KEGN — Kenya Electricity Generating 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 for public utilities. KenGen generates electricity for the national grid, mostly from geothermal and hydro, so Graham's public-utility tests apply: total assets for size, and borrowings against shareholders' equity for strength.
Showing FY2026
√(22.5 × 1.57 × 44.00) = 39.42
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: +68.2% at the results-day price of 12.55. Positive means the price was below the Graham number; negative means above.
The figures
Per share (KES)
- Earnings (EPS)
1.57
basic and diluted · basic · Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026
- Book value (BVPS)
44.00
no non-controlling interests; shares from 6,594,522,339 ordinary shares of KShs 2.50, Integrated Annual Report 2025 · attributable · computed: total equity 290,147m ÷ 6,594.5m shares, Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026
- Dividend (DPS)
0.75
first and final dividend recommended for 2026 · Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026
- Price on results day
12.55
NSE daily price list VWAP, the exchange's official end-of-day price · NSE daily price list 2026-09-04, p.1 · 4 Sept 2026
Size and balance sheet (KES m)
- Revenue
59,712.0
total revenue, including reimbursable fuel and water costs of 10,201m; revenue less reimbursable expenses was 49,511m · Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026
- Total assets
500,072.0
Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026
- Total borrowings
97,066.0
Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026
- Shareholders' equity
290,147.0
total equity · Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026
- KES per US$
129.47
CBK daily exchange rates (mean) · 4 Sept 2026
Computed
- EPS, three-year average
- Not compiled
- P/E on three-year EPS
- Not compiled
- P/B
0.29
computed: price ÷ BVPS · 4 Sept 2026
- Dividend yield
6.0%
computed: DPS ÷ price · 4 Sept 2026
- Borrowings ÷ equity
0.33×
computed: total borrowings ÷ shareholders' equity · 4 Sept 2026
- Price ÷ Graham number
0.32×
computed: price ÷ Graham number · 4 Sept 2026
- Discount to Graham number
+68.2%
computed: (Graham number − price) ÷ Graham number · 4 Sept 2026
Graham's tests
- MetAdequate size
Total assets of at least US$50m
Adequate sizeMet
Total assets of at least US$50m
- Total assets KES 500,072.0m ÷ 129.47 KES per US$ = US$3,862.5m
- US$3,862.5m against a floor of US$50mmeets
- MetFinancial strength
Borrowings no more than twice shareholders' equity at book value
Financial strengthMet
Borrowings no more than twice shareholders' equity at book value
- Twice shareholders' equity: 2 × 290,147.0 = 580,294.0
- Total borrowings 97,066.0 against a ceiling of 580,294.0meets
- 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
- 1.59
- positive
- FY2026
- 1.57
- 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
- 1.59
- FY2026
- 1.57
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 12.55 ÷ BVPS 44.00 = 0.29
- 0.29 against a ceiling of 1.5meets
Sources and notes
- Earnings (EPS): basic · Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026 (basic and diluted)
- Book value (BVPS): attributable · computed: total equity 290,147m ÷ 6,594.5m shares, Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026 (no non-controlling interests; shares from 6,594,522,339 ordinary shares of KShs 2.50, Integrated Annual Report 2025)
- Dividend (DPS): Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026 (first and final dividend recommended for 2026)
- Price on results day: NSE daily price list 2026-09-04, p.1 · 4 Sept 2026 (NSE daily price list VWAP, the exchange's official end-of-day price)
- Revenue: Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026 (total revenue, including reimbursable fuel and water costs of 10,201m; revenue less reimbursable expenses was 49,511m)
- Total assets: Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026
- Total borrowings: Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026
- Shareholders' equity: Audited financial results for the year ended 30 Jun 2026, p.1 · 4 Sept 2026 (total equity)
- KES per US$: CBK daily exchange rates (mean) · 4 Sept 2026