Shoprite (SHP) – Angola Unplugged

SHP’s hyperinflation accounting provides us with the opportunity to shed some light on key metrics of its Angolan division, which management had not disclosed before. We show the significance of this business and its profitability. We engaged two investment analysts based in Angola to provide an overview of the recent developments and the current situation on the ground. We also interviewed shoppers outside Kero, Shoprite, Nosso Super and Maxi stores in Luanda, Angola. The objective of the survey was to gain insights into customer perceptions of the relative positioning of the major supermarkets in Angola. We were able to independently assess the Angolan customers’ view of Shoprite stores.