Adecoagro is a non-cyclical investment into industrial scale agriculture in South America. The business segments are Sugar, Ethanol and Energy (50% with over 50% EBITDA margin) and other Farming (50% with around 15% EBITDA margin).

In 2024 the company has a 3% dividend yield plus 9% share repurchase program. This would have a positive effect on future ROE and EPS. Combined with <6x PE for TTM earnings the company is relative cheap (20% margin of safety).

2023-06-21 9.99USD. The risk for shortage does not seem to be a threat as of now. I find the financial reports a bit hard to understand and see some risks with this, and thus taking a bit hesitant approach without a clear goal.

2022-03-13 12.34USD. I guess that there will be a global shortage of agricultural products during this and next year which will drive up prices and profits. I also guess that the oil will remain at $90-$100 levels which will keep ethanol price high. There is a lot of uncertainty but in other aspects an agricultural company gives nice diversity to my stock portfolio.