Rea Vipingo Plantations Ltd.
http://www.reavipingo.com/
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Par Value: 5/-
Closing Price: 15.90
Total Shares Issued: 60,000,000
Market Capitalization: 954,000,000
EPS: 1.12
PE: 14.196
Well established agricultural business with a focus on sisal.
FY Sep 2011 versus FY Sep 2010
Turnover 2.115616b versus 1.441668b +46.74%
Admin Expenses 472.16m versus 402.372m +17.344%
Profit Before Tax 678.846m versus 103.91m +553%
Profit After Tax 467.196m versus 67.355m +593%
Of PAT 107.008m was a Biological Revaluation
EPS 7.79 versus 1.12 +595.5%
Dividend 1.10 versus 0.80 +37.5%
Conclusions
See Below and I had been telegraphing a High Beta FY Turnaround. Rea Vipingo essentially trades on a PE of 1.887 which is an absurd Valuation. The Decision to raise the Dividend 37.5% where EPS has increased 595.5% is only explained as follows - Either Management does not comprehend that a 14.12% Dividend Pay Out Ratio for a Mature Agricultural Business is simply so absurd its off the charts or they are deliberately trying to suppress the Price.
6 Months Ended 31st March 2011 versus 6 Months 31st March 2010
Revenue 974.725m versus 660.385m
Gains arising from Biological Gains 38.508m versus [14.027m]
Gross Profit 500.072m versus 209.146m
PBT 227.695m versus [6.988m]
PAT 153.402m versus [7.754m]
EPS 2.56 versus [0.13]
No Interim Dividend
"We have experienced a better than normal leaf position which has resulted in the production of high volumes of good quality sisal on virtually all our estates," Company Chairman Oliver Fowler said in a
statement.
"Volumes have been particularly high at Dwa, our largest estate, where we have also been able to produce a good quantity of high grade fibre. Vipingo, and our Tanzanian estates, have produced well ... despite disappointing rains."
Conclusions
A High Beta Turnaround. The Agricultural Companies remain steeply undervalued |
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Average Price Over the last 5 Weeks
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Average Price Over the last 5 Months
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No. Of Shares Traded Over the last 5 Weeks
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No. Of Shares Traded Over the last 5 Months
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Market Capitalization Over the last 5 Weeks
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Market Capitalization Over the last 5 Months
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Data Source: Nairobi Stock Exchange
Trading Day: 22 Feb 2012
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