Intrinsic value of Adecoagro - AGRO

Previous Close

$7.09

  Intrinsic Value

$1.35

stock screener

  Rating & Target

str. sell

-81%

Previous close

$7.09

 
Intrinsic value

$1.35

 
Up/down potential

-81%

 
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

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  1,002
  1,074
  1,149
  1,226
  1,307
  1,391
  1,478
  1,569
  1,663
  1,762
  1,865
  1,972
  2,084
  2,201
  2,323
  2,451
  2,584
  2,724
  2,870
  3,023
  3,182
  3,350
  3,525
  3,709
  3,902
  4,103
  4,315
  4,537
  4,769
  5,013
Variable operating expenses, $m
  943
  1,010
  1,080
  1,153
  1,229
  1,308
  1,390
  1,475
  1,564
  1,656
  1,751
  1,852
  1,957
  2,067
  2,182
  2,302
  2,427
  2,558
  2,695
  2,839
  2,989
  3,146
  3,311
  3,483
  3,664
  3,854
  4,052
  4,261
  4,479
  4,708
Fixed operating expenses, $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
Total operating expenses, $m
  943
  1,010
  1,080
  1,153
  1,229
  1,308
  1,390
  1,475
  1,564
  1,656
  1,751
  1,852
  1,957
  2,067
  2,182
  2,302
  2,427
  2,558
  2,695
  2,839
  2,989
  3,146
  3,311
  3,483
  3,664
  3,854
  4,052
  4,261
  4,479
  4,708
Operating income, $m
  59
  64
  68
  73
  78
  83
  88
  94
  99
  105
  113
  120
  127
  134
  141
  149
  157
  166
  175
  184
  194
  204
  214
  226
  237
  250
  263
  276
  290
  305
EBITDA, $m
  221
  237
  253
  271
  288
  307
  326
  346
  367
  389
  411
  435
  460
  486
  513
  541
  570
  601
  633
  667
  702
  739
  778
  818
  861
  905
  952
  1,001
  1,052
  1,106
Interest expense (income), $m
  48
  148
  159
  170
  182
  195
  207
  221
  235
  249
  264
  280
  296
  313
  331
  350
  369
  390
  411
  433
  456
  481
  506
  533
  561
  590
  620
  653
  686
  721
  758
Earnings before tax, $m
  -89
  -95
  -102
  -109
  -117
  -125
  -133
  -141
  -150
  -159
  -166
  -176
  -187
  -197
  -208
  -220
  -232
  -245
  -258
  -272
  -287
  -302
  -318
  -335
  -352
  -371
  -390
  -410
  -431
  -453
Tax expense, $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
Net income, $m
  -89
  -95
  -102
  -109
  -117
  -125
  -133
  -141
  -150
  -159
  -166
  -176
  -187
  -197
  -208
  -220
  -232
  -245
  -258
  -272
  -287
  -302
  -318
  -335
  -352
  -371
  -390
  -410
  -431
  -453

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  1,573
  1,686
  1,803
  1,925
  2,051
  2,183
  2,320
  2,463
  2,611
  2,766
  2,927
  3,096
  3,272
  3,455
  3,647
  3,847
  4,057
  4,276
  4,505
  4,745
  4,996
  5,259
  5,534
  5,823
  6,125
  6,442
  6,774
  7,122
  7,487
  7,870
Adjusted assets (=assets-cash), $m
  1,573
  1,686
  1,803
  1,925
  2,051
  2,183
  2,320
  2,463
  2,611
  2,766
  2,927
  3,096
  3,272
  3,455
  3,647
  3,847
  4,057
  4,276
  4,505
  4,745
  4,996
  5,259
  5,534
  5,823
  6,125
  6,442
  6,774
  7,122
  7,487
  7,870
Revenue / Adjusted assets
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
  0.637
Average production assets, $m
  881
  944
  1,010
  1,078
  1,149
  1,222
  1,299
  1,379
  1,462
  1,549
  1,639
  1,733
  1,832
  1,935
  2,042
  2,154
  2,271
  2,394
  2,522
  2,657
  2,797
  2,945
  3,099
  3,260
  3,430
  3,607
  3,793
  3,988
  4,192
  4,407
Working capital, $m
  315
  337
  361
  385
  410
  437
  464
  493
  522
  553
  586
  619
  654
  691
  729
  770
  811
  855
  901
  949
  999
  1,052
  1,107
  1,165
  1,225
  1,288
  1,355
  1,425
  1,498
  1,574
Total debt, $m
  879
  942
  1,007
  1,075
  1,146
  1,220
  1,297
  1,377
  1,460
  1,547
  1,637
  1,731
  1,830
  1,932
  2,040
  2,152
  2,269
  2,392
  2,520
  2,655
  2,795
  2,943
  3,097
  3,258
  3,428
  3,605
  3,791
  3,986
  4,190
  4,405
Total liabilities, $m
  881
  944
  1,010
  1,078
  1,149
  1,222
  1,299
  1,379
  1,462
  1,549
  1,639
  1,734
  1,832
  1,935
  2,042
  2,154
  2,272
  2,394
  2,523
  2,657
  2,798
  2,945
  3,099
  3,261
  3,430
  3,607
  3,793
  3,988
  4,193
  4,407
Total equity, $m
  692
  742
  793
  847
  903
  961
  1,021
  1,084
  1,149
  1,217
  1,288
  1,362
  1,440
  1,520
  1,605
  1,693
  1,785
  1,881
  1,982
  2,088
  2,198
  2,314
  2,435
  2,562
  2,695
  2,834
  2,981
  3,134
  3,294
  3,463
Total liabilities and equity, $m
  1,573
  1,686
  1,803
  1,925
  2,052
  2,183
  2,320
  2,463
  2,611
  2,766
  2,927
  3,096
  3,272
  3,455
  3,647
  3,847
  4,057
  4,275
  4,505
  4,745
  4,996
  5,259
  5,534
  5,823
  6,125
  6,441
  6,774
  7,122
  7,487
  7,870
Debt-to-equity ratio
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
Adjusted equity ratio
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -89
  -95
  -102
  -109
  -117
  -125
  -133
  -141
  -150
  -159
  -166
  -176
  -187
  -197
  -208
  -220
  -232
  -245
  -258
  -272
  -287
  -302
  -318
  -335
  -352
  -371
  -390
  -410
  -431
  -453
Depreciation, amort., depletion, $m
  162
  173
  185
  198
  211
  224
  238
  252
  268
  283
  298
  315
  333
  352
  371
  392
  413
  435
  459
  483
  509
  535
  563
  593
  624
  656
  690
  725
  762
  801
Funds from operations, $m
  73
  78
  83
  88
  94
  99
  105
  111
  118
  125
  132
  139
  147
  154
  163
  172
  181
  190
  200
  211
  222
  233
  245
  258
  271
  285
  300
  315
  331
  348
Change in working capital, $m
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  70
  73
  77
Cash from operations, $m
  51
  55
  60
  64
  68
  73
  78
  83
  88
  94
  99
  105
  111
  118
  124
  131
  139
  146
  154
  163
  172
  181
  190
  200
  211
  222
  233
  245
  258
  271
Maintenance CAPEX, $m
  -149
  -160
  -172
  -184
  -196
  -209
  -222
  -236
  -251
  -266
  -282
  -298
  -315
  -333
  -352
  -371
  -392
  -413
  -435
  -459
  -483
  -509
  -535
  -563
  -593
  -624
  -656
  -690
  -725
  -762
New CAPEX, $m
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -123
  -128
  -134
  -141
  -147
  -154
  -162
  -169
  -177
  -186
  -195
  -204
  -214
Cash from investing activities, $m
  -210
  -223
  -238
  -252
  -267
  -283
  -299
  -316
  -334
  -353
  -372
  -392
  -413
  -436
  -459
  -483
  -509
  -536
  -563
  -593
  -624
  -656
  -689
  -725
  -762
  -801
  -842
  -885
  -929
  -976
Free cash flow, $m
  -158
  -168
  -178
  -188
  -198
  -210
  -221
  -233
  -246
  -259
  -273
  -287
  -302
  -318
  -335
  -352
  -370
  -389
  -409
  -430
  -452
  -475
  -499
  -525
  -551
  -579
  -609
  -639
  -672
  -705
Issuance/(repayment) of debt, $m
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  123
  128
  134
  141
  147
  154
  162
  169
  177
  186
  195
  204
  214
Issuance/(repurchase) of shares, $m
  136
  145
  154
  163
  173
  183
  193
  204
  215
  227
  238
  250
  264
  278
  293
  308
  324
  341
  359
  378
  397
  418
  439
  462
  485
  510
  536
  563
  592
  622
Cash from financing (excl. dividends), $m  
  197
  208
  220
  231
  244
  257
  270
  284
  298
  314
  328
  344
  362
  381
  400
  420
  441
  464
  487
  512
  538
  565
  593
  624
  654
  687
  722
  758
  796
  836
Total cash flow (excl. dividends), $m
  38
  40
  42
  43
  45
  47
  49
  50
  53
  55
  55
  58
  60
  63
  66
  68
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
  131
Retained Cash Flow (-), $m
  -136
  -145
  -154
  -163
  -173
  -183
  -193
  -204
  -215
  -227
  -238
  -250
  -264
  -278
  -293
  -308
  -324
  -341
  -359
  -378
  -397
  -418
  -439
  -462
  -485
  -510
  -536
  -563
  -592
  -622
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
  -98
  -105
  -112
  -120
  -128
  -136
  -144
  -153
  -163
  -172
  -182
  -193
  -204
  -215
  -227
  -240
  -253
  -267
  -281
  -296
  -312
  -328
  -345
  -363
  -382
  -402
  -423
  -444
  -467
  -491
Discount rate, %
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
  -93
  -94
  -95
  -94
  -93
  -92
  -89
  -86
  -82
  -78
  -73
  -68
  -63
  -57
  -51
  -45
  -39
  -34
  -29
  -24
  -20
  -16
  -13
  -10
  -7
  -5
  -4
  -3
  -2
  -1
Current shareholders' claim on cash, %
  85.9
  73.8
  63.6
  54.8
  47.3
  40.8
  35.3
  30.5
  26.4
  22.9
  19.9
  17.3
  15.0
  13.0
  11.3
  9.9
  8.6
  7.5
  6.5
  5.7
  4.9
  4.3
  3.7
  3.3
  2.8
  2.5
  2.2
  1.9
  1.6
  1.4

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 429.4
Price to Sales 1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 3.4
Price to Free Cash Flow 7.2
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 $933.178 million for the last fiscal year's total revenue generated by Adecoagro. The default revenue input number comes from 0001 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 7.4% 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 5.3%, 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 94.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 18.1% 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 87.9%.

Life of production assets of 5.5 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 31.4%. 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 - $645.131 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 116.671 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 $0.8 billion.

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COMPANY NEWS

▶ Adecoagro: 3Q Earnings Snapshot   [Nov-15-18 05:14PM  Associated Press]
▶ Brandes Investments' Top 4 Position Boosts in 3rd Quarter   [Nov-12-18 05:21PM  GuruFocus.com]
▶ Adecoagro: 2Q Earnings Snapshot   [Aug-16-18 04:38PM  Associated Press]
▶ 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]

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