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Jan Schalkwijk, CFA  

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  • Guinness Nigeria - A Glass Half Full
    Wed, Mar. 18 DEO, NGE 1 Comment

    Summary

    • Nigeria is Guinness' Biggest Market and Diageo owns 54% of Guinness Nigeria. As such, success in Nigeria is of strategic importance to Diageo.
    • The Guinness and Harp brands have seen their market share decline by 30% and 40%, respectively.
    • The market has changed, with value brands challenging the more expensive incumbents. And brand equity of the flagship Guinness brand has suffered due to association with an older, dying demographic.
    • Sell side analysts are bearish and the stock has declined by more than half in 2 years.
    • A new management team has stopped the bleeding of volume sales and a turnaround might be in the works. I am not a buyer yet, but paying attention.
  • Boots On The Ground In Nigeria
    Mon, Mar. 2 AFK, NGE 2 Comments

    Summary

    • Investors in Nigerian stocks face uncertainty with regards to the exchange rate, upcoming elections, terrorism, and oil prices.
    • It is during periods of great uncertainty that seeds are planted for subsequent attractive returns.
    • A recent trip to Nigeria confirmed that investment opportunities exist for long-term investors who are able to stomach market volatility and uncertainty in the interim.
  • Investing In Africa With ETFs
    Fri, Feb. 6 AFK, EZA, NGE 2 Comments

    Summary

    • ETFs have penetrated niche asset classes, such as frontier markets equity. This includes Africa, with EZA, AFK, and NGE.
    • In illiquid, under-researched markets, ETFs don't offer the same diversification and market return matching as in the US.
    • Particularly in Africa, ETFs may not be adequate as a replacement for individual securities but can serve to gain additional diversification. Case in point: the Nigeria focused ETF NGE.
  • Nigeria's Perfect Storm?
    Nov. 4, 2014 NGE 2 Comments

    Summary

    • Nigerian investors are facing a perfect storm of Ebola, terrorism, and falling oil prices.
    • These are serious issues, but the market pendulum might be over swinging on the pessimism side.
    • Low valuations for attractive growth opportunities are pricing in the risk and the macro picture is more likely to improve than deteriorate.
  • Weak African Rand Spells Opportunity
    Aug. 7, 2013 AFK, EEM, EZA 3 Comments
  • Banking On Kenyan Banks - Conservative Ratios And Stellar Growth
    May. 13, 2013 AFK, SGBLY, NDBKY 4 Comments
  • Safaricom - A Frontier Market Company Set To Dial Up Profits
    Apr. 7, 2013 ORAN, VOD, FM Comment!
  • Do Africa Funds Provide Access To African Growth?
    Dec. 12, 2012 AFK, EZA 10 Comments
  • South Africa: A Glass Half Empty Or Half Full?
    Editors' Pick • Oct. 5, 2012 AFK, EZA, WMT 14 Comments
  • The Case For Investing In South Africa (Part II)
    Editors' Pick • Sep. 28, 2012 EZA 30 Comments
  • The Case For Investing In South Africa
    Sep. 20, 2012 AFK, EZA Comment!
  • Investing In Green Stocks - A Promising Future, A Disappointing Past
    Apr. 24, 2012 FAN, TAN 5 Comments