Nation Media Group Plc (NSE: NMG) 1H18 Earnings Note
Nation Media Group Plc (NSE: NMG) announced its 1H18 results, recording a 35.5% y/y decline in Profit after tax. This was exacerbated by a dip in revenue (6.7% y/y) to KES 4.92Bn coupled with provision of overdue debts (+1566.3% y/y) and revaluation of financial assets (2159.1% y/y). The board has declared an interim dividend of KES 1.50 per share, a 40% cut from 1H17. NMG is currently trading at a P/E of 15.6x against a peer average of 11.07x, indicating that the counter is overpriced at the current price of KES 87.5.
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