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First Farms A/S (FFARMS) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of First Farms A/S stock DKK 89.86, price DKK 67.20, upside +33.7%, quality 23 out of 100. Rating: undervalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Defensive DK · ISIN DK0060056166

FF First Farms A/S logo Thin data Nov 8, 2026

First Farms A/S

FFARMS · CO
Speculative

The stock costs 25% less than our calculation considers fair.

Fair value kr 89.86 · Undervalued (25%)
Moderate debt
Quality 23/100
Weak Growth (revenue 3y −3.4 %/yr in DKK)
Loss-making · -19.0% net margin (TTM)
Negative free cash flow
Trails peers (3/11)
Narrow moat 11/100 · thin data
Thin data
⟳ Cyclical⚠ Small free float
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 94.20 kr 61.50 Fair Value kr 89.86 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range kr 61.50 – kr 94.20 · fair‑value band kr 67.06 – kr 134.12 · the kr 67.20 price screens below the kr 89.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.

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Company profile

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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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 67.20, while our model-based Fair Value estimate is kr 89.86, implying the stock looks roughly 25% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 86/100, which puts the data coverage at low.

Scenario range: kr 67.06 (bear) to kr 134.12 (bull), the price of kr 67.20 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 23/100 (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 822M DKK (≈ $123M) Micro · P/S ratio 2.13 · EPS (TTM) kr −7.18 · Net margin −19.0% · Return on equity −8.3% · Return on assets (EBIT) 1.6% (5-year average) · Operating margin −17.7% · Revenue (TTM) 387M DKK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 11 out of 100 (low confidence).

What moves the price

The share trades about 13% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Defensive peers we cover trades at 6% fair-value upside, at 34%, FFARMS screens cheaper than that median.

Fair Value models

Bear kr 67.06 Fair Value kr 89.86 Bull kr 134.12
Price kr 67.20 · Upside +33.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
NCAV (Graham) kr 33.53 kr 44.93 kr 67.06 54
All 1 models by family
Asset-Based
NCAV (Graham) kr 33.53 kr 44.93 kr 67.06 54

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 23/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 6
How much profit the company makes from its sales and capital
Quality Growth 10
Are margins and returns getting better?
Cashflow 9
Do the profits arrive as real cash?
Financial strength 41
Debt, balance sheet and risk of trouble
Investment 35
Does it invest with discipline instead of growing at any price?
Low Volatility 95
How calm the share price moves, does not count
Price momentum 32
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 14
Distance to the 52-week high, does not count
New shares 48
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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%
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
not computed

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Compare First Farms A/S with another stock

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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 · 291 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 23 · Bottom 25%
Fair Value upside +33.7% · Above median
Profitability
Return on assets −1.2% · Bottom 25%
Net margin (12 months) −19.0% · Bottom 25%
Operating margin (12 months) −17.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 11.1% · Above median
Balance sheet
Debt / equity 0.58× · Highest 25%

Valuation Multiplesvs Farm Products median · lower = cheaper

P/B 0.92× · Cheaper than median
P/S (12 months) 2.13× · Pricier than median
EV/EBITDA 18.3× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)78 · sector 27
FUTURE (revenue growth)56 · sector 15
PAST (return on equity)0 · sector 17
HEALTH (low debt)71 · sector 94
DIVIDEND (yield)0 · sector 41

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Charoen Pokphand Foods Public Company CPF 20.10 THB 40.78 THB +103% vs FFARMS
Mowi ASA MOWI kr 218.00 kr 273.60 +26% vs FFARMS
Tyson Foods, Inc TSN $59.68 $73.24 +23% vs FFARMS
Muyuan Foods Group 002714 ¥44.40 ¥53.02 +19% vs FFARMS
United Plantations Berhad 2089 30.38 MYR 32.14 MYR +6% vs FFARMS
Archer-Daniels-Midland Company ADM $69.97 $61.55 −12% vs FFARMS
Wens Foodstuff Group 300498 ¥16.82 ¥12.08 −28% vs FFARMS
Fujian Wanchen Food Group 300972 ¥129.60 ¥88.62 −32% vs FFARMS
Bunge Global SA BG $99.10 $56.81 −43% vs FFARMS
SalMar ASA SALM kr 572.50 kr 260.28 −55% vs FFARMS

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First Farms A/S: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "First Farms A/S Fair Value". https://www.fairvalue-calculator.com/stock/FFARMS

Frequently asked questions

Is First Farms A/S (FFARMS) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 89.86 versus a price of kr 67.20, about +34% upside (undervalued).
What is the fair value of FFARMS?
Our model-based fair value for First Farms A/S is kr 89.86 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 67.20.
What is the quality score of FFARMS?
First Farms A/S has a Quality Score of 23/100. 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 89.86 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario kr 67.06, optimistic scenario kr 134.12. 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 89.86, about +34% upside versus a price of kr 67.20 (undervalued). Cautious scenario kr 67.06, optimistic scenario kr 134.12. 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 387M DKK (latest available figure, as of Nov 8, 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 89.86 per share (as of Nov 8, 2026), against a price of kr 67.20. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is First Farms A/S stock overvalued or undervalued in 2026?
As of Nov 8, 2026, FFARMS trades below its calculated fair value: price kr 67.20, fair value kr 89.86, a gap of about +34% (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 67.20); the fair value is what the company's own numbers justify (kr 89.86). For First Farms A/S the two are kr 22.66 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 822M DKK (market capitalisation, as of Nov 8, 2026). Per share that is kr 67.20; our models calculate a fair value of kr 89.86 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 67.06, base kr 89.86, optimistic kr 134.12 per share (as of Nov 8, 2026, price kr 67.20). 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 Nov 8, 2026): return on equity −8.3%, debt of 0.58 per unit of equity. They feed the Quality Score of 23/100, 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 67.20, about 13% below its 52-week high of kr 77.00 and 2% above the low of kr 65.80 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 89.86 is for.
Which stocks are comparable to First Farms A/S?
From the same area (Consumer Defensive) we also value Muyuan Foods Group, Archer-Daniels-Midland Company, Tyson Foods, Inc, Bunge Global SA, 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 Nov 8, 2026: price kr 67.20, calculated fair value kr 89.86 (+34%), Quality Score 23/100, 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 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 89.86 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. First Farms A/S currently trades 25% 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 Nov 6, 2026 was kr 67.20. Our model-based fair value is kr 89.86, about +34% 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 (23/100). 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 67.06 to kr 134.12) 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 822M DKK (≈ $123M). 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 2.13 (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 −7.18. 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 −19.0% (last twelve months). 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 −8.3% (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 −17.7% (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 +11.1% 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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