ForFarmers : We see a risk of FFARM dropping its FY25 EBITDA target
>Inflation foreseen to stay, further fuelled by Russian-Ukrainian conflict - During the company’s FY21 earnings call, FFARM provided very cautionary language on raw material cost inflation going forward, highlighting the escalation of the Russia-Ukraine conflict in its opening remarks as well as in its FY22 guidance statements. We note that both countries are key markets for animal feed raw materials, such as grain, wheat, and corn, and to a lesser extent soy. Corn re...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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