Bunge Announces Detailed Results; Maintaining $72 FVE With Long-Term Outlook Intact
Bunge announced detailed 2018 results with few surprises. Adjusted segment EBIT was $881 million during the year, up from $577 million in 2017, due largely to higher soy crush margins throughout much of the year. This follows preliminary 2018 results released on Jan. 22. With our long-term outlook largely unchanged, we maintain our $72 per share fair value estimate for Bunge. Our no-moat rating is also intact. At current prices, we view Bunge shares as modestly undervalued on a risk-adjusted bas...
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