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Maintaining $70 FVE as Bunge Reports Solid Fourth-Quarter Earnings; Shares Fairly Valued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Bunge finished the year on a strong note as adjusted core segment EBIT was up 36% year on year driven primarily by higher agribusiness segment profits. During the second half of 2020, Bunge benefited from strong oilseeds and grains demand as well as higher crop prices and a favorable soy crush margin environment. While we see another strong year for Bunge in 2021, we think 2020 will ultimately represent a cyclical high as Bunge generated adjusted EPS of $8.30. Management directionally agrees with our outlook, guiding to 2021 adjusted EPS of at least $6, which we think is achievable. 

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Company Profile

Business Description

Founded in 1818, Bunge is a global agribusiness and food company with operations along the farm-to-consumer food chain. The agribusiness segment generates roughly two thirds of profits and includes the largest oilseed processing capacity globally. The company is a leading oilseed processor and seller of packaged vegetable oils and other food and ingredients products.

1391 Timberlake Manor Parkway
St. Louis, MO, 63017, Bermuda
T +1 314 292-2000
Sector Consumer Defensive
Industry Farm Products
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 23,000