CDH Capital ltd

Ratios Description	2020	2021
Quick Ratio	0.25	0.57
Earnings per Share (EPS)	8.75	17.04
Price-Earnings (P/E) Ratio	13.71	9.39
Debt-Equity Ratio	1.99	1.28
Return on Equity (ROE)	21.14 %	34.29 %
Return on Investment (Based on EPS)	7.3 %	10.65 %
Book value per share (/Rwf)	41.4	49.69
Price to Book ratio	2.9	3.22
Dividend per share (/Rwf)	8.75	17.03
Dividend Yield	7.29 %	10.64 %

About Bralirwa

In 1957, Bralirwa was established in Rwanda with the construction of a brewery in Gisenyi. Two years later in 1959, Primus, our best selling beer brand was made available to our customers and has remained the most popular beer in Rwanda to date. Through the years, our beer portfolio has ... Click for more

Equity market

An equity market is a market in which shares of companies are issued and traded, either through exchanges or over-the-counter markets. Also known as the stock market, it is one of the most vital areas of a market economy. It gives companies access to capital to grow their business, and investors a piece of ownership in a company with the potential to realize gains in their investment based on the company's future performance

Equity markets are the meeting point for buyers and sellers of stocks. The securities traded in the equity market can either be public stocks, which are those listed on the stock exchange, or privately traded stocks. Often, private stocks are traded through dealers, which is the definition of an over-the-counter market.

When companies are born they are private companies, and after a certain time, they go through an initial public offering (IPO), which is a process that turns them into public companies traded on a stock exchange. Private stocks operate slightly differently as they are only offered to employees and certain investors.

Some of the largest equity markets, or stock markets, in the world are the New York Stock Exchange, Nasdaq, Tokyo Stock Exchange, Shanghai Stock Exchange, and Euronext Europe.

Companies list their stocks on an exchange as a way to obtain capital to grow their business. An equity market is a form of equity financing, in which a company gives up a certain percentage of ownership in exchange for capital. That capital is then used for a variety of business needs. Equity financing is the opposite of debt financing, which utilizes loans and other forms of borrowing to obtain capital

Research Reports

Issue Date	Maturity Date	Tenor	Coupon (%)	Yield (%)
20/03/2024	16/03/2029	5	12.000	12.000
25/10/2023	16/06/2028	5	11.760	11.800
21/06/2023	16/06/2028	5	11.760	11.760
16/02/2022	12/02/2027	5	11.000	11.000
17/02/2021	13/02/2026	5	11.000	11.000
21/10/2020	18/08/2025	5	11.145	10.975
19/08/2020	18/08/2025	5	11.145	11.145
25/09/2019	17/05/2024	5	11.300	11.200
24/07/2019	17/05/2024	5	11.300	11.250
22/05/2019	17/05/2024	5	11.300	11.300
21/02/2018	17/02/2023	5	11.800	11.800
23/08/2017	19/08/2022	5	12.200	12.200

The table displays last 12 successive issuances

Private Equity Desk

CDH Capital has recently set up a Private Equity Desk which offers, as a part of its Capital Market services, Private Equity as a new service specially to local, large and medium size companies looking to raise equity / quasi-equity from financial investors locally, regionally and internationally.

Private equity services have been gathering momentum in Rwanda as the Government encourages local businesses to boost local production and services to manage macroeconomic indicators.

What is Private Equity? – These are investments, amongst others, in private companies / businesses where private investors believe high future growth potential exists. These private investors bring in additional capital and expertise to help them grow. Private investors have the choice either to stay or exit by selling their private stakes to existing or new investors.

CDH has been involved in several significant private deals.

Our approach is to build a platform to allow large and medium size private entities to interact with potential private investors with CDH as intermediary. We offer investment banking and financial advisory services to these private entities for them to access additional funds under different conditions.

We leverage our local experience and local, regional and international private equity investors' network with our regional partners to provide tailor made solutions to clients.

Equity trades

The most commonly traded securities in Rwanda are public listed common shares.

CDH is one of the leaders in equity securities with millions of equity shares traded every year.

Our securities services include the following for our clients:

• We act as brokers to execute client orders to buy or sell on the Rwanda Stock Exchange (RSE) and Nairobi Stock Exchange (NSE)

• We act as broker-dealer for our clients and trade on our own account and for our clients. This helps in creating liquidity in the market for our clients

• We allow our clients to benefit from Arbitrage Opportunities that allow them to benefit from price differences in markets for equities and bonds

• We also provide Prime Services to hedge funds and institutional clients, including prime brokerage, start-up services, capital introductions, securities clearing, hedge fund administration, synthetics and innovative financing solutions.

Our Equity Desk uses in-house research as well as third party research, offerings and other prod¬ucts and services to meet the needs of clients including mutual funds, investment advisors, banks, pension funds, hedge funds, insurance companies and other global financial institutions.

Our Sales trading team links sales and position trading. Sales traders are responsible for managing the order flow between our client and the marketplace and pro-vide clients with research, trading ideas and capital commitments and identify trends in the marketplace in order to obtain the best and most effective execution.

Our Trading Desk executes client and proprietary orders and makes markets in listed and over-the-counter (OTC) cash securities, exchange-traded funds and programs, providing liquidity to the market through both capital commitments and risk management.