15th November 2018
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Company Data
 
Kapchorua Tea Company Ltd.
www.kapchoruatea.co.ke
Par Value:                  5/-
Closing Price:           72.00
Total Shares Issued:          7824000.00
Market Capitalization:        563,328,000
EPS:             21.27
PE:                 3.385
 

FY Earnings through 31st March 2018
FY Turnover 1.429341b versus 1.292123b
FY Profit [loss] from existing operations 214.165m [136.968m]
FY Increase in Fair Value 48.067m versus 59.791m
FY Profit before Tax 257.238m versus [72.323m]
FY Profit After Tax 166.405m versus [51.769m]
FY EPS 21.27 versus [6.62]
FY Dividend 10 a share

Conclusions

Cheap real cheap on an Earnings, NAV and dividend Pay Out Basis.

H1 Turnover 562.888m vs. 675.744m -16.701%
H1 [Loss]/ profit from operations before biological assets valuation [35.164m] vs. [60.501m] -41.879%
H1 Increase/ [decrease] in fair value of biological assets 10.466m vs. [62.328m] +116.792%
H1 Finance income/ [costs] 3.920m vs. [5.294m] +174.046%
H1 Loss before taxation [20.778m] vs. [128.123m] +83.783%
H1 Loss for the period [14.545m] vs. [89.686m] -83.782%
H1 Loss arising from operating activities [21.871m] vs. [46.057m] -52.513%
H1 Profit/ [Loss] arising from changes in fair value of biological assets 7.326m vs. [43.630m] +116.791%
H1 Loss per share [1.86] vs. [11.46] +83.770%
Total assets 2.168647b
Shareholders funds 1.377485b
Cash and cash equivalents at 30th September 171.440m vs. 53.533m +220.251%

Company Commentary

Tea production was low not only for the Group but across the Tea Industry due to severe drought conditions experienced in the first few months of the year. reduced supplies were met with good demand which boosted prices during the period under review.
Group reported a profit during the 6 months mainly from investment and other non operational activities.
Cost of production remains the biggest concern for the Group and the tea industry at large.
a much publicised strike orchestrated illegally by Union Leaders in the month of October and early November resulting in major losses which will affect performance for the next 6 months.
The Future therefore remains very unpredictable.

Conclusions

Market Cap is 594.62m versus Total Assets of 2.168b.
Big improvement but narrowly missed booking a profit.

FY Turnover 1.292123b vs. 1.209133b +6.864%
FY [Loss]/ profit from operations before tax [136.968m] vs. 106.411m -228.716%
FY Increase in fair value of biological assets 59.791m vs. 14.748m +305.418%
FY Finance income 4.855m vs. 30.284m -83.968%
FY [Loss]/ profit before taxation [72.323m] vs. 151.443m -147.756%
FY [Loss]/ profit for the year [51.769m] vs. 106.096m -148.794%
[Loss]/ earnings per share [6.62] vs. 13.56 -148.820%
Total Assets 2.030309b vs. 2.144587b -5.329%
Shareholders funds 1.415502b vs. 1.514215b -6.519%
Cash and cash equivalents at 31st March 185.255m vs. 120.172m +54.158%

Conclusions

They have not yet advised around the final Dividend.
NAV is a multiple of the share price

Kapchorua Tea reports H116 Earnings through 30.09.2016 versus through 30.09.2015
H1 Turnover 675.744m versus 525.742m
H1 [loss] Profit from Operations before biological assets valuation [60.501m] versus 43.870m
H1 [Decrease]/Increase in fair value of biological assets [62.328m] versus 50.634m
[Loss]Profit before Taxation [128.123m] versus 143.448m
[Loss] Profit after Taxation [89.686m] versus 100.414m
H1 EPS [11.46] versus 25.67

Commentary

Turnover increased by 29% due to higher crops.
In short the outlook is gloomy

Conclusions

NAV is 272.00 but in fact is a lot higher -
Buy on dips


FY Turnover 1.209133b vs. 1.073989b +12.583%
FY Profit from operations before tax 165.103m vs. 54.740m +201.613%
FY Increase [decrease] in biological assets 140.620m vs. [101.214m] +238.933%
FY Finance income 30.284m vs. 16.938m +78.793%
FY Profit [loss] before taxation 336.007m vs. [29.536m] +1,237.618%
FY Profit [loss] for the year 234.322m vs. [22.785m] +1,128.405%
EPS 29.95 vs. [2.91] +1,129.210%
Dividend 6.00
Shareholders funds 1.642441b vs. 1.427679b +15.043%
Cash & cash equivalents at the end of the year 120.172m vs. 46.844m +156.537%

Company Commentary

Higher Inventory Levels [unsold Tea] also reduced the cost of sales.
Final Dividend 6 shillings a share

Conclusions

Trades on a PE of 2.78
Its cheap

Kapchorua Tea Company Limited H1 2016 results through 30th September 2015 vs 30th September 2014
H1 Turnover 525.742m vs. 525.849m -0.02%
H1 Profit from operations before biological assets valuation 43.870m vs. 32.052m +36.87%
H1 Increase in fair value of biological assets 50.634m vs. 27.059m +87.12%
H1 Finance income 48.944m vs. 9.051m +440.76%
H1 Profit before tax 143.448m vs. 68.162m +110.45%
H1 Profit for the year 100.414m vs. 47.713m 110.45%
H1 Profit arising from operating activities 64.970m vs. 28.772m +130.34%
H1 Profit arising from changes in fair values of biological assets 35.444m vs. 18.941m +87.13%
H1 EPS 25.67 vs. 12.20 +110.41%
H1 Increase (Decrease) in cash and cash equivalents 147.094m vs. [171.083m] +185.98%
H1 Total Assets 2.111794b vs. 1.983239b +6.48%

Conclusions

A Cheap share on a Forward PE Calculation and on a Net Asset Value calculation.

Full Year Earnings through 31st March 2015 versus 12 months through 31st March 2014
Full Year Turnover 1.073989b versus 1.192483b
Full Year Profit from Operations before Tax 76.798m versus 107.970m
[Decrease]Increase in fair value of biological assets [101.214m] versus 69.811m
[Loss]profit before Taxation [29.536m] versus 182.079m
[Loss] Profit for the Year [22.785m] versus 125.991m
Full Year Earnings Per share [5.82] versus 32.21
Full Year Dividend 5 shillings a share

Conclusions

Tea Prices in this reporting Period a Known Known

Full Year Earnings through 31st March 2014
FY Turnover 1.192483b versus 1.353206b -11.877%
FY Profit from Operations before Tax 107.970m versus 161.143m -32.997%
FY Increase in Fair Value of Biological Assets 69.811m versus 81.808m
FY Profit Before Taxation 182.079m versus 255.753m -28.806%
FY Profit After Tax 125.991m versus 179.718m -29.89%
FY Earnings per share 32.21 versus 45.94 -29.886%
Full Year Dividend 5 shillings a share -33.333%

Company Commentary

Following the issue of the profit warning on 19th March 2014, the company recorded a profit of Shs 77 million from its operating activities, which is 37% lower than realised last year. The results whilst weak, remain a testament of our considerable effort to strive to cope with very weak markets and very significant price decline.
The weather was however favourable throughout the year and this, together with the support from our partners, the smallholders, contributed to the good crop levels achieved.
Fair value gain on biological assets is not equivalent to cash realised from operations and therefore not distributable to the shareholders.

Conclusions

notwithstanding a poor Innings in 20132014 this remains a very cheap share on a Net Asset Value Basis and on a PE Basis.

H1 2013 Earnings through 30.09.2013 versus H1 2012
H1 Turnover 523.390m versus 589.422m
Loss.Profit from Operations before Biological Asset Revaluation [15.331m]
38.968m
Increase in Fair Value of Biological assets valuation 124.299m versus
106.254m
H1 PBT 109.942m versus 151.624m
H1 PAT 76.959m versus 106.137m
H1 EPS 19.67 versus 27.13

PROSPECTS
As stated above we do not anticipate a change in market conditions prior to our year end in March 2014. The very weak market is therefore likely to negatively impact ou our next six months.

FY Earnings through March 2013 versus FY through March 2012
FY Turnover 1.353206b versus 1.406794b
FY PBT 255.753m versus 112.576m
FY PAT 179.718m versus 77.968m
FY EPS 45.94 versus 19.93
FY Dividend 7.50 a share

COMMENTARY ON THE RESULTS
The year under review saw reasonable weather conditions. There was rainfall throughout the year which ensured the crop levels remained high particularly in the last quarter of the year. This contributed significantly to the results thus increasing the profit from operating activities.
Fair value gain on biological assets is not equivalent to cash realised from operations and therefore not distributable to the shareholders.
Dividend
In view of the favourable results, the Directors recommend a final dividend of KShs 7.50 per share (2012 KShs 7.50) to be approved at the forthcoming Annual General Meeting. The final dividend if approved will accrue to those members on the register at close of business on 25th June 2013
The register will remain closed from 26th June to 2nd July 2013 both days inclusive with the dividend being paid thereafter net of withholding tax as applicable.
PROSPECTS
The weather conditions continue to be unpredictable where rainfall is unevenly distributed. In addition to the uncertain market demand,
foreign exchange fluctuations and the ever increasing costs of production, the impact of the new County Governments and the new Agricultural and Fisheries board may
adversely affect the performance and profitability of the company in the forthcoming financial period.

Conclusions

On a PE of less than 3 This is a very cheap share.

H1 2012 Earnings through Sep 2012 versus H1 Earnings through Sep 2011
H1 Turnover 589.422m versus 592.426m
Profit from Operations before Biological Assets Revaluation 38.968m
versus 140.509m
Increase in Fair Value of Biological Assets 106.254m versus 92.421m
H1 PBT 151.624m versus 267.665m
H1 PAT 106.137m versus 187.366m
H1 Earnings per Share 27.13 versus 47.90

Conclusions

They have made more money H1 than they did FY 2011.

Full Year through March 2012 versus Full Year through March 2011
Turnover 1.406974b versus 1.246636b +12.861%
Profits from Operations before Biological Assets Revaluation 99.063m versus 80.788m +22.62%
Increase in Fair Value of Biological Assets 6.154m versus 176.434m -96.51%
Profit Before Taxation 112.576m versus 268.393m -58.0555%
Profit for the Year 77.968m versus 187.005m -58.3%
Earnings Per Share 19.93 versus 47.80 -58.305%
Final Dividend of 7.50 per Share

Conclusions

Sharp Slide in the Biological Assets Revaluation which They warned about. Profits from Operations increased 22.62% and should be kept in mind.

6 Months to Sep 2011 versus 6 months to Sep 2010
EPS 47.90 versus 23.58 +103.138%

Conclusions

They Have made more money in the H1 2011 than they made in the entire Previous FY.

Turnover 1.246636b versus 1.130108b
Profit before Biological Gains 80.788m versus 190.064m
Biological Gains 176.434m versus 17.42m
Profit After Tax 187.005m versus 139.252m
EPS 47.80 versus 35.60
Final Dividend of 7.50 [Interim Dividend was 1.25]
Dividend Yield 8.495%

Conclusions

Its a cheap share on a PE of 2.154 and a Dividend Yield of 8.495%. I see Tea Prices remain well above their Historic Moving Average and the Currency also will remain on the Blackfoot.

New rules for State to own mining firms @BD_Africa
http://www.businessdailyafrica.com/news/New-rules-for-State-to-own-mining-firms/539546-3996850-1018tefz/index.html

Parliament has passed new operating rules the require all mining companies licensed in the past one year to cede a portion of their business to the government for free.
The rules, which do not apply to companies that were awarded mining licences earlier, give the government the right to a 10 per cent stake in all mining operations licensed after May 2016.
The State right to a free equity participation shall not apply to any right that has been granted to a holder to mine or exploit a mineral before the coming into force of the Mining Act, the Mining (State Participation) Regulations 2017 say.
The provision is different from the one that prescribes the formula for sharing mineral wealth between mining firms, national government, county governments and local communities.
The Mining Act, which came into force on May 27, 2016, entitles the government, through the yet to be formed National Mining Corporation, to acquire a 10 per cent free equity participation or free carried interest in the mining operations to which the licence relates.
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: 15 Nov 2018
 
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