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Total Kenya FY2013 results - WOW
dunkang
#1 Posted : Thursday, April 03, 2014 10:25:08 AM
Rank: Elder


Joined: 6/2/2011
Posts: 4,817
Location: -1.2107, 36.8831
NAIROBI (Reuters) - Fuel marketer Total Kenya returned to profit last year, boosted by a reduction in financing expenses, the company said on Thursday.

The group made a full-year pretax profit of 2.1 billion shillings ($24.26 million), up from a pretax loss of 64 million shillings in 2012.

A stable macroeconomic environment and expected return on planned investments make the board "confident of a positive return in line with the growth strategy" this year, the company said.

Total Kenya, part of French oil major Total, reported that finance costs decreased by 1.28 billion shillings to 279 million shillings, helped by a 5.2 billion shilling injection from the Total group in 2012.

The company said it had won several contracts to supply the industry with refined products, helping to increase gross sales by 29 percent to 155 billion shillings.

Earnings per share rose to 2.08 shillings in 2013, reversing a loss per share of 0.32 shillings last year.

The company proposed an increased dividend of 0.60 shillings per share, against 0.20 shillings for 2012.

($1 = 86.5500 Kenyan Shillings)
Receive with simplicity everything that happens to you.” ― Rashi

dunkang
#2 Posted : Thursday, April 03, 2014 10:31:43 AM
Rank: Elder


Joined: 6/2/2011
Posts: 4,817
Location: -1.2107, 36.8831
Receive with simplicity everything that happens to you.” ― Rashi

Aguytrying
#3 Posted : Thursday, April 03, 2014 10:38:07 AM
Rank: Elder


Joined: 7/11/2010
Posts: 5,032
dunkang wrote:
In short;
Sales up 29% to KES 155B
P.B.T up to KES 2.1B from a loss of KES 64M
E.P.S up to KES 2.08 from KES -0.32
Dividend up to KES 0.6 per share from KES 0.2


not bad. this is why I bought it last year coz it was an obvious turn around.

but those preference shares scare me. at eps of 2.08 which includes preference shares id say it's fairly valued. but market may want to push it up.

let's hope kk can make at least 1bn pbt
The investor's chief problem - and even his worst enemy - is likely to be himself
dunkang
#4 Posted : Thursday, April 03, 2014 10:40:01 AM
Rank: Elder


Joined: 6/2/2011
Posts: 4,817
Location: -1.2107, 36.8831
Aguytrying wrote:
dunkang wrote:
In short;
Sales up 29% to KES 155B
P.B.T up to KES 2.1B from a loss of KES 64M
E.P.S up to KES 2.08 from KES -0.32
Dividend up to KES 0.6 per share from KES 0.2


not bad. this is why I bought it last year coz it was an obvious turn around.

but those preference shares scare me. at eps of 2.08 which includes preference shares id say it's fairly valued. but market may want to push it up.

let's hope kk can make at least 1bn pbt

Get the report here

I would rather the preference shares than bank loans. Do you know that they are INTEREST FREE?
Receive with simplicity everything that happens to you.” ― Rashi

mwekez@ji
#5 Posted : Thursday, April 03, 2014 11:06:21 AM
Rank: Chief


Joined: 5/31/2011
Posts: 5,114
Aguytrying wrote:
dunkang wrote:
In short;
Sales up 29% to KES 155B
P.B.T up to KES 2.1B from a loss of KES 64M
E.P.S up to KES 2.08 from KES -0.32
Dividend up to KES 0.6 per share from KES 0.2


not bad. this is why I bought it last year coz it was an obvious turn around.

but those preference shares scare me. at eps of 2.08 which includes preference shares id say it's fairly valued. but market may want to push it up.

let's hope kk can make at least 1bn pbt


KK hawawesmake; On TK, PBT is Kes. 2.084B following interest expense saving of Kes. 1.276B and Glencore 2012 one-time exceptional expense of Kes. 0.535B
VituVingiSana
#6 Posted : Thursday, April 03, 2014 12:36:54 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,171
Location: Nairobi
dunkang wrote:
Aguytrying wrote:
dunkang wrote:
In short;
Sales up 29% to KES 155B
P.B.T up to KES 2.1B from a loss of KES 64M
E.P.S up to KES 2.08 from KES -0.32
Dividend up to KES 0.6 per share from KES 0.2


not bad. this is why I bought it last year coz it was an obvious turn around.

but those preference shares scare me. at eps of 2.08 which includes preference shares id say it's fairly valued. but market may want to push it up.

let's hope kk can make at least 1bn pbt

Get the report here

I would rather the preference shares than bank loans. Do you know that they are INTEREST FREE?
Not dividend-free. It depends on how the EPS is reported. The number that should have been reported is PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS LESS PREFERRED DIVIDENDS to make a meaningful comparison. The good news for Total Kenya is that Preferred Dividends are lower than Interest Cost. The bad news is there is no tax shield on dividends paid vs interest cost i.e. the cash outflow is higher on a dividend payout vs (comparable) interest of a loan.

That said at 16% interest vs a 60 cents preferred dividend, the minority Total Kenya shareholder is better off with the Preferred Shares!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Sufficiently Philanga....thropic
#7 Posted : Thursday, April 03, 2014 1:11:21 PM
Rank: Elder


Joined: 9/23/2010
Posts: 2,107
Location: Sundowner,Amboseli
VituVingiSana wrote:
dunkang wrote:
Aguytrying wrote:
dunkang wrote:
In short;
Sales up 29% to KES 155B
P.B.T up to KES 2.1B from a loss of KES 64M
E.P.S up to KES 2.08 from KES -0.32
Dividend up to KES 0.6 per share from KES 0.2


not bad. this is why I bought it last year coz it was an obvious turn around.

but those preference shares scare me. at eps of 2.08 which includes preference shares id say it's fairly valued. but market may want to push it up.

let's hope kk can make at least 1bn pbt

Get the report here

I would rather the preference shares than bank loans. Do you know that they are INTEREST FREE?
Not dividend-free. It depends on how the EPS is reported. The number that should have been reported is PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS LESS PREFERRED DIVIDENDS to make a meaningful comparison. The good news for Total Kenya is that Preferred Dividends are lower than Interest Cost. The bad news is there is no tax shield on dividends paid vs interest cost i.e. the cash outflow is higher on a dividend payout vs (comparable) interest of a loan.

That said at 16% interest vs a 60 cents preferred dividend, the minority Total Kenya shareholder is better off with the Preferred Shares!

#Word
Markets
Goldilocks Reloaded
#8 Posted : Friday, April 11, 2014 2:39:20 PM
Rank: Member


Joined: 1/14/2014
Posts: 178
Standard Investment Bank estimates the fair value of Total (K) to be KES 37.80. What do Wazuans think? Also, when is Total's book closure?

Go for a business that any idiot can run – because sooner or later, any idiot is probably going to run it – Peter Lynch
Aguytrying
#9 Posted : Friday, April 11, 2014 9:23:02 PM
Rank: Elder


Joined: 7/11/2010
Posts: 5,032
Goldilocks Reloaded wrote:
Standard Investment Bank estimates the fair value of Total (K) to be KES 37.80. What do Wazuans think? Also, when is Total's book closure?



do you think it warrants to trade at a pe of 18 (including prefs)
The investor's chief problem - and even his worst enemy - is likely to be himself
newfarer
#10 Posted : Saturday, April 12, 2014 7:05:17 AM
Rank: Elder


Joined: 3/19/2010
Posts: 3,478
Location: Uganda
adam.was the richest man to exist with face to face communication with the creator of everything in this world .that didnt make eve satisfied.
punda amecheka
newfarer
#11 Posted : Saturday, April 12, 2014 7:05:29 AM
Rank: Elder


Joined: 3/19/2010
Posts: 3,478
Location: Uganda
adam.was the richest man to exist with face to face communication with the creator of everything in this world .that didnt make eve satisfied.so do your best but dont stress to get a satisfied woman.
punda amecheka
murchr
#12 Posted : Saturday, April 12, 2014 7:23:27 AM
Rank: Elder


Joined: 2/26/2012
Posts: 15,709
newfarer wrote:
adam.was the richest man to exist with face to face communication with the creator of everything in this world .that didnt make eve satisfied.so do your best but dont stress to get a satisfied woman.


?????? This is the TOTAL K thread.
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
Goldilocks Reloaded
#13 Posted : Monday, April 14, 2014 12:00:24 PM
Rank: Member


Joined: 1/14/2014
Posts: 178
Aguytrying wrote:
Goldilocks Reloaded wrote:
Standard Investment Bank estimates the fair value of Total (K) to be KES 37.80. What do Wazuans think? Also, when is Total's book closure?



do you think it warrants to trade at a pe of 18 (including prefs)


I agree that is quite high and they would have to work really hard to warrant such a high PE. However i expect that the recovery is well underway and barring any major movements from the prefs, the price should continue to rise.
Go for a business that any idiot can run – because sooner or later, any idiot is probably going to run it – Peter Lynch
Ebenyo
#14 Posted : Monday, January 13, 2020 10:37:18 AM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,845
Location: Kitale
VituVingiSana wrote:
dunkang wrote:
Aguytrying wrote:
dunkang wrote:
In short;
Sales up 29% to KES 155B
P.B.T up to KES 2.1B from a loss of KES 64M
E.P.S up to KES 2.08 from KES -0.32
Dividend up to KES 0.6 per share from KES 0.2


not bad. this is why I bought it last year coz it was an obvious turn around.

but those preference shares scare me. at eps of 2.08 which includes preference shares id say it's fairly valued. but market may want to push it up.

let's hope kk can make at least 1bn pbt

Get the report here

I would rather the preference shares than bank loans. Do you know that they are INTEREST FREE?
Not dividend-free. It depends on how the EPS is reported. The number that should have been reported is PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS LESS PREFERRED DIVIDENDS to make a meaningful comparison. The good news for Total Kenya is that Preferred Dividends are lower than Interest Cost. The bad news is there is no tax shield on dividends paid vs interest cost i.e. the cash outflow is higher on a dividend payout vs (comparable) interest of a loan.

That said at 16% interest vs a 60 cents preferred dividend, the minority Total Kenya shareholder is better off with the Preferred Shares!



This was a good insight from @vvs.
Towards the goal of financial freedom
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