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FTGH — FTG Holdings Ltd

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. FTG Holdings, listed on the NSE's SME segment as Flame Tree Group Holdings, manufactures and distributes plastics, water and sanitation products, packaging, cosmetics, food products and household goods across Kenya, Rwanda, Ethiopia, Mozambique, Mauritius and the UAE, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. The year ends on 31 December and the interim column is the six months to 30 June 2026, so the earnings and revenue behind it are rolling twelve months. FY2025 was a loss, so that year has no Graham number. Long-term debt is non-current borrowings as broken out; non-current lease liabilities sit outside it. Per-share figures rest on 178,053,445 shares, being the 146,894,092 shillings of share capital over the KES 0.825 par value the NSE price list states, a count each of the five printed earnings-per-share figures confirms. The balance sheet shows no non-controlling interests, so attributable equity is total equity.

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 × 0.37 × 8.00) = 8.16

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: +73.2% at the results-day price of 2.19. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months)
0.03

printed on profit for the period, six-month figure and not annualised: profit of 5,217,828 shillings over 178.05m shares. The group returned to profit from a loss of 76,362,841 a year earlier, with operating profit more than doubled to 181,029,816 against finance costs of 175,624,655. Earnings per share struck on total comprehensive income were negative at (0.56), because translating foreign operations cost 104,694,933 · basic · Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of profit or loss and other comprehensive income · 26 Aug 2026

Book value (BVPS)
8.00

share capital 146,894,092, share premium 152,450,453, legal reserves 4,962,351, revaluation reserve 1,154,809,309 and retained earnings 493,210,345, less a translation reserve of 528,416,890; there are no non-controlling interests. Book value fell over the half year because translating foreign operations deepened the translation reserve · attributable · computed: total equity 1,423,909,659 shillings ÷ 178,053,445 shares, Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of financial position · 26 Aug 2026

Dividend (DPS)
Not compiled
Price on results day
2.19

NSE daily price list VWAP, the exchange's official end-of-day price. The press release is dated Nairobi, 26 Aug 2026 and the PDF was finalised that morning at 08:20, before the 15:00 close · NSE daily price list 2026-08-26, p.2 · 26 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months)
2,314.9

revenue of 2,314,930,113 shillings, up 11.6%, with gross margin at 37.0% against 36.6% · Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of profit or loss and other comprehensive income · 26 Aug 2026

Current assets
2,155.0

current assets of 2,154,968,713 shillings, of which cash was only 41,180,062 against a bank overdraft of 462,021,155 carried in current liabilities · Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of financial position · 26 Aug 2026

Current liabilities
1,650.8

current liabilities of 1,650,832,049 shillings, down from 2,226,883,939 at the year end as current borrowings were cut from 747,149,331 to 48,078,011 and refinanced long · Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of financial position · 26 Aug 2026

Long-term debt
1,192.4

non-current borrowings of 1,192,381,737 shillings, more than doubled from 576,749,263 as short-term debt was termed out; non-current lease liabilities of 189,724,598 sit outside this figure, and total non-current liabilities were 1,382,106,335 · Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of financial position · 26 Aug 2026

KES per US$
129.45

CBK daily exchange rates (mean) · 26 Aug 2026

Computed

EPS, trailing twelve months
0.37

attributable · computed: H1 FY2026 EPS 0.03 + FY2025 -0.09 − H1 FY2025 -0.43 · 8 May 2026

Revenue, trailing twelve months
4,471.1

computed: H1 FY2026 revenue 2,314.9m + FY2025 4,230.0m − H1 FY2025 2,073.8m · 8 May 2026

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
0.27

computed: price ÷ BVPS · 26 Aug 2026

Dividend yield
Not compiled
Current ratio
1.31

computed: current assets ÷ current liabilities · 26 Aug 2026

Price ÷ Graham number
0.27×

computed: price ÷ Graham number · 8 May 2026

Discount to Graham number
+73.2%

computed: (Graham number − price) ÷ Graham number · 8 May 2026

Graham's tests

  1. Adequate size

    Revenue of at least US$100m

    Interim
    Not 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
    Not met
  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
    Met

Sources and notes

  • Book value (BVPS): attributable · computed: total equity 1,423,909,659 shillings ÷ 178,053,445 shares, Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of financial position · 26 Aug 2026 (share capital 146,894,092, share premium 152,450,453, legal reserves 4,962,351, revaluation reserve 1,154,809,309 and retained earnings 493,210,345, less a translation reserve of 528,416,890; there are no non-controlling interests. Book value fell over the half year because translating foreign operations deepened the translation reserve)
  • Price on results day: NSE daily price list 2026-08-26, p.2 · 26 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The press release is dated Nairobi, 26 Aug 2026 and the PDF was finalised that morning at 08:20, before the 15:00 close)
  • Current assets: Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of financial position · 26 Aug 2026 (current assets of 2,154,968,713 shillings, of which cash was only 41,180,062 against a bank overdraft of 462,021,155 carried in current liabilities)
  • Current liabilities: Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of financial position · 26 Aug 2026 (current liabilities of 1,650,832,049 shillings, down from 2,226,883,939 at the year end as current borrowings were cut from 747,149,331 to 48,078,011 and refinanced long)
  • Long-term debt: Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of financial position · 26 Aug 2026 (non-current borrowings of 1,192,381,737 shillings, more than doubled from 576,749,263 as short-term debt was termed out; non-current lease liabilities of 189,724,598 sit outside this figure, and total non-current liabilities were 1,382,106,335)
  • KES per US$: CBK daily exchange rates (mean) · 26 Aug 2026
  • EPS, 6 months to 2026-06-30: basic · Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of profit or loss and other comprehensive income · 26 Aug 2026 (printed on profit for the period, six-month figure and not annualised: profit of 5,217,828 shillings over 178.05m shares. The group returned to profit from a loss of 76,362,841 a year earlier, with operating profit more than doubled to 181,029,816 against finance costs of 175,624,655. Earnings per share struck on total comprehensive income were negative at (0.56), because translating foreign operations cost 104,694,933)
  • EPS, same 6 months a year earlier: basic · Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of profit or loss and other comprehensive income · 26 Aug 2026 (loss per share for the six months to 30 Jun 2025 as printed in the 2026 statements; loss of 76,362,841 shillings)
  • Revenue, 6 months to 2026-06-30: Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of profit or loss and other comprehensive income · 26 Aug 2026 (revenue of 2,314,930,113 shillings, up 11.6%, with gross margin at 37.0% against 36.6%)
  • Revenue, same 6 months a year earlier: Report and consolidated financial statements for the period ended 30 Jun 2026, consolidated statement of profit or loss and other comprehensive income · 26 Aug 2026 (revenue for the six months to 30 Jun 2025 as printed in the 2026 statements)

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 2026-09-25 from FTG Holdings press release and consolidated financial statements for the year ended 31 Dec 2025 and press release and consolidated financial statements for the period ended 30 Jun 2026 (flametreegroup.com, the half year also filed with the NSE at nse.co.ke), NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.