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CENTUM FY MARCH 13 RESULTS
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Ericsson
#21 Posted : Wednesday, June 05, 2013 3:20:14 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
centum is boosting its earnings through revaluation of land which they are doing like every year.
That is why they can't issue dividends nor bonus.This year they revalued upwards the value by ksh.1.6B as opposed to most insurance companies which normally do like every 3-5 years.
Secondly the Third party funds through Centum Asset Fund are UAP Life Funds.
James Mworia had promised that by 2014 the assets of Centum will have reached ksh.30B.I don't see this happening.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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mwekez@ji
#22 Posted : Wednesday, June 05, 2013 6:03:46 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,121
Ericsson wrote:
centum is boosting its earnings through revaluation of land which they are doing like every year.
That is why they can't issue dividends nor bonus.This year they revalued upwards the value by ksh.1.6B as opposed to most insurance companies which normally do like every 3-5 years.
Secondly the Third party funds through Centum Asset Fund are UAP Life Funds.
James Mworia had promised that by 2014 the assets of Centum will have reached ksh.30B.I don't see this happening.
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mwekez@ji
#23 Posted : Wednesday, June 05, 2013 6:13:22 PM
Rank: Chief


Joined: 5/31/2011
Posts: 5,121
the deal wrote:
Not impressed. EPS already reflecting gains in Real Estate....as it stands there is little discount to NAV/share...as a rule...only buy an investment firm when its trading at a 20% discount to NAV...so Centum at Sh23.75 is overvalued in my books...NAV/Share growth of 18% means Centum underfomed the NSE20 in 2012 which expanded more than 20%...not good for an asset manager.


... specifically, NSE20 returned 44% during the year to March 2013 which is a high outperformance over centum NAV/Share growth of 18%. .... and this is after centum has loaded crazy revaluations to its NAV .... centum asset manager must be very embarrassed
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gesowan
#24 Posted : Wednesday, June 05, 2013 9:03:19 PM
Rank: Member


Joined: 11/6/2010
Posts: 289
the deal wrote:
Not impressed. EPS already reflecting gains in Real Estate....as it stands there is little discount to NAV/share...as a rule...only buy an investment firm when its trading at a 20% discount to NAV...so Centum at Sh23.75 is overvalued in my books...NAV/Share growth of 18% means Centum underfomed the NSE20 in 2012 which expanded more than 20%...not good for an asset manager.


so what is a fare value if its currently overvalued
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FUNKY
#25 Posted : Wednesday, June 05, 2013 10:38:44 PM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,635
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