FirstFarms A/S (FFARMS.CO) 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

-143.5%

-DKK 29.55

vs DKK 68.00 price

Levered DCF

-DKK 209.31

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.25

Distress zone

Rating

Overall 2 / 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	-45.24×	39.23×	24.94×	10.5×	13.77×	15.54×	18.73×	51.4×
P/B	1.01×	0.97×	0.93×	1.07×	1.06×	1.01×	1.07×	0.8×
P/S	2.39×	1.73×	1.46×	1.73×	1.52×	1.57×	1.28×	1.18×
EV / EBITDA	-37.18×	11.87×	10.93×	8.25×	10.12×	10.01×	10.61×	10.42×
Gross margin	-6.4%	31.0%	26.0%	36.6%	28.2%	-9.1%	3.3%	-5.1%
Operating margin	-28.3%	8.5%	4.9%	22.9%	9.2%	-1.9%	11.8%	4.2%
Net margin	-5.4%	3.6%	5.6%	15.5%	9.4%	7.9%	6.8%	3.3%
Current ratio	2.16×	2.81×	2.13×	1.15×	1.1×	0.95×	0.9×	1.55×
Debt / equity	0.7×	0.84×	0.84×	0.75×	0.86×	1.1×	1.4×	0.92×
Interest coverage	-3.12×	0.93×	0.71×	4.97×	1.29×	-0.24×	2.57×	2.09×
Dividend yield	0.0%	0.0%	1.3%	1.0%	1.0%	0.0%	0.8%	0.0%
Payout ratio	0.0%	0.0%	34.5%	10.6%	16.3%	0.0%	14.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.3%	2.0%	3.6%	9.6%	6.6%	5.1%	5.7%	2.2%
Return on invested capital	-6.4%	2.4%	1.2%	6.0%	2.5%	-0.4%	3.0%	1.0%
Return on assets	-1.2%	1.0%	1.7%	4.9%	3.2%	2.2%	2.1%	1.0%
Free cash flow yield	-14.7%	-6.0%	-11.3%	-17.9%	-1.4%	-7.0%	1.6%	-6.1%
Earnings yield	-2.3%	2.1%	3.9%	9.0%	6.2%	5.1%	5.3%	2.8%
Enterprise value	DKK 1.5B	DKK 1.3B	DKK 1.3B	DKK 1.2B	DKK 941.8M	DKK 1B	DKK 967.3M	DKK 632.8M
Net debt / EBITDA	-14.99×	4.87×	5.07×	3.32×	4.07×	5.16×	6×	5.57×
Cash conversion cycle (days)	289	261	214	291	210	176	210	229