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ApexHub Insights · Jan 20, 2026

Kenya Pipeline Company IPO Valuation: Cash Flows Point to a Premium, Not a Re-Rating

This article assesses the Kenya Pipeline Company IPO through a disciplined, cash-flow–driven valuation framework. By contrasting a normalised operating case with management-provided forecasts, the analysis highlights the sensitivity of value to capital expenditure assumptions and concludes that the IPO embeds a valuation premium, with investor returns likely driven by dividends and cash-flow resilience rather than upside re-rating.

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