31st July 2014
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Company Data
 
Nation Media Group Ltd.
http://www.nationmedia.com/
Par Value:                  2.50/-
Closing Price:           308.00
Total Shares Issued:          188542286.00
Market Capitalization:        58,071,024,088
EPS:             13.4
PE:                 22.985
 

Large media group inclusive of Daily Nation, Business Daily, East African and Nation Television.

Full Year Earnings through 31st December 2013 versus through 31st December 2012
Full Year Revenue 13.3737b versus 12.3468b +8.3%
Full Year Profit before Tax 3.5871b versus 3.5046b +2.4% [versus +17.507% at the First Half stage]
FY Profit after Tax 2.5332b versus 2.5103b +0.9122% [versus +23.989% at the First Half Stage]
Full Year Earnings Per Share 13.4 versus 13.3 +0.75%
Cash at End of Period 4.097b versus 3.9603b
Final Dividend 7.50 a share +[Interim paid of 2.50 a share] represents a 20% Pay Out Increase because of Bonus share.

Company Commentary

''The performance was tempered by the temporary business interruptions of the regional subsidiary companies. Challenges were also experienced with delayed payments resulting in high provision for bad and doubtful debts.''

Further Commentary via @BD_Africa
http://www.businessdailyafrica.com/Corporate-News/NMG-posts-Sh3-6-billion-profit-/-/539550/2251958/-/qbfvocz/-/index.html

Kiswahili TV channel QTV whose revenue expanded by 117 per cent and 54 per cent operating profit growth.
The Business Daily posted a 51 per cent operating profit growth while circulation and advertising revenue increased 12 per cent and 13 per cent respectively.
Tanzania’s Mwananchi Communications operating profit grew by 29 per cent while advertising revenue at Nation Newspaper’s Division grew 12 per cent.
“Despite the impact of the general election and the recently introduced VAT, the underlying individual businesses did very well” said Mr Gitahi.
This growth is in step with that realised by the group’s digital division where online advertising went up 27 per cent.
“We are investing heavily in the digital division since we know it is the next frontier,” said Mr Gitahi. “The performance of this division is proof that the move to digital is extremely beneficial to us and in line with our goal of digital first.”
NationHela, NMG’s prepaid Visa debit card, is growing and so far has 14,000 users. Mr Gitahi added that plans are under way to install a new printing press.

Conclusions

There is a significant Step Down in the Full Year versus the First Half.
FY Profit Before Tax was +2.4% versus +17.507% at the H1 Stage.
The Dividend Pay Out has been raised 20% because of the Bonus share from 2013.
4.097b Cash on hand

H1 2013 Earnings through June 2013 versus June 2012
H1 Turnover 6.4281b versus 5.8441b +9.992%
H1 PBT 1.6169b versus 1.376b +17.507%
H1 PAT 1.1345b versus 0.9150b +23.989%
H1 EPS 6.02 versus 4.85 +24.123%
H1 Interim Dividend 2.50 versus 2.50 [Because of the Bonus Share Issue The Dividend Pay Out has been hiked +20%]
Cash at End of Period 4.2068b

Nation Media H1 2013 Investor Briefing Document
http://www.nationmedia.com/docs/H1_Investor_Briefing_2013.pdf

Divisional Updates
National Newspapers Division Circulation Revenue +6.00% Advertising Revenue +14% Operating Profit +15%
The East African Circulation Revenue +8% Advertising Revenue +5%
Business Daily Circulation Revenue +10% Advertising Revenue +12% Operating Profit +109%
Monitor Publications [Uganda] Revenue -1.00% Operating Profit -87%
Mwananchi Communications Circulation Revenue +6% Advertising Revenue +26% Operating Profit +51%
@NTVKenya Revenue +7.00% Operating Result +32%
QTV Advertising Revenue +363% Operating Result +78%
NTV Uganda Advertising Revenue +11% Operating Profit +39%
QFM Revenues +51% Operating Profit +702%
Nation Digital Online Advertising +51% Total Revenue +17% Operating Profit +36%
Nation Rwanda Revenue +170% Operating Result +49%

Linus Gitahi referenced the 4.2068b shilling Cash Pile as giving the Organisation maximum Flexibility re Potential M and A Activity.

Conclusions

Strong Results. Nation Media is full of ''complexity'' [Nation Chairman] and has depth and geographical reach. These were strong results and Linus Gitahi oozed confidence.

FY 2012 versus FY 2011
FY Revenue 12.3468b versus 11.2458b +9.79%
FY PBT 3.5046b versus 2.8103b +24.7055%
FY PAT 2.5103b versus 2.0068b +25.089%
FY EPS 15.9 versus 12.7 +25.196%
Final Dividend 7.50 [Interim Dividend 2.50] Total Dividend Pay Out 10.00 +25%
Bonus Share Issue 1 for every 5 Held

Conclusions

The Share Price has struck a Sequence of All Time Highs and is still headed higher.
These were muscular Earnings.
Linus Issued a whole Suite of new Initiatives through 2012 and spoke of consolidating Gains this Year.
The Media Real Estate has depth and Geographical Reach.
The Bonus Share will keep the Price underpinned.

@CKirubi @LGTWITS Jonathan Ciano at @NTVKenya Nation Media FY Earnings Twitpic
http://www.twitpic.com/ccwalf

@LGTwits with his Hela Card before the FY Earnings Release @NTVKenya NMG Nation Media Twitpic
http://www.twitpic.com/ccvtir

Swot Analysis 6 Months through June 2012 versus 6 Months through 2011
Turnover 5.8441b versus 5.148b +13.5217%
Profit Before Tax 1.376b versus 1.1154b +23.363%
Profit After Tax 915.1m versus 730.6m +25.253%
Earnings Per Share 5.82 versus 4.65 +25.161%
Interim Dividend 2.50 versus 1.50 last time +66.66%

Please see the Investor Briefing Presentation here
http://www.rich.co.ke/media/docs/H1_2012_Investor_Briefing.pdf

Circulation Revenue +13%
Advertising Revenue +9.00%
East African Circulation Revenue +28%
Talking about Rwanda Today
Business Daily Operating Profit +190%
NTV Uganda Operating Profit +777%
Nation Digital Revenues +54%
National Digital Operating Profit +116%

Conclusions

These were Strong Results I thought. They launched an International Card in conjunction with Diamond Trust Bank. Their Regional Businesses have gotten some Real Traction.


Swot Analysis 12 Months to Dec 2011 versus 12 Months to Dec 2010
Revenue 11.2458b versus 9.6025b +17.1%
Profit Before Tax 2.8103b versus 2.1466b +30.9%
Profit After Tax 2.0068b versus 1.5384b
Earnings per Share 12.7 versus 9.8
Final Dividend 6.50 Total Dividend 8.00

Linus Gitahi, the chief executive of the group, told an investor's briefing
that his company, which has a strategy to expand in the region, had
recorded growth across its business including its digital division.

Conclusions

Solid Results -

Swot Analysis 6 Months to June 2011 versus 6 months to June 2010
Turnover 5.148b versus 4.4687b +15.2%
Profit before Tax 1.1154b versus 0.8916b +25.1%
Profit after Tax 730.6m versus 558.1m +30.9%
EPS 4.65 versus 3.55 +31%
Interim Dividend 1.50 Unchanged

Nation Media Group LtdNet income for the six-month period rose to 747
million shillings ($8.2 million) as sales climbed 17 percent to 5.2 billion
shillings, Chief Executive Officer Linus Gitahi told reporters
today in the capital, Nairobi.A rising inflation rate, weakening local
currency, drought and high energy costs pose "considerable economic risks"
for the rest of this year, Gitahi said.

"We remain cautiously optimistic for the remainder of the year even as we
pursue new market opportunities," he said. Nation Media plans opena radio
station in Rwanda by the end of the year and start operations
in South Sudan, Gitani said, without giving a timeframe.

Conclusions

I think they have plenty of Valuable Media Real Estate and that there
remains plenty of good Momentum. The Growth Trajectory I think can be
maintained at this Run Rate for the next 18 months.

FY 2010 versus FY 2009 Results
Turnover 9.6025b versus 8.1898b +17.2495%
Profit Before Income Tax 2.1466b versus 1.6174b +32.71%
EPS 9.8 versus 7.00
Final Dividend 4.00
Special Dividend 2.50
Interim Dividend already Paid 1.50.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 31 Jul 2014
 
Downloads
 
  20-MAR-2014 ::  Audited Group results for the year ended 31st December 2013.
  Audited Group results for the year ended 31st December 2013.

Download N.S.E Announcement
   
  02-SEP-2013 ::  Investor Briefing
  Investor Briefing

Download N.S.E Announcement
   
  30-AUG-2013 ::  Half year unaudited accounts
  Half year unaudited accounts

Download N.S.E Announcement
   
 
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