FLOURMILL | Flour Mills Of Nigeria Flour Company Update : Strong top-line growth to subsist in FY‘21/22
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.