KPLC — The Kenya Power and Lighting Company 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 public utilities. Kenya Power distributes and retails electricity across Kenya, so Graham's public-utility tests apply: total assets for size, and borrowings against shareholders' equity for strength.
Showing FY2025
√(22.5 × 12.54 × 56.01) = 125.71
The Graham number for FY2025, from that year's EPS and BVPS. Tap a figure below for its source and date.
Discount to Graham number: +87.9% at the results-day price of 15.15. Positive means the price was below the Graham number; negative means above.
The figures
Per share (KES)
- Earnings (EPS)
12.54
basic and diluted, on 1,951.5m ordinary shares · basic · Audited financial results for the year ended 30 Jun 2025, p.1 · 6 Oct 2025
- Book value (BVPS)
56.01
the 4% and 7% cumulative preference shares are excluded; shares from 1,951,467,045 ordinary shares of KShs 2.50 · attributable · computed: shareholders' equity 109,335m less preference share capital 43m = 109,292m ÷ 1,951.5m ordinary shares, Audited financial results for the year ended 30 Jun 2025, p.1; share capital from Integrated Annual Report and Financial Statements 2025, p.208 · 6 Oct 2025
- Dividend (DPS)
1.00
0.20 interim paid during the year + 0.80 final recommended · Audited financial results for the year ended 30 Jun 2025, p.1 · 6 Oct 2025
- Price on results day
15.15
NSE daily price list VWAP, the exchange's official end-of-day price · NSE daily price list 2025-10-06, p.1 · 6 Oct 2025
Size and balance sheet (KES m)
- Revenue
219,285.0
revenue from contracts with customers · Audited financial results for the year ended 30 Jun 2025, p.1 · 6 Oct 2025
- Total assets
389,039.0
Audited financial results for the year ended 30 Jun 2025, p.1 · 6 Oct 2025
- Total borrowings
87,635.2
total borrowings at 30 Jun 2025; the results announcement describes the same figure as a loan book of KShs 87.64bn · Integrated Annual Report and Financial Statements 2025, p.208 · 6 Oct 2025
- Shareholders' equity
109,292.0
shareholders' equity of 109,335m less preference share capital of 43m · Audited financial results for the year ended 30 Jun 2025, p.1 · 6 Oct 2025
- KES per US$
129.24
CBK daily exchange rates (mean) · 6 Oct 2025
Computed
- EPS, three-year average
- Not compiled
- P/E on three-year EPS
- Not compiled
- P/B
0.27
computed: price ÷ BVPS · 6 Oct 2025
- Dividend yield
6.6%
computed: DPS ÷ price · 6 Oct 2025
- Borrowings ÷ equity
0.80×
computed: total borrowings ÷ shareholders' equity · 6 Oct 2025
- Price ÷ Graham number
0.12×
computed: price ÷ Graham number · 6 Oct 2025
- Discount to Graham number
+87.9%
computed: (Graham number − price) ÷ Graham number · 6 Oct 2025
Graham's tests
- MetAdequate size
Total assets of at least US$50m
Adequate sizeMet
Total assets of at least US$50m
- Total assets KES 389,039.0m ÷ 129.24 KES per US$ = US$3,010.2m
- US$3,010.2m against a floor of US$50mmeets
- MetFinancial strength
Borrowings no more than twice shareholders' equity at book value
Financial strengthMet
Borrowings no more than twice shareholders' equity at book value
- Twice shareholders' equity: 2 × 109,292.0 = 218,584.0
- Total borrowings 87,635.2 against a ceiling of 218,584.0meets
- No result: data not compiledEarnings stability
Positive EPS in each of the past 10 years
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years
EPS positive in 1 of 10 years
- FY2016
- not held
- not held
- FY2017
- not held
- not held
- FY2018
- not held
- not held
- FY2019
- not held
- not held
- FY2020
- not held
- not held
- FY2021
- not held
- not held
- FY2022
- not held
- not held
- FY2023
- not held
- not held
- FY2024
- not held
- not held
- FY2025
- 12.54
- positive
Still needed: EPS for FY2016, EPS for FY2017, EPS for FY2018, EPS for FY2019, EPS for FY2020, EPS for FY2021, EPS for FY2022, EPS for FY2023, EPS for FY2024.
- No result: data not compiledDividend record
A dividend paid in each of the past 20 years
Dividend recordNo result: data not compiled
A dividend paid in each of the past 20 years
Dividend paid in 1 of 20 years (FY2006–FY2025)
Still needed: DPS for FY2006, 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.
- No result: data not compiledEarnings growth
EPS up at least one-third over 10 years, on three-year averages
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages
- FY2016
- not held
- not held
- FY2017
- not held
- not held
- FY2018
- not held
- not held
- FY2023
- not held
- not held
- FY2024
- not held
- not held
- FY2025
- 12.54
Still needed: EPS for FY2016, EPS for FY2017, EPS for FY2018, EPS for FY2023, EPS for FY2024.
- No result: data not compiledModerate P/E
Price no more than 15 × three-year average EPS
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS
Still needed: EPS for FY2023, EPS for FY2024.
- MetModerate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Moderate P/BMet
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
- Price 15.15 ÷ BVPS 56.01 = 0.27
- 0.27 against a ceiling of 1.5meets
Sources and notes
- Earnings (EPS): basic · Audited financial results for the year ended 30 Jun 2025, p.1 · 6 Oct 2025 (basic and diluted, on 1,951.5m ordinary shares)
- Book value (BVPS): attributable · computed: shareholders' equity 109,335m less preference share capital 43m = 109,292m ÷ 1,951.5m ordinary shares, Audited financial results for the year ended 30 Jun 2025, p.1; share capital from Integrated Annual Report and Financial Statements 2025, p.208 · 6 Oct 2025 (the 4% and 7% cumulative preference shares are excluded; shares from 1,951,467,045 ordinary shares of KShs 2.50)
- Dividend (DPS): Audited financial results for the year ended 30 Jun 2025, p.1 · 6 Oct 2025 (0.20 interim paid during the year + 0.80 final recommended)
- Price on results day: NSE daily price list 2025-10-06, p.1 · 6 Oct 2025 (NSE daily price list VWAP, the exchange's official end-of-day price)
- Revenue: Audited financial results for the year ended 30 Jun 2025, p.1 · 6 Oct 2025 (revenue from contracts with customers)
- Total assets: Audited financial results for the year ended 30 Jun 2025, p.1 · 6 Oct 2025
- Total borrowings: Integrated Annual Report and Financial Statements 2025, p.208 · 6 Oct 2025 (total borrowings at 30 Jun 2025; the results announcement describes the same figure as a loan book of KShs 87.64bn)
- Shareholders' equity: Audited financial results for the year ended 30 Jun 2025, p.1 · 6 Oct 2025 (shareholders' equity of 109,335m less preference share capital of 43m)
- KES per US$: CBK daily exchange rates (mean) · 6 Oct 2025