Stock KNRE KENYA REINSURANCE CORPORATION LIMITED
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Financials Kenya Reinsurance Corporation Limited

Equities

KNRE

KE0000000604

Reinsurance

End-of-day quote Nairobi S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
1.94 KES +1.04% Intraday chart for Kenya Reinsurance Corporation Limited 0.00% +3.19%
2023 Kenya Reinsurance Corporation Limited Reports Earnings Results for the Half Year Ended June 30, 2023 CI
2023 Kenya Reinsurance Corporation Limited Reports Earnings Results for the Full Year Ended December 31, 2022 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 12,669 9,764 8,483 6,496 6,440 5,124
Enterprise Value (EV) 1 9,033 3,967 1,112 -4,264 -5,157 -8,122
P/E ratio 3.54 x 4.29 x 2.14 x 2.21 x 2.17 x 1.42 x
Yield 4.7% 3.23% 3.3% 8.62% 4.35% 10.9%
Capitalization / Revenue 0.72 x 0.55 x 0.43 x 0.26 x 0.28 x 0.2 x
EV / Revenue 0.52 x 0.22 x 0.06 x -0.17 x -0.22 x -0.31 x
EV / EBITDA 2.31 x 1.45 x 0.55 x -1.05 x -1.24 x -1.95 x
EV / FCF 3.57 x 1.89 x 0.26 x -1.49 x -1.09 x -2.41 x
FCF Yield 28% 52.8% 384% -67.1% -92% -41.4%
Price to Book 0.47 x 0.34 x 0.27 x 0.19 x 0.17 x 0.13 x
Nbr of stocks (in thousands) 2,799,796 2,799,796 2,799,796 2,799,796 2,799,796 2,799,796
Reference price 2 4.525 3.488 3.030 2.320 2.300 1.830
Announcement Date 6/14/18 6/13/19 6/18/20 5/31/21 3/30/22 3/27/23
1KES in Million2KES
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 17,507 17,869 19,940 25,040 23,353 26,218
EBITDA 1 3,915 2,739 2,033 4,051 4,146 4,163
EBIT 1 3,875 2,705 2,000 4,020 4,117 4,127
Operating Margin 22.14% 15.14% 10.03% 16.05% 17.63% 15.74%
Earnings before Tax (EBT) 1 4,559 3,102 4,176 3,984 4,000 4,586
Net income 1 3,577 2,278 3,966 2,943 2,968 3,618
Net margin 20.43% 12.75% 19.89% 11.75% 12.71% 13.8%
EPS 2 1.278 0.8137 1.417 1.051 1.060 1.292
Free Cash Flow 1 2,530 2,095 4,274 2,861 4,745 3,364
FCF margin 14.45% 11.72% 21.43% 11.42% 20.32% 12.83%
FCF Conversion (EBITDA) 64.62% 76.48% 210.19% 70.62% 114.44% 80.82%
FCF Conversion (Net income) 70.72% 91.96% 107.75% 97.21% 159.85% 92.99%
Dividend per Share 2 0.2125 0.1125 0.1000 0.2000 0.1000 0.2000
Announcement Date 6/14/18 6/13/19 6/18/20 5/31/21 3/30/22 3/27/23
1KES in Million2KES
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 - - - - - -
Net Cash position 1 3,636 5,797 7,371 10,760 11,597 13,246
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 2,530 2,095 4,274 2,861 4,745 3,364
ROE (net income / shareholders' equity) 13.9% 8.2% 13.2% 8.87% 8.31% 9.29%
ROA (Net income/ Total Assets) 5.96% 3.88% 2.64% 4.85% 4.72% 4.1%
Assets 1 59,984 58,693 150,321 60,674 62,905 88,192
Book Value Per Share 2 9.720 10.10 11.40 12.30 13.20 14.60
Cash Flow per Share 2 1.300 2.070 2.630 3.840 4.140 4.730
Capex 1 30 49.6 31 35 4.57 60.5
Capex / Sales 0.17% 0.28% 0.16% 0.14% 0.02% 0.23%
Announcement Date 6/14/18 6/13/19 6/18/20 5/31/21 3/30/22 3/27/23
1KES in Million2KES
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Reinsurance

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