文章核心观点 - 尽管阿奇-丹尼尔斯-米德兰(ADM)营养会计丑闻给这家人类和动物营养公司造成了重大打击,但公司正在走出困境 [1][2][3][4][5] - ADM已采取多项纠正措施,包括修改与特定分部业绩挂钩的高管薪酬和延迟高管奖金支付,这是公司认识到需要更严格的控制和更透明的财务实践的良好开端 [6] - 随着全球大宗商品进入2024年下半年,分析师预计将出现复苏迹象,这将有利于ADM及其所在行业 [7] - ADM正在扩大直接面向农民的采购计划,并加强营养分部以利用更高的大宗商品价格,通过更低成本的供应和更高的利润率来获益 [8] 行业分析 - 后疫情经济复苏伴随着通胀,大宗商品往往在通胀期表现良好,因为它们是可以储存价值的有形资产 [7] - 利率下降将继续降低持有无收益大宗商品资产的机会成本,但也会使美元贬值,这使以美元计价的大宗商品在国际市场上更便宜、更有吸引力 [7] - 全球供应链中断、地缘政治紧张局势和气候对农业的影响,可能会使大宗商品价格保持高位,这将有利于ADM这样的全球性企业 [23] 公司分析 - ADM正在从传统大宗商品市场转向更多元化和潜在利润更高的业务领域,如植物蛋白和更健康的配料 [15][16] - ADM营养分部的内在价值仍然完好,是公司多元化战略的关键 [17][18] - 公司采取了迅速和果断的行动来识别错误,并实施了补救计划,这表明管理团队具有强烈的道德操守 [31][32] - 公司的全球足迹使其能够从供应链中断和地缘政治局势中获益,推动收入增长 [19] 估值分析 - ADM股票目前估值较低,与行业中位数相比,其前瞻性非公认会计准则市盈率低37.30% [21] - 如果市场开始认识到ADM的战略举措并将估值调整至行业中位数水平,股价可能会大幅上涨约59.51% [24] - 考虑到农产品大宗商品市场的周期性,采用20倍的谷底市盈率,股价公允价值约为112美元 [25]

Investors in Archer-Daniels-Midland Company (ADM) need to pay close attention to the stock based on moves in the options market lately. That is because the Jun 21, 2024 $115.00 Put had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other ...

Fundamentally, the case for dividend kings to buy couldn’t be simpler: investors are banking on the proven stability of the underlying enterprises. Since qualifying for the dividend king title involves providing rising annual payouts for at least 50 consecutive years, you can bet that these companies benefit from reliable businesses. Obviously, this reliability offers much confidence to investors during a period of economic challenges. Not only that, the leadership teams of these entities will be fighting t ...

Archer Daniels Midland Company (ADM) appears well poised for growth, thanks to its robust business strategies. The company is significantly progressing on its three strategic pillars, which are optimize, drive and growth. The company is actively managing productivity and innovation as well as aligning work to the interconnected trends in food security, health and wellbeing. Management reaffirmed its earlier earnings per share (EPS) guidance for the full year. The company envisions adjusted EPS in the band o ...

The Zacks Agriculture – Operations industry faces a myriad of challenges that can impact productivity, sustainability and the overall well-being of the industry participants. Fluctuating commodity prices, rising input costs, trade uncertainties and elevated operational expenses have been affecting players for a while. As prices increase across the board, companies within this vital sector are grappling with challenges that impact their operations, profitability and long-term sustainability. However, the ind ...

Investing in dividend stocks is a great strategy for wealth accumulation, especially when coupled with the pursuit of undervalued opportunities. Interestingly, as we move further into May 2024, finding undervalued dividend stocks might seem hard since major indices are still hovering near all-time highs. Nevertheless, there are several such names. Why? Well, with interest rates remaining elevated, investors continue to shift their focus towards higher- yielding fixed-income investments such as T-bills due t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 1-44 ARCHER-DANIELS-MIDLAND COMPANY (Exact name of registrant as specified in its charter) Delaware 41-0129150 (State or ...

Archer Daniels Midland Company (ADM) posted first-quarter 2024 results, with the top line missing the Zacks Consensus Estimate and the bottom line beating the same. Both metrics declined year over year. Adjusted earnings of $1.46 per share in the first quarter outpaced the Zacks Consensus Estimate of $1.35. However, the figure declined 30% from earnings of $2.09 per share in the year-ago quarter. On a reported basis, Archer Daniels’ earnings were $1.42 per share, down 33% from the year-ago quarter’s $2.12. ...

First Quarter 2024 Earnings Conference Call April 30, 2024 Proprietary business information of ADM. Proprietary business information of ADM. Cautionary Note Regarding Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. You can identify forwa ...

财务数据和关键指标变化 - 第一季度调整后每股收益为1.46美元,调整后分部经营利润为13亿美元,过去4个季度平均调整后投资回报率为11.2% [6] - 第一季度经营活动现金流(不含营运资金)为9亿美元 [6] 各条业务线数据和关键指标变化 - 农产品服务和油籽业务经营利润同比下降,主要受到商品价格下降和执行利润率下降的影响 [18][19][22][23] - 碳水化合物解决方案业务经营利润表现良好,得益于北美淀粉和甜味剂利润较高,以及生物解决方案业务量增长近10% [25][26] - 营养业务经营利润同比下降,主要受到Decatur East工厂停产和特殊配料业务固定成本吸收的负面影响 [29][30] 各个市场数据和关键指标变化 - 北美地区精炼产品利润受到进口废弃食用油增加的负面影响 [59][60] - 南美地区生物柴油和包装业务利润较强,得益于巴西生物柴油配额提高 [60][61] - 欧洲地区精炼业务利润与去年持平 [60] 公司战略和发展方向及行业竞争 - 公司正在推进再生农业计划,将2025年目标从400万英亩增加到500万英亩,体现公司在可再生农业领域的领导地位 [10] - 公司正在通过"卓越驱动"计划,寻找提高效率和有效性的机会,并已产生近1,200个经过验证的建议,正在产生成果 [11] - 公司正在聚焦营养业务的恢复,采取了一系列行动,包括改善供应链、整合收购、优化销售渠道等,预计下半年将加速恢复 [12][13] 管理层对经营环境和未来前景的评论 - 公司预计2024年全球大豆供给将增加,导致大豆压榨利润率将从高位回落到35-60美元/吨的范围 [34][35][36][37][38] - 公司对下半年大豆油需求增长持乐观态度,预计受益于新的生物柴油产能投产和饲料需求增加 [37][38][39] - 公司对2024年全年业绩保持信心,将继续专注于管理周期、营养业务恢复和加大对股东的现金回报 [43][44] 问答环节重要的提问和回答 问题1 **Andrew Strelzik 提问** 询问南美大豆供给时间和农民销售进度对压榨利润的影响 [47][48][49][50][51][52][53] **Juan Luciano 回答** 公司预计南美大豆供给将在第二、三季度对压榨利润产生较大影响,但下半年随着美国新作物上市,以及生物柴油和饲料需求增加,预计压榨利润将回升至较高水平 [49][50][51][52][53] 问题2 **Ben Bienvenu 提问** 询问碳水化合物解决方案业务的需求和量增长情况 [55][56] **Juan Luciano 回答** 公司在淀粉、甜味剂等核心业务保持强劲需求和利润,虽然国际玉米磨粉和小麦磨粉业务利润有所下降,但整体业务表现良好 [56][57] 问题3 **Tom Palmer 提问** 询问精炼产品业务的区域差异和时间性收益的变化 [59][60][61][62][63][64] **Juan Luciano 回答** 北美地区精炼业务受进口废弃食用油影响利润下降,而南美和欧洲地区精炼业务表现较好。第一季度净时间性收益同比下降7200万美元 [60][61][62][63][64]