CTUM — Centum Investment Company 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, with GrowingGrass investment holding company tests in place of size and financial strength. Centum is an investment holding company: it owns businesses and securities rather than selling goods, so it reports no sales and holds no working capital in Graham's sense. GrowingGrass therefore tests size on total assets and strength on borrowings against shareholders' equity; both are marked as adaptations. Earnings and book value are the consolidated figures attributable to the company's own shareholders, over the 654,602,414 shares in issue less the 10,839,300 held in treasury. Centum's own headline figure, net asset value per share of Ksh 69.62 at 31 Mar 2026, is the parent company's balance sheet, not the group's.
Showing FY2026
√(22.5 × 1.99 × 66.27) = 54.47
The Graham number for FY2026, from that year's EPS and BVPS. Tap a figure below for its source and date.
Discount to Graham number: +70.5% at the results-day price of 16.05. Positive means the price was below the Graham number; negative means above.
The figures
Per share (KES)
- Earnings (EPS)
1.99
basic and diluted; profit attributable to equity holders 1,304,509k over a weighted average 654,691k shares. Profit for the year was 743,915k after a loss of 560,594k attributable to non-controlling interests · basic · Integrated Report and Financial Statements 2026, note 2.9 (p.190) and consolidated statement of profit or loss (p.132) · 31 Jul 2026
- Book value (BVPS)
66.27
excludes non-controlling interests of 170,488k; includes the proposed dividend of 521,260k · attributable · computed: equity attributable to equity holders 43,382,405k ÷ 654,602,414 shares, Integrated Report and Financial Statements 2026, consolidated statement of financial position (p.135) and treasury share note (p.274) · 31 Jul 2026
- Dividend (DPS)
0.78
final dividend of 0.42 plus a special dividend of 0.36, recommended by the board and subject to shareholder approval · Integrated Report and Financial Statements 2026, proposed dividends note (p.276) · 31 Jul 2026
- Price on results day
16.05
NSE daily price list VWAP, the exchange's official end-of-day price, on the day the results were announced · NSE daily price list 2026-07-31, p.1 · 31 Jul 2026
Size and balance sheet (KES m)
- Total assets
82,125.3
including 4,740,761k of assets classified as held for sale · Integrated Report and Financial Statements 2026, consolidated statement of financial position (p.135) · 31 Jul 2026
- Total borrowings
16,600.9
group borrowings, all carried by subsidiaries; the company repaid its own debt in full during the year and ended it with no borrowings · Integrated Report and Financial Statements 2026, consolidated statement of financial position (p.136) · 31 Jul 2026
- Shareholders' equity
43,382.4
attributable to equity holders of the company; total equity including non-controlling interests was 43,552,893k · Integrated Report and Financial Statements 2026, consolidated statement of financial position (p.135) · 31 Jul 2026
- KES per US$
129.40
CBK daily exchange rates (mean) · 31 Jul 2026
Computed
- EPS, three-year average
- Not compiled
- P/E on three-year EPS
- Not compiled
- P/B
0.24
computed: price ÷ BVPS · 31 Jul 2026
- Dividend yield
4.9%
computed: DPS ÷ price · 31 Jul 2026
- Borrowings ÷ equity
0.38×
computed: total borrowings ÷ shareholders' equity · 31 Jul 2026
- Return on equity
3.0%
computed: EPS ÷ average BVPS FY2025 and FY2026 · 14 Jul 2025
- Price ÷ Graham number
0.29×
computed: price ÷ Graham number · 31 Jul 2026
- Discount to Graham number
+70.5%
computed: (Graham number − price) ÷ Graham number · 31 Jul 2026
Graham's tests
- MetAdequate size
GrowingGrass adaptation
Graham's size test uses annual sales, which an investment holding company does not report: its income is investment returns, not turnover. GrowingGrass uses total assets in its place, against the US$50m floor Graham set for public utilities.
Total assets of at least US$50m
Adequate sizeMet
Total assets of at least US$50m
- Total assets KES 82,125.3m ÷ 129.40 KES per US$ = US$634.7m
- US$634.7m against a floor of US$50mmeets
- MetBorrowings
GrowingGrass adaptation
Graham gave no financial-strength test for investment holding companies (The Intelligent Investor, 1973, chapter 14). He allowed a public utility debt of up to twice its equity, because a utility's earnings are regulated and steady. A holding company's assets are other companies' shares, whose value moves with the market, so GrowingGrass holds its borrowings to no more than half of its equity.
Borrowings no more than half of shareholders' equity at book value
BorrowingsMet
Borrowings no more than half of shareholders' equity at book value
- Shareholders' equity 43,382.4m ÷ 2 = 21,691.2m
- Borrowings 16,600.9m against that limit: 0.38× equitymeets
- No result: data not compiledEarnings stability
Positive EPS in each of the past 10 years
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years
EPS positive in 2 of 10 years
- FY2017
- not held
- not held
- FY2018
- not held
- not held
- FY2019
- not held
- not held
- FY2020
- not held
- not held
- FY2021
- not held
- not held
- FY2022
- not held
- not held
- FY2023
- not held
- not held
- FY2024
- not held
- not held
- FY2025
- 2.05
- positive
- FY2026
- 1.99
- positive
Still needed: EPS for FY2017, EPS for FY2018, EPS for FY2019, EPS for FY2020, EPS for FY2021, EPS for FY2022, EPS for FY2023, EPS for FY2024.
- No result: data not compiledDividend record
A dividend paid in each of the past 20 years
Dividend recordNo result: data not compiled
A dividend paid in each of the past 20 years
Dividend paid in 2 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.
- No result: data not compiledEarnings growth
EPS up at least one-third over 10 years, on three-year averages
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages
- FY2017
- not held
- not held
- FY2018
- not held
- not held
- FY2019
- not held
- not held
- FY2024
- not held
- not held
- FY2025
- 2.05
- FY2026
- 1.99
Still needed: EPS for FY2017, EPS for FY2018, EPS for FY2019, EPS for FY2024.
- No result: data not compiledModerate P/E
Price no more than 15 × three-year average EPS
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS
Still needed: EPS for FY2024.
- MetModerate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Moderate P/BMet
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
- Price 16.05 ÷ BVPS 66.27 = 0.24
- 0.24 against a ceiling of 1.5meets
Sources and notes
- Earnings (EPS): basic · Integrated Report and Financial Statements 2026, note 2.9 (p.190) and consolidated statement of profit or loss (p.132) · 31 Jul 2026 (basic and diluted; profit attributable to equity holders 1,304,509k over a weighted average 654,691k shares. Profit for the year was 743,915k after a loss of 560,594k attributable to non-controlling interests)
- Book value (BVPS): attributable · computed: equity attributable to equity holders 43,382,405k ÷ 654,602,414 shares, Integrated Report and Financial Statements 2026, consolidated statement of financial position (p.135) and treasury share note (p.274) · 31 Jul 2026 (excludes non-controlling interests of 170,488k; includes the proposed dividend of 521,260k)
- Dividend (DPS): Integrated Report and Financial Statements 2026, proposed dividends note (p.276) · 31 Jul 2026 (final dividend of 0.42 plus a special dividend of 0.36, recommended by the board and subject to shareholder approval)
- Price on results day: NSE daily price list 2026-07-31, p.1 · 31 Jul 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on the day the results were announced)
- Total assets: Integrated Report and Financial Statements 2026, consolidated statement of financial position (p.135) · 31 Jul 2026 (including 4,740,761k of assets classified as held for sale)
- Total borrowings: Integrated Report and Financial Statements 2026, consolidated statement of financial position (p.136) · 31 Jul 2026 (group borrowings, all carried by subsidiaries; the company repaid its own debt in full during the year and ended it with no borrowings)
- Shareholders' equity: Integrated Report and Financial Statements 2026, consolidated statement of financial position (p.135) · 31 Jul 2026 (attributable to equity holders of the company; total equity including non-controlling interests was 43,552,893k)
- KES per US$: CBK daily exchange rates (mean) · 31 Jul 2026