CARB — Carbacid Investments Plc

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 industrial companies. Carbacid makes and sells carbon dioxide and holds a portfolio of listed equities and bonds, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Earnings include revaluation gains on its equity investments.

Fiscal year

six months to 31 Jan 2026

Interim: six months to 31 Jan 2026, unaudited. Earnings use the trailing twelve months to Jan 2026, built from reported half-year and full-year figures. Every test below is flagged interim and will be replaced when the full year is published.

√(22.5 × 4.05 × 20.00) = 42.69

The Graham number for the twelve months to Jan 2026, from trailing-twelve-month EPS and BVPS at the period end. Tap a figure below for its source and date.

Discount to Graham number: +25.5% at the results-day price of 31.80. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months): 1.82
six-month figure as printed; profit after tax 464,963k ÷ 254.9m shares · basic · Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026
Book value (BVPS): 20.00
no non-controlling interests; shares from share capital of 254.9m at KShs 1 par, Annual Report 2025, p.47 · attributable · computed: shareholders' equity 5,096.8m ÷ 254.9m shares, Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026
Dividend (DPS): Not compiled
Price on results day: 31.80
NSE daily price list VWAP, the exchange's official end-of-day price · NSE daily price list 2026-02-25, p.2 · 25 Feb 2026

Size and balance sheet (KES m)

Revenue (6 months): 976.3
turnover · Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026
Current assets: 1,691.6
Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026
Current liabilities: 604.5
Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026
Long-term debt: 500.6
non-current asset financing; deferred tax of 391.0m not included · Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026
KES per US$: 129.02
CBK daily exchange rates (mean) · 25 Feb 2026

Computed

EPS, trailing twelve months: 4.05
attributable · computed: H1 FY2026 EPS 1.82 + FY2025 3.94 − H1 FY2025 1.71 · 30 Oct 2025
Revenue, trailing twelve months: 2,135.6
computed: H1 FY2026 revenue 976.3m + FY2025 2,099.9m − H1 FY2025 940.6m · 30 Oct 2025
EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 1.59
computed: price ÷ BVPS · 25 Feb 2026
Dividend yield: Not compiled
Current ratio: 2.80
computed: current assets ÷ current liabilities · 25 Feb 2026
Price ÷ Graham number: 0.74×
computed: price ÷ Graham number · 30 Oct 2025
Discount to Graham number: +25.5%
computed: (Graham number − price) ÷ Graham number · 30 Oct 2025

Graham's tests

1
Adequate size
Revenue of at least US$100m
Interim
Not met
Adequate sizeNot met
Revenue of at least US$100m · Interim: earnings on trailing twelve months
- Revenue KES 2,135.6m ÷ 129.02 KES per US$ = US$16.6m
- US$16.6m against a floor of US$100mfalls short
2
Financial strength
Current ratio of at least 2; long-term debt no more than working capital
Interim
Met
Financial strengthMet
Current ratio of at least 2; long-term debt no more than working capital · Interim: earnings on trailing twelve months
- Current ratio: 1,691.6 ÷ 604.5 = 2.80, against a minimum of 2.00meets
- Working capital: 1,691.6 − 604.5 = 1,087.1
- Long-term debt 500.6 against working capital of 1,087.1meets
Earnings stability
Positive EPS in each of the past 10 years
Interim
No result: data not compiled
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years · Interim: earnings on trailing twelve months
EPS positive in 1 of 10 years
12m to Jan 2017
not held
not held
12m to Jan 2018
not held
not held
12m to Jan 2019
not held
not held
12m to Jan 2020
not held
not held
12m to Jan 2021
not held
not held
12m to Jan 2022
not held
not held
12m to Jan 2023
not held
not held
12m to Jan 2024
not held
not held
12m to Jan 2025
not held
not held
12m to Jan 2026
4.05
positive
Still needed: EPS for 12m to Jan 2017, EPS for 12m to Jan 2018, EPS for 12m to Jan 2019, EPS for 12m to Jan 2020, EPS for 12m to Jan 2021, EPS for 12m to Jan 2022, EPS for 12m to Jan 2023, EPS for 12m to Jan 2024, EPS for 12m to Jan 2025.
Dividend record
A dividend paid in each of the past 20 years
Interim
No result: data not compiled
Dividend recordNo result: data not compiled
A dividend paid in each of the past 20 years · Interim: earnings on trailing twelve months
Dividend paid in 1 of 20 years (FY2007–FY2026)
Still needed: 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, DPS for FY2026.
Earnings growth
EPS up at least one-third over 10 years, on three-year averages
Interim
No result: data not compiled
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages · Interim: earnings on trailing twelve months
12m to Jan 2017
not held
not held
12m to Jan 2018
not held
not held
12m to Jan 2019
not held
not held
12m to Jan 2024
not held
not held
12m to Jan 2025
not held
not held
12m to Jan 2026
4.05
Still needed: EPS for 12m to Jan 2017, EPS for 12m to Jan 2018, EPS for 12m to Jan 2019, EPS for 12m to Jan 2024, EPS for 12m to Jan 2025.
Moderate P/E
Price no more than 15 × three-year average EPS
Interim
No result: data not compiled
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS · Interim: earnings on trailing twelve months
Still needed: EPS for 12m to Jan 2024, EPS for 12m to Jan 2025.
7
Moderate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Interim
No result: data not compiled
Moderate P/BNo result: data not compiled
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5 · Interim: earnings on trailing twelve months
- Price 31.80 ÷ BVPS 20.00 = 1.59
- 1.59 against a ceiling of 1.5falls short
Still needed: EPS for 12m to Jan 2024, EPS for 12m to Jan 2025.

Sources and notes

Book value (BVPS): attributable · computed: shareholders' equity 5,096.8m ÷ 254.9m shares, Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026 (no non-controlling interests; shares from share capital of 254.9m at KShs 1 par, Annual Report 2025, p.47)
Price on results day: NSE daily price list 2026-02-25, p.2 · 25 Feb 2026 (NSE daily price list VWAP, the exchange's official end-of-day price)
Current assets: Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026
Current liabilities: Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026
Long-term debt: Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026 (non-current asset financing; deferred tax of 391.0m not included)
KES per US$: CBK daily exchange rates (mean) · 25 Feb 2026
EPS, 6 months to 2026-01-31: basic · Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026 (six-month figure as printed; profit after tax 464,963k ÷ 254.9m shares)
EPS, same 6 months a year earlier: basic · Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026 (six months to 31 Jan 2025 as printed in the 2026 report)
Revenue, 6 months to 2026-01-31: Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026 (turnover)
Revenue, same 6 months a year earlier: Unaudited results for the six months ended 31 Jan 2026, p.1 · 25 Feb 2026 (turnover; six months to 31 Jan 2025 as printed in the 2026 report)