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ForFarmers N.V. (FFARM.AS)

Company Dividend Discount ModelIndustry: Agricultural Farm ProductsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$10.08 - $17.62$13.30
Multi-Stage$19.49 - $21.39$20.42
Blended Fair Value$16.86
Current Price$4.00
Upside321.52%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-15.06%-1.03%0.150.230.290.300.290.330.330.290.280.21
YoY Growth---36.59%-18.97%-4.20%1.34%-11.38%-0.23%14.82%3.79%32.22%29.74%
Dividend Yield--4.36%9.74%9.76%7.39%5.52%5.79%4.14%2.81%4.21%3.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)68.40
(-) Cash Dividends Paid (M)58.70
(=) Cash Retained (M)9.70
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)13.688.555.13
Cash Retained (M)9.709.709.70
(-) Cash Required (M)-13.68-8.55-5.13
(=) Excess Retained (M)-3.981.154.57
(/) Shares Outstanding (M)88.4488.4488.44
(=) Excess Retained per Share-0.050.010.05
LTM Dividend per Share0.660.660.66
(+) Excess Retained per Share-0.050.010.05
(=) Adjusted Dividend0.620.680.72
WACC / Discount Rate6.29%6.29%6.29%
Growth Rate0.14%1.14%2.14%
Fair Value$10.08$13.30$17.62
Upside / Downside151.98%232.44%340.48%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)68.4069.1869.9770.7771.5872.4074.57
Payout Ratio85.82%86.65%87.49%88.33%89.16%90.00%92.50%
Projected Dividends (M)58.7059.9561.2262.5163.8265.1668.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.29%6.29%6.29%
Growth Rate0.14%1.14%2.14%
Year 1 PV (M)55.8456.4056.96
Year 2 PV (M)53.1254.1955.26
Year 3 PV (M)50.5352.0653.62
Year 4 PV (M)48.0650.0052.01
Year 5 PV (M)45.7048.0350.45
PV of Terminal Value (M)1,470.671,545.581,623.51
Equity Value (M)1,723.921,806.261,891.81
Shares Outstanding (M)88.4488.4488.44
Fair Value$19.49$20.42$21.39
Upside / Downside387.33%410.61%434.79%

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