Archer Daniels Reports Solid 4Q Results; Raising Our FVE to $45 On Revised Tax Assumptions
Archer Daniels reported strong fourth-quarter results as the agricultural services segment, which houses the trading desk, increased operating profits 27% year on year to $301 million on strong grain merchandising results. We increase our fair value estimate to $45 per share from $43 as we lower our long-term assumptions for ADM’s effective tax rate as we refine our estimate for the impact of U.S. tax reform. The rest of our long-term outlook is essentially unchanged. Our no-moat rating is also ...
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