EABL — East African Breweries 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. EABL brews and distils beer and spirits across Kenya, Uganda and Tanzania, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Sales are net revenue.
Showing FY2026
√(22.5 × 18.99 × 43.50) = 136.33
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: −109.8% at the results-day price of 286.00. Positive means the price was below the Graham number; negative means above.
The figures
Per share (KES)
- Earnings (EPS)
18.99
basic · Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026
- Book value (BVPS)
43.50
total equity less non-controlling interests: 50,616m − 16,217m; includes the proposed final dividend · attributable · computed: equity attributable to shareholders 34,399m ÷ 790.8m shares, Condensed audited results for the year ended 30 Jun 2026, p.1; shares from Integrated Annual Report 2025, p.166 · 5 Aug 2026
- Dividend (DPS)
12.70
4.00 interim + 8.70 final recommended · Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026
- Price on results day
286.00
NSE daily price list VWAP, the exchange's official end-of-day price · NSE daily price list 2026-08-05, p.2 · 5 Aug 2026
Size and balance sheet (KES m)
- Revenue
145,958.0
net revenue, as labelled by EABL · Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026
- Current assets
54,765.0
Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026
- Current liabilities
45,977.0
Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026
- Long-term debt
29,502.0
non-current borrowings; other non-current liabilities not included · Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026
- KES per US$
129.42
CBK daily exchange rates (mean) · 5 Aug 2026
Computed
- EPS, three-year average
- Not compiled
- P/E on three-year EPS
- Not compiled
- P/B
6.57
computed: price ÷ BVPS · 5 Aug 2026
- Dividend yield
4.4%
computed: DPS ÷ price · 5 Aug 2026
- Current ratio
1.19
computed: current assets ÷ current liabilities · 5 Aug 2026
- Price ÷ Graham number
2.10×
computed: price ÷ Graham number · 5 Aug 2026
- Discount to Graham number
−109.8%
computed: (Graham number − price) ÷ Graham number · 5 Aug 2026
Graham's tests
- MetAdequate size
Revenue of at least US$100m
Adequate sizeMet
Revenue of at least US$100m
- Revenue KES 145,958.0m ÷ 129.42 KES per US$ = US$1,127.8m
- US$1,127.8m against a floor of US$100mmeets
- Not metFinancial strength
Current ratio of at least 2; long-term debt no more than working capital
Financial strengthNot met
Current ratio of at least 2; long-term debt no more than working capital
- Current ratio: 54,765.0 ÷ 45,977.0 = 1.19, against a minimum of 2.00falls short
- Working capital: 54,765.0 − 45,977.0 = 8,788.0
- Long-term debt 29,502.0 against working capital of 8,788.0falls short
- 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
- 11.97
- positive
- FY2026
- 18.99
- 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
- 11.97
- FY2026
- 18.99
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.
- No result: data not compiledModerate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Moderate P/BNo result: data not compiled
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
- Price 286.00 ÷ BVPS 43.50 = 6.57
- 6.57 against a ceiling of 1.5falls short
Still needed: EPS for FY2024.
Sources and notes
- Earnings (EPS): basic · Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026
- Book value (BVPS): attributable · computed: equity attributable to shareholders 34,399m ÷ 790.8m shares, Condensed audited results for the year ended 30 Jun 2026, p.1; shares from Integrated Annual Report 2025, p.166 · 5 Aug 2026 (total equity less non-controlling interests: 50,616m − 16,217m; includes the proposed final dividend)
- Dividend (DPS): Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026 (4.00 interim + 8.70 final recommended)
- Price on results day: NSE daily price list 2026-08-05, p.2 · 5 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price)
- Revenue: Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026 (net revenue, as labelled by EABL)
- Current assets: Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026
- Current liabilities: Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026
- Long-term debt: Condensed audited results for the year ended 30 Jun 2026, p.1 · 5 Aug 2026 (non-current borrowings; other non-current liabilities not included)
- KES per US$: CBK daily exchange rates (mean) · 5 Aug 2026