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SMEP SHARE SALE
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QD
#11 Posted : Tuesday, October 23, 2012 9:52:58 AM
Rank: Member

Joined: 8/5/2009
Posts: 597
What always informs the offer prise from a given par value?
Moreso what informs the par value of private members only holdings like SMEP and UNITAS?
The problem with the world is that the intelligent people are full of doubts while the stupid ones are full of confidence
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King G
#12 Posted : Tuesday, October 23, 2012 11:15:21 AM
Rank: Elder

Joined: 6/20/2012
Posts: 3,855
Location: Othumo
Good long term investment. Not realy open to the public, if you read the IM. More so like the family bank thing, you have to be this or that. Open this and that account. I hate those conditions.

Thieves
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mwekez@ji
#13 Posted : Monday, October 29, 2012 9:33:54 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Reading through the Information Memorandum, I get the picture that NCCK is fleecing people by offering SMEP shares at KES 11. Am neither seen the sweet spot @guru is talking about nor features to stamp a long term buy rating like @King G

Trailing Numbers
EPS; KES 0.38
P/E; 28.95x
NBV; KES 5.71
P/B; 1.92x
Dividend; KES 0.0735
Dividend Yield; 0.67%
Insignificant earnings growth in the past years

I would stamp AVOID rating on such an offer. @guru @King G, over to you
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guru267
#14 Posted : Monday, October 29, 2012 9:45:34 AM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
mwekez@ji wrote:

NBV; KES 5.71
P/B; 1.92x


Liar Liar Liar


After the share sale shareholder funds will be 1.98Billion or 9.33 per share!
Mark 12:29
Deuteronomy 4:16
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mwekez@ji
#15 Posted : Monday, October 29, 2012 9:58:48 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
guru267 wrote:
mwekez@ji wrote:


Trailing Numbers

NBV; KES 5.71
P/B; 1.92x


Liar Liar Liar


After the share sale shareholder funds will be 1.98Billion or 9.33 per share!


I have clearly stated those are trailing numbers. Investors are buying a company with a NBV of KES 5.71. It’s in black and white in Page 18 of the Information memorandum! At the purchase price of KES 11, one is paying a huge ‘goodwill’ on a company that doesn’t deserve it! That is also the reason post-offer the NBV is going up to KES 8.79 (1,876,862,000/ 213,454,546) (check proforma impact on page 64)
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  | | Edit by user: Monday, October 29, 2012 10:02 AM | Reason: Not specified
mwekez@ji
#16 Posted : Monday, October 29, 2012 11:01:34 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
This offer! SMEP currently has capital resource of KES 398 M and it’s looking to raise KES 1.6 B from this offer! That’s four fold!
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