19th December 2018
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Company Data
 
British American Tobacco Kenya Ltd.
http://www.bat.com
Par Value:                  10/-
Closing Price:           542.00
Total Shares Issued:          100000000.00
Market Capitalization:        54,200,000,000
EPS:             33.36
PE:                 16.247
 

6 months through 30th June 2018 versus 6 months through 30th June 2017
H1 Gross Revenue 17.142b versus 18.968b -10.652%
H1 Net Revenue 9.138b versus 10.394b -12.083%
H1 Operating Profit 3.003b versus 3.138b -4.302%
H1 Profit Before Tax 2.793b versus 3.068b -8.96%
H1 Profit after Tax 1.948b versus 2.148b -9.310%
H1 EPS 19.48 versus 21.48 -9.31%
Interim Dividend 3.50 a share unchanged

Company Commentary

Gross revenue reduced by 10% driven by lower domestic volumes following excise-led price increases, lower cut rag sales offset by higher export sales and contract manufacturing revenues.
Operating margin improved by 2.7 percentage points to 32.9%.
The reduction in net cash generated from operating activities is driven by lower revenues and timing of working capital movements. [5.109b] versus [3.735b]

Via Kestrel Email

With exports now contributing a larger share of company revenues (52% compared to 49% in 1H17 and 41% in 1H16), our expectation is for the trend to persist as the domestic market takes time to recover.
Sportsman and Safari now contribute 75% of local revenues, we estimate a 40 35% mix. The company is targeting to grow Sportsman, having launched 3 variants of the brand in the last 12 months. In the case of excise adjustment for inflation, we expect the company to aim to foster stability in Sportsman prices as a way of supporting the brands position and mitigating downtrading.

Conclusions

H1 EPS was at the top of the range.
However Note the deterioration in Cash position [5.109b] versus [3.735b]

FY Gross revenue 34.468b vs. 36.676b -6.020%
FY Excise duty and VAT [15.794b] vs. [16.826b] -6.133%
FY Net revenue 18.674b vs. 19.850b -5.924%
FY Cost of operations 5.753b vs. 6.544b -12.087%
FY Reorganisation costs [392m] vs. [338m] +15.976%
FY Finance costs [494m] vs. [295m] +67.458%
FY PBT 4.867b vs. 5.911b -17.662%
FY PAT 3.336b vs. 4.234b -21.209%
FY Dividend 2.600b vs. 4.300b -39.535%
FY Net fair value on currency hedges 7m vs.
FY Basic and diluted EPS 33.36 vs. 42.34 -21.209%
Dividend per share 26 vs. 43 -39.535%
Shareholders funds 7.840b vs. 8.797b -10.879%
Net cash from operations 4.713b vs. 5.162b -8.698%
Cash and cash equivalents at the end of the year [1.653b] vs. [1.687b] -2.015%

Company Commentary

Company navigated an unexpectedly difficult trading environment in Kenya and across our export markets to deliver a solid set of results in challenging circumstances.
Gross revenue decreased by 6% driven by lower domestic volumes and weaker product mix due to the continued impact of excise led price increases in 2015 and extended uncertainty during the election period.
decrease in domestic market was partially offset by recovery in export volumes and revenues following additional pricing and distribution expansion initiatives implemented during the year, and marginal price increases in contract manufacture due to inflation.
an unexpected 87% increase in the cost of tax stamps announced in April 2017 as part of the excise Act 2017 as a result operating margin reduced by 2.2pp to 30.8%
Company reorganisation cost 392m in H2
Finance costs increased to 494m principally due to higher borrowing in H1 2017
Final Dividend 22 a share Total 26.00

Conclusions

an unexpectedly difficult trading environment in Kenya
Headline Revenue -5.924% translates into FY EPS downshift -21.209%
They have reduced their dividend Pay Out Ratio.

British American Tobacco Kenya PLC H1 2017 results through 30th June 2017 vs. 30th June 2016
H1 Gross revenue 17.142b vs. 18.968b -9.627%
H1 Excise duty and VAT [8.004b] vs. [8.574b] -6.648%
H1 Net revenue 9.138b vs. 10.394b -12.084%
H1 Operating profit 3.003b vs. 3.138b -4.302%
H1 Finance costs [210m] vs. [70m] +200.000%
H1 Profit before tax 2.793b vs. 3.068b -8.963%
H1 Profit after tax 1.948b vs. 2.148b -9.311%
H1 Interim dividend 350m vs. 350m
Basic and diluted EPS 19.48 vs. 21.48 -9.311%
Cash and cash equivalents at the end of the period [5.109b] vs. [3.735m] -36.787%
Shareholders funds 6.795b vs. 6.401b +6.155%

Commentary

Gross Revenue reduced by 10% to 17.1b driven by lower domestic volumes following excise led price increases, lower cut rag sales offset by higher export sales and contract manufacturing revenues.
Operating margin improved by 2.7% to 32.9%
Interim dividend 3.50 a share

Conclusions

Solid results with a more than 99% dividend pay out Policy.

FY Earnings for the year ended 31st December 2016 versus through December 2015
FY Gross revenue 36.676b vs. 35.817b +2.398%
FY Excise duty and VAT [16.826b] vs. [13.560b] +24.086%
FY Net revenue 19.850b vs. 22.257b -10.815%
FY Cost of operations [13.306b] vs. [14.584b] -8.763%
FY Profit from operations 6.544b vs. 7.673b -14.714%
FY Finance costs [295m] vs. [534m] -44.757%
FY Profit before tax [5.911b] vs. [7.139b] -17.201%
FY Profit after tax 4.234b vs. 4.976b -14.912%
FY Gain on revaluation of property 616m vs.
Total dividend 43/ share vs. 49.50/ share -13.131%
Basic and diluted EPS 42.34 vs. 49.76 -14.912%
Shareholders funds 8.797b vs. 8.853b -0.633%
Cash cash equivalents at the end of the year [1.687b] vs. [1.612b] -4.653%

Company Commentary

Gross Revenue increased by 2% to 36.7b.
significantly higher Excise Duty following the implementation of a single tier Excise regime on 1st December 2015
Excise Duty and VAT increased by 24% to 16.8b
Cost of operations reduced by 9% to 13.3b
H2 Re organisation cost 338m
616m gain in comprehensive income
Final Dividend 39.50 per share [3.50 paid as interim]

Conclusions

Gross Revenue growth +2.398%
Played Defense effectively taking -8.763% of cost out Year on Year.
Final Dividend 39.50 4.34% worth of Yield.
defensively oriented results but a very solid defensive game.

H1 Net revenue 10.394b vs. 10.549b -1.469%
H1 Total cost of operations [7.256b] vs. [7.582b] -4.300%
H1 Operating profit 3.138b vs. 2.967b +5.763%
H1 Finance costs [70m] vs. [194m] -63.918%
H1 PBT 3.068b vs. 2.773b +10.638%
H1 Income tax expense [920m] vs. [832m] +10.577%
H1 PAT 2.148b vs. 1.941b +10.665%
H1 Basic and diluted EPS 21.48 vs. 19.41 +10.665%
Shareholders funds 6.401b vs. 6.168b +3.778%
Cash cash equivalents at end of period [3.735b] vs. [2.872b] +30.049%

Company Commentary

Net revenue reduced marginally by 1% higher domestic revenues following excise led price increases offset by lower contract manufacturing revenues.
Operating Profit +6% operating margin improved by 2.1 percentage points to 30.2% during the period
Interim Dividend of 3.50 a share

Conclusions

Strong share with an attractive dividend Pay Out Ratio.

FY Net revenue 22.257b vs. 21.032b +5.824%
FY Cost of sales [14.484b] vs. [14.661b] -1.207%
FY Operating profit 7.673b vs. 6.371b +20.436%
FY Finance costs [534m] vs. [276m] +93.478%
FY Profit before tax 7.139b vs. 6.095b +17.129%
FY Profit after tax 4.976b vs. 4.255b +16.945%
EPS 49.76 vs. 42.55 +16.945%
Cash and cash equivalents at the end of the year [1.612b] vs. [0.733b] -119.918%
Total dividend 49.50 vs. 42.50 +16.471%
Final Dividend 46.00 making total dividend Pay-Out 49.50

Company Commentary

Net Revenue increased by +6% driven by the benefit of foreign exchange movements arising from export Sales, improved performance in the domestic market as well as incremental cut rag volumes.
PBT increased by 17%
Operating margin improved by 4.2 percentage points to 34.5% in 2015 through stringent cost management
Finance costs increased principally due to higher foreign exchange related losses and interest expenses.

Conclusions

Strong Results and they are of course an extreme dividend Paying stock paying out 99.447% of EPS as Dividend

26-FEB-2016 :: Resignation of a Director.
http://www.rich.co.ke/media/docs/British%20American%20Tobacco%20Kenya%20Limited%20-%20Resignation%20of%20Director.pdf

Dr. Jonathan Ciano has tendered his resignation.

BAT reports H1 2015 Earnings here
H1 Gross Revenue 17.353b versus 16.848b +2.99%
H1 Excise Duty and VAT [6.804b] versus [6.540b]
H1 Net Revenue 10.549b versus 10.308b +2.33%
H1 Operating Profit 2.967b versus 2.658b +11.62%
H1 Profit Before Tax 2.773b versus 2.561b +8.27%
H1 Profit After Tax 1.941b versus 1.793b +8.25%
H1 EPS 19.41 versus 17.93 +8.25%

Company Commentary

Operating Margin Up by 2.2pp to 28.1%
Cash generated from operations Increased by 0.5b to 2.7b
Interim Dividend unchanged at 3.5 shillings a share
Gross Revenue increased driven by improved sales mix in the domestic market and the benefit of foreign exchange movements arising from export sales

Conclusions

solid results, in fact

Full Year Earnings through 31st December 2014 versus through December 2013
Full Year Gross Turnover 34.124b versus 31.916b +7.00%
Full Year net Revenue 21.032b versus 19.619b
Full Year Profit before Tax 6.095b versus 5.470b +11.00%
Full Year Profit after Tax 4.255b versus 3.724b
Full Year Earnings Per Share 42.55 versus 37.24
Final Dividend 39 shillings a share
Dividend Pay Out 42.50 shillings a share

Company Commentary

Gross Turnover increased by 7% driven by incremental contract manufacturing volumes from the DRC.
Export Sales and improved performance in the domestic market
Cash generated from operations increased significantly by 31% to 6.6b
We continue to invest in the Nairobi hub

Conclusions

Strong Earnings and the pre eminent dividend stock at the Nairobi Securities Exchange

BAT Reports H1 2014 Earnings here
H1 Turnover 16.848b versus 15.154b +11.2%
Net H1 Revenue 10.308b versus 9.039b +14%
H1 Profit Before Tax 2.658b versus 2.340b +13.6%
H1 Profit after Tax 1.793b versus 1.566b +14.5%
H1 Earnings Per Share 17.93 versus 15.66 +14.5%

Interim Dividend 3.50 a share and unchanged

Company Commentary

Gross turnover increased by 11% driven but incremental contract manufacturing volumes improved performance on the domestic market Cash generated from operations increased by 1.4b shillings to 2.1b We continue to invest in the Nairobi manufacturing hub


Conclusions

H1 2014 Earnings beat estimates. BAT is a dividend stock and its attraction is increasing in a declining interest rate environment.
BAT reports H1 PAT +11.45% Earnings here
http://www.rich.co.ke/rcdata/company.php?i=Mjk%3D

Full Year Earnings through 31st December 2013 versus through 31st December 2012
Full Year Gross Turnover 31.916b versus 30.504b
FY Excise Duty and VAT [12.297b] versus [11.095b]
Full Year Net Revenue 19.619b versus 19.409b +1.08%
Full Year Operating Profit 5.771b versus 5.104b
Finance Costs [301m] versus [350m]
Full Year Profit Before Tax 5.470b versus 4.754b +15.061%
Full Year Profit after Tax 3.724b versus 3.271b +13.848%
FY Earnings Per Share 37.24 versus 32.71 +13.848%
Final Dividend 33.50 making a total of 37.00 versus 32.50 +13.846%

Company Commentary

We achieved a 3.1% improvement in operating margin reflecting improved mix on turnover and cost saving benefits

Conclusions

Strong and solid results. 5.79% of Yield will support the Price.

H1 Earnings through June 2013 versus June 2012
Gross Turnover 15.154b versus 14.549b
Excise Duty and VAT [6.115b] versus [5.496b]
H1 Net Revenue 9.039b versus 9.053b
H1 Operating Profit 2.315b versus 2.127b
H1 PBT 2.237b versus 2.007b +11.45%
HI PAT 1.566b versus 1.405b +11.45%
H1 EPS 15.66 versus 14.05 +11.459%
Interim Dividend 3.50 a share unchanged

Company Overview

7% Growth in Domestic and Export Volumes
Factory is a Regional Hub

FY Earnings through December 2012 versus Dec 2011
Gross Turnover 30.504b versus 28.818b +5.85%
Excise Duty and VAT [11.095b] versus [8.680b] +27.8225%
Net Revenue 19.409b versus 20.138b -3.62%
Operating Profit 5.104b versus 4.662b +9.48%
Finance Costs [0.350b] versus [0.178b] +96.62%
FY Profit Before Tax 4.754b versus 4.484b +6.021%
FY PAT 3.271b versus 3.098b +5.58%
FY EPS 32.71 versus 30.98 +5.58%
Final Dividend 29 a share [Interim Dividend of 3.5 already paid]

Company Commentary
Domestic, exports and Contract Manufacture cigarette Volumes grew by 13%
6% increase in Gross Turnover
Company speaks of Illicit Trade.
Company invested 1.2b to further increase Factory Capacity

Conclusions

BAT slowed from a +20.685% PBT Run Rate H1 to +6.021% FY PBT.
However, on a Trailing PE of 16.202 and with a Final Dividend worth 5.4716%, I expect the Price to be supported.
Evidently Excise Duty and VAT at +27.8225% took a bigger Bite out of Profits and crimped Profits.

H1 Earnings through June 2012 versus June 2011
Revenue 9.053b versus 9.096b -4.727%
Operating Profit 2.127b versus 1.715b +24.023%
Profit Before Tax 2.007b versus 1.663b +20.685%
Profit After Tax 1.405b versus 1.165b +20.600%
Interim Dividend 3.5 per share unchanged
Earnings Per Share 14.05 versus 11.65 +20.6008%

Conclusions

I think the Trajectory remains upwards sloping, continues to gain Traction and has not plateaued yet.


FY Results 2011 versus FY Results 2010
Revenue 20.138b versus 13.539b
Profit Before Tax 4.484b versus 2.722b +64.731%
PAT 3.098b versus 1.767b +75.32%
Dividend 3.050b Thats an Outlier when it comes to its Dividend Pay out Ratio which is 98.46%.
EPS 30.98 versus 17.67 +75.32%
Final Dividend 27 shillings a share Dividend Yield
Total Dividend 30.50
Dividend Yield 11.7307%

The exchange rate benefit on export revenues also contributed to revenue growth. Total domestic and export volumes grew over the previous year driven by higher contract manufacture volumes as well as good performance in the Kenya domestic markets, BAT Kenya said.

Conclusions

Well Who can argue with these Results

6 Months to June 2011 versus six months to June 2010
Revenue 9.096b versus 6.006b +51.44%
Profit Before Tax 1.663b versus 1.461b +13.826%
PAT 1.165b versus 1.023b +13.88%
Interim Dividend 350m 3.50 Per Share
EPS 11.65 versus 10.23 +13.88%

Conclusions

Solid Results and BAT has a very Progressive Dividend Pay Out Policy.

Swot Analysis FY Dec 2010 versus FY Dec 2009

Revenue 13.539b versus 11.094b +22.00%
PBT 2.722b versus 2.109b +29.00%
PAT 1.767b versus 1.478b
Dividend Pay Out 1.75b +19%
EPS 17.67 versus 14.78
Total Domestic and Export Volumes grew 3%
14.50 Final to be added to 3.00 Interim
Yield 6.386% Annualised

Conclusions

Strong Results and an aggressive Dividend Pay Out Policy makes it fairly priced here.
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: 18 Dec 2018
 
Downloads
 
  21-MAY-2018 ::  Change to the Board of Directors.
  Change to the Board of Directors.

Download N.S.E Announcement
   
  14-MAY-2018 ::  Resignation & Appointment of Company Secretary.
  Resignation & Appointment of Company Secretary.

Download N.S.E Announcement
   
  13-APR-2018 ::  AGM Notice
  Notice of AGM

Download N.S.E Announcement
   
  16-FEB-2018 ::  Full Year Results
  Financial Results for the Year Ended 31st December 2017.

Download N.S.E Announcement
   
 
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