ForFarmers falls on Q3 profit slide, KBC downgrades stock

ForFarmers NV

02/11/2021 08:57

** Shares in ForFarmers  FFARM.AS  fall 5.6% to 3.87 euros,
having dropped as much as 7.3% after the Dutch agricultural feed
company posted Q3 results  urn:newsml:reuters.com:*:nFWN2RT0E0
    ** Says its total volume has decreased in Q3 as a result of
the continuing challenging market circumstances
    ** Rise in energy prices was so substantial that it has led
to a significant decrease in underlying EBITDA - ForFarmers
    ** Refrains from providing Q4 outlook, adding that it is
impossible to predict how energy prices will develop further
    ** Challenging for company to pass on energy price rise to
farmers, besides rise in raw material prices - KBC Securities,
which lowers stock rating to "hold" from "accumulate"
    ** Among the four analysts that cover the company, the
breakdown of recommendations is one "buy" and ​​three "hold"
    ** YTD, ForFarmers shares are down 27.53%, including
session's moves

 (Reporting by Anait Miridzhanian)
 ((anait.miridzhanian@thomsonreuters.com))