ForFarmers - Leading in a consolidating feed market
We upgrade ForFarmers to from Hold to Buy, for the following reasons:Management successfully turns around the company. Under the helm of new management ForFarmers has been delivering on its strategy in the past few years, resulting in improving key positions through selective M&A with a focus on growth metrics such as free cash flow generation and EBITDA. It also has strengthened its market segments like poultry, horse and organic feed. Team agrar & HaBeMa boosting EBITDA by 25-30%. In 2024, ForFarmers announced the JV with team agrar and to fully consolidate HaBeMa. We expect this to boost EBITDA by 25-30% whenForFarmers NV is an agricultural feed company based in the Netherlands that offers feed solutions for conventional and organic livestock farming. Its product portfolio comprises, among others, products for crop farming and pasture farming, as well as feed for the ruminant, swine, poultry and equine sectors, including compound feed and blends, feed for young animals and specialties, raw materials and co-products to seed and fertilizers. Its core activities are feed production, logistics and the provision of total feed solutions. The Company operates through the segments The Netherlands, Germany/Belgium and the United Kingdom, and operates approximately 40 production facilities in these countries.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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