Genghis Capital - Kenya Electricity Generating Co (KEGN) KenGen Company Plc (NSE: KEGN) FY20 Earnings Note

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Genghis Capital

Gerald Muriuki

KenGen Company Plc (NSE: KEGN) FY20 Earnings Note

KenGen Plc (NSE: KEGN) announced the delayed FY20 audited results. Performance was buoyant as expected with an EPS of KES 2.79 (+132.5% y/y) but normalized (adjusted for the KES 4.6Bn tax credit) EPS growth rate of 16.7% y/y to KES 1.40. The tax credit emanates from capital deduction allowances following completion of the 165MW Olkaria V power plant in November 2019. Electricity revenue backed by the power plant rose 13.4% y/y amidst steady growth in operating expenses (+3.0% y/y). As expected, full year dividend was maintained at the baseline KES 0.30 per share (+20.0% y/y increase) with books closure slated for 29th April 2021 (payment on 22nd July 2021). We maintain our BUY rating at a target price of KES 7.11.

28/01/2021 4 EN

Underlying

Kenya Electricity Generating Co

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KE0000000547 Nairobi Securities Exchange Kenya

Provider

Genghis Capital

Genghis Capital is an innovative and customer focused Investment Bank licensed by the Capital Markets Authority (CMA). Founded in 2008, Genghis is one of the leading investment banks in Kenya. Since its establishment, Genghis has achieved tremendous growth to offer a well-diversified portfolio of financial services that includes:

i. Securities(Equity/Debt) Trading
ii. Research
iii. Wealth Management services
iv. Investment Advisory & Management via the GenCap Unit Trusts
v. Corporate Finance & Transaction Advisory services

The Kenyan Capital Markets continue to develop in size, scope and sophistication. With this is an increasing demand for more specialized and personalized brokerage service and we at Genghis Capital are glad to be able to offer you this service. Our strength lies in ensuring our clients are up to speed with developments at the stock market and the economy. Research and technology remains our competitive and comparative advantage hence Experience, Expertise and Professionalism are some of the qualities you can expect from our team.

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Analysts

Gerald Muriuki

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KenGen Company Plc (NSE: KEGN) FY20 Earnings Note

Ford Equity International Rating and Forecast Report

Genghis Cross-Asset Weekly Strategy - 8th February 2021

East African Breweries Ltd (NSE: EABL) 1H21 Earnings Note

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