Ndindi Nyoro at 4th BD Investor Education Conference
Kiharu MP Ndindi Nyoro delivers a masterclass on Kenyan equities, national debt risks, and why PE ratios below 5 make the NSE the most compelling investment destination in the world right now.
Kiharu Member of Parliament and seasoned investor Ndindi Nyoro was among the headline speakers at the 4th Business Daily Investor Education Conference 2026. It was held at the prestigious Movenpick Hotel in Nairobi. Hosted by Business Daily and the Nation Media Group (NMG), the annual conference brings together Kenya’s leading investors, financial institutions, fund managers, and everyday retail investors to explore investment opportunities across multiple asset classes.
True to form, Nyoro, one of Kenya’s most outspoken investor-politicians who did not come to play it safe.
“Buy Kenya. Full Stop.”
In a punchy, data-driven address that had the packed hall buzzing, Nyoro made a bold case for Kenyan equities above every other investment vehicle currently available to Kenyan investors. His argument was anchored on one metric that he believes most investors ignore: the Price-to-Earnings (PE) ratio.
“The average PE ratio of companies listed on the Nairobi Securities Exchange is five,” Nyoro told the audience, prompting visible surprise. “The US market is at 27. Johannesburg is around 15 to 17. Nigeria is around 11. Tell me one market in the world better than Kenya right now. I don’t know any.”
To drive the point home, he invited audience members to pull up real-time figures on their smartphones. The results were eye-opening: Equity Group Holdings came in at a trailing PE of approximately 3.8, Car & General at 2.6, and Kenya Power (KPLC) at a jaw-dropping PE of just 1.45.
“You are recovering your money in under two years with Kenya Power,” Nyoro said. “Just tell me, why would you invest anywhere else?”
The Debt Bomb Warning to Bond Investors
But before celebrating equities, Nyoro issued a sobering warning to investors holding government securities, Treasury bills and bonds. Which he called “lending money to the government.”
Kenya’s national debt currently stands at Ksh 13 trillion, he noted, with 60% of that being domestic debt. He traced a sharp debt trajectory: from Ksh 600 billion under President Kibaki, to Ksh 8.7 trillion under President Kenyatta, to the current figure under the Ruto administration, where the country has borrowed nearly Ksh 4.5 trillion in under five years.
“We are now borrowing in a year what Kibaki borrowed in ten years,” he warned. “The sooner we accept that debt is the biggest existential threat Kenya faces, the sooner we start dealing with it.”
He painted a vivid and uncomfortable picture of a potential sovereign debt restructuring, where the government could be forced to impose “haircuts” on domestic bondholders. Thus, reducing repayments and extending maturities. His advice: anyone heavily weighted in fixed-income instruments needs to urgently reconsider their exposure.
Price-to-Book Value Hidden Opportunity in Kenyan Banks
Nyoro extended his analysis to banking stocks using the price-to-book (P/B) ratio, comparing multinational banks operating in Kenya against local lenders. Standard Chartered Kenya trades at a P/B of approximately 2.0 meaning investors pay a 200% premium over book value. In contrast, KCB trades at a discount of about 35% and Diamond Trust Bank (DTB) trades at a staggering 60% discount to book value.
“You are buying Diamond Trust at 40 cents for every shilling of actual value,” he told the audience. “Anyone starting a bank from scratch today at a 1-to-1 ratio, why bother? Just come and buy an existing bank at a 60% discount.”
The Kenya Power Story of Patience, Contrarianism, and Multiples
In what became the most talked-about moment of his presentation, Nyoro revealed the full arc of his now-famous Kenya Power investment. He bought KPLC shares at Ksh 1.80 when the company was making losses and most brokers advised against it. By 2026, the share price had touched Ksh 18 before settling at around Ksh 15.50.
“A million shillings then is Ksh 15.5 million today,” he said simply. “That’s what I mean when I say invest to get rich, not to get a marginal increment.”
He attributed his decision not to insider information but to deep fundamental analysis available to any investor willing to spend two focused days studying public data. “The difference between what you know and what the market knows, that’s where you make money.”
On KQ, Diversification, and Investment Philosophy
Asked by the conference’s Chief Commercial Officer about his recent stake in Kenya Airways. A company with no dividends and ongoing losses, Nyoro held his ground. “Should I wait until it’s profitable to buy it?” he quipped.
On diversification, he was equally direct, citing the Warren Buffett school of thought: “If you have 25 stocks in your portfolio, you are not an investor. You are the NSE.” He advocates for concentrated positions in no more than five thoroughly researched companies.
