UMME — Umeme 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 public utilities. Umeme distributed electricity in Uganda under a 20-year concession that ended on 31 March 2025, when the network was handed back to the Government of Uganda. FY2025 therefore carries three months of operations, and the company now exists mainly to pursue the unpaid balance of its buy-out amount through arbitration in London. Graham's public-utility tests are applied: total assets for size, and debt against stock equity for strength. Umeme reports in Ugandan shillings and trades on the NSE in Kenyan shillings, so every figure is converted at the CBK mean rate of 28.89 UGX per KES on the results day, with the shilling original in each note. Per-share figures rest on 1,623.8m shares, the count implied by the printed loss per share against the reported loss. There is no Graham number for the year: the company made a loss and its book value is a deficit.
Showing FY2025
√(22.5 × -4.77 × -7.55) = no result
The Graham number for FY2025, from that year's EPS and BVPS. 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)
-4.77
basic and diluted loss per share of UGX 137.7 (2024: loss of 314.4), converted at 28.89 UGX per KES; loss for the year UGX 223,594m. The concession ended on 31 March 2025, so the year holds three months of active operations against twelve in 2024 · basic · Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026
- Book value (BVPS)
-7.55
a deficit: issued capital UGX 27,748m and share premium UGX 70,292m against accumulated losses of UGX 654,441m, with a translation reserve of UGX 202,412m, giving negative equity of UGX 353,989m, or UGX 218.0 per share, converted at 28.89 UGX per KES · attributable · computed: total equity UGX −353,989m ÷ 1,623.8m shares, Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026
- Dividend (DPS)
7.68
interim dividend of UGX 222 per ordinary share, declared per the company's notice of 24 Jun 2025 and paid by 31 Jul 2025, converted at 28.89 UGX per KES. The board does not recommend a final dividend for 2025 · Audited financial statements for the year ended 31 Dec 2025, p.1 · 31 Mar 2026
- Price on results day
8.64
NSE daily price list VWAP, the exchange's official end-of-day price. The board approved the statements on 27 Mar 2026 and the results PDF was created on 30 Mar 2026 at 16:23, after the market closed, so the first trading day after that is used · NSE daily price list 2026-03-31, p.1 · 31 Mar 2026
Size and balance sheet (KES m)
- Revenue
18,346.7
revenue from contracts with customers UGX 530,035m (2024: UGX 2,314,768m), converted at 28.89 UGX per KES; three months of concession operations · Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026
- Total assets
4,960.6
UGX 143,313m converted at 28.89 UGX per KES. All of it is current: bank balances UGX 116,583m, trade and other receivables UGX 24,808m, income tax recoverable UGX 1,555m and prepayments UGX 367m. The concession and intangible assets that carried the network are gone · Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026
- Total borrowings
0.0
no borrowings and no non-current liabilities. Current liabilities of UGX 497,302m are trade and other payables UGX 494,377m, accrued expenses UGX 1,729m and provisions UGX 1,196m · Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026
- Shareholders' equity
−12,253.0
negative equity of UGX 353,989m, converted at 28.89 UGX per KES · Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026
- KES per US$
129.93
CBK daily exchange rates (mean) · 31 Mar 2026
Computed
- EPS, three-year average
- Not compiled
- P/E on three-year EPS
- Not compiled
- P/B
- Not compiled
- Dividend yield
88.9%
computed: DPS ÷ price · 31 Mar 2026
- Borrowings ÷ equity
- Not compiled
- Price ÷ Graham number
- Not compiled
- Discount to Graham number
- Not compiled
Graham's tests
- Not metAdequate size
Total assets of at least US$50m
Adequate sizeNot met
Total assets of at least US$50m
- Total assets KES 4,960.6m ÷ 129.93 KES per US$ = US$38.2m
- US$38.2m against a floor of US$50mfalls short
- Not metFinancial strength
Borrowings no more than twice shareholders' equity at book value
Financial strengthNot met
Borrowings no more than twice shareholders' equity at book value
- Twice shareholders' equity: 2 × −12,253.0 = −24,506.0
- Total borrowings 0.0 against a ceiling of −24,506.0falls short
- Not metEarnings stability
Positive EPS in each of the past 10 years
Earnings stabilityNot met
Positive EPS in each of the past 10 years
EPS positive in 0 of 10 years
- FY2016
- not held
- not held
- 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
- -4.77
- not positive
- EPS of -4.77 in FY2025falls short
Still needed: EPS for FY2016, EPS for FY2017, EPS for FY2018, EPS for FY2019, EPS for FY2020, EPS for FY2021, EPS for FY2022, EPS for FY2023, EPS for FY2024.
- No result: data not compiledDividend record
A dividend paid in each of the past 20 years
Dividend recordNo result: data not compiled
A dividend paid in each of the past 20 years
Dividend paid in 1 of 20 years (FY2006–FY2025)
Still needed: DPS for FY2006, 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.
- No result: data not compiledEarnings growth
EPS up at least one-third over 10 years, on three-year averages
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages
- FY2016
- not held
- not held
- FY2017
- not held
- not held
- FY2018
- not held
- not held
- FY2023
- not held
- not held
- FY2024
- not held
- not held
- FY2025
- -4.77
Still needed: EPS for FY2016, EPS for FY2017, EPS for FY2018, EPS for FY2023, EPS for FY2024.
- No result: data not compiledModerate P/E
Price no more than 15 × three-year average EPS
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS
Still needed: EPS for FY2023, EPS for FY2024.
- No result: data not compiledModerate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Moderate P/BNo result: data not compiled
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Sources and notes
- Earnings (EPS): basic · Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026 (basic and diluted loss per share of UGX 137.7 (2024: loss of 314.4), converted at 28.89 UGX per KES; loss for the year UGX 223,594m. The concession ended on 31 March 2025, so the year holds three months of active operations against twelve in 2024)
- Book value (BVPS): attributable · computed: total equity UGX −353,989m ÷ 1,623.8m shares, Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026 (a deficit: issued capital UGX 27,748m and share premium UGX 70,292m against accumulated losses of UGX 654,441m, with a translation reserve of UGX 202,412m, giving negative equity of UGX 353,989m, or UGX 218.0 per share, converted at 28.89 UGX per KES)
- Dividend (DPS): Audited financial statements for the year ended 31 Dec 2025, p.1 · 31 Mar 2026 (interim dividend of UGX 222 per ordinary share, declared per the company's notice of 24 Jun 2025 and paid by 31 Jul 2025, converted at 28.89 UGX per KES. The board does not recommend a final dividend for 2025)
- Price on results day: NSE daily price list 2026-03-31, p.1 · 31 Mar 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The board approved the statements on 27 Mar 2026 and the results PDF was created on 30 Mar 2026 at 16:23, after the market closed, so the first trading day after that is used)
- Revenue: Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026 (revenue from contracts with customers UGX 530,035m (2024: UGX 2,314,768m), converted at 28.89 UGX per KES; three months of concession operations)
- Total assets: Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026 (UGX 143,313m converted at 28.89 UGX per KES. All of it is current: bank balances UGX 116,583m, trade and other receivables UGX 24,808m, income tax recoverable UGX 1,555m and prepayments UGX 367m. The concession and intangible assets that carried the network are gone)
- Total borrowings: Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026 (no borrowings and no non-current liabilities. Current liabilities of UGX 497,302m are trade and other payables UGX 494,377m, accrued expenses UGX 1,729m and provisions UGX 1,196m)
- Shareholders' equity: Audited financial statements for the year ended 31 Dec 2025, p.2 · 31 Mar 2026 (negative equity of UGX 353,989m, converted at 28.89 UGX per KES)
- KES per US$: CBK daily exchange rates (mean) · 31 Mar 2026