Bolsa de Valores de Mocambique
ARCO 100,00
CDM 49,20
CMH 4.600,00
EMOSE 12,50
HCB 2,50
TOUCH 150,00
ZERO 20,00
MWIH ---
BAYPORT 2019 Série II 19,0000%
BAYPORT 2020 Série I 16,0000%
BAYPORT 2020 Série II 24,3000%
BAYPORT 2021 Série I 22,1400%
BAYPORT 2021 Série II 23,2000%
BAYPORT 2021 Série III 23,2000%
BAYPORT 2021 Série IV 22,82%
VISABEIRA 2020 21,1000%
OT 2005 S2 10,9100%
OT 2017 S6 22,1250%
OT 2017 S7 22,1250%
OT 2019 S1 6.6250%
OT Fornecedores 2019 7,5625%
OT 2020 S6 10,0000%
OT 2020 S7 19,8125%
OT 2020 S8 20,1875%
OT 2020 S10 19,6250%
OT 2020 S11 6,9375%
OT 2021 S1 20,0000%
OT 2021 S2 19,3750%
OT 2021 S3 19,5000%
OT 2021 S4 19,1250%
OT 2021 S5 19,0625%
OT 2021 S6 19,5625%
OT 2021 S7 18,8750%
OT 2021 S8 19,0000%
OT 2021 S10 14,5000%
OT 2021 S11 6,9375%
OT 2022 6,2500%
OT 2022 S1 19,9000%
OT 2022 S2 19,0000%
OT 2022 S3 20,0000%
OT 2022 S3 19,5500%
OT 2022 S4 18,9000%
OT 2022 S5 17,0000%
OT 2022 S6 17,0000%
OT 2022 S7 17,7500%
OT 2022 S8 17,6250%
OT 2022 S9 17,750%
OT 2022 S10 19,0000%
OT 2022 S11 17,5000%
OT 2023 S1 19,0000%
OT 2023 S2 19,0000%
OT 2023 S3 20,0000%
OT 2023 S4 19,0000%
OT 2023 S5 16,0000%
OT 2023 S6 17,0000%
OT 2023 S7 17,0000%
OT 2023 - S8 16,0000%
OT 2023 S9 18,0000%
OT 2024 S1 18,0000%
OT 2024 S2 19,5000%
OT 2024 S3 18,0000%
OT 2024 S4 17,0000%
BNI 2022 S1 20,0000%
BNI 2021 S2 14,20%
BNI 2021 S3 15,0000%
BAYPORT 2022 Série I 21,9900%
BAYPORT 2023 Série I 23,2500%
BAYPORT 2023 Série II 22,0000%
PC BIG 2023-2024 15,5000%
PC BAYPORT 2023 S1 21,0000%
PC BAYPORT 2023 S1 23,7500%
BAYPORT 2023 - Série III 21,5000%
PC BAYPORT 2023 S2 22,0000%
PC MYBUCKS 2023 S1 20,0000%
ZAYA ----
PC ACESS BANK 2023-2024 S2 15,0000%
OT 2021 S4 18,6250%
Letshego 2023 S1 22,500
Letshego 2023 SII 22,500
Letshego 2023 SIII 22,500
ACESS BANK  2023-2024 - S3 15,0000%
OT 2024 S5 17,0000%
PC FIRST CAPITAL BANK 2024 S1 14,0000%

Last Thursday

, September 14th, in Maputo, the launch of “Research on Capital Markets”, a report analyzing companies with securities listed on the Mozambique Stock Exchange (BVM).

The ceremony was attended by the Chairman of the Board of Directors (PCA) of BVM, Salim Cripton Valá, who, on the occasion, highlighted that it is an instrument of vital importance for the market, as it outlines the profile and performance of companies, and serves as a basis for decision-making by investors.

“For us, this research carried out by a company, in this case Finantia, which brought an independent view on HCB and Tropigalia, comparing it with similar companies from other parts of the world, was very important. For us, it is an opportunity to diversify communication channels with investors, the market, businesspeople and the public. This allows investors to have more information and also promote education and financial inclusion in Mozambique”, said Salim Valá.

In addition to serving as a barometer for the main players in the sector, the document aims to contribute to increasing financial literacy, especially with regard to the functioning of the Capital Market.

The report focuses its approach on Hidroeléctrica de Cahora Bassa (HCB), a company in the State Business sector in the energy sector admitted to the stock exchange in 2019, which, in the recent past, used the Capital Market to finance itself, through an Offer Public Sale (OPV) of shares.

In addition to HCB, Tropigalia was the subject of analysis in the study. It should be noted that last year Tropigalia sold three million shares, equivalent to 10 percent of its shareholder structure, through a Public Subscription Offer (OPS).

Among the conclusions, what stands out is the fact that the price of each HCB share is currently being valued below its real market value, taking into account the company's current performance and future prospects.

“The most obvious conclusion from HCB's assessment is that the share price on the stock exchange has not reflected the company's future prospects (based on its history and conservative projections of financial indicators in relation to it) nor is it in line with the valuations of comparable companies, undervaluing their real value”, states the report.

According to the report, assuming truly conservative premises, the share value of Hidroeléctrica de Cahora Bassa “should never be less than 4 meticais”. It should be remembered that, at the time of the Public Offering, each HCB share was sold for three meticais (3.00 MT).

Reacting to the report's conclusions, the President of the Board of Directors of HCB, Tomás Matola, began by recognizing the relevance of the findings contained in the document, precisely because they reflect the current situation and also because they meet the institution's concerns.

Tomás Matola highlighted that, from an operational and financial point of view, the company has been presenting an excellent performance, a reality that contrasts with the share price in the Capital Market. Faced with this scenario, he left the guarantee that a set of actions will be carried out with a view to reversing the current situation.

“He was precise and identified our main concerns. The company has been excellent, from an operational and financial point of view. However, in the Capital Market, the reality is different. Based on performance, the share value should be above par, but the numbers have shown exactly the opposite. We have the challenge of countering this situation, which challenges all financial market theories”, reiterated Tomás Matola.

“Capital Market Research: The New Communication Channel with the Market and Investors” was prepared by Finantia, a financial consultancy company operating in Mozambique.

Event Photos