A Late-August Pullback Reopens the Case · Inaugural Edition · Prices as at 25 August 2026
| Stock | Price | Target | Capital upside | Yield | Total return | Rating |
|---|---|---|---|---|---|---|
| MTNGH | GHS 7.00 | GHS 8.75 | +25.0% | 6.9% | +31.9% | BUY |
| GCB | GHS 39.00 | GHS 46.00 | +17.9% | 2.6% | +20.5% | BUY |
| EGH | GHS 39.02 | GHS 42.00 | +7.6% | 3.1% | +10.7% | BUY |
| ETI | GHS 1.85 | GHS 1.70 | −8.1% | 1.0% | −7.1% | HOLD |
All prices are GSE closing quotes for 25 August 2026. MTNGH target is a 12–24 month estimate; all others are 12-month. See Section 3.
1. Executive Summary
This edition reviews the four GSE names now under E3 Financials coverage against the targets published in our initiation reports. Every rating, target price and valuation figure is carried forward from those documents and restated against current market prices. Nothing is newly derived here.
Two things have changed since the last draft of this review. MTN Ghana now carries a published target and leads the coverage on total return. And GCB has pulled back roughly 10% in the second half of August, from GHS 43.20 in late July to GHS 39.00, which has reopened most of the upside that had been closed at initiation.
The result is a coverage that looks materially more attractive than it did two weeks ago. Three of four names now offer double-digit or near-double-digit total return. ETI remains above its target, which is what a correctly placed HOLD looks like.
The three things this edition establishes
One. MTN Ghana leads the coverage on total return at approximately 31.9%. That result rests on a target implying forward multiple expansion, and on a horizon that is not comparable with the other three. Both qualifications are set out in Section 3.
Two. GCB is the month's main development. The stock traded at GHS 43.20 on 27 July and GHS 43.10 on 10 August before falling to GHS 39.00 by 25 August. Against an unchanged GHS 46.00 target, capital upside has widened from 6.7% to 17.9%. Nothing in the published accounts changed; the price did.
Three. Three of the four names now carry a target set above the analyst's own blended model output. This is a pattern rather than an isolated judgement, and Section 3 treats it as such.
Coverage at a glance
| Stock | Initiated | Rating | Target | Price now | Remaining | Horizon |
|---|---|---|---|---|---|---|
| MTNGH | Aug 2026 | BUY | GHS 8.75 | GHS 7.00 | +25.0% | 12–24m |
| GCB | Jun 2026 | BUY | GHS 46.00 | GHS 39.00 | +17.9% | 12m |
| EGH | Aug 2026 | BUY | GHS 42.00 | GHS 39.02 | +7.6% | 12m |
| ETI | Jul 2026 | HOLD | GHS 1.70 | GHS 1.85 | −8.1% | 12m |
2. Basis of This Review
Each name is carried from a single source document. Where a figure appears in this review it originates in that document, unless marked as a market price or as a calculation restated at current prices.
| Stock | Source document | Date | Rating | Target |
|---|---|---|---|---|
| GCB | Initiation of Coverage | Jun 2026 | BUY | GHS 46.00 |
| ETI | Initiation of Coverage | Jul 2026 | HOLD | GHS 1.70 |
| MTNGH | Initiation / Update | Aug 2026 | BUY | GHS 8.75 |
| EGH | Initiation of Coverage | Aug 2026 | BUY | GHS 42.00 |
| Stock | Price | Prior quote | Change |
|---|---|---|---|
| MTNGH | GHS 7.00 | GHS 7.05 (11 Aug) | −0.7% |
| GCB | GHS 39.00 | GHS 43.10 (10 Aug) | −9.5% |
| EGH | GHS 39.02 | GHS 39.00 (11 Aug) | Flat |
| ETI | GHS 1.85 | GHS 1.93 (Aug screen) | −4.1% |
All four prices are GSE closing quotes for Tuesday 25 August 2026, taken from a single market snapshot so that the comparison across names is internally consistent. On that session the GSE Composite Index stood at 15,014.09, up 0.48%, with five advancers, five decliners and twenty-four unchanged.
Prices will differ from the live quote on the date of reading. Where GSE liquidity is thin, quoted prices should not be assumed executable in size. This applies with particular force to ETI, as set out in Section 8.
3. Qualifications on the Ranking
The cover table ranks the coverage by expected total return. Three qualifications materially affect how that ranking should be read, and none of them is visible in the table itself.
Qualification 1 — the MTNGH horizon is not comparable
The MTNGH target of GHS 8.75 is stated over a 12 to 24 month horizon. The GCB, ETI and EGH targets are 12-month figures. Comparing 25.0% over up to two years against GCB's 17.9% over one year overstates MTNGH's advantage.
| Stock | Capital upside | Stated horizon | Approx. annualised |
|---|---|---|---|
| MTNGH | +25.0% | 12–24 months | +11.8% to +25.0% |
| GCB | +17.9% | 12 months | +17.9% |
| EGH | +7.6% | 12 months | +7.6% |
| ETI | −8.1% | 12 months | −8.1% |
On a 24-month reading, MTNGH annualises to roughly 11.8% capital return, which places it behind GCB's 17.9% over twelve months. The 6.9% dividend yield narrows but does not close that gap. Under the 12-month reading MTNGH leads outright. The ranking on the cover therefore depends on how the MTNGH horizon is interpreted, and this is no longer a presentational point but a question that changes which name sits first. Standardising the house horizon to 12 months would resolve it.
Qualification 2 — targets are consistently set above model output
Three of the four initiations set a target above the analyst's own blended valuation. Individually each has a stated rationale. Collectively the pattern is worth naming, because a desk that always rounds its target upward is systematically optimistic rather than occasionally so.
| Stock | Blended model output | Published target | Uplift |
|---|---|---|---|
| GCB | GHS 45.67 | GHS 46.00 | +0.7% |
| ETI | GHS 1.56 | GHS 1.70 | +9.0% |
| EGH | GHS 40.82 | GHS 42.00 | +2.9% |
| MTNGH | Not separately stated | GHS 8.75 | n/a |
The GCB uplift is a rounding. The EGH uplift is modest and disclosed. The ETI uplift is the largest and sits in a HOLD, where it works against the rating rather than for it, which is at least directionally conservative. MTNGH does not publish a weighted blended calculation, so no comparison is possible — which is itself the subject of the next qualification.
Qualification 3 — the MTNGH valuation is the least documented in the coverage
GCB, ETI and EGH each publish an explicit method table with implied values, weights and contributions summing to a blended figure. MTNGH publishes a table of indicative ranges — a conservative P/E case, a base case, a bull case and a dividend-earnings framework — and then states a blended target of GHS 8.75 without showing weights or the arithmetic connecting the ranges to the result.
The target also implies multiple expansion that is not stated. At GHS 7.00 against 2026E EPS of GHS 0.76, MTNGH trades at approximately 9.2x forward earnings. At GHS 8.75 it would trade at approximately 11.5x. The target therefore assumes both the forecast earnings growth and a roughly two-turn re-rating. Given that MTNGH is the largest weight the ranking would justify, that assumption deserves to be written down.
Recommended before external circulation
- Publish the MTNGH weighted valuation in house format: each method, its implied value, its weight and its contribution, summing to the blended figure.
- State the target forward multiple explicitly and justify the expansion from approximately 9.2x to 11.5x.
- Standardise the MTNGH horizon to 12 months, or restate the other three at 24 months, so the coverage is internally comparable.
- Remove the reference-tag artifacts that appear throughout the MTNGH source document. They are visible in the text and should not survive into a published version.
4. Market Backdrop
The GSE has had an exceptional 2026. GCB entered the year at GHS 20.11 and remains up approximately 94% year to date even after its August pullback. MTN Ghana is up roughly 79% over twelve months. ETI rose from around GHS 0.77 at the start of the year to a peak near GHS 2.20 in April before retracing to GHS 1.85. Ecobank Ghana fell approximately 30% in a single month during June and is down roughly 20% over the past ninety days.
The second half of August brought a broader cooling. GCB fell 9.5% from its 10 August quote, ETI 4.1%, and the wider market showed balanced breadth on 25 August with five advancers against five decliners. For a desk whose June and July targets had been largely reached, this is a constructive development rather than a setback: the pullback has restored upside without any deterioration in the published fundamentals.
The caution attached to the previous edition still holds in one respect. A substantial part of the return available from re-rating was taken in the first half of 2026, and future returns depend more heavily on earnings delivery than on multiple expansion — which is precisely why the MTNGH target's reliance on further re-rating deserves scrutiny.
| Stock | Reference price | Period move | Liquidity |
|---|---|---|---|
| MTNGH | GHS 7.00 | +79% over twelve months | Highest on the exchange |
| GCB | GHS 39.00 | ~+94% YTD from GHS 20.11 | Moderate |
| EGH | GHS 39.02 | −20% over ninety days | Thin |
| ETI | GHS 1.85 | ~+140% YTD from GHS 0.77 | Very thin |
5. MTN Ghana — BUY | Target GHS 8.75
Carried from the August 2026 initiation. MTN Ghana is the largest telecommunications operator in Ghana and the most liquid stock on the exchange, with approximately 31.2 million total subscribers, 19.9 million active data users and 19.3 million active Mobile Money users.
The ten-year record
| GHS m | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 7,723 | 9,916 | 13,349 | 17,948 | 24,430 |
| EBITDA | 4,249 | 5,564 | 7,800 | 10,241 | 14,690 |
| Operating profit | 3,214 | 4,365 | 6,076 | 7,925 | 11,960 |
| Profit after tax | 2,001 | 2,856 | 3,982 | 5,029 | 7,840 |
| Dividend per share (GHS) | 0.115 | 0.164 | 0.225 | 0.305 | 0.480 |
Across 2015 to 2025, revenue increased more than tenfold and profit after tax roughly eighteenfold, giving approximate compound annual growth of 24.7% and 30.0% respectively. The 2025 EBITDA margin of approximately 60.1% and operating profit of GHS 11.96bn reflect substantial operating leverage: EBITDA has grown faster than revenue across several recent periods.
Growth engines
- Data. Revenue grew 48.8% in 2025, traffic increased more than 57%, 4G coverage reached 98.9% and average usage was approximately 14.7GB per user per month.
- Mobile Money. Revenue grew 35.7% in 2025 across approximately 19.3 million active users, supported by transaction frequency, merchant payments and integration between connectivity and financial services.
- Business mix is approximately 68% network services, 27% digital and fintech, and 4% interconnect, roaming and other.
- Capital expenditure of approximately GHS 6.4bn in 2025 was directed to network modernisation, spectrum and IT infrastructure.
Dividend record
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| DPS (GHS) | 0.115 | 0.164 | 0.225 | 0.305 | 0.480 |
| Year-on-year growth | — | +42.6% | +37.2% | +35.6% | +57.4% |
At GHS 7.00 the FY2025 dividend of GHS 0.48 gives a historical yield of approximately 6.9%, on a payout ratio near 80%. This is the highest yield in the coverage by a wide margin and is a material part of the total-return case.
H1 2026 and forecasts
H1 2026 service revenue was approximately GHS 15.0bn, up about 32.3%, with profit after tax of approximately GHS 5.1bn and EPS of approximately GHS 0.388. Data revenue rose about 47.1% and Mobile Money revenue about 23.3%. Simple annualisation of H1 EPS gives roughly GHS 0.78 against the published 2026E estimate of GHS 0.76, so the forecast is not aggressive relative to the half-year run rate.
| GHS bn | 2025A | 2026E | 2027E | 2028E |
|---|---|---|---|---|
| Revenue | 24.43 | 31.50 | 39.00 | 47.00 |
| Revenue growth | +36.1% | +28.9% | +23.8% | +20.5% |
| Profit after tax | 7.84 | 10.10 | 12.50 | 15.00 |
| EPS (GHS) | 0.59 | 0.76 | 0.94 | 1.13 |
Risks
- Regulation. Telecom tariffs, taxes, spectrum requirements and fintech regulation can materially affect returns, and market dominance invites remedies.
- Capital intensity. Network upgrades, 5G and technology investment require substantial ongoing expenditure.
- Currency. Imported network equipment and foreign-currency obligations raise costs when the cedi weakens.
- Competition. Pricing pressure from telecom and fintech competitors could compress ARPU or margins.
- Valuation. At approximately GHS 7 the market already prices significant future growth, and the target assumes further multiple expansion.
- Dividend sustainability. An 80% payout competes with network investment and balance-sheet requirements.
6. GCB Bank — BUY | Target GHS 46.00
Carried from the June 2026 initiation. GCB is the largest indigenous bank in Ghana, with more than 184 branches, over 340 ATMs, a presence in all sixteen regions and one of the largest deposit bases in the country.
| Metric | FY2025 | Metric | FY2025 |
|---|---|---|---|
| Revenue | GHS 6.32bn | Total assets | GHS 52.63bn |
| Profit before tax | GHS 3.17bn | Customer deposits | GHS 41.30bn |
| Profit after tax | GHS 2.06bn | Shareholders' equity | GHS 6.83bn |
| Net profit margin | 32.6% | Capital adequacy ratio | 17.8% |
| Earnings per share | GHS 8.70 | NPL ratio (Q1 2026) | 4.9% |
| Return on equity | ~30% | Dividend per share | GHS 1.00 |
Total assets grew approximately 2,360% between 2010 and 2025 and revenue approximately 1,809%. The 2022 loss of GHS 593m reflected DDEP impairments rather than franchise deterioration; profit recovered to GHS 1.00bn the following year and reached GHS 2.06bn in 2025.
The fall in non-performing loans from approximately 14.9% to 4.9% is the most consequential item in the FY2025 accounts, and gives GCB by some distance the cleanest loan book in the coverage.
GCB is the name that moved this month. The stock traded at GHS 43.20 on 27 July and GHS 43.10 on 10 August before closing at GHS 39.00 on 25 August, a fall of roughly 9.5% in two weeks. No published financial information changed over that period. The effect is that capital upside to our unchanged GHS 46.00 target has widened from 6.7% to 17.9%, and the stock has moved back below the price-to-book multiple that our June valuation applied.
Valuation as published, restated at current price
| Method | Implied value | Weight |
|---|---|---|
| Price-to-book (1.95x target multiple) | GHS 45.90 | 50% |
| Price-to-earnings (5.3x target multiple) | GHS 46.10 | 40% |
| Dividend discount model | GHS 37.30 | 10% |
| Blended intrinsic value | GHS 45.67 | 100% |
| Published 12-month target | GHS 46.00 | — |
| Multiple | At initiation (GHS 36.00) | Peak (GHS 43.20) | Current (GHS 39.00) |
|---|---|---|---|
| Price-to-earnings (EPS GHS 8.70) | 4.14x | 4.97x | 4.48x |
| Price-to-book (BVPS GHS 23.53) | 1.53x | 1.84x | 1.66x |
| Target P/B applied in valuation | 1.95x | 1.95x | 1.95x |
| Dividend yield (GHS 1.00) | 2.8% | 2.3% | 2.6% |
At GHS 39.00 the stock trades at 1.66x book against the 1.95x multiple our June valuation applied, having reached 1.84x at the peak. Roughly a third of the anticipated re-rating has been given back. The current price sits comfortably above our bear case of GHS 35.00 and 15% below the base case.
The open decision on this name has changed shape. Two weeks ago the question was whether to raise the target or step back to ACCUMULATE, because the market had nearly reached GHS 46.00. At GHS 39.00 the published BUY and the published target are once again consistent with each other, and no adjustment is required. What the episode does illustrate is how quickly a target set against a fast-moving market can be overtaken in either direction, which is the argument for reviewing coverage monthly rather than at initiation only.
7. Ecobank Ghana — BUY | Target GHS 42.00
Carried from the August 2026 initiation. EGH combines one of Ghana's largest banking franchises with pan-African transaction-banking capability through the Ecobank network.
| Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Revenue | GHS 5.359bn | GHS 5.210bn | −2.8% |
| Profit after tax | GHS 1.700bn | GHS 1.823bn | +7.2% |
| Total assets | GHS 46.00bn | GHS 47.33bn | +2.8% |
| Customer deposits | GHS 32.45bn | GHS 31.56bn | −2.8% |
| Loans and advances | GHS 10.60bn | GHS 13.15bn | +24.1% |
| Shareholders' equity | GHS 5.40bn | GHS 7.18bn | ~+33% |
| Capital adequacy ratio | 17.03% | ~21.2% | Strong improvement |
| NPL ratio | 21.14% | 17.92% | Improving |
Capital strength is the standout positive: FY2025 capital adequacy of approximately 21.2% and a liquidity ratio above 100% sit materially above regulatory requirements. Profitability recovered strongly, with a PAT margin of 35.0% and return on equity near 29%.
The unresolved variable
Non-performing loans improved from 21.14% to 17.92% during 2025, and management targets below 10% by end-2026.
Q1 2026 data shows the ratio back at approximately 20.5%, above the FY2025 level and close to the 2024 peak. The improvement has not carried into 2026.
Loan growth of 24.1% against a 2.8% deposit decline compounds the concern: a stable ratio on a rapidly growing book implies rising absolute problem loans.
Earnings momentum runs the other way. H1 2026 profit after tax was approximately GHS 869m, up 13.8%, on revenue growth of 5.0%. Both facts are true and the initiation does not resolve the tension in favour of either.
A further qualification carried from the initiation: non-interest income at roughly 49% of FY2025 revenue is genuine diversification, but trading income of GHS 1.70bn represents about 33% of total revenue against fee and commission income of GHS 531.7m at around 10%. Trading gains are cyclical and rate-dependent. The durable component of the diversification argument is smaller than the headline figure suggests.
Valuation as published
| Method | Implied value | Weight |
|---|---|---|
| Price-to-book (2.10x target multiple) | GHS 46.68 | 50% |
| Price-to-earnings (7.0x target multiple) | GHS 39.55 | 40% |
| Dividend discount model | GHS 16.64 | 10% |
| Blended intrinsic value | GHS 40.82 | 100% |
| Published 12-month target | GHS 42.00 | — |
8. Ecobank Transnational — HOLD | Target GHS 1.70
Carried from the July 2026 initiation. ETI is Africa's leading independent pan-African banking group, operating across 35 African countries and the only GSE listing offering direct exposure to a continent-wide banking franchise. The rating has never been an objection to the business. It is an objection to the price of this particular listing.
| Metric | FY2025 | Change |
|---|---|---|
| Revenue | US$2.449bn | +17% |
| Profit before tax | US$801m | +21% |
| Profit after tax | US$594m | +20% |
| Earnings per share | 1.68 US cents | +23% |
| Cost-to-income ratio | 48.3% | from 52.8% |
| Total assets | US$34.49bn | +23% |
| Customer deposits | US$25.30bn | +24% |
| Total equity | US$2.86bn | +60% |
| Return on equity | 20.5% | — |
| NPL ratio | 9.4% | from 6.6% in Mar 2025 |
FY2025 marked a genuine operational inflection: record profitability, a record cost-to-income ratio, a 60% rebuild of the equity base and the first dividend since FY2022. The objection is that at GHS 2.00 in July the listing traded near 10x trailing earnings and 1.4x book, a premium to every large Ghanaian bank despite a return on equity roughly two thirds of GCB's.
The line has since drifted to GHS 1.85, narrowing the gap to our GHS 1.70 target from 11.9% to 8.1%. The HOLD has been directionally correct throughout: ETI is the only name in the coverage to have fallen since initiation.
Liquidity on the GSE ETI line
An August 2026 order book showed a bid of GHS 1.75 against an ask of GHS 1.93, with 130,590 shares offered against 5,000 bid, and a last trade of 10 shares worth GHS 19.
A quoted price on that depth is indicative rather than executable. The effective spread was roughly 9% and the size imbalance sat heavily on the offer. The subsequent drift to GHS 1.85 is consistent with that imbalance resolving toward the bid.
The 2026 price history shows the consequence: approximately GHS 2.20 in late April, GHS 1.39 in late May, GHS 1.85 in late August. A range above 55% in four months on annual trading of roughly US$2.4m.
The NGX listing carries materially greater liquidity and values identical fundamentals at low single-digit earnings multiples. Investors with NGX or BRVM access obtain the same business considerably more cheaply.
9. Comparative View
| Metric | MTNGH | GCB | EGH | ETI |
|---|---|---|---|---|
| Sector | Telecom / fintech | Banking | Banking | Pan-African banking |
| Price | GHS 7.00 | GHS 39.00 | GHS 39.02 | GHS 1.85 |
| Target | GHS 8.75 | GHS 46.00 | GHS 42.00 | GHS 1.70 |
| Capital upside | +25.0% | +17.9% | +7.6% | −8.1% |
| Total return | +31.9% | +20.5% | +10.7% | −7.1% |
| Rating | BUY | BUY | BUY | HOLD |
| Trailing P/E | ~11.9x | ~4.48x | ~6.9x | ~9.6x |
| Forward P/E | ~9.2x | — | ~6.4x | — |
| P/B | n/a | ~1.66x | ~1.76x | ~1.3x |
| Return on equity | ~66% forecast | ~30% | ~29% | 20.5% |
| Dividend yield | ~6.9% | ~2.6% | ~3.1% | ~1.0% |
| Asset quality | n/a | NPL 4.9% | NPL 17.9% / 20.5% Q1 | NPL 9.4% |
| GSE liquidity | Highest | Moderate | Thin | Very thin |
Relative conclusion
MTNGH leads on total return, dividend yield, growth rate and liquidity. It is the only non-bank in the coverage and the only name where the target depends materially on multiple expansion rather than on the valuation of existing earnings.
GCB has the cleanest balance sheet and the lowest earnings multiple in the coverage, and the August pullback has reopened the discount identified in June. On a twelve-month view it offers 17.9% capital upside against a documented valuation, which is the strongest risk-adjusted proposition in the set. On a 24-month reading of the MTNGH horizon, GCB ranks first outright.
EGH offers superior capital, a higher yield than GCB and a pan-African franchise, against an unresolved asset-quality problem and a trading-weighted income mix. It trades at a 40% premium to GCB on earnings with a materially weaker loan book.
ETI provides diversification unavailable elsewhere on the GSE, at a multiple roughly double GCB's on two thirds the return on equity, through a listing with the worst execution characteristics in the coverage. That combination is what the HOLD expresses. The drift to GHS 1.85 has narrowed the gap to target but has not closed it.
10. Portfolio Construction
The framework below follows mechanically from the published targets and the risk characteristics described above. It is a starting point for discussion rather than a house allocation, and it should not be published without the Section 3 qualifications attached.
| Stock | Weight | GHS 1m example | Rationale |
|---|---|---|---|
| GCB | 35% | 350,000 | Cleanest loan book; documented valuation; improved entry |
| MTNGH | 30% | 300,000 | Highest total return; deepest liquidity; income anchor |
| EGH | 20% | 200,000 | Capital strength and yield; capped for NPL risk |
| ETI | 15% | 150,000 | Diversification only; sized for liquidity constraint |
The ordering has changed from the previous draft, in which MTNGH carried the largest weight. Two considerations moved GCB ahead. Its August pullback widened capital upside from 6.7% to 17.9% without any change to the accounts, and its target rests on a fully documented valuation where MTNGH's does not. On a 24-month reading of the MTNGH horizon, GCB also offers the higher annualised return.
Three further notes. First, ETI carries a HOLD and a target below the current price, so a 15% weight reflects a diversification argument rather than an expected-return argument; an investor indifferent to pan-African exposure would hold none. Second, MTNGH at 30% still concentrates the portfolio in a single non-bank whose target depends on re-rating, and a more conservative construction would cap it at 25% until the valuation is documented. Third, the three banks together represent 70% of the portfolio and share exposure to Ghanaian sovereign risk, domestic credit conditions and the cedi, so the diversification within the banking block is narrower than four names implies.
What the ranking does not price
Concentration. Three of four names are Ghanaian banks with overlapping macro exposure. The portfolio is less diversified than the count suggests.
Liquidity. ETI and EGH both trade thinly. Position sizing should reflect exit constraints, not only expected return.
Horizon mismatch. Read as a 24-month figure, MTNGH annualises to roughly 11.8% against GCB's 17.9% over twelve months — which reverses the order of the top two names.
Entry timing. The late-August pullback has improved entry levels across the coverage, but a market that fell 9.5% on one name in two weeks can move as far again. Staggered entry preserves optionality that a single entry does not.
11. Research Calendar
| Priority | Item | Rationale |
|---|---|---|
| 1 | MTNGH weighted valuation table | Largest recommended weight, least documented target |
| 2 | GCB target review | Upside reopened by pullback; confirm GHS 46.00 still holds |
| 3 | EGH asset-quality monitoring | Q1 2026 NPL moved against the thesis |
| 4 | ETI target reaffirmation | Target sits below market price |
| 5 | Standardise target horizons | MTNGH is 12–24m against 12m elsewhere |
| 6 | Source StanChart Ghana peer data | Currently indicative in the EGH initiation |
This edition establishes the format: a standing record of what we published, what the market did with it, and what we owe the reader next. The value of a monthly review is not that every name changes each month. It is that nothing changes silently, and that the qualifications attached to a recommendation survive alongside the recommendation itself.
12. Sources, Certification and Disclaimer
Sources
- E3 Financials, GCB Bank PLC Initiation of Coverage, June 2026.
- E3 Financials, Ecobank Transnational Incorporated Initiation of Coverage, July 2026.
- E3 Financials, MTN Ghana Equity Research Initiation / Update, August 2026.
- E3 Financials, Ecobank Ghana PLC Initiation of Coverage, August 2026.
- Company audited annual reports and interim financial statements for GCB Bank, Ecobank Ghana, Ecobank Transnational and MTN Ghana / Scancom PLC.
- Ghana Stock Exchange filings and market data. Closing prices for all four names are taken from a single GSE market snapshot for 25 August 2026; the ETI order-book detail in Section 8 is from an earlier August screen.
- AfricanFinancials archive, used as a public filing cross-check.
Data notes
MTNGH revenue figures in Section 5 follow the source report, which uses service revenue and total revenue interchangeably in places; these differ for telecom operators and should be reconciled to the audited statements. The MTNGH source report also cites Mobile Money revenue growth of 35.7% for 2025 against 33.3% in earlier E3 material, and dividend per share of GHS 0.48 against GHS 0.40 shown by some data services. EGH's FY2025 capital adequacy ratio is stated across sources as a range of approximately 21.2% to 21.5%.
Share counts implied by market capitalisation on the 25 August snapshot differ from those in our source reports: MTNGH implies approximately 12.3bn shares against 13.2bn derived from FY2025 PAT and EPS, and ETI implies approximately 31.9bn against the 24.1bn to 24.6bn range used in the July initiation. Per-share figures in this review follow the source reports. The discrepancies should be resolved against the share registers before external circulation.
Analyst certification
The views expressed in this review accurately reflect the independent opinion of E3 Financials regarding the securities discussed. Ratings and target prices are carried forward from the source documents listed above and represent good-faith analytical judgements based on information available when those documents were published. Where a published target no longer reflects prevailing market conditions, or rests on an assumption not documented in the source, that fact is stated in Section 3 rather than resolved by adjustment.
Important disclaimer
This report has been prepared by E3 Financials for informational and educational purposes only. It does not constitute an offer, solicitation or recommendation to buy or sell any security, and it does not take account of the investment objectives, financial situation or particular needs of any individual reader. Investors should conduct their own independent due diligence and consult a qualified financial adviser before making any investment decision. Past performance is not indicative of future results. Forecasts, estimates, target prices and opinions are subject to change without notice. Market prices quoted are as at the dates stated and may not reflect prices available at the time of reading. Where liquidity is limited, quoted prices may not be achievable in practice. The portfolio framework in Section 10 is illustrative and is not a personalised recommendation.
E3 Financials Research Desk · Accra, Ghana · fcabfund@gmail.com