LBTY — Liberty Kenya Holdings 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, with GrowingGrass insurer tests in place of financial strength. Liberty Kenya Holdings owns Liberty Life Assurance Kenya and Heritage Insurance Kenya, so GrowingGrass tests its size by insurance revenue, and its strength by whether investments and cash cover insurance contract liabilities and by borrowings against shareholders' funds. The life business also holds financial liabilities under investment contracts, 12,441m at 31 Dec 2025 and 13,420m at 30 Jun 2026, which the reserve-cover test leaves out; the figure notes give the cover with them included. The group sold Heritage Insurance Tanzania in 2025, reported as a discontinued operation. Book value is spread over 535,707,499 shares.

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 × 0.85 × 18.75) = 18.94

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: +50.8% at the results-day price of 9.32. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months): 0.43
basic and diluted, six-month figure as printed; earnings attributable to shareholders 231m over 535.7m shares, all from continuing operations. The directors did not recommend an interim dividend. The half-year release does not print insurance revenue, so revenue for the period is not compiled · basic · Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026
Book value (BVPS): 18.75
no non-controlling interests at the period end · attributable · computed: total equity 10,043m ÷ 535,707,499 shares, Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1; shares from Annual financial statements and reports 2025, p.30 · 17 Aug 2026
Dividend (DPS): Not compiled
Price on results day: 9.32
NSE daily price list VWAP, the exchange's official end-of-day price, on the date the directors signed the interim results · NSE daily price list 2026-08-17, p.1 · 17 Aug 2026

Size and balance sheet

Insurance revenue (6 months): Not compiled
Total assets: 48,888.0
Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026
Investment assets: 34,901.0
financial investments 34,864m plus investment properties 37m · computed from Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026
Cash and bank balances: 9,269.0
cash and cash equivalents · Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026
Insurance contract liabilities: 22,516.0
insurance contract liabilities; financial liabilities under investment contracts of 13,420m not included. With them, investments and cash of 44,170m cover 35,936m of policyholder liabilities 1.23 times · Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026
Total borrowings: 0.0
no borrowings. The 124m of financial liabilities is the bancassurance obligation to Stanbic Kenya, and lease liabilities are 43m · Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1; Annual financial statements and reports 2025, note 15 (p.95) · 17 Aug 2026
Shareholders' equity: 10,043.0
total equity; no non-controlling interests at the period end · Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026
KES per US$: 129.34
CBK daily exchange rates (mean) · 17 Aug 2026

Computed

EPS, trailing twelve months: 0.85
attributable · computed: H1 FY2026 EPS 0.43 + FY2025 0.85 − H1 FY2025 0.43 · 11 Mar 2026
Insurance revenue, trailing twelve months: Not compiled
EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 0.50
computed: price ÷ BVPS · 17 Aug 2026
Dividend yield: Not compiled
Borrowings ÷ equity: 0.00×
computed: total borrowings ÷ shareholders' equity · 17 Aug 2026
Return on equity: Not compiled
Price ÷ Graham number: 0.49×
computed: price ÷ Graham number · 11 Mar 2026
Discount to Graham number: +50.8%
computed: (Graham number − price) ÷ Graham number · 11 Mar 2026

Graham's tests

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
No result: data not compiled
Adequate sizeNo result: data not compiled
Insurance revenue of at least US$100m · Interim: earnings on trailing twelve months
Still needed: Insurance revenue for 12m to Jun 2026.
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 34,901.0m + cash 9,269.0m = 44,170.0m
- 44,170.0m against insurance contract liabilities of 22,516.0m: 1.96× covermeets
3
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
Met
BorrowingsMet
Borrowings no more than shareholders' equity at book value · Interim: earnings on trailing twelve months
- Borrowings 0.0m against shareholders' equity of 10,043.0mmeets
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
0.85
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 1 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, DPS for FY2026.
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
0.85
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 9.32 ÷ BVPS 18.75 = 0.50
- 0.50 against a ceiling of 1.5meets

Sources and notes

Book value (BVPS): attributable · computed: total equity 10,043m ÷ 535,707,499 shares, Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1; shares from Annual financial statements and reports 2025, p.30 · 17 Aug 2026 (no non-controlling interests at the period end)
Price on results day: NSE daily price list 2026-08-17, p.1 · 17 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on the date the directors signed the interim results)
Total assets: Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026
Investment assets: computed from Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026 (financial investments 34,864m plus investment properties 37m)
Cash and bank balances: Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026 (cash and cash equivalents)
Insurance contract liabilities: Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026 (insurance contract liabilities; financial liabilities under investment contracts of 13,420m not included. With them, investments and cash of 44,170m cover 35,936m of policyholder liabilities 1.23 times)
Total borrowings: Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1; Annual financial statements and reports 2025, note 15 (p.95) · 17 Aug 2026 (no borrowings. The 124m of financial liabilities is the bancassurance obligation to Stanbic Kenya, and lease liabilities are 43m)
Shareholders' equity: Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026 (total equity; no non-controlling interests at the period end)
KES per US$: CBK daily exchange rates (mean) · 17 Aug 2026
EPS, 6 months to 2026-06-30: basic · Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026 (basic and diluted, six-month figure as printed; earnings attributable to shareholders 231m over 535.7m shares, all from continuing operations. The directors did not recommend an interim dividend. The half-year release does not print insurance revenue, so revenue for the period is not compiled)
EPS, same 6 months a year earlier: basic · Unaudited results of the Group and Company for the six months ended 30 Jun 2026, p.1 · 17 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 results, all operations; from continuing operations alone it was 0.80)