CGEN — Car & General (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. Car & General describes five business lines, automotive and equipment distribution, real estate investment, financial services, poultry and helmet manufacturing, across Kenya, Uganda and Tanzania, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. A large share of recent profit is Car & General's share of its associate Watu, the asset financier, which is reported as share of profit in an associate rather than in revenue. Book value excludes non-controlling interests and is spread over 80,206,616 shares of KShs 5.

Fiscal year

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.

√(22.5 × 54.83 × 127.28) = 396.26

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: +45.2% at the results-day price of 217.00. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months): 32.26
basic and diluted, six-month figure as printed; profit attributable to owners 2,587,824k over 80,206,616 shares. Share of profit in the associate was 2,038,692k of profit before tax of 2,875,711k · basic · Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026
Book value (BVPS): 127.28
share capital 401,033k plus reserves and retained earnings 9,807,544k; non-controlling interests of 284,142k excluded · attributable · computed: equity attributable to owners 10,208,577k ÷ 80,206,616 shares, Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1; shares from signed financial statements 2023, note on share capital · 12 Aug 2026
Dividend (DPS): 1.00
interim dividend only, approved by the directors; the final dividend for 2026 is not yet declared · Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026
Price on results day: 217.00
NSE daily price list VWAP, the exchange's official end-of-day price, on the date of the chairman's results commentary; the day traded between 192.50 and 228.75 · NSE daily price list 2026-08-12, p.1 · 12 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months): 15,636.5
Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026
Current assets: 11,550.2
Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026
Current liabilities: 10,603.0
Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026
Long-term debt: 1,617.4
non-current borrowings; non-current lease liabilities of 643.3m and amounts due to related parties of 166.8m not included · Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026
KES per US$: 129.28
CBK daily exchange rates (mean) · 12 Aug 2026

Computed

EPS, trailing twelve months: 54.83
attributable · computed: H1 FY2026 EPS 32.26 + FY2025 30.50 − H1 FY2025 7.93 · 29 Apr 2026
Revenue, trailing twelve months: 28,949.2
computed: H1 FY2026 revenue 15,636.5m + FY2025 25,338.6m − H1 FY2025 12,025.9m · 29 Apr 2026
EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 1.70
computed: price ÷ BVPS · 12 Aug 2026
Dividend yield: Not compiled
Current ratio: 1.09
computed: current assets ÷ current liabilities · 12 Aug 2026
Price ÷ Graham number: 0.55×
computed: price ÷ Graham number · 29 Apr 2026
Discount to Graham number: +45.2%
computed: (Graham number − price) ÷ Graham number · 29 Apr 2026

Graham's tests

1
Adequate size
Revenue of at least US$100m
Interim
Met
Adequate sizeMet
Revenue of at least US$100m · Interim: earnings on trailing twelve months
- Revenue KES 28,949.2m ÷ 129.28 KES per US$ = US$223.9m
- US$223.9m against a floor of US$100mmeets
2
Financial strength
Current ratio of at least 2; long-term debt no more than working capital
Interim
Not met
Financial strengthNot met
Current ratio of at least 2; long-term debt no more than working capital · Interim: earnings on trailing twelve months
- Current ratio: 11,550.2 ÷ 10,603.0 = 1.09, against a minimum of 2.00falls short
- Working capital: 11,550.2 − 10,603.0 = 947.2
- Long-term debt 1,617.4 against working capital of 947.2falls short
Earnings stability
Positive EPS in each of the past 10 years
Interim
No result: data not compiled
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years · Interim: earnings on trailing twelve months
EPS positive in 1 of 10 years
12m to Jun 2017
not held
not held
12m to Jun 2018
not held
not held
12m to Jun 2019
not held
not held
12m to Jun 2020
not held
not held
12m to Jun 2021
not held
not held
12m to Jun 2022
not held
not held
12m to Jun 2023
not held
not held
12m to Jun 2024
not held
not held
12m to Jun 2025
not held
not held
12m to Jun 2026
54.83
positive
Still needed: EPS for 12m to Jun 2017, EPS for 12m to Jun 2018, EPS for 12m to Jun 2019, EPS for 12m to Jun 2020, EPS for 12m to Jun 2021, EPS for 12m to Jun 2022, EPS for 12m to Jun 2023, EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
Dividend record
A dividend paid in each of the past 20 years
Interim
No result: data not compiled
Dividend recordNo result: data not compiled
A dividend paid in each of the past 20 years · Interim: earnings on trailing twelve months
Dividend paid in 2 of 20 years (FY2007–FY2026)
Still needed: DPS for FY2007, DPS for FY2008, DPS for FY2009, DPS for FY2010, DPS for FY2011, DPS for FY2012, DPS for FY2013, DPS for FY2014, DPS for FY2015, DPS for FY2016, DPS for FY2017, DPS for FY2018, DPS for FY2019, DPS for FY2020, DPS for FY2021, DPS for FY2022, DPS for FY2023, DPS for FY2024.
Earnings growth
EPS up at least one-third over 10 years, on three-year averages
Interim
No result: data not compiled
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages · Interim: earnings on trailing twelve months
12m to Jun 2017
not held
not held
12m to Jun 2018
not held
not held
12m to Jun 2019
not held
not held
12m to Jun 2024
not held
not held
12m to Jun 2025
not held
not held
12m to Jun 2026
54.83
Still needed: EPS for 12m to Jun 2017, EPS for 12m to Jun 2018, EPS for 12m to Jun 2019, EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
Moderate P/E
Price no more than 15 × three-year average EPS
Interim
No result: data not compiled
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS · Interim: earnings on trailing twelve months
Still needed: EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
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
Moderate P/BNo result: data not compiled
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5 · Interim: earnings on trailing twelve months
- Price 217.00 ÷ BVPS 127.28 = 1.70
- 1.70 against a ceiling of 1.5falls short
Still needed: EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.

Sources and notes

Book value (BVPS): attributable · computed: equity attributable to owners 10,208,577k ÷ 80,206,616 shares, Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1; shares from signed financial statements 2023, note on share capital · 12 Aug 2026 (share capital 401,033k plus reserves and retained earnings 9,807,544k; non-controlling interests of 284,142k excluded)
Dividend (DPS): Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026 (interim dividend only, approved by the directors; the final dividend for 2026 is not yet declared)
Price on results day: NSE daily price list 2026-08-12, p.1 · 12 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on the date of the chairman's results commentary; the day traded between 192.50 and 228.75)
Current assets: Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026
Current liabilities: Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026
Long-term debt: Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026 (non-current borrowings; non-current lease liabilities of 643.3m and amounts due to related parties of 166.8m not included)
KES per US$: CBK daily exchange rates (mean) · 12 Aug 2026
EPS, 6 months to 2026-06-30: basic · Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026 (basic and diluted, six-month figure as printed; profit attributable to owners 2,587,824k over 80,206,616 shares. Share of profit in the associate was 2,038,692k of profit before tax of 2,875,711k)
EPS, same 6 months a year earlier: basic · Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 results)
Revenue, 6 months to 2026-06-30: Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026
Revenue, same 6 months a year earlier: Summary consolidated unaudited financial results for the half year ended 30 Jun 2026, p.1 · 12 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 results)