Archer-Daniels-Midland Co: Non-Deal Road Show and Decatur Plant Tour

研报英文原文证据摘录

Archer-Daniels-Midland Co: Non-Deal Road Show and Decatur Plant Tour

Global Research

15 June 2026ab

Archer-Daniels-Midland Co Equities

United StatesNon-Deal Road Show and Decatur Plant Tour

Agriculture

12-month rating Buy

We visited ADM's Decatur Plant with investors and met with multiple

management members, following are takeaways

12m price target US$95.00

AG services needs low maintenance capital, this makes a major cash contributor Prior : US$90.00

for the firm. QTD AG services is delivering strong performance.

Price (12 Jun 2026) US$80.24

Demand for soybean meal continues to be strong both domestically and RIC: ADM.N BBG: ADM US

internationally, while bearish expectations around oversupply have not played out.

Trading data and key metrics

Management highlighted its partnership with MPC, under which ADM operates

52-wk range US$84.11-51.98

the Green Bison facility in Spiritwood, North Dakota, processing local soybeans

Market cap. US$38.8b

into soybean oil exclusively supplied to MPC for renewable fuels, while retaining

Shares o/s 484m (COM)

and marketing the associated soybean meal through its global network.

Free float 95%

Market underestimates the power needs for data center and the carbon footprint Avg. daily volume ('000) 1,310

it will create. This creates an opportunity set for ADM, one of the leading providers Avg. daily value (m) US$97

of Carbon Capture and Sequestration projects. Common s/h equity (12/26E) US$24.4b

Given the strong demand created by revised RVO, management expects crush P/BV (12/26E) 1.6x

margins in US will remain elevated vs. the rest of the world. Net debt to EBITDA (12/26E) 1.6x

Management indicated that premium of refined soybean oil has compressed but EPS (UBS, diluted) (USD)

this is more than offset by much stronger crush margins.