New Risk • May 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Kenyan stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (7.5% net profit margin). Market cap is less than US$100m (KSh4.56b market cap, or US$35.2m). Reported Earnings • May 05
Full year 2025 earnings released: EPS: KSh2.77 (vs KSh4.54 in FY 2024) Full year 2025 results: EPS: KSh2.77 (down from KSh4.54 in FY 2024). Revenue: KSh10.4b (flat on FY 2024). Net income: KSh782.0m (down 39% from FY 2024). Profit margin: 7.5% (down from 12% in FY 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 01
Dividend of KSh0.35 announced Dividend of KSh0.35 is the same as last year. Ex-date: 29th June 2026 Payment date: 30th July 2026 Dividend yield will be 2.1%, which is about the same as the industry average. お知らせ • Apr 30
TPS Eastern Africa Plc announces Annual dividend, payable on July 30, 2026 TPS Eastern Africa Plc announced Annual dividend of KES 0.3500 per share payable on July 30, 2026, ex-date on June 29, 2026 and record date on June 26, 2026. お知らせ • Apr 29
TPS Eastern Africa Plc, Annual General Meeting, Jun 26, 2026 TPS Eastern Africa Plc, Annual General Meeting, Jun 26, 2026, at 11:00 E. Africa Standard Time. Buy Or Sell Opportunity • Apr 29
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 4.2% to KSh16.30. The fair value is estimated to be KSh13.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Apr 07
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 4.9% to KSh16.05. The fair value is estimated to be KSh13.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Mar 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Profit margins are more than 30% lower than last year (6.0% net profit margin). Market cap is less than US$100m (KSh4.83b market cap, or US$37.4m). Buy Or Sell Opportunity • Mar 02
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to KSh17.10. The fair value is estimated to be KSh13.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Feb 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.6% to KSh16.25. The fair value is estimated to be KSh13.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jan 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Kenyan stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.6% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (6.0% net profit margin). Market cap is less than US$100m (KSh4.40b market cap, or US$34.1m). Buy Or Sell Opportunity • Dec 02
Now 23% overvalued Over the last 90 days, the stock has fallen 2.0% to KSh14.70. The fair value is estimated to be KSh11.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last year. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to KSh17.70, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 10x in the Hospitality industry in Africa. Total returns to shareholders of 11% over the past three years. Reported Earnings • Sep 03
First half 2025 earnings released: KSh0.05 loss per share (vs KSh1.90 profit in 1H 2024) First half 2025 results: KSh0.05 loss per share (down from KSh1.90 profit in 1H 2024). Revenue: KSh4.24b (down 6.4% from 1H 2024). Net loss: KSh13.3m (down 102% from profit in 1H 2024). New Risk • Aug 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.0% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (6.0% net profit margin). Market cap is less than US$100m (KSh4.15b market cap, or US$32.1m). Upcoming Dividend • Jun 24
Upcoming dividend of KSh0.35 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 30 July 2025. Payout ratio is a comfortable 7.7% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Kenyan dividend payers (9.7%). Lower than average of industry peers (4.4%). Reported Earnings • Jan 24
First half 2024 earnings released First half 2024 results: EPS: KSh1.90. Net income: KSh535.5m (up KSh535.5m from 1H 2023). New Risk • Jan 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (KSh4.24b market cap, or US$32.7m). Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to KSh14.70, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 11x in the Hospitality industry in Africa. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to KSh11.75, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 10x in the Hospitality industry in Africa. Total loss to shareholders of 18% over the past three years. Reported Earnings • Jun 20
Full year 2023 earnings released: EPS: KSh2.89 (vs KSh1.45 in FY 2022) Full year 2023 results: EPS: KSh2.89 (up from KSh1.45 in FY 2022). Revenue: KSh10.3b (up 44% from FY 2022). Net income: KSh816.6m (up 142% from FY 2022). Profit margin: 8.0% (up from 4.8% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to KSh15.00, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 11x in the Hospitality industry in Africa. Total loss to shareholders of 3.8% over the past three years. New Risk • Apr 26
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risk Market cap is less than US$100m (KSh5.61b market cap, or US$41.7m). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to KSh18.35, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 11x in the Hospitality industry in Africa. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to KSh13.00, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 13x in the Hospitality industry in Africa. Total loss to shareholders of 4.8% over the past three years. New Risk • Nov 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 34% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (KSh3.39b market cap, or US$22.3m). Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to KSh11.60, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 12x in the Hospitality industry in Africa. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to KSh13.40, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 12x in the Hospitality industry in Africa. Total loss to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to KSh13.65, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 10x in the Hospitality industry in Africa. Total returns to shareholders of 1.9% over the past three years. New Risk • Jun 08
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Market cap is less than US$100m (KSh2.06b market cap, or US$14.8m). Reported Earnings • Jun 08
Full year 2022 earnings released: EPS: KSh1.45 (vs KSh3.40 loss in FY 2021) Full year 2022 results: EPS: KSh1.45 (up from KSh3.40 loss in FY 2021). Revenue: KSh6.94b (up 107% from FY 2021). Net income: KSh337.6m (up KSh956.3m from FY 2021). Profit margin: 4.9% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Nov 16
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. No independent directors (7 non-independent directors). Non-Executive Director Alkarim Jiwa was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jun 15
Full year 2021 earnings released: KSh3.40 loss per share (vs KSh6.32 loss in FY 2020) Full year 2021 results: KSh3.40 loss per share (up from KSh6.32 loss in FY 2020). Revenue: KSh3.44b (up 53% from FY 2020). Net loss: KSh618.7m (loss narrowed 46% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. No independent directors (7 non-independent directors). Non-Executive Director Jean-Benoit Du Chalard was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Is New 90 Day High Low • Mar 11
New 90-day high: KSh17.95 The company is up 27% from its price of KSh14.15 on 10 December 2020. The Kenyan market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 20
New 90-day high: KSh17.45 The company is up 9.0% from its price of KSh16.00 on 22 October 2020. The Kenyan market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: KSh16.85 The company is up 12% from its price of KSh15.00 on 02 October 2020. The Kenyan market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day low: KSh13.65 The company is down 6.0% from its price of KSh14.55 on 27 August 2020. The Kenyan market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 3.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day high: KSh16.65 The company is up 4.0% from its price of KSh16.00 on 24 June 2020. The Kenyan market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 21% over the same period.