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WTK — Williamson Tea Kenya 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. Williamson Tea grows, processes and sells tea from its estates at Changoi, Kaimosi and Tinderet and through its subsidiary Kapchorua Tea Kenya Plc, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. The two years rest on different share counts: a one-for-one bonus issue, book closure 13 Oct 2025 and admission to the official list 4 Nov 2025, took the shares in issue from 17,512,640 to 35,025,280 during the year to 31 Mar 2026. Each year's per-share figures use the count in issue at that year end, which is the count the quoted price reflected at the time; the FY2026 accounts restate the prior year's loss per share to 4.38 on the post-bonus count, against the 8.76 the company printed in 2025. Book value jumped in FY2026 because the group reclassified freehold land as leasehold right-of-use assets and revalued it, adding 3,685,419k of revaluation surplus: right-of-use assets went from 94,768k to 4,183,349k, other reserves from 1,440,079k to 4,962,116k and deferred income tax from 1,035,025k to 1,656,966k. FY2025 has no Graham number: the group made a loss.

year to 31 Mar 2026

Showing FY2026

√(22.5 × 3.31 × 274.62) = 143.01

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: −12.1% at the results-day price of 160.25. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS)
3.31

basic and diluted, there being no potentially dilutive shares; profit for the year attributable to owners of the company 116,043k of a group profit of 120,799k, over a weighted average 35,025,280 shares. The prior year's loss per share is restated to 4.38 in these accounts for the bonus issue, against the 8.76 printed in the 2025 accounts · basic · Annual Report and Financial Statements 2026, consolidated statement of profit or loss (p.22) and note 12 (p.56) · 30 Jun 2026

Book value (BVPS)
274.62

excludes non-controlling interests of 383,939k; the proposed final dividend of 525,379k is not recognised as a liability and so is still inside equity. Capital and reserves are share capital 175,126k, other reserves 4,962,116k and retained earnings 4,481,321k · attributable · computed: capital and reserves attributable to owners of the company 9,618,563k ÷ 35,025,280 shares, Annual Report and Financial Statements 2026, consolidated statement of financial position (p.25) and note 25 (p.75) · 30 Jun 2026

Dividend (DPS)
15.00

final dividend of Shs 15 per share proposed by the directors, Shs 525,379,200 in total, payable on 2 Sep 2026 and subject to approval at the annual general meeting on 20 Aug 2026. The 2025 comparative of Shs 10 was struck on the pre-bonus share count · Annual Report and Financial Statements 2026, note 13 (p.56) and notice of the 84th annual general meeting · 30 Jun 2026

Price on results day
160.25

NSE daily price list VWAP, the exchange's official end-of-day price. The board approved the financial statements on 25 Jun 2026 and the annual report PDF was created on 29 Jun 2026 at 20:03 EAT, after the market closed, so the first trading day after that is used. Neither the company nor the NSE published a separate abridged results announcement for the year · NSE daily price list 2026-06-30, p.1 · 30 Jun 2026

Size and balance sheet (KES m)

Revenue
3,400.1

revenue from contracts with customers, all from the point-in-time sale of tea: direct export sales 1,741.8m and local sales through the Mombasa Tea Auction 1,658.3m. Down from 4,108.7m a year earlier; 16,038 thousand kg of tea were sold at an average gross price of Shs 212.00 per kg. Operating income, which adds fair value gains on biological assets, was 3,516.9m · Annual Report and Financial Statements 2026, consolidated statement of profit or loss (p.22), note 4(e) and note 5(a) (p.52) and financial highlights (p.3) · 30 Jun 2026

Current assets
2,084.1

current assets of 2,052.3m — cash and bank balances 931.2m, inventories 628.6m, trade and other receivables 394.5m, current income tax 73.8m and unharvested green leaf 24.2m — plus the 31.8m of assets classified as held for sale that the statement adds into the current total · Annual Report and Financial Statements 2026, consolidated statement of financial position (p.25) · 30 Jun 2026

Current liabilities
581.1

trade and other payables 438.1m, borrowings 51.9m, dividends payable 85.4m and lease liabilities 5.6m · Annual Report and Financial Statements 2026, consolidated statement of financial position (p.26) · 30 Jun 2026

Long-term debt
0.0

no non-current borrowings at 31 Mar 2026 (31 Mar 2025: 50.6m). The rest of the non-current block is deferred income tax 1,657.0m, post-employment benefits obligation 205.6m and lease liabilities 16.3m, none of it borrowing · Annual Report and Financial Statements 2026, consolidated statement of financial position (p.26) · 30 Jun 2026

KES per US$
129.50

CBK daily exchange rates (mean) · 30 Jun 2026

Computed

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
0.58

computed: price ÷ BVPS · 30 Jun 2026

Dividend yield
9.4%

computed: DPS ÷ price · 30 Jun 2026

Current ratio
3.59

computed: current assets ÷ current liabilities · 30 Jun 2026

Price ÷ Graham number
1.12×

computed: price ÷ Graham number · 30 Jun 2026

Discount to Graham number
−12.1%

computed: (Graham number − price) ÷ Graham number · 30 Jun 2026

Graham's tests

  1. Adequate size

    Revenue of at least US$100m

    Not met
  2. Financial strength

    Current ratio of at least 2; long-term debt no more than working capital

    Met
  3. Earnings stability

    Positive EPS in each of the past 10 years

    Not met
  4. Dividend record

    A dividend paid in each of the past 20 years

    No result: data not compiled
  5. Earnings growth

    EPS up at least one-third over 10 years, on three-year averages

    No result: data not compiled
  6. Moderate P/E

    Price no more than 15 × three-year average EPS

    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

    Met

Sources and notes

  • Earnings (EPS): basic · Annual Report and Financial Statements 2026, consolidated statement of profit or loss (p.22) and note 12 (p.56) · 30 Jun 2026 (basic and diluted, there being no potentially dilutive shares; profit for the year attributable to owners of the company 116,043k of a group profit of 120,799k, over a weighted average 35,025,280 shares. The prior year's loss per share is restated to 4.38 in these accounts for the bonus issue, against the 8.76 printed in the 2025 accounts)
  • Book value (BVPS): attributable · computed: capital and reserves attributable to owners of the company 9,618,563k ÷ 35,025,280 shares, Annual Report and Financial Statements 2026, consolidated statement of financial position (p.25) and note 25 (p.75) · 30 Jun 2026 (excludes non-controlling interests of 383,939k; the proposed final dividend of 525,379k is not recognised as a liability and so is still inside equity. Capital and reserves are share capital 175,126k, other reserves 4,962,116k and retained earnings 4,481,321k)
  • Dividend (DPS): Annual Report and Financial Statements 2026, note 13 (p.56) and notice of the 84th annual general meeting · 30 Jun 2026 (final dividend of Shs 15 per share proposed by the directors, Shs 525,379,200 in total, payable on 2 Sep 2026 and subject to approval at the annual general meeting on 20 Aug 2026. The 2025 comparative of Shs 10 was struck on the pre-bonus share count)
  • Price on results day: NSE daily price list 2026-06-30, p.1 · 30 Jun 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The board approved the financial statements on 25 Jun 2026 and the annual report PDF was created on 29 Jun 2026 at 20:03 EAT, after the market closed, so the first trading day after that is used. Neither the company nor the NSE published a separate abridged results announcement for the year)
  • Revenue: Annual Report and Financial Statements 2026, consolidated statement of profit or loss (p.22), note 4(e) and note 5(a) (p.52) and financial highlights (p.3) · 30 Jun 2026 (revenue from contracts with customers, all from the point-in-time sale of tea: direct export sales 1,741.8m and local sales through the Mombasa Tea Auction 1,658.3m. Down from 4,108.7m a year earlier; 16,038 thousand kg of tea were sold at an average gross price of Shs 212.00 per kg. Operating income, which adds fair value gains on biological assets, was 3,516.9m)
  • Current assets: Annual Report and Financial Statements 2026, consolidated statement of financial position (p.25) · 30 Jun 2026 (current assets of 2,052.3m — cash and bank balances 931.2m, inventories 628.6m, trade and other receivables 394.5m, current income tax 73.8m and unharvested green leaf 24.2m — plus the 31.8m of assets classified as held for sale that the statement adds into the current total)
  • Current liabilities: Annual Report and Financial Statements 2026, consolidated statement of financial position (p.26) · 30 Jun 2026 (trade and other payables 438.1m, borrowings 51.9m, dividends payable 85.4m and lease liabilities 5.6m)
  • Long-term debt: Annual Report and Financial Statements 2026, consolidated statement of financial position (p.26) · 30 Jun 2026 (no non-current borrowings at 31 Mar 2026 (31 Mar 2025: 50.6m). The rest of the non-current block is deferred income tax 1,657.0m, post-employment benefits obligation 205.6m and lease liabilities 16.3m, none of it borrowing)
  • KES per US$: CBK daily exchange rates (mean) · 30 Jun 2026

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 Williamson Tea Kenya Plc Annual Report and Financial Statements for the years ended 31 Mar 2026 and 31 Mar 2025 and the notice of the 84th annual general meeting (williamsontea.com), the audited full year results for the year ended 31 Mar 2025 and the NSE press release on the admission of the bonus shares (issuer filings hosted by nse.co.ke), NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.