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FORFARMERS NV (FFARM.AS) Stock Fundamental Analysis

AMS:FFARM - Euronext Amsterdam - NL0011832811 - Common Stock - Currency: EUR

4.21  +0.03 (+0.6%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to FFARM. FFARM was compared to 57 industry peers in the Food Products industry. Both the profitability and the financial health of FFARM get a neutral evaluation. Nothing too spectacular is happening here. FFARM may be a bit undervalued, certainly considering the very reasonable score on growth


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year FFARM was profitable.
FFARM had a positive operating cash flow in the past year.
Of the past 5 years FFARM 4 years were profitable.
In the past 5 years FFARM always reported a positive cash flow from operatings.
FFARM.AS Yearly Net Income VS EBIT VS OCF VS FCFFFARM.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20M 40M 60M 80M 100M

1.2 Ratios

FFARM has a Return On Assets (3.33%) which is comparable to the rest of the industry.
FFARM has a Return On Equity (9.56%) which is in line with its industry peers.
FFARM has a Return On Invested Capital of 7.90%. This is in the better half of the industry: FFARM outperforms 73.68% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for FFARM is below the industry average of 7.04%.
The last Return On Invested Capital (7.90%) for FFARM is above the 3 year average (4.52%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 3.33%
ROE 9.56%
ROIC 7.9%
ROA(3y)1.66%
ROA(5y)1.6%
ROE(3y)4.87%
ROE(5y)4.38%
ROIC(3y)4.52%
ROIC(5y)5.03%
FFARM.AS Yearly ROA, ROE, ROICFFARM.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10

1.3 Margins

With a Profit Margin value of 1.14%, FFARM is not doing good in the industry: 70.18% of the companies in the same industry are doing better.
In the last couple of years the Profit Margin of FFARM has grown nicely.
With a Operating Margin value of 2.02%, FFARM is not doing good in the industry: 73.68% of the companies in the same industry are doing better.
In the last couple of years the Operating Margin of FFARM has remained more or less at the same level.
With a Gross Margin value of 18.88%, FFARM is not doing good in the industry: 78.95% of the companies in the same industry are doing better.
FFARM's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 2.02%
PM (TTM) 1.14%
GM 18.88%
OM growth 3Y22.91%
OM growth 5Y-1.24%
PM growth 3Y36.41%
PM growth 5Y9.73%
GM growth 3Y4.94%
GM growth 5Y1.08%
FFARM.AS Yearly Profit, Operating, Gross MarginsFFARM.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

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5

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), FFARM is creating some value.
Compared to 1 year ago, FFARM has about the same amount of shares outstanding.
Compared to 5 years ago, FFARM has less shares outstanding
FFARM has a worse debt/assets ratio than last year.
FFARM.AS Yearly Shares OutstandingFFARM.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
FFARM.AS Yearly Total Debt VS Total AssetsFFARM.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

FFARM has an Altman-Z score of 3.81. This indicates that FFARM is financially healthy and has little risk of bankruptcy at the moment.
FFARM has a better Altman-Z score (3.81) than 89.47% of its industry peers.
The Debt to FCF ratio of FFARM is 3.80, which is a good value as it means it would take FFARM, 3.80 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 3.80, FFARM is in the better half of the industry, outperforming 75.44% of the companies in the same industry.
A Debt/Equity ratio of 0.45 indicates that FFARM is not too dependend on debt financing.
With a Debt to Equity ratio value of 0.45, FFARM perfoms like the industry average, outperforming 59.65% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.45
Debt/FCF 3.8
Altman-Z 3.81
ROIC/WACC1.19
WACC6.64%
FFARM.AS Yearly LT Debt VS Equity VS FCFFFARM.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.3 Liquidity

FFARM has a Current Ratio of 1.11. This is a normal value and indicates that FFARM is financially healthy and should not expect problems in meeting its short term obligations.
FFARM's Current ratio of 1.11 is on the low side compared to the rest of the industry. FFARM is outperformed by 70.18% of its industry peers.
A Quick Ratio of 0.82 indicates that FFARM may have some problems paying its short term obligations.
FFARM has a Quick ratio (0.82) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 1.11
Quick Ratio 0.82
FFARM.AS Yearly Current Assets VS Current LiabilitesFFARM.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M 500M

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6

3. Growth

3.1 Past

FFARM shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 4895.65%, which is quite impressive.
The Earnings Per Share has been growing by 14.71% on average over the past years. This is quite good.
The Revenue has decreased by -7.70% in the past year.
The Revenue has been growing slightly by 2.20% on average over the past years.
EPS 1Y (TTM)4895.65%
EPS 3Y40.88%
EPS 5Y14.71%
EPS Q2Q%83.47%
Revenue 1Y (TTM)-7.7%
Revenue growth 3Y0.93%
Revenue growth 5Y2.2%
Sales Q2Q%1.62%

3.2 Future

The Earnings Per Share is expected to grow by 32.03% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 5.29% on average over the next years.
EPS Next Y70.55%
EPS Next 2Y33.7%
EPS Next 3Y32.03%
EPS Next 5YN/A
Revenue Next Year6.99%
Revenue Next 2Y4.44%
Revenue Next 3Y5.29%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
FFARM.AS Yearly Revenue VS EstimatesFFARM.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1B 2B 3B
FFARM.AS Yearly EPS VS EstimatesFFARM.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.2 0.4 0.6 0.8 1

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7

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 12.76, the valuation of FFARM can be described as correct.
Based on the Price/Earnings ratio, FFARM is valued a bit cheaper than 63.16% of the companies in the same industry.
When comparing the Price/Earnings ratio of FFARM to the average of the S&P500 Index (28.18), we can say FFARM is valued rather cheaply.
FFARM is valuated reasonably with a Price/Forward Earnings ratio of 9.85.
FFARM's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. FFARM is cheaper than 77.19% of the companies in the same industry.
FFARM is valuated cheaply when we compare the Price/Forward Earnings ratio to 20.81, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 12.76
Fwd PE 9.85
FFARM.AS Price Earnings VS Forward Price EarningsFFARM.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, FFARM is valued cheaply inside the industry as 84.21% of the companies are valued more expensively.
Based on the Price/Free Cash Flow ratio, FFARM is valued a bit cheaper than the industry average as 78.95% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 8.95
EV/EBITDA 4.28
FFARM.AS Per share dataFFARM.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

FFARM's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
FFARM's earnings are expected to grow with 32.03% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.18
PEG (5Y)0.87
EPS Next 2Y33.7%
EPS Next 3Y32.03%

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6

5. Dividend

5.1 Amount

FFARM has a Yearly Dividend Yield of 4.76%, which is a nice return.
Compared to an average industry Dividend Yield of 3.20, FFARM pays a better dividend. On top of this FFARM pays more dividend than 85.96% of the companies listed in the same industry.
FFARM's Dividend Yield is rather good when compared to the S&P500 average which is at 2.45.
Industry RankSector Rank
Dividend Yield 4.76%

5.2 History

The dividend of FFARM decreases each year by -12.97%.
Dividend Growth(5Y)-12.97%
Div Incr Years1
Div Non Decr Years1
FFARM.AS Yearly Dividends per shareFFARM.AS Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 0.05 0.1 0.15 0.2 0.25

5.3 Sustainability

41.40% of the earnings are spent on dividend by FFARM. This is a bit on the high side, but may be sustainable.
DP41.4%
EPS Next 2Y33.7%
EPS Next 3Y32.03%
FFARM.AS Yearly Income VS Free CF VS DividendFFARM.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20M 40M 60M
FFARM.AS Dividend Payout.FFARM.AS Dividend Payout, showing the Payout Ratio.FFARM.AS Dividend Payout.PayoutRetained Earnings

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FORFARMERS NV

AMS:FFARM (5/5/2025, 4:18:07 PM)

4.21

+0.03 (+0.6%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryFood Products
Earnings (Last)02-27 2025-02-27/amc
Earnings (Next)05-05 2025-05-05
Inst Owners5.54%
Inst Owner ChangeN/A
Ins Owners5.49%
Ins Owner ChangeN/A
Market Cap375.87M
Analysts42.5
Price Target4.28 (1.66%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.76%
Yearly Dividend0.15
Dividend Growth(5Y)-12.97%
DP41.4%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)2.44%
PT rev (3m)21.74%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)39.89%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)2.77%
Revenue NY rev (3m)5.85%
Valuation
Industry RankSector Rank
PE 12.76
Fwd PE 9.85
P/S 0.14
P/FCF 8.95
P/OCF 5.35
P/B 1.14
P/tB 1.8
EV/EBITDA 4.28
EPS(TTM)0.33
EY7.84%
EPS(NY)0.43
Fwd EY10.15%
FCF(TTM)0.47
FCFY11.17%
OCF(TTM)0.79
OCFY18.68%
SpS30.75
BVpS3.68
TBVpS2.34
PEG (NY)0.18
PEG (5Y)0.87
Profitability
Industry RankSector Rank
ROA 3.33%
ROE 9.56%
ROCE 10.29%
ROIC 7.9%
ROICexc 8.67%
ROICexgc 11.28%
OM 2.02%
PM (TTM) 1.14%
GM 18.88%
FCFM 1.53%
ROA(3y)1.66%
ROA(5y)1.6%
ROE(3y)4.87%
ROE(5y)4.38%
ROIC(3y)4.52%
ROIC(5y)5.03%
ROICexc(3y)5.02%
ROICexc(5y)6.01%
ROICexgc(3y)6.45%
ROICexgc(5y)7.81%
ROCE(3y)5.89%
ROCE(5y)6.6%
ROICexcg growth 3Y23.14%
ROICexcg growth 5Y0.01%
ROICexc growth 3Y22.42%
ROICexc growth 5Y1.04%
OM growth 3Y22.91%
OM growth 5Y-1.24%
PM growth 3Y36.41%
PM growth 5Y9.73%
GM growth 3Y4.94%
GM growth 5Y1.08%
F-Score6
Asset Turnover2.91
Health
Industry RankSector Rank
Debt/Equity 0.45
Debt/FCF 3.8
Debt/EBITDA 1.39
Cap/Depr 55.29%
Cap/Sales 1.03%
Interest Coverage 8.27
Cash Conversion 65.98%
Profit Quality 133.76%
Current Ratio 1.11
Quick Ratio 0.82
Altman-Z 3.81
F-Score6
WACC6.64%
ROIC/WACC1.19
Cap/Depr(3y)70.12%
Cap/Depr(5y)76.46%
Cap/Sales(3y)1.08%
Cap/Sales(5y)1.25%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)4895.65%
EPS 3Y40.88%
EPS 5Y14.71%
EPS Q2Q%83.47%
EPS Next Y70.55%
EPS Next 2Y33.7%
EPS Next 3Y32.03%
EPS Next 5YN/A
Revenue 1Y (TTM)-7.7%
Revenue growth 3Y0.93%
Revenue growth 5Y2.2%
Sales Q2Q%1.62%
Revenue Next Year6.99%
Revenue Next 2Y4.44%
Revenue Next 3Y5.29%
Revenue Next 5YN/A
EBIT growth 1Y201.09%
EBIT growth 3Y24.06%
EBIT growth 5Y0.93%
EBIT Next Year182.01%
EBIT Next 3Y50.85%
EBIT Next 5YN/A
FCF growth 1Y-19.39%
FCF growth 3Y40.78%
FCF growth 5Y-6.65%
OCF growth 1Y-18.84%
OCF growth 3Y8.69%
OCF growth 5Y-6.1%