The Mwango Capital Podcast

Mwango Capital
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Breaking down businesses and understanding markets in East Africa mwangocapital.substack.com

  1. 1d ago

    Understanding Quickmart’s Intention to List

    In this episode, recorded on September 23, 2026, we sit down with Gregory Waweru (CEO, SBG Securities) to dissect QuickMart's planned listing on the NSE. We explore the role of an Intention to Float (ITF) ahead of a formal prospectus, the mechanics of Sokoni Retail's 50% secondary equity sell-down, QuickMart's financial track record scaling revenue to KES 50.4 billion, lease-heavy balance sheet structures, and key governance considerations for retail investors evaluating formal supermarket chains. Show Notes 00:00:00 Introduction 00:03:15 Intention to Float 00:05:46 Why List on the NSE 00:08:14 Shareholding and Sell Down 00:14:02 Cash Conversion and Working Capital Management 00:16:43 Growth Headroom and Dividends 00:23:01 Forecast Drivers and Assumptions 00:24:26 Pricing and Valuation Methods 00:26:19 How to Participate and Allocation 00:27:27 Investor Checklist Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

    Understanding Quickmart’s Intention to List

  2. 4d ago

    Understanding the Dangote Refinery IPO

    In this episode recorded on September 17, 2026, we sit down with Samuel Sule (CEO, Renaissance Capital Africa) and Divine Ulamasi (Analyst, Renaissance Capital Africa) to dissect the investment thesis behind the Dangote Refinery IPO. We explore Nigeria's broader macroeconomic shift following fuel subsidy removals and naira liberalisation, the refinery's high Nelson Complexity Index rating and $2.40 per barrel cash operating cost target, Phase Two expansion plans, the structural gross refining margin advantage, and the cross-border access channels being built for retail and institutional investors across East Africa. Show Notes 00:00:00 Introduction 00:02:36 Overview of the Nigeria Market 00:09:27 Nigeria Oil History and Building of the Dangote Refinery 00:15:35 Investment Thesis and Business Model 00:25:19 Valuation 00:28:05 Risks 00:32:40 IPO Terms and Demand 00:39:16 Dividend Outlook 00:47:06 How to Participate in the IPO 00:48:11 Key Takeaways Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

    Understanding the Dangote Refinery IPO

  3. 5d ago

    NSE vs. Wall Street : Where’s the Money?

    In this episode, recorded on September 8, 2026, we sit down with Leah Wakarima (Operations Lead, Hisa) and Gertrude Njeri (Head of Research, Hisa) to examine the structural dynamics of the Nairobi Securities Exchange relative to global financial centers like Wall Street. We explore how Hisa is dismantling retail access barriers through fractional shares and dual-currency wallets, the factors powering the domestic-led 2026 NSE rally, the revival of the IPO market following listings by Kenya Pipeline and Family Bank, and how technology and research are working to close the coverage gap on local mid-cap counters. Show Notes 00:00:00 Introduction 00:02:19 Overview of the HISA Platform 00:03:09 Listings Revival at the NSE 00:05:22 NSE Vs NYSE 00:10:07 Retail Access via HISA 00:14:37 Bull Run at the NSE 00:19:03 Fractional Investing 00:24:40 Foreign Flows and NSE Rally 00:35:26 ETFs, Gold and REITs 00:40:19 Audience Q&A & Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

    NSE vs. Wall Street : Where’s the Money?

  4. Sep 23

    Understanding the I&M Group H1 2026 Results

    In this episode, recorded on August 27, 2026, we sit down with David Ngata (Group Chief Financial Officer, I&M Group) to dissect the group's H1 2026 financial results. We dive into the key drivers behind the Group’s performance, the Group's "phygital" branch network rollout, front-loaded loan loss provisioning, and how regional operations in Rwanda, Uganda, Tanzania, and Mauritius are expanding their earnings footprint. Show Notes 00:00:00 Introduction 00:01:00 Highlights of the Half-Year Results 00:04:12 Subsidiaries Profit Mix 00:05:45 Growth in Customer Deposits 00:07:48 Phygital Branch Strategy 00:16:53 Loan Loss Provisions and NPL Management 00:23:09 Net Interest Income 00:24:57 Funding 00:29:35 Dividend Policy 00:30:50 Priorities for H2/26 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

    Understanding the I&M Group H1 2026 Results

  5. Sep 19

    Understanding EABL FY 2026 Results

    In this episode, recorded on September 2, 2026, we sit down with Justin Mollel (Group CFO, East African Breweries PLC) to dissect the group's FY26 financial performance. We explore how broad-based, volume-led growth across Tanzania, Uganda, and Kenya drove net sales to KES 146 billion ($1.12B), the strategic shift to a 50-50 fixed-and-floating debt mix, how cost-productivity initiatives offset raw material inflation, and the operational focus ahead of the upcoming Diageo-Asahi ownership transition. Show Notes 00:00:00 Introduction 00:08:08 Overview of the FY26 Results 00:12:52 Top Line Drivers 00:14:18 Consumer Trends and Mix 00:16:07 Cost Control and Productivity 00:19:47 Debt Mix and Finance Costs 00:26:04 Capital Allocation 00:31:22 Cash Flow and Capex Priorities 00:33:34 Diageo-Asahi Deal Update 00:35:38 Priorities for FY27 Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

    Understanding EABL FY 2026 Results

  6. Sep 16

    How Credit Bank is Powering SME Growth in Kenya

    In this episode, recorded on August 11, 2026, we sit down with Charles Kibaara (Chief Manager Operations & Branches, Credit Bank) to break down the bank's core focus on small and medium-sized enterprises across Kenya. We explore how Credit Bank is leveraging its T24 core banking upgrade for instant digital bid bonds, the impact of DFI-aligned governance standards from ShoreCap's investment, liquidity allocation shifts back into private-sector credit, and the strategic roadmap toward an eventual listing on the Nairobi Securities Exchange. Show Notes 00:00:00 Introduction 00:03:13 An Introduction to Credit Bank 00:06:37 Digital Loans and Bid Bonds 00:09:52 Customer Deposits Performance and SME Lending Capacity 00:15:08 Turnaround Time for SME Loan Application 00:17:54 Core Banking Platform Upgrade 00:20:24 Trade Finance 00:22:59 Nyumbani Diaspora Account and Remittance Solutions 00:33:26 Listing Operational Readiness 00:41:31 Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

    How Credit Bank is Powering SME Growth in Kenya

  7. Sep 14

    Understanding Absa Bank Kenya H1 2026 Results

    In this episode recorded on August 18, 2026, we sit down with Diana Mwaniki (Acting CFO, Absa Bank Kenya) in her debut Spaces appearance to dissect the lender's H1 2026 results. We explore how strong credit disbursement momentum and lower funding costs helped counter rate-cycle margin compression, the factors enabling a 150% boost to the interim dividend, and how non-funded revenue from newer capital-light business lines is diversifying the franchise. Show Notes 00:00:00 Introduction 00:01:04 Overview of H1/26 Results 00:02:42 Revenue Drivers and Balance Sheet Growth 00:08:10 Cost and Efficiency 00:10:26 Asset Quality and NPL Trends 00:13:15 Dividends 00:15:02 H2 Strategy and Growth Areas 00:17:01 Update on Absa Group Stake Increase 00:20:50 ROE 00:24:24 Key Takeaways and Closing Remarks Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

    Understanding Absa Bank Kenya H1 2026 Results

  8. Aug 31

    Understanding Centum FY 26 Results

    In this episode, recorded on July 31, 2026, we are joined by Centum Investment Company Group CEO, James Mworia, as we unpack Centum's FY26 financial results, the complete retirement of holding company debt, and key portfolio milestones under the Centum 5.0 strategy. Show Notes 00:00:00 Broad Overview of the FY26 Earnings 00:04:52 Debt Strategy 00:13:53 Portfolio Companies 00:18:17 Trific SEZ Growth Plan 00:21:55 Arise-Vipingo Partnership 00:26:18 Exit Strategy 00:29:08 Dividend Policy 00:32:02 Share Buybacks 00:40:07 Centum 5.0 00:43:27 Advice to Young People Get full access to The Mwango Weekly at mwangocapital.substack.com/subscribe

    Understanding Centum FY 26 Results
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Breaking down businesses and understanding markets in East Africa mwangocapital.substack.com

Information

  • Creator
    Mwango Capital
  • Years Active
    2021 - 2026
  • Episodes
    180
  • Rating
    Clean
  • Copyright
    © Mwango Capital
  • Show Website
    The Mwango Capital Podcast

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