KenolKobil 2011 valuation update

March 7, 2012
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, KenolKobil delivered a fully diluted FY11 EPS of 2.03 (+56.1% y/y) on restated 2010 profits which were 7.8% higher than the previous numbers. 2010 profits were restated due to a change in the calculation of fixed assets to historical values from revaluation- which had an impact of decreasing depreciation by KES 139m. The FY11 performance was 2.2% weaker than our estimates. The 2H11 was particularly weaker than our estimates with 4% gross margin vs 8.1% in 1H11, operating margin was at 2% vs 5.4% as net profit margin came in at 0.8% vs 2.6%.
KenolKobil FY11 Valuation Update

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