Adecoagro S.A. (AGRO) intrinsic value & 10-year financials
Adecoagro S.A. (AGRO) has a Graham intrinsic value of $29.76 per share. Over the last 10 fiscal years revenue grew 9.4% a year to $1.5B, with an average return on invested capital of 8.6%.
- Graham intrinsic value
- $29.76
- Revenue (FY2024)
- $1.5B
- Revenue growth (10-yr CAGR)
- 9.4%
- ROIC (10-yr avg)
- 8.6%
- Free cash flow (FY2024)
- $68.1M
AGRO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | $1.5B | $92.1M | $0.90 | $68.1M | 12.0% | 9.6% |
| FY2023 | $1.3B | $226.7M | $2.10 | $193.3M | 18.6% | 9.5% |
| FY2022 | $1.3B | $108.6M | $0.98 | $152.2M | 18.5% | 11.1% |
| FY2021 | $1.1B | $130.7M | $1.13 | $149.4M | 24.7% | 12.8% |
| FY2020 | $817.8M | $1.1M | $0.00 | $88.6M | 23.1% | 5.7% |
| FY2019 | $887.1M | $342.0K | -$0.01 | $69.7M | 13.7% | 3.6% |
| FY2018 | $793.2M | -$23.2M | -$0.21 | $11.4M | 19.7% | 10.4% |
| FY2017 | $933.2M | $11.7M | $0.08 | $38.6M | 13.4% | 10.7% |
| FY2016 | $869.2M | $3.7M | $0.02 | $123.0M | 19.6% | 7.8% |
| FY2015 | $674.3M | -$4.4M | -$0.05 | $3.7M | 14.2% | 4.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Adecoagro S.A. is a consistent compounder, expanding top-line revenue at 9.4% annually over the past decade.
Adecoagro S.A. returns on capital have been average, hovering around 8.6% ROIC over the decade.
Over the decade, Adecoagro S.A. shows that management has aggressively returned capital to shareholders by retiring 15.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Adecoagro S.A. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $29.76 per share.