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4 Pages<1234>
Centum FY 2019 eps up 69% with div of 1.20/-
the deal
#21 Posted : Wednesday, June 12, 2019 11:42:17 PM
Rank: Elder


Joined: 9/25/2009
Posts: 4,479
Location: Windhoek/Nairobbery
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...
VituVingiSana
#22 Posted : Thursday, June 13, 2019 2:03:36 AM
Rank: Chief


Joined: 1/3/2007
Posts: 16,029
Location: Nairobi
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Gasp!
It's all over for Centum. d'oh!
What will they do?
They sold The Jewels.
Oh my! Oh my! Oh my!
Did someone say Centum will be almost debt-free?
What's the point when The Jewels are gone?
Gone! Gone! Gone!

Now Centum is left with worthless 9,000+ acres in Vipingo.
And raw land in Two Rivers.
Who will buy their apartments and houses in Two Rivers?
And Vipingo?
And Pearl Marina?
And books from Longhorn?
Which is probably also up for sale.
And those Isuzu trucks?
Who wants to buy fresh herbs from Greenblade?

Doomed! Doomed! Doomed!

With such "dead" assets like Amu and Akiira, the end is nigh.

Shareholders should sell out. At any possible price. Sell. Sell. Sell.


*Please let me know before you sell at sub-30 or even better if it is lower. I want to help you out by using my KK proceeds to buying up your shares. Drool
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Horton
#23 Posted : Thursday, June 13, 2019 7:13:17 AM
Rank: Veteran


Joined: 8/30/2007
Posts: 1,421
Location: Nairobi
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Gasp!
It's all over for Centum. d'oh!
What will they do?
They sold The Jewels.
Oh my! Oh my! Oh my!
Did someone say Centum will be almost debt-free?
What's the point when The Jewels are gone?
Gone! Gone! Gone!

Now Centum is left with worthless 9,000+ acres in Vipingo.
And raw land in Two Rivers.
Who will buy their apartments and houses in Two Rivers?
And Vipingo?
And Pearl Marina?
And books from Longhorn?
Which is probably also up for sale.
And those Isuzu trucks?
Who wants to buy fresh herbs from Greenblade?

Doomed! Doomed! Doomed!

With such "dead" assets like Amu and Akiira, the end is nigh.

Shareholders should sell out. At any possible price. Sell. Sell. Sell.


*Please let me know before you sell at sub-30 or even better if it is lower. I want to help you out by using my KK proceeds to buying up your shares. Drool



Gosh ur such a drama queen 😆😆
VituVingiSana
#24 Posted : Thursday, June 13, 2019 7:19:54 AM
Rank: Chief


Joined: 1/3/2007
Posts: 16,029
Location: Nairobi
Horton wrote:
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Gasp!
It's all over for Centum. d'oh!
What will they do?
They sold The Jewels.
Oh my! Oh my! Oh my!
Did someone say Centum will be almost debt-free?
What's the point when The Jewels are gone?
Gone! Gone! Gone!

Now Centum is left with worthless 9,000+ acres in Vipingo.
And raw land in Two Rivers.
Who will buy their apartments and houses in Two Rivers?
And Vipingo?
And Pearl Marina?
And books from Longhorn?
Which is probably also up for sale.
And those Isuzu trucks?
Who wants to buy fresh herbs from Greenblade?

Doomed! Doomed! Doomed!

With such "dead" assets like Amu and Akiira, the end is nigh.

Shareholders should sell out. At any possible price. Sell. Sell. Sell.


*Please let me know before you sell at sub-30 or even better if it is lower. I want to help you out by using my KK proceeds to buying up your shares. Drool

Gosh ur such a drama queen 😆😆

Making money and having fun at it. Dancing
I enjoy the process. The research. The execution. And finally the waiting. Plus the spending. Dancing Dancing Dancing
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
VituVingiSana
#25 Posted : Thursday, June 13, 2019 7:25:32 AM
Rank: Chief


Joined: 1/3/2007
Posts: 16,029
Location: Nairobi
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Please post the DSCR for the past 5 years.
What's a "Debt Crisis"?

Thanks.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
the deal
#26 Posted : Thursday, June 13, 2019 10:32:50 AM
Rank: Elder


Joined: 9/25/2009
Posts: 4,479
Location: Windhoek/Nairobbery
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Please post the DSCR for the past 5 years.
What's a "Debt Crisis"?

Thanks.


DSCR

FY 15-9.3x
FY 16-4.5x
FY 17-2.5x
FY 18-3.2x
FY 19-1.7x

Source: Centum FY 2018

Centum would have been forced to get waivers from creditors like KQ had the DSCR dropped below 1.2x...from FY03/2019 you can see some of Centum's companies are bleeding while others are burning cash...re evaluation gains are unfortunately not cash...you need cash to pay debts thus the sale of Almasi beverages...
VituVingiSana
#27 Posted : Thursday, June 13, 2019 10:49:27 AM
Rank: Chief


Joined: 1/3/2007
Posts: 16,029
Location: Nairobi
the deal wrote:
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Please post the DSCR for the past 5 years.
What's a "Debt Crisis"?

Thanks.


DSCR

FY 15-9.3x
FY 16-4.5x
FY 17-2.5x
FY 18-3.2x
FY 19-1.7x

Source: Centum FY 2018

Centum would have been forced to get waivers from creditors like KQ had the DSCR dropped below 1.2x...from FY03/2019 you can see some of Centum's companies are bleeding while others are burning cash...re evaluation gains are unfortunately not cash...you need cash to pay debts thus the sale of Almasi beverages...

So the next question is what did they use the cash (loans) for?
Was it invested in long-term project/s?
Given Centum does not produce widgets, what does Centum sell if not their projects?
Aren't Almasi, GenAfrica, Two Rivers, etc projects/inventory?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
rwitre
#28 Posted : Thursday, June 13, 2019 11:16:54 AM
Rank: Member


Joined: 3/8/2018
Posts: 327
Location: Nairobi
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Gasp!
It's all over for Centum. d'oh!
What will they do?
They sold The Jewels.
Oh my! Oh my! Oh my!
Did someone say Centum will be almost debt-free?
What's the point when The Jewels are gone?
Gone! Gone! Gone!

Now Centum is left with worthless 9,000+ acres in Vipingo.
And raw land in Two Rivers.
Who will buy their apartments and houses in Two Rivers?
And Vipingo?
And Pearl Marina?
And books from Longhorn?
Which is probably also up for sale.
And those Isuzu trucks?
Who wants to buy fresh herbs from Greenblade?

Doomed! Doomed! Doomed!

With such "dead" assets like Amu and Akiira, the end is nigh.

Shareholders should sell out. At any possible price. Sell. Sell. Sell.


*Please let me know before you sell at sub-30 or even better if it is lower. I want to help you out by using my KK proceeds to buying up your shares. Drool


Laughing out loudly Laughing out loudly Laughing out loudly
rwitre
#29 Posted : Thursday, June 13, 2019 11:22:09 AM
Rank: Member


Joined: 3/8/2018
Posts: 327
Location: Nairobi
VituVingiSana wrote:
the deal wrote:
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Please post the DSCR for the past 5 years.
What's a "Debt Crisis"?

Thanks.


DSCR

FY 15-9.3x
FY 16-4.5x
FY 17-2.5x
FY 18-3.2x
FY 19-1.7x

Source: Centum FY 2018

Centum would have been forced to get waivers from creditors like KQ had the DSCR dropped below 1.2x...from FY03/2019 you can see some of Centum's companies are bleeding while others are burning cash...re evaluation gains are unfortunately not cash...you need cash to pay debts thus the sale of Almasi beverages...

So the next question is what did they use the cash (loans) for?
Was it invested in long-term project/s?
Given Centum does not produce widgets, what does Centum sell if not their projects?
Aren't Almasi, GenAfrica, Two Rivers, etc projects/inventory?



Why are people expecting Centum to operate like a bank with its assets being actual cash? Company is profitable, NAV is juicy, dividends are coming in, and it's about to be debt free. That it can buy a business, improve on it and sell it at a massive profit, just shows how resourceful the management is. We're happy passengers in this bus.
Spikes
#30 Posted : Thursday, June 13, 2019 11:24:27 AM
Rank: Elder


Joined: 9/20/2015
Posts: 2,563
Location: Mombasa
rwitre wrote:
VituVingiSana wrote:
the deal wrote:
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Please post the DSCR for the past 5 years.
What's a "Debt Crisis"?

Thanks.


DSCR

FY 15-9.3x
FY 16-4.5x
FY 17-2.5x
FY 18-3.2x
FY 19-1.7x

Source: Centum FY 2018

Centum would have been forced to get waivers from creditors like KQ had the DSCR dropped below 1.2x...from FY03/2019 you can see some of Centum's companies are bleeding while others are burning cash...re evaluation gains are unfortunately not cash...you need cash to pay debts thus the sale of Almasi beverages...

So the next question is what did they use the cash (loans) for?
Was it invested in long-term project/s?
Given Centum does not produce widgets, what does Centum sell if not their projects?
Aren't Almasi, GenAfrica, Two Rivers, etc projects/inventory?



Why are people expecting Centum to operate like a bank with its assets being actual cash? Company is profitable, NAV is juicy, dividends are coming in, and it's about to be debt free. That it can buy a business, improve on it and sell it at a massive profit, just shows how resourceful the management is. We're happy passengers in this bus.


Happy hunting passengers.
Just like energy that mines it, Bitcoin is never created nor destroyed. ...cryptography 101
Ericsson
#31 Posted : Thursday, June 13, 2019 11:25:05 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,860
Location: NAIROBI
VituVingiSana wrote:
the deal wrote:
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Please post the DSCR for the past 5 years.
What's a "Debt Crisis"?

Thanks.


DSCR

FY 15-9.3x
FY 16-4.5x
FY 17-2.5x
FY 18-3.2x
FY 19-1.7x

Source: Centum FY 2018

Centum would have been forced to get waivers from creditors like KQ had the DSCR dropped below 1.2x...from FY03/2019 you can see some of Centum's companies are bleeding while others are burning cash...re evaluation gains are unfortunately not cash...you need cash to pay debts thus the sale of Almasi beverages...

So the next question is what did they use the cash (loans) for?
Was it invested in long-term project/s?
Given Centum does not produce widgets, what does Centum sell if not their projects?
Aren't Almasi, GenAfrica, Two Rivers, etc projects/inventory?


Two Rivers as had been mentioned is bleeding money
guru267
#32 Posted : Thursday, June 13, 2019 1:00:11 PM
Rank: Elder


Joined: 1/21/2010
Posts: 6,644
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
the deal wrote:
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Please post the DSCR for the past 5 years.
What's a "Debt Crisis"?

Thanks.


DSCR

FY 15-9.3x
FY 16-4.5x
FY 17-2.5x
FY 18-3.2x
FY 19-1.7x

Source: Centum FY 2018

Centum would have been forced to get waivers from creditors like KQ had the DSCR dropped below 1.2x...from FY03/2019 you can see some of Centum's companies are bleeding while others are burning cash...re evaluation gains are unfortunately not cash...you need cash to pay debts thus the sale of Almasi beverages...

So the next question is what did they use the cash (loans) for?
Was it invested in long-term project/s?
Given Centum does not produce widgets, what does Centum sell if not their projects?
Aren't Almasi, GenAfrica, Two Rivers, etc projects/inventory?


Two Rivers as had been mentioned is bleeding money


How much has Centum invested in the Two Rivers JV? What would be the impact to the balance sheet if Two Rivers JV investment was written off?
Mark 12:29
Deuteronomy 4:16
xxxxx
#33 Posted : Thursday, June 13, 2019 2:05:50 PM
Rank: Member


Joined: 3/20/2008
Posts: 451
VituVingiSana wrote:
the deal wrote:
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Please post the DSCR for the past 5 years.
What's a "Debt Crisis"?

Thanks.


DSCR

FY 15-9.3x
FY 16-4.5x
FY 17-2.5x
FY 18-3.2x
FY 19-1.7x

Source: Centum FY 2018

Centum would have been forced to get waivers from creditors like KQ had the DSCR dropped below 1.2x...from FY03/2019 you can see some of Centum's companies are bleeding while others are burning cash...re evaluation gains are unfortunately not cash...you need cash to pay debts thus the sale of Almasi beverages...

So the next question is what did they use the cash (loans) for?
Was it invested in long-term project/s?
Given Centum does not produce widgets, what does Centum sell if not their projects?
Aren't Almasi, GenAfrica, Two Rivers, etc projects/inventory?



@vvs, I'm surprised you ask this question after @ARM. I'd think since then, you'd have modified your valuation methodology to exclude 100% of debt (and then some) from your investee's NAV regardless of the robustness of the businesses financed by the debtLaughing out loudly
VituVingiSana
#34 Posted : Thursday, June 13, 2019 5:36:01 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,029
Location: Nairobi
xxxxx wrote:
VituVingiSana wrote:
the deal wrote:
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Please post the DSCR for the past 5 years.
What's a "Debt Crisis"?

Thanks.


DSCR

FY 15-9.3x
FY 16-4.5x
FY 17-2.5x
FY 18-3.2x
FY 19-1.7x

Source: Centum FY 2018

Centum would have been forced to get waivers from creditors like KQ had the DSCR dropped below 1.2x...from FY03/2019 you can see some of Centum's companies are bleeding while others are burning cash...re evaluation gains are unfortunately not cash...you need cash to pay debts thus the sale of Almasi beverages...

So the next question is what did they use the cash (loans) for?
Was it invested in long-term project/s?
Given Centum does not produce widgets, what does Centum sell if not their projects?
Aren't Almasi, GenAfrica, Two Rivers, etc projects/inventory?



@vvs, I'm surprised you ask this question after @ARM. I'd think since then, you'd have modified your valuation methodology to exclude 100% of debt (and then some) from your investee's NAV regardless of the robustness of the businesses financed by the debtLaughing out loudly
Centum has entered into an agreement to sell Almasi and NBL and the debt at the parent level = zero after the deal is consummated. I am not anti-debt but I am against expanding too fast using debt.
Centum's D:E wasn't off the charts nor was the expansion crazy.
In a few months, Centum's NET debt will be zero.

Do note that Sidian is consolidated into CICL so one needs to separate that out.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
watesh
#35 Posted : Thursday, June 13, 2019 9:29:55 PM
Rank: Member


Joined: 8/10/2014
Posts: 713
Location: Kenya
VituVingiSana wrote:
the deal wrote:
DSCR at 1.7X in FY 2019...it had been falling over the last 5 years...company was gonna run into a debt crisis sooner than later thus the move to sell its jewel in the crown Almasi beverages...

Gasp!
It's all over for Centum. d'oh!
What will they do?
They sold The Jewels.
Oh my! Oh my! Oh my!
Did someone say Centum will be almost debt-free?
What's the point when The Jewels are gone?
Gone! Gone! Gone!

Now Centum is left with worthless 9,000+ acres in Vipingo.
And raw land in Two Rivers.
Who will buy their apartments and houses in Two Rivers?
And Vipingo?
And Pearl Marina?
And books from Longhorn?
Which is probably also up for sale.
And those Isuzu trucks?
Who wants to buy fresh herbs from Greenblade?

Doomed! Doomed! Doomed!

With such "dead" assets like Amu and Akiira, the end is nigh.

Shareholders should sell out. At any possible price. Sell. Sell. Sell.


*Please let me know before you sell at sub-30 or even better if it is lower. I want to help you out by using my KK proceeds to buying up your shares. Drool

Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly
the deal
#36 Posted : Thursday, June 13, 2019 10:46:05 PM
Rank: Elder


Joined: 9/25/2009
Posts: 4,479
Location: Windhoek/Nairobbery
Property sellers hit with doubled capital gains tax


https://www.businessdail...156650-5qayoq/index.html
Jon Jones
#37 Posted : Thursday, June 13, 2019 11:03:13 PM
Rank: New-farer


Joined: 9/11/2015
Posts: 93
Location: Thika
littledove wrote:
Ericsson wrote:
Horton wrote:
littledove wrote:
https://af.reuters.com/article/commoditiesNews/idAFL8N23G08J
NAIROBI, June 12 (Reuters) - Kenya’s Centum Investment said on Wednesday its full year pretax profit for the period to end March rose 41% to 4.44 billion Kenyan shillings ($43.94 million).
Centum, which invests in listed firms and private companies, said it had entered an agreement to sell its stake in Almasi Beverages Limited and Nairobi Bottlers, with a total valuation of 19.5 billion shillings, to Coca Cola Beverages Africa. ($1 = 101.0500 Kenyan shillings) (Reporting by George Obulutsa; Editing by Omar Mohammed)



This is great news for my small stake. I’d rather have Coke as the anchor shareholder vs Centum.


Asset stripping ongoing.
Almasi and Nairobi are the cash generating units.

they are very quality assets for centum, i dont know the main reason for their disposal

Maybe they are cash strapped and they are the only assets they can find buyers for. Real estate is dead already.
Since men have learned to shoot without missing, I have learned to fly without perching
Ericsson
#38 Posted : Saturday, June 22, 2019 9:25:08 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,860
Location: NAIROBI
Centum announced on Wednesday that it has suspended further capital expenditure and will put key investments on auction to pay off its mounting debt.

The Nairobi-based investment firm’s latest move is part of a recalibration of its recent expansion as the company’s cash flow tightened and debt-coverage ratio fell.

The firm’s latest debt-driven policy shift is in stark contrast to most analysts’ views that its debt could be paid off using internally generated funds.
Centum, which is cross-listed on the Uganda Securities Exchange, also said it had dropped the “development” aspect of its investment portfolio and shifted focus to “real estate, private equity and marketable securities over the next five years (2019-2024).”

The company has suspended investments in education, agribusiness, power, infrastructure, manufacturing, health, and ICT.

“Over the next five years, our focus is on cash annuity income and holding optimal liquidity reserve. Investments will be in cash-generating assets with no further capital deployments in the development portfolio,” said James Mworia, the firm’s chief executive.

https://www.theeastafric...62028-f7y48e/index.html

This was said here earlier and has come to pass
littledove
#39 Posted : Saturday, June 22, 2019 9:51:44 AM
Rank: Member


Joined: 7/1/2014
Posts: 706
Location: sky
Ericsson wrote:
Centum announced on Wednesday that it has suspended further capital expenditure and will put key investments on auction to pay off its mounting debt.

The Nairobi-based investment firm’s latest move is part of a recalibration of its recent expansion as the company’s cash flow tightened and debt-coverage ratio fell.

The firm’s latest debt-driven policy shift is in stark contrast to most analysts’ views that its debt could be paid off using internally generated funds.
Centum, which is cross-listed on the Uganda Securities Exchange, also said it had dropped the “development” aspect of its investment portfolio and shifted focus to “real estate, private equity and marketable securities over the next five years (2019-2024).”

The company has suspended investments in education, agribusiness, power, infrastructure, manufacturing, health, and ICT.

“Over the next five years, our focus is on cash annuity income and holding optimal liquidity reserve. Investments will be in cash-generating assets with no further capital deployments in the development portfolio,” said James Mworia, the firm’s chief executive.

https://www.theeastafric...62028-f7y48e/index.html

This was said here earlier and has come to pass

I thought sale of almasi will sort their debt issues
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
VituVingiSana
#40 Posted : Sunday, June 23, 2019 11:12:21 AM
Rank: Chief


Joined: 1/3/2007
Posts: 16,029
Location: Nairobi
littledove wrote:
Ericsson wrote:
Centum announced on Wednesday that it has suspended further capital expenditure and will put key investments on auction to pay off its mounting debt.

The Nairobi-based investment firm’s latest move is part of a recalibration of its recent expansion as the company’s cash flow tightened and debt-coverage ratio fell.

The firm’s latest debt-driven policy shift is in stark contrast to most analysts’ views that its debt could be paid off using internally generated funds.
Centum, which is cross-listed on the Uganda Securities Exchange, also said it had dropped the “development” aspect of its investment portfolio and shifted focus to “real estate, private equity and marketable securities over the next five years (2019-2024).”

The company has suspended investments in education, agribusiness, power, infrastructure, manufacturing, health, and ICT.

“Over the next five years, our focus is on cash annuity income and holding optimal liquidity reserve. Investments will be in cash-generating assets with no further capital deployments in the development portfolio,” said James Mworia, the firm’s chief executive.

https://www.theeastafric...62028-f7y48e/index.html

This was said here earlier and has come to pass

I thought sale of almasi will sort their debt issues

Proceeds of the asset sale will repay debts of Ksh7.5 billion ($75 million) and the balance will be invested in the private equity fund and marketable securities.
Mr Mworia said “the company is on course to settling the term loans in 2019 and the bond maturity in 2020.”

As a net buyer of Centum on dips, I should be moaning and groaning like some of you so I can get a better price.
Laughing out loudly
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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