NMG — Nation Media Group 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. Nation Media Group publishes newspapers and runs broadcasting and digital platforms in 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. The group made a loss in both periods, so neither has a Graham number: the formula needs positive earnings. Book value excludes the non-controlling interest and rests on about 171.6m shares, the count implied by the printed loss per share against the loss attributable to owners; the group holds treasury shares, carried as a reserve of 808.2m.

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 × -3.50 × 38.28) = no result

The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. The formula multiplies earnings by book value and takes the square root, so it has no answer when either one is a loss or a deficit. Tap a figure below for its source and date.

The figures

Per share (KES)

Earnings (EPS) (6 months): -2.00
six-month loss per share as printed; loss after income tax 357.2m. The directors attribute the operating loss largely to provisions against amounts owed by government entities and to higher fuel costs. No interim dividend is recommended for 2026 · basic · Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026
Book value (BVPS): 38.28
share capital 518.5m, other reserves 308.6m and retained earnings 6,549.6m, less the treasury shares reserve of 808.2m; the non-controlling interest of 71.9m is excluded · attributable · computed: equity attributable to owners 6,568.5m ÷ about 171.6m shares, Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026
Dividend (DPS): Not compiled
Price on results day: 13.60
NSE daily price list VWAP, the exchange's official end-of-day price, on the date the company secretary signed the results · NSE daily price list 2026-08-14, p.1 · 14 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months): 2,848.9
turnover, down 4.8% on the same period last year, mainly on lower print revenue · Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026
Current assets: 5,551.8
Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026
Current liabilities: 2,779.4
Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026
Long-term debt: 0.0
no borrowings are disclosed; total non-current liabilities were 79.0m · Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026
KES per US$: 129.23
CBK daily exchange rates (mean) · 14 Aug 2026

Computed

EPS, trailing twelve months: -3.50
attributable · computed: H1 FY2026 EPS -2.00 + FY2025 -1.80 − H1 FY2025 -0.30 · 24 Apr 2026
Revenue, trailing twelve months: 5,895.3
computed: H1 FY2026 revenue 2,848.9m + FY2025 6,039.4m − H1 FY2025 2,993.0m · 24 Apr 2026
EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 0.36
computed: price ÷ BVPS · 14 Aug 2026
Dividend yield: Not compiled
Current ratio: 2.00
computed: current assets ÷ current liabilities · 14 Aug 2026
Price ÷ Graham number: Not compiled
Discount to Graham number: Not compiled

Graham's tests

1
Adequate size
Revenue of at least US$100m
Interim
Not met
Adequate sizeNot met
Revenue of at least US$100m · Interim: earnings on trailing twelve months
- Revenue KES 5,895.3m ÷ 129.23 KES per US$ = US$45.6m
- US$45.6m against a floor of US$100mfalls short
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: 5,551.8 ÷ 2,779.4 = 2.00, against a minimum of 2.00falls short
- Working capital: 5,551.8 − 2,779.4 = 2,772.4
- Long-term debt 0.0 against working capital of 2,772.4meets
3
Earnings stability
Positive EPS in each of the past 10 years
Interim
Not met
Earnings stabilityNot met
Positive EPS in each of the past 10 years · Interim: earnings on trailing twelve months
EPS positive in 0 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
-3.50
not positive
- EPS of -3.50 in 12m to Jun 2026falls short
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.
4
Dividend record
A dividend paid in each of the past 20 years
Interim
Not met
Dividend recordNot met
A dividend paid in each of the past 20 years · Interim: earnings on trailing twelve months
Dividend paid in 0 of 20 years (FY2007–FY2026)
- No dividend in FY2025falls short
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
-3.50
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
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 13.60 ÷ BVPS 38.28 = 0.36
- 0.36 against a ceiling of 1.5meets

Sources and notes

Book value (BVPS): attributable · computed: equity attributable to owners 6,568.5m ÷ about 171.6m shares, Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026 (share capital 518.5m, other reserves 308.6m and retained earnings 6,549.6m, less the treasury shares reserve of 808.2m; the non-controlling interest of 71.9m is excluded)
Price on results day: NSE daily price list 2026-08-14, p.1 · 14 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on the date the company secretary signed the results)
Current assets: Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026
Current liabilities: Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026
Long-term debt: Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026 (no borrowings are disclosed; total non-current liabilities were 79.0m)
KES per US$: CBK daily exchange rates (mean) · 14 Aug 2026
EPS, 6 months to 2026-06-30: basic · Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026 (six-month loss per share as printed; loss after income tax 357.2m. The directors attribute the operating loss largely to provisions against amounts owed by government entities and to higher fuel costs. No interim dividend is recommended for 2026)
EPS, same 6 months a year earlier: basic · Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 results; loss after income tax 41.7m)
Revenue, 6 months to 2026-06-30: Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026 (turnover, down 4.8% on the same period last year, mainly on lower print revenue)
Revenue, same 6 months a year earlier: Unaudited group financial results for the six months to 30 Jun 2026, p.1 · 14 Aug 2026 (turnover; six months to 30 Jun 2025 as printed in the 2026 results)