santosha/E+ via Getty Images Thesis I rate Adecoagro S.A. (NYSE:AGRO) a Hold with an end-of-year price target of $14.41, which represents a potential 30% upside to its current price of ~$10.80/share. Using an EV/EBIT multiple of 10x and estimating the EBIT across AGRO's three largest segments, Sugar & Ethanol, Rice, and Dairy, my model suggests AGRO's share price to be worth upwards of $14.41 by the end of 2024, contingent on sugar prices around or above 20 cents/lb. Compared to years prior, Adecoagro has d ...

Adecoagro S.A. (NYSE:AGRO) Q3 2023 Earnings Conference Call November 14, 2023 10:00 AM ET Company Participants Mariano Bosch - CEO Emilio Gnecco - CFO Renato Junqueira Pereira - Sugar, Ethanol and Energy VP Vitoria Cabello - IR Officer Conference Call Participants Thiago Duarte - BTG Pactual Larissa Pérez - Itaú BBA Operator Good morning, ladies and gentlemen and thank you for waiting. At this time, we would like to welcome everyone to Adecoagro's Third Quarter 2023 Results Conference Call. Today with us, w ...

天气和市场影响 - 不可预测的天气条件可能对农业生产产生不利影响[35] - 农产品价格波动可能对财务状况和运营结果产生不利影响[36] - 巴西乙醇价格与糖价和石油价格密切相关，糖价或石油价格下跌将对糖和乙醇业务产生不利影响[37] - 巴西糖价受世界市场价格影响，导致巴西乙醇价格与世界糖价相关[37] - 灵活燃料车辆使消费者能够在加油站选择汽油和乙醇，因此乙醇价格与汽油价格以及国际油价相关[37] - 石油、乙醇和糖价格之间的相关性将随时间增加，糖价下跌将对乙醇和糖业务的财务表现产生不利影响[38] 市场竞争和政策影响 - 公司通过收购扩大业务存在风险，可能减少预期收益[38] - 依赖稳定的国际贸易和主要出口市场的经济和其他条件[40] - 全球经济衰退可能削弱对产品的需求或降低价格[41] - 不利的经济气候变化可能降低产品需求或价格[42] - 公司面临来自国内市场和外国生产商的激烈竞争，这可能对财务表现产生不利影响[43] - 竞争对手可能通过开发或使用新产品和生产方法，比我们更早地将新产品推向市场，或者获得新技术的独家权利，从而显著损害我们的竞争地位[43] - 政府政策减少添加到汽油中的乙醇量，或取消灵活燃料车辆的税收优惠，可能对公司业务产生不利影响[45] 财务和法律风险 - 公司的业绩取决于与员工的良好工作关系和遵守劳动法规，任何对这些关系的压力或劳动成本的增加都可能对业务产生不利影响[48] - 公司可能没有获得或维持目前持有的所有经营所需的许可证和执照，这可能使公司面临罚款和其他处罚，并限制公司能够提供的产品数量或质量[50] - 气候变化可能导致环境法规加强，增加资本支出和环境合规费用[52] - 公司存在债务风险，可能影响财务状况和分红能力[54] - 公司债务条款限制了经营和财务灵活性，包括限制新增债务、支付股利等[55] - 利率波动可能对公司业绩、债务和现金流产生重大影响[56] - 公司可能需要额外资本，但融资存在不确定性，包括市场条件、公司未来业绩等[56] - 公司可能被视为美国国内公司，增加美国联邦所得税责任和对支付的股息征收美国联邦预扣税[57] - 公司可能被视为被动外国投资公司（PFIC），可能对持有公司普通股的美国投资者产生不利的税务后果[57] - 公司需遵守反腐败、反贿赂、反洗钱和其他国际贸易法律法规[57] 国家经济情况 - 阿根廷 GDP 在 2021 年增长了 11.9%[72] - 阿根廷 GDP 预计在 2023 年将增长 2.0%[72] - 阿根廷总统和副总统分别为 Alberto Fernandez 和 Fernández de Kirchner[72] - 阿根廷的经济增长受到国际大宗商品价格波动的影响[72] - 阿根廷政府在 2019 年 9 月重新实施了外汇管制措施[72] - 阿根廷的通货膨胀、财政赤字增长、工业增长减少等因素导致经济恶化[72] - 阿根廷的失业率和贫困率持续高位[73] - 巴西 GDP 在 2022 年增长了 2.9%[74] - 巴西政府讨论实施新的税收改革[82] - 巴西政府对柴油和乙醇实施了部分减税措施[82] - 阿根廷比索对美元的汇率在2022年、2021年、2020年和2019年分别贬值了72.5％、22.1％、40.5％和58.9％[84] - 巴西雷亚尔对美元的汇率在2022年、2021年、2020年和2019年分别贬值了7.3％和7.5％、17.8％和23.1％[88]

Adecoagro S.A. (NYSE:AGRO) Q4 2022 Earnings Conference Call March 10, 2023 9:00 AM ET Company Participants Mariano Bosch - Chief Executive Officer Emilio Gnecco - Chief Financial Officer Renato Junqueira Pereira - Sugar, Ethanol & Energy VP Victoria Cabello - Investor Relations Officer. Conference Call Participants Henrique Brustolin - BTG Pactual Santhosh Seshadri - HSBC Securities Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Ade ...

👍 adecoagro ADECOACRO 4 TH QUARTER 2022 E A R N I N G S W E B C A S T DISCLAIMER This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements can be identified by words or phrases such as "anticipate," "forecast", "believe," "continue," "estimate," "expect," "intend," "is/are likely to," "may," "plan," "should," "would," or other similar expressions. The forward-looking st ...

Adecoagro S.A. (NYSE:AGRO) Q3 2022 Earnings Conference Call November 10, 2022 8:00 AM ET Company Participants Mariano Bosch – Chief Executive Officer Charlie Boero Hughes – Chief Financial Officer Renato Junqueira-Santos Pereira – Director of Sugar & Ethanol Operations Victoria Cabello – Investor Relations Manager Conference Call Participants Henrique Brustolin – BTG Pactual Christian Audi – Santander Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welc ...

Adecoagro S.A. (NYSE:AGRO) Q2 2022 Results Conference Call August 12, 2022 11:00 AM ET Company Participants Mariano Bosch - Chief Executive Officer Charlie Boero Hughes - Chief Financial Officer Renato Junqueira-Santos Pereira - Director of Sugar & Ethanol Operations Conference Call Participants Guilherme Palhares - Bank of America Lucas Federa - JPMorgan Henrique Brustolin - BTG Operator Good morning, ladies and gentlemen. And thank you for waiting. At this time, we would like to welcome everyone to Adecoa ...

Adecoagro S.A. (NYSE:AGRO) Q1 2022 Earnings Conference Call May 13, 2022 9:00 AM ET Company Participants Mariano Bosch – Chief Executive Officer Carlos A. Boero Hughes – Chief Financial Officer Renato Junqueira Santos Pereira – Director, Sugar & Ethanol Operations Conference Call Participants Guilherme Palhares – Bank of America Thiago Callegari L. Duarte – BTG Pactual Lucas Ferreira – JPMorgan Christian Audi – Santander Operator Good morning, ladies and gentlemen. And thank you for waiting. At this time ...