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SMER — Sameer Africa 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. Sameer Africa stopped making tyres years ago and now lets the industrial and warehouse property it retained on Mombasa Road and at Nairobi's Enterprise Road junction, alongside a 45% interest in an equity-accounted investee. Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. The group carries no long-term debt at all — its only non-current liability is deferred income tax, the related-party borrowings having been repaid in full in 2024 — but the current ratio is the weak point, because a large trade and other payables balance sits against a much smaller pool of current assets. Per-share figures rest on 278,342,393 shares, the share capital of 1,391,712k at the NSE par value of KShs 5.00, which matches the weighted average in the earnings-per-share note.

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 × 1.05 × 4.03) = 9.76

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: −85.5% at the results-day price of 18.10. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months)
0.37

basic and diluted, six-month figure as printed and confirmed by profit for the period of 103,885k over 278,342,393 shares. Profit after tax rose 20% on lower operating expenses even as revenue fell · basic · Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of profit or loss · 24 Aug 2026

Book value (BVPS)
4.03

share capital 1,391,712k less accumulated losses of 102,839k and a translation reserve deficit of 168,331k; no non-controlling interests are reported · attributable · computed: total equity 1,120,542k ÷ 278,342,393 shares, Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of financial position · 24 Aug 2026

Dividend (DPS)
Not compiled
Price on results day
18.10

NSE daily price list VWAP, the exchange's official end-of-day price. The release carries no printed date and the PDF was created on 24 Aug 2026 at 13:46, before the 15:00 close, so that day is used · NSE daily price list 2026-08-24, p.1 · 24 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months)
205.8

revenue, down 7% on the same period last year; other operating income of 7,672k and the share of profit of the equity-accounted investee of 14,519k are not included · Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of profit or loss · 24 Aug 2026

Current assets
490.8

Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of financial position · 24 Aug 2026

Current liabilities
687.1

Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of financial position · 24 Aug 2026

Long-term debt
0.0

no borrowings; the whole non-current liability block of 18,352k is deferred income tax · Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of financial position · 24 Aug 2026

KES per US$
129.45

CBK daily exchange rates (mean) · 24 Aug 2026

Computed

EPS, trailing twelve months
1.05

attributable · computed: H1 FY2026 EPS 0.37 + FY2025 0.99 − H1 FY2025 0.31 · 15 Apr 2026

Revenue, trailing twelve months
418.1

computed: H1 FY2026 revenue 205.8m + FY2025 432.7m − H1 FY2025 220.3m · 15 Apr 2026

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
4.49

computed: price ÷ BVPS · 24 Aug 2026

Dividend yield
Not compiled
Current ratio
0.71

computed: current assets ÷ current liabilities · 24 Aug 2026

Price ÷ Graham number
1.85×

computed: price ÷ Graham number · 15 Apr 2026

Discount to Graham number
−85.5%

computed: (Graham number − price) ÷ Graham number · 15 Apr 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
    Not 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
    Not met
  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 1,120,542k ÷ 278,342,393 shares, Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of financial position · 24 Aug 2026 (share capital 1,391,712k less accumulated losses of 102,839k and a translation reserve deficit of 168,331k; no non-controlling interests are reported)
  • Price on results day: NSE daily price list 2026-08-24, p.1 · 24 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The release carries no printed date and the PDF was created on 24 Aug 2026 at 13:46, before the 15:00 close, so that day is used)
  • Current assets: Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of financial position · 24 Aug 2026
  • Current liabilities: Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of financial position · 24 Aug 2026
  • Long-term debt: Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of financial position · 24 Aug 2026 (no borrowings; the whole non-current liability block of 18,352k is deferred income tax)
  • KES per US$: CBK daily exchange rates (mean) · 24 Aug 2026
  • EPS, 6 months to 2026-06-30: basic · Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of profit or loss · 24 Aug 2026 (basic and diluted, six-month figure as printed and confirmed by profit for the period of 103,885k over 278,342,393 shares. Profit after tax rose 20% on lower operating expenses even as revenue fell)
  • EPS, same 6 months a year earlier: basic · Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of profit or loss · 24 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 statements; profit for that period was 86,674k)
  • Revenue, 6 months to 2026-06-30: Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of profit or loss · 24 Aug 2026 (revenue, down 7% on the same period last year; other operating income of 7,672k and the share of profit of the equity-accounted investee of 14,519k are not included)
  • Revenue, same 6 months a year earlier: Unaudited financial results for the six months ended 30 Jun 2026, condensed consolidated statement of profit or loss · 24 Aug 2026 (revenue 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 Sameer Africa PLC Annual Report and Financial Statements 2025, audited by RSM Eastern Africa LLP and approved by the board on 14 Apr 2026 (sameerafrica.com), the audited group results announcement and the unaudited financial results for the six months ended 30 Jun 2026 (issuer filings hosted by NSE, nse.co.ke), NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.