MeritValue

Adecoagro S.A.

AGROdata completeness 100%10 fiscal years on file

Data notes: no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue$817.8M1$1.12B2$1.35B3$1.3B3$1.52B3
Net income$412,0004$130.7M5$108.1M6$226.3M6$92.3M6
Operating cash flow$257.1M7$348.7M8$370M9$434.9M9$328.3M9
Capital expenditure$168.5M10$199.3M11$217.8M12$241.6M12$260.2M12
Free cash flow (derived)$88.6M7$149.4M8$152.3M9$193.3M9$68.1M9
Total debt$971.1M13$817.7M14$1.01B15$904.9M15$779.6M15
Cash & equivalents$336.3M16$199.8M17$230.7M17$339.8M17$211.2M17
Diluted shares117.3M111.1M108.2M106.0M100.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000010%
of the whole company
Your share of last year’s profit
$9.23
Your share of its debt
$77.91
Your share of free cash flow
$6.81
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$86.31
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth19.8%
  • fcfBase$152.3M
DCF · Growth Exit 5Y
$44.81
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth19.8%
  • fcfBase$152.3M
Earnings Power Value
$11.39
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$108.1M
  • growthAssumed0.0%
Graham Number
$16.61
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years19.8%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $44.81

Default growth 19.8%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2020-12-31 · accession 0001628280-23-013277 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001628280-24-018617 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001499505-25-000006 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001628280-23-013277 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001628280-24-018617 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2022-12-31 · accession 0001499505-25-000006 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2020-12-31 · accession 0001628280-23-013277 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001628280-24-018617 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001499505-25-000006 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001628280-23-013277 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001628280-24-018617 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001499505-25-000006 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2020-12-31 · accession 0001628280-23-013277 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001628280-24-018617 (Borrowings)
  15. 20-F · period ending 2022-12-31 · accession 0001499505-25-000006 (Borrowings)
  16. 20-F · period ending 2020-12-31 · accession 0001628280-24-018617 (CashAndCashEquivalents)
  17. 20-F · period ending 2021-12-31 · accession 0001499505-25-000006 (CashAndCashEquivalents)