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BRITAK IPO: The Money Maker
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Sober
#161 Posted : Thursday, June 30, 2011 9:09:33 AM
Rank: Elder


Joined: 11/27/2007
Posts: 3,604
hisah wrote:
Why is Kiarie leaving when an IPO is being floated...?


kiarie leaving was to be at the end of the month. it is the IPO timing that has coincided with his departure considering that they were waiting for the nod from CMA.
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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mlennyma
#162 Posted : Thursday, June 30, 2011 9:14:08 AM
Rank: Elder


Joined: 7/21/2010
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Location: nairobi
Guys have already made big money here we are just getting in to collect the pieces.
"Don't let the fear of losing be greater than the excitement of winning."
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QW25071985
#163 Posted : Thursday, June 30, 2011 9:42:48 AM
Rank: Veteran


Joined: 3/25/2011
Posts: 946
the deal wrote:
Well they can come back in the market and start buying my Equity all the way to 42 bob that way me and them will be winners...LOL...CEO in his interview was hopeful of a market recovery in 2H...lets hope the NSE goes back to 4600...


me and you know there will be NO recovery in 2H..in short he's calling a bull in second half...damn..if wishes were horses...
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QW25071985
#164 Posted : Thursday, June 30, 2011 9:48:45 AM
Rank: Veteran


Joined: 3/25/2011
Posts: 946
stocksmaster wrote:
mwanahisa wrote:
the deal wrote:
they will be forced to issue a profit warning in their first year of listing...


@the deal, I have had a look again and I am forced to concede that a profit warning in 2011 is a real possibility. Too much of their income in 2010 was tied to the fortunes of the stock market. It would have been great if the offer came in with H1 earnings update but I do not expect their IM will have incorporated it.

I have also tried to strip off the market premium from the NAVs for Equity Bank and HF. This shaves off an incredible amount from the NAV, although arguably the same would happen to the likes of Centum.

With the foregoing, I would also advise folks to be extremely cautious on this IPO and only buy what they can afford to speculate on. After the IPO is over we will be able to then reevaluate when H1 2011 figures will also come in. As the deal has indicated profits are almost certain to be lower in 2011. So indeed @the deal, I agree it is a case of "caveat emptor." That will of course not prevent me from speculating.


I agree with @ Deal (nice piece in your blog on this IPO).

The IPO price of Ksh 9 is rather high factoring in that the company will be hard pressed to replicate last years results in 2011. The BRITAK shareholders have timed the IPO to perfection (on their part) when the cow is at its fattest knowing an earnings famine is on the horizon.

I think i will stay out from this one but i have a feeling an opportunity to buy it at below IPO price will present itself before the year is over.

Happy hunting.



i have never liked companies that derive a large chunk of their earnings from the stock market.Too much volatility if you ask me.Its just like buying tea stocks...Am also on the sidelines for this one...
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mlennyma
#165 Posted : Thursday, June 30, 2011 9:49:18 AM
Rank: Elder


Joined: 7/21/2010
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Market will be dormant if not lower from october and worsen towards elections.
"Don't let the fear of losing be greater than the excitement of winning."
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the deal
#166 Posted : Thursday, June 30, 2011 11:25:58 AM
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Joined: 9/25/2009
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Location: Windhoek/Nairobbery
I have just received an invite from the MD for some event taking place today...
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mwekez@ji
#167 Posted : Thursday, June 30, 2011 4:46:11 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,121
Business Daily

Britak’s share auction mints billions for lead owners

http://www.businessdailyafrica....4/-/tlk3g2z/-/index.html

Quote:
Mr Rawat, a Mauritian national, who chairs Britak’s parent company, owns 385.5 million shares valued at Sh3.4 billion, making him the wealthiest of the company’s principal shareholders.

Capital Markets Authority (CMA) – the market regulator – has allowed him to sell up to 103 million shares within the first two years of the IPO, a move that could earn him up to Sh933.3 million at the IPO price of Sh9 per share.

Mr Munga, the businessman who together with James Mwangi made his first billion at Equity Bank, is the second largest shareholder with 345.1 million shares held directly and through separate entities that own shares in Britak. His total portfolio in the investment firm is worth Sh3.1 billion offering him the chance to immediately harvest Sh725 million from the sale of 80.5 million shares.

Mr Mbaru – who is the principal shareholder at Dyer & Blair Investment Bank— owns 300 million shares at Britak valued at Sh2.7 billion and could pocket at least Sh726 million should he sell 80.7 million shares allowed by the CMA in the first two years.

Mr Mwangi and his wife, Jane Wangui, control 120 million shares worth Sh1 billion at Britak and could harvest up to Sh586 million from the sale of 60.1 million shares or half of their holding.


Quote:
The IPO prospectus indicates that CMA has locked in the principal shareholders to owning at least 51 per cent of the company for two years from the date of listing at the Nairobi Stock Exchange. (meaning they can reduce their holding from the 70%)
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QW25071985
#168 Posted : Thursday, June 30, 2011 5:09:59 PM
Rank: Veteran


Joined: 3/25/2011
Posts: 946
the deal wrote:
I have just received an invite from the MD for some event taking place today...


hahahaha. U are just beign rewarded for the free PR you have done for them through starting this long thread and ur blog. Or you think he loves you. Anyway it shld be interesting for you as you rua shoulders with billionare.if i were you i woudnt throw away this chance.i squeeze every drop of juice out of it.
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hisah
#169 Posted : Thursday, June 30, 2011 6:02:10 PM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
the deal wrote:
I have just received an invite from the MD for some event taking place today...


You dug up too much dung on this thing and the PR for the IPO is now torpedo'd...

They'll hire you to make it bullish again and silence you since it'll be called insider trading smile
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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the deal
#170 Posted : Thursday, June 30, 2011 11:29:49 PM
Rank: Elder


Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
It was good to meet the Britak hierachy today..from CEO...to the management...one thing...they all have my report and its quiet something...they showed me inside...the IPO funds are well planned for...also stake in Eqty Bank is now 6.6%...is Britak a Buy? Yes for Long term.
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Aguytrying
#171 Posted : Thursday, June 30, 2011 11:34:59 PM
Rank: Elder


Joined: 7/11/2010
Posts: 5,040
hisah wrote:
the deal wrote:
I have just received an invite from the MD for some event taking place today...


You dug up too much dung on this thing and the PR for the IPO is now torpedo'd...

They'll hire you to make it bullish again and silence you since it'll be called insider trading smile

fresh
The investor's chief problem - and even his worst enemy - is likely to be himself
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Mainat
#172 Posted : Friday, July 01, 2011 12:28:54 AM
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Joined: 11/21/2006
Posts: 1,590
the deal wrote:
@mwanahisa read my blogpost again and you will see that Britak as a business is struggling...management has failed to diversify the companies earning streams...its only now that their thinking of taking real estate seriously how??? While buying their IPO pray that the NSE doe as not fun otherwise they will be forced to issue a profit warning in their first year of listing...the IPO might be successful but it will have to do with marketing and the Sh9 bob price so wanjiku will buy in droves thinking its cheap and why ignore the 2.1 bln shares? Are they not coming to the market? Why are you investing in IPO state your reasons? If its Equity you want why not just buy from the market?

To me Britak offers nothing special...CIC is the company to watch.

From this to a long-term buy just from being charmed by Wairegi? Makes me even more suspicious. Why would you sell Equity now when you will positively make another 25-40% by 2013 excluding dividend? How come Britak only has a strategy with new capital being pumped in?
Sehemu ndio nyumba
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VituVingiSana
#173 Posted : Friday, July 01, 2011 10:52:51 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,224
Location: Nairobi
QW25071985 wrote:
the deal wrote:
I have just received an invite from the MD for some event taking place today...


hahahaha. U are just beign rewarded for the free PR you have done for them through starting this long thread and ur blog. Or you think he loves you. Anyway it shld be interesting for you as you rua shoulders with billionare.if i were you i woudnt throw away this chance.i squeeze every drop of juice out of it.
Amenunuliwa by buying him a few drinks! Laughing out loudly Laughing out loudly Laughing out loudly Lakini, I would rather listen to @thedeal than some other characters waiting for KK at 10/-!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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the deal
#174 Posted : Friday, July 01, 2011 11:30:31 AM
Rank: Elder


Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
I saw the company from an insider perspective although my research on them is correct in many aspects...i must admit its too critical and it seems they are willing to address some of the concerns raised on the blog..i.e Britak is the no1 ordinary life insurer...they have reduced their exposure to Equity which to me was long overdue due to the market risk associated with that stake @mainat..they have prime land banks in upper hill...lavington...they recently finished a development...also its wrong to compare them to Jub because Jub is a composite insurer...the CEO also said the lack of diversification was because of being a private company and their using IPO funds to address that...so for long term you cant go wrong.
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selah
#175 Posted : Friday, July 01, 2011 12:48:11 PM
Rank: Elder


Joined: 10/13/2009
Posts: 1,950
Location: in kenya
the deal wrote:
It was good to meet the Britak hierachy today..from CEO...to the management...one thing...they all have my report and its quiet something...they showed me inside...the IPO funds are well planned for...also stake in Eqty Bank is now 6.6%...is Britak a Buy? Yes for Long term.


They reduced their shareholding in a very promising bank,I think reducing their stake in HF would have made more sense.

Anyway putting the cocktail hangover aside just tell us why We should buy Britak at a premium Now? and explain to Us why they are land banking instead of selling or developing the idle assets?
'......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
#176 Posted : Friday, July 01, 2011 2:32:01 PM
Rank: Elder


Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
selah wrote:
the deal wrote:
It was good to meet the Britak hierachy today..from CEO...to the management...one thing...they all have my report and its quiet something...they showed me inside...the IPO funds are well planned for...also stake in Eqty Bank is now 6.6%...is Britak a Buy? Yes for Long term.


They reduced their shareholding in a very promising bank,I think reducing their stake in HF would have made more sense.

Anyway putting the cocktail hangover aside just tell us why We should buy Britak at a premium Now? and explain to Us why they are land banking instead of selling or developing the idle assets?

The land banks will be developed using IPO funds...Britak is debt free I.e 0% gearing...like have stated above the Eqty stake has alot of market risk through FVGL...they also have the Manpower...
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Aguytrying
#177 Posted : Friday, July 01, 2011 6:28:53 PM
Rank: Elder


Joined: 7/11/2010
Posts: 5,040
ha. Yeah. But these guys are sharp they run multi billionaire institutions. The deal had no chance by just arriving.
VituVingiSana wrote:
QW25071985 wrote:
[quote=the deal]I have just received an invite from the MD for some event taking place today...


hahahaha. U are just beign rewarded for the free PR you have done for them through starting this long thread and ur blog. Or you think he loves you. Anyway it shld be interesting for you as you rua shoulders with billionare.if i were you i woudnt throw away this chance.i squeeze every drop of juice out of it.
Amenunuliwa by buying him a few drinks! Laughing out loudly Laughing out loudly
The investor's chief problem - and even his worst enemy - is likely to be himself
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holycow
#178 Posted : Friday, July 01, 2011 7:55:55 PM
Rank: Veteran


Joined: 11/11/2006
Posts: 972
Location: Home
@ The Deal, you have the potential to be a politician. You've blown hot, cold and hot on this one.


#176 Posted : Friday, July 01, 2011 2:32:01 PM

the deal wrote:
selah wrote:
the deal wrote:
It was good to meet the Britak hierachy today..from CEO...to the management...one thing...they all have my report and its quiet something...they showed me inside...the IPO funds are well planned for...also stake in Eqty Bank is now 6.6%...is Britak a Buy? Yes for Long term.


They reduced their shareholding in a very promising bank,I think reducing their stake in HF would have made more sense.

Anyway putting the cocktail hangover aside just tell us why We should buy Britak at a premium Now? and explain to Us why they are land banking instead of selling or developing the idle assets?

The land banks will be developed using IPO funds...Britak is debt free I.e 0% gearing...like have stated above the Eqty stake has alot of market risk through FVGL...they also have the Manpower...


#146 Posted : Wednesday, June 29, 2011 1:35:46 PM
the deal wrote:
@mwanahisa read my blogpost again and you will see that Britak as a business is struggling...management has failed to diversify the companies earning streams...its only now that their thinking of taking real estate seriously how??? While buying their IPO pray that the NSE doe as not fun otherwise they will be forced to issue a profit warning in their first year of listing...the IPO might be successful but it will have to do with marketing and the Sh9 bob price so wanjiku will buy in droves thinking its cheap and why ignore the 2.1 bln shares? Are they not coming to the market? Why are you investing in IPO state your reasons? If its Equity you want why not just buy from the market?

To me Britak offers nothing special...CIC is the company to watch.


#139 Posted : Wednesday, June 29, 2011 12:06:02 PM
the deal wrote:
Update we rate the company EXPENSIVE compared to its peers check here


#95 Posted : Tuesday, June 28, 2011 3:07:24 PM

the deal wrote:
Cheap IPO Weak Fundamentals thats all I can say....if I'm taking part I will be speculating.


#77 Posted : Thursday, June 02, 2011 7:00:41 AM

the deal wrote:

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...



#1 Posted : Thursday, May 05, 2011 11:10:57 AM
the deal wrote:
I plan to liquidate half of my holdings in anticipation of this IPO's...i have been looking at their numbers...been chatting to the folks on twitter...12% in JM's Equity and Sister HF...2.7B profit even JUB will envy them...overall 6B is too small for an IPO likely to be superly OverSubscribed...
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youcan'tstopusnow
#179 Posted : Friday, July 01, 2011 8:07:43 PM
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Joined: 3/24/2010
Posts: 6,779
Location: Black Africa
...and what makes Britak a better investment even for what yo term "the long term" than say Equity, KCB, KenolKobil?

"for the long term" many many many companies are a BUY as the economy surely expans during "the long term". Managers are very cunning. I bet if I you met the Olympia C.E.O.....
GOD BLESS YOUR LIFE
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youcan'tstopusnow
#180 Posted : Friday, July 01, 2011 8:09:02 PM
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Joined: 3/24/2010
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holycow, ask Cde! The media is always right!
GOD BLESS YOUR LIFE
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