Company Valuation: Liberty Kenya Holdings Plc

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,125 3,750 3,000 1,977 3,579 5,411
Change - -9.09% -20% -34.11% 81.03% 51.2%
Enterprise Value (EV) 1 -1,511 -4,027 -5,308 -10,780 -5,469 -2,807
Change - -166.51% -31.82% -103.08% 49.27% 48.67%
P/E 6.26x 46.8x 8.99x 3.02x 2.58x 11.9x
PBR 0.49x 0.44x 0.34x 0.22x 0.35x 0.54x
PEG - -0.5x 0x 0x 0x -0.2x
Capitalization / Revenue 0.42x 0.34x 0.29x 0.13x 0.27x 0.39x
EV / Revenue -0.15x -0.37x -0.51x -0.71x -0.41x -0.2x
EV / EBITDA -1.29x -10.4x -7.12x -9.72x -2.53x -2.09x
EV / EBIT -1.36x -12.2x -7.85x -9.82x -2.61x -2.18x
EV / FCF -1.33x -1.62x -3.04x -2.34x -1.63x -0.57x
FCF Yield -75.4% -61.8% -32.9% -42.8% -61.3% -176%
Dividend per Share 2 - - - 0.373 1 0.5
Rate of return - - - 10.1% 15% 4.95%
EPS 2 1.231 0.1496 0.6232 1.224 2.593 0.8512
Distribution rate - - - 30.5% 38.6% 58.7%
Net sales 1 9,912 10,921 10,467 15,198 13,396 14,052
EBITDA 1 1,167 386.2 745.7 1,109 2,163 1,342
EBIT 1 1,110 330.3 676.4 1,097 2,099 1,285
Net income 1 659.3 80.16 333.9 655.6 1,389 456
Net Debt 1 -5,636 -7,777 -8,308 -12,757 -9,048 -8,218
Reference price 2 7.700 7.000 5.600 3.690 6.680 10.100
Nbr of stocks (in thousands) 535,707 535,707 535,707 535,707 535,707 535,707
Announcement Date 4/15/21 3/24/22 6/14/23 4/17/24 3/24/25 3/12/26
1KES in Million2KES
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 39.17M
14.04x - - 3.98% 188B
13.05x3.07x11.32x1.14% 135B
15.61x - - 5.55% 110B
22.26x3.81x13.39x1.95% 91.46B
10.15x1.51x - 1.71% 38.81B
-441.68x1.37x - 3.79% 26.61B
12.9x - - 2.91% 24.28B
13.39x - - 4.16% 23.44B
10.92x - - 6.66% 16.96B
Average -36.59x 2.44x 12.36x 3.54% 65.46B
Weighted average by Cap. -3.66x 2.94x 12.16x 3.27%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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