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ForFarmers

ENXTAM:FFARM
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FFARM
ENXTAM
€741M
Market Cap
  1. Home
  2. NL
  3. Food, Beverage & Tobacco
Company description

ForFarmers N.V. provides feed solutions for conventional and organic livestock farming in the Netherlands, Germany/Belgium, and the United Kingdom. The last earnings update was 67 days ago. More info.


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FFARM Share Price and Events
7 Day Returns
5%
ENXTAM:FFARM
2.2%
Europe Food
1.5%
NL Market
1 Year Returns
-36.8%
ENXTAM:FFARM
10.6%
Europe Food
-1.7%
NL Market
FFARM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ForFarmers (FFARM) 5% -1.2% -11.1% -36.8% - -
Europe Food 2.2% 3.5% 9.4% 10.6% 15.7% 40.1%
NL Market 1.5% -1.4% 4.3% -1.7% 28.4% 27.1%
1 Year Return vs Industry and Market
  • FFARM underperformed the Food industry which returned 10.6% over the past year.
  • FFARM underperformed the Market in Netherlands which returned -1.7% over the past year.
Price Volatility
FFARM
Industry
5yr Volatility vs Market
Related Companies

FFARM Value

 Is ForFarmers undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of ForFarmers to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for ForFarmers.

ENXTAM:FFARM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.1%
Perpetual Growth Rate 10-Year NL Government Bond Rate 0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTAM:FFARM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NL Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.545 (1 + (1- 25%) (9.29%))
0.721
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.37% + (0.8 * 5.96%)
5.14%

Discounted Cash Flow Calculation for ENXTAM:FFARM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for ForFarmers is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTAM:FFARM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.14%)
2019 24.95 Analyst x2 23.73
2020 59.20 Analyst x2 53.56
2021 65.60 Analyst x2 56.44
2022 68.35 Analyst x2 55.94
2023 61.90 Analyst x1 48.18
2024 57.67 Est @ -6.83% 42.70
2025 54.98 Est @ -4.67% 38.72
2026 53.25 Est @ -3.16% 35.66
2027 52.13 Est @ -2.1% 33.21
2028 51.42 Est @ -1.36% 31.16
Present value of next 10 years cash flows €419.30
ENXTAM:FFARM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €51.42 × (1 + 0.37%) ÷ (5.14% – 0.37%)
€1,082.47
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €1,082.47 ÷ (1 + 5.14%)10
€655.87
ENXTAM:FFARM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €419.30 + €655.87
€1,075.17
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €1,075.17 / 100.08
€10.74
ENXTAM:FFARM Discount to Share Price
Calculation Result
Value per share (EUR) From above. €10.74
Current discount Discount to share price of €7.40
= -1 x (€7.40 - €10.74) / €10.74
31.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price ForFarmers is available for.
Intrinsic value
31%
Share price is €7.4 vs Future cash flow value of €10.74
Current Discount Checks
For ForFarmers to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • ForFarmers's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • ForFarmers's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for ForFarmers's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ForFarmers's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTAM:FFARM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.58
ENXTAM:FFARM Share Price ** ENXTAM (2019-05-17) in EUR €7.4
Europe Food Industry PE Ratio Median Figure of 121 Publicly-Listed Food Companies 17.87x
Netherlands Market PE Ratio Median Figure of 80 Publicly-Listed Companies 17.21x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of ForFarmers.

ENXTAM:FFARM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:FFARM Share Price ÷ EPS (both in EUR)

= 7.4 ÷ 0.58

12.66x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ForFarmers is good value based on earnings compared to the Europe Food industry average.
  • ForFarmers is good value based on earnings compared to the Netherlands market.
Price based on expected Growth
Does ForFarmers's expected growth come at a high price?
Raw Data
ENXTAM:FFARM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.66x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
8%per year
Europe Food Industry PEG Ratio Median Figure of 69 Publicly-Listed Food Companies 1.72x
Netherlands Market PEG Ratio Median Figure of 66 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

ENXTAM:FFARM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.66x ÷ 8%

1.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ForFarmers is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on ForFarmers's assets?
Raw Data
ENXTAM:FFARM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €4.35
ENXTAM:FFARM Share Price * ENXTAM (2019-05-17) in EUR €7.4
Europe Food Industry PB Ratio Median Figure of 160 Publicly-Listed Food Companies 1.29x
Netherlands Market PB Ratio Median Figure of 103 Publicly-Listed Companies 1.97x
ENXTAM:FFARM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:FFARM Share Price ÷ Book Value per Share (both in EUR)

= 7.4 ÷ 4.35

1.7x

* Primary Listing of ForFarmers.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • ForFarmers is overvalued based on assets compared to the Europe Food industry average.
X
Value checks
We assess ForFarmers's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. ForFarmers has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FFARM Future Performance

 How is ForFarmers expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ForFarmers expected to grow at an attractive rate?
  • ForFarmers's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • ForFarmers's earnings growth is positive but not above the Netherlands market average.
  • ForFarmers's revenue growth is positive but not above the Netherlands market average.
Annual Growth Rates Comparison
Raw Data
ENXTAM:FFARM Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTAM:FFARM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 8%
ENXTAM:FFARM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 2.4%
Europe Food Industry Earnings Growth Rate Market Cap Weighted Average 10.7%
Europe Food Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Netherlands Market Earnings Growth Rate Market Cap Weighted Average 9.4%
Netherlands Market Revenue Growth Rate Market Cap Weighted Average 2.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTAM:FFARM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTAM:FFARM Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,700 105 64 1
2022-12-31 2,664 102 67 2
2021-12-31 2,625 99 64 2
2020-12-31 2,538 91 58 3
2019-12-31 2,501 71 38 3
ENXTAM:FFARM Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 2,405 82 59
2018-09-30 2,327 101 61
2018-06-30 2,250 120 63
2018-03-31 2,234 118 61
2017-12-31 2,219 116 59
2017-09-30 2,184 99 59
2017-06-30 2,149 81 59
2017-03-31 2,129 81 56
2016-12-31 2,109 81 53
2016-09-30 2,152 73 52
2016-06-30 2,195 65 51
2016-03-31 2,220 63 51

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ForFarmers's earnings are expected to grow by 8% yearly, however this is not considered high growth (20% yearly).
  • ForFarmers's revenue is expected to grow by 2.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTAM:FFARM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from ForFarmers Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:FFARM Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.64 0.64 0.64 1.00
2022-12-31 0.61 0.61 0.61 1.00
2021-12-31 0.59 0.59 0.59 1.00
2020-12-31 0.52 0.52 0.52 1.00
2019-12-31 0.33 0.33 0.33 1.00
ENXTAM:FFARM Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.58
2018-09-30 0.60
2018-06-30 0.62
2018-03-31 0.59
2017-12-31 0.56
2017-09-30 0.56
2017-06-30 0.56
2017-03-31 0.53
2016-12-31 0.50
2016-09-30 0.49
2016-06-30 0.48
2016-03-31 0.48

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if ForFarmers will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess ForFarmers's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
ForFarmers has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FFARM Past Performance

  How has ForFarmers performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare ForFarmers's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • ForFarmers's year on year earnings growth rate has been positive over the past 5 years.
  • ForFarmers's 1-year earnings growth is less than its 5-year average (0.1% vs 10.8%)
  • ForFarmers's earnings growth has not exceeded the Europe Food industry average in the past year (0.1% vs 5.7%).
Earnings and Revenue History
ForFarmers's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from ForFarmers Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTAM:FFARM Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,404.66 58.59 166.63
2018-09-30 2,327.14 60.76 163.58
2018-06-30 2,249.62 62.93 162.35
2018-03-31 2,234.14 60.74 161.57
2017-12-31 2,218.66 58.55 158.97
2017-09-30 2,183.87 58.62 159.04
2017-06-30 2,149.07 58.68 159.12
2017-03-31 2,129.02 55.97 160.09
2016-12-31 2,108.96 53.26 161.07
2016-09-30 2,151.90 52.15 163.22
2016-06-30 2,194.84 51.04 165.38
2016-03-31 2,219.65 50.87 163.87
2015-12-31 2,244.47 50.71 162.36
2015-09-30 2,163.69 52.36 156.22
2015-06-30 2,125.41 54.01 150.09
2015-03-31 2,173.35 51.07 146.45
2014-12-31 2,221.28 48.14 142.82
2014-09-30 2,316.74 36.69 133.05
2014-06-30 2,426.09 34.42 127.57
2014-03-31 2,491.44 32.77 126.02
2013-12-31 2,472.17 31.12 124.47
2012-12-31 6,561.52 52.70 109.81

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • ForFarmers has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • ForFarmers used its assets more efficiently than the Europe Food industry average last year based on Return on Assets.
  • ForFarmers has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess ForFarmers's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
ForFarmers has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FFARM Health

 How is ForFarmers's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up ForFarmers's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ForFarmers is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • ForFarmers's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of ForFarmers's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 5.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from ForFarmers Company Filings, last reported 4 months ago.

ENXTAM:FFARM Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 440.75 68.81 51.76
2018-09-30 440.75 68.81 51.76
2018-06-30 414.46 87.00 149.98
2018-03-31 414.46 87.00 149.98
2017-12-31 409.93 94.23 161.30
2017-09-30 409.93 94.23 161.30
2017-06-30 407.84 111.27 147.73
2017-03-31 407.84 111.27 147.73
2016-12-31 428.99 91.31 152.85
2016-09-30 428.99 91.31 152.85
2016-06-30 396.69 46.99 99.79
2016-03-31 396.69 46.99 99.79
2015-12-31 407.15 99.73 133.07
2015-09-30 407.15 99.73 133.07
2015-06-30 368.50 70.50
2015-03-31 368.50 70.50
2014-12-31 368.24 52.75 77.73
2014-09-30 364.96 56.80 80.93
2014-06-30 346.30 118.90
2014-03-31 346.30 118.90
2013-12-31 342.70 155.59 146.84
2012-12-31 327.10 186.07 80.92
  • ForFarmers's level of debt (15.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (45.3% vs 15.6% today).
  • Debt is well covered by operating cash flow (119.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 71x coverage).
X
Financial health checks
We assess ForFarmers's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. ForFarmers has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FFARM Dividends

 What is ForFarmers's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.82%
Current annual income from ForFarmers dividends. Estimated to be 3.95% next year.
If you bought €2,000 of ForFarmers shares you are expected to receive €76 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • ForFarmers's pays a higher dividend yield than the bottom 25% of dividend payers in Netherlands (2.32%).
  • ForFarmers's dividend is below the markets top 25% of dividend payers in Netherlands (5.85%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTAM:FFARM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Europe Food Industry Average Dividend Yield Market Cap Weighted Average of 98 Stocks 2.4%
Netherlands Market Average Dividend Yield Market Cap Weighted Average of 68 Stocks 3.9%
Netherlands Minimum Threshold Dividend Yield 10th Percentile 1.7%
Netherlands Bottom 25% Dividend Yield 25th Percentile 2.3%
Netherlands Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTAM:FFARM Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.34 1.00
2022-12-31 0.32 1.00
2021-12-31 0.31 1.00
2020-12-31 0.29 1.00
2019-12-31 0.20 1.00
ENXTAM:FFARM Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-26 0.283 3.910
2018-04-26 0.300 3.240
2017-04-26 0.242 2.389

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, ForFarmers has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but ForFarmers only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of ForFarmers's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess ForFarmers's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can ForFarmers afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ForFarmers has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FFARM Management

 What is the CEO of ForFarmers's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Yoram Knoop
COMPENSATION €1,289,000
AGE 49
TENURE AS CEO 5.3 years
CEO Bio

Mr. Yoram Knoop has been Chief Executive Officer and Member of Management Board at ForFarmers B.V. since January 2014 and serves as its Chairman of Executive Board and General Manager. Mr. Knoop has been Managing Director of ForFarmers B.V. since January 1, 2014. He has been with ForFarmers since November 2013 and serves as its Chairman of The Board of Directors. He is responsible for strategy and acquisitions, Human Resource Management and for developing new markets. In 2003, Mr. Knoop joined Quest (now Givaudan) to run the sweet flavours business. Six years later, he moved Provimi/Cargill where he became managing director Premix and Nutrition EMEA. He served as Commercial Director of Alcopor Owens Corning, a group company of Alcopor Holding AG. He held various positions in sales, marketing, operations and general management and acquired extensive international experience. He worked for listed, private as well as private equity owned businesses, all active in materials processing in various end user industries. Mr. Knoop started to work for GE Plastics in 1991, first in the Netherlands and then in the UK. Mr. Knoop is a member of FEFAC's Steering Group. He studied business administration at the Erasmus University in Rotterdam.

CEO Compensation
  • Yoram's compensation has been consistent with company performance over the past year.
  • Yoram's remuneration is about average for companies of similar size in Netherlands.
Management Team Tenure

Average tenure and age of the ForFarmers management team in years:

0.8
Average Tenure
52
Average Age
  • The average tenure for the ForFarmers management team is less than 2 years, this suggests a new team.
Management Team

Yoram Knoop

TITLE
Chairman of Executive Board
COMPENSATION
€1M
AGE
49
TENURE
5.3 yrs

Arnout Traas

TITLE
CFO, Financial Director & Member of Executive Board
COMPENSATION
€724K
AGE
59
TENURE
7.8 yrs

Steven Read

TITLE
Chief Operating Officer
AGE
55
TENURE
1.3 yrs

Adrie J. van der Ven

TITLE
COO & Member of Executive Board
AGE
55
TENURE
0.1 yrs

Pieter Wolleswinkel

TITLE
Chief Operating Officer
AGE
41
TENURE
0.3 yrs

David Fousert

TITLE
Chief Operating Officer
AGE
40
TENURE
0.3 yrs

Caroline Vogelzang

TITLE
Director of Investor Relations & Communications
Board of Directors Tenure

Average tenure and age of the ForFarmers board of directors in years:

3.2
Average Tenure
52
Average Age
  • The tenure for the ForFarmers board of directors is about average.
Board of Directors

Cees de Jong

TITLE
Chairman of Supervisory Board
COMPENSATION
€64K
AGE
57
TENURE
1.1 yrs

Sandra J. W. Addink-Berendsen

TITLE
Vice Chairwoman of Supervisory Board
COMPENSATION
€60K
AGE
45
TENURE
2.1 yrs

Cees J. van Rijn

TITLE
Member of Supervisory Board
COMPENSATION
€61K
AGE
71
TENURE
7.3 yrs

Erwin Wunnekink

TITLE
Member of Supervisory Board
COMPENSATION
€52K
AGE
48
TENURE
4.3 yrs

Vincent A. Hulshof

TITLE
Member of the Supervisory Board
COMPENSATION
€50K
AGE
56
TENURE
4.7 yrs

Roger Gerritzen

TITLE
Member of Supervisory Board
COMPENSATION
€33K
AGE
46
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess ForFarmers's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. ForFarmers has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FFARM News

Simply Wall St News

Here's How P/E Ratios Can Help Us Understand ForFarmers N.V. (AMS:FFARM)

ForFarmers has a price to earnings ratio of 12.66, based on the last twelve months. … The formula for price to earnings is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for ForFarmers: P/E of 12.66 = €7.4 ÷ €0.58 (Based on the year to December 2018.) Is A High Price-to-Earnings Ratio Good? … Earnings growth means that in the future the 'E' will be higher.

Simply Wall St -

Should You Be Concerned About ForFarmers N.V.'s (AMS:FFARM) Earnings Growth?

For long term investors, improvement in profitability and outperformance against the industry can be important characteristics in a stock. … In this article, I will take a look at ForFarmers N.V.'s (AMS:FFARM) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 11%, indicating the rate at which FFARM is growing has slowed down.

Simply Wall St -

Investors Who Bought ForFarmers (AMS:FFARM) Shares A Year Ago Are Now Down 37%

The falls have accelerated recently, with the share price down 10% in the last three months. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During the unfortunate twelve months during which the ForFarmers share price fell, it actually saw its earnings per share (EPS) improve by 3.9%.

Simply Wall St -

Could ForFarmers N.V.'s (AMS:FFARM) Investor Composition Influence The Stock Price?

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Companies that used to be publicly owned tend to have lower insider ownership. … institutions own shares in the company.

Simply Wall St -

How Do Analysts See ForFarmers N.V. (AMS:FFARM) Performing Over The Next Few Years?

The latest earnings announcement ForFarmers N.V. … (AMS:FFARM) released in December 2018a … suggested

Simply Wall St -

Does ForFarmers N.V. (AMS:FFARM) Have A Place In Your Portfolio?

A large part of investment returns can be generated by dividend-paying stock given their role in compounding returns over time. … (AMS:FFARM) has paid a dividend to shareholders. … How I analyze a dividend stock

Simply Wall St -

Is ForFarmers N.V. (AMS:FFARM) Expensive For A Reason? A Look At The Intrinsic Value

by projecting its future cash flows and then discounting them to today's value. … discounted cash flows (DCF) … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model.

Simply Wall St -

ForFarmers N.V. (AMS:FFARM): A Fundamentally Attractive Investment

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … is a company with great financial health as well as a.

Simply Wall St -

Shareholders Should Look Hard At ForFarmers N.V.’s (AMS:FFARM) 15% Return On Capital

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.

Simply Wall St -

What Investors Should Know About ForFarmers N.V.'s (AMS:FFARM) Financial Strength

(AMS:FFARM) with its market cap of €845m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Evaluating financial health as part of your investment thesis is. … I believe these basic checks tell most of the story you need to know.

Simply Wall St -

FFARM Company Info

Description

ForFarmers N.V. provides feed solutions for conventional and organic livestock farming in the Netherlands, Germany/Belgium, and the United Kingdom. The company offers compound feed, single raw materials, concentrates, blends, and semi-finished products; farm minerals, additives, transition products, young animal feed, and other specialties; and co-products, including stackable and dry co-products, and liquid feed. It also provides seeds, silage products, crop protection products, and fertilizers; and roughage and bedding products. In addition, the company offers advisory services in the areas of feed, livestock farming, and business development, as well as tools, such as programs, products, and services, which enable farmers to set business objectives, and monitor and benchmark results. It provides feed solutions for the ruminant, swine, and poultry sectors. The company is headquartered in Lochem, the Netherlands. ForFarmers N.V. is a subsidiary of Coöperatie FromFarmers U.A.

Details
Name: ForFarmers N.V.
FFARM
Exchange: ENXTAM
Founded:
€740,565,789
100,076,458
Website: http://www.forfarmersgroup.eu
Address: ForFarmers N.V.
Kwinkweerd 12,
Lochem,
Gelderland, 7241 CW,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM FFARM Ordinary Shares Euronext Amsterdam NL EUR 24. May 2016
DB 5FF Ordinary Shares Deutsche Boerse AG DE EUR 24. May 2016
LSE 0RHZ Ordinary Shares London Stock Exchange GB EUR 24. May 2016
BATS-CHIXE FFARMA Ordinary Shares BATS 'Chi-X Europe' GB EUR 24. May 2016
Number of employees
Current staff
Staff numbers
2,654
ForFarmers employees.
Industry
Agricultural Products
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/19 22:53
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/14
Last earnings filing: 2019/03/13
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.