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Archer-Daniels Midland Co ADM

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Morningstar’s Analysis

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ADM Shares Plunge as Earnings Outlook Disappoints, but We Maintain Our $46 FVE; Shares Fairly Valued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Archer-Daniels Midland reported decent third-quarter results, as adjusted segment operating profit was up 11% year on year, driven largely by higher carbohydrate solutions and nutrition profits. Both the results and management's outlook for the year were generally in line with our expectations. As such, we maintain our $46 fair value estimate and no-moat rating.

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Company Profile

Business Description

Archer Daniels Midland is a major processor of oilseeds, corn, wheat, and other agricultural commodities. Additionally, the company owns an extensive network of logistical assets to store and transport crops around the globe. Its end products include vegetable oil and meal, corn sweeteners, flour, feed ingredients, ethanol, and natural flavors.

77 West Wacker Drive, Suite 4600
Chicago, IL, 60601
T +1 312 634-8100
Sector Consumer Defensive
Industry Farm Products
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 30, 2020
Stock Type High Yield
Employees 38,100