Intrinsic value of Adecoagro - AGRO

Previous Close

$8.40

  Intrinsic Value

$1.35

stock screener

  Rating & Target

str. sell

-84%

Previous close

$8.40

 
Intrinsic value

$1.35

 
Up/down potential

-84%

 
Rating

str. sell

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
  28.90
  26.51
  24.36
  22.42
  20.68
  19.11
  17.70
  16.43
  15.29
  14.26
  13.33
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
Revenue, $m
  863
  1,120
  1,417
  1,762
  2,157
  2,604
  3,101
  3,650
  4,250
  4,900
  5,598
  6,345
  7,138
  7,977
  8,860
  9,788
  10,759
  11,773
  12,831
  13,933
  15,079
  16,271
  17,510
  18,798
  20,136
  21,527
  22,972
  24,476
  26,040
  27,667
  29,362
Variable operating expenses, $m
 
  993
  1,256
  1,561
  1,911
  2,306
  2,746
  3,232
  3,763
  4,338
  4,957
  5,615
  6,317
  7,060
  7,842
  8,662
  9,522
  10,420
  11,356
  12,331
  13,346
  14,401
  15,497
  16,637
  17,821
  19,052
  20,331
  21,662
  23,046
  24,487
  25,987
Fixed operating expenses, $m
 
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  69
  71
  73
  74
  76
  77
  79
  81
  83
  85
  86
  88
  90
  92
Total operating expenses, $m
  693
  1,042
  1,306
  1,612
  1,963
  2,360
  2,801
  3,288
  3,820
  4,396
  5,017
  5,676
  6,379
  7,124
  7,907
  8,729
  9,590
  10,489
  11,427
  12,404
  13,420
  14,477
  15,574
  16,716
  17,902
  19,135
  20,416
  21,748
  23,134
  24,577
  26,079
Operating income, $m
  171
  78
  111
  150
  194
  244
  300
  362
  430
  503
  582
  668
  758
  853
  953
  1,059
  1,169
  1,284
  1,404
  1,529
  1,659
  1,795
  1,935
  2,082
  2,234
  2,392
  2,556
  2,727
  2,905
  3,090
  3,283
EBITDA, $m
  299
  179
  238
  307
  386
  475
  575
  686
  806
  937
  1,078
  1,228
  1,388
  1,557
  1,735
  1,922
  2,118
  2,322
  2,536
  2,758
  2,989
  3,230
  3,480
  3,740
  4,010
  4,291
  4,582
  4,886
  5,202
  5,531
  5,873
Interest expense (income), $m
  48
  154
  210
  275
  351
  437
  535
  644
  765
  896
  1,039
  1,192
  1,356
  1,530
  1,714
  1,908
  2,111
  2,324
  2,547
  2,779
  3,021
  3,272
  3,534
  3,806
  4,088
  4,382
  4,687
  5,004
  5,334
  5,677
  6,034
Earnings before tax, $m
  13
  -76
  -99
  -125
  -157
  -193
  -235
  -282
  -335
  -393
  -457
  -524
  -598
  -677
  -761
  -849
  -942
  -1,040
  -1,143
  -1,250
  -1,361
  -1,478
  -1,598
  -1,724
  -1,854
  -1,990
  -2,130
  -2,277
  -2,429
  -2,587
  -2,751
Tax expense, $m
  9
  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
Net income, $m
  2
  -76
  -99
  -125
  -157
  -193
  -235
  -282
  -335
  -393
  -457
  -524
  -598
  -677
  -761
  -849
  -942
  -1,040
  -1,143
  -1,250
  -1,361
  -1,478
  -1,598
  -1,724
  -1,854
  -1,990
  -2,130
  -2,277
  -2,429
  -2,587
  -2,751

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
  1,876
  2,374
  2,952
  3,614
  4,361
  5,195
  6,114
  7,119
  8,207
  9,378
  10,628
  11,956
  13,361
  14,841
  16,394
  18,021
  19,720
  21,492
  23,338
  25,258
  27,255
  29,330
  31,487
  33,729
  36,058
  38,480
  40,998
  43,617
  46,344
  49,183
Adjusted assets (=assets-cash), $m
  1,297
  1,876
  2,374
  2,952
  3,614
  4,361
  5,195
  6,114
  7,119
  8,207
  9,378
  10,628
  11,956
  13,361
  14,841
  16,394
  18,021
  19,720
  21,492
  23,338
  25,258
  27,255
  29,330
  31,487
  33,729
  36,058
  38,480
  40,998
  43,617
  46,344
  49,183
Revenue / Adjusted assets
  0.665
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
Average production assets, $m
  562
  988
  1,250
  1,554
  1,903
  2,296
  2,735
  3,219
  3,748
  4,322
  4,938
  5,596
  6,296
  7,035
  7,815
  8,633
  9,489
  10,384
  11,317
  12,289
  13,300
  14,351
  15,444
  16,580
  17,760
  18,986
  20,262
  21,588
  22,967
  24,403
  25,897
Working capital, $m
  236
  24
  30
  37
  45
  55
  65
  77
  89
  103
  118
  133
  150
  168
  186
  206
  226
  247
  269
  293
  317
  342
  368
  395
  423
  452
  482
  514
  547
  581
  617
Total debt, $m
  635
  863
  1,131
  1,443
  1,799
  2,202
  2,652
  3,147
  3,689
  4,275
  4,906
  5,580
  6,296
  7,053
  7,851
  8,688
  9,565
  10,481
  11,436
  12,431
  13,466
  14,542
  15,661
  16,823
  18,031
  19,287
  20,592
  21,949
  23,361
  24,831
  26,361
Total liabilities, $m
  792
  1,011
  1,279
  1,591
  1,948
  2,351
  2,800
  3,296
  3,837
  4,424
  5,054
  5,728
  6,444
  7,202
  7,999
  8,837
  9,713
  10,629
  11,584
  12,579
  13,614
  14,690
  15,809
  16,972
  18,180
  19,435
  20,740
  22,098
  23,510
  24,979
  26,509
Total equity, $m
  664
  865
  1,094
  1,361
  1,666
  2,010
  2,395
  2,819
  3,282
  3,784
  4,323
  4,899
  5,512
  6,160
  6,842
  7,558
  8,308
  9,091
  9,908
  10,759
  11,644
  12,564
  13,521
  14,516
  15,549
  16,623
  17,739
  18,900
  20,108
  21,365
  22,673
Total liabilities and equity, $m
  1,456
  1,876
  2,373
  2,952
  3,614
  4,361
  5,195
  6,115
  7,119
  8,208
  9,377
  10,627
  11,956
  13,362
  14,841
  16,395
  18,021
  19,720
  21,492
  23,338
  25,258
  27,254
  29,330
  31,488
  33,729
  36,058
  38,479
  40,998
  43,618
  46,344
  49,182
Debt-to-equity ratio
  0.956
  1.000
  1.030
  1.060
  1.080
  1.100
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
  1.150
  1.150
  1.150
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
  1.160
Adjusted equity ratio
  0.389
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  -76
  -99
  -125
  -157
  -193
  -235
  -282
  -335
  -393
  -457
  -524
  -598
  -677
  -761
  -849
  -942
  -1,040
  -1,143
  -1,250
  -1,361
  -1,478
  -1,598
  -1,724
  -1,854
  -1,990
  -2,130
  -2,277
  -2,429
  -2,587
  -2,751
Depreciation, amort., depletion, $m
  128
  100
  127
  157
  192
  231
  275
  324
  377
  434
  495
  560
  630
  704
  781
  863
  949
  1,038
  1,132
  1,229
  1,330
  1,435
  1,544
  1,658
  1,776
  1,899
  2,026
  2,159
  2,297
  2,440
  2,590
Funds from operations, $m
  202
  24
  28
  32
  35
  38
  40
  41
  42
  41
  39
  36
  32
  27
  21
  14
  6
  -2
  -11
  -21
  -31
  -42
  -54
  -66
  -78
  -91
  -104
  -118
  -132
  -146
  -161
Change in working capital, $m
  -53
  5
  6
  7
  8
  9
  10
  12
  13
  14
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
Cash from operations, $m
  255
  19
  22
  25
  27
  29
  30
  30
  29
  27
  24
  20
  15
  9
  2
  -5
  -14
  -23
  -33
  -44
  -55
  -67
  -80
  -93
  -106
  -120
  -135
  -149
  -165
  -180
  -197
Maintenance CAPEX, $m
  0
  -77
  -99
  -125
  -155
  -190
  -230
  -274
  -322
  -375
  -432
  -494
  -560
  -630
  -704
  -781
  -863
  -949
  -1,038
  -1,132
  -1,229
  -1,330
  -1,435
  -1,544
  -1,658
  -1,776
  -1,899
  -2,026
  -2,159
  -2,297
  -2,440
New CAPEX, $m
  -135
  -221
  -262
  -304
  -349
  -394
  -439
  -484
  -529
  -573
  -616
  -658
  -700
  -740
  -779
  -818
  -856
  -895
  -933
  -972
  -1,011
  -1,051
  -1,093
  -1,136
  -1,180
  -1,227
  -1,275
  -1,326
  -1,379
  -1,436
  -1,495
Cash from investing activities, $m
  -122
  -298
  -361
  -429
  -504
  -584
  -669
  -758
  -851
  -948
  -1,048
  -1,152
  -1,260
  -1,370
  -1,483
  -1,599
  -1,719
  -1,844
  -1,971
  -2,104
  -2,240
  -2,381
  -2,528
  -2,680
  -2,838
  -3,003
  -3,174
  -3,352
  -3,538
  -3,733
  -3,935
Free cash flow, $m
  133
  -279
  -339
  -405
  -477
  -555
  -639
  -728
  -822
  -921
  -1,024
  -1,132
  -1,244
  -1,360
  -1,480
  -1,605
  -1,734
  -1,867
  -2,005
  -2,148
  -2,296
  -2,449
  -2,608
  -2,773
  -2,944
  -3,123
  -3,308
  -3,502
  -3,703
  -3,913
  -4,132
Issuance/(repayment) of debt, $m
  -125
  228
  268
  312
  357
  403
  449
  496
  542
  587
  631
  674
  716
  757
  798
  837
  877
  916
  955
  995
  1,035
  1,076
  1,119
  1,163
  1,208
  1,256
  1,305
  1,357
  1,412
  1,470
  1,530
Issuance/(repurchase) of shares, $m
  0
  269
  328
  392
  462
  538
  619
  706
  798
  895
  996
  1,100
  1,210
  1,324
  1,443
  1,565
  1,692
  1,824
  1,960
  2,101
  2,247
  2,398
  2,555
  2,718
  2,887
  3,064
  3,247
  3,438
  3,636
  3,843
  4,060
Cash from financing (excl. dividends), $m  
  -182
  497
  596
  704
  819
  941
  1,068
  1,202
  1,340
  1,482
  1,627
  1,774
  1,926
  2,081
  2,241
  2,402
  2,569
  2,740
  2,915
  3,096
  3,282
  3,474
  3,674
  3,881
  4,095
  4,320
  4,552
  4,795
  5,048
  5,313
  5,590
Total cash flow (excl. dividends), $m
  -40
  218
  257
  299
  342
  386
  430
  474
  518
  561
  603
  642
  682
  721
  760
  798
  835
  873
  910
  948
  986
  1,025
  1,066
  1,108
  1,151
  1,196
  1,244
  1,293
  1,345
  1,400
  1,458
Retained Cash Flow (-), $m
  -144
  -269
  -328
  -392
  -462
  -538
  -619
  -706
  -798
  -895
  -996
  -1,100
  -1,210
  -1,324
  -1,443
  -1,565
  -1,692
  -1,824
  -1,960
  -2,101
  -2,247
  -2,398
  -2,555
  -2,718
  -2,887
  -3,064
  -3,247
  -3,438
  -3,636
  -3,843
  -4,060
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
 
  5
  7
  9
  11
  13
  16
  19
  22
  25
  29
  34
  38
  43
  48
  53
  59
  65
  71
  77
  84
  90
  98
  105
  113
  121
  129
  138
  147
  156
  166
Cash available for distribution, $m
 
  -52
  -71
  -93
  -120
  -152
  -190
  -232
  -281
  -334
  -393
  -458
  -528
  -603
  -683
  -768
  -857
  -951
  -1,050
  -1,153
  -1,260
  -1,373
  -1,489
  -1,610
  -1,736
  -1,867
  -2,003
  -2,144
  -2,291
  -2,443
  -2,602
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
 
  -49
  -64
  -80
  -98
  -116
  -135
  -153
  -170
  -185
  -198
  -207
  -213
  -215
  -213
  -208
  -199
  -187
  -173
  -157
  -140
  -122
  -105
  -88
  -73
  -59
  -46
  -36
  -27
  -20
  -14
Current shareholders' claim on cash, %
  100
  79.1
  63.2
  51.1
  41.7
  34.4
  28.6
  23.9
  20.1
  17.1
  14.5
  12.4
  10.7
  9.2
  8.0
  6.9
  6.0
  5.3
  4.6
  4.1
  3.6
  3.1
  2.8
  2.4
  2.2
  1.9
  1.7
  1.5
  1.3
  1.2
  1.0

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 508.8
Price to Sales 1.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow 8.5
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 $869 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 28.9% 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 88.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $48 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 24.3% 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 0.6%.

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 88.2%.

Life of production assets of 10 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 2.1%. 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 - $672 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 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 $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ How Financially Strong Is Adecoagro SA (NYSE:AGRO)?   [Jun-23-18 10:02AM  Simply Wall St.]
▶ Adecoagro: 1Q Earnings Snapshot   [May-14-18 05:35PM  Associated Press]
▶ New Strong Sell Stocks for March 19th   [Mar-19-18 08:16AM  Zacks]
▶ 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]
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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