agribusiness report q2 2018 › wp-content › uploads › ...6/27/2016 milk specialties company...

http://sdrventures.com/


https://www.aem.org/

https://www.farmersbusinessnetwork.com/

https://www.agroyinc.com/

https://www.thefarmelement.com/

https://www.agvend.com/

https://commoditag.com/

https://harvestport.com/

mailto:[email protected]



https://www.nutrien.com/

http://www.harvestcroorobotics.com/

https://www.caseih.com/northamerica/en-us/Pages/campaigns/autonomous-concept-vehicle.aspx

https://seedotrun.com/

https://www.deere.com/en/technology-products/precision-ag-technology/guidance/machine-sync/

https://lunapowered.com/

https://motorleaf.com/

http://www.lacoop.coop/

https://www.standardnutrition.com/standard-nutrition-canada/

https://www.concentricag.com/

http://www.atpnutrition.ca/

http://www.xsinc.com/

https://www.technekes.com/

https://www.syngenta.com/

https://abbottcobb.com/

https://www.bayer.com/

https://monsanto.com/

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5

12

9

1

9

1

4

7 8

- 2 4 6 8

10 12 14

Strategic91%

Financial9%

Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA05/23/2018 Shepherd Gourmet Dairy (Ontario), Inc. Saputo, Inc. Dairy 78.28 1.75x -

05/21/2018 Landscaper's Choice SiteOne Landscape Supply, Inc. Agriproducts Distribution - - -

05/15/2018 American Proteins, Inc. Tyson Foods, Inc. Animal Health & Nutrition 850.00 - -

05/15/2018 Edico Genome Corp. Illumina, Inc. Agricultural Tech & Services 100.00 - -

05/08/2018 California Olive Ranch, Inc. Crefica SL; Calliopsis LLC; Duncanson SL Oilseeds & Ingredients 88.84 - -

04/23/2018 Butler Animal Health Supply LLC Direct Vet Marketing, Inc. Animal Health & Nutrition 1,250.00 - -

04/23/2018 Standard Nutrition, Inc. La Coop fédérée Animal Health & Nutrition - - -

04/17/2018 ATP Nutrition Ltd. Inocucor Technologies, Inc. Oilseeds & Ingredients - - -

04/12/2018 Abbott & Cobb, Inc. Syngenta AG Crop/ Turf/ Ornamental Inputs - - -

04/09/2018 National Beef Packing Co. LLC NBM US Holdings, Inc. Proteins 1,900.00 - -

04/05/2018 Eagle Agro Services Ltd. Richardson International Ltd. Crop/ Turf/ Ornamental Inputs - - -

04/04/2018 C.H. Guenther & Son, Inc. PPC Partners Ltd. Oilseeds & Ingredients - - -

04/04/2018 VAB Solutions, Inc. Baxley Equipment Co. (Arkansas); Price

Logpro LLC; Timber Automation LLC

Machinery & Equipment - - -

04/04/2018 Ainsworth Pet Nutrition LLC The J. M. Smucker Co. Animal Health & Nutrition 1,900.00 - -

04/03/2018 XS, Inc. Technekes LLC Agricultural Tech & Services - - -


http://sdrventures.com/agribusiness-ma-update/?utm_source=Quarterly%20Report&utm_medium=PDF&utm_campaign=Q2%202018%20Agribusiness%20Report

Financial Buyer Inv. Date Select Corporate Acquisitions

Dane Creek Capital Corp. 6/11/2018 ▪Naturawls Pet Products

4/23/2018 ▪Spring Meadows Natural Pet Food

1/31/2018 ▪Pets 4 Life

9/14/2017 ▪Mountain Dog Enterprises, Inc.

3/29/2018 ▪Prince International Corp. (Texas)

6/27/2016 ▪Milk Specialties Company

12/10/2015 ▪Blount International Inc.

6/16/2017 ▪Duravant LLC

12/14/2016 ▪DuPont Nutrition & Health, Inc.

6/7/2017 ▪BeetNPath, LLC8/24/2016 ▪Hip Chick Farms, Inc.6/23/2016 ▪Pacific Ag

2/18/2016 ▪American Botanicals LLC

2/4/2016 ▪Hortau Inc.

CAVU Venture Partners 5/24/2017 ▪Bulletproof 360, Inc.

5/9/2016 ▪Lyrical Foods, Inc.

4/29/2016 ▪Chef's Cut Real Jerky

3/8/2016 ▪good culture, LLC

3/4/2016 ▪Health-Ade, LLC

8/26/2015 ▪High Brew Coffee, Inc.

3/20/2017 ▪Cowlar, Inc.

2/2/2017 ▪ Interprovincial Meat Sales Ltd.

6/30/2016 ▪Oh My Green, Inc.

6/30/2016 ▪Raptor Maps, Inc.

1/31/2016 ▪ Iron Ox, Inc.

Y Combinator

American Securities

Advantage Capital Partners

Warburg Pincus LLC

Strategic Buyer Inv. Date Select Corporate Acquisitions6/4/2018 ▪Landscaper's Choice

5/21/2018 ▪Auto-Rain Supply, Inc.

3/20/2018 ▪TreeSap Farms LLC (Village Nurseries)

2/12/2018 ▪Atlantic Irrigation Specialties, Inc.

10/17/2017 ▪Harmony Gardens, Inc.

5/25/2017 ▪Evergreen Partners of Raleigh LLC

2/6/2017 ▪Stone Forest Materials LLC

1/20/2017 ▪Aspen Valley Landscape Supply, Inc.

12/19/2016 ▪East Haven Hay & Grain Supply, Inc.

5/23/2018 ▪Shepherd Gourmet Dairy (Ontario), Inc.

11/1/2017 ▪Betin, Inc.

8/31/2017 ▪Southeast Milk, Inc. (Dairy Product Business)

4/12/2018 ▪Oberto Sausage Co.

4/12/2018 ▪McLean Meats, Inc.

3/15/2018 ▪Concord Premium Meats Ltd.

3/15/2018 ▪The Meat Factory Ltd.

3/15/2018 ▪Country Prime Meats Ltd.

4/5/2018 ▪Eagle Agro Services Ltd.

12/8/2017 ▪Bestland Air Ltd.

1/31/2017 ▪Crop First Agro Ltd.

1/2/2018 ▪Pro-Pet LLC

10/24/2017 ▪DV Technologies, Inc. (Iowa)

8/3/2017 ▪Southern States Cooperative, Inc. (Animal Feed Business)

6/1/2016 ▪Five Star Custom Foods, Ltd.

2/2/2016 ▪Calysta, Inc.

SiteOne Landscape Supply, Inc.

Cargill, Inc.

Richardson International Ltd.

Premium Brands Holdings Corp.

Saputo, Inc.


-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

Diversified Agribusiness Crop/ Turf/ Ornamental Inputs Animal Health & Nutrition

Machinery & Equipment Agriproducts Distribution Agricultural Technology & Services

Dairy Produce Proteins

Oilseeds & Ingredients S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Archer-Daniels-Midland Co. ADM 25,292$ 45.83$ 5.7% 14.3% 97.9% 4.0% 6.0% 0.5x 12.1x 15.8x 0.5x 9.9x

Bunge Ltd. BG 9,769 69.71 (5.7%) 3.9% 83.8% 6.3% 4.8% 0.4x 15.4x NM 0.3x 8.1x

Seaboard Corp. SEB 4,614 3,962.74 (7.1%) (10.1%) 84.5% NM 8.0% 0.7x 10.2x 23.9x NM NM

The Andersons, Inc. ANDE 984 34.20 3.3% 9.8% 90.0% (0.5%) 8.7% 0.5x 10.6x 22.1x 0.5x 10.8x

Limoneira Co. LMNR 455 24.61 3.7% 9.9% 91.8% 3.7% 25.8% 4.2x 24.0x 18.1x 3.6x 18.0x

Alico, Inc. ALCO 259 31.70 16.5% 7.5% 91.1% NM 23.0% 3.9x 48.1x NM NM NM

Segment Average 2.7% 5.9% 89.9% 3.4% 12.7% 1.7x 20.1x 20.0x 1.3x 11.7x

Segment Median 3.5% 8.6% 90.5% 3.8% 8.3% 0.6x 13.8x 20.1x 0.5x 10.3x

Market Stats Operating Stats LTM Multiples NTM Multiples

*



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

DowDuPont, Inc. DOW 152,638$ 65.92$ 3.5% (7.4%) 85.5% 23.4% 20.5% 2.5x 14.6x NM 2.1x 9.0x

Nutrien Ltd. NTR 34,374 54.38 15.1% (4.8%) 96.8% NM 15.1% NM NM NM 2.3x 11.6x

FMC Corp. FMC 11,836 89.21 16.5% (5.8%) 90.4% 36.9% 29.0% 4.3x 17.2x NM 3.2x 10.9x

The Mosaic Co. MOS 10,711 28.05 15.5% 9.3% 93.7% 22.9% 19.6% 2.0x 10.6x NM 1.6x 8.0x

CF Industries Holdings, Inc. CF 10,128 44.40 17.7% 4.4% 96.1% 10.6% 33.4% 4.2x 14.5x 23.4x 3.9x 11.8x


Scotts Miracle-Gro Co. SMG 4,622 83.16 (3.0%) (22.3%) 75.5% 12.4% 25.8% 2.5x 15.7x 22.4x 2.4x 12.8x

Platform Specialty Products Corp. PAH 3,282 11.60 20.5% 16.9% 78.3% 4.7% 20.8% 2.2x 11.1x NM 2.1x 9.5x

Compass Minerals International, Inc. CMP 2,188 65.75 9.0% (9.0%) 85.8% 10.3% 13.9% 2.4x 12.6x NM 2.2x 9.7x

Central Garden & Pet Co. CENT 2,086 43.48 1.1% 11.7% 97.6% 4.2% 12.5% 1.3x 13.5x NM 1.3x 12.2x


American Vanguard Corp. AVD 685 22.95 13.6% 16.8% 95.6% 24.5% 11.8% 2.0x 15.9x 31.9x 1.6x 11.8x

Intrepid Potash, Inc. IPI 540 4.10 12.6% (13.9%) 77.2% 7.0% 21.8% 3.6x 20.8x NM 3.4x 10.7x

CVR Partners LP UAN 377 3.30 1.5% 0.6% 78.6% 14.5% 16.3% 2.9x 16.5x NM 2.5x 9.0x

AgroFresh Solutions, Inc. AGFS 359 7.01 (4.6%) (5.3%) 77.5% NM 22.2% 4.2x 12.3x 15.6x NM NM

Marrone Bio Innovations, Inc. MBII 207 1.84 (8.0%) 67.3% 54.3% 107.1% (115.6%) 11.4x NM NM 3.8x NM

S&W Seed Co. SANW 80 3.25 (9.7%) (16.7%) 73.9% (8.2%) 13.1% 1.6x NM NM 1.7x 63.9x

China Green Agriculture, Inc. CGA 45 1.15 (8.7%) (7.3%) 54.5% NM 13.3% NM NM 1.7x NM NM

Arcadia Biosciences, Inc. RKDA 39 8.25 (65.6%) 50.0% 12.4% (64.4%) NM 5.9x NM NM NM NM

Origin Agritech Ltd. SEED 18 0.77 (0.3%) (9.7%) 39.2% NM NM NM NM NM NM NM


Segment Median 2.4% (2.1%) 81.2% 10.5% 15.7% 2.5x 14.6x 22.2x 2.2x 10.8x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Merck & Co., Inc. MRK 162,656$ 60.70$ 11.4% 7.9% 91.4% 4.6% 24.0% 4.4x 15.5x NM 4.2x 11.2x

Zoetis, Inc. ZTS 41,443 85.19 2.0% 18.3% 95.5% 8.8% 38.2% 8.2x 21.5x 42.8x 7.6x 19.0x

Archer-Daniels-Midland Co. ADM 25,292 45.83 5.7% 14.3% 97.9% 4.0% 6.0% 0.5x 12.1x 15.8x 0.5x 9.9x

IDEXX Laboratories, Inc. IDXX 19,221 217.94 13.9% 39.4% 95.2% 14.5% 25.2% 9.7x 38.0x 68.5x 8.6x 32.4x

The Mosaic Co. MOS 10,711 28.05 15.5% 9.3% 93.7% 22.9% 19.6% 2.0x 10.6x NM 1.6x 8.0x

Ingredion, Inc. INGR 7,888 110.70 (14.1%) (20.8%) 75.7% 2.8% 17.4% 1.6x 8.6x 15.2x 1.6x 8.3x

Neogen Corp. NEOG 4,216 80.19 19.7% 30.1% 94.9% NM NM 10.1x 45.9x NM 9.0x 39.8x

Darling Ingredients, Inc. DAR 3,244 19.88 14.9% 9.7% 97.6% (1.1%) 12.6% 1.4x 11.4x 15.2x 1.4x 10.8x

Balchem Corp. BCPC 3,195 98.14 20.0% 21.8% 97.4% 6.5% 24.2% 5.4x 22.3x 33.7x 5.1x 20.3x

Patterson Cos., Inc. PDCO 2,129 22.67 2.0% (37.3%) 47.2% 2.0% 4.4% 0.6x 10.2x 10.5x 0.5x 9.8x

Central Garden & Pet Co. CENT 2,086 43.48 1.1% 11.7% 97.6% 4.2% 12.5% 1.3x 13.5x NM 1.3x 12.2x

Aemetis, Inc. AMTX 30 1.51 (11.2%) 174.5% 48.4% 13.9% (1.9%) 1.2x NM NM 1.0x 40.5x






($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Deere & Co. DE 45,776$ 139.80$ (10.0%) (10.7%) 79.8% 7.0% 18.5% 2.5x 12.6x 25.0x 2.3x 15.8x

CNH Industrial NV CNHI 14,050 10.53 (15.1%) (21.4%) 67.3% 4.4% 15.4% 1.2x 9.0x 31.9x 1.2x 13.1x

The Toro Co. TTC 6,406 60.25 (3.5%) (7.6%) 81.6% 6.1% 21.3% 2.5x 14.8x 25.7x 2.5x 13.9x

AGCO Corp. AGCO 4,819 60.72 (6.4%) (15.0%) 79.9% 9.5% 6.6% 0.8x 9.0x 22.1x 0.7x 7.8x

Valmont Industries, Inc. VMI 3,409 150.75 3.0% (9.1%) 85.5% 4.6% 12.8% 1.3x 10.4x 29.5x 1.3x 9.5x

Advanced Drainage Systems, Inc. WMS 1,652 28.55 10.2% 19.7% 92.1% 6.0% 7.5% 1.7x 12.9x 28.8x 1.6x 9.7x

Raven Industries, Inc. RAVN 1,400 38.45 9.7% 11.9% 90.7% 5.4% 22.7% 3.4x 17.2x 27.5x 3.2x 15.4x

Alamo Group, Inc. ALG 1,067 90.36 (17.8%) (19.9%) 74.9% 5.9% 11.2% 1.2x 10.1x 22.7x 1.1x 9.5x

Lindsay Corp. LNN 1,054 96.99 6.1% 10.0% 94.1% 6.5% 18.0% 1.9x 14.9x 48.3x 1.8x 14.6x

Ag Growth International, Inc. AFN-CA 688 42.08 3.0% 3.8% 86.5% 12.0% 12.9% 1.8x 13.2x 24.9x 1.6x 9.6x

Titan International, Inc. TWI 653 10.73 (14.9%) (16.7%) 73.8% 11.9% 7.9% 0.7x 12.7x NM 0.6x 8.0x

Titan Machinery, Inc. TITN 337 15.55 (34.0%) (26.5%) 62.0% 7.8% 2.6% 0.6x 17.1x NM 0.5x 14.5x

Cervus Equipment Corp. CERV-CA 168 10.83 3.9% (5.3%) 86.2% 2.7% 1.6% 0.4x 9.1x 10.3x 0.4x 8.2x

Rocky Mountain Dealerships, Inc. RME-CA 166 8.37 (10.2%) (19.6%) 73.6% 8.6% 2.4% 0.6x 12.3x 9.8x 0.6x 12.8x

Paul Mueller Co. MUEL 38 29.60 (13.5%) (24.1%) 74.0% NM 4.7% 0.4x 5.8x NM NM NM

Bion Environmental Technologies, Inc. BNET 13 0.51 1.0% (21.1%) 51.5% NM NM NM NM NM NM NM

Art's-Way Manufacturing Co., Inc. ARTW 11 2.60 8.3% (12.9%) 47.7% NM NM 0.7x NM NM NM NM

Tytan Holdings, Inc. TYTN 0 0.01 663.3% 186.3% 28.6% NM NM NM NM NM NM NM


Segment Median (1.3%) (11.8%) 77.4% 6.3% 11.2% 1.2x 12.6x 25.4x 1.2x 11.2x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Nutrien Ltd. NTR 34,374$ 54.38 15.1% (4.8%) 96.8% NM 15.1% NM NM NM 2.3x 11.6x

Tractor Supply Co. TSCO 9,244 76.49 21.4% 2.3% 92.5% 8.2% 8.2% 1.3x 11.6x 22.4x 1.3x 11.4x

Scotts Miracle-Gro Co. SMG 4,622 83.16 (3.0%) (22.3%) 75.5% 12.4% 25.8% 2.5x 15.7x 22.4x 2.4x 12.8x


Segment Average 9.2% (3.7%) 88.7% 6.7% 14.4% 1.5x 12.6x 22.3x 1.6x 11.6x




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

IDEXX Laboratories, Inc. IDXX 19,221$ 217.94$ 13.9% 39.4% 95.2% 14.5% 25.2% 9.7x 38.0x NM 8.6x 32.4x

Raven Industries, Inc. RAVN 1,400 38.45 9.7% 11.9% 90.7% 5.4% 22.7% 3.4x 17.2x 27.5x 3.2x 15.4x

Marrone Bio Innovations, Inc. MBII 207 1.84 (8.0%) 67.3% 54.3% 107.1% (115.6%) 11.4x NM NM 3.8x NM

Iteris, Inc. ITI 164 4.84 (2.4%) (30.6%) 59.2% 5.6% (9.5%) 1.4x NM NM 1.3x NM

Arcadia Biosciences, Inc. RKDA 39 8.25 (65.6%) 50.0% 12.4% (64.4%) (1769.6%) 5.9x NM NM NM NM

Origin Agritech Ltd. SEED 18 0.77 (0.3%) (9.7%) 39.2% NM NM NM NM NM NM NM

Bion Environmental Technologies, Inc. BNET 13 0.51 1.0% (21.1%) 51.5% NM NM NM NM NM NM NM

Segment Average (7.4%) 15.3% 57.5% 13.6% (369.4%) 6.3x 27.6x 27.5x 4.2x 23.9x

Segment Median (10.4%) 11.9% 52.1% 5.6% (9.5%) 5.9x 27.6x 27.5x 3.5x 23.9x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Nomad Foods Ltd. NOMD 3,315$ 19.19$ 21.9% 13.5% 96.9% 4.5% 18.3% 2.0x 11.8x 18.4x 1.9x 10.6x

Dean Foods Co. DF 961 10.51 21.9% (9.1%) 60.5% (2.5%) 3.1% 0.2x 5.6x 14.0x 0.2x 5.9x

Lifeway Foods, Inc. LWAY 70 5.03 (16.0%) (37.1%) 46.8% NM 3.5% 0.7x 32.1x NM NM NM






($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Sysco Corp. SYY 35,406$ 68.29 13.9% 12.4% 99.2% 5.8% 4.9% 0.8x 14.3x 28.3x 0.7x 12.5x

US Foods Holding Corp. USFD 8,201 37.82 15.4% 18.4% 97.6% 5.3% 3.2% 0.5x 12.3x 17.5x 0.5x 10.1x

Nomad Foods Ltd. NOMD 3,315 19.19 21.9% 13.5% 96.9% 4.5% 18.3% 2.0x 11.8x 18.4x 1.9x 10.6x

Fresh Del Monte Produce, Inc. FDP 2,161 44.55 (1.5%) (6.5%) 84.6% 12.3% 7.1% 0.7x 12.2x 19.0x 0.6x 9.7x

United Natural Foods, Inc. UNFI 2,149 42.66 (0.7%) (13.4%) 81.0% 9.9% 3.9% 0.3x 7.7x 12.7x 0.2x 7.3x

Calavo Growers, Inc. CVGW 1,706 96.15 4.3% 13.9% 97.3% 10.9% 8.5% 1.6x 23.4x 41.8x 1.4x 18.8x

SpartanNash Co. SPTN 929 25.52 48.3% (4.3%) 90.6% 0.1% 2.5% 0.2x 7.7x NM 0.2x 7.1x

SunOpta, Inc. ¹ SOY-CA 730 8.44 20.8% 14.7% 83.0% 2.1% 4.1% 1.0x 18.4x NM 1.0x 14.5x

Limoneira Co. LMNR 455 24.61 3.7% 9.9% 91.8% 3.7% 25.8% 4.2x 24.0x 18.1x 3.6x 18.0x

Landec Corp. LNDC 416 14.90 14.2% 18.3% 95.5% NM NM 0.9x 24.4x NM 0.9x 16.3x

Seneca Foods Corp. SENEA 275 27.00 (2.5%) (12.2%) 73.8% NM (0.7%) 0.5x 21.7x NM NM NM

Alico, Inc. ALCO 259 31.70 16.5% 7.5% 91.1% NM 23.0% 3.9x 48.1x NM NM NM

Village Farms International, Inc. ¹ VFF-CA 207 4.68 8.5% (19.4%) 59.6% 3.6% 6.5% 1.6x 47.1x NM 1.5x 16.3x





($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Archer-Daniels-Midland Co. ADM 25,292$ 45.83$ 5.7% 14.3% 97.9% 4.0% 6.0% 0.5x 12.1x 15.8x 0.5x 9.9x

FMC Corp. FMC 11,836 89.21 16.5% (5.8%) 90.4% 36.9% 29.0% 4.3x 17.2x NM 3.2x 10.9x


Ingredion, Inc. INGR 7,888 110.70 (14.1%) (20.8%) 75.7% 2.8% 17.4% 1.6x 8.6x 15.2x 1.6x 8.3x

Darling Ingredients, Inc. DAR 3,244 19.88 14.9% 9.7% 97.6% (1.1%) 12.6% 1.4x 11.4x 15.2x 1.4x 10.8x

Sensient Technologies Corp. SXT 3,011 71.55 1.4% (2.2%) 84.2% 5.2% 19.1% 2.7x 14.6x 27.3x 2.6x 13.0x

SUNOPTA INCORPORATED SOY 733 8.44 20.8% 14.7% 83.0% 2.1% 4.1% NM NM NM NM NM

Feronia, Inc. FRN-CA 117 0.24 10.3% (20.0%) 62.7% NM (33.2%) 6.3x NM NM NM NM

Aemetis, Inc. AMTX 30 1.51 (11.2%) 174.5% 48.4% 13.9% (1.9%) 1.2x NM NM 1.0x 40.5x





($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week

High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Tyson Foods, Inc. TSN 19,767$ 68.85$ (5.9%) (15.1%) 81.3% 3.5% 7.9% 0.9x 8.6x 9.0x 0.8x 7.9x

Hormel Foods Corp. HRL 19,411 37.21 8.4% 2.3% 97.9% 6.0% 14.3% 2.2x 15.5x 21.4x 2.1x 14.2x

Pilgrim's Pride Corp. PPC 4,858 20.13 (18.2%) (35.2%) 52.4% 2.9% 9.6% 0.7x 5.1x 7.0x 0.6x 5.4x

Seaboard Corp. SEB 4,614 3,962.74 (7.1%) (10.1%) 84.5% NM 8.0% 0.7x 10.2x 23.9x NM NM

Sanderson Farms, Inc. SAFM 2,304 105.15 (11.7%) (24.2%) 59.6% 2.2% 10.1% 0.6x 4.4x 8.5x 0.6x 6.2x

Prestige Brands Holdings, Inc. PBH 2,033 38.38 13.8% (13.6%) 71.2% 1.3% 33.3% 3.8x 11.2x 6.1x 3.8x 11.3x

Cal-Maine Foods, Inc. CALM 2,032 45.85 4.9% 3.1% 87.7% NM NM 1.5x 17.6x NM 1.3x 10.6x

Pingtan Marine Enterprise, Ltd. PME 229 3.23 7.7% 5.9% 71.8% NM 40.7% 4.4x 12.7x 12.4x NM NM

Renmin Tianli Group, Inc. ABAC 28 2.81 23.2% (4.7%) 59.0% NM 14.0% NM NM 16.9x NM NM





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