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Raising Our Bunge FVE to $75 on Improved Near-Term Outlook; Shares Slightly Overvalued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Bunge reported strong third-quarter results, as adjusted core segment EBIT was up 20% year on year versus the prior-year quarter. The growth was driven by higher agribusiness and refined and specialty oils results. We have increased our near-term outlook for the agribusiness segment, as we expect favorable grain merchandising conditions will remain in place throughout much of 2022. However, we expect 2021 will represent a cyclical peak for the business, and our long-term outlook remains intact. After updating our model to reflect these changes, we’ve increased our fair value estimate for Bunge to $75 per share from $74. Our no-moat rating is unchanged.

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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
T +1 314 292-2000
Sector Consumer Defensive
Industry Farm Products
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type
Employees 23,000