My broker sends weekly market fundermentals and the following figures are indicated for SCANGROUP
NAV=104.17, P/B=0.3. Examining the FY 2014 results, the shareholder Equity is 8.54b and at current market price the capitalization is 10.7b. How does the brokerage firm analysts come up with these NAV and P/B ratio. Fundermentalist beware! am I missing on something ? - willing to be enlightened on this.

In my experience very few Kenyan based research analysts care about the research they put out.It's almost like false advertising to stir up the market.

Any wazuan who has followed the forecasts issued by various brokers against actuals over a year which would see this point.