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 […]
Results & Dividends
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 […]
Dangote Sugar Refinery – Q3 Profitability Primarily Driven By Higher Pricing
Culled—Proshare November 8, 2017/FBNQuest Research 2017/18E EPS estimates and price target up modestly As expected, finished year-to-date sugar price reductions have been marginal, down (-3%) to around N15,000/50kg in Q3. In Q4, we continue to believe price changes would remain modest given unit volume sales declines in each of the […]
