OCH — Olympia Capital 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 for industrial companies. Olympia Capital manufactures and trades building products — adhesives, aluminium, floor tiles and chemicals — through subsidiaries in Kenya and southern Africa, and lets space at Avon Business Park in Nairobi. It sells goods and holds working capital, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Long-term debt is the non-current borrowings the group breaks out, not the whole non-current block. Per-share figures rest on 40,000,000 ordinary shares, the count implied by share capital of 200,000k at the NSE par value of Shs 5.00 and consistent with the printed earnings per share. Two-fifths of the group's net assets belong to minority shareholders in the subsidiaries — 609,829k of 1,722,653k at 28 Feb 2026 — so book value per share here is the parent's share only. The year ends on the last day of February. Olympia's summary statements carry no board approval or publication date, so no results day can be established from a company document. The results-day prices and exchange rates are withheld pending manual review, which leaves the size test and the discount to the Graham number without a result; each year's figures are dated to its own year end.

Fiscal year

year to 28 Feb 2026

√(22.5 × 0.06 × 27.82) = 6.13

The Graham number for FY2026, from that year's EPS and BVPS. Tap a figure below for its source and date.

The figures

Per share (KES)

Earnings (EPS): 0.06
basic as printed (2025: 0.25); profit attributable to the owners of the parent 2,290k of a group profit of 10,447k, the rest 8,157k to non-controlling interests. Computed over 40,000,000 shares this is 0.057. Revenue fell 6% while operating expenses rose 13%, taking operating profit down to 30,967k from 45,852k · basic · Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of comprehensive income · 28 Feb 2026
Book value (BVPS): 27.82
excludes non-controlling interests of 609,829k; share capital 200,000k, share premium 255,985k, revaluation reserve 523,755k, translation reserve of −28,533k and retained earnings 161,617k · attributable · computed: equity attributable to the owners of the parent 1,112,824k ÷ 40,000,000 shares, Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of financial position and statement of changes in equity · 28 Feb 2026
Dividend (DPS): 0.00
no dividend to the company's own shareholders appears in the statement of changes in equity; the 15,600k of dividends shown there was paid to non-controlling interests in subsidiaries (2025: 5,200k) · Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of changes in equity · 28 Feb 2026
Price on results day: Not compiled

Size and balance sheet (KES m)

Revenue: 428.8
revenue, down from 457,175k; cost of sales 266,030k left a gross profit of 162,721k, and other operating income was 111,953k · Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of comprehensive income · 28 Feb 2026
Current assets: 334.8
inventories 140,400k, trade and other receivables 127,339k, bank and cash balances 49,470k, amounts due from related companies 11,620k and other financial assets 5,971k · Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of financial position · 28 Feb 2026
Current liabilities: 105.3
trade and other payables 37,960k, dividend payable 23,377k, current borrowings 18,456k, tax payable 18,184k and amounts due to directors 7,328k · Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of financial position · 28 Feb 2026
Long-term debt: 83.5
non-current borrowings as broken out; the rest of the 122,186k non-current block is deferred tax liabilities of 38,348k and 330k due to related parties · Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of financial position · 28 Feb 2026
KES per US$: Not compiled

Computed

EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: Not compiled
Dividend yield: Not compiled
Current ratio: 3.18
computed: current assets ÷ current liabilities · 28 Feb 2026
Price ÷ Graham number: Not compiled
Discount to Graham number: Not compiled

Graham's tests

Adequate size
Revenue of at least US$100m
No result: data not compiled
Adequate sizeNo result: data not compiled
Revenue of at least US$100m
Still needed: KES per US$ on results day for FY2026.
2
Financial strength
Current ratio of at least 2; long-term debt no more than working capital
Met
Financial strengthMet
Current ratio of at least 2; long-term debt no more than working capital
- Current ratio: 334.8 ÷ 105.3 = 3.18, against a minimum of 2.00meets
- Working capital: 334.8 − 105.3 = 229.5
- Long-term debt 83.5 against working capital of 229.5meets
Earnings stability
Positive EPS in each of the past 10 years
No result: data not compiled
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years
EPS positive in 2 of 10 years
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
0.25
positive
FY2026
0.06
positive
Still needed: EPS for FY2017, EPS for FY2018, EPS for FY2019, EPS for FY2020, EPS for FY2021, EPS for FY2022, EPS for FY2023, EPS for FY2024.
4
Dividend record
A dividend paid in each of the past 20 years
Not met
Dividend recordNot met
A dividend paid in each of the past 20 years
Dividend paid in 0 of 20 years (FY2007–FY2026)
- No dividend in FY2025falls short
- No dividend in FY2026falls 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.
Earnings growth
EPS up at least one-third over 10 years, on three-year averages
No result: data not compiled
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages
FY2017
not held
not held
FY2018
not held
not held
FY2019
not held
not held
FY2024
not held
not held
FY2025
0.25
FY2026
0.06
Still needed: EPS for FY2017, EPS for FY2018, EPS for FY2019, EPS for FY2024.
Moderate P/E
Price no more than 15 × three-year average EPS
No result: data not compiled
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS
Still needed: Price for FY2026, EPS for FY2024.
Moderate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
No result: data not compiled
Moderate P/BNo result: data not compiled
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Still needed: Price for FY2026.

Sources and notes

Earnings (EPS): basic · Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of comprehensive income · 28 Feb 2026 (basic as printed (2025: 0.25); profit attributable to the owners of the parent 2,290k of a group profit of 10,447k, the rest 8,157k to non-controlling interests. Computed over 40,000,000 shares this is 0.057. Revenue fell 6% while operating expenses rose 13%, taking operating profit down to 30,967k from 45,852k)
Book value (BVPS): attributable · computed: equity attributable to the owners of the parent 1,112,824k ÷ 40,000,000 shares, Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of financial position and statement of changes in equity · 28 Feb 2026 (excludes non-controlling interests of 609,829k; share capital 200,000k, share premium 255,985k, revaluation reserve 523,755k, translation reserve of −28,533k and retained earnings 161,617k)
Dividend (DPS): Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of changes in equity · 28 Feb 2026 (no dividend to the company's own shareholders appears in the statement of changes in equity; the 15,600k of dividends shown there was paid to non-controlling interests in subsidiaries (2025: 5,200k))
Revenue: Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of comprehensive income · 28 Feb 2026 (revenue, down from 457,175k; cost of sales 266,030k left a gross profit of 162,721k, and other operating income was 111,953k)
Current assets: Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of financial position · 28 Feb 2026 (inventories 140,400k, trade and other receivables 127,339k, bank and cash balances 49,470k, amounts due from related companies 11,620k and other financial assets 5,971k)
Current liabilities: Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of financial position · 28 Feb 2026 (trade and other payables 37,960k, dividend payable 23,377k, current borrowings 18,456k, tax payable 18,184k and amounts due to directors 7,328k)
Long-term debt: Summary audited consolidated financial statements for the year ended 28 February 2026, summary consolidated statement of financial position · 28 Feb 2026 (non-current borrowings as broken out; the rest of the 122,186k non-current block is deferred tax liabilities of 38,348k and 330k due to related parties)