SCOM — Safaricom 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. Safaricom is a telecom and mobile-money operator, so its size is judged by total assets and its strength by borrowings against shareholders' equity.
Showing FY2026
√(22.5 × 2.40 × 5.02) = 16.46
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: −95.0% at the results-day price of 32.10. Positive means the price was below the Graham number; negative means above.
The figures
Per share (KES)
- Earnings (EPS)
2.40
as published in the results booklet (p.14) and Annual Report 2026 five-year summary (p.93); the press release prints 2.39. Post IAS 29 exit (Ethiopia, 30 Jun 2025) · basic, attributable · FY26 results booklet · 7 May 2026
- Book value (BVPS)
5.02
attributable · computed: attributable equity 201,134.8m ÷ 40,065.4m shares, FY26 results booklet · 7 May 2026
- Dividend (DPS)
2.00
0.85 interim + 1.15 final · FY26 press release + AGM voting poll results · 31 Jul 2026
- Price on results day
32.10
NSE daily price list VWAP, the exchange's official end-of-day price (the list has no separate close) · NSE daily price list 7 May 2026, p.2 · 7 May 2026
Size and balance sheet (KES m)
- Revenue
427,559.1
includes other income of 6,567.0m · FY2026 results press release, p.1 · 7 May 2026
- Total assets
518,045.4
Annual Report 2026, p.150 · 7 May 2026
- Total borrowings
109,255.0
lease liabilities not included; includes KShs 20.0bn of green medium-term notes · computed: current borrowings 25,540.4m + non-current borrowings 83,714.6m, Annual Report 2026, p.150 · 7 May 2026
- Shareholders' equity
201,134.8
FY26 results booklet · 7 May 2026
- KES per US$
129.19
CBK daily exchange rates (mean) · 7 May 2026
Computed
- EPS, three-year average
1.90
attributable · computed: mean EPS FY2024, FY2025 and FY2026 · 9 May 2024
- P/E on three-year EPS
16.87
computed: price ÷ EPS 3-yr average · 9 May 2024
- P/B
6.39
computed: price ÷ BVPS · 7 May 2026
- Dividend yield
6.2%
computed: DPS ÷ price · 7 May 2026
- Borrowings ÷ equity
0.54×
computed: total borrowings ÷ shareholders' equity · 7 May 2026
- Price ÷ Graham number
1.95×
computed: price ÷ Graham number · 7 May 2026
- Discount to Graham number
−95.0%
computed: (Graham number − price) ÷ Graham number · 7 May 2026
Graham's tests
- MetAdequate size
Total assets of at least US$50m
Adequate sizeMet
Total assets of at least US$50m
- Total assets KES 518,045.4m ÷ 129.19 KES per US$ = US$4,009.9m
- US$4,009.9m 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 × 201,134.8 = 402,269.6
- Total borrowings 109,255.0 against a ceiling of 402,269.6meets
- MetEarnings stability
Positive EPS in each of the past 10 years
Earnings stabilityMet
Positive EPS in each of the past 10 years
EPS positive in 10 of 10 years
- FY2017
- 1.21
- positive
- FY2018
- 1.38
- positive
- FY2019
- 1.56
- positive
- FY2020
- 1.84
- positive
- FY2021
- 1.71
- positive
- FY2022
- 1.74
- positive
- FY2023
- 1.55
- positive
- FY2024
- 1.57
- positive
- FY2025
- 1.74
- positive
- FY2026
- 2.40
- positive
- 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 19 of 20 years (FY2007–FY2026)
Still needed: DPS for FY2007.
- MetEarnings growth
EPS up at least one-third over 10 years, on three-year averages
Earnings growthMet
EPS up at least one-third over 10 years, on three-year averages
- FY2017
- 1.21
- FY2018
- 1.38
- FY2019
- 1.56
- FY2024
- 1.57
- FY2025
- 1.74
- FY2026
- 2.40
- Average EPS FY2017 to FY2019: (1.21 + 1.38 + 1.56) ÷ 3 = 1.383
- Average EPS FY2024 to FY2026: (1.57 + 1.74 + 2.40) ÷ 3 = 1.903
- Target: 1.383 × 4/3 = 1.844
- 1.903 against a target of 1.844meets
- Not metModerate P/E
Price no more than 15 × three-year average EPS
Moderate P/ENot met
Price no more than 15 × three-year average EPS
- Price 32.10 ÷ three-year average EPS 1.903 = 16.87
- 16.87 against a ceiling of 15falls short
- Not metModerate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Moderate P/BNot met
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
- Price 32.10 ÷ BVPS 5.02 = 6.39
- 6.39 against a ceiling of 1.5falls short
- P/E × P/B: 16.87 × 6.39 = 107.8
- 107.8 against a ceiling of 22.5falls short
Sources and notes
- Earnings (EPS): basic, attributable · FY26 results booklet · 7 May 2026 (as published in the results booklet (p.14) and Annual Report 2026 five-year summary (p.93); the press release prints 2.39. Post IAS 29 exit (Ethiopia, 30 Jun 2025))
- Book value (BVPS): attributable · computed: attributable equity 201,134.8m ÷ 40,065.4m shares, FY26 results booklet · 7 May 2026
- Dividend (DPS): FY26 press release + AGM voting poll results · 31 Jul 2026 (0.85 interim + 1.15 final)
- Price on results day: NSE daily price list 7 May 2026, p.2 · 7 May 2026 (NSE daily price list VWAP, the exchange's official end-of-day price (the list has no separate close))
- Revenue: FY2026 results press release, p.1 · 7 May 2026 (includes other income of 6,567.0m)
- Total assets: Annual Report 2026, p.150 · 7 May 2026
- Total borrowings: computed: current borrowings 25,540.4m + non-current borrowings 83,714.6m, Annual Report 2026, p.150 · 7 May 2026 (lease liabilities not included; includes KShs 20.0bn of green medium-term notes)
- Shareholders' equity: FY26 results booklet · 7 May 2026
- KES per US$: CBK daily exchange rates (mean) · 7 May 2026