation differential to the US perfectly explains the depreciation.”
Smith: Inter-country correlation is much higher than sector correlation across African equity markets
“We know that inter-country correlation is much, much higher than sector correlation across Africa, for example.”
Smith: South Africa accounts for roughly 60% of investable African equities
“South Africa is a very, very big part of that, about 60% in terms of number of names, as well as market cap.”
Smith: 98% of Kenya's Equity Group transactions happen electronically outside physical branches
“So they were very, very quick to adopt all sorts of technology over time to the point now where 98% of their transactions are electronic transactions that happen away from any sort of bank branch.”
Smith: MTN Nigeria trades at a single-digit P/E and yields a 7% dividend
“And Ted, you can buy MTN Nigeria for single digit PE. You can buy Equity Group in Kenya for less than book value. Both of them pay us seven percent. Div yield at the moment.”