Intrinsic value of Bunge - BG

Previous Close

$75.06

  Intrinsic Value

$59.94

stock screener

  Rating & Target

sell

-20%

Previous close

$75.06

 
Intrinsic value

$59.94

 
Up/down potential

-20%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

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, %
  -1.79
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  42,679
  43,533
  44,534
  45,678
  46,963
  48,387
  49,949
  51,650
  53,492
  55,476
  57,605
  59,882
  62,313
  64,900
  67,650
  70,569
  73,661
  76,935
  80,397
  84,054
  87,916
  91,992
  96,289
  100,819
  105,592
  110,619
  115,912
  121,483
  127,345
  133,512
  139,999
Variable operating expenses, $m
 
  32,779
  33,532
  34,393
  35,360
  36,430
  37,605
  38,885
  40,270
  41,762
  43,363
  45,039
  46,867
  48,813
  50,882
  53,076
  55,402
  57,865
  60,468
  63,219
  66,124
  69,189
  72,422
  75,829
  79,419
  83,199
  87,180
  91,370
  95,779
  100,418
  105,297
Fixed operating expenses, $m
 
  9,989
  10,238
  10,494
  10,757
  11,026
  11,301
  11,584
  11,873
  12,170
  12,474
  12,786
  13,106
  13,434
  13,769
  14,114
  14,467
  14,828
  15,199
  15,579
  15,968
  16,368
  16,777
  17,196
  17,626
  18,067
  18,518
  18,981
  19,456
  19,942
  20,441
Total operating expenses, $m
  41,626
  42,768
  43,770
  44,887
  46,117
  47,456
  48,906
  50,469
  52,143
  53,932
  55,837
  57,825
  59,973
  62,247
  64,651
  67,190
  69,869
  72,693
  75,667
  78,798
  82,092
  85,557
  89,199
  93,025
  97,045
  101,266
  105,698
  110,351
  115,235
  120,360
  125,738
Operating income, $m
  1,053
  765
  763
  791
  847
  931
  1,043
  1,182
  1,349
  1,543
  1,767
  2,057
  2,340
  2,653
  2,999
  3,378
  3,792
  4,242
  4,729
  5,256
  5,824
  6,435
  7,091
  7,794
  8,547
  9,353
  10,213
  11,131
  12,110
  13,152
  14,261
EBITDA, $m
  1,600
  1,322
  1,332
  1,374
  1,445
  1,546
  1,676
  1,836
  2,025
  2,243
  2,492
  2,772
  3,084
  3,429
  3,807
  4,221
  4,672
  5,161
  5,689
  6,260
  6,874
  7,533
  8,241
  8,998
  9,808
  10,674
  11,597
  12,582
  13,630
  14,746
  15,933
Interest expense (income), $m
  234
  169
  180
  192
  206
  222
  239
  259
  279
  302
  327
  353
  381
  411
  442
  476
  512
  550
  590
  633
  678
  725
  775
  828
  884
  942
  1,004
  1,069
  1,138
  1,210
  1,286
Earnings before tax, $m
  996
  596
  583
  599
  641
  709
  803
  923
  1,069
  1,241
  1,440
  1,704
  1,959
  2,243
  2,557
  2,902
  3,280
  3,692
  4,139
  4,623
  5,146
  5,710
  6,316
  6,966
  7,664
  8,410
  9,209
  10,062
  10,972
  11,942
  12,976
Tax expense, $m
  220
  161
  158
  162
  173
  191
  217
  249
  289
  335
  389
  460
  529
  606
  690
  784
  886
  997
  1,118
  1,248
  1,389
  1,542
  1,705
  1,881
  2,069
  2,271
  2,486
  2,717
  2,962
  3,224
  3,503
Net income, $m
  745
  435
  426
  437
  468
  518
  586
  674
  780
  906
  1,052
  1,244
  1,430
  1,637
  1,867
  2,119
  2,395
  2,695
  3,022
  3,375
  3,757
  4,168
  4,610
  5,085
  5,594
  6,140
  6,722
  7,345
  8,009
  8,718
  9,472

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,343
  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
  19,188
  18,199
  18,618
  19,096
  19,633
  20,229
  20,882
  21,593
  22,363
  23,192
  24,082
  25,034
  26,050
  27,132
  28,282
  29,502
  30,795
  32,163
  33,611
  35,140
  36,754
  38,458
  40,255
  42,148
  44,144
  46,245
  48,458
  50,787
  53,238
  55,816
  58,528
Adjusted assets (=assets-cash), $m
  17,845
  18,199
  18,618
  19,096
  19,633
  20,229
  20,882
  21,593
  22,363
  23,192
  24,082
  25,034
  26,050
  27,132
  28,282
  29,502
  30,795
  32,163
  33,611
  35,140
  36,754
  38,458
  40,255
  42,148
  44,144
  46,245
  48,458
  50,787
  53,238
  55,816
  58,528
Revenue / Adjusted assets
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
  2.392
Average production assets, $m
  5,249
  5,355
  5,478
  5,618
  5,776
  5,952
  6,144
  6,353
  6,579
  6,823
  7,085
  7,366
  7,664
  7,983
  8,321
  8,680
  9,060
  9,463
  9,889
  10,339
  10,814
  11,315
  11,844
  12,401
  12,988
  13,606
  14,257
  14,942
  15,663
  16,422
  17,220
Working capital, $m
  3,408
  3,874
  3,964
  4,065
  4,180
  4,306
  4,445
  4,597
  4,761
  4,937
  5,127
  5,330
  5,546
  5,776
  6,021
  6,281
  6,556
  6,847
  7,155
  7,481
  7,825
  8,187
  8,570
  8,973
  9,398
  9,845
  10,316
  10,812
  11,334
  11,883
  12,460
Total debt, $m
  4,792
  3,668
  3,919
  4,206
  4,528
  4,885
  5,277
  5,704
  6,166
  6,663
  7,197
  7,769
  8,378
  9,027
  9,717
  10,449
  11,225
  12,046
  12,914
  13,832
  14,801
  15,823
  16,901
  18,037
  19,234
  20,495
  21,823
  23,220
  24,691
  26,238
  27,865
Total liabilities, $m
  12,044
  10,920
  11,171
  11,458
  11,780
  12,137
  12,529
  12,956
  13,418
  13,915
  14,449
  15,021
  15,630
  16,279
  16,969
  17,701
  18,477
  19,298
  20,166
  21,084
  22,053
  23,075
  24,153
  25,289
  26,486
  27,747
  29,075
  30,472
  31,943
  33,490
  35,117
Total equity, $m
  7,144
  7,280
  7,447
  7,639
  7,853
  8,091
  8,353
  8,637
  8,945
  9,277
  9,633
  10,014
  10,420
  10,853
  11,313
  11,801
  12,318
  12,865
  13,444
  14,056
  14,702
  15,383
  16,102
  16,859
  17,658
  18,498
  19,383
  20,315
  21,295
  22,326
  23,411
Total liabilities and equity, $m
  19,188
  18,200
  18,618
  19,097
  19,633
  20,228
  20,882
  21,593
  22,363
  23,192
  24,082
  25,035
  26,050
  27,132
  28,282
  29,502
  30,795
  32,163
  33,610
  35,140
  36,755
  38,458
  40,255
  42,148
  44,144
  46,245
  48,458
  50,787
  53,238
  55,816
  58,528
Debt-to-equity ratio
  0.671
  0.500
  0.530
  0.550
  0.580
  0.600
  0.630
  0.660
  0.690
  0.720
  0.750
  0.780
  0.800
  0.830
  0.860
  0.890
  0.910
  0.940
  0.960
  0.980
  1.010
  1.030
  1.050
  1.070
  1.090
  1.110
  1.130
  1.140
  1.160
  1.180
  1.190
Adjusted equity ratio
  0.369
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  745
  435
  426
  437
  468
  518
  586
  674
  780
  906
  1,052
  1,244
  1,430
  1,637
  1,867
  2,119
  2,395
  2,695
  3,022
  3,375
  3,757
  4,168
  4,610
  5,085
  5,594
  6,140
  6,722
  7,345
  8,009
  8,718
  9,472
Depreciation, amort., depletion, $m
  547
  557
  569
  583
  598
  615
  634
  654
  676
  700
  725
  715
  744
  775
  808
  843
  880
  919
  960
  1,004
  1,050
  1,099
  1,150
  1,204
  1,261
  1,321
  1,384
  1,451
  1,521
  1,594
  1,672
Funds from operations, $m
  2,251
  992
  995
  1,020
  1,066
  1,133
  1,220
  1,328
  1,457
  1,606
  1,777
  1,959
  2,174
  2,412
  2,674
  2,961
  3,274
  3,614
  3,982
  4,379
  4,807
  5,267
  5,760
  6,289
  6,855
  7,461
  8,107
  8,796
  9,530
  10,312
  11,144
Change in working capital, $m
  347
  76
  89
  102
  114
  127
  139
  151
  164
  177
  189
  203
  216
  230
  245
  260
  275
  291
  308
  326
  344
  363
  382
  403
  425
  447
  471
  496
  522
  549
  577
Cash from operations, $m
  1,904
  916
  906
  918
  952
  1,006
  1,081
  1,177
  1,293
  1,429
  1,587
  1,757
  1,958
  2,182
  2,430
  2,702
  2,999
  3,322
  3,673
  4,053
  4,463
  4,904
  5,378
  5,886
  6,431
  7,013
  7,636
  8,300
  9,008
  9,763
  10,567
Maintenance CAPEX, $m
  0
  -510
  -520
  -532
  -545
  -561
  -578
  -596
  -617
  -639
  -662
  -688
  -715
  -744
  -775
  -808
  -843
  -880
  -919
  -960
  -1,004
  -1,050
  -1,099
  -1,150
  -1,204
  -1,261
  -1,321
  -1,384
  -1,451
  -1,521
  -1,594
New CAPEX, $m
  -784
  -106
  -123
  -141
  -158
  -175
  -192
  -209
  -226
  -244
  -262
  -280
  -299
  -318
  -338
  -359
  -380
  -403
  -426
  -450
  -475
  -501
  -529
  -557
  -587
  -618
  -651
  -685
  -721
  -759
  -798
Cash from investing activities, $m
  -926
  -616
  -643
  -673
  -703
  -736
  -770
  -805
  -843
  -883
  -924
  -968
  -1,014
  -1,062
  -1,113
  -1,167
  -1,223
  -1,283
  -1,345
  -1,410
  -1,479
  -1,551
  -1,628
  -1,707
  -1,791
  -1,879
  -1,972
  -2,069
  -2,172
  -2,280
  -2,392
Free cash flow, $m
  978
  300
  263
  245
  248
  270
  311
  371
  449
  547
  663
  788
  944
  1,120
  1,316
  1,535
  1,776
  2,040
  2,329
  2,643
  2,984
  3,353
  3,751
  4,179
  4,640
  5,134
  5,664
  6,231
  6,837
  7,484
  8,174
Issuance/(repayment) of debt, $m
  61
  219
  251
  287
  322
  357
  392
  427
  462
  498
  534
  571
  610
  649
  690
  732
  776
  821
  868
  918
  969
  1,022
  1,078
  1,136
  1,197
  1,261
  1,328
  1,397
  1,470
  1,547
  1,627
Issuance/(repurchase) of shares, $m
  -200
  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  
  -231
  219
  251
  287
  322
  357
  392
  427
  462
  498
  534
  571
  610
  649
  690
  732
  776
  821
  868
  918
  969
  1,022
  1,078
  1,136
  1,197
  1,261
  1,328
  1,397
  1,470
  1,547
  1,627
Total cash flow (excl. dividends), $m
  780
  519
  514
  533
  570
  627
  703
  798
  911
  1,044
  1,197
  1,360
  1,554
  1,769
  2,006
  2,267
  2,552
  2,861
  3,197
  3,561
  3,953
  4,375
  4,829
  5,315
  5,837
  6,395
  6,991
  7,628
  8,307
  9,031
  9,802
Retained Cash Flow (-), $m
  -703
  -136
  -167
  -191
  -215
  -238
  -261
  -284
  -308
  -332
  -356
  -381
  -406
  -433
  -460
  -488
  -517
  -547
  -579
  -612
  -646
  -681
  -719
  -758
  -798
  -841
  -885
  -932
  -980
  -1,031
  -1,085
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
 
  383
  347
  341
  356
  389
  442
  513
  603
  712
  841
  979
  1,147
  1,336
  1,546
  1,779
  2,034
  2,314
  2,618
  2,949
  3,307
  3,693
  4,110
  4,558
  5,039
  5,554
  6,106
  6,696
  7,327
  8,000
  8,717
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  365
  312
  290
  283
  288
  303
  323
  347
  371
  393
  407
  420
  428
  428
  420
  406
  385
  358
  327
  293
  257
  221
  186
  153
  123
  97
  74
  56
  41
  29
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

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 14.1
Price to Sales 0.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 9.3
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 $42679 million for the last fiscal year's total revenue generated by Bunge. The default revenue input number comes from 2016 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 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 5.1%, 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 75.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $9745 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 4.9% 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 12.3%.

Life of production assets of 10.3 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 8.9%. 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 - $7144 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 140.727 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 $10.6 billion.

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COMPANY NEWS

▶ Bunge reports 4Q loss   [06:23AM  Associated Press]
▶ Bunge Limited to Host Earnings Call   [06:15AM  ACCESSWIRE]
▶ Bunge Reports Fourth Quarter 2017 Results   [06:00AM  PR Newswire]
▶ 3 Stocks That Climbed As the Market Cratered   [Feb-06-18 03:33PM  Motley Fool]
▶ [$$] ADM Looking to Tap Into Growth in South America, Asia   [12:12PM  The Wall Street Journal]
▶ ADM Said to Be in Advanced Talks to Buy Bunge   [01:19PM  Bloomberg Video]
▶ New Strong Sell Stocks for January 31st   [Jan-31-18 05:38AM  Zacks]
▶ EU mergers and takeovers (Jan 22)   [12:17PM  Reuters]
▶ Is It Time To Buy Bunge Limited (NYSE:BG)?   [07:35PM  Simply Wall St.]
▶ [$$] ADM Has Made Takeover Approach to Bunge Ltd.   [12:46AM  The Wall Street Journal]
▶ [$$] ADM Has Made Takeover Approach to Bunge   [07:19PM  The Wall Street Journal]
▶ Archer Daniels Midland makes takeover bid for Bunge   [05:45PM  American City Business Journals]
▶ EU mergers and takeovers (Jan 12)   [07:38AM  Reuters]
▶ Vinita Bali to Join Bunge Limited Board of Directors   [Jan-03-18 04:05PM  PR Newswire]
▶ EU mergers and takeovers (Dec 22)   [Dec-22-17 07:06AM  Reuters]
▶ EU mergers and takeovers (Dec 21)   [Dec-21-17 11:38AM  Reuters]
▶ ETFs with exposure to Bunge Ltd. : December 15, 2017   [Dec-15-17 12:58PM  Capital Cube]
▶ Bunge Ltd. Value Analysis (NYSE:BG) : December 8, 2017   [Dec-08-17 01:53PM  Capital Cube]
▶ Bear of the Day: Bunge (BG)   [05:25AM  Zacks]
▶ [$$] Global Oversupply of Grains Puts a Squeeze on Giant Processors   [Nov-03-17 09:33PM  The Wall Street Journal]
▶ Bunge misses 3Q profit forecasts   [06:17AM  Associated Press]
▶ Bunge Reports Third Quarter 2017 Results   [06:00AM  PR Newswire]
▶ ETFs with exposure to Bunge Ltd. : October 30, 2017   [Oct-30-17 11:27AM  Capital Cube]
▶ ETFs with exposure to Bunge Ltd. : October 18, 2017   [Oct-18-17 09:38AM  Capital Cube]
Financial statements of BG
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