Stock FLOURMILL FLOUR MILLS OF NIGERIA PLC
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Financials Flour Mills of Nigeria PLC

Equities

FLOURMILL

NGFLOURMILL0

Food Processing

End-of-day quote Nigerian S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
30.5 NGN 0.00% Intraday chart for Flour Mills of Nigeria PLC 0.00% -7.72%
Mar. 08 Japan to trim domestic wheat prices by 0.6% from April RE
Feb. 02 Kovilpatti Lakshmi Roller Flour Gets Board Nod to Acquire Land in Pondicherry, India MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 73,807 87,133 118,091 127,317 127,112 125,062 - -
Enterprise Value (EV) 1 183,537 87,133 230,316 272,116 127,112 452,186 447,262 445,812
P/E ratio 18 x 8.33 x 4.51 x 4.96 x 4.28 x 55.5 x 3.65 x 2.47 x
Yield 5.56% 6.59% 5.73% 6.92% - 0.82% 11.7% 15.8%
Capitalization / Revenue 0.14 x 0.15 x 0.15 x 0.11 x - 0.06 x 0.05 x 0.05 x
EV / Revenue 0.35 x 0.15 x 0.3 x 0.23 x - 0.22 x 0.19 x 0.17 x
EV / EBITDA 3.45 x 1.56 x 3.03 x 3.09 x - 4.5 x 2.85 x 2.37 x
EV / FCF 3.95 x 1.73 x 20.2 x 80.4 x - -29.3 x 75.1 x 27.7 x
FCF Yield 25.3% 58% 4.96% 1.24% - -3.41% 1.33% 3.61%
Price to Book 0.51 x 0.59 x 0.7 x 0.68 x - 0.58 x 0.5 x 0.43 x
Nbr of stocks (in thousands) 4,100,380 4,100,396 4,100,396 4,100,396 4,100,396 4,100,396 - -
Reference price 2 18.00 21.25 28.80 31.05 31.00 30.50 30.50 30.50
Announcement Date 7/12/19 8/3/20 6/29/21 5/31/22 8/29/23 - - -
1NGN in Million2NGN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 527,405 573,774 771,608 1,162,420 - 2,090,483 2,397,003 2,699,594
EBITDA 1 53,136 55,689 76,106 88,089 - 100,474 157,002 188,364
EBIT 1 32,297 35,080 52,197 65,513 - 69,000 124,330 153,828
Operating Margin 6.12% 6.11% 6.76% 5.64% - 3.3% 5.19% 5.7%
Earnings before Tax (EBT) 1 10,174 17,497 37,194 41,118 - 3,293 49,866 73,146
Net income 1 4,000 11,377 25,717 28,015 29,733 2,278 34,276 50,536
Net margin 0.76% 1.98% 3.33% 2.41% - 0.11% 1.43% 1.87%
EPS 2 1.000 2.550 6.380 6.260 7.250 0.5500 8.350 12.35
Free Cash Flow 1 46,481 50,495 11,426 3,384 - -15,427 5,958 16,116
FCF margin 8.81% 8.8% 1.48% 0.29% - -0.74% 0.25% 0.6%
FCF Conversion (EBITDA) 87.48% 90.67% 15.01% 3.84% - - 3.79% 8.56%
FCF Conversion (Net income) 1,161.99% 443.84% 44.43% 12.08% - - 17.38% 31.89%
Dividend per Share 2 1.000 1.400 1.650 2.150 - 0.2500 3.580 4.810
Announcement Date 7/12/19 8/3/20 6/29/21 5/31/22 8/29/23 - - -
1NGN in Million2NGN
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 109,730 - 112,224 144,798 - 327,124 322,200 320,750
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.065 x - 1.475 x 1.644 x - 3.256 x 2.052 x 1.703 x
Free Cash Flow 1 46,481 50,495 11,426 3,384 - -15,427 5,958 16,116
ROE (net income / shareholders' equity) 2.84% 7.15% 16.5% 15.8% - 6.95% 3.35% 14.1%
ROA (Net income/ Total Assets) 1.94% 2.47% 5.35% 4.62% - 0.2% 2.65% 3.45%
Assets 1 206,292 461,512 480,511 605,866 - 1,139,000 1,293,453 1,464,812
Book Value Per Share 2 35.00 36.30 41.00 45.60 - 52.50 60.80 71.30
Cash Flow per Share - - - - - - - -
Capex 1 26,223 - - 40,653 - 34,707 63,815 76,503
Capex / Sales 4.97% - - 3.5% - 1.66% 2.66% 2.83%
Announcement Date 7/12/19 8/3/20 6/29/21 5/31/22 8/29/23 - - -
1NGN in Million2NGN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
3
Last Close Price
30.5 NGN
Average target price
41.24 NGN
Spread / Average Target
+35.21%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Food Processing

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