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BAT — British American Tobacco Kenya Plc

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria for industrial companies. BAT Kenya manufactures tobacco and nicotine products for Kenya and export, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Sales are net revenue, after excise duty and VAT.

six months to 30 Jun 2026

Interim: six months to 30 Jun 2026, unaudited. Earnings use the trailing twelve months to Jun 2026, built from reported half-year and full-year figures. Every test below is flagged interim and will be replaced when the full year is published.

Showing FY2026

√(22.5 × 53.38 × 125.60) = 388.40

The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. Tap a figure below for its source and date.

Discount to Graham number: −49.3% at the results-day price of 580.00. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months)
30.75

six-month figure as printed; profit after tax 3,075m ÷ 100.0m shares · basic · Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026

Book value (BVPS)
125.60

no non-controlling interests, so shareholders' funds are attributable equity · attributable · computed: shareholders' funds 12,560m ÷ 100.0m shares, Unaudited results for the six months ended 30 Jun 2026, p.1; shares from Annual Report 2025, p.154 · 23 Jul 2026

Dividend (DPS)
10.00

interim dividend only; the final dividend for FY2026 is not yet declared · Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026

Price on results day
580.00

NSE daily price list VWAP, the exchange's official end-of-day price · NSE daily price list 2026-07-23, p.2 · 23 Jul 2026

Size and balance sheet (KES m)

Revenue (6 months)
12,273.0

net revenue, after excise duty and VAT of 6,686m; gross revenue 18,959m · Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026

Current assets
10,905.0

Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026

Current liabilities
5,852.0

Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026

Long-term debt
1,920.0

all non-current liabilities, because the condensed statement does not break them out; an upper bound on long-term debt. At 31 Dec 2025 non-current borrowings were 52.4m of 1,902.3m, the rest deferred tax · Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026

KES per US$
129.53

CBK daily exchange rates (mean) · 23 Jul 2026

Computed

EPS, trailing twelve months
53.38

attributable · computed: H1 FY2026 EPS 30.75 + FY2025 52.46 − H1 FY2025 29.83 · 26 Feb 2026

Revenue, trailing twelve months
23,733.0

computed: H1 FY2026 revenue 12,273.0m + FY2025 23,192.0m − H1 FY2025 11,732.0m · 26 Feb 2026

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
4.62

computed: price ÷ BVPS · 23 Jul 2026

Dividend yield
Not compiled
Current ratio
1.86

computed: current assets ÷ current liabilities · 23 Jul 2026

Price ÷ Graham number
1.49×

computed: price ÷ Graham number · 26 Feb 2026

Discount to Graham number
−49.3%

computed: (Graham number − price) ÷ Graham number · 26 Feb 2026

Graham's tests

  1. Adequate size

    Revenue of at least US$100m

    Interim
    Met
  2. Financial strength

    Current ratio of at least 2; long-term debt no more than working capital

    Interim
    Not met
  3. Earnings stability

    Positive EPS in each of the past 10 years

    Interim
    No result: data not compiled
  4. Dividend record

    A dividend paid in each of the past 20 years

    Interim
    No result: data not compiled
  5. Earnings growth

    EPS up at least one-third over 10 years, on three-year averages

    Interim
    No result: data not compiled
  6. Moderate P/E

    Price no more than 15 × three-year average EPS

    Interim
    No result: data not compiled
  7. Moderate P/B

    Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5

    Interim
    No result: data not compiled

Sources and notes

  • Book value (BVPS): attributable · computed: shareholders' funds 12,560m ÷ 100.0m shares, Unaudited results for the six months ended 30 Jun 2026, p.1; shares from Annual Report 2025, p.154 · 23 Jul 2026 (no non-controlling interests, so shareholders' funds are attributable equity)
  • Dividend (DPS): Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026 (interim dividend only; the final dividend for FY2026 is not yet declared)
  • Price on results day: NSE daily price list 2026-07-23, p.2 · 23 Jul 2026 (NSE daily price list VWAP, the exchange's official end-of-day price)
  • Current assets: Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026
  • Current liabilities: Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026
  • Long-term debt: Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026 (all non-current liabilities, because the condensed statement does not break them out; an upper bound on long-term debt. At 31 Dec 2025 non-current borrowings were 52.4m of 1,902.3m, the rest deferred tax)
  • KES per US$: CBK daily exchange rates (mean) · 23 Jul 2026
  • EPS, 6 months to 2026-06-30: basic · Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026 (six-month figure as printed; profit after tax 3,075m ÷ 100.0m shares)
  • EPS, same 6 months a year earlier: basic · Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026 (six months to 30 Jun 2025 as printed in the 2026 report)
  • Revenue, 6 months to 2026-06-30: Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026 (net revenue, after excise duty and VAT of 6,686m; gross revenue 18,959m)
  • Revenue, same 6 months a year earlier: Unaudited results for the six months ended 30 Jun 2026, p.1 · 23 Jul 2026 (net revenue; six months to 30 Jun 2025 as printed in the 2026 report)

Disclaimer: This profile is published for educational purposes only and does not constitute financial advice. It presents reported company data and arithmetic derived from it — not a recommendation to buy, hold or sell. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and consult with a qualified financial advisor before making investment decisions.

Profile compiled 2026-09-15 from BAT Kenya audited results and Combined Annual and Sustainability Report 2025 (batkenya.com), unaudited results for the six months ended 30 June 2026 (NSE filing, nse.co.ke), NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.