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In the News
Flour Mills of Nig Plc Q3 2016 Result - Words from Management
Posted 09/02/2016/ 09:32:44 am | Share on Facebook
Cordros had a call last week (Friday) with the management of Flour Mills of Nigeria Plc (FLOURMILL) to discuss the recently released results for the period ended 31 December 2015 i.e. Q3-15/16 and 9M-15/16.

Following the result/call, we have revised estimate for 2016 PAT down to N19.68 billion (previously N26.56 billion), which is reflective of the impact of other losses reported in the third quarter.

In addition, 2017 PAT was reduced to N2.07 billion (from N2.62 billion), being the net outcome of scaling down estimates for other income (to accommodate potential currency headwinds), investment income (in view of a more accommodative monetary policy), and operating expenses (taking into consideration savings from the ongoing reorganization of RTM and merger of subsidiaries).

Our 12-month TP for the stock is however unchanged at N40.55, as we have rolled forward valuation to 2017e and slightly reduced capex estimates to below N20 billion over the medium term (as guided by management).
 
 
Stock Market Insight as at 17th Aug 18
 
Top 5 Gainers View Gainers   
 SECURITY LAST CLOSE CURRENT CHANGE % CHANGE 

 UNILEVER

53.00

55.00

2.00

3.64 % 

 DANGCEM

206.00

220.00

14.00

6.36 % 

 AIRSERVICE

4.05

4.45

0.40

8.99 % 

 CUTIX

4.00

4.18

0.18

4.31 % 

 FO

23.00

23.15

0.15

0.65 % 

 
Top 5 LosersView Losers   
 SECURITY LAST CLOSE CURRENT CHANGE % CHANGE 

 DANGSUGAR

15.10

14.80

-0.30

2.03 % 

 NAHCO

3.99

3.73

-0.26

6.97 % 

 UBN

5.70

5.55

-0.15

2.7 % 

 ZENITHBANK

 22.95

22.85

-0.10

0.44 % 

 WAPCO

27.90

27.80

-0.10

0.36 % 

 
Top 5 Trades   [By Volume of Trade]
  SECURITY VOLUME VALUE (N)  

  MANSARD

94,489,040

240,958,552.00  

  TRANSCORP

17,405,011

19,600,045.13  

  ZENITHBANK

15,871,230

363,261,902.30  

  CHAMPION

10,198,900

240,958,552.00  

  UBA

9,626,390

80,488,888.75  

 
Financial Indicator
     
  TRADE VOLUME:

374319465

  NO. OF DEALS [TRADES]:

2875

  TRADE VALUE:

2722745513

  ALL-SHARE INDEX:

35266.29

  MKT. CAPITALIZATION:

12874917519692.65

 
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Flour Mills of Nig Plc Q3 2016 Result - Words from Management
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