Flour Mills of Nigeria Plc

Nigeria

Flour Mills of Nigeria Plc (2021-11)

GCR considers FMN to be moderately geared. Despite the spike in gross debt by N26.5bn to c.N150bn at FY21, net debt to EBITDA moderated to 1.3x (FY20: 1.8x) on the back of higher quantum of earnings and substantial cash holding. GCR anticipates that debt will remain at a moderate level in FY22-23, with further repayments and higher earnings expected to drive further moderation in the leverage metrics to around 90%-120% band. Net interest coverage also strengthened to 6x in FY21 (review average: 3.1x) on the back of improved earnings and a better priced debt book and is expected to be sustained at the 4x-5x range in the medium term

Tokens: 3 Price: USD 300.00

Flour Mills of Nigeria Plc (2020-01)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Tokens: 2 USD 150.00

Flour Mills of Nigeria Plc (2019-10)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Tokens:1 Price: USD 75.00

Flour Mills of Nigeria Plc (2019-01)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Flour Mills of Nigeria Plc (2018-09)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Flour Mills of Nigeria Plc (2017-09)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

Flour Mills of Nigeria Plc Current Ratings

Issue Name Rating Country Rating Published
-- Long Term Rating: BBB+(NG); Outlook: Positive Nigeria 22-10-2020 0:00:00
Series 1: Senior, Unsecured Bond Long Term Rating: BBB+(NG); Outlook: Positive Nigeria 22-10-2020 0:00:00
Series 2: Senior, Unsecured Bond Long Term Rating: BBB+(NG); Outlook: Positive Nigeria 22-10-2020 0:00:00
Series 3: Senior, Unsecured Bond Long Term Rating: BBB+(NG); Outlook: Positive Nigeria 22-10-2020 0:00:00
Series 4: Tranche A and B Senior, Unsecured Bond Long Term Rating: BBB+(NG)(IR); Outlook: Positive Nigeria 22-10-2020 0:00:00
-- Short Term rating: A2(NG); Outlook: Positive Nigeria 22-10-2020 0:00:00
Available Purchase Options: