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LKL — Longhorn Publishers 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. Longhorn Publishers writes, prints and sells school and general books across East Africa and increasingly sells digital learning through its own platforms, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Its year ends on 30 June, so the interim column is the six months to 31 Dec 2025, the first half of the year to 30 June 2026. Both periods were losses, so neither has a Graham number. Book value is what the seven-year transition to the Competency-Based Curriculum has left: shareholders' funds of 23,053k at the 2025 year end and 7,969k six months later, against current liabilities that exceed current assets by more than 900m. Per-share figures rest on 272,440,473 ordinary shares of KShs 1 each, the issued and fully paid capital stated in the annual report; the earnings-per-share note uses a weighted average of 272,440,000.

six months to 31 Dec 2025

Interim: six months to 31 Dec 2025, unaudited. Earnings use the trailing twelve months to Dec 2025, 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 × -0.45 × 0.03) = no result

The Graham number for the twelve months to Dec 2025, 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)
-0.04

basic and diluted, six-month figure as printed; loss after tax 10,995k against 148,608k a year earlier. Gross margin improved to 45% from 40% and finance costs fell 22% after short-term borrowings were restructured into longer-tenor facilities · basic · Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of profit or loss · 30 Jan 2026

Book value (BVPS)
0.03

share capital, premium and translation reserve of 640,729k less accumulated losses of 632,760k. The non-controlling interest is negative at −4,954k, so total equity is lower still at 3,015k · attributable · computed: equity attributable to owners 7,969k ÷ 272,440,473 shares, Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of changes in equity · 30 Jan 2026

Dividend (DPS)
Not compiled
Price on results day
2.89

NSE daily price list VWAP, the exchange's official end-of-day price, on the date the board printed on the results, 30 Jan 2026. The PDF itself was created later, on 24 Feb 2026 at 14:16 · NSE daily price list 2026-01-30, p.1 · 30 Jan 2026

Size and balance sheet (KES m)

Revenue (6 months)
524.2

revenue and other income, 88% above the prior period on expanded school coverage and higher government orders. The condensed statement does not separate other income, so the full-year figure is taken on the same basis · Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of profit or loss · 30 Jan 2026

Current assets
892.9

inventories 352,988k, trade and other receivables 495,502k and cash and bank balances 44,445k · Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of financial position · 30 Jan 2026

Current liabilities
1,822.6

borrowings 573,733k, trade and other payables 1,224,904k and a bank overdraft of 23,923k · Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of financial position · 30 Jan 2026

Long-term debt
518.2

non-current borrowings, the whole of the non-current liability block · Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of financial position · 30 Jan 2026

KES per US$
129.03

CBK daily exchange rates (mean) · 30 Jan 2026

Computed

EPS, trailing twelve months
-0.45

attributable · computed: H1 FY2026 EPS -0.04 + FY2025 -0.96 − H1 FY2025 -0.55 · 23 Oct 2025

Revenue, trailing twelve months
925.3

computed: H1 FY2026 revenue 524.2m + FY2025 679.9m − H1 FY2025 278.8m · 23 Oct 2025

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
96.33

computed: price ÷ BVPS · 30 Jan 2026

Dividend yield
Not compiled
Current ratio
0.49

computed: current assets ÷ current liabilities · 30 Jan 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
    Not met
  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 attributable to owners 7,969k ÷ 272,440,473 shares, Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of changes in equity · 30 Jan 2026 (share capital, premium and translation reserve of 640,729k less accumulated losses of 632,760k. The non-controlling interest is negative at −4,954k, so total equity is lower still at 3,015k)
  • Price on results day: NSE daily price list 2026-01-30, p.1 · 30 Jan 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on the date the board printed on the results, 30 Jan 2026. The PDF itself was created later, on 24 Feb 2026 at 14:16)
  • Current assets: Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of financial position · 30 Jan 2026 (inventories 352,988k, trade and other receivables 495,502k and cash and bank balances 44,445k)
  • Current liabilities: Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of financial position · 30 Jan 2026 (borrowings 573,733k, trade and other payables 1,224,904k and a bank overdraft of 23,923k)
  • Long-term debt: Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of financial position · 30 Jan 2026 (non-current borrowings, the whole of the non-current liability block)
  • KES per US$: CBK daily exchange rates (mean) · 30 Jan 2026
  • EPS, 6 months to 2025-12-31: basic · Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of profit or loss · 30 Jan 2026 (basic and diluted, six-month figure as printed; loss after tax 10,995k against 148,608k a year earlier. Gross margin improved to 45% from 40% and finance costs fell 22% after short-term borrowings were restructured into longer-tenor facilities)
  • EPS, same 6 months a year earlier: basic · Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of profit or loss · 30 Jan 2026 (six months to 31 Dec 2024 as printed in the 2025 statements)
  • Revenue, 6 months to 2025-12-31: Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of profit or loss · 30 Jan 2026 (revenue and other income, 88% above the prior period on expanded school coverage and higher government orders. The condensed statement does not separate other income, so the full-year figure is taken on the same basis)
  • Revenue, same 6 months a year earlier: Unaudited condensed group results for the six-month period ended 31 Dec 2025, condensed consolidated statement of profit or loss · 30 Jan 2026 (revenue and other income for the six months to 31 Dec 2024 as printed in the 2025 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 Longhorn Publishers audited financial results and Annual Report and Financial Statements for the year ended 30 Jun 2025, approved by the board on 23 Oct 2025 (longhornpublishers.com), and the unaudited condensed group results for the six-month period ended 31 Dec 2025 (issuer filing hosted by NSE, nse.co.ke), NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.