FY'17 Earnings Update - Flourmills of Nigeria Plc | InfoWARE Finance
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FY'17 Earnings Update - Flourmills of Nigeria Plc
(Source: Capital Bancorp Research, Date: 04-Jul-2017)
Dear Investor,
Earnings Update - FY’17 ended 31st March 2017
Investment Summary
In another audited earnings released by Flourmills of Nigeria plc for the year ended March 31st 2017, the company reported a fairly decent outing which was disappointingly stifled by increased cost of sales and finance cost during the period. Revenue for FY’17 was impressive, as the company reported an increase of 53.09% in revenue base to ₦524.46 bn (vs. ₦342.58 bn in FY’16) and also better than our forecast estimate of ₦496.75 for the same period. This increase was majorly as a result of increased production output in its production factories as well as the increase in all its product prices. Analysis of its revenue segments indicate that all contributors to revenue base impressed for the period with exception to its port operations and logistics segment which declined by 87.85%. Short term rating for the company shares suggests a BUY position with a revised target price of ₦31.01 (previous TP: ₦23.53) as we expect the company’s operations to improve on the back of moderation in cost of sales and stability in financing its debt obligation in the medium to short term… TO READ MORE, KINDLY CLICK HERE OR FIND AS ATTACHED.
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