Maintaining $72 Fair Value Estimate as Bunge Reports Improving Results; Shares Undervalued
Bunge reported solid first-quarter results as adjusted segment EBIT nearly doubled to $166 million driven largely by improved agribusinesses results. We have reduced our near-term forecast for Bunge's SG&A expenses to reflect an acceleration of the company's cost savings program. Further, new CEO Greg Heckman has simplified Bunge's management structure, which we think will allow the agribusiness to run more efficiently.Separately, we have slightly reduced our near-term forecast for agribusi...
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