Financials Archer-Daniels-Midland Company

Equities

ADM

US0394831020

Food Processing

Market Closed - Nyse Other stock markets 04:00:01 2024-05-01 pm EDT			5-day change	1st Jan Change
58.37 ^USD	-0.49%		-5.18%	-19.18%

03:22pm	Goldman Sachs Adjusts Price Target on Archer-Daniels-Midland to $63 From $64, Keeps Neutral Rating	MT
01:14pm	Stifel Nicolaus Adjusts Archer-Daniels-Midland Price Target to $60 From $58	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,802	28,048	37,813	51,006	38,521	29,004	-	-
Enterprise Value (EV) ¹	33,831	37,310	46,409	59,149	45,518	38,144	37,400	37,482
P/E ratio	19 x	16 x	14.1 x	12 x	11.2 x	10.5 x	10.5 x	11 x
Yield	3.02%	2.86%	2.19%	1.72%	2.49%	3.34%	3.56%	3.66%
Capitalization / Revenue	0.4 x	0.44 x	0.44 x	0.5 x	0.41 x	0.32 x	0.31 x	0.31 x
EV / Revenue	0.52 x	0.58 x	0.54 x	0.58 x	0.48 x	0.43 x	0.41 x	0.4 x
EV / EBITDA	10.8 x	10.2 x	9.46 x	8.66 x	7.33 x	7.57 x	7.64 x	7.74 x
EV / FCF	-5.39 x	-11.6 x	8.55 x	27.4 x	15.3 x	14.2 x	12.7 x	15.2 x
FCF Yield	-18.6%	-8.6%	11.7%	3.65%	6.52%	7.03%	7.89%	6.6%
Price to Book	1.36 x	1.42 x	1.7 x	2.15 x	1.54 x	1.3 x	1.21 x	1.32 x
Nbr of stocks (in thousands)	556,686	556,389	559,441	549,334	533,381	494,438	-	-
Reference price ²	46.35	50.41	67.59	92.85	72.22	58.66	58.66	58.66
Announcement Date	1/29/20	1/26/21	1/25/22	1/26/23	3/12/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	64,656	64,355	85,249	101,848	93,935	89,623	92,281	92,744
EBITDA ¹	3,138	3,660	4,907	6,830	6,207	5,038	4,896	4,843
EBIT ¹	1,691	1,766	2,993	4,212	4,057	2,807	3,088	3,100
Operating Margin	2.62%	2.74%	3.51%	4.14%	4.32%	3.13%	3.35%	3.34%
Earnings before Tax (EBT) ¹	1,588	1,883	3,313	5,233	4,294	3,380	3,168	3,035
Net income ¹	1,379	1,772	2,709	4,340	3,483	2,766	2,637	2,583
Net margin	2.13%	2.75%	3.18%	4.26%	3.71%	3.09%	2.86%	2.78%
EPS ²	2.440	3.150	4.790	7.710	6.430	5.564	5.596	5.310
Free Cash Flow ¹	-6,280	-3,209	5,426	2,159	2,966	2,681	2,949	2,474
FCF margin	-9.71%	-4.99%	6.36%	2.12%	3.16%	2.99%	3.2%	2.67%
FCF Conversion (EBITDA)	-	-	110.58%	31.61%	47.78%	53.21%	60.24%	51.08%
FCF Conversion (Net income)	-	-	200.3%	49.75%	85.16%	96.94%	111.84%	95.79%
Dividend per Share ²	1.400	1.440	1.480	1.600	1.800	1.960	2.087	2.149
Announcement Date	1/29/20	1/26/21	1/25/22	1/26/23	3/12/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	20,340	23,090	23,650	27,284	24,683	26,231	24,072	25,190	21,695	22,978	21,847	22,842	21,695	23,542	23,594
EBITDA ¹	1,034	1,407	1,641	1,866	1,639	1,684	1,762	1,629	1,491	1,325	1,298	1,199	1,280	1,338	1,162
EBIT ¹	606	864	1,068	1,286	993	865	1,199	1,042	995	821	708	639	666.1	773.6	753.3
Operating Margin	2.98%	3.74%	4.52%	4.71%	4.02%	3.3%	4.98%	4.14%	4.59%	3.57%	3.24%	2.8%	3.07%	3.29%	3.19%
Earnings before Tax (EBT) ¹	653	1,011	1,271	1,519	1,230	1,213	1,397	1,132	1,031	734	885	832	840.3	879.7	790.5
Net income ¹	526	782	1,054	1,236	1,031	1,019	1,170	927	821	565	729	685.9	691.3	713.1	657.3
Net margin	2.59%	3.39%	4.46%	4.53%	4.18%	3.88%	4.86%	3.68%	3.78%	2.46%	3.34%	3%	3.19%	3.03%	2.79%
EPS ²	0.9300	1.380	1.860	2.180	1.830	1.840	2.120	1.700	1.520	1.060	1.420	1.326	1.390	1.492	1.334
Dividend per Share ²	0.3700	0.3700	0.4000	0.4000	0.4000	0.4000	0.4500	0.4500	-	0.6000	0.4838	0.4838	0.4838	0.4950	0.5000
Announcement Date	10/26/21	1/25/22	4/26/22	7/26/22	10/25/22	1/26/23	4/25/23	7/25/23	10/24/23	3/12/24	4/30/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,029	9,262	8,596	8,143	6,997	9,141	8,396	8,478
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.559 x	2.531 x	1.752 x	1.192 x	1.127 x	1.814 x	1.715 x	1.751 x
Free Cash Flow ¹	-6,280	-3,209	5,426	2,159	2,966	2,681	2,949	2,474
ROE (net income / shareholders' equity)	9.58%	10.3%	13.8%	18.9%	15.6%	11.4%	11.1%	10.7%
ROA (Net income/ Total Assets)	5.98%	6.21%	8.47%	12.2%	6.62%	4.5%	4.26%	3.7%
Assets ¹	23,064	28,547	31,980	35,705	52,639	61,456	61,866	69,807
Book Value Per Share ²	34.00	35.50	39.80	43.10	47.00	45.10	48.50	44.40
Cash Flow per Share ²	-9.650	-4.240	11.70	6.180	8.230	6.410	7.080	9.770
Capex ¹	828	823	1,169	1,319	1,494	1,301	1,276	1,383
Capex / Sales	1.28%	1.28%	1.37%	1.3%	1.59%	1.45%	1.38%	1.49%
Announcement Date	1/29/20	1/26/21	1/25/22	1/26/23	3/12/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Archer-Daniels-Midland Company

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

58.66 USD

Average target price

63.69 USD

Spread / Average Target

+8.57%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
ARCHER-DANIELS-MIDLAND COMPANY	-18.08%	29.43B
NESTLÉ S.A.	-5.45%	264B
MONDELEZ INTERNATIONAL, INC.	-2.37%	96.77B
KRAFT HEINZ	-2.14%	46.94B
DANONE	-0.03%	40.26B
GENERAL MILLS, INC.	+7.77%	39.78B
THE HERSHEY COMPANY	+4.02%	39.6B
NESTLÉ INDIA LIMITED	-5.77%	28.95B
ASSOCIATED BRITISH FOODS PLC	+11.36%	24.86B
YIHAI KERRY ARAWANA HOLDINGS CO., LTD	-5.93%	23.52B

Other Food Processing