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StatMeister		#11 Posted : Thursday, August 12, 2010 11:56:18 AM
Rank: Veteran Joined: 5/23/2010 Posts: 868 Location: La Islas Galápagos		I am made to understand Uchumi was a 1st (and only) to be turned around in Kenya (without being sold off), by analogy the only listed to turn around. Jonathan should get a cold crate on me A bad day fishing is better than a good day at work
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stocksmaster		#12 Posted : Thursday, August 12, 2010 12:29:11 PM
Rank: Member Joined: 9/26/2006 Posts: 463 Location: CENTRAL PROVINCE		At an EPS of 4.81, and growing at over 100% in profits, the results for 30th June 2011 may just hit Ksh 9-10 earnings per share! If on relisting, the stock is to trade at a P/E of 5, this translates at a Price of about Ksh 24!! Have they factored the dilutional effect of converting debt to equity that was part of the restructuring? Happy hunting x handle: @stocksmaster79
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sparkly		#13 Posted : Thursday, August 12, 2010 12:37:55 PM
Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi		stocksmaster wrote: Have they factored the dilutional effect of converting debt to equity that was part of the restructuring? Happy hunting thats the big question. Life is short. Live passionately.
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mwanahisa		#14 Posted : Thursday, August 12, 2010 12:59:28 PM
Rank: Elder Joined: 6/2/2008 Posts: 1,438		Sparkly & Stockmaster, No - Uchumi has NOT factored the conversion. Why, I simply can't tell, unless the new shares were preference perhaps? Also, note that of the EPS of 4.81, the tax credit contributes Kshs 2.40 while investment income contributes Kshs 0.72 leaving a normalised EPS of Kshs 1.68. I would still consider that a GREAT performance!!
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Kaffir		#15 Posted : Thursday, August 12, 2010 1:17:31 PM
Rank: Member Joined: 5/8/2008 Posts: 77		The new shares raised total number to 262.5 million, from 180 million. Not a significantly large increase. If these new were not factored in the results, then including them would reduce the EPS to 3.3shs - still a very good EPS. Given the level of growth it has exhibited in the past 3 years, im sure most investors would be willing to buy it at a PE higher than SM's conservative value of 5. I also see a new rights issue within a year of relisting. Will help increase available shares (current number are too few to attract enough interest in the market!), and get the additional money it needs to finalize the debts, plus fight off the Tusky's and co.. The market will respond more favorably to its rights when it is listed. I will hold onto my shares for a while after listing, to see how it progresses.
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VituVingiSana		#16 Posted : Thursday, August 12, 2010 1:28:54 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi		Why does the CMA dither on re-listing them? Many firms make losses... but it is time to re-list! Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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StatMeister		#17 Posted : Thursday, August 12, 2010 1:37:19 PM
Rank: Veteran Joined: 5/23/2010 Posts: 868 Location: La Islas Galápagos		stocksmaster wrote: At an EPS of 4.81, and growing at over 100% in profits, the results for 30th June 2011 may just hit Ksh 9-10 earnings per share! If on relisting, the stock is to trade at a P/E of 5, this translates at a Price of about Ksh 24!! Have they factored the dilutional effect of converting debt to equity that was part of the restructuring? Happy hunting assume a 1:1 conversion, meaning a price of 12 @stock, why does Uchumi have to trade at P/E of 5 when other commercials do 10-15? A bad day fishing is better than a good day at work
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the deal		#18 Posted : Thursday, August 12, 2010 1:45:14 PM
Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery		HAHAHAHA I SEE MANY PEOPLE WHERE BURNT BUY UCHUMI HERE...
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StatMeister		#19 Posted : Thursday, August 12, 2010 1:52:38 PM
Rank: Veteran Joined: 5/23/2010 Posts: 868 Location: La Islas Galápagos		the deal wrote: HAHAHAHA I SEE MANY PEOPLE WHERE BURNT BUY UCHUMI HERE... you're so right A bad day fishing is better than a good day at work
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StatMeister		#20 Posted : Thursday, August 12, 2010 1:56:35 PM
Rank: Veteran Joined: 5/23/2010 Posts: 868 Location: La Islas Galápagos		BTW, i don't lose any sleep about this, I wrote it off a long time ago. If it comes back, I'll think of it as a bonus and hold it for another 3 years A bad day fishing is better than a good day at work
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