20th October 2018
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Company Data
 
FTG Holdings Ltd
http://www.flametreegroup.com/
Par Value:                  
Closing Price:           3.15
Total Shares Issued:          161866804.00
Market Capitalization:        509,880,433
EPS:             0.25
PE:                 12.600
 

H1 2018 Results through June 30th 2018 versus 6 months through June 30th 2017
H1 2018 Revenue 1.265671964b versus 1.260489157b
H1 Gross Profit 403.838568m versus 432.045922m -6.5%
H1 Selling and Distribution costs [182.639627m] versus [176.051633m]
H1 Administrative Expenses [116.695930m] versus [114.672411m]
H1 Operating Profit after gain ion disposal of PPE 89.463993m versus 122.595569m
H1 Finance Costs [34.613987m] versus [43.733080m]
H1 Profit before Tax 54.850006m versus 78.862490m
H1 Profit After Tax 39.917062m versus 66.493600m -40.00%
H1 EPS 0.22 versus 0.41 -46.34%

Company Commentary

Gross Profit margins dropped slightly to 31.9% versus 34.3%
Finance cost savings -20.9%
Mr. Heril Bangera we have seen an improvement in the business environment compared to 2017, half year figures albeit low, is still higher than 2017 performance. We continue to invest in new ranges of products to strengthen the top line, ultimately with a positive bearing on shareholders earnings. Despite experiencing tight cash environment we are continuously taking requisite measures to improve the same.

Conclusions

Its an interesting mix of businesses. Earnings probably trough here.

Flame Tree Group FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Revenue 2.425090214b vs. 2.544628524b -4.698%
FY Cost of sales [1.626812792b] vs. [1.640312183m] -0.823%
FY Gross profit 798.277422m vs. 904.316341m -11.726%
FY Other operating income 18.315442m vs. 5.412643m +238.383%
FY Selling and distribution costs [321.826823m] vs. [329.112443m] -2.214%
FY Administrative expenses [335.379894m] vs. [297.491883m] +12.736%
FY Other operating expenses [59.685127m] vs. [45.267509m] +31.850%
FY Operating profit before gain on disposal of Property, Plant and Equipment 99.701020m vs. 237.857149m -58.084%
FY Gain on disposal on PPE 2.697049m vs. 0.837365m +222.088%
FY Operating profit after gain on disposal of PPE 102.398069m vs. 238.694514m -57.101%
FY Profit before tax 41.409855m vs. 175.974893m -76.468%
FY Profit for the year 39.754509m vs. 144.980485m -72.579%
EPS 0.25 vs. 0.90 -72.222%
FY Total comprehensive income for the year 10.144470m vs. 137.244923m -92.608%
EPS (Total comprehensive income for the year) 0.06 vs. 0.85 -92.941%
Total Assets 1.680769788b vs. 1.521194765b +10.490%
Shareholders Funds 731.460183m vs. 719.166802m +1.709%
Cash and cash equivalents at 31st December [323.257037m] vs. [101.713064m] -217.813%

Company Commentary

FTG diversified Manufacturer and Distributor of plastic tanks, cosmetics and snacks.
Gross profit margins declined to 32.9% margin versus 35.5% attributed to rising polymer prices in the global markets, increase in fuel and input food prices following the negative impact of the prolonged drought.
Overall expenses rose by 45m largely impacted by a 37.8m increase in administrative expenses to 335.4m. Co. made significant provisions against receivables from Supermarkets in Kenya that have been extremely slow too pay.

conclusions

Buy on dips.

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: 19 Oct 2018
 
Downloads
 
  17-AUG-2018 ::  Half Year Results
  Un-audited Financial Results for the Half Year Ended 30th June 2018.

Download N.S.E Announcement
   
  20-APR-2018 ::  Full Year Results
  Audited Full Year Results for the Period Ended 31st December 2017.

Download N.S.E Announcement
   
  21-DEC-2017 ::  Profit Warning Announcement
  Profit Warning Announcement

Download N.S.E Announcement
   
 
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