Culled—Proshare July 4, 2018/Vetiva Research Weak Q4’18 performance drives FY earnings underperformance 5% revenue growth expected for FY’19 amidst muted price increases Lower debt balance to support moderation in interest costs Operating margin estimate reduced, BUY rating maintained Weak Q4 performance dampens earlier gains from FY’18 FLOURMILL recently released its […]
Results & Dividends
Flour Mills of Nigeria Q4 2018 Results – Sales Down by -14% YoY to N115.16bn
Culled—Proshare July 2, 2018/FBNQuest Research Event: Flour Mills of Nigerian (FMN) reports weaker-than-expected Q4 2018 (end-Mar) results Implications: FMN’s 2018 PBT surprised negatively relative to consensus 2018 PBT forecast of N22.8bn. As such, we expect to see downward revisions to consensus 2019E PBT forecast and a negative reaction by […]
Flour Mills of Nigeria Plc: Q4-18 Revenue, Margins Lower-Than-Expected; Earnings Disappoint
July 2, 2018/Cordros Report Update: FLOURMILL released Q4-18 and 2018FY results earlier today. The 2018FY result shows revenue grew by a marginal 3.5% while net profit increased by 54.1% over 2017FY numbers. Both were behind consensus estimates by 7% and 12% respectively. For Q4-18, revenue was down 14.4% y/y and […]
