November 9, 2017/Cordros Research We revise forecasts for CCNN following impressive 9M-17 results, and roll forward estimates and valuation to 2018. On net, we raise our TP for the stock by 28% to NGN9.52/share and upgrade rating to HOLD. The revision to our estimates was driven by improved EBITDA and […]
Results & Dividends
Flour Mills Revision to Estimates
November 9, 2017/Cordros Research We revise 2018 forecasts for FLOURMILL following H1, wherein EBITDA and net profit were impacted by strong FX-linked net operating gains and double-digit revenue growth, which more than offset both weaker y/y gross margin and higher finance costs. While we look for relatively (to H1-18) weaker […]
Flour Mills of Nigeria Plc H1’17’18 Result – Pleasing H1 Performance, Outlook Remains Upbeat
Culled—Proshare November 8, 2017/Vetiva Research · Volume growth supports 17% y/y revenue growth· Gains from FX hedge support 22% y/y rise in core operating profit · Moderating finance cost drives earnings beat · Earnings estimates revised, BUY rating maintained Strong sales growth supported by volumes FLOURMILL sustained the positive top […]
