ForFarmers N.V. (FFARM.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+46.9%

€8.20

vs €5.58 price

Levered DCF

€8.90

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.91

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.91×	9.63×	-212.5×	14.65×	31.08×	35.6×	31.89×	13.88×
P/B	1.1×	0.91×	0.68×	0.79×	1.07×	1.43×	1.38×	1.85×
P/S	0.12×	0.11×	0.07×	0.08×	0.14×	0.22×	0.23×	0.34×
EV / EBITDA	2.79×	4.22×	5.2×	5.22×	6.77×	7.4×	8.77×	8.08×
Gross margin	10.8%	17.5%	16.0%	14.9%	16.3%	18.4%	17.9%	18.4%
Operating margin	3.2%	2.0%	0.2%	0.7%	0.8%	1.0%	2.2%	3.2%
Net margin	1.6%	1.1%	-0.0%	0.5%	0.4%	0.6%	0.7%	2.4%
Current ratio	1.09×	1.11×	1.09×	1.12×	1.15×	1.21×	1.18×	1.39×
Debt / equity	0.49×	0.49×	0.35×	0.5×	0.37×	0.23×	0.23×	0.16×
Interest coverage	9.04×	6.16×	0.5×	4.14×	6.99×	8.51×	15.6×	43×
Dividend yield	4.5%	4.3%	9.7%	9.6%	6.9%	5.1%	5.2%	3.7%
Payout ratio	35.3%	41.4%	-2050.0%	140.6%	220.1%	184.1%	166.1%	50.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.9%	9.6%	-0.3%	5.4%	3.3%	4.0%	4.3%	13.5%
Return on invested capital	11.2%	7.6%	0.9%	3.5%	2.4%	2.2%	6.1%	10.1%
Return on assets	4.5%	3.3%	-0.1%	1.8%	1.3%	1.7%	2.0%	6.7%
Free cash flow yield	25.1%	14.5%	26.0%	4.9%	3.9%	12.2%	10.4%	4.7%
Earnings yield	12.7%	10.5%	-0.5%	6.8%	3.1%	2.8%	3.1%	7.3%
Enterprise value	€456.5M	€408.3M	€274M	€361.5M	€447.5M	€523.9M	€601.7M	€823.4M
Net debt / EBITDA	0.39×	1.13×	1.18×	1.42×	0.96×	0.17×	0.45×	0.17×
Cash conversion cycle (days)	17	-4	-5	-6	-2	-1	1	6