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DYER & BLAIR INVESTMENT BANK 1

MARKET TRADING MULTIPLES


Founder Member of the Nairobi Securities Exchange
20TH April 2018

Year Market Weighting 12 M 12 M Current YTD Daily trading EPS* DPS** NAV P/E P/B Div Payout ROE* ROA*
end Cap*** * (%) High Low Price % val (USD)*** (KES) (KES) (KES) ratio (x) ratio (x) yld % % % %
NSE Market Multiples***** 17.38 7.5 3.68 19.9 8.9 2.1
AGRICULTURAL
Eaagads Ltd Mar 6.25 0.0 28.00 19.35 19.50 (14.3) 180.6 0.16 - 25.81 119.5 0.8 - - 0.6 0.6
Kakuzi Ltd Dec 70.58 0.3 390.00 284.00 361.00 9.7 3,437.8 30.27 7.00 220.51 11.9 1.6 1.9 23.1 13.7 10.3
Kapchorua Tea Mar 5.46 0.0 92.00 65.50 70.00 6.9 281.4 2.99 3.00 180.92 23.4 0.4 4.3 100.4 1.7 1.1
The Limuru Tea Dec 12.57 0.0 600.00 500.00 525.00 5.0 523.6 (11.65) - 85.58 (45.1) 6.1 - - (13.6) (9.7)
Sasini Ltd Sept 55.73 0.2 31.25 23.00 24.50 (16.9) 4,449.3 1.49 1.00 49.62 16.5 0.5 4.1 67.2 3.0 2.6
Williamson Tea Mar 26.55 0.1 190.00 149.00 152.00 (4.4) 3,659.6 2.56 10.00 340.47 59.3 0.4 6.6 390.1 0.8 0.5
Industry Median 0.7 0.3 1,980.7 133.2 19.9 0.6 3.0 23.1 1.2 0.8
AUTO & ACCESSORIES
Car & General Sept 10.60 0.0 26.50 16.00 26.50 6.0 104.4 1.99 0.60 78.83 13.3 0.3 2.3 30.1 2.5 0.8
Sameer Africa Dec 7.91 0.0 3.05 2.15 2.85 26.7 725.2 0.05 - 5.77 60.9 0.5 - - 0.8 0.5
Industry Median 0.1 16.3 414.8 42.30 37.1 0.42 1.13 15.07 1.67 0.66
BANKING
Barclays BNK (K) Dec 701.59 2.7 13.35 7.90 12.95 34.9 182,772.8 1.28 1.00 8.12 10.2 1.6 7.7 78.4 15.7 2.6
Diamond Trust BNK Dec 591.25 2.2 219.00 120.00 212.00 10.4 388,550.6 24.77 2.60 173.00 8.6 1.2 1.2 10.5 14.3 1.9
Equity BNK Dec 1,919.67 7.3 56.00 32.00 51.00 28.3 1,751,293.7 5.01 2.00 24.68 10.2 2.1 3.9 39.9 20.3 3.6
H.F.C.K BNK Dec 41.83 0.2 13.20 9.75 11.90 14.4 16,160.0 0.36 0.35 32.49 33.2 0.4 2.9 97.7 1.1 0.2
I&M H. BNK Dec 515.44 2.0 130.00 90.00 125.00 (1.6) 49,804.2 17.57 3.50 107.21 7.1 1.2 2.8 19.9 16.4 3.0
KCB BNK Dec 1,590.28 6.0 54.00 31.25 52.00 21.6 1,138,915.8 6.43 3.00 34.56 8.1 1.5 5.8 46.7 18.6 3.0
National BNK Dec 25.34 0.1 12.00 6.05 7.50 (19.8) 2,427.6 1.21 - 21.35 6.2 0.4 - - 5.7 0.4
NIC BNK Dec 271.28 1.0 44.00 25.50 42.50 25.9 189,275.2 6.48 1.00 53.51 6.6 0.8 2.4 15.4 12.1 2.0
Stanbic BNK (K) Dec 354.88 1.4 93.00 58.00 90.00 11.1 27,481.8 10.90 5.25 108.66 8.3 0.8 5.8 48.2 10.0 1.7
StanChart BNK (K) Dec 808.62 3.1 240.00 189.00 236.00 13.5 44,213.7 20.13 17.00 129.85 11.7 1.8 7.2 84.5 15.5 2.4
Co-op BNK Dec 1,082.66 4.1 19.95 13.80 18.50 15.6 267,729.3 1.94 0.80 11.86 9.5 1.6 4.3 41.2 16.4 2.9
Industry Median 30.1 14.4 182,772.8 34.56 8.56 1.23 3.92 41.15 15.50 2.42

1
DYER & BLAIR INVESTMENT BANK
MARKET TRADING MULTIPLES
Founder Member of the Nairobi Securities Exchange
20TH April 2018

Year Market Weighting 12 M 12 M Current YTD Daily trading EPS* DPS** NAV P/E P/B Div Payout ROE* ROA*
End Cap*** * (%) High Low Price % val (USD)*** (KES) (KES) (KES) ratio (x) ratio (x) yld % % % %
COMM. & SERVICES
ADSS Dec 15.68 0.1 1.05 1.05 1.05 - - (0.14) - 0.44 (7.5) 2.4 - - (32.0) (28.5)
Kenya Airways Dec 179.86 0.7 18.45 4.00 12.05 (29.7) 9,004.2 (6.17) - (32.16) (2.0) (0.4) - - 19.2 (6.5)
Longhorn Kenya Jun 13.45 0.1 6.00 4.00 4.95 (8.3) 660.2 0.47 0.29 3.61 10.6 1.4 5.9 62.3 12.9 7.3
NBV Dec 0.58 0.0 7.90 1.50 2.45 (26.9) 170.4 (2.07) - 1.28 (1.2) 1.9 - - (162.1) (36.3)
Nation Media Dec 197.46 0.8 119.00 94.00 105.00 (9.5) 50,353.2 6.95 10.00 43.31 15.1 2.4 9.5 143.8 16.1 11.6
Standard Group Dec 24.86 0.1 39.25 21.00 30.50 (17.6) 2,958.2 2.45 - 25.82 12.4 1.2 - - 9.5 4.4
TPSEA Serena Dec 58.15 0.2 37.25 21.25 32.00 (1.5) 10,048.7 0.66 0.35 50.31 48.8 0.6 1.1 53.4 1.3 0.8
Uchumi Supermarket Jun 7.83 0.0 4.60 2.10 2.15 (53.3) 2,189.6 (5.56) - (11.73) (0.4) (0.2) - - 47.4 (49.1)
WPP Scangroup Dec 62.73 0.2 24.50 16.00 16.60 (12.6) 11,687.4 0.97 0.50 22.93 17.1 0.7 3.0 51.5 4.2 2.8
Industry Median 1.9 (13.5) 5,981.2 14.71 (0.76) 1.28 - - 12.9 4.4
CEMENT/CONSTRUCTION
ARM Cement Dec 69.42 0.3 25.00 11.15 7.25 (44.2) 36,243.8 (4.11) - 27.48 (1.8) 0.3 - - (15.0) (8.0)
Bamburi Cement Dec 633.56 2.4 199.00 140.00 175.00 (2.8) 212,979.2 13.33 8.50 72.07 13.1 2.4 4.9 63.8 18.5 14.0
Crown Paints Dec 56.80 0.2 82.00 40.75 80.00 - 1,493.2 2.14 0.60 22.84 37.4 3.5 0.8 28.0 9.4 3.9
E.A.Cables Dec 11.36 0.0 7.00 5.30 4.50 (17.4) 1,350.7 (3.10) - 9.16 (1.5) 0.5 - - (33.8) (10.7)
E.A.P.C Cement Jun 21.77 0.1 35.00 20.00 24.25 (10.2) 996.9 (24.36) - 177.13 (1.0) 0.1 - - (13.8) (8.1)
Industry Median 3.0 (10.2) 1,493.2 27.48 (1.00) 0.49 0.38 14.01 (13.76) (8.00)
UTILITIES & DOWNSTREAM OIL
KenGen Jun 552.57 2.1 9.90 6.40 8.40 (1.8) 66,457.3 1.29 - 28.39 6.5 0.3 - - 4.6 2.3
KenolKobil Dec 261.31 1.0 18.00 12.05 17.80 27.1 597,431.8 1.67 0.60 7.62 10.6 2.3 3.4 35.8 22.0 10.2
Kenya Power Jun 145.99 0.6 11.65 6.30 7.50 (17.6) 34,916.5 3.07 0.50 36.85 2.4 0.2 6.7 16.3 8.3 1.7
Total Kenya Dec 56.75 0.2 34.25 20.00 32.50 38.3 14,981.2 15.64 1.30 122.34 2.1 0.3 4.0 8.3 12.8 7.2
Umeme Ltd Dec 183.03 0.7 16.90 11.30 11.30 (15.7) 136.4 0.62 0.22 10.80 18.2 1.0 1.9 34.8 5.7 1.5
Industry Median 4.6 (1.8) 34,916.5 28.39 6.50 0.30 3.37 16.28 8.33 2.26
INSURANCE
Britam INS Dec 251.35 1.0 15.80 9.80 14.95 (2.6) 29,924.9 0.27 0.30 11.66 54.9 1.3 2.0 110.2 2.3 0.5
CIC INS Dec 126.53 0.5 6.65 3.15 4.85 (13.4) 19,169.4 0.18 0.12 2.92 26.5 1.7 2.5 65.6 6.3 1.6
Jubilee H. INS Dec 378.79 1.4 535.00 417.00 524.00 5.0 36,276.3 58.37 9.00 348.14 9.0 1.5 1.7 15.4 16.8 4.0
Kenya Re INS Dec 131.95 0.5 22.25 17.00 18.90 4.4 35,206.1 5.11 0.85 38.87 3.7 0.5 4.5 16.6 13.1 8.4
Liberty (K) INS Dec 72.14 0.3 14.55 8.90 13.50 10.7 13,029.8 1.58 0.50 13.87 8.6 1.0 3.7 31.7 11.4 2.3
Sanlam INS Dec 56.81 0.1 30.75 23.25 24.00 (13.5) 1,264.1 0.37 - 28.14 65.2 0.9 - - 1.3 0.2
Industry Median 3.8 0.9 24,547.2 21.00 17.74 1.13 2.24 24.15 8.82 1.92

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DYER & BLAIR INVESTMENT BANK 3

MARKET TRADING MULTIPLES


Founder Member of the Nairobi Securities Exchange
20TH April 2018

Year Market Weighting 12 M 12 M Current YTD Daily trading EPS* DPS** NAV P/E P/B Div Payout ROE* ROA*
end Cap*** * (%) High Low Price % val (USD)*** (KES) (KES) (KES) ratio (x) ratio (x) yld % % % %
INVESTMENT
Centum Investment Mar 278.77 1.1 47.50 35.25 42.00 (4.0) 99,341.4 11.85 1.20 76.05 3.5 0.6 2.9 10.1 15.6 8.6
Home Afrika Dec 4.04 0.0 1.55 0.75 1.00 (28.6) 1,987.8 (0.42) - (0.80) (2.4) (1.2) - - 53.0 (4.2)
Kurwitu Ventures Dec 1.53 0.0 1,500.00 1,500.00 1,500.00 - - 20.44 - 685.48 73.4 2.2 - - 3.0 1.6
Olympia Capital Feb 1.16 0.0 3.55 2.10 2.90 (17.1) 310.2 0.59 - 28.22 4.9 0.1 - - 2.1 1.7
Trans-Century Ltd Dec 16.84 0.1 8.10 4.35 4.50 (25.0) 421.3 (8.58) - 6.42 (0.5) 0.7 - - (133.5) (17.7)
Industry Median 1.2 (17.1) 421.3 28.22 3.55 0.55 - - 2.54 1.63
INVESTMENT SERVICES
NSE Dec 49.96 0.2 23.75 12.90 19.30 (2.0) 39,942.6 0.84 0.30 7.75 22.9 2.5 1.6 35.6 10.9 10.4
MANUFACTURING & ALLIED -
B.O.C K. Gases Dec 17.53 0.1 110.00 83.00 90.00 (15.9) 771.1 2.02 5.20 82.51 44.6 1.1 5.8 - 2.4 1.8
BAT Kenya Dec 654.33 2.5 847.00 650.00 656.00 (13.7) 118,316.0 33.36 26.00 78.40 19.7 8.4 4.0 77.9 42.6 18.7
Carbacid July 30.25 0.1 14.15 11.50 11.90 (2.1) 35,210.5 1.38 0.70 10.44 8.6 1.1 5.9 50.6 13.2 11.7
E.A. Breweries Jun 1,995.56 7.6 269.00 222.00 253.00 6.3 596,322.9 11.57 7.50 16.04 21.9 15.8 3.0 64.8 72.1 11.4
Eveready E.A. Sept 4.08 0.0 4.45 1.90 1.95 (18.8) 323.0 1.27 1.00 0.93 1.5 2.1 51.3 78.6 137.2 34.6
Flame Tree Dec 7.99 0.0 5.75 4.00 4.50 (1.1) 282.8 223.27 - 4,108.09 0.0 0.0 - - 5.4 2.4
Mumias Sugar Jun 12.21 0.0 1.30 0.70 0.80 (27.3) 5,022.6 (4.43) - 0.49 (0.2) 1.6 - - (895.3) (28.1)
Unga Group Jun 30.02 0.1 43.00 27.00 39.75 37.1 24,994.2 4.57 1.00 78.33 8.7 0.5 2.5 21.9 5.8 3.2
Industry Median (13.7) 5,022.6 16.04 8.70 1.62 2.96 21.88 42.55 3.83
TELECO
Safaricom Mar 11,589.35 44.1 32.75 18.95 29.00 8.4 2,849,758.7 1.27 0.97 2.37 22.9 12.3 3.3 76.6 53.5 27.2
REIT
Fahari I-REIT Dec 21.57 0.00 13.00 9.50 11.95 11.7 13,512.0 0.95 0.75 20.26 12.6 0.6 6.3 79.3 4.7 4.5
(Source: NSE, DBIB RESEARCH)

APPENDIX
N/A: Metric considered an outlier if: (150.0%>X>-150.0%)
*Based on Trailing Earnings
**Includes Interim and Final DPS declared
***Based on a 3 month daily trading average
****Market Capitalization recorded in USD MN

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DYER & BLAIR INVESTMENT BANK
MARKET TRADING MULTIPLES
Founder Member of the Nairobi Securities Exchange

COMPANY INVESTMENT RATINGS

Buy: Share price may generate more than 15.0% upside over the next 12 months
Overweight: Share price may generate between 10.0% and 15.0% upside over the next 12 months
Hold: Share price may fall within the range of +/- 10% over the next 12 months
Take Profit: Target price has been attained. Look to accumulate at lower levels. Company fundamentals however remain strong
Underweight: Share price may generate between 10.0% and 15.0% downside over the next 12 months
Sell: Share price may generate more than 15.0% downside over the next 12 months, significant business and/or financial risks presen t, industry concerns
Not Rated: Counter is not within regular research coverage

SECTOR INVESTMENT RATINGS


Overweight:Industry performance better than that of the whole market
Equal weight: Industry performance about the same as that of the whole market
Underweight:Industry performance worse than that of the whole market

DISCLAIMER
While every care has been taken in preparing this report and it has been prepared from sources believed to be reliable, no re presentation, warranty, or undertaking (express or implied) is given and no re-
sponsibility is accepted by Dyer and Blair Investment Bank Limited, its related companies, subsidiaries, affiliates, its employees and agents, as to the accuracy and completeness of the information contained
herein or in respect of any reliance on or use thereof. This report is solely intended for distribution to clients of Dyer an d Blair Investment Bank Limited. Any information may be changed after distribution at
any time without any notice.