Archer-Daniels-Midland Company (0JQQ.L)

Industry: Agricultural Inputs Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0JQQ.L	1	Archer-Daniels-Mid	83,233	24.32	25.77	11.44	11.25	23.23	34.24
097870.KS	2	Hyosung ONB Co Ltd	26,258	16.33	14.56	9.82	8.88	5.56	16.40
CTA-PA	3	EIDP, Inc.	17,469	23.76	19.63	10.76	9.29	-	11.60
CTA-PB	4	E. I. du Pont de N	17,469	28.60	23.64	12.91	11.15	-	13.92
CTVA	5	Corteva, Inc.	17,469	28.60	23.64	12.91	11.15	-	13.92
000626.SZ	6	Grand Industrial H	12,055	-	-	-	-	-	-
600096.SS	7	Yunnan Yuntianhua	7,439	8.67	4.03	6.19	5.19	6.39	4.76
PHOR.ME	8	Public Joint-Stock	7,162	8.07	5.01	5.77	4.25	7.32	5.19
1866.HK	9	China XLX Fertilis	6,701	2.29	1.68	2.73	2.02	5.16	3.82
001390.KS	10	KG Chemical Corpor	5,840	5.09	5.89	3.43	3.19	6.65	7.29
0297.HK	11	Sinofert Holdings	5,730	4.59	4.59	2.61	1.61	1.26	2.96
600426.SS	12	Shandong Hualu-Hen	4,627	17.47	15.60	9.94	8.77	14.27	13.23
000553.SZ	13	ADAMA Ltd.	4,207	-	-	11.02	11.96	36.07	-
EIDPARRY.BO	14	E.I.D.- Parry (Ind	3,971	15.83	14.16	5.02	4.54	4.93	2.62
FMC	15	FMC Corporation	3,555	-	-	19.59	26.35	-	162.59
3983.HK	16	China BlueChemical	3,493	3.71	3.29	3.26	3.55	5.01	5.53

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.37	5.45	5.98	4.87	5.56	5.53
Full Range Median Multiple	12.25	10.03	8.00	6.98	5.98	7.29
Industry Multiple	13.58	11.31	8.28	7.99	9.26	20.29
Market Implied Multiple	26.54	28.13	12.26	12.06	24.89	36.69
Company (0JQQ.L) Multiple	24.32	25.77	11.44	11.25	23.23	34.24
(*) Net Income / EBITDA / Revenue	1,189	1,122	3,224	3,278	1,588	1,077
Winsorized Enterprise Value	N/A	N/A	19,265	15,957	8,830	5,955
Full Range Median Enterprise Value	N/A	N/A	25,794	22,888	9,492	7,853
(-) Net Debt	7,972	7,972	7,972	7,972	7,972	7,972
Winsorized Equity Value	9,948	6,116	11,293	7,985	858	-2,017
Full Range Median Equity Value	14,561	11,251	17,822	14,916	1,520	-119
(/) Shares Outstanding	484	484	484	484	484	484
Winsorized Fair Value	$20.55	$12.64	$23.33	$16.50	$1.77	$-4.17
Full Range Median Fair Value	$30.08	$23.25	$36.82	$30.82	$3.14	$-0.25
Current Price	$65.21	$65.21	$65.21	$65.21	$65.21	$65.21
Upside / Downside	-68.48%	-80.62%	-64.22%	-74.70%	-97.28%	-106.39%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$14.39	$8.85	$16.33	$11.55	$1.24	$-2.92
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy