160519 ForFarmers | Tasty Feed ForShareholders 160519 ForFarmers | Tasty Feed ForShareholders


No. pages 26

ForFarmers is the claimed European market leader in total feed soluations to the livestock & poultry sector holding leading positions in the Netherlands, the UK and to a lesser extent in Germany and Belgium. In 2015 it sold 9m tonnes of feed generating EUR 2.2bn of sales and EUR 90m of EBITDA.

ForFarmes itself is the result from a series of acquisitions, mostly recently the ones of Hendrix UTD (former Nutreco unit) and BOCM Pauls. It will conitinue to play an active role in Europe’s consolidating feed industry, most notable to strengthen its positions in current markets , but increasingly in higher growth markets in EU-28  and adjacent areas. Its current net cash position enables such an acquisitive strategy in combination with an attractive dividend policy. Valuation multiples are not light in historic perspective, but still reasonable versus peers and deal multiples.


Summary and Conclusions    
1.    Introduction and profile    
1.1. Background of listing ForFarmers    
1.2. ForFarmers in overview    
2.    ForFarmers’ habitat in focus    
2.1. Europe’s compound feed markets    
2.2. Europe’s compound feed industry    
3.    Forfarmers’ positioning and strategy    
3.1. ForFarmers’ position in the value chain    
3.2. Strategy Horizon 20020
4.    ForFarmers in greater financial detail    
4.1. Hendrix UTD and BOCM Pauls boosted ForFarmers’ size    
4.2. Room for improvement?    
5.    Going forward    
5.1. Guidance in overview    
5.2. Key estimates 2015-2020E    
5.3. Valuation & Recommendation    
6.    Appendix

190508 ForFarmers | Looking beyond H1-19 190508 ForFarmers | Looking beyond H1-19


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