I I hope I help you to to start learning some of the things I am talking about so that the next time I come some of you can also take us through some of the new knowledge they have gotten. We all want to make money. Investments because you call me to talk about investments and investments is about scaling your money is about having 100,000.

Who's the shortest route I can make it a million? That is what investment is and especially passively where I don't need to tire my mind and my hearts. You see the way you say oh Pesa where we the money to work for you somewhere else to multiply passively is what it is in investments but there is something I want to and I'll keep pushing to you until you start doing it this is a job where you go from 8 to 5 those I was some time back Nairobi club and I hope you started doing what we discussed.

So you are here, you're employed as a teacher and as a banker and as a journalists. I have seen my brother somewhere. [laughter] Even if you hide, I see you with your trademark.

Thank you very much, senior. So you are here. You go to work every day from 8 to 5.

You use your might, your hearts, your legs to go to work and your heart because you love your work from 8 to 5 every day a month. So thinking about a business of your employer and you work diligently thinking, planning, executing 8 to 5 and then when you make your 1 million shillings, you go to an investment company to get an expert on investments to guide you on how to invest your money. So you have all the time to think about somebody else's business and you have all the time to study and execute that job you work for in that ministry.

But in your since you started working and saving, you have never taken one afternoon to even study about investments of your own money. So what do we end up doing? We go to Chama and we are told hey nowadays this is the hot thing.

So you put in your money because the only your only reference point to making decisions is your friends but your friends were also told by friends and those other friends we are told by other friends. Unfortunately if you draw a family tree of that decision maybe parachini it was ignorant. So we are all here now learned with graduates with masters and degrees.

Ah, don't joke with me. I'm an engineer. Don't joke.

I have CPA K and I'm big. Don't joke. But you are just investing because you went to church during the fellowship.

Some guy told you there is this investment thing you need to do and you jump in. Guys, let's get serious. Take some time to study one when you're investing your money because I'll highlight a few options that there are but take your time always and I do that myself.

So I'm not preaching to you what I don't take and I don't rely on anyone to know where to buy what because if you got a million shillings 1 million and you still need somebody to come show you how to invest your 1 million. So start top line here. How are the global How is the global economy like how is the global economy doing in any way?

Just tell me in any way. Global economy and you when you say it's doing well, tell me why you think so. Yes, my brother.

You are basing on the economy, the markets or what? Markets. Very well.

Clap for him. [applause] He's talking about one thing called commodities majorly. That's what has been coming down and especially in the last two days after the Federal Reserve named after Trump named a new Federal Reserve chair there was a drop in gold and silver and their futures.

Somebody else. Yes, my brother. Very good.

Clap for him please. [applause] Why did you guys invite him? You have very good guys here.

We need a lady. Please say it because it's important. It will be part of the points I have.

Uh thank you. My name is Douglas. So globally uh know the rates control the flow of money.

So the rates have been coming down. The CBR has been written down. The Fed's rating down.

So the rates are coming down. Ah excellent. Please clap for him.

[applause] I need two ladies to say something about the global economy. [laughter] And please Oh. [laughter] Okay.

And as you say something there, there is something uh my brothers and sisters I I want us to also have in mind. Sometimes I read the book like you are a talk, you get excited, thrilled, your heart is almost jumping out of yourself and you go home and say, "Oh, I have read a such a nice book. " Then after you read, you read it.

quadroa that is wasting time. So what I'm trying to say the lessons we give because we are learning from each other including myself note them down and when you are doing your investment decisions try to follow them so that these kind of sessions stop being for excitement they start being for action let's hear from another professor down there hello good evening my name is Liz well u the cryptocurrency is also coming down especially Bitcoin it's surging so much coffee [applause] the last one lady last give her the mic yeah my name is Lima Moi I'm an assistant governor in Rotary I also studied economics so oil prices are coming down there's over supply because of the Russia story. Clap for him.

Clap for her. Forgive me. I'm a man, so I am inclined to to to favoring my [laughter] [laughter] [laughter] last time you saw him was two months ago.

[laughter] So I want to be sequence you because as I say these are crit you ought to be using for yourself. I will use the same things you've given. Number one the global economy the dollar in the last two years the dollar has been losing and there is a reason I am coming to this point.

The dollar has lost in 2025 8 to 10% dollar. Then people are asking me how can the dollar lose. The dollar is the global currency acceptable global reserve currency.

So all the other currencies this thing we used to do in primary. Yeah. So what happens the global currency is here it is dominant.

So in a lift this is in because it's stronger. So but remember there is also this other side. There is a side of the global currency which is the dollar but there is a side of of Kenya shieldings the GB the Great Britain pound of the euro of South African RD and the rest.

So when for example you hear a government official saying we have brought the ceiling down to 100 and whatever. What basically they are doing is also to take advantage of us as the population because the reason the Kenya ceilings is actually 130 is not based on the strength of the Kenya ceilings. It is based on the weakness of the dollar.

And there is a reason I'm driving this point to in to your own pocket. And if you want to counter check that, take for example the year 2022. In August, the dollar was was 118, 119, 120 to Kenya shillings.

Right now is about 130. Can you listen to this? The euro the euro was 116 in the August of 2022.

The euro today is one. The the great GBP the Great Britain pound was around 136 to the Kenya shieldings. It is now 173 1747.

So everything is relative to something. So the the the the US dollar has been losing. Why has it been losing?

Because the global economy expects the Federal Reserve to be the referee of the global markets of currency. So when you're investing and I'm not talking about forex, me, I've never even done forex. This thing will come and affect you as we go gradually explaining.

So when you watch Trump in the US talking about I'm going to replace this Fed chair and he calls him names. What are you telling the markets? That the US government is the one that runs the Fed.

But the markets want to hear that the Fed is independent of the US government. So what does that happen? People start losing faith with the dollar.

So when they lose faith with the dollar, the dollar starts to go down. So that's the reason it's down. Secondly, we have seen in the few days from Friday.

Again, the dollar started to strengthen. Why? On Friday, Trump named a new Federal Reserve chair who actually attended his first meeting in June to set the rate.

So after he named the market realized this guy is reasonable he's not likely to be a puppet of Trump. Immediately the market responded because the market thought Trump is sucking this guy to bring himself in terms of a person who will be doing his bidding. So the market realized that so the dollar starts strengthening but on the same side the alternative of the dollar is what the alternative of the dollar is number one gold.

So previously gold in fact before Nixon in the US as president the dollars used to be backed by gold. When you you had the dollar the green back you could go to the bank present it and you are given equivalent of the gold. So from Friday what happened when people realize oh the the dollar can go back to its primacy to its dominance.

Ah then the markets realized these are the alternatives are weak so gold started coming down. So what am I trying to say guys? You need to understand how the global economy is doing and the global economy in terms of investments is measured by global markets.

But markets are not just about commodities. Market is number one market of money. The market of money is measured by interest rates.

So when interest rates are coming down it's be it means [clears throat] you can get money cheaply. Yes. The other market is the market of this currency against the other.

That is the foreign exchange market. There is the commodities market where you have gold uh silver even you may feel sometimes is put as a different market that is also a different market. oil.

There is another market now of the real things that we consume all those now. So you need to be able and it not take you too long to first of all understand the dynamics of the world. Why do things happen?

Why do does this happen this time and not this other time? I guarantee you you don't need to be an economist to know these things. Take your time just the same way you go to work for your employer.

take some afternoons to just study about your money because it's starting there. So you've not now known oh the rates in the market it the interest rates are coming down. What does that mean?

Can anyone tell me what what it means? When interest rates are coming down what does that mean to the global economy and to the markets? Anyone to make an attempt please?

So give somebody the mic. anyone to help me do this presentation. I know some of you expected me to come and tell you which year to buy, but it starts here.

My name is from when the rates are [laughter] My name is Anjiku from Muranga's place. [laughter] No, not that one. The real one.

There's an MP called Monoro. Yeah. So, he knows Kubo.

So, when the interest rates are down, I believe what happens is people are able to borrow more and so there's a lot of money ruining the economy circulating that is coffee. That's point number one. My brother there is the last one so that we go ahead.

You can even shout when the people start borrowing the government start reducing inflation starting policies and fiscal policies to to manage the the inflation. Now you talk you call me here to talk about investments. Now we are almost getting there.

The investments are what? What do we call investments? Can you somebody tell me where you put your money?

One just out where you are. Votes. Somebody to write for me.

Chairman Jero. Yes. President Jero.

You should be Jacob. So number one boards. Number two.

Yes. Mmx. Number three.

Real estate number four. It's that serious [laughter] because I want us to be practical. Please come help me my brother come here.

I I want us to be practical. I don't want to be a lecturer. I want us to be practical and one lady to come here because I I want us to conclude this together so that you can be doing this for yourself.

One lady to volunteer come. Yes. Yes.

Even you come. There is enough work for all of us. So some somewhere to write even on your phone.

So my brother here we represent the boards and T bills. Somebody else investments is lad and real estate. It is you.

Okay. Another one. Mmf is also fixed income.

I need somebody else. Come. No bus there.

Very good. So you you studying for boats and T bills. You you studing for MMX.

There is somewhere I want us to go to with shares. M you can board P fixing money in the bank as part of you fixed deposit commercial papers. My brother here is MMX and unit trust all those things.

So he's here. Are we together? Plots and flats.

Anything that generates rent, not land and everything associated. I want her to get something called shares and private equity. So we go sequentially like that.

So when rates are going up like in the year 2023 2024 all of us by east nicks and by our own of interest everyone went into the boards when you could buy a board and and you get 18%. So my guy is there how long did that last one year around one year so the rate that was 18% what is the CBR today? CBR is around 9.

CBR is the the one set by the central bank. So you are there. So would you go for can you buy a boat today?

Why is interest [laughter] people saying no it is you you addressing. So don't wait for another speech. This is a speech.

So interest rates are coming down. So globally, how are the markets of interest rates performing? They are going down.

How do you know? This is how you measure. Just check what the Federal Reserve in the US is doing.

It gives an indication to all the rest. Look at the central bank that controls the euro area. You also check how they their deina is it contractionary or expansionary.

Are they lowering rates or taking them up? Look at China, South Korea. You can be sure once you see them going this way, all the rest are following.

Do you know why that happens? Those who are not, you cannot. The reason that happens when the economy start following each other like sheep, they don't do it because they want, they do it because there are grave ramifications of not doing it.

M there is something called capital inflow and outflow. So to give you a scenario if the Kenyan interest rates here in Kenya interest rates of a T bill or a boat is 23%. And in Tanzania it is 11%.

and you are a pragmatic investor and you are fixing money in the board or TBS or boards would you take your boat where there is 11% or 20 something that is the reason why you see an economy like Kenya following like sheep and the economies of all the global south following the federal reserve because if you go the other direction there'll be capital outflow from your economy to the other economies that is why when you start up you started down here. So once you see the deminina of the Federal Reserve, you can write somewhere and you can be sure the central bank of Kenya they are number one more Kenya when they meet to know what to do is the Federal Reserve. For that reason because the capital inflow and outflow will also affect our Kenya ceilings.

When there is outflow the ceiling goes down. Forgive me for being too jagonistic. So we come here MMX.

So what would you do about this investment right now? Given now what you have seen here follow he will follow you. But remember some of this guy has a leeway to buy more things than boats.

So they can buy sh and the rest. So we'll come to you slightly later and you tell us now you you are the one to answer us if you have 100,000 shillings why do I bring to you instead of buying my shares directly that's the answer you'll give us later my brother later [laughter] are you getting guys so why the answer we have want to live with in this room why do I need to take my 200,000 and I'm in operating in a market where there are no limits as to how much I can invest Because once you take money to him, it's not that he grows a tree of money. He invest either in him or in her.

So why do I need to take my money here? Why can't I go direct here or here? My brother will give us that answer.

You you can't wear s and you don't give us an answer. [laughter] So we are here. Yes lad.

And I respect all my brothers and sisters in this field because they have done one thing which we need to credit them for the lad in the last 10 years. You could buy within time. Is that happening today?

I actually credit my brothers and sisters in real estate. They are the ones who have brought the sanity in the prices of lad. Why?

Lad previously used to be a static supply commodity. So when you buy lad in upper hill, it is you have bought lad in upper hill. So there's no other upper hill.

So what they have done is to create other upper hills father. So the people who thought get a let's say let's say in Africaways they come and actually they start another one called deo which is further from town but somehow the br there also become premium by the way they have built the estate so what they have done is to bring supply into the lad market so it is because of that supply Akina IMG are doing and other very good real estate companies. I credit them for that because of this supply they have brought in the market.

Now as we are buying are being told wake up you need l only for your home because we are no longer in an era where lad was store of value. M currently the lad should be lad for use not as a store of I can see many many people here [laughter] buying their 17th plot. So you guys [laughter] you you remember in sh those photos you used to take when there is baptism there is a photo village then we all used to have an album at home visit because there's no TV or radio your auntie [laughter] I [laughter] So now we run away from that album to an album of title.

[laughter] It is good because especially that time lad has really appreciated and I'm not saying you don't buy lad because you need to own a home. All I'm saying is that we need to change our way of thinking and now pragmatically evaluate all investment options there are. So don't just say oh lad is good it never loses.

Uh-huh. It never loses you bought last last year. Just sell it.

try to sell. Doesn't lose. Okay.

Then then sell. Now we come here. So I I I may seem biased here because we are talking about global markets.

Interest rates have come down. We eliminated there. When interest rates come down, just listen to this now.

When in Kenya interest rates come down and there was an investor lined up with 2 billion shillings with 100,000 shillings with 50,000 shillings and now they see boats are no longer attractive. Okay. As a human being who is selfinterested, what do you do?

You go for what? Yes, you go for shares. That is ex by the way you are the markets.

That's how the market reason. That is why you see something funny. Not funny but real.

Federal reserve rate is coming down. Dow Jones is going up. What I mean is this.

The interest rates in the US are coming down. But in this month of 2026, the Dow Jones have touched their highest the record high. In 2025, they touched their record high 11 times.

More than 11 times. It touches a high, it retreats a little bit, then it comes again, touches another high, retreats a little bit, then touches another high, goes, goes, goes to a point where, and I can tell you for a fact, this year the world will have the first dollar trillionaire. It will.

Simple. Alon Musk by today after joining XAI and SpaceX his value as of today you can Google is already 850 billion US so he only needs 150 billion and it's not out of creation of a new business it will be out of appreciation of the businesses he has are we together so [laughter] Now you see the way now when you sell something the government tells you to describe the government forces you to write the ingredients and when you sell something like another things we use some of you use don't overdo yeah yeah I can see so I think now what we need is also for you now you you are the representation of the industry when I come to your office You ask me questions. Do you have Yes.

How many plots? Uh five. Then why do you want to buy this?

At some point you refuse my money. You tell me as a client, as a Kenyan, you are supplied with that. Please, we are not selling to you figuratively.

That's what I'm saying. The economy needs to adjust in such a manner because now you have se I have eight broad and I'm in your office. I want the ninth one and the seven the ones I have another one.

So why am I here and why are we talking about crisis? This is the topic and I'm summarizing and I'm finishing. Now in crisis crisis are a different there is a crisis in rates coming down because they are holders of this person that's a crisis to them.

There is a crisis in lad because it's no longer appreciating. The crisis is to the person holding the lad. Yes.

Now there is no a crisis here yet because some of the assets are already tied up with this one. So when rates are coming down, money come goes there. Now globally tick now you come to Kenya.

Now please guys let these things not become just these things we are talking here. Let them make them make use of them. Just googling these things you'll be getting them on.

If you want to know the price of oil today sah instantly you know even the graph you are given for free this info the graph of how it has been the dollar the the the shares in the US and such. So crisis in the economy is dependent on where you are situated and I hope you have underlined that. So the the crisis in the rates is no longer a crisis.

It is already an opportunity. So you shift you very fast. This information I'm saying helps you to be him when him needs to be him.

But because you have used some few wicked afternoons to study about where to put money, you already have jumped from him before anyone else. And these things are not rock and science to know once you study those things I'm saying that that is what happens. So we are in Kenya US wherever.

So once you come now you lad in Kenya interest rate 9% so bills you add something two or 3%. Okay lad is here. Hey the one I bought in 2021.

Okay. Uh-huh. [laughter] So you make your decision there.

Then somebody tells you ah build builds it is fine. But before you go there study the global markets to know are we in an era of building or are we in an era of sleeping and earning you know you can't go let's exhaust all the fruits before you go. that is so stubborn before you go to the area.

So pick the fruits before you go to the hard job. So the fruits then you measure you check he used to be good bye-bye till another day but I've not kept him too far. because he's already affected by this and this may affect but I'm also asking myself if I know what I give you you take to him or him why can't I give their get their phone numbers I talk to them directly now we come here we already in Kenya we've decided let's buy companies do you know why I have bias on companies market price market but value is not done in the market this hotel we may sell it let's say it is listed in the NSE the shares maybe because somebody came realized the parking is not the way they like realized the tea is not how they he likes the tea so that subjective reasoning goes to the market and affects the share price but it has not affected the fundamental of this So the reason why when the markets are down you can buy them without minding is because do not buy the shares buy the company.

When you start buying the shares then you'll get it all wrong because you move away from being an investor into being a speculator because you be speculating. Okay, there are people who tell me ah I bought I bought when it was 45 I bought mumas when it was 50 cings I bought Kenya power when it is 50 now that's your problem as we never bought [laughter] what did you buy I'm not saying me all of us here what I'm saying is rated these people here so you just did what you are told in your chama. You get but that does not take away the fact that the Kenyan stock market has been undervalued for the last like 5 years or so.

This is how it is undervalued. This is how you measure whether how the the the markets are undervalued or overvalued. If you measure P ratio of the market, this information is again online.

You grade US, you grade Britain, you grade South Korea, you grade South Africa. Kenya has among the lowest PE ratios in the world. We're asking what is a P ratio?

P ratio is he builds a a building. He uses 10 million to build a flat. She she sorry she you keep forgiving me because I'm a man.

[laughter] So she builds a flat you and spends 10 million including lad sour higher the rent is a million per year. How long does it take out of rent net rent to recover her 10 million? That is what is PE ratio.

PE ratio in America for example is over 27. That is cumulatively and on average it is much higher for tech companies. P ratio in Kenya is around five.

Wow. Now now stop even talking about Kenya. Go to sectors and always when you buy shares act like you are buying the entire company.

That's how you you buy value. So that even if the economy collapses, the company is there and is producing things. So even if inflation goes up, you also sell your commodities using that inflation.

So it's not affecting you because if inflation goes up and you are producing UG, so you just raise the price of UG because of inflation. So buy the value. So after global national after national sectoral go to sectors sectors in Kenya number one is the listed ones and I'm talking about the listed ones because currently me I cannot buy an unlisted company because the listed ones are so cheap for me to go and buy an unlisted one.

But she also starts for the unlisted ones because once you exhaust the opportunities in the listed companies then you go to the non-listed ones. Non-listed is the ones that are not yet selling in the market. So evaluate sectors from agricultural the listed ones.

You go to auto mobiles it's only one company called general automobiles automoi the rest you go to banking it is the longest in in the east of Kenya NCBA the rest you come to insurance uh kenari cic Tanglam they are there. You go to investments they are there. Kina others which are currently not trading like trans century.

You go telecommunications. So you study sectors. How are these sectors performing so that when you put your money first of all you are in the right sector.

Don't even talk about the right company. Are you in the right sector in the first place? So you check out how is agricultural doing?

Okay, these companies do they rely on rainfed or do they rely on on on irrigation? Unfortunately, no. Most of them are rainfed.

So try to check how what is likely to affect the profitability of Kakuzi. Okay. The dollar is stable currently.

Okay. So no much risk rain. Try to check now.

You don't invest. I'm I'm saying we in terms of you already done your analysis go to Ken general the only one in its region check its P ratio check it profitability dividend payout go to banking when you want to buy sh in a bank don't even ask anyone what to buy never ask anyone just Google one what is the co capital of that bank just Google AI will give you co- capital because of the banks that have operations beyond Kenya and they have subsidiaries. Co capital does not capture their capital in their insurance subsidiary for example.

So you Google for something called shareholders fsareolders. Just Google what is there are not many start with number one. Imagine guys by tomorrow you'll have known which sh to buy and you not ask anyone.

And when you tell your stock broker don't listen tell them it's my company is my account buy this sh. So shareholders equity bankers is like 300 billion shillings. Okay.

But what is the valuation of the company? It is 250. So it's trading at a discount because what remains that is what is shareholders fs is out of the money you put in and the retained earnings.

So you put in that money, you please guys don't get don't get tired that no just Google shareholders funds. Why am I telling you about shareholders fs? It measures one thing.

Once you measure once you Google shareholders FS then go to something called market capitalization. Market capitalization is a very simple formula. The number of shares of the company times the price it is trading at.

Y it is the valuation of the market based on the share price. That is what is called market cap. So market now compare market capitalization and shareholders funds.

Shareholders fast is the real value without the bone and the flesh. That is the real worth of this company. Now when you compare capitalization and shareholders funds it helps you to know one thing is the share trading at a discount or at a premium.

Awesome. When you get anything so how do you do it? You take market capitalization divide by shareholders funds.

Anything you get below one the company is trading at a discount. So when you get a company is trading at 0. 75% is called price to book value.

That formula when you do market capitalization divide by shareholders funds what you get there price to book value. Price of the share to the price of the book. It is that's what it means.

Price price of the market visav the book value. the book value is the real one. So when you get 0.

75 like equity bank at when you get over one it is trading at a premium. Now when you hear me talk about our Kenyan market is undervalued. I'll give you just one citation so that you know how undervalued it is.

NCBA in the last two months prior to the rumor of being bought by Standard Bank, NCBA share was trading at below 70. Standard Bank is the one that first wanted to buy but because of rebranding issues they another bank came in called Net Bank. So there was a competition h we want to buy NCBA.

So there was some competition on Standard Bank. Standard Bank is the owner of Stanic Bank. Actually, Stanbek stands for Standard abbreviations.

Stanbek is abbreviation of Standard Bank Investment Company. That's what makes StanBek. Standard Bank is the largest bank in Africa.

It's a South African bank. So, it wanted to buy NCBA. You get me?

So NCBA was by then the share was trading at a discount because the share price was below 70 shillings before the first rumor of started bank. These guys came they bought it at 1. 4 to book value.

So they the share that was trading at a discount this guy came and bought it at 40% premium. Are we together? So that is the opportunities in the market.

Take EBL EABL share before there was a a trade between DI and Asah the share price was two let me even site the last week's one it was 244 shillings I think yesterday it went up a little bit uh today 244 listen to this they are 65% they know in the market is trading at 244 [clears throat] to even today it's trading So he's not he's not trading but the same shares in the side you know them now they are sophisticated investors sophisticated means when he comes they know they know you do not value a company using the market price so they know that and also knows market price is fundamental and sentimental at the same time so they go in something called off the market transaction the share that is trading at 244 these guys are trading at 590 shillings So I am just trying to betray the point that the stock market in Kenya is too low. Even when it has been up, it is still too low. There is a bank I'll give you so that is a price to book Mutona.

You'll go to some bank which you may think you you think you are wrong when you calculate. I want to tell you not be wrong. The shareholders funds of a bank called Diamond Trust Bank.

Shareholders funds is 100 billion shillings but the market capitalization is 35 billion. Shareholders funds is 100 billion but if you bought all the shares of that company today you'll pay 35 instead. Doesn't make sense.

What does not make sense is the opportunity. Take P ratio. I've told you in the US P ratio is 27 blah blah blah.

So I'm now answering you the question. [laughter] me I'm not telling you are we together because I respect the fact that I'm a politician I have views that I have as a politician but I am also an investor so because I respect you we'll add another person here so that we have all of us will have a small liability come my brother we are now in Kenya pipeline Kenya pipeline or oh you work there you know you don't want you to be sacked [laughter] and I'm doing this because mimi it is it will be irresponsible for me to tell you but it is responsible for me to teach you how to analyze is that so yes but this is information that is public unless there is something it has has not been disclosed. When the market when the company is selling through an IPO, they give something called a prospectus.

A prospectors the the CME NC they make sure that the information supplied to you is accurate and if anyone supplies to us information that is not accurate then they would be liable in future. So Mimi I am basing all this based on prospectors and information that is you can access I can access but I know in terms of Kenya there are people who and I'm being honest may be lining up to do other things with the company later but that because I don't know we may not use it in the analysis I know there are people who may be also lining up to buy those shares you see there are companies here and some other companies in Uganda and you see that when the the the outcome is out but I also don't know whether they know to analyze the way you will analyze on whether they are putting their money in the right way so you please Kenya pipeline will be listed on a segment called energy sector can Google for me companies listed in the energy sector in the NSE please name them anyone who is asking that question right because I'm not giving you an answer it is you to give yourself an answer so Kenya canya power please start with Kenya power for the reasons that are important [laughter] very important And you write in bold. So as with Kenya power go with Kenjen total total energies.

Please write number one, two, three. Write because this is my last point. Canopy was deleted.

There is B is usually put at investments. So in a row one make a row heavy column a column. So the next one put something called profitability net profit net profit.

Net profit net profit net profit so something called value of the company it can be market capitalization the one that is not listed is the value that's being listed at which is Kenya pipeline something called P ratio P E is called price per earning ratio however and I'm putting and that's why I can't verbalize what to do because we are using public in information higher Google the p the profit of number one is Kenya power Google net profit of Kenya power 2025 2025 in the next four minutes. Oh guys those who are writing right net profit for half I want full year aana that's half year profit I want they released there they released yesterday I want full year results for 2425 financial year it was 24 billion can you just check net profit of Kenya power pass 24. 4 that's the math billion yes billion that's the profit can somebody google for me market capitalization of power sorry I've taken so much time for you guys please forgive me very good 29 29.

What you do to measure P ratio? Why can't you divide P ratio? Divide net profit divide by an idea price to book that's a different one he ratio you do net profit divide by value or market cap uh you divide you divide 24.

4 4ide by 29. 9. It's not.

It can't be 0 something. Oh, sorry guys. I say the other way.

You divide uh sorry, you divide value divide by the price. Sorry for that mistake. So 29.

9 divide by 24. 4 which is perfect. 1.

2 there my sister. Right. You are the one.

You are our secretary. Ah, please write for us that column. You are the one to read.

The next company was what? Can somebody Google net profit of Kenjen up to June 2025? They closed their books in June 2025.

Net profit of Kenjen up to June 2020. I want a full year result. 10.

4 very good 10. 4 please write for us 10. 4 4 B.

Can somebody now Google market cap of Kenjen work 63. 3A the next? Okay.

Can you do now the P ratio 6 point 6. 3. We go to the next.

The next is total. Now Total is a purely private company. There's no government in it.

So Google total profit unfortunately we can do up to their half year we times by two because I want to close books this December and let's use the half we times by two say total Kenya profit half year profit total Kenya halfyear profit 2025 total Kenya halfyear profit 2025 somebody to Google Total Kenya one point 1. 1 so times two. Write that.

So what we have done since they made that we assume they may make the same cuz there have not been any fundamental changes in the industry higher. Then what is the market cap? Somebody total energies Kenya you know it's global.

Put the Kenya one. Kenya. How much?

3. 1 trillion. No, no, no.

That's not Kenya. Yeah. Kenya.

Kenya. Let me show you. 6 something.

Just Google for me. I'll show you. Um, can you No, no, no.

It can't. I I'll tell you just now. Yeah.

Yeah. I'll tell you just now we are finishing guys. So I'll tell you just now.

Uh-uh. Total Kenya has 175 million shares listed. Total Kenya.

All the shares are 175 million and the share price was 39. So can you times that? That is the real market cap.

You can Google, you can reconfirm later. So their market cap is 175 times 39. What do you get there?

That is the real one. 6. 84 billion shillings.

Anyone disputing with their figures because I want us to get it right. You can reconfirm later. So the market cap if you bought the entire total Nades today, the market cap is 6.

84 billion shillings. That's the money you'd pay. Now divide somebody get for me P ratio.

Please write for me 3. 41 secretary. Now let's go to Kenya but you can go do it later.

And the reason I'm avoiding it there is already a transactioning happening. The people who are running it for 25 years, they are still talking whether to sell it to government. It was kind of a lease.

So they can jump it. We go to company transaction. So we go to the last one is called what?

Kenya. The one can do somebody has aware of the highest profit not last year's the highest they have ever made. the highest ever.

I don't it has been audited by auditor general previously but if you if you find it difficult I'll give you that is gross that is 15 was gross bottom line net okay let me summarize the highest private they have ever the highest was 12b that's the highest but the one they using the prospectors is not even that it's lower because they using the rasi as one but because we are good citizens [laughter] let's use the highest the highest they have ever made so somebody google for me what is evolution of Kenya pipeline through listing somebody 163 163 yes somebody to divide 163ide by 12 I'm not even using the one they using the prospectors. I'm using the highest ever. Yes, the one they using is 7 something.

I'm saying we go we go to the best case scenario they have ever had 13. 5 13 my sister. 13.

5. Now come read for us the results. Come.

Come. Yes. So, let me refresh.

What does the P ratio measure? The number of years that you have you understood what the P measures number of years. The number of years if you bought that company today, the ones you have listed, how long would it take you only through the profit to return all your money?

That is what it measures. So PE is measuring period and the period is in years. So you bought a plot for 10 million.

You'll be so lucky that you can return your money in 2 years. Is it? Yeah.

And you'll be so unlucky if you return your money by through rent in the next 18 years. You get me? So that's what it measures.

Are you getting guys? Yes. If you bought a cow today for 100,000 through the net sales of the milk, how long will it take you to recover the money you bought the cow using the proceeds from the milk in net terms?

So read for us which is the number of years then you'll have answered their question not me. Good evening my name is Christina Gishoi banker by profession. and a secretary of this club.

So the first company is KPLC. The net profit is I I should read that 24. 4 billion.

The market cap is 29. 6 billion. The PE is 1.

2 1. 2 years. Yes.

Years. 1. 2 years.

So Kenjen um 10. 48 48 billion is the net profit. Market cap is 63.

3 billion. It will take you 6. 3 years.

Total Kenya uh net profit is 2. 2 billion. The market cap is 6.

48 billion. It will take you 3 years and 41 months. Is it 3.

41? 3. 41.

Yes. 3 years. Yeah.

3. 4 Yeah. years.

KPC net profit is 12 million. Don't read abbreviations. Read the full [laughter] Kenya PIP Kenya Pipeline Corporation.