KES reporting

Williamson Tea Kenya · WTK.NR

Tea (Kenya) · Filing

Acres: 17,300
Book / acre: KES 173,410
Market cap (USD): —
EV / acre (USD): —

Sector KPIsestimate

Made tea: 14.0M kg
Green-leaf yield: 5,000 kg/ha
Tea ASP: KES 320.00/kg
Auction share: 70%
Bought-leaf share: 35%
Tea planted: 5,200 ha

Tangible Balance-Sheet Assets

Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.

Asset class	Book (KES M)	FMV (KES M)	Note
Land / property	3,000	3,348	Per-property breakdown below
PP&E (mills, plants, machinery)	1,850	—	Net of accumulated depreciation
Inventory	380	—
Intangibles + goodwill	25	—	Excluded from tangible total
Tangible total (ex-cash)	5,230	5,578
+ Cash & equivalents	200	200
Tangible total (incl. cash)	5,430	5,778
Reported total assets (BS)	7,000	—	Latest period 2025-03-31

Tangible book

KES 5,430M

78% of total assets

Implied fair market analysis

As of 2024-12-31

Aggregate FMV

KES 3,348M

Range KES 2,846–3,850M · 17,300 acres

FMV vs. book

+11.6%

Book KES 3,000M · FMV KES 3,348M

Implied NAV / share

KES 174.17

Range KES 145.47–202.87

Live price vs. FMV NAV

—

Live price unavailable

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (3 of 3 properties): typical 6.0–8.9%

Reported NOI

KES 700M

Cap rate at comp-based FMV

20.91%

Range 18.18–24.60%

Verdict

Above typical — comp-based FMV may be conservative vs yield benchmark

FMV by category

Aggregated from per-property assumptions below

Category	Properties	Acres	Avg book KES/acre	Avg FMV KES/acre	Book (KES M)	FMV (KES M)	FMV range (KES M)	FMV vs book
Kenyan tea — Nandi Hills	1	7,000	214,286	250,000	1,500	1,750	1,488–2,013	+16.7%
Kenyan tea — Tinderet	1	7,000	185,714	200,000	1,300	1,400	1,190–1,610	+7.7%
Kenyan timber + diversified	1	3,300	60,606	60,000	200	198	168–228	-1.0%
Total	3	17,300	173,410	193,526	3,000	3,348	2,846–3,850	+11.6%

Properties

3-row breakdown by named tea estate cluster + timber. Williamson operates ~14K ha tea + timber land in Kenya highlands.

Property	Category / crop	Acres	Acquired	Cost (KES M)	Book (KES M)	KES/acre book	FMV KES/acre	FMV (KES M)	vs book	Comps
Kapchorua Tea Company estates (Nandi Hills) Nandi Hills, Kenya	Kenyan tea — Nandi Hills Mature tea + factory	7,000	—	—	1,500	214,286	250,000 212,500–287,500	1,750	+16.7%	KE-TEA-2024 Nandi Hills mature tea estates with integrated factory; KTDA 2024 broker comps at ~KSh 1,000,000/acre
Williamson Tea Kenya estates (Tinderet area) Tinderet area, Kenya highlands	Kenyan tea — Tinderet Mature tea + factory	7,000	—	—	1,300	185,714	200,000 170,000–230,000	1,400	+7.7%	KE-TEA-2024 Tinderet area mature tea estates
Eastern Highlands timber + minor diversified Kenya highlands	Kenyan timber + diversified Timber + minor diversified ag	3,300	—	—	200	60,606	60,000 51,000–69,000	198	-1.0%	KE-TEA-2024 Timber land at lower per-acre vs tea

Comparable land transactions and surveys

1 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
KE-TEA-2024	Kenyan tea estate transactions	Kericho / Nandi Hills, Kenya	—	$250,000	Sep 2024	Kenya Tea Development Agency land reports 2024

Methodology

Williamson Tea Kenya operates two named tea estate clusters plus timber land. 3-row breakdown: - Kapchorua Tea Company estates (Nandi Hills): mature tea with factory - Williamson Tea Kenya estates (Tinderet area): mature tea with factory - Eastern Highlands timber + minor diversified Per-acre marks (KSh 200,000-250,000/acre) translate to ~$2,000-2,500 USD/acre at KES 100/USD — at the high end of Kenyan tea estate transactions per KTDA 2024 broker comps. Williamson's book value reflects decades-old colonial-era cost basis, materially below current market. Yahoo coverage of Nairobi tickers is spotty so live-price portion of comp may not resolve.