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Jubilee is KING!!
Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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VituVingiSana wrote:Aguytrying wrote:VituVingiSana wrote:Bujagali was 'opened' yesterday. The interest cost will now be expensed. Let's hope Uganda's utility pays for the power but it's a great move for Jubilee & Uganda if managed properly. What do you mean "opened"? I saw in the Jubilee holdings annual report 2011 it earned 1bn shs in 2011 and 2010. Not sure how it could have earned anything in 2010 when the first turbine started operating in 2012. The 'opened' (in parantheses) is the official opening of the Dam. Cutting the ribbons and all that. http://en.wikipedia.org/...oelectric_Power_Station
"On 02 February 2012, Ugandan newspapers reported the commissioning of the first turbine of the power station, with full commissioning expected in July 2012" Please tell me how Bujagali earned Jubilee KES 1bn in 2010 & 2011. hahaha real possibility that Jub could be cooking money they earn from their unlisted portfolio, I also want to know how they earned Ksh1bn from something under construction, the insurance business is doing very bad, the claims ratio is more than 80% and the float is thinning out!
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Rank: Chief Joined: 1/3/2007 Posts: 18,347 Location: Nairobi
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guru267 wrote:VituVingiSana wrote:@AGuyTrying - Jubilee is NOT cheap on PER or P/B but it is a consistent performer that will continue to grow steadily. Based on 20% growth in 2012 EPS to 36bob Forward PER = 4.7 Forward P/B = 1.25 Forward dividend = 13% if you factor the 1:10 in bonus shares given EVERY year since 2009 THAT IS CHEAP!! Not compared to most other Insurance Firms trading in the region. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,347 Location: Nairobi
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mwekez@ji wrote:VituVingiSana wrote:Aguytrying wrote:VituVingiSana wrote:Bujagali was 'opened' yesterday. The interest cost will now be expensed. Let's hope Uganda's utility pays for the power but it's a great move for Jubilee & Uganda if managed properly. What do you mean "opened"? I saw in the Jubilee holdings annual report 2011 it earned 1bn shs in 2011 and 2010. Not sure how it could have earned anything in 2010 when the first turbine started operating in 2012. The 'opened' (in parantheses) is the official opening of the Dam. Cutting the ribbons and all that. http://en.wikipedia.org/...oelectric_Power_Station
"On 02 February 2012, Ugandan newspapers reported the commissioning of the first turbine of the power station, with full commissioning expected in July 2012" Please tell me how Bujagali earned Jubilee KES 1bn in 2010 & 2011. @VVS, care to read Jubilee Annual report and note the following: 1.The loan advanced to Jubilee to finance investment in Bujagali is well in books and interest is being expensed. Its not time they will start doing that. Also note its a cheap loan at an interest rate of 3.75% 2. Bujagali earned profit of over KES 1B in year 2010 and also in year 2011. Note the plant began construction in year 2007. A question is, if they made all that money before commissioning of any of the units, how much more will they make now that all the 5 units are done. Ditto, Bujagali is a great investment by Jubilee. What page in the 2010 & 2011 Annual Report [include the Note as well] does it say that Jubilee has earned 1bn in 2010 & 2011 from Bujagali. Also distinguish between Operating Income & Interest Income i.e. Jubilee could have lent money to you, me, GoK, KenGen or Bujagali. That is money it would earn anyway. It's post-tax "Operating Income" that counts. Of course, the interest on the Bujagali project will start being expensed but on the other hand there is 'real' cash coming in from the sale of electricity. I have a feeling they will build a hotel too run by the professionals at Serena! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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VituVingiSana wrote:mwekez@ji wrote:VituVingiSana wrote:Aguytrying wrote:VituVingiSana wrote:Bujagali was 'opened' yesterday. The interest cost will now be expensed. Let's hope Uganda's utility pays for the power but it's a great move for Jubilee & Uganda if managed properly. What do you mean "opened"? I saw in the Jubilee holdings annual report 2011 it earned 1bn shs in 2011 and 2010. Not sure how it could have earned anything in 2010 when the first turbine started operating in 2012. The 'opened' (in parantheses) is the official opening of the Dam. Cutting the ribbons and all that. http://en.wikipedia.org/...oelectric_Power_Station
"On 02 February 2012, Ugandan newspapers reported the commissioning of the first turbine of the power station, with full commissioning expected in July 2012" Please tell me how Bujagali earned Jubilee KES 1bn in 2010 & 2011. @VVS, care to read Jubilee Annual report and note the following: 1.The loan advanced to Jubilee to finance investment in Bujagali is well in books and interest is being expensed. Its not time they will start doing that. Also note its a cheap loan at an interest rate of 3.75% 2. Bujagali earned profit of over KES 1B in year 2010 and also in year 2011. Note the plant began construction in year 2007. A question is, if they made all that money before commissioning of any of the units, how much more will they make now that all the 5 units are done. Ditto, Bujagali is a great investment by Jubilee. What page in the 2010 & 2011 Annual Report [include the Note as well] does it say that Jubilee has earned 1bn in 2010 & 2011 from Bujagali. Also distinguish between Operating Income & Interest Income i.e. Jubilee could have lent money to you, me, GoK, KenGen or Bujagali. That is money it would earn anyway. It's post-tax "Operating Income" that counts. Of course, the interest on the Bujagali project will start being expensed but on the other hand there is 'real' cash coming in from the sale of electricity. I have a feeling they will build a hotel too run by the professionals at Serena! Annual Report LinkPage 55 Note 17 (i) on Bujagali profit and Jubilee share Page 65 Note 32 on the loan
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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VituVingiSana wrote:guru267 wrote:VituVingiSana wrote:@AGuyTrying - Jubilee is NOT cheap on PER or P/B but it is a consistent performer that will continue to grow steadily. Based on 20% growth in 2012 EPS to 36bob Forward PER = 4.7 Forward P/B = 1.25 Forward dividend = 13% if you factor the 1:10 in bonus shares given EVERY year since 2009 THAT IS CHEAP!! Not compared to most other Insurance Firms trading in the region. huh? our CIC, CFC, Britak, Panafric are way expensive compared to our cheap Jubilee!
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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VituVingiSana wrote:mwekez@ji wrote:VituVingiSana wrote:Aguytrying wrote:VituVingiSana wrote:Bujagali was 'opened' yesterday. The interest cost will now be expensed. Let's hope Uganda's utility pays for the power but it's a great move for Jubilee & Uganda if managed properly. What do you mean "opened"? I saw in the Jubilee holdings annual report 2011 it earned 1bn shs in 2011 and 2010. Not sure how it could have earned anything in 2010 when the first turbine started operating in 2012. The 'opened' (in parantheses) is the official opening of the Dam. Cutting the ribbons and all that. http://en.wikipedia.org/...oelectric_Power_Station
"On 02 February 2012, Ugandan newspapers reported the commissioning of the first turbine of the power station, with full commissioning expected in July 2012" Please tell me how Bujagali earned Jubilee KES 1bn in 2010 & 2011. @VVS, care to read Jubilee Annual report and note the following: 1.The loan advanced to Jubilee to finance investment in Bujagali is well in books and interest is being expensed. Its not time they will start doing that. Also note its a cheap loan at an interest rate of 3.75% 2. Bujagali earned profit of over KES 1B in year 2010 and also in year 2011. Note the plant began construction in year 2007. A question is, if they made all that money before commissioning of any of the units, how much more will they make now that all the 5 units are done. Ditto, Bujagali is a great investment by Jubilee. What page in the 2010 & 2011 Annual Report [include the Note as well] does it say that Jubilee has earned 1bn in 2010 & 2011 from Bujagali. Also distinguish between Operating Income & Interest Income i.e. Jubilee could have lent money to you, me, GoK, KenGen or Bujagali. That is money it would earn anyway. It's post-tax "Operating Income" that counts. Of course, the interest on the Bujagali project will start being expensed but on the other hand there is 'real' cash coming in from the sale of electricity. I have a feeling they will build a hotel too run by the professionals at Serena! @ vvs. Jubilee holdings annual report 2011. note 17 on page 56. 1.2-1 bn is the profit bujagali made in 2011, 2010, and not jubilee's share of the profit. The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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the deal wrote: ...the insurance business is doing very bad, ... You are paranoid to say the least! Insurance business recorded an impressive 14% increase in underwriting profits to KShs 540 million in 2011 from KShs 476 million in 2010
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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mwekez@ji wrote:the deal wrote: ...the insurance business is doing very bad, ... You are paranoid to say the least! Insurance business recorded an impressive 14% increase in underwriting profits to KShs 540 million in 2011 from KShs 476 million in 2010 hahaha Jub announced their Half Year the other day...I think sticking with 2010....2011 figures is what I call paranoia...stop behaving like a Liverpool fan..."clutching to history"
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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the deal wrote:mwekez@ji wrote:the deal wrote: ...the insurance business is doing very bad, ... You are paranoid to say the least! Insurance business recorded an impressive 14% increase in underwriting profits to KShs 540 million in 2011 from KShs 476 million in 2010 hahaha Jub announced their Half Year the other day...I think sticking with 2010....2011 figures is what I call paranoia...stop behaving like a Liverpool fan..."clutching to history" Watch as the actuaries deliver an impressive 2012 growth in underwriting profits. All to happen as you stick to your paranoia!
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Rank: Chief Joined: 1/3/2007 Posts: 18,347 Location: Nairobi
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mwekez@ji wrote:VituVingiSana wrote:guru267 wrote:VituVingiSana wrote:@AGuyTrying - Jubilee is NOT cheap on PER or P/B but it is a consistent performer that will continue to grow steadily. Based on 20% growth in 2012 EPS to 36bob Forward PER = 4.7 Forward P/B = 1.25 Forward dividend = 13% if you factor the 1:10 in bonus shares given EVERY year since 2009 THAT IS CHEAP!! Not compared to most other Insurance Firms trading in the region. huh? our CIC, CFC, Britak, Panafric are way expensive compared to our cheap Jubilee! Forget CIC [I said most] then compare PER & P/B but remember one thing I alluded to ... MANAGEMENT... why I like Aga Khan firms. Why I will pay a premium for these firms. MANAGEMENT. I do NOT trust any firm that has merali. I am wary of S.Africans [see Pan African & CFCIH]. I like Britak at current prices not at the IPO price. I think CIC is too pricey & is buoyed by 'expectations'. If MANAGEMENT were to change from the Aga Khan's managers/Board, I would re-assess Jubilee. it's like Warren Buffett's view ... in the Insurance (or any other business) MANAGEMENT is the deciding factor. He will pay a premium for good management. They make the 'premium' a discount in a few years. Also have a look at regional insurers but be wary of forex fluctuations. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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