FirstFarms: Pigs, Cows, Crops: A Trifecta of Returns - Analyst Group

FirstFarms A/S (“FirstFarms” or “the Company”) is a Danish investment company in the agriculture sector primarily focused on milk, crops and pigs. The Company owns and operates farms in the Czech Republic, Slovakia, Hungary and Romania. FirstFarms sees refinement potential in continuous acquisitions and integration of smaller farms by utilising existing expertise within the Company to increase productivity and decrease costs by economy of scale, thereby increasing profit margins. The war in Ukraine has inflated commodity prices into the upper ends of their historical price range, benefiting FirstFarms. Analyst Group projects the inflated prices to impact the fiscal year 2023 positively. Applying the target EV/EBIT multiple of 12.6x to the 2023 estimated EBIT of DKK 114m, a potential share price of DKK 100.4 is motivated.

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