Bunge Continues Difficult 2017; We Trim Our FVE to $70
Bunge reported somewhat disappointing third-quarter earnings, as continued difficulties in the agribusiness segment caused operating profit to plunge 32% year on year to $150 million. We expect the difficult trading environment to persist, and as a result, we’ve trimmed our fair value estimate to $70 per share from $72. Our no-moat rating is unchanged.In the agribusiness segment, which houses the trading desk, management cut 2017 operating profit guidance to a midpoint of $462.5 million. We thi...
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