First Read Bunge Global SA Call Takeaways & Thoughts

研报英文原文证据摘录

First Read Bunge Global SA Call Takeaways & Thoughts

Global Research

29 July 2026ab

First Read

EquitiesBunge Global SA

Call Takeaways & Thoughts United States

Agriculture

12-month rating Buy

Key Call Takeaways

Expanded global platform and Viterra assets provide balance, optionality, and 12m price target US$145.00

internal liquidity across key areas. The footprint is the big advantage.

Adding Argentina gave BG the global balance it was missing before in Price (29 Jul 2026) US$109.53

its soy crushing operations. RIC: BG.N BBG: BG US

More Australian canola is moving to China, and now BG has the Trading data and key metrics

capability to make sure that the Canadian canola that was going there 52-wk range US$131.41-77.14

can be worked through BG processing.

Market cap. US$21.3b

Enhanced credit profile enables borrowing at historically tight spreads.

Shares o/s 194m (COM)

Underlying fundamentals support current US crush margin structure despite Free float 95%

elevated energy costs. Avg. daily volume ('000) 523

Avg. daily value (m) US$62.6

Major projects coming online:

Common s/h equity (12/26E) US$16.9b

Destrehan: 1) crush plant that sits in the JV w/ CVX expected to be P/BV (12/26E) 1.4x

online by end of 3Q (switch plant, ability to do different crops) and 2) Net debt to EBITDA (12/26E) 3.6x

barge unloader should be online in August

EPS (UBS, diluted) (USD)

Morristown SPC: not at full scale but is producing product 12/26E

UBS Cons.

Avondale: expanded refined tropical oils platform should be online in

Q1 1.83 1.83

next few month

Q2E 1.97 1.95

Westzaan: big specialty/refined product in Netherlands slated for end of Q3E 2.80 2.58

1Q27 Q4E 2.84 3.13

Sustained cost synergy progress with $350M target (revised from $250M). 12/26E 9.44 9.40

12/27E 10.73 10.97