23rd April 2018
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Company Data
Nairobi Securities Exchange
Par Value:                  
Closing Price:           19.30
Total Shares Issued:          259503194.00
Market Capitalization:        5,008,411,644
EPS:             0.83
PE:                 23.253

Nairobi Securities Exchange PLC FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Operating income 582.338m vs. 527.164m +10.466%
FY Interest income 98.569m vs. 94.766m +4.013%
FY Other income 76.125m vs. 95.255m -20.083%
FY Total income 757.032m vs. 717.185m +5.556%
FY Administrative expenses [500.170m] vs. [487.291m] +2.643%
FY Profit before taxation 269.186m vs. 233.115m +15.473%
FY Profit for the year 216.250m vs. 183.956m +17.555%
FY Total comprehensive income for the year 218.806m vs. 183.754m +19.076%
Basic and diluted EPS 0.83 vs. 0.71 +16.901%
Dividend per share 0.30 vs. 0.27 +11.111%
Total assets 2.108220b vs. 2.013745b +4.692%
Cash and cash equivalents at the end of the year 156.030m vs. 479.359m -67.450%

Company Commentary

improved Cost to Income Ratio of 66% from 68% in 2016
we intend to launch the derivatives market this year.

NSE FY17 Results via Kestrel
The 16.9% y/y increase in EPS was predominantly driven by growth in equity turnover (17% y/y) which was higher than expected given the pro-longed election period.
Costs remained relatively flat (2% growth y/y to KES 500m), and therefore growth in income trickled down to the bottom line.
Notably, the company posted an ROE of 11%.
Going forward, the company intends to launch the derivatives market as well as promote newly launched products like ETFs and REITs. We dont expect these to have a major impact on the companys financials in the coming year as the initial offerings are not expected to be very large. Therefore, the existing income streams will continue to drive the revenue growth.
Additionally, we are not aware of any large IPO or bond offering that may catalyse the existing income generation and therefore we expect a large part of the growth in the upcoming year to be driven by economic growth and increased turnover on the existing instruments.
The Board recommended a first and final dividend of KES 0.30 per share (2016 KES 0.27 per share).


Strong Earnings. Good Pipeline promises a better 2018.

H1 Operating income 282.603m vs. 266.796m +5.925%
H1 Interest income 47.125m vs. 51.766m -8.965%
H1 Other income 17.077m vs. 15.734m +8.536%
H1 Total income 346.805m vs. 334.296m +3.742%
H1 Administrative expenses [254.664m] vs. [235.782m] +8.008%
H1 Profit before taxation 99.659m vs. 106.652m -6.557%
H1 Profit for the year 77.770m vs. 81.962m -5.115%
Basic and diluted EPS 0.30 vs. 0.32 -6.250%
Total Assets 2.021336b vs. 1.936759b +4.367%
Cash and cash equivalents at the end of the period 130.804m vs. 328.040m -60.126%
No interim dividend


Total Income increased by 4% from 334.3m in the six months ended 30 June 2016 to 346.8m for 6 months to June 2017.
This was driven mainly by an 11% increase in equity turnover from 73.6b to 82b.


Its a volume Game and volumes are trending higher.

FY Revenue 527.164m vs. 663.903m -20.596%
FY Interest income 94.766m vs. 101.010m -6.182%
FY Other income 95.255m vs. 43.344m +119.765%
FY Total income 717.185m vs. 808.257m -11.268%
FY Administrative expenses [487.291m] vs. [448.323m] +8.692%
FY Profit before taxation 233.115m vs. 381.494m -38.894%
FY Profit for the year 183.956m vs. 305.693m -39.815%
EPS (Basic and diluted) 0.71 vs. 1.18 -39.831%
Total assets 2.013745b vs. 1.918235b +4.979%
Cash and cash equivalents at the end of the year 479.359m vs. 28.712m
Dividend per share 0.27 vs. 0.49 -44.898%


We will broaden our product offerings through introduction of products geared towards matching the needs of our Investors such as exchange traded Funds, Derivatives contracts and GDRs
Introduction of a Market Making framework and Securities Lending and borrowing regulations


Highly correlated to Trading volumes and we have been in a Bear Market. I expect a rebound in FY 17.

H1 Operating income 242.579m vs. 314.345m -22.830%
H1 Interest income 51.766m vs. 44.241m +17.009%
H1 Other income 39.951m vs. 42.544m -6.095%
H1 Total income 334.296m vs. 401.130m -16.661%
H1 Administrative expenses [235.782m] vs. [203.458m] +15.887%
H1 Profit before taxation 106.652m vs. 218.744m -51.243%
H1 Profit for the year 81.962m vs. 178.580m -54.103%
EPS (Diluted) 0.32 vs. 0.69 -53.623%
Cash and cash equivalents at the end of the period 328.040m vs. 883.506m -62.871%


Highly correlated to volumes and its been a low volume bear market for the most part.

FY Operating income 616.778m vs. 641.736m -3.889%
FY Interest income 101.010m vs. 39.514m +155.631%
FY Total income 808.257m vs. 821.901m -1.660%
FY Administrative expenses [448.323m] vs. [389.541m] +15.090%
FY Profit before taxation 381.494m vs. 441.811m -13.652%
FY Profit for the year 305.592m vs. 320.041m -4.515%
EPS 1.57 vs. 2.13 -26.291%
Total assets 1.918235b vs. 1.685104b +13.835%
Cash and cash equivalents at the end of the year 444.035m vs. 640.655m -30.690%
Dividends 0.49 vs. 0.38 +28.947%
Bonus share 1 3

This was driven mainly by the three per cent decrease in equity turnover from Sh431 billion in 2014 to Sh419 billion in 2015, said the NSE in a statement.


Its going higher in 2016 and that Prediction is based on an increased smorgasbord of Product, strong Institutional Demand for Exchange Equity.
The Bonus and Dividend Hike will keep it humming along.

H1 Total Assets 1,892.618m vs. 1,143.960m +65.4%
H1 Operating Income 314.345m vs. 300.218m +4.7%
H1 Other Income 42.544m vs. 39.444m +7.9%
H1 Total Income 401.130m vs. 353.198m +13.6%
H1 Profit Before Taxation 218.744m vs. 178.861m +22.3%
H1 Profit After Tax 178.580m vs. 127.881m +39.6%
H1 EPS 0.92 vs. 0.99 -7.1%

Company Commentary

an Increase in equity turnover by 6% to 213b for 6 month period
Interest Income also increased by 30.7m or over 100%


The CGT related slow down crimped equity Turnover in Q1 of this H1 reporting period.
This share is a BUY.

Full Year Earnings through 31st December 2014 versus through 31st Dec 2013
Full Year Operating Income 641.736m versus 488.766m
Full Year Other Income 140.651m versus 112.527m
Full Year Total Income 821.901m versus 622.713m +32%
Full Year Profit before Taxation 441.811m versus 379.496m +67%
Full Year Profit After Tax 320.041m versus 262.419m
Full Year EPS 2.13 versus 2.04
Full Year Dividend 38cents a share

Company Commentary

Total income +32% was driven majorly by the 39% increase in equity turnover from 311b in 2013 to 431b in 2014
Secondary trading activity in the Fixed Income Market rose by 11% from 914b to to 1012b
Investor interest in Kenya and the broader East African Region remains strong.
The Exchange is on course to launch the derivatives market. Initial products all be single stock and index futures before offering currency based contracts
We expect further listings on the GEMS and new listings of REITS


Good Results. Single digit PE Lots of innovation BUY
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: 20 Apr 2018
  19-MAR-2018 ::  Full Year Results
  Audited Group Results for the Year Ended 31st December 2017

Download N.S.E Announcement
  20-JUL-2017 ::  Public Notice
  Public Notice by The Nairobi Securities Exchange Plc on Change of Name.

Download N.S.E Announcement
  08-JUN-2017 ::  Public Notice
  Public Notice on the Re-Election Of Directors.

Download N.S.E Announcement
  02-JUN-2017 ::  AGM Resolutions
  Resolutions of the 63rd Annual General Meeting

Download N.S.E Announcement
  08-MAY-2017 ::  AGM Notice
  Notice of the 63rd Annual General Meeting.

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