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Unga Group FY 2014 profit up 40%
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The optimist
#1 Posted : Friday, September 26, 2014 6:44:56 AM
Rank: Member

Joined: 6/14/2010
Posts: 521
Location: Nairobi
Unga FY 2013-2014

PAT up by 40.3% to Shs 474 million (prior year restated Shs 338 million).
EPs 3.65 up from 2.59(Restated)
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  | | Edit by moderator: Friday, September 26, 2014 11:11 AM | Reason: topics merged
VituVingiSana
#2 Posted : Friday, September 26, 2014 9:54:48 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,356
Location: Nairobi
The restatement has taken off a huge chunk of the profits (paper profits regarding gains from the Pension Fund) from last year... I need to read the Annual Report for more details...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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muganda
#3 Posted : Friday, September 26, 2014 10:56:03 AM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
http://ge.tt/2RhdYZz1/v/0

Turnover increased by 12.3% compared to prior year: gross profit increased by 33%, reflecting volume growth and processing improvements realised in the human nutrition sector. Flour volumes grew by 10.9%; volumes in the animal nutrition and health sector increased by 9.8%.

Overall,profit for the year increased by 40.3% to Shs 474 million (prior year restated Shs 338
million)

Without the prior year restatement, results would have shown a decline of 7%. This restatement animal... quickly joining the prior day profit warning animal at our NSE.
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Magnate
#4 Posted : Friday, September 26, 2014 11:16:29 AM
Rank: Member

Joined: 11/1/2013
Posts: 257
intresting,at the markets its currently @35.0 and some 3M shares are being offloaded at 70bob
No diagnosis,no pragnosis,no pragnosis no profit......Jesse livermore
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dunkang
#5 Posted : Friday, September 26, 2014 11:49:58 AM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
Receive with simplicity everything that happens to you.” ― Rashi

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VituVingiSana
#6 Posted : Sunday, September 28, 2014 11:39:28 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,356
Location: Nairobi
Magnate wrote:
intresting,at the markets its currently @35.0 and some 3M shares are being offloaded at 70bob
That's almost 4% of the (outstanding) shares so a premium is warranted depending on the potential of Unga for such a large chunk available at one go.

- PER of (below) 10 (at 35) with growth prospects
- NAV of 42+ (possibly undervalued)
- Undervalued assets? [Land, Buildings]
- Sale of Bullpak will bring in cash [How much?]
- Uganda assets [the minority shareholders were bought out]
- Growing economies [Kenya & Uganda] and urban population
- Comparisons to peers in West Africa and South Africa
- Potential takeover target? [Tiger Brands tried to buy out a Mill & Bakery]

There are no publicly listed milling firms in Kenya (or East Africa) so it is difficult to make a comparison on values. The closest was the offer by Tiger ($25mn) for Rafiki Millers and Magic Ovens.
http://www.businessdaily...76/-/53inef/-/index.html
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#7 Posted : Sunday, September 28, 2014 11:42:37 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,356
Location: Nairobi
dunkang wrote:

EPS can't be 6.35 but 3.65
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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murchr
#8 Posted : Sunday, September 28, 2014 11:55:22 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
VituVingiSana wrote:
dunkang wrote:

EPS can't be 6.35 but 3.65


Ooops you wonder what else they got wrong
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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VituVingiSana
#9 Posted : Monday, September 29, 2014 12:34:50 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,356
Location: Nairobi
38.25 with strong demand. It cannot be the 0.75 dividend.
As @muganda states... the new 'bad boy' in town is RESTATEMENT OF PRIOR YEAR RESULTS
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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The optimist
#10 Posted : Tuesday, September 30, 2014 12:23:17 PM
Rank: Member

Joined: 6/14/2010
Posts: 521
Location: Nairobi
VituVingiSana wrote:
38.25 with strong demand. It cannot be the 0.75 dividend.
As @muganda states... the new 'bad boy' in town is RESTATEMENT OF PRIOR YEAR RESULTS

40.75 /-
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