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TPSE — TPS Eastern 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. TPS Eastern Africa runs the Serena hotels, lodges and camps across Kenya, Tanzania, Uganda, Rwanda and Mozambique, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Book value excludes the non-controlling interest and rests on 282,651,000 shares, the share capital of 282,651k at the KShs 1 par value, which matches the printed earnings per share. The group earned a profit in 2025 and made a loss in the first half of 2026.

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 × 2.70 × 43.03) = 51.13

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: +69.1% at the results-day price of 15.80. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months)
-0.12

basic and diluted loss per share for the half year; loss attributable to equity holders 33,868k of a group loss of 66,378k. The directors do not recommend an interim dividend, in line with the company's practice · basic · Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026

Book value (BVPS)
43.03

capital and reserves attributable to the company's equity holders; the non-controlling interest of 881,918k is excluded · attributable · computed: equity attributable to equity holders 12,162,476k ÷ 282,651,000 shares, Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026

Dividend (DPS)
Not compiled
Price on results day
15.80

NSE daily price list VWAP, the exchange's official end-of-day price. The results carry no announcement date; the PDF was created on 24 Aug 2026 at 17:53, after the market closed, so the first trading day after that is used · NSE daily price list 2026-08-25, p.1 · 25 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months)
3,998.1

revenue from contracts with customers · Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026

Current assets
3,598.9

current assets excluding cash 2,676.8m plus cash and cash equivalents 922.1m · Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026

Current liabilities
2,848.0

Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026

Long-term debt
5,692.1

all non-current liabilities, because the condensed statement does not break them out; an upper bound on long-term debt. At 31 Dec 2025 non-current borrowings were 1,843.3m of 5,874.0m, the rest deferred tax, lease liabilities and retirement benefits · Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026

KES per US$
129.47

CBK daily exchange rates (mean) · 25 Aug 2026

Computed

EPS, trailing twelve months
2.70

attributable · computed: H1 FY2026 EPS -0.12 + FY2025 2.77 − H1 FY2025 -0.05 · 29 Apr 2026

Revenue, trailing twelve months
10,060.1

computed: H1 FY2026 revenue 3,998.1m + FY2025 10,116.7m − H1 FY2025 4,054.7m · 29 Apr 2026

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
0.37

computed: price ÷ BVPS · 25 Aug 2026

Dividend yield
Not compiled
Current ratio
1.26

computed: current assets ÷ current liabilities · 25 Aug 2026

Price ÷ Graham number
0.31×

computed: price ÷ Graham number · 29 Apr 2026

Discount to Graham number
+69.1%

computed: (Graham number − price) ÷ Graham number · 29 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
    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
    Met

Sources and notes

  • Book value (BVPS): attributable · computed: equity attributable to equity holders 12,162,476k ÷ 282,651,000 shares, Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026 (capital and reserves attributable to the company's equity holders; the non-controlling interest of 881,918k is excluded)
  • Price on results day: NSE daily price list 2026-08-25, p.1 · 25 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The results carry no announcement date; the PDF was created on 24 Aug 2026 at 17:53, after the market closed, so the first trading day after that is used)
  • Current assets: Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026 (current assets excluding cash 2,676.8m plus cash and cash equivalents 922.1m)
  • Current liabilities: Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026
  • Long-term debt: Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 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 non-current borrowings were 1,843.3m of 5,874.0m, the rest deferred tax, lease liabilities and retirement benefits)
  • KES per US$: CBK daily exchange rates (mean) · 25 Aug 2026
  • EPS, 6 months to 2026-06-30: basic · Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026 (basic and diluted loss per share for the half year; loss attributable to equity holders 33,868k of a group loss of 66,378k. The directors do not recommend an interim dividend, in line with the company's practice)
  • EPS, same 6 months a year earlier: basic · Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 results)
  • Revenue, 6 months to 2026-06-30: Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026 (revenue from contracts with customers)
  • Revenue, same 6 months a year earlier: Unaudited financial results for the six months period ended 30 Jun 2026, p.1 · 25 Aug 2026 (revenue from contracts with customers; six months to 30 Jun 2025 as printed in the 2026 results)

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 2026-09-24 from TPS Eastern Africa audited financial results for the year ended 31 Dec 2025 and unaudited financial results for the six months period ended 30 Jun 2026 (serenahotels.com governance page), NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.