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Uchumi PBT down 35% in HY to Dec 2012
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mwekez@ji
#11 Posted : Monday, February 25, 2013 11:31:09 AM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
the deal wrote:
mwekez@ji wrote:
dunkang wrote:
@mwekez@ji, was it deliberate or an oversight to also indicate that EPS was down 35 percent (KES.50 vs KES.77)


My bad. The financial statements have a "Month" column that i fell for. I still dont understand they put it there. For analysis, "YTD" column it should be

To show sales for December....Festive season...sales are suppose to shoot up during this month....

Sales were down 0.1% in Dec 2012. .... Performed poorly in this festive season. .... Talk of a company displaying its dirty linen in public
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mwekez@ji
#12 Posted : Monday, February 25, 2013 12:02:12 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
"Other income", which is the only income line that displayed growth includes the following items:
1. promotion income
2. profit on disposal of property, plant and equipment
3. speciality shop income
4. decrease in allowance for credit loss
5. miscellaneous income
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mwekez@ji
#13 Posted : Monday, February 25, 2013 3:20:29 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Interesting Sector Comparables

Africa
Company | P/E(x) | P/B (x) | ROE(%)
Uchumi| 23.1 | 1.3 | 8.0
Shoprite Holdings Ltd | 27.9 | 7.2 | 30.9
Choppies enterprises Ltd | 20.3 | 4.4 | 26.0
Pick n Pay Stores Ltd | 32 | 10.1 | 55.1

Middle East
Shufersal Ltd | 11.2 | 2.2 | 21.9
Rami Levi Chain Stores | 18.3 | 7.8 | 46.3
Tiv Taam Holdings Ltd | 11.9 | 1.7 | 15.3

Mean | 20.7 | 5.0 | 29.1
Median | 20.3 | 4.4 | 26.0

Uchumi is trading at much higher multiples compared to its African and Middle East peers, with its trailing P/E and ROE at 23.1x and 8.0% compared to the sector average of 20.7x and 29.1% respectively. Its trailing P/B of 1.3x, is at a 74.0% discount to the sector’s average 5.0x.
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sparkly
#14 Posted : Monday, February 25, 2013 5:22:31 PM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
mwekez@ji wrote:
Interesting Sector Comparables

Africa
Company | P/E(x) | P/B (x) | ROE(%)
Uchumi| 23.1 | 1.3 | 8.0
Shoprite Holdings Ltd | 27.9 | 7.2 | 30.9
Choppies enterprises Ltd | 20.3 | 4.4 | 26.0
Pick n Pay Stores Ltd | 32 | 10.1 | 55.1

Middle East
Shufersal Ltd | 11.2 | 2.2 | 21.9
Rami Levi Chain Stores | 18.3 | 7.8 | 46.3
Tiv Taam Holdings Ltd | 11.9 | 1.7 | 15.3

Mean | 20.7 | 5.0 | 29.1
Median | 20.3 | 4.4 | 26.0

Uchumi is trading at much higher multiples compared to its African and Middle East peers, with its trailing P/E and ROE at 23.1x and 8.0% compared to the sector average of 20.7x and 29.1% respectively. Its trailing P/B of 1.3x, is at a 74.0% discount to the sector’s average 5.0x.


Too many stores not yet contributing to the bottomline i suppose!
Life is short. Live passionately.
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mibbz
#15 Posted : Monday, February 25, 2013 11:07:04 PM
Rank: Member

Joined: 2/18/2011
Posts: 448
having been a loyal Uchumi customer since 1990,i can say they still haven't learnt from their down fall in 2006 and stock variety is not one of their strongest points. Whats been giving them net profits are the m-pesa royalties as they are the largest dealer by volume in Kenya;most branches lack stock variety in comparison to nakumatt and tuskys;allow me to use the langata hyper.they stock poor choices of ice cream and their magazine stocks run low by mid month and do not replenish yet they have a very good location in comparison to rivals yet after numerous complains nothing is happening;remember nakumatt galleria,mega and cross roads,T-mall are in the neighbourhood. I think they need to poach a manager from the other establishments so as to inject some fresh ideas as they work on phase 2 of their growth just as Safaricom did with bob and NBK recently did with exit of Marambi.
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Cde Monomotapa
#16 Posted : Tuesday, February 26, 2013 6:05:51 AM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
@mwekez@ji & all might find this & esp. the 8th para. interesting too http://www.fanews.co.za/...hares_are_too_dear~12504
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the deal
#17 Posted : Tuesday, February 26, 2013 7:03:47 AM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
[quote=Cde Monomotapa]@mwekez@ji & all might find this & esp. the 8th para. interesting too http://www.fanews.co.za/...ares_are_too_dear~12504[/quote]
Alot of good news has been coming out of the JSE than the NSE offlate...Nedbank...First Rand stellar numbers yesterday...even Shoprite is growing at double digits...you compare Shoprites numbers to these pathetic Uchumi numbers...look at the PE's of EABL...ARM...SCOM...its getting crazy!
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mkonomtupu
#18 Posted : Tuesday, February 26, 2013 9:47:21 AM
Rank: Veteran

Joined: 2/10/2010
Posts: 1,001
Location: River Road
You gotta know when to hold them, know when to walk away, know when to run...

Sales are actually down at the peak retail period...
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mwekez@ji
#19 Posted : Tuesday, February 26, 2013 9:20:07 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
Cde Monomotapa wrote:
@mwekez@ji & all might find this & esp. the 8th para. interesting too http://www.fanews.co.za/article...hares_are_too_dear~12504


smile Money flowing to NSE¿ ... 9th para indicates they are shopping for P/E of <13. Uchumi haiwesmake. Over to other counters
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mwekez@ji
#20 Posted : Tuesday, February 26, 2013 9:31:07 PM
Rank: Chief

Joined: 5/31/2011
Posts: 5,121
@sparkly #post 14, Uchumi sets goal of c30% y/y increase in sales to Sh18bn by FY ending June 2013. ... Uchumi says the growth of the 7 new branches it has opened across Kenya, Uganda and Tanzania in the last 18 months will help grow turnover by a third from last year’s Sh13.9bn. “The outlets are fast-maturing and we expect impressive growth in business by end of this financial year,” said Jonathan Ciano, the CEO of Uchumi.

“Outlook into the second half is bright as plans to open at least two additional branches before June 30, 2013 in Kenya are on course,” said Mr Ciano in a statement.

http://www.businessdailyafrica....34/-/cc7avq/-/index.html
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