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Centum FY2022 - FY2026

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watesh		#111 Posted : Wednesday, July 27, 2022 1:08:46 PM
Rank: Veteran Joined: 8/10/2014 Posts: 992 Location: Kenya		littledove wrote: market is down but centum is trading heavy volume at ksh 8 . nse ni ukora tupu Market cap of 5.3bn . Despite holding 7bn in bonds & cash, selling Sidian for 4.3bn (enough to clear the debt of Centum level), having ksh14bn in residential unit sales and 1bn in receivable cash from land sales. Two Rivers losses is really hurting the image of the company. Even if TRDL goes bankrupt and they don't get anything from it the rest of the business is still worth more than ksh5bn
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VituVingiSana		#112 Posted : Wednesday, July 27, 2022 2:25:43 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,346 Location: Nairobi		watesh wrote: littledove wrote: market is down but centum is trading heavy volume at ksh 8 . nse ni ukora tupu Market cap of 5.3bn . Despite holding 7bn in bonds & cash, selling Sidian for 4.3bn (enough to clear the debt of Centum level), having ksh14bn in residential unit sales and 1bn in receivable cash from land sales. Two Rivers losses is really hurting the image of the company. Even if TRDL goes bankrupt and they don't get anything from it the rest of the business is still worth more than ksh5bn If only I had 5.5b... I asked some friends who are active in real estate at the coast and they feel 2mn/acre around Vipingo is possible but it will take time to sell 6,000 acres given the size and economy. 6,000 acres x 2mn = 12bn (less debt) = 5bn just for Vipingo. Though it doesn't make sense for Vipingo to sell at 2mn/acre if it can sub-divide the land and sell 1/8 plots (@ 2.5mn) as it is doing with Kingswood. https://vipingodevelopment.com/kingswood-park/ "Competitively priced with flexible payment plan: Ksh. 2.5M for a 1/8 Acre plot" Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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xtina		#113 Posted : Tuesday, February 07, 2023 4:44:42 PM
Rank: Member Joined: 6/26/2008 Posts: 399		Centum has set aside Sh600.8 million to finance the buyback to stabilise the company’s share price and market valuation. Centum Investment starts share buyback TUESDAY FEBRUARY 07 2023 DNCENTUMHFY2711XC Centum Investment Group CEO James Mworia. FILE PHOTO \| SALATON NJAU \| NMG Centum Investment Company Plc has opened its share buyback offer after receiving the nod of its shareholders for the share repurchase exercise on Friday. The offer to buy back 66.5 million shares by the company which opened on Monday is expected to run across an 18-month period to August 8 next year. The share buyback was widely supported by the company’s shareholders at last week’s extraordinary general meeting with 98.59 percent of votes by shareholders supporting the initiative. Centum’s management which has set aside Sh600.8 million to finance the buyback is betting on the programme to stabilise the company’s share price and market valuation. “The share buyback is expected to provide liquidity to shareholders who may not have been able to trade due to the current depressed market conditions,” Centum’s chief executive James Mworia told shareholders. RELATED STORIES Centum Centum buys Sh1.9bn Eurobonds to lock in returns centum Centum raises dividend to Sh391 million amid losses “It will reward long-term shareholders whose net asset value per share will improve as a result of the reduction in shares.” The company has set the maximum share purchase price at Sh9.03 and the minimum at 50 cents. Beyond the shareholder nod, Centum has the approval of the Capital Markets Authority to expand shares purchased in the program beyond the 25 percent daily-volume cap. The exemption by the capital markets regulator is crucial in allowing Centum to attain the share buyback target within the 18-month window as Centum’s daily traded volumes are mostly below 100,000. The share repurchase program is open to all shareholders irrespective of size but is subject to the maximum buyback size. Centum’s floating shares are expected to reduce to 598.9 million at the end of the buyback exercise. The board of Centum has reserved the right to terminate the buyback on conditions including when the program is no longer deemed to be in the best interest of the company, changes in economic and market conditions and the incidence of a material change in the firm’s financial position. Read: Centum sets aside Sh600m for its share buy back plan On Monday, in excess of 500,000 Centum shares were traded, marking a huge increase from the normal volumes.
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deadpoet		#114 Posted : Wednesday, February 08, 2023 8:37:22 AM
Rank: Member Joined: 9/27/2006 Posts: 505		Really regret buying this company at 14. Was swayed by the 'NAV is 60' argument. No choice but to wait years for the price to hopefully bounce back before I bid Centum adieu.
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VituVingiSana		#115 Posted : Wednesday, February 08, 2023 9:23:33 AM
Rank: Chief Joined: 1/3/2007 Posts: 18,346 Location: Nairobi		deadpoet wrote: Really regret buying this company at 14. Was swayed by the 'NAV is 60' argument. No choice but to wait years for the price to hopefully bounce back before I bid Centum adieu. Ignore the non-shareholders and concentrate on the numbers. BUT if you choose to bail out, then we (CTUM shareholders staying put) will buy your shares at 0.03 Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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watesh		#116 Posted : Wednesday, February 08, 2023 10:25:29 AM
Rank: Veteran Joined: 8/10/2014 Posts: 992 Location: Kenya		deadpoet wrote: Really regret buying this company at 14. Was swayed by the 'NAV is 60' argument. No choice but to wait years for the price to hopefully bounce back before I bid Centum adieu. Same here. Their real estate constructions are taking forever to be complete. Eg Cascadia was launched way before covid and it still looks like it needs two more years. At this point, it's only the banks & management eating from the real estate section of the business. Then they wanted to sell Sidian at a loss when finally it had started making money which I saw as a dumb move. The shackles in the sector had just been broken and finally, the bank can start making proper money. They were whining it needs a lot of capital to keep up with growth but suddenly a year later there is Ksh600 million for buybacks. Clearly, Kirubi was the guy keeping everyone in check.
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xtina		#117 Posted : Wednesday, February 08, 2023 12:30:42 PM
Rank: Member Joined: 6/26/2008 Posts: 399		watesh wrote: deadpoet wrote: Really regret buying this company at 14. Was swayed by the 'NAV is 60' argument. No choice but to wait years for the price to hopefully bounce back before I bid Centum adieu. Same here. Their real estate constructions are taking forever to be complete. Eg Cascadia was launched way before covid and it still looks like it needs two more years. At this point, it's only the banks & management eating from the real estate section of the business. Then they wanted to sell Sidian at a loss when finally it had started making money which I saw as a dumb move. The shackles in the sector had just been broken and finally, the bank can start making proper money. They were whining it needs a lot of capital to keep up with growth but suddenly a year later there is Ksh600 million for buybacks. Clearly, Kirubi was the guy keeping everyone in check. Good as he is, I think James Mworia's time is up. Centum needs new blood and fresh ideas. Plus JM owns Maiyan villas, some posh development in Nanyuki so I give him the side eye.
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McGill		#118 Posted : Wednesday, February 08, 2023 2:11:44 PM
Rank: Member Joined: 8/1/2019 Posts: 106		deadpoet wrote: Really regret buying this company at 14. Was swayed by the 'NAV is 60' argument. No choice but to wait years for the price to hopefully bounce back before I bid Centum adieu. Exiting this stock is one of my best decisions ever as far as the NSE is concerned.
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watesh		#119 Posted : Thursday, February 09, 2023 8:40:03 AM
Rank: Veteran Joined: 8/10/2014 Posts: 992 Location: Kenya		xtina wrote: watesh wrote: deadpoet wrote: Really regret buying this company at 14. Was swayed by the 'NAV is 60' argument. No choice but to wait years for the price to hopefully bounce back before I bid Centum adieu. Same here. Their real estate constructions are taking forever to be complete. Eg Cascadia was launched way before covid and it still looks like it needs two more years. At this point, it's only the banks & management eating from the real estate section of the business. Then they wanted to sell Sidian at a loss when finally it had started making money which I saw as a dumb move. The shackles in the sector had just been broken and finally, the bank can start making proper money. They were whining it needs a lot of capital to keep up with growth but suddenly a year later there is Ksh600 million for buybacks. Clearly, Kirubi was the guy keeping everyone in check. Good as he is, I think James Mworia's time is up. Centum needs new blood and fresh ideas. Plus JM owns Maiyan villas, some posh development in Nanyuki so I give him the side eye. Either that or the new board is very risk-averse. They would rather buy bonds than build businesses.
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DtheK		#120 Posted : Thursday, October 12, 2023 6:53:25 PM
Rank: Member Joined: 2/15/2010 Posts: 166 Location: Kenya		A few things I've since learnt about Centum All of Centum's businesses are held for sale. The M.O is buy or spawn a business, grow it, get dividends where possible or loan interest, sell at best possible terms,repeat. Dividend policy; Only pays dividend from loan interest, dividends and interest earned by marketable securities portfolio(so called annuity income). So no special dividends regardless of size of an exit!? Real Estate/Centum RE Management projects 4B cash to be realized once current phase of residentials is done with. The receivables alone for the land rights already exceed debt taken against Vipingo land. Set goal to complete all on-going residential projects by march 2024, rather ambitious. Bond scheduled to be repaid Dec 2023. Trific SEZ, the incentives of operating from there should improve tenancy/land sales. Secured 3B from IFC to build next phase(s) of Mzizi Others/PE Jafari growth-Payday loans to civil servants at 3%/month only 1% loans NPL Green blade's growth -40M/month PAT or over 400Mn/year(Oh and earns in dollars) Sale of half of stake in Sidian, Will release about 2B cash Commitment to be debt free by end of March 2024 at group level, very attainable. With above in mind I think the future's quite okay.
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