Bunge Ltd Stock Research

Market Summary

USD96.72-0.07

Market Closed

-0.07%

BG Alerts

Big jump in Earnings (Y/Y)

BG Stock Price

BG RSI Chart

BG Valuation

Market Cap

14.5B

Price/Earnings (Trailing)

9.01

Price/Sales (Trailing)

0.22

EV/EBITDA

4.66

Price/Free Cashflow

-2.38

BG Price/Sales (Trailing)

BG Profitability

EBT Margin

3.07%

Return on Equity

17.45%

Return on Assets

6.55%

Free Cashflow Yield

-42.1%

BG Fundamentals

BG Revenue

Revenue (TTM)

67.2B

Revenue Y/Y

-0.14%

Revenue Q/Q

-0.59%

BG Earnings

Earnings (TTM)

1.6B

Earnings Y/Y

45.45%

Earnings Q/Q

-11.58%

Price Action

52 Week Range

79.90126.22

(Low)(High)

Last 7 days

0.0%

Last 30 days

-0.9%

Last 90 days

0.0%

Trailing 12 Months

-8.9%

BG Financial Health

Current Ratio

1.75

Debt/Equity

0.61

Debt/Cashflow

-1.12

BG Investor Care

Dividend Yield

2.48%

Dividend/Share (TTM)

2.4

Shares Dilution (1Y)

6.27%

Diluted EPS (TTM)

10.52

Peers (Alternatives to Bunge)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
GIS	47.8B	19.4B	5.68%	30.69%	16.42	2.47	4.08%	30.06%
ADM	42.9B	101.6B	-6.21%	-5.98%	9.88	0.42	19.13%	60.21%
BG	14.5B	67.2B	-0.86%	-8.89%	9.01	0.22	13.66%	-22.48%
MID-CAP
DAR	8.6B	6.5B	-19.58%	-23.46%	11.72	1.32	37.77%	13.33%
INGR	6.3B	7.9B	-4.08%	17.64%	12.87	0.8	15.26%	320.51%
POST	5.1B	6.1B	-5.17%	29.41%	5.87	0.84	18.23%	1243.59%
TR	3.1B	687.0M	-1.98%	35.45%	40.71	4.5	20.36%	16.24%
FRPT	2.8B	595.3M	-12.57%	-35.91%	-47.05	4.7	39.92%	-100.32%
JJSF	2.8B	1.4B	-0.41%	-7.92%	64.49	1.95	15.66%	-34.11%
SMALL-CAP
BRID	126.4M	263.4M	10.69%	27.76%	2.77	0.48	5.45%	786.05%
LWAY	94.8M	136.7M	8.35%	-13.96%	824.6	0.69	20.26%	-96.88%
FARM	78.3M	496.5M	-9.89%	-37.05%	-2.72	0.16	17.42%	-12.94%
RMCF	32.6M	33.1M	-	-31.32%	-9.02	0.98	2.77%	-346.02%
RIBT	5.7M	39.0M	-4.42%	165.68%	-0.49	0.15	30.61%	-109.87%

Financials for Bunge

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	0.0%	67,232	67,255	64,613	62,071	59,152
Gross Profit	3.6%	3,682	3,553	3,527	3,420	3,363
S&GA Expenses	3.9%	1,369	1,317	1,307	1,270	1,234
R&D Expenses	-	33.00	-	-	-	-
EBITDA	9.2%	2,877	2,634	2,837	2,961	-
EBITDA Margin	9.3%	0.04*	0.04*	0.04*	0.05*	-
Earnings Before Taxes	11.3%	2,066	1,857	2,102	2,260	2,565
EBT Margin	11.3%	0.03*	0.03*	0.03*	0.04*	-
Interest Expenses	10.4%	403	365	319	281	243
Net Income	7.0%	1,610	1,505	1,778	1,934	2,077
Net Income Margin	7.0%	0.02*	0.02*	0.03*	0.03*	-
Free Cahsflow	10.2%	-6,104	-6,796	-6,393	-5,015	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-0.9%	24,580	24,792	27,419	28,724	23,819
Current Assets	-2.5%	16,758	17,195	19,732	20,890	16,460
Cash Equivalents	15.5%	1,104	956	818	386	902
Inventory	3.6%	8,408	8,112	10,481	10,988	8,431
Net PPE	6.1%	3,617	3,408	3,463	3,561	3,499
Goodwill	5.6%	470	445	468	497	484
Current Liabilities	-9.2%	9,600	10,567	13,101	13,860	9,324
. Short Term Borrowings	-58.9%	546	1,327	2,154	1,937	673
Long Term Debt	-	5,291	-	-	-	-
LT Debt, Current	9.4%	846	773	1,303	503	504
LT Debt, Non Current	8.7%	3,259	2,997	3,062	4,040	4,787
Shareholder's Equity	6.0%	9,224	8,705	9,189	8,741	7,669
Retained Earnings	2.4%	10,222	9,980	9,692	9,581	8,979
Additional Paid-In Capital	0.6%	6,692	6,655	6,595	6,332	5,590
Shares Outstanding	0.1%	150	150	152	152	141
Minority Interest	9.9%	732	666	457	160	156

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	11.7%	-5,549	-6,283	-5,915	-4,563	-2,894
Share Based Compensation	4.8%	65.00	62.00	64.00	64.00	61.00
Cashflow From Investing	-2.5%	6,499	6,664	6,091	5,446	5,113
Cashflow From Financing	-35.4%	-769	-568	43.00	-634	-1,632
Dividend Payments	18.0%	341	289	-	-	-
Buy Backs	-50.0%	200	400	100	-	-

Risks for BG

What is the probability of a big loss on BG?

60%

Probability that Bunge stock will be more than 20% underwater in next one year

38.1%

Probability that Bunge stock will be more than 30% underwater in next one year.

18.5%

Probability that Bunge stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does BG drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Bunge was unfortunately bought at previous high price.

Drawdowns

Returns for BG

Cumulative Returns on BG

5.0%

10-Year Cumulative Returns

11.6%

7-Year Cumulative Returns

8.9%

5-Year Cumulative Returns

39.6%

3-Year Cumulative Returns

What are the long-term rolling returns for BG?

FIve years rolling returns for Bunge.

Annualized Returns

Which funds bought or sold BG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	new	-	1,011,270	1,011,270	0.03%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	19.31	3,694,400	12,061,400	0.01%
2023-03-06	Rockefeller Capital Management L.P.	added	618	5,077,000	5,736,000	0.03%
2023-03-03	TIAA, FSB	new	-	5,617,250	5,617,250	0.02%
2023-03-01	Meixler Investment Management, Ltd.	reduced	-3.64	50,578	356,578	0.36%
2023-03-01	BENNICAS & ASSOCIATES, INC.	reduced	-0.69	480,353	2,883,350	1.67%
2023-02-28	Voya Investment Management LLC	reduced	-25.68	-1,736,150	15,288,900	0.02%
2023-02-27	Parallax Volatility Advisers, L.P.	added	17.83	123,442	415,442	-%
2023-02-24	NATIXIS	new	-	109,547	109,547	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	1,660,000	9,628,000	0.10%

Latest Funds Activity

Are funds buying BG calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own BG

No. of Funds

BG Alerts

Big jump in Earnings (Y/Y)

Bunge News

Schedule 13G FIlings of Bunge

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	price t rowe associates inc /md/	1.3%	1,943,255	SC 13G/A
Feb 13, 2023	capital world investors	13.3%	19,967,031	SC 13G/A
Feb 09, 2023	vanguard group inc	10.13%	15,170,725	SC 13G/A
Feb 03, 2023	blackrock inc.	8.5%	12,692,507	SC 13G/A
Jul 11, 2022	vanguard group inc	10.11%	15,337,871	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	5.6%	7,941,982	SC 13G/A
Feb 11, 2022	capital world investors	12.2%	17,289,145	SC 13G/A
Feb 09, 2022	vanguard group inc	9.54%	13,409,035	SC 13G/A
Feb 03, 2022	blackrock inc.	7.4%	10,328,486	SC 13G/A
Aug 10, 2021	capital world investors	11.3%	16,977,339	SC 13G

BG Fair Value

Bunge fair value in different scenarios

The table shows the Fair Value estimates for Bunge for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	114.66 18.55%	142.12 46.94%	205.68 112.66%	382.24 295.20%	611.40 532.13%
Current Inflation	107.92 11.58%	133.03 37.54%	185.00 91.27%	334.91 246.27%	529.16 447.11%
Very High Inflation	99.28 2.65%	121.45 25.57%	160.20 65.63%	279.80 189.29%	434.39 349.12%

Historical Bunge Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Bunge

View All Filings

Date Filed	Form Type	Document
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 16, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading

Latest Insider Trading transactions for BG

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-10	Buettner Aaron	sold (taxes)	-869,765	93.493	-9,303	president, food solutions
2023-03-10	Podwika Joseph	sold (taxes)	-1,344,800	93.493	-14,384	chief legal officer
2023-03-10	HECKMAN GREGORY A	acquired	-	-	198,204	chief executive officer
2023-03-10	HECKMAN GREGORY A	sold (taxes)	-8,209,150	93.493	-87,805	chief executive officer
2023-03-10	Neppl John W	acquired	-	-	39,198	chief financial officer
2023-03-10	Simmons Jerry Matthews JR	acquired	-	-	11,968	controller, principal actg off
2023-03-10	Dimopoulos Christos	acquired	-	-	19,590	co-president, agribusiness
2023-03-10	Neppl John W	sold (taxes)	-2,119,490	93.493	-22,670	chief financial officer
2023-03-10	Simmons Jerry Matthews JR	sold (taxes)	-566,755	93.493	-6,062	controller, principal actg off
2023-03-10	Dimopoulos Christos	sold (taxes)	-127,805	93.493	-1,367	co-president, agribusiness

About Bunge

Gregory A. Heckman

www.bunge.com

22000

Bunge Limited operates as an agribusiness and food company worldwide. It operates through four segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The Agribusiness segment purchases, stores, transports, processes, and sells agricultural commodities and commodity products, including oilseeds primarily soybeans, rapeseed, canola, and sunflower seeds, as well as grains primarily wheat and corn; and processes oilseeds into vegetable oils and protein meals. This segment offers its products for animal feed manufacturers, livestock producers, wheat and corn millers, and other oilseed processors, as well as third-party edible oil processing and biofuel companies; and for industrial and biodiesel production applications. The Refined and Specialty Oils segment sells packaged and bulk oils and fats that include cooking oils, shortenings, margarines, mayonnaise, and other products for baked goods companies, snack food producers, confectioners, restaurant chains, foodservice operators, infant nutrition companies, and other food manufacturers, as well as grocery chains, wholesalers, distributors, and other retailers. The Milling segment provides wheat flours and bakery mixes; corn milling products that comprise dry-milled corn meals and flours, wet-milled masa and flours, and flaking and brewer's grits, as well as soy-fortified corn meal, corn-soy blends, and other products; whole grain and fiber ingredients; quinoas and millets; die-cut pellets; and non-GMO products. The Sugar and Bioenergy segment produces sugar and ethanol; and generates electricity from burning sugarcane bagasse. Bunge Limited was founded in 1818 and is headquartered in St. Louis, Missouri.

BG Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net sales	$ 67,232	$ 59,152	$ 41,404
Cost of goods sold	(63,550)	(55,789)	(38,619)
Gross profit	3,682	3,363	2,785
Selling, general and administrative expenses	(1,369)	(1,234)	(1,358)
Interest income	71	48	22
Interest expense	(403)	(243)	(265)
Foreign exchange (losses) gains — net	(11)	(38)	150
Other (expense) income – net	(9)	509	126
Income (loss) from affiliates	105	160	(47)
Income from continuing operations before income tax	2,066	2,565	1,413
Income tax expense	(388)	(398)	(248)
Net income	1,678	2,167	1,165
Net (income) attributable to noncontrolling interests and redeemable noncontrolling interests	(68)	(89)	(20)
Net income attributable to Bunge	1,610	2,078	1,145
Convertible preference share dividends and other obligations	0	(34)	(34)
Adjustment of redeemable noncontrolling interest	0	0	10
Net income available to Bunge common shareholders	$ 1,610	$ 2,044	$ 1,121
Earnings per common share—basic
Net income attributable to Bunge common shareholders (in dollars per share)	$ 10.83	$ 14.50	$ 7.97
Earnings per common share—diluted
Net income attributable to Bunge common shareholders (in dollars per share)	$ 10.51	$ 13.64	$ 7.71

BG Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,104	$ 902
Trade accounts receivable (less allowances of $90 and $85) (Note 5)	2,829	2,112
Inventories (Note 6)	8,408	8,431
Assets held for sale (Note 3)	36	264
Other current assets (Note 7)	4,381	4,751
Total current assets	16,758	16,460
Property, plant and equipment, net (Note 8)	3,617	3,499
Operating lease assets (Note 28)	1,024	912
Goodwill (Note 9)	470	484
Other intangible assets, net (Note 10)	360	431
Investments in affiliates (Note 12)	1,012	764
Deferred income taxes (Note 15)	712	550
Other non-current assets (Note 13)	627	719
Total assets	24,580	23,819
Current liabilities:
Short-term debt (Note 18)	546	673
Current portion of long-term debt (Note 19)	846	504
Trade accounts payable (includes $643 and $568 carried at fair value)	4,386	4,250
Current operating lease obligations (Note 28)	425	350
Liabilities held for sale (Note 3)	18	122
Other current liabilities (Note 14)	3,379	3,425
Total current liabilities	9,600	9,324
Long-term debt (Note 19)	3,259	4,787
Deferred income taxes (Note 15)	365	338
Non-current operating lease obligations (Note 28)	547	506
Other non-current liabilities (Note 23)	849	658
Redeemable noncontrolling interests (Note 24)	4	381
Equity (Note 25):
Convertible perpetual preference shares, par value $.01; authorized—21,000,000 shares, issued and outstanding: 2022 —zero shares, 2021—6,899,683 shares (liquidation preference $100 per share)	0	690
Common shares, par value $.01; authorized—400,000,000 shares; issued and outstanding: 2022—149,907,932 shares, 2021—141,057,414 shares	1	1
Additional paid-in capital	6,692	5,590
Retained earnings	10,222	8,979
Accumulated other comprehensive loss (Note 25)	(6,371)	(6,471)
Treasury shares, at cost; 2022—18,835,812 and 2021—16,726,697 shares	(1,320)	(1,120)
Total Bunge shareholders' equity	9,224	7,669
Noncontrolling interests	732	156
Total equity	9,956	7,825
Total liabilities and equity	$ 24,580	$ 23,819