FORFARMERS GROUP: A New Reality
We increase our rating to Accumulate (was Hold) and our target price to € 6.25 (was € 6.0) as ForFarmers is trading at a too large discount to peers and our DCF valuation. By implementing strategy Horizon 2020 in the past years, ForFarmers has positioned itselves stronger in four countries and made a successful start in the growth market Poland as fifth country of operation. We believe ForFarmers has a solid base with its market positions and its scale with which they can continue to create value for its shareholders in the current new reality.ForFarmers 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.
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