MARKET DIRECTION
WEST AFRICAN EQUITIES · OFFICIAL BRVM DATA · 2022–2026
Investment research
with liquidity in the room.
An explainable market screen for the Bourse Régionale des Valeurs Mobilières—where valuation and income matter, but the ability to enter and exit a position matters too.
BRVM COMPOSITE—Latest bulletin
EQUITY MARKET CAP—FCFA
MARKET P/E—earnings multiple
MARKET YIELD—net dividend yield
TOP-5 CONCENTRATION—share of equity value
01
MARKET STRUCTURE
Start with the market
before choosing the security.
The BRVM is regional, concentrated and unevenly traded. These conditions shape what “attractive” means in practice.
—
CAPITAL ALLOCATION
Market value by sector
Financial services and telecommunications dominate the investable landscape. Sector diversification is therefore structurally constrained.
MARKET BREADTH · LATEST SESSION
—advanced
—declined
Single-session breadth provides context, not a signal. The investment screen uses multi-month trading history instead.
THE BUSINESS QUESTION
Which listed companies deserve deeper research when valuation, dividend income, trading depth and price risk are considered together?
02
INVESTABILITY SCREEN
Compare the trade-offs.
Then inspect the company.
The score combines four peer-relative dimensions. A high rank means “research first,” not “buy.”
Valuation 30%
Income 25%
Liquidity 25%
Price resilience 20%
VALUATION × INCOME
Opportunity map
Bubble size reflects six-month average traded value. Select a company to inspect it.
| Rank | Company | Score | P/E | Yield | 12M return |
|---|
03
OUT-OF-SAMPLE CHECK
A useful model should
survive an uncomfortable result.
The score was tested against subsequent three-month price returns across 43 historical ranking dates.
TOP–BOTTOM QUARTILE SPREAD
—The screen did not produce short-term excess price returns.
The top-ranked quartile underperformed the bottom quartile on average. That result prevents the score from being presented as a trading signal.
Model status: research prioritization only
FORWARD TEST
Average 3-month price return
Price returns exclude reinvested dividends and transaction costs. The comparison is diagnostic, not a portfolio performance claim.
WHAT THE RESULT CHANGES
- 01
Keep the ranking. It organizes issuer research around explicit trade-offs.
- 02
Reject automatic allocation. The historical evidence does not support it.
- 03
Add issuer fundamentals. Cash flow, leverage and governance should be the next research layer.
04
REPRODUCIBLE METHOD
From an official PDF
to a defensible decision.
Every observation retains the BRVM bulletin URL and reporting date. The transformation and scoring logic are versioned in SQL and Python.
Acquire
Locate the final official BOC for each month and preserve the source URL.
Structure
Parse prices, trading activity, P/E ratios and dividend yields into issuer-month records.
Measure
Calculate trailing return, volatility, drawdown and trading-depth indicators in SQL and Python.
Challenge
Compare score quartiles against later periods and document what the evidence does—and does not—support.
SOURCE LEDGER
Official and traceable
- BRVM Bulletins Officiels de la Cote ↗Prices, volumes, value traded, valuation and dividends
- BRVM capitalisation table ↗Issuer size and market concentration
- SQL analytical model ↗Transparent business rules and quality checks
Research boundary
This project is an analytical case study. It does not provide investment advice, forecast guaranteed returns or replace review of audited issuer filings.