The past year has been a great time for Ghana Oil (GOIL) shareholders. The stock has roared 260% higher over the past twelve months, but high valuation multiples should give investors pause.

When you think about growth industries, printing and publishing is unlikely the first to come to mind. But there’s a little business headquartered in Accra, Ghana that’s proving that print remains home to plenty of profitable niches.

It’s a pity Ghana isn’t home to more dairy cows. If it were, Fan Milk would likely be a substantially more profitable company.

Six months after posting its first annual profit since 2013, Guinness Ghana fell back into the red in the first half of its 2018 fiscal year. But a closer inspection of the numbers reveals some encouraging trends.