First Farms A/S (FFARMS) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of First Farms A/S DKK 89.89, price DKK 68.20, upside +31.8%, quality 25 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 61.50 – kr 94.20 · fair‑value band kr 67.08 – kr 134.16 · the kr 68.20 price screens below the kr 89.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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FirstFarms A/S, through its subsidiaries, engages in the agriculture and food products businesses in Denmark, the Czech Republic, Slovakia, Hungary, and Romania. The company is involved in milk production and pig production; and development of land portfolio.
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FirstFarms A/S, through its subsidiaries, engages in the agriculture and food products businesses in Denmark, the Czech Republic, Slovakia, Hungary, and Romania. The company is involved in milk production and pig production; and development of land portfolio. It also produces crops, such as wheat, rapeseed, grass, sunflower, rye, sugar beet, sorghum, soybean, barley, maize, poppy, and peas. FirstFarms A/S was incorporated in 2004 and is based in Billund, Denmark.
Stock analysis
First Farms A/S (FFARMS) currently trades at kr 68.20, while our model-based Fair Value estimate is kr 89.89, implying the stock looks roughly 24.1% undervalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 85/100, which puts the evidence level at low.
Scenario range: kr 67.08 (bear) to kr 134.16 (bull), the price of kr 68.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 25/100 (below-average quality), in the Consumer Defensive sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
First Farms A/S reported revenue of 379M DKK in FY2025 versus 370M DKK in FY2021, a compound +0.6%/yr. Reported net income was −20.6M DKK in FY2025.
Key figures
Market cap 834M DKK (≈ $127M) · P/S ratio 2.32 · EPS (TTM) kr −1.76 · Net margin −5.4% · Return on equity −2.4% · Return on assets (EBIT) 1.6% · Operating margin 71.4% · Revenue (TTM) 379M DKK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −19% fair-value upside, at 32%, FFARMS screens cheaper than that median.
Fair Value models
Bear kr 67.08Fair Value kr 89.89Bull kr 134.16
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.8/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−17.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.9%
Start year 2020 (pandemic). Over 10 years: +13.0% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.2%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−1.9% (2020) → −28.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Farm Products · 290 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score25 · Bottom 25%
Fair Value upside+32% · Above median
Profitability
Return on assets2% · Below median
Net margin (TTM)−5% · Bottom 25%
Operating margin (TTM)71% · Top 25%
Growth and dividend
Revenue growth−25% · Bottom 25%
Balance sheet
Debt / equity0.58× · Highest 25%
Valuation Multiplesvs Farm Products median · lower = cheaper
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Is First Farms A/S (FFARMS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 89.89 versus a price of kr 68.20, about +32% upside (undervalued).
What is the fair value of FFARMS?
Our model-based fair value for First Farms A/S is kr 89.89 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 68.20.
What is the quality score of FFARMS?
First Farms A/S has a Quality Score of 25/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Farms A/S (FFARMS)?
Our model-based price target is the fair value of kr 89.89 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 67.08, optimistic scenario kr 134.16. It is a calculation from audited fundamentals, not an analyst target.
What is the First Farms A/S stock forecast for 2026?
Our models put fair value at kr 89.89, about +32% upside versus a price of kr 68.20 (undervalued). Cautious scenario kr 67.08, optimistic scenario kr 134.16. The calculation is refreshed regularly with new filings.
What is the revenue of First Farms A/S (FFARMS)?
First Farms A/S reported trailing-twelve-month revenue of about 379M DKK (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of First Farms A/S (FFARMS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Farms A/S it is kr 89.89 per share (as of Sep 24, 2026), against a price of kr 68.20. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is First Farms A/S stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FFARMS trades below its calculated fair value: price kr 68.20, fair value kr 89.89, a gap of about +32% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FFARMS?
No. The price is what the market pays today (kr 68.20); the fair value is what the company's own numbers justify (kr 89.89). For First Farms A/S the two are kr 21.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Farms A/S worth?
The market values First Farms A/S at about 834M DKK (market capitalisation, as of Sep 24, 2026). Per share that is kr 68.20; our models calculate a fair value of kr 89.89 per share.
What do the bullish and bearish scenarios say about FFARMS?
Our models span a range for First Farms A/S: cautious scenario kr 67.08, base kr 89.89, optimistic kr 134.16 per share (as of Sep 24, 2026, price kr 68.20). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of First Farms A/S (FFARMS)?
Balance-sheet figures for First Farms A/S (as of Sep 24, 2026): return on equity −2.4%, debt of 0.58 per unit of equity. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is FFARMS from its 52-week high?
First Farms A/S trades at kr 68.20, about 16% below its 52-week high of kr 80.80 and 1% above the low of kr 67.40 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 89.89 is for.
Which stocks are comparable to First Farms A/S?
From the same area (Consumer Defensive) we also value Archer-Daniels-Midland Company, Muyuan Foods Group, Bunge Global SA, Tyson Foods, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Farms A/S stock attractive at the current price?
The data as of Sep 24, 2026: price kr 68.20, calculated fair value kr 89.89 (+32%), Quality Score 25/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FFARMS calculated?
We run First Farms A/S through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 89.89, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. First Farms A/S currently trades 32 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Farms A/S (FFARMS)?
The closing price on Sep 22, 2026 was kr 68.20. Our model-based fair value is kr 89.89, about +32% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Farms A/S right now?
The large discount to fair value meets weak quality (25/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 67.08 to kr 134.16) leaves room in how you read the outcome.
Key figures of First Farms A/S
How large is the market capitalisation of First Farms A/S (FFARMS)?
The market capitalisation of First Farms A/S is 834M DKK (≈ $127M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Farms A/S (FFARMS)?
The price-to-sales ratio of First Farms A/S is 2.32 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Farms A/S (FFARMS)?
Earnings per share at First Farms A/S are kr −1.76. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of First Farms A/S (FFARMS)?
The net margin of First Farms A/S is −5.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Farms A/S (FFARMS)?
The return on equity (ROE) of First Farms A/S is −2.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Farms A/S (FFARMS)?
On an EBIT basis the return on assets of First Farms A/S is 1.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Farms A/S (FFARMS)?
The operating margin of First Farms A/S is 71.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Farms A/S (FFARMS)?
Revenue at First Farms A/S is growing −24.9% versus a year earlier (3y avg −3.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Farms A/S (FFARMS)?
Earnings per share at First Farms A/S are growing +333% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does First Farms A/S (FFARMS) generate?
The free cash flow of First Farms A/S is −133M DKK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does First Farms A/S (FFARMS) carry?
The net debt of First Farms A/S is 613M DKK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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