Intrinsic value of Adecoagro - AGRO

Previous Close

$9.78

  Intrinsic Value

$19.22

stock screener

  Rating & Target

str. buy

+97%

Previous close

$9.78

 
Intrinsic value

$19.22

 
Up/down potential

+97%

 
Rating

str. buy

We calculate the intrinsic value of AGRO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.25
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  863
  960
  1,061
  1,168
  1,279
  1,395
  1,515
  1,641
  1,772
  1,908
  2,049
  2,196
  2,348
  2,507
  2,672
  2,843
  3,021
  3,207
  3,401
  3,602
  3,813
  4,032
  4,261
  4,500
  4,750
  5,011
  5,284
  5,569
  5,868
  6,180
  6,507
Variable operating expenses, $m
 
  546
  604
  664
  727
  793
  861
  933
  1,007
  1,084
  1,164
  1,246
  1,333
  1,423
  1,516
  1,613
  1,715
  1,820
  1,930
  2,044
  2,164
  2,288
  2,418
  2,554
  2,696
  2,844
  2,998
  3,160
  3,330
  3,507
  3,693
Fixed operating expenses, $m
 
  212
  217
  223
  228
  234
  240
  246
  252
  259
  265
  272
  278
  285
  292
  300
  307
  315
  323
  331
  339
  348
  356
  365
  374
  384
  393
  403
  413
  424
  434
Total operating expenses, $m
  693
  758
  821
  887
  955
  1,027
  1,101
  1,179
  1,259
  1,343
  1,429
  1,518
  1,611
  1,708
  1,808
  1,913
  2,022
  2,135
  2,253
  2,375
  2,503
  2,636
  2,774
  2,919
  3,070
  3,228
  3,391
  3,563
  3,743
  3,931
  4,127
Operating income, $m
  171
  202
  240
  281
  323
  368
  414
  462
  513
  565
  620
  678
  737
  799
  863
  930
  1,000
  1,072
  1,148
  1,227
  1,310
  1,396
  1,487
  1,581
  1,680
  1,783
  1,892
  2,005
  2,125
  2,249
  2,380
EBITDA, $m
  299
  328
  380
  434
  491
  551
  613
  677
  745
  815
  888
  964
  1,043
  1,125
  1,211
  1,300
  1,393
  1,490
  1,591
  1,696
  1,806
  1,921
  2,041
  2,167
  2,298
  2,436
  2,580
  2,731
  2,888
  3,054
  3,227
Interest expense (income), $m
  48
  34
  39
  44
  50
  55
  62
  68
  74
  81
  88
  96
  103
  111
  119
  128
  137
  146
  156
  166
  177
  188
  199
  211
  223
  236
  250
  264
  279
  295
  311
Earnings before tax, $m
  13
  168
  201
  237
  274
  312
  353
  395
  438
  484
  532
  582
  634
  688
  744
  802
  863
  926
  992
  1,061
  1,133
  1,209
  1,288
  1,370
  1,457
  1,547
  1,642
  1,741
  1,846
  1,955
  2,069
Tax expense, $m
  9
  45
  54
  64
  74
  84
  95
  107
  118
  131
  144
  157
  171
  186
  201
  216
  233
  250
  268
  287
  306
  326
  348
  370
  393
  418
  443
  470
  498
  528
  559
Net income, $m
  2
  122
  147
  173
  200
  228
  257
  288
  320
  353
  388
  425
  463
  502
  543
  585
  630
  676
  724
  775
  827
  882
  940
  1,000
  1,063
  1,129
  1,199
  1,271
  1,347
  1,427
  1,511

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  159
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,456
  1,443
  1,596
  1,756
  1,923
  2,097
  2,279
  2,468
  2,664
  2,869
  3,081
  3,302
  3,531
  3,770
  4,017
  4,275
  4,544
  4,823
  5,114
  5,417
  5,733
  6,063
  6,408
  6,767
  7,143
  7,535
  7,945
  8,375
  8,824
  9,293
  9,785
Adjusted assets (=assets-cash), $m
  1,297
  1,443
  1,596
  1,756
  1,923
  2,097
  2,279
  2,468
  2,664
  2,869
  3,081
  3,302
  3,531
  3,770
  4,017
  4,275
  4,544
  4,823
  5,114
  5,417
  5,733
  6,063
  6,408
  6,767
  7,143
  7,535
  7,945
  8,375
  8,824
  9,293
  9,785
Revenue / Adjusted assets
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
Average production assets, $m
  562
  625
  691
  760
  832
  908
  987
  1,068
  1,153
  1,242
  1,334
  1,429
  1,529
  1,632
  1,739
  1,851
  1,967
  2,088
  2,214
  2,345
  2,482
  2,625
  2,774
  2,930
  3,092
  3,262
  3,440
  3,625
  3,820
  4,023
  4,236
Working capital, $m
  236
  314
  347
  382
  418
  456
  496
  537
  579
  624
  670
  718
  768
  820
  874
  930
  988
  1,049
  1,112
  1,178
  1,247
  1,319
  1,393
  1,472
  1,553
  1,639
  1,728
  1,821
  1,919
  2,021
  2,128
Total debt, $m
  635
  547
  622
  700
  781
  866
  955
  1,047
  1,143
  1,243
  1,347
  1,454
  1,566
  1,683
  1,803
  1,929
  2,060
  2,197
  2,339
  2,487
  2,641
  2,802
  2,970
  3,145
  3,329
  3,520
  3,720
  3,930
  4,149
  4,378
  4,618
Total liabilities, $m
  792
  704
  779
  857
  938
  1,023
  1,112
  1,204
  1,300
  1,400
  1,504
  1,611
  1,723
  1,840
  1,960
  2,086
  2,217
  2,354
  2,496
  2,644
  2,798
  2,959
  3,127
  3,302
  3,486
  3,677
  3,877
  4,087
  4,306
  4,535
  4,775
Total equity, $m
  664
  739
  817
  899
  984
  1,074
  1,167
  1,264
  1,364
  1,469
  1,578
  1,691
  1,808
  1,930
  2,057
  2,189
  2,326
  2,469
  2,618
  2,774
  2,936
  3,104
  3,281
  3,465
  3,657
  3,858
  4,068
  4,288
  4,518
  4,758
  5,010
Total liabilities and equity, $m
  1,456
  1,443
  1,596
  1,756
  1,922
  2,097
  2,279
  2,468
  2,664
  2,869
  3,082
  3,302
  3,531
  3,770
  4,017
  4,275
  4,543
  4,823
  5,114
  5,418
  5,734
  6,063
  6,408
  6,767
  7,143
  7,535
  7,945
  8,375
  8,824
  9,293
  9,785
Debt-to-equity ratio
  0.956
  0.740
  0.760
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
  0.850
  0.850
  0.860
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
Adjusted equity ratio
  0.389
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  122
  147
  173
  200
  228
  257
  288
  320
  353
  388
  425
  463
  502
  543
  585
  630
  676
  724
  775
  827
  882
  940
  1,000
  1,063
  1,129
  1,199
  1,271
  1,347
  1,427
  1,511
Depreciation, amort., depletion, $m
  128
  126
  139
  153
  168
  183
  199
  215
  232
  250
  268
  286
  306
  326
  348
  370
  393
  418
  443
  469
  496
  525
  555
  586
  618
  652
  688
  725
  764
  805
  847
Funds from operations, $m
  202
  249
  286
  326
  367
  411
  456
  503
  552
  603
  656
  711
  769
  828
  891
  955
  1,023
  1,093
  1,167
  1,244
  1,324
  1,407
  1,495
  1,586
  1,682
  1,782
  1,887
  1,996
  2,111
  2,232
  2,358
Change in working capital, $m
  -53
  32
  33
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
Cash from operations, $m
  255
  217
  253
  291
  331
  373
  416
  462
  509
  559
  610
  663
  719
  776
  837
  899
  965
  1,033
  1,104
  1,178
  1,255
  1,336
  1,420
  1,508
  1,600
  1,696
  1,797
  1,903
  2,014
  2,129
  2,251
Maintenance CAPEX, $m
  0
  -112
  -125
  -138
  -152
  -166
  -182
  -197
  -214
  -231
  -248
  -267
  -286
  -306
  -326
  -348
  -370
  -393
  -418
  -443
  -469
  -496
  -525
  -555
  -586
  -618
  -652
  -688
  -725
  -764
  -805
New CAPEX, $m
  -135
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -85
  -88
  -92
  -96
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -194
  -203
  -213
Cash from investing activities, $m
  -122
  -175
  -191
  -207
  -224
  -241
  -261
  -279
  -299
  -319
  -340
  -363
  -385
  -409
  -433
  -460
  -486
  -514
  -544
  -574
  -606
  -639
  -674
  -711
  -749
  -788
  -830
  -874
  -919
  -967
  -1,018
Free cash flow, $m
  133
  42
  62
  84
  107
  131
  156
  183
  211
  240
  270
  301
  333
  368
  403
  440
  478
  518
  560
  604
  649
  696
  746
  798
  852
  908
  967
  1,029
  1,094
  1,162
  1,233
Issuance/(repayment) of debt, $m
  -125
  71
  75
  78
  82
  85
  89
  92
  96
  100
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
  183
  192
  200
  209
  219
  229
  240
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -182
  71
  75
  78
  82
  85
  89
  92
  96
  100
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
  183
  192
  200
  209
  219
  229
  240
Total cash flow (excl. dividends), $m
  -40
  113
  137
  162
  188
  216
  245
  275
  306
  339
  373
  408
  445
  484
  524
  566
  609
  655
  702
  752
  803
  857
  914
  973
  1,035
  1,100
  1,168
  1,239
  1,313
  1,391
  1,473
Retained Cash Flow (-), $m
  -144
  -75
  -78
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -162
  -169
  -176
  -184
  -192
  -201
  -210
  -220
  -230
  -241
  -252
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  38
  59
  80
  103
  127
  152
  178
  206
  235
  265
  295
  328
  362
  397
  434
  472
  512
  553
  596
  641
  688
  738
  789
  843
  899
  957
  1,019
  1,083
  1,151
  1,222
Discount rate, %
 
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
 
  37
  53
  69
  84
  97
  108
  117
  125
  130
  133
  133
  132
  129
  124
  117
  109
  101
  91
  81
  71
  61
  52
  43
  35
  28
  22
  17
  13
  9
  7
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Adecoagro S.A. is a holding company. The Company is involved in a range of businesses, including farming crops and other agricultural products, dairy operations, sugar, ethanol and energy production and land transformation. The Company is organized into three main lines of business: farming; land transformation, and sugar, ethanol and energy. Its agricultural activities consist of harvesting certain agricultural products, including crops, rough rice and sugarcane, for sale to third parties and for internal use as inputs in its various manufacturing processes, and producing raw milk. Its manufacturing activities consist of selling manufactured products, including processed rice, sugar, ethanol and energy, among others, and providing services, such as grain warehousing and conditioning and handling and drying services, among others. The Company's land transformation activities consist of the acquisition of farmlands or businesses with underdeveloped or underutilized agricultural land.

FINANCIAL RATIOS  of  Adecoagro (AGRO)

Valuation Ratios
P/E Ratio 592.4
Price to Sales 1.4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 4.6
Price to Free Cash Flow 9.9
Growth Rates
Sales Growth Rate 25.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.6%
Cap. Spend. - 3 Yr. Gr. Rate -9.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 64.8%
Total Debt to Equity 95.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity 0.3%
Return On Equity - 3 Yr. Avg. 0.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 21.4%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin 21.9%
EBITDA Margin - 3 Yr. Avg. 23.7%
Operating Margin 19.7%
Oper. Margin - 3 Yr. Avg. 15.8%
Pre-Tax Margin 1.5%
Pre-Tax Margin - 3 Yr. Avg. 0.9%
Net Profit Margin 0.2%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 69.2%
Eff/ Tax Rate - 3 Yr. Avg. 62%
Payout Ratio 0%

AGRO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGRO stock intrinsic value calculation we used $863 million for the last fiscal year's total revenue generated by Adecoagro. The default revenue input number comes from 2016 income statement of Adecoagro. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AGRO stock valuation model: a) initial revenue growth rate of 11.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.6%, whose default value for AGRO is calculated based on our internal credit rating of Adecoagro, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Adecoagro.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AGRO stock the variable cost ratio is equal to 56.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $207 million in the base year in the intrinsic value calculation for AGRO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.1% for Adecoagro.

Corporate tax rate of 27% is the nominal tax rate for Adecoagro. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AGRO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AGRO are equal to 65.1%.

Life of production assets of 4.5 years is the average useful life of capital assets used in Adecoagro operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AGRO is equal to 32.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $664 million for Adecoagro - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 121.857 million for Adecoagro is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Adecoagro at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Adecoagro reports 3Q loss   [Nov-13-17 06:50PM  Associated Press]
▶ ETFs with exposure to Adecoagro SA : October 26, 2017   [Oct-26-17 10:11AM  Capital Cube]
▶ ETFs with exposure to Adecoagro SA : October 13, 2017   [Oct-13-17 10:28AM  Capital Cube]
▶ Adecoagro posts 2Q profit   [Aug-15-17 10:30PM  Associated Press]
▶ Adecoagro SA Value Analysis (NYSE:AGRO) : August 5, 2017   [Aug-04-17 08:09PM  Capital Cube]
▶ ETFs with exposure to Adecoagro SA : August 3, 2017   [Aug-03-17 07:30PM  Capital Cube]
▶ ETFs with exposure to Adecoagro SA : June 22, 2017   [Jun-22-17 03:16PM  Capital Cube]
▶ Adecoagro announces filing of Annual Report   [Jun-12-17 05:48PM  PR Newswire]
▶ Adecoagro Sees Opportunity Selling Corn, Rice to Mexico   [May-17-17 10:23PM  Bloomberg Video]
▶ Adecoagro posts 1Q profit   [May-15-17 07:47PM  Associated Press]
▶ Adecoagro SA Value Analysis (NYSE:AGRO) : May 12, 2017   [May-12-17 04:52PM  Capital Cube]
▶ Top Ranked Value Stocks to Buy for May 1st   [May-01-17 09:50AM  Zacks]
▶ Top Ranked Value Stocks to Buy for April 17th   [Apr-17-17 10:38AM  Zacks]
▶ Adecoagro SA Value Analysis (NYSE:AGRO) : January 5, 2017   [Jan-05-17 10:34AM  Capital Cube]
▶ Adecoagro Appoints Jim Anderson to Board of Directors   [Dec-29-16 04:23PM  PR Newswire]
▶ ETFs with exposure to Adecoagro SA : December 12, 2016   [Dec-12-16 01:56PM  Capital Cube]
▶ Is Adecoagro SA (AGRO) A Good Stock To Buy?   [Nov-30-16 04:35PM  at Insider Monkey]
▶ Adecoagro Announces Approval of Share Repurchase Program   [Sep-26-16 06:48PM  PR Newswire]
▶ ADECOAGRO S.A. Financials   [01:04PM  EDGAR Online Financials]
▶ Argentina Summit Panel on Agribusiness Outlook   [Apr-06-16 02:00PM  at Bloomberg]
▶ Billionaire George Soros Top Long-Term Holdings   [Apr-01-16 04:54PM  at Insider Monkey]
▶ AGR to provide consultancy manpower to Lundin Norway   [Mar-29-16 01:52AM  at noodls]
Financial statements of AGRO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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