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NSE — Nairobi Securities Exchange 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. The Nairobi Securities Exchange runs the market it is listed on, earning transaction levies, listing fees and data income rather than investment returns, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Revenue is total income as the exchange reports it, which includes interest on its own deposits and government securities. It carries no borrowings: the whole non-current liability block is Settlement Guarantee Fund member contributions and tenant deposits. Per-share figures rest on the ordinary shares of Shs 4.00 each in issue at each period end — 260,897,735 at 31 Dec 2025, and 261,662,500 at 30 Jun 2026 implied by share capital of Shs 1,046,650,000 at par. The half-year is not a normal one: equity transaction levy rose 476% on a single Safaricom block trade of 6.01 billion shares valued at Kshs 204.3 billion, and Kshs 490 million of the levy on it was still receivable at the period end.

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 × 3.28 × 10.95) = 28.43

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: +3.1% at the results-day price of 27.55. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months)
2.82

basic and diluted, six-month figure as printed; profit after tax 736,872k over a weighted average 261,662,319 shares, against 151,577k a year earlier. The board resolved not to declare an interim dividend · basic · Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of profit or loss and other comprehensive income · 28 Aug 2026

Book value (BVPS)
10.95

excludes the non-controlling interest of 6,945k; includes the revaluation and other reserves of 295,186k · attributable · computed: total equity 2,870,943k less non-controlling interest 6,945k = 2,863,998k ÷ 261,662,500 shares, Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of financial position · 28 Aug 2026

Dividend (DPS)
Not compiled
Price on results day
27.55

NSE daily price list VWAP, the exchange's official end-of-day price. The board approved the statements on Thursday 27 Aug 2026 and they were published that evening after the market closed, so the first trading day after that is used · NSE daily price list 2026-08-28, p.1 · 28 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months)
1,210.3

total income: equity transaction levy 770,517k, bond transaction levy 187,293k, data income 75,221k, listing fees 45,649k, interest income 69,352k, consultancy 14,982k, dividend from equity investment 8,571k, unquoted securities platform fees 601k and other income 38,106k · Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of profit or loss and other comprehensive income · 28 Aug 2026

Current assets
2,314.2

an upper bound: the condensed statement does not classify assets, so this takes cash and bank balances and bank deposits 1,218,912k, government securities at fair value through profit or loss 131,268k and the whole of other assets 964,019k. Other assets in this format also carries the long-term restricted investments and deferred income tax that the audited statements class as non-current — 83,328k and 45,526k of a 370,653k total at 31 Dec 2025. Other assets at 30 Jun 2026 include 490,000k of equity levy fee receivable on the Safaricom block trade · Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of financial position · 28 Aug 2026

Current liabilities
734.5

other liabilities, the line this format uses for current liabilities — at 31 Dec 2025 it held exactly the 286,211k the audited statements class as current. It includes the 260,913k dividend payable for 2025, 137,900k tax payable and 67,300k of deferred fees from four newly admitted trading participants · Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of financial position · 28 Aug 2026

Long-term debt
16.7

all non-current liabilities, because the condensed statement does not break them out; an upper bound on long-term debt. At 31 Dec 2025 the same 16,704k was Settlement Guarantee Fund member contributions of 11,750k and tenant deposits of 4,954k, not borrowings · Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of financial position · 28 Aug 2026

KES per US$
129.46

CBK daily exchange rates (mean) · 28 Aug 2026

Computed

EPS, trailing twelve months
3.28

attributable · computed: H1 FY2026 EPS 2.82 + FY2025 1.04 − H1 FY2025 0.58 · 27 Mar 2026

Revenue, trailing twelve months
1,787.9

computed: H1 FY2026 revenue 1,210.3m + FY2025 1,089.2m − H1 FY2025 511.6m · 27 Mar 2026

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
2.52

computed: price ÷ BVPS · 28 Aug 2026

Dividend yield
Not compiled
Current ratio
3.15

computed: current assets ÷ current liabilities · 28 Aug 2026

Price ÷ Graham number
0.97×

computed: price ÷ Graham number · 27 Mar 2026

Discount to Graham number
+3.1%

computed: (Graham number − price) ÷ Graham number · 27 Mar 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
    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
    No result: data not compiled
  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
    No result: data not compiled

Sources and notes

  • Book value (BVPS): attributable · computed: total equity 2,870,943k less non-controlling interest 6,945k = 2,863,998k ÷ 261,662,500 shares, Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of financial position · 28 Aug 2026 (excludes the non-controlling interest of 6,945k; includes the revaluation and other reserves of 295,186k)
  • 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. The board approved the statements on Thursday 27 Aug 2026 and they were published that evening after the market closed, so the first trading day after that is used)
  • Current assets: Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of financial position · 28 Aug 2026 (an upper bound: the condensed statement does not classify assets, so this takes cash and bank balances and bank deposits 1,218,912k, government securities at fair value through profit or loss 131,268k and the whole of other assets 964,019k. Other assets in this format also carries the long-term restricted investments and deferred income tax that the audited statements class as non-current — 83,328k and 45,526k of a 370,653k total at 31 Dec 2025. Other assets at 30 Jun 2026 include 490,000k of equity levy fee receivable on the Safaricom block trade)
  • Current liabilities: Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of financial position · 28 Aug 2026 (other liabilities, the line this format uses for current liabilities — at 31 Dec 2025 it held exactly the 286,211k the audited statements class as current. It includes the 260,913k dividend payable for 2025, 137,900k tax payable and 67,300k of deferred fees from four newly admitted trading participants)
  • Long-term debt: Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of financial position · 28 Aug 2026 (all non-current liabilities, because the condensed statement does not break them out; an upper bound on long-term debt. At 31 Dec 2025 the same 16,704k was Settlement Guarantee Fund member contributions of 11,750k and tenant deposits of 4,954k, not borrowings)
  • KES per US$: CBK daily exchange rates (mean) · 28 Aug 2026
  • EPS, 6 months to 2026-06-30: basic · Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of profit or loss and other comprehensive income · 28 Aug 2026 (basic and diluted, six-month figure as printed; profit after tax 736,872k over a weighted average 261,662,319 shares, against 151,577k a year earlier. The board resolved not to declare an interim dividend)
  • EPS, same 6 months a year earlier: basic · Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of profit or loss and other comprehensive income · 28 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 statements)
  • Revenue, 6 months to 2026-06-30: Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of profit or loss and other comprehensive income · 28 Aug 2026 (total income: equity transaction levy 770,517k, bond transaction levy 187,293k, data income 75,221k, listing fees 45,649k, interest income 69,352k, consultancy 14,982k, dividend from equity investment 8,571k, unquoted securities platform fees 601k and other income 38,106k)
  • Revenue, same 6 months a year earlier: Unaudited financial statements for the six months ended 30 June 2026, summary consolidated statement of profit or loss and other comprehensive income · 28 Aug 2026 (total income 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 Nairobi Securities Exchange Plc announcement of audited group results for the year ended 31 December 2025, its annual report and consolidated financial statements 2025 audited by PKF Kenya LLP, and its unaudited financial statements for the six months ended 30 June 2026 (nse.co.ke, the issuer's own site), NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.