ForFarmers - Strong beat in results and cash flow
Despite lower than expected volumes, results and cash flow clearly exceeded our expectations. The turnaround in H2 bodes well for further EBITDA growth in 2024 and 2025 although visibility remains low.We expect to raise our EBITDA estimates by some 5%Expecting a strong share price reaction today, we maintain our HoldForFarmers 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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