28th May 2016
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Company Data
Nation Media Group Ltd.
Par Value:                  2.50/-
Closing Price:           163.00
Total Shares Issued:          188542286.00
Market Capitalization:        30,732,392,618
EPS:             11.8
PE:                 13.814

FY Revenue 12.3395b vs. 13.3513b -7.578%
FY Profit before tax 2.8232b vs. 3.624b -22.097%
FY Profit after tax 2.2227b vs. 2.4605b -9.665%
FY Other comprehensive income [151.6m] vs. [50.3m] +201.392%
EPS 11.8 vs. 13.1 -9.924%
Dividend per share 10.0 vs. 10.0
Cash and cash equivalents at the end of the year 3.0633b vs. 3.4517b -11.252%

Nation Commentary
Group's Profit after Tax declined ..adverse performance was due to revenue shortfall with the broadcasting Division affected by the disruptions of television signal transmission, following the switch from analogue to digital broadcasting early in the year.
Profitability was also adversely effected by foreign exchange losses
Turnover declined -7.6%
The Group Outlook for 2016 is generally positive, with the commissioning of the new 2b state of the art printing Press and business opportunities presented by the group's leading position in the digital space.


They have actually rebounded strongly H2.
I suspect its all priced in now.

First Half Earnings through June 2015 versus through June 2014
First Half Turnover 6.1101b versus 6.4466b -5.2%
First Half Profit Before Tax 1.4296b versus 1.5615b -8.4%
First Half Profit after Tax 1.0231b versus 1.0849b -5.696%
First Half Earnings Per Share 4.94 versus 5.70 -13.333%
Interim Dividend 2.50 and unchanged
June 2015 results include accelerated depreciation expenses amounting to 92.2m

Company Commentary

Performance was adversely affected by a general disruption of the Television broadcasting industry
Specifically revenues in the television division in Kenya were depressed

@wgkantai The East African, revenue down 18%, primarily because the paper is still banned in Tanzania. Lobbying happening at highest levels.


it was evidently a tough period.

Full Year Earnings through Dec 2014 versus through Dec 2013
Full Year Revenue 13.3513b versus 13.3737b -1.674%
Full Year Profit before Tax 3.624b versus 3.5871b +1.0286%
Full Year profit after Tax 2.4605b versus 2.5332b -2.869%
Full Year Earnings Per share 13.1 versus 13.4 -2.23%
Final Dividend 7.50 a share [+2.50 Interim]

Company Commentary

adverse impact of 230m charge in the accounts in respect of accelerated depreciation and write off of analogue broadcasting equipment


The Digital Migration Fracas occurred in 2015 and therefore was not captured in the reporting period.
Nation Media is a strong Franchise but the entire approach to the Migration has been perplexing, to say the least
First Half Earnings through 30th June 2014 versus through 30th June 2013.
First Half 2014 Turnover 6.4466b versus 6.4281b +2.877%
First Half Profit before Income Tax 1.6508b versus 1.6169b +2.0966%
First Half Profit after Tax 1.1470b versus 1.1149b +2.879%
First Half Earnings Per Share 6.03 versus 6.02 +1.166%
Interim Dividend 2.50 versus 2.50 unchanged

Company Commentary

The Void in income attributable to the General Elections, which boosted the results in the first Half of 2013, was mitigated by a combination of new innovative income generation projects as well as sustained cost containment initiatives.

The Group will continue to take appropriate actions to mitigate the potential adverse effects of the challenges to its performance and is cautiously optimistic of sustaining growth in the remaining part of the year,

The publisher of Daily Nation and owner of other media outlets in the region said that last year's first half had been buoyed by Kenya's elections, which kept the east African nation's population glued to televisions, radios and newspapers.


In Line Results.
Strong franchise.
Company is citing strong cost control

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

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.
Tanzanias Mwananchi Communications operating profit grew by 29 per cent while advertising revenue at Nation Newspaper 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 groups 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, NMGs 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.


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

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.


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


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

@LGTwits with his Hela Card before the FY Earnings Release @NTVKenya NMG Nation Media Twitpic

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

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%


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.


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.


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: 27 May 2016
  22-MAR-2016 ::  Audited Group Results for the Period Ended 31st December 2015.
  Audited Group Results for the Period Ended 31st December 2015.

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