NBV — Nairobi Business Ventures 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. Nairobi Business Ventures began as a footwear retailer and is now a small holding company on the NSE's SME segment with three divisions: aircraft maintenance and aviation development, Delta Automobile, and a trading business that made no sales at all in the year to 31 Mar 2026. Its year ends on 31 March. Graham's industrial tests apply in principle, but only part of them can be run: the group statements the company publishes carry no split between current and non-current assets and liabilities, so there is no current ratio and no working capital to weigh long-term debt against, and the borrowings shown here are the whole group balance rather than the non-current portion. The company prints no earnings per share and no share count; the figures here use 1,353,711,934 shares, the audited share capital of KShs 676,855,967 at the NSE par value of KShs 0.50, and the earnings per share is computed from group profit over that count. The group results are unaudited — only the company statements are audited — and no split between owners and any non-controlling interest is disclosed, so the whole of group equity is taken as attributable.
Showing FY2026
√(22.5 × -0.12 × 1.28) = no result
The Graham number for FY2026, from that year's EPS and BVPS. 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)
-0.12
computed: group loss after tax of 164,733k over 1,353,711,934 shares; the release prints no per-share figure and does not disclose a non-controlling interest. Delta Automobile lost 162.6m of it; aircraft maintenance stayed the most profitable segment at 27.8m before tax · basic · computed from Financial statements for the year ended 31 Mar 2026, consolidated statement of comprehensive income · 30 Jul 2026
- Book value (BVPS)
1.28
group total equity of 1,738,767k over 1,353,711,934 shares. The company's own audited balance sheet shows share capital of KShs 676,855,967, share premium of KShs 51,400,000 and accumulated losses of KShs 64,882,077 · attributable · computed: group total equity 1,738,767k ÷ 1,353,711,934 shares, Financial statements for the year ended 31 Mar 2026, consolidated statement of financial position and company balance sheet · 30 Jul 2026
- Dividend (DPS)
0.00
in view of the loss and the group's funding and reinvestment requirements, the directors do not recommend a dividend for the year ended 31 Mar 2026 · Financial statements for the year ended 31 Mar 2026, trading environment · 30 Jul 2026
- Price on results day
1.34
NSE daily price list VWAP, the exchange's official end-of-day price. The release carries no printed date and the PDF was created on 30 Jul 2026 at 12:04, before the 15:00 close, so that day is used · NSE daily price list 2026-07-30, p.1 · 30 Jul 2026
Size and balance sheet (KES m)
- Revenue
208.3
group sales, down 59% from 508,016k. Combined aviation revenue was 104.8m, Delta Automobile 103.5m, and the trading business none at all after its restructuring · Financial statements for the year ended 31 Mar 2026, consolidated statement of comprehensive income · 30 Jul 2026
- Current assets
- Not compiled
- Current liabilities
- Not compiled
- Long-term debt
572.4
the whole of group borrowings: the consolidated balance sheet is published as a single list with no current and non-current split, so this is an upper bound on long-term debt and no working capital figure can be set against it · Financial statements for the year ended 31 Mar 2026, consolidated statement of financial position · 30 Jul 2026
- KES per US$
129.40
CBK daily exchange rates (mean) · 30 Jul 2026
Computed
- EPS, three-year average
- Not compiled
- P/E on three-year EPS
- Not compiled
- P/B
1.05
computed: price ÷ BVPS · 30 Jul 2026
- Dividend yield
0.0%
computed: DPS ÷ price · 30 Jul 2026
- Current ratio
- Not compiled
- Price ÷ Graham number
- Not compiled
- Discount to Graham number
- Not compiled
Graham's tests
- Not metAdequate size
Revenue of at least US$100m
Adequate sizeNot met
Revenue of at least US$100m
- Revenue KES 208.3m ÷ 129.40 KES per US$ = US$1.6m
- US$1.6m against a floor of US$100mfalls short
- No result: data not compiledFinancial strength
Current ratio of at least 2; long-term debt no more than working capital
Financial strengthNo result: data not compiled
Current ratio of at least 2; long-term debt no more than working capital
Still needed: Current assets for FY2026, Current liabilities for FY2026.
- Not metEarnings stability
Positive EPS in each of the past 10 years
Earnings stabilityNot met
Positive EPS in each of the past 10 years
EPS positive in 1 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
- 0.02
- positive
- FY2026
- -0.12
- not positive
- EPS of -0.12 in FY2026falls short
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.
- Not metDividend record
A dividend paid in each of the past 20 years
Dividend recordNot met
A dividend paid in each of the past 20 years
Dividend paid in 0 of 20 years (FY2007–FY2026)
- No dividend in FY2025falls short
- No dividend in FY2026falls short
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
- 0.02
- FY2026
- -0.12
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 1.34 ÷ BVPS 1.28 = 1.05
- 1.05 against a ceiling of 1.5meets
Sources and notes
- Earnings (EPS): basic · computed from Financial statements for the year ended 31 Mar 2026, consolidated statement of comprehensive income · 30 Jul 2026 (computed: group loss after tax of 164,733k over 1,353,711,934 shares; the release prints no per-share figure and does not disclose a non-controlling interest. Delta Automobile lost 162.6m of it; aircraft maintenance stayed the most profitable segment at 27.8m before tax)
- Book value (BVPS): attributable · computed: group total equity 1,738,767k ÷ 1,353,711,934 shares, Financial statements for the year ended 31 Mar 2026, consolidated statement of financial position and company balance sheet · 30 Jul 2026 (group total equity of 1,738,767k over 1,353,711,934 shares. The company's own audited balance sheet shows share capital of KShs 676,855,967, share premium of KShs 51,400,000 and accumulated losses of KShs 64,882,077)
- Dividend (DPS): Financial statements for the year ended 31 Mar 2026, trading environment · 30 Jul 2026 (in view of the loss and the group's funding and reinvestment requirements, the directors do not recommend a dividend for the year ended 31 Mar 2026)
- Price on results day: NSE daily price list 2026-07-30, p.1 · 30 Jul 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The release carries no printed date and the PDF was created on 30 Jul 2026 at 12:04, before the 15:00 close, so that day is used)
- Revenue: Financial statements for the year ended 31 Mar 2026, consolidated statement of comprehensive income · 30 Jul 2026 (group sales, down 59% from 508,016k. Combined aviation revenue was 104.8m, Delta Automobile 103.5m, and the trading business none at all after its restructuring)
- Long-term debt: Financial statements for the year ended 31 Mar 2026, consolidated statement of financial position · 30 Jul 2026 (the whole of group borrowings: the consolidated balance sheet is published as a single list with no current and non-current split, so this is an upper bound on long-term debt and no working capital figure can be set against it)
- KES per US$: CBK daily exchange rates (mean) · 30 Jul 2026