30th April 2017
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Company Data
 
Home Afrika Ltd
http://
Par Value:                  
Closing Price:           0.80
Total Shares Issued:          405255320.00
Market Capitalization:        324,204,256
EPS:             0.9
PE:                 0.889
 

FY Revenue 2.544628524b vs. 2.283151865b +11.452%
FY Cost of sales [1.640312183b] vs. [1.476312127b] +11.109%
FY Gross profit 904.316341m vs. 806.839738m +12.081%
FY Other operating income 5.412643m vs. 1.501921m +260.381%
FY Selling and distribution costs [329.112443m] vs. [260.515766m] +26.331%
FY Administrative expenses [297.491883m] vs. [244.278863m] +21.784%
FY Other operating expenses [45.267509m] vs. [44.531016m] +1.654%
FY Operating profit before gain on disposal of Property, Plant and Equipment 237.857149m vs. 259.016014m -8.169%
FY Gain on disposal on PPE 0.837365m vs. 2.086323m -59.864%
FY Operating profit before after gain on disposal of PPE
238.694514m vs. 261.102337m -8.582%
FY Profit before tax 175.974893m vs. 198.387446m -11.297%
FY Profit for the year 144.980485m vs. 178.848086m -18.937%
EPS 0.90 vs. 1.10 -18.182%
Total Assets 1.521194765b vs. 1.326531265b +14.675%
Shareholders Funds 719.166802m vs. 581.921879m +23.585%
Cash and cash equivalents at 31st December [101.713064m] vs. 13.684023m -843.298%
Bonus Share Issue 1:10

Company Commentary

FTG the diversified manufacturer and distributor of plastic tanks, cosmetics and snacks
Annual Net Sales for FY16 2.5B +11.5%
A +22.3% Increase in operating costs to 671.8m
one off impact from Suzie Beauty retail chain expansion as well as new Mozambique factory expenses in that period.
Company has also decided to make a significant provision against receivables from supermarkets inn Kenya that have been extremely slow to pay.
1for10 bonus issue

Conclusions

Its a cheap share operating in an interesting niche.

H1 Revenue 1.202089149b vs. 1.114323376b +7.876%
H1 Cost of sales [753.268442m] vs. [746.059485m] +0.966%
H1 Gross profit 448.820707m vs. 368.263891m +21.875%
H1 Selling and distribution costs [175.204317m] vs. [98.671692m] +77.563%
H1 Administrative expenses [123.335764m] vs. [124.586679m] -1.004%
H1 Operating profit before gain on disposal of property, plant and equipment 127.970077m vs. 95.790657m +33.593%
H1 Gain on disposal of property, plant and equipment 0.786620m vs.
H1 Finance costs [43.771777m] vs. [19.620598m] +123.091%
H1 Profit before tax 84.980920m vs. 76.170059m +11.567%
H1 Profit for the period 80.528312m vs. 81.211426m -0.841%
H1 Exchange differences on translation of foreign operations [9.814609m] vs. 36.877608m -126.614%
EPS 0.50 vs. 0.50
Shareholders funds 698.334070m vs. 525.875391m +32.795%
Cash and cash equivalents at the end of June 30th [105.677692m]

Company Commentary

diversified manufacturer and distributor of plastic tanks cosmetics and snacks
+34% EBITDA to 128.8m versus 95.79m

CEO Heril Bangera said FTGH delivered a strong performance in the first 6 months of 2016 in a very tough economic environment. The increase in total operating expenses is attributable to rigorous advertising and marketing campaigns geared to increase revenue in the plastics and FMCH divisions
In january 2016 the group acquired Suziebeauty line of colour cosmetic brand venturing into personal care prestige portfolio.

FTGH operates across two business verticals, manufacturing and trading, in six countries. Its strategy is to build a diversified portfolio of African manufactured brands for African consumers, covering plastics, cosmetics and food in multiple markets and verticals.

Conclusions

On a PE of 3.591 Thats seriously a price in disequilibrium.

FY Revenue 2.283151865b vs. 1.764847673b +29.368%
FY Cost of sales [1.476312127b] vs. [1.197755467b] +23.257%
FY Gross profit 806.839738m vs. 567.092206m +42.277%
FY Selling and distribution costs [260.515766m] vs. [150.530394m] +73.065%
FY Administrative expenses [244.278863m] vs. [219.906436m] +11.083%
FY Operating profit [loss] before gain on disposal of property, plant and equipment 259.016014m vs. 139.371325m +85.846%
FY Gain on disposal of property, plant and equipment 2.086323m vs. 61.338464m -96.599%
FY Profit [loss] before tax 198.387446m vs. 144.798997m +37.009%
FY Profit for the year 178.848086m vs. 153.126198m +16.798%
FY Exchange differences on translation of foreign operations 40.985924m vs. 7.027966m
EPS 1.10 vs. 0.95 +15.789%
Shareholders Funds 627.620367m vs. 407.786357m +53.909%
Cash and cash equivalents at the end of the year 13.684023m vs. 47.190220m -71.002%

From an accompanying hard copy release

Group Revenue for FY2015 +29%
FY EPS +37%
Manufacturing vertical 75% of Total Revenue
Heril Bangera we have made considerable progress on our strategic plans, to generate an 86% increase in our normalised operating profits. The Acquisitions made in foods, snacks and cosmetics capped off FY 2015 really well for us
acquisitions doubled the size of the Food Portfolio
Annual Net Sales for FY 2015 +29% to 2.28b

Conclusions

Strong Earnings. Good Headline growth and a very clearly defined strategy.

FTGH results: earnings per share increases 37% @coldtusker @kenyanwalstreet @alykhansatchu @BurbidgeCapital
https://twitter.com/FlameTreeGroup/status/725196973087834113
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: 28 Apr 2017
 
Downloads
 
  28-APR-2017 ::  Full Year Results
  Financial Statements for the Year Ended 31st December 2016.

Download N.S.E Announcement
   
  10-JUN-2016 ::  Notice of Annual General Meeting.
  Notice of Annual General Meeting.

Download N.S.E Announcement
   
  08-JUN-2016 ::  Appointment of a Director.
  Appointment of a Director.

Download N.S.E Announcement
   
  06-MAY-2016 ::  Audited Financial Statements for the Year Ended 31st December 2015.
  Audited Financial Statements for the Year Ended 31st December 2015.

Download N.S.E Announcement
   
  03-MAY-2016 ::  Notice of Delay of Publication of Financial Results
  Notice of Delay of Publication of Financial Results

Download N.S.E Announcement
   
 
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