East African Breweries Ltd (NSE: EABL) FY19 Earnings Note
East African Breweries Ltd (NSE: EABL) announced stronger than expected FY19 performance with an EPS growth of 56.2% y/y to KES 11.23, ahead of our expected KES 10.02. Net revenue was up 12.4% y/y to KES 82.5Bn against our expected KES 81.7Bn. The Board recommended a final dividend per share of KES 6.00 (Total DPS of KES 8.50) reflecting a 9.1% y/y increment. This implies a trailing dividend yield of 4.0%. Following the stellar FY19 performance, we maintain our BUY recommendation with a target price of KES 241.75.
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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