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Is Uganda's Umeme IPO a Bargain?
Rank: Member Joined: 5/8/2008 Posts: 77
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From my agent, and from Market Surveillance. Institutions that didnt get their allocations have been moping up the shares available at the IPO price. Sellers were primarily Umeme customers offloading their 10% bonuses given to them at the IPO. These are now drying up, so supply price is now inching upwards. The price should edge upwards, as the Financial Year end comes close (March 2013), given the expected dividend (50% of net earnings).
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Rank: Member Joined: 3/26/2012 Posts: 830
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Calculating with last years earnings,what is the dividend yield with the price of Ksh 15 per share?I dont seem to have access to all the information so as to calculate the yield myself including the prospectus A successful man is not he who gets the best, it is he who makes the best from what he gets.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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@S.Mutaga III,
Q3 2012 PAT = UGX 44,001,000,000
Annualized PAT = UGX 58,668,000,000
Dividend = UGX 29,334,000,000 (50% of 58,668,000,000)
Total Shares = 1,623,878,005
DPS = UGX 18.06
Share price = UGX 275
Div Yield = 6.6%
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Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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@mwekezaji - I see you got the info. Also some brokers provide daily reports. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 5/8/2008 Posts: 77
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Looks the market is willing to buy at 300shs. Equivalent of about 30m kshs (950m Ugshs) traded today at this price - 3.1 million shares.. http://www.independent.c...-share-price-up-to-sh300
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Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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So the whole nonsense about cross-listing on the NSE is just that. Nonsense. 3 weeks since the 'cross-listing' and not a single trade on the NSE. UGX/KES is 31 while UGX/USD is now 2710 Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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VituVingiSana wrote:So the whole nonsense about cross-listing on the NSE is just that. Nonsense. 3 weeks since the 'cross-listing' and not a single trade on the NSE.
UGX/KES is 31 while UGX/USD is now 2710 I thought the Kenyan shareholders haven't received their converted share certificates yet... That's why it ain't trading! Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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guru267 wrote:VituVingiSana wrote:So the whole nonsense about cross-listing on the NSE is just that. Nonsense. 3 weeks since the 'cross-listing' and not a single trade on the NSE.
UGX/KES is 31 while UGX/USD is now 2710 I thought the Kenyan shareholders haven't received their converted share certificates yet... That's why it ain't trading! So... what was the whole dog & pony show by UMEME 3 weeks ago about? Why not wait till Kenyan shareholders received their "converted share certificates"? What are "converted share certificates"? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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VituVingiSana wrote:guru267 wrote:VituVingiSana wrote:So the whole nonsense about cross-listing on the NSE is just that. Nonsense. 3 weeks since the 'cross-listing' and not a single trade on the NSE.
UGX/KES is 31 while UGX/USD is now 2710 I thought the Kenyan shareholders haven't received their converted share certificates yet... That's why it ain't trading! So... what was the whole dog & pony show by UMEME 3 weeks ago about? Why not wait till Kenyan shareholders received their "converted share certificates"? What are "converted share certificates"? im not sure myself.. Maybe the par value is converted to Ksh  But what i do know for sure is that the Kenyan shareholders haven't yet received their certificates! Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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guru267 wrote:VituVingiSana wrote:guru267 wrote:VituVingiSana wrote:So the whole nonsense about cross-listing on the NSE is just that. Nonsense. 3 weeks since the 'cross-listing' and not a single trade on the NSE.
UGX/KES is 31 while UGX/USD is now 2710 I thought the Kenyan shareholders haven't received their converted share certificates yet... That's why it ain't trading! So... what was the whole dog & pony show by UMEME 3 weeks ago about? Why not wait till Kenyan shareholders received their "converted share certificates"? What are "converted share certificates"? im not sure myself.. Maybe the par value is converted to Ksh But what i do know for sure is that the Kenyan shareholders haven't yet received their certificates! But Kenyans cannot trade with certificates on the NSE. In fact, certificates are being phased out by the NSE/CDSC. So why not issue Kenyans 'electronic certificates' as is done for NSE-listed shares? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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VituVingiSana wrote:guru267 wrote:VituVingiSana wrote:guru267 wrote:VituVingiSana wrote:So the whole nonsense about cross-listing on the NSE is just that. Nonsense. 3 weeks since the 'cross-listing' and not a single trade on the NSE.
UGX/KES is 31 while UGX/USD is now 2710 I thought the Kenyan shareholders haven't received their converted share certificates yet... That's why it ain't trading! So... what was the whole dog & pony show by UMEME 3 weeks ago about? Why not wait till Kenyan shareholders received their "converted share certificates"? What are "converted share certificates"? im not sure myself.. Maybe the par value is converted to Ksh But what i do know for sure is that the Kenyan shareholders haven't yet received their certificates! But Kenyans cannot trade with certificates on the NSE. In fact, certificates are being phased out by the NSE/CDSC. So why not issue Kenyans 'electronic certificates' as is done for NSE-listed shares? In Uganda physical share certificates are still the order of the day even though they recently went electronic! Even though share certificates are being phased out on the NSE they are still perfectly legal! Even ARM is still issuing physical share certificates after its split! Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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guru267 wrote:VituVingiSana wrote:guru267 wrote:VituVingiSana wrote:guru267 wrote:VituVingiSana wrote:So the whole nonsense about cross-listing on the NSE is just that. Nonsense. 3 weeks since the 'cross-listing' and not a single trade on the NSE.
UGX/KES is 31 while UGX/USD is now 2710 I thought the Kenyan shareholders haven't received their converted share certificates yet... That's why it ain't trading! So... what was the whole dog & pony show by UMEME 3 weeks ago about? Why not wait till Kenyan shareholders received their "converted share certificates"? What are "converted share certificates"? im not sure myself.. Maybe the par value is converted to Ksh But what i do know for sure is that the Kenyan shareholders haven't yet received their certificates! But Kenyans cannot trade with certificates on the NSE. In fact, certificates are being phased out by the NSE/CDSC. So why not issue Kenyans 'electronic certificates' as is done for NSE-listed shares? In Uganda physical share certificates are still the order of the day even though they recently went electronic! Even though share certificates are being phased out on the NSE they are still perfectly legal! Even ARM is still issuing physical share certificates after its split! Ummm, ok... Let me try again. I said "Kenyans cannot trade with certificates on the NSE. In fact, certificates are being phased out by the NSE/CDSC." So... 1) it is irrelevant if Kenyans are issued certificates by UMEME since they cannot trade on the NSE until immobilized & dematerialized. This might take a few more days or weeks if the certs have to go to Uganda for verification. No idea on the process. 2) Are you sure Kenyans are getting "physical share certificates" after the split by ARM? Can anyone else in Kenya confirm (2) above? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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Rank: Member Joined: 5/8/2008 Posts: 77
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Hehe..
Anyway, i think it is a bureaucratic issue. Cross listing has always been from NSE to USE - this is the first time it is being tried out the other way round. I would assume the process is something like
1. The SCD shares are immobilized in Uganda, and certificates prepared by USE
2. USE prepared certificates are brought to Kenya NSE, which then register them and prepare Kenya certificates
3. Kenya certificates are immobilised on request, to allow trading.
Too many opportunities for bureaucratic bottlenecks in this process, so it is taking its sweet time. Easier to just sell the shares in Uganda (maybe thats what USE is trying to encourage).
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Quite murky this one - http://www.monitor.co.ug...6/-/4hdovcz/-/index.html$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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Where are the haters? It closed at UGX345 today. Waiting for bandwagoners to sing praise soon.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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the deal wrote:Where are the haters? It closed at UGX345 today. Waiting for bandwagoners to sing praise soon. 25% gain only since the ipo in Nov 2012. At NSE, over the same time, 10 companies have gained by over 50%, 7 companies by >35-50% and 9 companies by >26-35%. .... what were you asking again?
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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:Where are the haters? It closed at UGX345 today. Waiting for bandwagoners to sing praise soon. 25% gain only since the ipo in Nov 2012. At NSE, over the same time, 10 companies have gained by over 50%, 7 companies by >35-50% and 9 companies by >26-35%. .... what were you asking again? LOL don't compare Umeme to the NSE where it has not even traded yet...compare apple to apple...USE Vs NSE...Umeme Vs Kenya Power..so how has Umeme performed compared to Kenya Power?...btwn Umeme just got started...more headroom going forward....offcourse I see you joining the bandwagon soon...
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Rank: Chief Joined: 1/3/2007 Posts: 18,057 Location: Nairobi
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the deal wrote:mwekez@ji wrote:the deal wrote:Where are the haters? It closed at UGX345 today. Waiting for bandwagoners to sing praise soon. 25% gain only since the ipo in Nov 2012. At NSE, over the same time, 10 companies have gained by over 50%, 7 companies by >35-50% and 9 companies by >26-35%. .... what were you asking again? LOL don't compare Umeme to the NSE where it has not even traded yet...compare apple to apple...USE Vs NSE...Umeme Vs Kenya Power..so how has Umeme performed compared to Kenya Power?...btwn Umeme just got started...more headroom going forward....offcourse I see you joining the bandwagon soon... Unlike @thedeal I am not the sharpest tool in the shed. What was the exchange rate of UGX/KES at the time of listing of UMEME on the USE? 1) What was UMEME's price in KES at the time of listing? 2) What is UMEME's price in KES today? 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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the deal wrote:mwekez@ji wrote:the deal wrote:Where are the haters? It closed at UGX345 today. Waiting for bandwagoners to sing praise soon. 25% gain only since the ipo in Nov 2012. At NSE, over the same time, 10 companies have gained by over 50%, 7 companies by >35-50% and 9 companies by >26-35%. .... what were you asking again? LOL don't compare Umeme to the NSE where it has not even traded yet...compare apple to apple...USE Vs NSE...Umeme Vs Kenya Power..so how has Umeme performed compared to Kenya Power?...btwn Umeme just got started...more headroom going forward....offcourse I see you joining the bandwagon soon... LOL we are in the market to make money. whether its NSE or USE, making money is the bottom line and many NSE counters have beaten Umeme share gain hands down
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Is Uganda's Umeme IPO a Bargain?
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