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Research

We approach research from a fundamentals perspective. We begin by looking at the industry or sector the company or business being analyzed operates in, as well as its markets where we identify the dominant themes, trends, bellwether indicators, risks and value drivers. Once we have completely taken in the lay of the landscape, we confirm the fundamentals of the specific company and crystallize our view of its immediate position and future outlook. We test for its attractiveness or lack thereof as an investment recommendation by applying standard ratio analysis on its implied financial and market ratios from its audited and reported accounts and stock market data. We confirm valuation by using standard and universal techniques i.e. various earnings multiples (Revenue, EBITDA, EBIT or PER), and where objective data is available we would also run DCF estimates.

 

The following are the reports we release:

  1. Weekly reports– these reports cover the events of the week. We discuss events that have taken place in the global arena, the region and in Kenya
  2. Industry reports – these reports are for companies listed on the exchange .We release one comprehensive report for each industry represented on the NSE yearly
  3. Results notes and company updates – the frequency of these is determined by listed Company results releases and corporate actions.
  4. Macroeconomic reports – these reports analyze the macroeconomic environment, analyzing inflation, money market actions by the Central Bank, expected GDP growth rates, manufacturing just to name but a few.