Equity Group Holdings’ short-term earnings headwinds

June 28, 2023, Uncategorized

We reduce our earnings estimates for Equity Group (the group) by 16.5% in FY23e and 16.8% in FY24e. It can largely be explained by higher operating expenses, up 11.7% in FY23e and 15.6% in FY24e, driven by inflation, foreign exchange (FX) devaluation, and increased investments (in IT, staff, and new subsidiaries) by the group. We […]

Read more →

Equity Group Holdings acquires Cogebanque (Compagnie Générale de Banque Plc) in Rwanda

June 27, 2023, Uncategorized

On June 14, 2023, Equity Group Holdings (EGH) announced the acquisition of a 91.93% stake in Cogebanque from a group of investors (including the Rwandan government and Rwanda Social Security Board) pending regulatory approval. It is an all-cash offer of RWF59.5 billion (c.USD52.4 million) or RWF297,406/share. The term sheet also stipulates that the Rwandan government […]

Read more →