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BRITAK IPO: The Money Maker
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the deal
#61 Posted : Monday, May 09, 2011 7:20:39 PM
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Joined: 9/25/2009
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Location: Windhoek/Nairobbery
I noticed they were crawling my blog today lets see what they come up with at their AGM.
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Fyatu
#62 Posted : Monday, May 09, 2011 10:22:05 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
the deal wrote:
British American Investment Company Kenya IPO: Initial Coverage
Synonym: Britak

Who is Britak?

Britak started its operations in Kenya in 1965, since then the company has grown from strength to strength, today it has 14 branches spanning across all major towns in Kenya and recently opened a new branch in Uganda. Britak is the holding company of two insurance companies and an asset management firm. It owns an 11% strategic stake in both Equity Bank and Housing Finance; both firms are listed on the financial segment of the Nairobi Stock Exchange (NSE). The company has also invested close to Ksh 2 Billion in Britak Unit trust funds
Reasons for the IPO

Ø Embark on a regional expansion programme i.e. they want to enter Rwanda, South Sudan, Tanzania and Uganda. In fact they aim to be operational in Tanzania before the end of 2011
Ø Use the IPO funds to take up new emerging opportunities as they arise
Ø Beef up their property portfolio

More IPO disclosures
None of the present shareholders will be selling their shares, thus their stakes are subject to dilution by the new shares that will be created. There will also be a lock in period.

Britak as an Investment Case

Britak 5 year Financial Highlights (Ksh Billion)
Ø
Premium income up 114% from 2B to 2.3B in 2010
Ø Assets under management up 840% from 1.8B to 17B in 2010
Ø Total ASSETS up 273% from 6.7B to 25.3B
Ø Shareholder Funds up 673% from 1.3B to 10B in 2010

More Britak Financial disclosures

Full Year 2010 Earnings Analysis

Ø Profit Before Tax of 2.87b vs a loss of 0.34B in 2009
Ø Profit After Tax of 2.7B vs a loss of 0.43B in 2009
Ø Earnings Per Share 5.76-calculated by dividing the PAT by the number of outstanding ordinary shares. Britak has 480 Million issued shares
Ø Book Value=Ksh 20.8-Calculated by dividing the shareholder funds by the number of outstanding shares.
Ø As of December 2009 they had Ksh 1.5 Billion in Government securities earning an interest of 11.7% per annum, Ksho.57 Billion of those are held to maturity
Ø As of December 2009 they had Ksh 3.2 Billion in quoted investments
Ø AS of December 2009 they’re property portfolio was worth Ksh 1.2 Billion

Entire article here http://contrarianinvesti...investment-company.html Comments and suggestions appreciated.

Very enticing @ the deal....however, liquidity is a major issue at the moment and if not the ghost of "over-subscription" will surely limit the number of units one can pick-up......this bus has left me already....i will board at a later date when fear grips the market due to some reason...--2012 polls perhaps
Dumb money becomes dumb only when it listens to smart money
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ecstacy
#63 Posted : Tuesday, May 10, 2011 8:21:35 AM
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Joined: 2/26/2008
Posts: 4,449
When is this IPO tentatively scheduled for?
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the deal
#64 Posted : Tuesday, May 10, 2011 11:49:35 AM
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Joined: 9/25/2009
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Location: Windhoek/Nairobbery
IPO is next month i.e before 30 June...but i hear there's an AGM leo so we will hopefully know the time frame today...just build your war chest.
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ecstacy
#65 Posted : Tuesday, May 10, 2011 12:01:36 PM
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Joined: 2/26/2008
Posts: 4,449
the deal wrote:
IPO is next month i.e before 30 June...but i hear there's an AGM leo so we will hopefully know the time frame today...just build your war chest.


Good, for me this will inject some life into the otherwise unexciting NSE. 'We' are used to 'buses' and 'Pakas'!
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selah
#66 Posted : Tuesday, May 10, 2011 12:42:22 PM
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Joined: 10/13/2009
Posts: 1,950
Location: in kenya
Quote:
Britak 5 year Financial Highlights (Ksh Billion)
Ø
Premium income up 114% from 2B to 2.3B in 2010
Ø Assets under management up 840% from 1.8B to 17B in 2010
Ø Total ASSETS up 273% from 6.7B to 25.3B
Ø Shareholder Funds up 673% from 1.3B to 10B in 2010


The premium Income growth rate is quite low, growing by a paltry 300M in five years.Looking at how it has been growing its assets and shareholders fund its really a poor show for all the resources pumped into it for the 5 years.
'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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Mpenzi
#67 Posted : Tuesday, May 10, 2011 12:50:38 PM
Rank: Veteran


Joined: 10/17/2008
Posts: 1,234
selah wrote:
Quote:
Britak 5 year Financial Highlights (Ksh Billion)
Ø
Premium income up 114% from 2B to 2.3B in 2010
Ø Assets under management up 840% from 1.8B to 17B in 2010
Ø Total ASSETS up 273% from 6.7B to 25.3B
Ø Shareholder Funds up 673% from 1.3B to 10B in 2010


The premium Income growth rate is quite low, growing by a paltry 300M in five years.Looking at how it has been growing its assets and shareholders fund its really a poor show for all the resources pumped into it for the 5 years.


Growth of 114% cannot be 2B to 2.3B.
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selah
#68 Posted : Tuesday, May 10, 2011 1:02:53 PM
Rank: Elder


Joined: 10/13/2009
Posts: 1,950
Location: in kenya
Mpenzi wrote:
selah wrote:
Quote:
Britak 5 year Financial Highlights (Ksh Billion)
Ø
Premium income up 114% from 2B to 2.3B in 2010
Ø Assets under management up 840% from 1.8B to 17B in 2010
Ø Total ASSETS up 273% from 6.7B to 25.3B
Ø Shareholder Funds up 673% from 1.3B to 10B in 2010


The premium Income growth rate is quite low, growing by a paltry 300M in five years.Looking at how it has been growing its assets and shareholders fund its really a poor show for all the resources pumped into it for the 5 years.


Growth of 114% cannot be 2B to 2.3B.


True, actually I think thats a 15% growth if am not wrong.So which is which @The deal.

'......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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the deal
#69 Posted: : Tuesday, May 10, 2011 1:28:10 PM
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Joined: 9/25/2009
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Location: Windhoek/Nairobbery
@Sela thanks for spoting the error...the % is correct...premiums grew from 2B to 4.3B Ksh.
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mukiha
#70 Posted : Tuesday, May 10, 2011 4:09:29 PM
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Joined: 6/27/2008
Posts: 4,114
BRITAK Vs EQT - who owns who?

I see that BAICK owns 11% of EQT.... how much does EQT own in BRITAK?
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Kalameni
#71 Posted : Tuesday, May 10, 2011 8:02:14 PM
Rank: New-farer


Joined: 9/20/2010
Posts: 79
Any news on the AGM anyone
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Kalameni
#72 Posted : Tuesday, May 10, 2011 8:03:30 PM
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Joined: 9/20/2010
Posts: 79
Any news on the AGM anyone
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the deal
#73 Posted : Tuesday, May 10, 2011 9:14:40 PM
Rank: Elder


Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
Kalameni wrote:
Any news on the AGM anyone

i'm in the dark too...the media is dead on the story too...this the only thing that can excite the NSE...the NSE makes me yaaawn this days.smile smile smile
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the deal
#74 Posted : Wednesday, June 01, 2011 11:51:59 PM
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Joined: 9/25/2009
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Location: Windhoek/Nairobbery
My analysis in my first Blog post on Britak is kinda flawed...i have to admit...somebody pointed out the errors...i'm updating the post...still a money maker not sure anymore???
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the deal
#75 Posted : Thursday, June 02, 2011 6:30:52 AM
Rank: Elder


Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
Britak has dissapointed me on many metrics...last time i evaluated Britak based on their profit and loss account well that does not represent the true financial picture as an insurer can distort many figures and walk away wit it the best way to look at it is their balance sheet which i dont find impressive...thats what Warren Buffet does...this guys even use bank overdrafts which CIC do not use...more facts will be on my blog.
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hisah
#76 Posted : Thursday, June 02, 2011 6:56:17 AM
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Joined: 8/4/2010
Posts: 8,977
@deal - The more the brown shoots the more likely the rally! This one & TCL shares will be pumped just like CFCI. If I were enticed for a moment I'd trade them for 3 weeks max.
Until the market feels them & better if it oversells them like coop in 2008, I keep my buy bucket upside down...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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the deal
#77 Posted : Thursday, June 02, 2011 7:00:41 AM
Rank: Elder


Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
hisah wrote:
@deal - The more the brown shoots the more likely the rally! This one & TCL shares will be pumped just like CFCI. If I were enticed for a moment I'd trade them for 3 weeks max.
Until the market feels them & better if it oversells them like coop in 2008, I keep my buy bucket upside down...

True true btwn they have too much debt ( Bank loan Ksh 743 Million) on their balance sheet...apart from their investment in Eqty and HF i dont see any good asset there...
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ecstacy
#78 Posted : Wednesday, June 22, 2011 10:29:22 AM
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Joined: 2/26/2008
Posts: 4,449
Any word on this?
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Impunity
#79 Posted : Wednesday, June 22, 2011 10:39:25 AM
Rank: Elder


Joined: 3/2/2009
Posts: 26,330
Location: Masada
This IPO was hot air or what?
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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mlennyma
#80 Posted : Wednesday, June 22, 2011 10:44:28 AM
Rank: Elder


Joined: 7/21/2010
Posts: 6,191
Location: nairobi
Its anybodys guess...even the workers are in darkness.
"Don't let the fear of losing be greater than the excitement of winning."
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