11th February 2012
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Company Data
 
Kenya Airways Ltd.
http://www.kenya-airways.com/
Par Value:                  5/-
Closing Price:           18.50
Total Shares Issued:          461,615,488
Market Capitalization:        8,539,886,528
EPS:             7.65
PE:                 2.418
 
Swot Analysis H1 2011 to Sep 2011 versus H1 2010 to Sep 2010

Revenue 48.597b versus 36.739b
Total Revenue 54.932b versus 41.214b +33.3%
Total Expenses 53.913b versus 38.834b
Operating Margin 1.9% versus 5.8%
Realised Gain on Fuel Derivatives 1.454b
PAT 2.034b versus 1.436b +41.643%
EPS 4.40 versus 3.11 +41.47%

Kenya Airways' H1 profit jumps 38 pct in H1 Reuters
http://j.mp/tvVgv0

Kenya Airways said on Thursday its pretax profit rose by 37.7 percent in
its first-half ended September to 2.83 billion shillings, thanks to
increased passenger and cargo haulage at higher yields during the
period.Fuel price hedging helped to cushion higher oil costs, the company's
finance director Alex Mbugua told investors, offsetting rising costs due to
the shilling's depreciation against the dollar.

"Our hedge book is healthy. We are in the money for up to $30 million,"
Mbugua said.

The airline, which is 26 percent owned by Air France-KLM carried 1.855
million passengers, a 22 percent increase on the same period last year,
Mbugua said.

It also carried 16 percent more tonnes of cargo at improved average unit
prices, the finance chief said, adding that sent its total revenue higher
by a third to just under 55 billion shillings.

Ranked as one of the largest airlines in Africa, the airline's strategy
rests on connecting Africa to the rest of the world and vice versa, through
its Nairobi hub.

It is embarking on a fundraising round through a cash call to finance the
expansion of its fleet, which it wants to double in five years.

FY 2011 Results versus FY 2010 Swot Analysis
Passenger Turnover 75.355b versus 62.838b
Cargo and Mail 6.522b versus 5.434b
Total Turnover 85.836b versus 70.743b +21.00%
Operating Profit 5.815b versus 1.839b
Operating Margin 6.8% versus 2.6%
PAT 3.538B versus 2.035b
EPS 7.65 versus 4.40 +73.86%
Final Dividend 1.50 versus 1.00 +50%

Conclusions

Looks like a very attractively priced share at a Trailing PE of 2.9541.


FY 2011 Results versus FY 2010 Swot Analysis
Passenger Turnover 75.355b versus 62.838b
Cargo and Mail 6.522b versus 5.434b
Total Turnover 85.836b versus 70.743b +21.00%
Operating Profit 5.815b versus 1.839b
Operating Margin 6.8% versus 2.6%
PAT 3.538B versus 2.035b
EPS 7.65 versus 4.40 +73.86%
Final Dividend 1.50 versus 1.00 +50%

The Airline surpassed 3m Passengers
Launched 5 New Destinations
ASK Available Seat Kilometer increased by 5.5%
Southern Africa grew 16.3%
North Africa Traffic grew 25.1%
European Traffic grew 12.8%
Mid East +9.2%
Central Africa +7.2%
Domestic Kenya grew 13.7%
Overall Cabin Load Factor 69.2% versus 66.5%
Fuel Costs excluding Hedges grew 31.7% to 5.96b

Conclusions

These were strong Rebound Results as I had predicted in My 1st Half
Analysis. Kenya Airways trades on a PE of 5.326 as at the Market Open.
I expect a Push higher in the Price.

My Commentary from the 1st Half Results is here

6 Months to 30.09 2010 versus 30.09.2009
Passenger 36.739b versus 30.045b = +22.27991%
Cargo and Mail 3.039b versus 2.595b = +17.109%
Total Revenue 41.214b versus 33.488b = +23.0709%
Total expenses 38.834b versus 33.326b = +16.527%
Profit Before Tax 2.051b versus 1.229b = +66.88%
PAT 1.436b versus 0.86b = +66.976%
EPS 3.11 versus 1.86 = +67.204%
Cash Flow Hedges -1.286b
ASK increased 3%
RPK grew by 9.3%

Conclusions

These are Strong 1st Half Results and if the Run Rate can be maintained We are looking at a Forward PE of 43.25 / [3.11 x 2] =6.953376. That looks very inexpensive.
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: 10 Feb 2012
 
Downloads
 
  27-JAN-2012 ::  Kenya Airways profit warning press release
  Kenya Airways profit warning press release

Download N.S.E Announcement
   
  26-JAN-2012 ::  Kenya Airways operating performance third quarter; October - December 2011.
  Kenya Airways operating performance third quarter;
October - December 2011.

Download N.S.E Announcement
   
  03-NOV-2011 ::  Audited Group Consolidated Results for the Year Ended 30th September 2011
  Audited Group Consolidated Results for the Year Ended 30th September 2011

Download N.S.E Announcement
   
  03-NOV-2011 ::  Kenya Airways audited half year results to 30 September 2011.
  Kenya Airways audited half year results to 30 September 2011.

Download N.S.E Announcement
   
  27-OCT-2011 ::  Kenya Airways operating performance
  Kenya Airways operating performance; 2nd QTR-Jully-September 2011

Download N.S.E Announcement
   
  20-SEP-2011 ::  Notice Of Annual General Meeting-2011
  Notice Of Annual General Meeting-2011

Download N.S.E Announcement
   
  13-SEP-2011 ::  Kenya Airways Cautionary Statement Increase in authorised share Capital Rights Issue
  Kenya Airways Cautionary Statement Increase in authorised share Capital Rights Issue

Download N.S.E Announcement
   
  02-JUN-2011 ::  Audited Group Consolidated Results For The Year Ended 31st March 2011
  Audited Group Consolidated Results For The Year Ended 31st March 2011.

Download N.S.E Announcement
   
  02-JUN-2011 ::  KQ 2011 full Results Press Release
  Kenya Airways Posts 73.9% rise in after Tax profit. Growth attributed to network expansion frequencies increase.

Download N.S.E Announcement
   
  14-APR-2011 ::  Press Release
  KENYA AIRWAYS, BOEING FINALISE ORDER FOR NINE 787 DREAMLINERS

Download N.S.E Announcement
   
 
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