Bunge Limited (0U6R.L)

Industry: Agricultural Farm Products 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
0U6R.L	1	Bunge Limited	60,109	8.25	6.91	5.63	4.88	10.61	9.79
BG	2	Bunge Global S.A.	60,109	8.25	6.91	5.63	4.88	10.61	9.79
TSN	3	Tyson Foods, Inc.	54,441	39.79	53.58	10.26	11.41	41.87	29.58
F34.SI	4	Wilmar Internation	53,695	11.92	12.00	11.41	10.95	18.67	17.73
002714.SZ	5	Muyuan Foods Co.,	21,710	12.83	13.21	9.33	9.00	17.84	14.81
CPOF.F	6	Charoen Pokphand F	18,531	5.99	5.59	9.43	9.23	10.68	13.05
SFD	7	SMITHFIELD FOODS I	15,256	10.64	7.61	6.99	5.78	8.89	7.47
000876.SZ	8	New Hope Liuhe Co.	15,095	23.20	33.77	15.60	17.46	42.27	48.42
300498.SZ	9	Wens Foodstuff Gro	14,941	15.32	17.59	10.98	11.80	19.12	19.03
600438.SS	10	Tongwei Co.,Ltd	12,535	-	-	-	-	133.72	-
DOLE	11	Dole plc	10,538	89.73	112.33	7.10	5.45	25.61	6.03
KAKU.L	12	Kakuzi Plc	10,193	0.06	0.06	-0.18	-0.10	-	-1.54
BEEF3.SA	13	Minerva S.A.	9,299	-	-	5.49	4.72	5.43	5.76
E5H.SI	14	Golden Agri-Resour	9,231	5.90	4.16	4.62	4.01	8.08	2.61
GNC.AX	15	GrainCorp Limited	9,114	19.16	18.37	3.50	3.24	8.97	5.33
FFARM.AS	16	ForFarmers N.V.	6,676	5.11	5.38	1.62	1.58	2.02	2.68

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.64	7.61	6.99	5.45	10.65	7.47
Full Range Median Multiple	11.92	12.00	7.10	5.78	14.26	9.79
Industry Multiple	19.07	22.35	7.84	7.65	25.27	14.02
Market Implied Multiple	10.96	9.17	6.86	5.95	12.94	11.93
Company (0U6R.L) Multiple	8.25	6.91	5.63	4.88	10.61	9.79
(*) Net Income / EBITDA / Revenue	1,323	1,581	2,903	3,349	1,540	1,670
Winsorized Enterprise Value	N/A	N/A	20,288	18,245	16,398	12,475
Full Range Median Enterprise Value	N/A	N/A	20,619	19,343	21,962	16,341
(-) Net Debt	5,423	5,423	5,423	5,423	5,423	5,423
Winsorized Equity Value	14,080	12,032	14,865	12,822	10,975	7,052
Full Range Median Equity Value	15,773	18,968	15,196	13,920	16,539	10,918
(/) Shares Outstanding	136	136	136	136	136	136
Winsorized Fair Value	$103.53	$88.47	$109.30	$94.28	$80.70	$51.85
Full Range Median Fair Value	$115.97	$139.47	$111.74	$102.35	$121.61	$80.28
Current Price	$106.62	$106.62	$106.62	$106.62	$106.62	$106.62
Upside / Downside	-2.90%	-17.02%	2.51%	-11.58%	-24.31%	-51.37%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$72.47	$61.93	$76.51	$65.99	$56.49	$36.30
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy