UNGA — Unga Group 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. Unga Group mills flour and makes animal feed in Kenya and Uganda, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. The year ends on 30 June, so the interim column is the six months to 31 December 2025 and the figures behind it are rolling twelve months. Long-term debt is taken as the whole non-current liability block, which the published statements do not break out, so it is an upper bound. Per-share figures rest on 75,708,873 shares, being the 378,535k of share capital over the KES 5.00 par value the NSE price list states. The group carries substantial minority interests — 1.85bn shillings at June 2025 against 3.49bn attributable to owners — so book value here is the attributable half only.

Fiscal year

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.

√(22.5 × 5.58 × 50.53) = 79.65

The Graham number for the twelve months to Dec 2025, from trailing-twelve-month EPS and BVPS at the period end. Tap a figure below for its source and date.

Discount to Graham number: +64.6% at the results-day price of 28.20. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months): 4.48
basic and diluted, six-month figure as printed and not annualised: it is the 339,099k of total comprehensive income due to owners of the parent over 75.7m shares. Profit attributable to owners alone was 335,525k, which would give 4.43. Group profit for the period was 523,170k against 82,173k a year earlier, on operating profit up to 746,769k from 351,870k and finance costs halved to 106,165k · basic · Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of income and consolidated statement of changes in equity · 26 Feb 2026
Book value (BVPS): 50.53
share capital 378,535k and reserves 3,446,703k, the 3,825,238k attributable to equity holders confirmed by the statement of changes in equity; excludes minority interests of 2,037,072k, so total equity is higher at 5,862,310k · attributable · computed: equity attributable to owners 3,825,238k ÷ 75,708,873 shares, Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of financial position · 26 Feb 2026
Dividend (DPS): 0.00
the directors do not recommend an interim dividend, to conserve cash and rebuild working capital eroded by losses in prior years · Half year results, unaudited financial results for the six months ended 31 Dec 2025, commentary · 26 Feb 2026
Price on results day: 28.20
NSE daily price list VWAP, the exchange's official end-of-day price. The company secretary dated the publication 25 Feb 2026 and the PDF was finalised that afternoon at 16:24, after the market closed, so the first trading day after that is used; the NSE posted the filing on 26 Feb · NSE daily price list 2026-02-26, p.2 · 26 Feb 2026

Size and balance sheet (KES m)

Revenue (6 months): 14,478.3
revenue of 14,478,273k, up 12% · Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of income · 26 Feb 2026
Current assets: 5,180.6
Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of financial position · 26 Feb 2026
Current liabilities: 4,109.6
Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of financial position · 26 Feb 2026
Long-term debt: 459.0
all non-current liabilities of 458,997k, because the published statement does not break them out; an upper bound on long-term debt · Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of financial position · 26 Feb 2026
KES per US$: 129.02
CBK daily exchange rates (mean) · 26 Feb 2026

Computed

EPS, trailing twelve months: 5.58
attributable · computed: H1 FY2026 EPS 4.48 + FY2025 1.73 − H1 FY2025 0.63 · 26 Sept 2025
Revenue, trailing twelve months: 27,673.3
computed: H1 FY2026 revenue 14,478.3m + FY2025 26,131.0m − H1 FY2025 12,936.0m · 26 Sept 2025
EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 0.56
computed: price ÷ BVPS · 26 Feb 2026
Dividend yield: Not compiled
Current ratio: 1.26
computed: current assets ÷ current liabilities · 26 Feb 2026
Price ÷ Graham number: 0.35×
computed: price ÷ Graham number · 26 Sept 2025
Discount to Graham number: +64.6%
computed: (Graham number − price) ÷ Graham number · 26 Sept 2025

Graham's tests

1
Adequate size
Revenue of at least US$100m
Interim
Met
Adequate sizeMet
Revenue of at least US$100m · Interim: earnings on trailing twelve months
- Revenue KES 27,673.3m ÷ 129.02 KES per US$ = US$214.5m
- US$214.5m against a floor of US$100mmeets
2
Financial strength
Current ratio of at least 2; long-term debt no more than working capital
Interim
Not met
Financial strengthNot met
Current ratio of at least 2; long-term debt no more than working capital · Interim: earnings on trailing twelve months
- Current ratio: 5,180.6 ÷ 4,109.6 = 1.26, against a minimum of 2.00falls short
- Working capital: 5,180.6 − 4,109.6 = 1,071.0
- Long-term debt 459.0 against working capital of 1,071.0meets
Earnings stability
Positive EPS in each of the past 10 years
Interim
No result: data not compiled
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years · Interim: earnings on trailing twelve months
EPS positive in 1 of 10 years
12m to Dec 2016
not held
not held
12m to Dec 2017
not held
not held
12m to Dec 2018
not held
not held
12m to Dec 2019
not held
not held
12m to Dec 2020
not held
not held
12m to Dec 2021
not held
not held
12m to Dec 2022
not held
not held
12m to Dec 2023
not held
not held
12m to Dec 2024
not held
not held
12m to Dec 2025
5.58
positive
Still needed: EPS for 12m to Dec 2016, EPS for 12m to Dec 2017, EPS for 12m to Dec 2018, EPS for 12m to Dec 2019, EPS for 12m to Dec 2020, EPS for 12m to Dec 2021, EPS for 12m to Dec 2022, EPS for 12m to Dec 2023, EPS for 12m to Dec 2024.
4
Dividend record
A dividend paid in each of the past 20 years
Interim
Not met
Dividend recordNot met
A dividend paid in each of the past 20 years · Interim: earnings on trailing twelve months
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.
Earnings growth
EPS up at least one-third over 10 years, on three-year averages
Interim
No result: data not compiled
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages · Interim: earnings on trailing twelve months
12m to Dec 2016
not held
not held
12m to Dec 2017
not held
not held
12m to Dec 2018
not held
not held
12m to Dec 2023
not held
not held
12m to Dec 2024
not held
not held
12m to Dec 2025
5.58
Still needed: EPS for 12m to Dec 2016, EPS for 12m to Dec 2017, EPS for 12m to Dec 2018, EPS for 12m to Dec 2023, EPS for 12m to Dec 2024.
Moderate P/E
Price no more than 15 × three-year average EPS
Interim
No result: data not compiled
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS · Interim: earnings on trailing twelve months
Still needed: EPS for 12m to Dec 2023, EPS for 12m to Dec 2024.
7
Moderate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Interim
Met
Moderate P/BMet
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5 · Interim: earnings on trailing twelve months
- Price 28.20 ÷ BVPS 50.53 = 0.56
- 0.56 against a ceiling of 1.5meets

Sources and notes

Book value (BVPS): attributable · computed: equity attributable to owners 3,825,238k ÷ 75,708,873 shares, Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of financial position · 26 Feb 2026 (share capital 378,535k and reserves 3,446,703k, the 3,825,238k attributable to equity holders confirmed by the statement of changes in equity; excludes minority interests of 2,037,072k, so total equity is higher at 5,862,310k)
Dividend (DPS): Half year results, unaudited financial results for the six months ended 31 Dec 2025, commentary · 26 Feb 2026 (the directors do not recommend an interim dividend, to conserve cash and rebuild working capital eroded by losses in prior years)
Price on results day: NSE daily price list 2026-02-26, p.2 · 26 Feb 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The company secretary dated the publication 25 Feb 2026 and the PDF was finalised that afternoon at 16:24, after the market closed, so the first trading day after that is used; the NSE posted the filing on 26 Feb)
Current assets: Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of financial position · 26 Feb 2026
Current liabilities: Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of financial position · 26 Feb 2026
Long-term debt: Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of financial position · 26 Feb 2026 (all non-current liabilities of 458,997k, because the published statement does not break them out; an upper bound on long-term debt)
KES per US$: CBK daily exchange rates (mean) · 26 Feb 2026
EPS, 6 months to 2025-12-31: basic · Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of income and consolidated statement of changes in equity · 26 Feb 2026 (basic and diluted, six-month figure as printed and not annualised: it is the 339,099k of total comprehensive income due to owners of the parent over 75.7m shares. Profit attributable to owners alone was 335,525k, which would give 4.43. Group profit for the period was 523,170k against 82,173k a year earlier, on operating profit up to 746,769k from 351,870k and finance costs halved to 106,165k)
EPS, same 6 months a year earlier: basic · Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of income · 26 Feb 2026 (six months to 31 Dec 2024 as printed in the 2026 statements; 47,916k due to owners of the parent)
Revenue, 6 months to 2025-12-31: Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of income · 26 Feb 2026 (revenue of 14,478,273k, up 12%)
Revenue, same 6 months a year earlier: Half year results, unaudited financial results for the six months ended 31 Dec 2025, consolidated statement of income · 26 Feb 2026 (revenue for the six months to 31 Dec 2024 as printed in the 2026 statements)