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EABL Half Year 2012/2013 Results
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Ericsson
#21 Posted : Friday, February 15, 2013 11:52:32 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
@mwekez@ji;It was 5% above the LIBOR rate since it was pegged in dollars.Now on the same page 5 years with the financing cost monster is too long.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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mwekez@ji
#22 Posted : Friday, February 15, 2013 12:05:25 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Ericsson wrote:
@mwekez@ji;It was 5% above the LIBOR rate since it was pegged in dollars ....


page 119 of EABL Annual Report for the Year Ending 31st June 2012 talked of a rate of 364 days T Bill rate + 1.5% Rink >>>> https://www.eabl.com/downloads/annual-report-2012.pdf
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Ericsson
#23 Posted : Friday, February 15, 2013 12:44:20 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
Ok mwekez@ji
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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mwekez@ji
#24 Posted : Friday, February 15, 2013 1:33:13 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Ok @Ericsson. Over to @erifloss #Post No. 20
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the deal
#25 Posted : Friday, February 15, 2013 2:12:48 PM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
Plunge baby plunge...Supply at KES295...no takers...waiting for some panic selling after those results delivers a harsh reality check...
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dunkang
#26 Posted : Friday, February 15, 2013 3:00:16 PM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
the deal wrote:
Plunge baby plunge...Supply at KES295...no takers...waiting for some panic selling after those results delivers a harsh reality check...

And there is a 10,000 shares demand at 200/-. Thats, -35 percent if he ever finds a seller.
Receive with simplicity everything that happens to you.” ― Rashi

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VituVingiSana
#27 Posted : Friday, February 15, 2013 10:57:01 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,347
Location: Nairobi
mwekez@ji wrote:
hisah wrote:
mwekez@ji wrote:
The KES 1.50 interim dividend is a monstrous 40% lower than that the one paid last year of KES 2.50

The financial costs spike for the 19B loan is worrisome with revenues up only 10%.


Indeed that top line growth of 10% is significantly lower than in previous periods. Alcohol markets in the region are clearly going through a turbulent period given the tough legislation and the killer taxes.

On the dividend, I find it’s now official that EABL won’t dish out dividends like it has done before. The counter has entered an investment mode requiring huge money. They borrowed to purchase Serengeti Breweries in Tanzania and also constructed a new brewery in Moshi, mash filter in Uganda and a canning line in Kenya. New investments lined up include an additional spend of KES 4bn. ….
I find 300 very pricey but at the right price (200-ish) I would jump back in. The loans can/will be paid off with solid cashflow (& reduced dividends) as the Serengeti upgrade is completed, the mash filter reduces costs for EABL Uganda, etc. There are also new products launched in KE & add the exports to S.Sudan [over the next few years] once the oil crisis is over.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mwekez@ji
#28 Posted : Saturday, February 16, 2013 12:25:21 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
jaggernaut wrote:
Blue chip! Whats the dividend yield?


Blue chip, wrong price!!! In the last financial year, it paid a dividend of KES 8.75 (interim dividend of KES 2.50 + final dividend of KES 6.75) working out to a dividend yield of 3% at the VWAP of KES 295. ... put in mind that this year, final dividend will be slashed as has started with slashing of interim dividend to KES 1.50 ... VERDICT: This is not a dividend stock
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  | | Edit by user: Saturday, February 16, 2013 12:28 PM | Reason: Not specified
mwekez@ji
#29 Posted : Saturday, February 16, 2013 12:47:46 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Trailing EPS: 13.46 (bound to reduce in this FY as has started with HY)

Trailing P/E: 21.91x - Crazy expensive

NBV*, P/B* - Crazy expensive figures

Reasons fundamentalist dont want to touch this counter at current price
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sparkly
#30 Posted : Sunday, February 17, 2013 9:39:32 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
mwekez@ji wrote:
Trailing EPS: 13.46 (bound to reduce in this FY as has started with HY)

Trailing P/E: 21.91x - Crazy expensive

NBV*, P/B* - Crazy expensive figures

Reasons fundamentalist dont want to touch this counter at current price


Expansion has been overrated. Before the topline growth nets off the high financing costs, capex armortisation and new market penetration costs i expect some volatility in the next 2-3 years.

I will be a buyer at any price 150-200.
Life is short. Live passionately.
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