Following the release of Q1’21/22 unaudited results and our call with the management, we adjust our FY’21/22 forecasts for Flour Mills of Nigeria Plc. These adjustments result in a relatively unchanged target price of N33.75. Nevertheless, we revise our recommendation to a BUY (HOLD previously) on impact of recent sell pressures post earnings release.
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CardinalStone is a full service investment banking firm with a vision to build a world class investment banking firm of African origin; operating out of Lagos, Nigeria. The firm was incorporated in April 2008 and began operations in June 2008. CardinalStone is duly registered with the Securities & Exchange Commission in Nigeria to carry on business as an Issuing House, Fund Manager and Broker/Dealer
The Firm's activities are carried out across five business units: Asset Management, Investment Banking, Private Equity, Securities Trading and the Business Support Group.
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