JUB — Jubilee Holdings Limited

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, with GrowingGrass insurer tests in place of financial strength. Jubilee writes life, health and general insurance across East Africa and holds a large investment portfolio, so GrowingGrass tests its size by insurance revenue, and its strength by whether investments and cash cover insurance and investment contract liabilities and by borrowings against shareholders' funds.

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 × 85.95 × 778.97) = 1227.37

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: +67.2% at the results-day price of 402.50. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months): 47.58
six-month figure as printed; net profit 3,448.4m ÷ 72.5m shares · basic · Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
Book value (BVPS): 778.97
shares from share capital 362.4m at KShs 5 par (72,472,950 shares), Annual Integrated Report 2025 · attributable · computed: total equity 58,303.4m less non-controlling interest 1,848.8m = 56,454.6m ÷ 72.5m shares, Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
Dividend (DPS): 2.00
interim dividend of 40% on the KShs 5 par value; the final dividend for FY2026 is not yet declared · Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
Price on results day: 402.50
NSE daily price list VWAP, the exchange's official end-of-day price · NSE daily price list 2026-08-28, p.1 · 28 Aug 2026

Size and balance sheet

Insurance revenue (6 months): 16,881.7
insurance service revenues · Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
Total assets: 272,686.0
Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
Investment assets: 246,484.7
Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
Cash and bank balances: 11,612.6
cash and cash equivalents · Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
Insurance contract liabilities: 204,799.2
insurance and investment contract liabilities · Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
Total borrowings: Not compiled
Shareholders' equity: 56,454.6
total equity less non-controlling interest · Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
KES per US$: 129.46
CBK daily exchange rates (mean) · 28 Aug 2026

Computed

EPS, trailing twelve months: 85.95
attributable · computed: H1 FY2026 EPS 47.58 + FY2025 80.00 − H1 FY2025 41.63 · 10 Apr 2026
Insurance revenue, trailing twelve months: 30,114.4
computed: H1 FY2026 insurance revenue 16,881.7m + FY2025 29,920.9m − H1 FY2025 16,688.2m · 10 Apr 2026
EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 0.52
computed: price ÷ BVPS · 28 Aug 2026
Dividend yield: Not compiled
Borrowings ÷ equity: Not compiled
Return on equity: Not compiled
Price ÷ Graham number: 0.33×
computed: price ÷ Graham number · 10 Apr 2026
Discount to Graham number: +67.2%
computed: (Graham number − price) ÷ Graham number · 10 Apr 2026

Graham's tests

1
Adequate size
GrowingGrass adaptation
Graham's size test uses annual sales. GrowingGrass uses an insurer's insurance revenue in its place, against Graham's US$100m floor.
Insurance revenue of at least US$100m
Interim
Met
Adequate sizeMet
Insurance revenue of at least US$100m · Interim: earnings on trailing twelve months
- Insurance revenue KES 30,114.4m ÷ 129.46 KES per US$ = US$232.6m
- US$232.6m against a floor of US$100mmeets
2
Reserve cover
GrowingGrass adaptation
Graham gave no financial-strength test for insurers (The Intelligent Investor, 1973, chapter 14). An insurer's first obligation is to its policyholders, so GrowingGrass tests whether the investments and cash it holds cover the liabilities on its insurance contracts.
Investments and cash at least equal to insurance contract liabilities
Interim
Met
Reserve coverMet
Investments and cash at least equal to insurance contract liabilities · Interim: earnings on trailing twelve months
- Investments 246,484.7m + cash 11,612.6m = 258,097.3m
- 258,097.3m against insurance contract liabilities of 204,799.2m: 1.26× covermeets
Borrowings
GrowingGrass adaptation
Graham gave no financial-strength test for insurers (The Intelligent Investor, 1973, chapter 14). Graham allowed a public utility debt of up to twice its equity. An insurer already carries policyholder liabilities, so GrowingGrass holds its borrowings to no more than its equity.
Borrowings no more than shareholders' equity at book value
Interim
No result: data not compiled
BorrowingsNo result: data not compiled
Borrowings no more than shareholders' equity at book value · Interim: earnings on trailing twelve months
Still needed: Total borrowings for 12m to Jun 2026.
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
85.95
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
85.95
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.
8
Moderate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Interim
Met
Moderate P/BMet
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5 · Interim: earnings on trailing twelve months
- Price 402.50 ÷ BVPS 778.97 = 0.52
- 0.52 against a ceiling of 1.5meets

Sources and notes

Book value (BVPS): attributable · computed: total equity 58,303.4m less non-controlling interest 1,848.8m = 56,454.6m ÷ 72.5m shares, Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026 (shares from share capital 362.4m at KShs 5 par (72,472,950 shares), Annual Integrated Report 2025)
Dividend (DPS): Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026 (interim dividend of 40% on the KShs 5 par value; the final dividend for FY2026 is not yet declared)
Price on results day: NSE daily price list 2026-08-28, p.1 · 28 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price)
Total assets: Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
Investment assets: Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026
Cash and bank balances: Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026 (cash and cash equivalents)
Insurance contract liabilities: Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026 (insurance and investment contract liabilities)
Shareholders' equity: Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026 (total equity less non-controlling interest)
KES per US$: CBK daily exchange rates (mean) · 28 Aug 2026
EPS, 6 months to 2026-06-30: basic · Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026 (six-month figure as printed; net profit 3,448.4m ÷ 72.5m shares)
EPS, same 6 months a year earlier: basic · Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 report)
Insurance revenue, 6 months to 2026-06-30: Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026 (insurance service revenues)
Insurance revenue, same 6 months a year earlier: Unaudited consolidated results for the half year ended 30 Jun 2026, p.1 · 28 Aug 2026 (insurance service revenues; six months to 30 Jun 2025 as printed in the 2026 report)