ForFarmers combines a 22.0% ROACE turnaround, 5.25% dividend yield and €8.73 probability-weighted five-year value despite Dutch livestock-volume risks.
Overview
ForFarmers is a leading European animal-nutrition company serving ruminant, swine and poultry farmers across the Netherlands, Germany, Poland and the UK. Its 41 production facilities, approximately 24,500 customers and more than 400 advisors support a localized logistics moat, while technical feed integration and sustainable sourcing improve retention. **H1 2026 confirmed a material turnaround:** volume rose 5.1% to 5,450 kT, gross profit increased 12.6% to €327.3 million, underlying EBITDA rose 39.3% to €84.7 million and underlying net profit rose 59.4% to €37.3 million. ROACE reached 22.0%, up from 14.3% in H1 2025. The Local in the Lead model, UK restructuring and favorable purchasing conditions drove margin recovery, although revenue increased only 0.3% to €1,577.1 million because lower commodity prices were passed through. Valuation remains compressed at approximately 10.20x trailing P/E, 4.12x EV/EBITDA and a 5.25% dividend yield based on the €0.30 dividend. The stock rose 3.6% to €5.99 after results, while Kepler Cheuvreux maintains a Buy view and €7.40 target. **The end-2026 Capital Markets Day and updated targets are the principal near-term catalyst.**