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HAFR — Home Afrika Limited

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. Home Afrika develops and sells residential plots and homes, chiefly at Migaa in Kiambu, and lets what it retains, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Neither period has a Graham number: shareholders' funds are a deficit, with total liabilities exceeding total assets by 1,031m at 31 Dec 2025 and by 846m at 30 Jun 2026, even though the group is trading profitably. Every liability is classified as current, borrowings and the 681m private placement bond included, so long-term debt is nil and working capital is deeply negative. Per-share figures rest on 405,255,320 ordinary shares, share capital of 405,255,320 at the NSE par value of Shs 1.00, which reconciles with the printed earnings per share. The accumulated deficit fell by 1,183m in 2025 through a prior year adjustment the abridged statements do not explain, alongside the 34m of profit attributable to owners.

six months to 30 Jun 2026

Interim: six months to 30 Jun 2026, unaudited. Earnings use the trailing twelve months to Jun 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.

Showing FY2026

√(22.5 × 0.10 × -1.39) = no result

The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. The formula multiplies earnings by book value and takes the square root, so it has no answer when either one is a loss or a deficit. Tap a figure below for its source and date.

The figures

Per share (KES)

Earnings (EPS) (6 months)
0.26

six-month figure as printed; profit attributable to owners 104,213,797 of a group profit of 184,983,792, the rest 80,769,995 to non-controlling interests. Computed over 405,255,320 shares this is 0.257. No tax was charged in either half-year · basic · Unaudited financial results for the period ended 30 June 2026, unaudited statement of profit or loss and other comprehensive income · 28 Aug 2026

Book value (BVPS)
-1.39

a deficit: equity attributed to owners of the company −561,876,475, being share capital 405,255,320 and share premium 68,842,038 against an accumulated deficit of 1,035,973,833. The non-controlling interest is −284,327,056 and total equity −846,203,531 · attributable · computed: equity attributed to owners of the company −561,876,475 ÷ 405,255,320 shares, Unaudited financial results for the period ended 30 June 2026, unaudited consolidated statement of financial position · 28 Aug 2026

Dividend (DPS)
Not compiled
Price on results day
1.11

NSE daily price list VWAP, the exchange's official end-of-day price. The statements carry no printed approval date, so the PDF creation timestamp is used — 28 Aug 2026 at 14:02, before the market closed · NSE daily price list 2026-08-28, p.1 · 28 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months)
328.5

revenue from contracts with customers 328,475,980, down from 359,433,215; other operating income added 31,294,287 and finance costs fell to 403,200 from 34,827,215 · Unaudited financial results for the period ended 30 June 2026, unaudited statement of profit or loss and other comprehensive income · 28 Aug 2026

Current assets
3,364.2

inventories 2,712,048,545, trade and other receivables 607,114,787 and cash and cash equivalents 44,986,838. The inventories are land and work in progress · Unaudited financial results for the period ended 30 June 2026, unaudited consolidated statement of financial position · 28 Aug 2026

Current liabilities
4,594.8

deposits from the sale of plots and units 1,480,730,660, trade and other payables 1,250,793,076, borrowings 1,040,176,500, the private placement bond 680,950,000, deposit for shares 91,620,390, current tax 31,085,595 and deferred income 19,399,865. Net current liabilities were 1,230,605,915 · Unaudited financial results for the period ended 30 June 2026, unaudited consolidated statement of financial position · 28 Aug 2026

Long-term debt
0.0

the statement shows no non-current liabilities at all: total liabilities of 4,594,756,086 equal current liabilities, so the borrowings and the private placement bond are both classified as falling due within a year · Unaudited financial results for the period ended 30 June 2026, unaudited consolidated statement of financial position · 28 Aug 2026

KES per US$
129.46

CBK daily exchange rates (mean) · 28 Aug 2026

Computed

EPS, trailing twelve months
0.10

attributable · computed: H1 FY2026 EPS 0.26 + FY2025 0.08 − H1 FY2025 0.24 · 29 Apr 2026

Revenue, trailing twelve months
477.8

computed: H1 FY2026 revenue 328.5m + FY2025 508.7m − H1 FY2025 359.4m · 29 Apr 2026

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
Not compiled
Dividend yield
Not compiled
Current ratio
0.73

computed: current assets ÷ current liabilities · 28 Aug 2026

Price ÷ Graham number
Not compiled
Discount to Graham number
Not compiled

Graham's tests

  1. Adequate size

    Revenue of at least US$100m

    Interim
    Not met
  2. Financial strength

    Current ratio of at least 2; long-term debt no more than working capital

    Interim
    Not met
  3. Earnings stability

    Positive EPS in each of the past 10 years

    Interim
    No result: data not compiled
  4. Dividend record

    A dividend paid in each of the past 20 years

    Interim
    Not met
  5. Earnings growth

    EPS up at least one-third over 10 years, on three-year averages

    Interim
    No result: data not compiled
  6. Moderate P/E

    Price no more than 15 × three-year average EPS

    Interim
    No result: data not compiled
  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

Sources and notes

  • Book value (BVPS): attributable · computed: equity attributed to owners of the company −561,876,475 ÷ 405,255,320 shares, Unaudited financial results for the period ended 30 June 2026, unaudited consolidated statement of financial position · 28 Aug 2026 (a deficit: equity attributed to owners of the company −561,876,475, being share capital 405,255,320 and share premium 68,842,038 against an accumulated deficit of 1,035,973,833. The non-controlling interest is −284,327,056 and total equity −846,203,531)
  • Price on results day: NSE daily price list 2026-08-28, p.1 · 28 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The statements carry no printed approval date, so the PDF creation timestamp is used — 28 Aug 2026 at 14:02, before the market closed)
  • Current assets: Unaudited financial results for the period ended 30 June 2026, unaudited consolidated statement of financial position · 28 Aug 2026 (inventories 2,712,048,545, trade and other receivables 607,114,787 and cash and cash equivalents 44,986,838. The inventories are land and work in progress)
  • Current liabilities: Unaudited financial results for the period ended 30 June 2026, unaudited consolidated statement of financial position · 28 Aug 2026 (deposits from the sale of plots and units 1,480,730,660, trade and other payables 1,250,793,076, borrowings 1,040,176,500, the private placement bond 680,950,000, deposit for shares 91,620,390, current tax 31,085,595 and deferred income 19,399,865. Net current liabilities were 1,230,605,915)
  • Long-term debt: Unaudited financial results for the period ended 30 June 2026, unaudited consolidated statement of financial position · 28 Aug 2026 (the statement shows no non-current liabilities at all: total liabilities of 4,594,756,086 equal current liabilities, so the borrowings and the private placement bond are both classified as falling due within a year)
  • KES per US$: CBK daily exchange rates (mean) · 28 Aug 2026
  • EPS, 6 months to 2026-06-30: basic · Unaudited financial results for the period ended 30 June 2026, unaudited statement of profit or loss and other comprehensive income · 28 Aug 2026 (six-month figure as printed; profit attributable to owners 104,213,797 of a group profit of 184,983,792, the rest 80,769,995 to non-controlling interests. Computed over 405,255,320 shares this is 0.257. No tax was charged in either half-year)
  • EPS, same 6 months a year earlier: basic · Unaudited financial results for the period ended 30 June 2026, unaudited statement of profit or loss and other comprehensive income · 28 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 statements, on profit attributable to owners of 95,962,967)
  • Revenue, 6 months to 2026-06-30: Unaudited financial results for the period ended 30 June 2026, unaudited statement of profit or loss and other comprehensive income · 28 Aug 2026 (revenue from contracts with customers 328,475,980, down from 359,433,215; other operating income added 31,294,287 and finance costs fell to 403,200 from 34,827,215)
  • Revenue, same 6 months a year earlier: Unaudited financial results for the period ended 30 June 2026, unaudited statement of profit or loss and other comprehensive income · 28 Aug 2026 (revenue from contracts with customers for the six months to 30 Jun 2025 as printed in the 2026 statements)

Disclaimer: This profile is published for educational purposes only and does not constitute financial advice. It presents reported company data and arithmetic derived from it — not a recommendation to buy, hold or sell. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and consult with a qualified financial advisor before making investment decisions.

Profile compiled 2026-09-25 from Home Afrika Limited audited group financials for the year ended 31 December 2025 and unaudited financial results for the period ended 30 June 2026 (issuer filings hosted by NSE, nse.co.ke), NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.