Intrinsic value of Bunge - BG

Previous Close

$60.09

  Intrinsic Value

$43.55

stock screener

  Rating & Target

sell

-28%

Previous close

$60.09

 
Intrinsic value

$43.55

 
Up/down potential

-28%

 
Rating

sell

We calculate the intrinsic value of BG 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 8.5

 

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, %
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  47,763
  49,850
  52,060
  54,398
  56,868
  59,476
  62,229
  65,132
  68,192
  71,417
  74,813
  78,389
  82,154
  86,115
  90,283
  94,667
  99,278
  104,126
  109,223
  114,581
  120,212
  126,131
  132,350
  138,886
  145,752
  152,967
  160,546
  168,508
  176,872
  185,657
Variable operating expenses, $m
  46,518
  48,547
  50,695
  52,968
  55,369
  57,905
  60,581
  63,403
  66,378
  69,513
  72,731
  76,208
  79,868
  83,719
  87,771
  92,033
  96,515
  101,228
  106,183
  111,392
  116,867
  122,621
  128,667
  135,021
  141,696
  148,710
  156,078
  163,818
  171,949
  180,490
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
  46,518
  48,547
  50,695
  52,968
  55,369
  57,905
  60,581
  63,403
  66,378
  69,513
  72,731
  76,208
  79,868
  83,719
  87,771
  92,033
  96,515
  101,228
  106,183
  111,392
  116,867
  122,621
  128,667
  135,021
  141,696
  148,710
  156,078
  163,818
  171,949
  180,490
Operating income, $m
  1,245
  1,304
  1,365
  1,430
  1,499
  1,571
  1,648
  1,729
  1,814
  1,904
  2,082
  2,182
  2,286
  2,397
  2,513
  2,635
  2,763
  2,898
  3,040
  3,189
  3,345
  3,510
  3,683
  3,865
  4,056
  4,257
  4,468
  4,690
  4,922
  5,167
EBITDA, $m
  1,924
  2,008
  2,097
  2,191
  2,291
  2,396
  2,506
  2,623
  2,747
  2,877
  3,013
  3,157
  3,309
  3,469
  3,637
  3,813
  3,999
  4,194
  4,399
  4,615
  4,842
  5,080
  5,331
  5,594
  5,871
  6,161
  6,467
  6,787
  7,124
  7,478
Interest expense (income), $m
  234
  264
  291
  320
  352
  384
  419
  456
  495
  535
  579
  624
  672
  722
  775
  831
  889
  951
  1,016
  1,084
  1,156
  1,231
  1,311
  1,394
  1,481
  1,573
  1,670
  1,772
  1,878
  1,990
  2,108
Earnings before tax, $m
  982
  1,012
  1,045
  1,079
  1,114
  1,152
  1,192
  1,234
  1,278
  1,325
  1,458
  1,510
  1,564
  1,622
  1,682
  1,745
  1,812
  1,882
  1,955
  2,033
  2,114
  2,200
  2,289
  2,384
  2,483
  2,587
  2,696
  2,811
  2,932
  3,059
Tax expense, $m
  265
  273
  282
  291
  301
  311
  322
  333
  345
  358
  394
  408
  422
  438
  454
  471
  489
  508
  528
  549
  571
  594
  618
  644
  670
  698
  728
  759
  792
  826
Net income, $m
  717
  739
  763
  787
  814
  841
  870
  901
  933
  967
  1,064
  1,102
  1,142
  1,184
  1,228
  1,274
  1,323
  1,374
  1,427
  1,484
  1,543
  1,606
  1,671
  1,740
  1,812
  1,889
  1,968
  2,052
  2,140
  2,233

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
  19,680
  20,540
  21,450
  22,414
  23,431
  24,506
  25,640
  26,836
  28,097
  29,426
  30,825
  32,299
  33,850
  35,482
  37,200
  39,006
  40,906
  42,903
  45,003
  47,211
  49,531
  51,970
  54,532
  57,225
  60,055
  63,027
  66,150
  69,431
  72,877
  76,496
Adjusted assets (=assets-cash), $m
  19,680
  20,540
  21,450
  22,414
  23,431
  24,506
  25,640
  26,836
  28,097
  29,426
  30,825
  32,299
  33,850
  35,482
  37,200
  39,006
  40,906
  42,903
  45,003
  47,211
  49,531
  51,970
  54,532
  57,225
  60,055
  63,027
  66,150
  69,431
  72,877
  76,496
Revenue / Adjusted assets
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
  2.427
Average production assets, $m
  5,827
  6,082
  6,351
  6,637
  6,938
  7,256
  7,592
  7,946
  8,319
  8,713
  9,127
  9,564
  10,023
  10,506
  11,015
  11,549
  12,112
  12,703
  13,325
  13,979
  14,666
  15,388
  16,147
  16,944
  17,782
  18,662
  19,587
  20,558
  21,578
  22,650
Working capital, $m
  4,060
  4,237
  4,425
  4,624
  4,834
  5,055
  5,289
  5,536
  5,796
  6,070
  6,359
  6,663
  6,983
  7,320
  7,674
  8,047
  8,439
  8,851
  9,284
  9,739
  10,218
  10,721
  11,250
  11,805
  12,389
  13,002
  13,646
  14,323
  15,034
  15,781
Total debt, $m
  5,292
  5,826
  6,392
  6,990
  7,622
  8,289
  8,994
  9,736
  10,519
  11,344
  12,214
  13,129
  14,092
  15,105
  16,172
  17,294
  18,473
  19,714
  21,018
  22,389
  23,830
  25,344
  26,936
  28,608
  30,365
  32,211
  34,150
  36,187
  38,327
  40,575
Total liabilities, $m
  12,221
  12,755
  13,321
  13,919
  14,551
  15,218
  15,923
  16,665
  17,448
  18,273
  19,143
  20,058
  21,021
  22,034
  23,101
  24,223
  25,402
  26,643
  27,947
  29,318
  30,759
  32,273
  33,865
  35,537
  37,294
  39,140
  41,079
  43,116
  45,256
  47,504
Total equity, $m
  7,459
  7,785
  8,130
  8,495
  8,880
  9,288
  9,718
  10,171
  10,649
  11,152
  11,683
  12,241
  12,829
  13,448
  14,099
  14,783
  15,503
  16,260
  17,056
  17,893
  18,772
  19,697
  20,668
  21,688
  22,761
  23,887
  25,071
  26,314
  27,620
  28,992
Total liabilities and equity, $m
  19,680
  20,540
  21,451
  22,414
  23,431
  24,506
  25,641
  26,836
  28,097
  29,425
  30,826
  32,299
  33,850
  35,482
  37,200
  39,006
  40,905
  42,903
  45,003
  47,211
  49,531
  51,970
  54,533
  57,225
  60,055
  63,027
  66,150
  69,430
  72,876
  76,496
Debt-to-equity ratio
  0.710
  0.750
  0.790
  0.820
  0.860
  0.890
  0.930
  0.960
  0.990
  1.020
  1.050
  1.070
  1.100
  1.120
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.300
  1.320
  1.330
  1.350
  1.360
  1.380
  1.390
  1.400
Adjusted equity ratio
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  717
  739
  763
  787
  814
  841
  870
  901
  933
  967
  1,064
  1,102
  1,142
  1,184
  1,228
  1,274
  1,323
  1,374
  1,427
  1,484
  1,543
  1,606
  1,671
  1,740
  1,812
  1,889
  1,968
  2,052
  2,140
  2,233
Depreciation, amort., depletion, $m
  678
  704
  732
  761
  792
  824
  858
  895
  933
  973
  931
  976
  1,023
  1,072
  1,124
  1,179
  1,236
  1,296
  1,360
  1,426
  1,497
  1,570
  1,648
  1,729
  1,814
  1,904
  1,999
  2,098
  2,202
  2,311
Funds from operations, $m
  1,395
  1,443
  1,494
  1,548
  1,605
  1,665
  1,729
  1,796
  1,866
  1,940
  1,996
  2,078
  2,165
  2,256
  2,352
  2,452
  2,558
  2,670
  2,787
  2,910
  3,040
  3,176
  3,319
  3,469
  3,627
  3,793
  3,967
  4,150
  4,342
  4,544
Change in working capital, $m
  167
  177
  188
  199
  210
  222
  234
  247
  260
  274
  289
  304
  320
  337
  354
  373
  392
  412
  433
  455
  479
  503
  529
  556
  584
  613
  644
  677
  711
  747
Cash from operations, $m
  1,228
  1,266
  1,307
  1,350
  1,395
  1,444
  1,495
  1,549
  1,606
  1,666
  1,707
  1,774
  1,845
  1,919
  1,997
  2,080
  2,167
  2,258
  2,354
  2,455
  2,561
  2,673
  2,790
  2,914
  3,043
  3,180
  3,323
  3,473
  3,631
  3,797
Maintenance CAPEX, $m
  -571
  -595
  -621
  -648
  -677
  -708
  -740
  -775
  -811
  -849
  -889
  -931
  -976
  -1,023
  -1,072
  -1,124
  -1,179
  -1,236
  -1,296
  -1,360
  -1,426
  -1,497
  -1,570
  -1,648
  -1,729
  -1,814
  -1,904
  -1,999
  -2,098
  -2,202
New CAPEX, $m
  -236
  -255
  -270
  -285
  -301
  -318
  -336
  -354
  -373
  -393
  -414
  -436
  -459
  -483
  -508
  -535
  -562
  -591
  -622
  -654
  -687
  -722
  -759
  -797
  -838
  -880
  -925
  -971
  -1,020
  -1,072
Cash from investing activities, $m
  -807
  -850
  -891
  -933
  -978
  -1,026
  -1,076
  -1,129
  -1,184
  -1,242
  -1,303
  -1,367
  -1,435
  -1,506
  -1,580
  -1,659
  -1,741
  -1,827
  -1,918
  -2,014
  -2,113
  -2,219
  -2,329
  -2,445
  -2,567
  -2,694
  -2,829
  -2,970
  -3,118
  -3,274
Free cash flow, $m
  421
  417
  416
  416
  417
  417
  419
  420
  422
  424
  404
  406
  410
  413
  417
  421
  426
  431
  436
  442
  448
  454
  461
  469
  477
  485
  494
  503
  513
  524
Issuance/(repayment) of debt, $m
  498
  534
  565
  598
  632
  667
  704
  743
  783
  825
  869
  915
  963
  1,014
  1,066
  1,122
  1,180
  1,240
  1,304
  1,371
  1,441
  1,514
  1,591
  1,672
  1,757
  1,846
  1,939
  2,037
  2,140
  2,248
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
Cash from financing (excl. dividends), $m  
  498
  534
  565
  598
  632
  667
  704
  743
  783
  825
  869
  915
  963
  1,014
  1,066
  1,122
  1,180
  1,240
  1,304
  1,371
  1,441
  1,514
  1,591
  1,672
  1,757
  1,846
  1,939
  2,037
  2,140
  2,248
Total cash flow (excl. dividends), $m
  920
  951
  982
  1,014
  1,049
  1,085
  1,123
  1,163
  1,205
  1,249
  1,273
  1,321
  1,373
  1,427
  1,483
  1,543
  1,605
  1,671
  1,740
  1,812
  1,889
  1,969
  2,053
  2,141
  2,234
  2,331
  2,433
  2,540
  2,653
  2,772
Retained Cash Flow (-), $m
  -311
  -326
  -345
  -365
  -386
  -407
  -430
  -453
  -478
  -504
  -530
  -558
  -588
  -619
  -651
  -685
  -720
  -757
  -796
  -837
  -879
  -924
  -971
  -1,021
  -1,072
  -1,127
  -1,184
  -1,243
  -1,306
  -1,372
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
  609
  625
  637
  649
  663
  678
  693
  709
  727
  745
  742
  763
  785
  808
  832
  858
  885
  914
  944
  976
  1,009
  1,044
  1,081
  1,120
  1,161
  1,204
  1,250
  1,297
  1,347
  1,400
Discount rate, %
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
  574
  553
  525
  496
  466
  435
  403
  371
  338
  306
  266
  236
  208
  180
  155
  131
  109
  90
  73
  58
  45
  35
  26
  19
  14
  10
  7
  5
  3
  2
Current shareholders' claim on cash, %
  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

Bunge Limited is an agribusiness and food company with integrated operations that stretch from the farm field to consumer foods. The Company operates through five segments: Agribusiness, Edible Oil Products, Milling Products, Sugar and Bioenergy, and Fertilizer. Its Agribusiness segment is an integrated, global business involved in the purchase, storage, transport, processing and sale of agricultural commodities and commodity products. Its edible oil products include packaged and bulk oils, shortenings, margarines, mayonnaise and other products derived from the vegetable oil refining process. Its milling products segment includes the production and sale of a range of wheat flours and bakery mixes. The Company is a producer and exporter of sugar. Through the Company's operations in Argentina, it produces, blends and distributes a range of nitrogen, phosphate and potassium (NPK) fertilizers, including phosphate-based liquid and solid nitrogen fertilizers.

FINANCIAL RATIOS  of  Bunge (BG)

Valuation Ratios
P/E Ratio 11.3
Price to Sales 0.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 4.4
Price to Free Cash Flow 7.5
Growth Rates
Sales Growth Rate -1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.8%
Cap. Spend. - 3 Yr. Gr. Rate -5.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 43%
Total Debt to Equity 67.1%
Interest Coverage 5
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 11%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 5.6%
Gross Margin - 3 Yr. Avg. 5.5%
EBITDA Margin 4.2%
EBITDA Margin - 3 Yr. Avg. 3.7%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 2.3%
Pre-Tax Margin - 3 Yr. Avg. 2%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate 22.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 34.5%

BG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BG stock intrinsic value calculation we used $45794 million for the last fiscal year's total revenue generated by Bunge. The default revenue input number comes from 0001 income statement of Bunge. 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 BG stock valuation model: a) initial revenue growth rate of 4.3% 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 6%, whose default value for BG is calculated based on our internal credit rating of Bunge, 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 Bunge.
    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 BG stock the variable cost ratio is equal to 97.4%.

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 BG 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 5.5% for Bunge.

Corporate tax rate of 27% is the nominal tax rate for Bunge. 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 BG 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 BG are equal to 12.2%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Bunge 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 BG is equal to 8.5%. 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 - $7148 million for Bunge - 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 141.07 million for Bunge 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 Bunge at the current share price and the inputted number of shares is $8.5 billion.

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COMPANY NEWS

▶ All Mixed Up to Start a Big Week for the Market   [Nov-06-18 09:15AM  Zacks]
▶ Bunge: 3Q Earnings Snapshot   [06:09AM  Associated Press]
▶ Bunge Reports Third Quarter 2018 Results   [06:00AM  PR Newswire]
▶ [$$] Bunge Nears Settlement Agreements With Activists   [Oct-30-18 08:13PM  The Wall Street Journal]
▶ Bunge's Q3 Earnings Preview   [02:56PM  Benzinga]
▶ [$$] Bunge Nears Settlement Agreements With Activists   [11:37AM  The Wall Street Journal]
▶ SafeTraces raises $10M in equity financing   [Oct-17-18 11:45AM  PR Newswire]
▶ Commodity Producers Feel the Heat in Trade War   [Oct-16-18 07:00PM  Bloomberg]
▶ [$$] D.E. Shaw Joins Continental Grain in Pushing for Change at Bunge   [Oct-08-18 08:43PM  The Wall Street Journal]
▶ [$$] Two Funds Push for Change at Bunge   [04:15PM  The Wall Street Journal]
▶ Bunge Limited Announces Pricing of Senior Notes Offering   [Sep-04-18 09:15PM  PR Newswire]
▶ [$$] Soyabean ship saga tests Chinas stance on tariffs   [Aug-15-18 10:37PM  Financial Times]
▶ Bunge's agribusiness head to leave company   [Aug-06-18 01:48PM  Reuters]
▶ [$$] Bunge agricultural trading chief set to leave company   [Aug-05-18 11:28PM  Financial Times]
▶ Bunge: 2Q Earnings Snapshot   [07:33AM  Associated Press]
▶ Bunge Reports Second Quarter 2018 Results   [06:00AM  PR Newswire]
▶ Bunge Limited to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ Mark Zenuk to Join Bunge Limited Board of Directors   [Jul-12-18 04:05PM  PR Newswire]
▶ Saudi Arabia kick starts sale of state flour mills   [Jun-28-18 09:45AM  Reuters]

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