GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG
Bunge Ltd (NYSE:BG)
[1]
Modestly Overvalued[5]$ 110.35
GF Score: 67/100Market Cap: $ 16,744 Mil
Industry: Consumer Defensive - Consumer Packaged Goods
Bunge Ltd is an agribusiness and food company with integrated operations. It acts as an oilseed processor and seller of packaged vegetable oils. The company also grows and processes Brazilian sugarcane to produce sugar and ethanol.
GF Value Rank
Rank: 3 /10CurrentIndustry MedianHistorical Median
PE Ratio8.7217.5515.36
Forward P/E8.0617.15N/A
PB Ratio1.951.561.44
PS Ratio0.271.130.21
P/FCFN/A16.8111.69
Shiller P/E28.9919.4113.72
PEG RatioN/A1.755.04
Valuation Analysis
Current% of Price
EPV-214.78-195
NCAV4.934
Tangible Book50.5646
Median PS Value84.3976
GF Value88.1380
Price110.35
Graham Number119.96109
Dividend & Ownership
Dividend Yield (TTM) %1.91
Dividend Yield (Forward) %2.27
Dividend Payout Ratio0.16
Dividend Growth (5Y) %4.90
Yield on Cost (5Y) %2.43
Continuous Div. since2001
Insider Ownership %1.85
Institution Ownership %88.09
Financial Strength
Rank: 6 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.090.550.15
Equity-to-Asset0.300.530.35
Interest Coverage7.6511.143.44
Piotroski F-Score355
Profitability Rank
Rank: 6 /10CurrentIndustry MedianHistorical Median
Operating Margin %3.464.891.90
Net Margin %3.123.720.74
ROE %25.407.004.30
ROA %7.663.371.77
ROC (Joel Greenblatt) %20.7610.9611.23
Growth Rank(* per share data)
Rank: 4 /1010-Yr5-Yr1-Yr
Revenue Growth %-2.32.634.5
EBITDA Growth %N/AN/A-16.1
Oprt. Income Growth %N/AN/A-13.1
EPS w/o NRI Growth %N/AN/A-13.2
FCF Growth %N/A-40.8N/A
Book Value Growth %-5.8-0.734.4
Momentum Rank
Rank: 3 /10CurrentIndustry MedianHistorical Median
5-Day RSI41.5746.14N/A
9-Day RSI42.9844.96N/A
14-Day RSI44.6845.24N/A
6-1M Momentum %30.95-3.53N/A
12-1M Momentum %43.35-3.85N/A
Quarterly
Mar21Jun21Sep21Dec21Mar22
Revenue12,96115,39114,11716,68315,880
Net Income831.00362.00653.00231.00688.00
EPS5.522.374.281.524.48
Revenue YoY %41.3062.6638.9632.3022.52
Net Income YoY %-551.63-29.84149.24-58.08-17.21
EPS YoY %-478.08-31.70132.61-59.36-18.84
Warning Signs
SEVEREPiotroski F-Score: Low
SEVEREBeneish M-Score: Possible manipulator
SEVEREAsset Growth: faster than revenue growth
MEDIUMLong-Term Debt: Issuing new debt
Good Signs
GOODAltman Z-Score: Strong
Insider Trades
InsiderPositionDateTradesCur. Shares
Simmons Jerry Matthews JrController, Pri05/02/22-4466633,654
Dimopoulos ChristosCo-President, A03/12/22-1600042,950
Fribourg Paul JDirector03/07/22-900001.10M
Continental Grain CoDirector03/07/22-900001.05M
Continental Grain CoDirector03/04/22-6900001.14M
Fribourg Paul JDirector03/04/22-6900001.19M
Fribourg Paul JDirector02/18/22-4000001.88M
Continental Grain CoDirector02/18/22-4000001.83M
Fribourg Paul JDirector02/16/22-6600002.28M
Continental Grain CoDirector02/16/22-6000002.23M
As of 05-20-2022
* All financial numbers are in millions except for per share data, ratios and percentage change.
%GainSP500
1W1.56-0.73
1M-10.03-12.49
3M11.66-10.03
6M18.37-16.39
YTD19.32-17.75
1Y30.80-3.96
3Y30.6412.66
5Y11.5412.26
10Y7.8413.75
126.76
48.26
30.25
2M
1.2M
2012201320142015201620172018201920202021CurrentPerformance
73.8283.1192.9192.8573.6183.2282.5558.4366.0496.15128.40Highest Stock Price
57.2266.4073.5161.8147.7965.1552.0648.6030.2563.9171.73Lowest Stock Price
10,63812,13613,2469,72910,0789,4357,5418,1619,16713,16916,744Market Cap
147.1148.3147.2152.2148.2141.3141.7141.5149.7152.4153.6Shares Outstanding-Diluted
382.5852.9728.6813.4714.4275.3732.59At Loss8.516.848.72PE Ratio
1.051.321.711.691.561.461.381.561.701.891.95PB Ratio
0.180.200.230.240.250.210.170.200.240.240.27PS Ratio
13.678.6410.337.788.2512.999.36-44.048.236.017.94EV-to-EBITDA
2012201320142015201620172018201920202021TTMPer Share Data
414.52413.79388.24285.44287.93324.17322.81290.76276.60388.22406.13Revenue per Share
0.191.553.175.075.010.891.64-9.347.7113.6412.65Earnings per Share
-10.557.983.80-0.26-2.28-18.67-12.40-9.41-26.06-21.61-32.75Free Cash Flow per Share
1.041.141.281.441.601.761.922.002.002.052.08Dividends per Share
65.0957.1749.0835.1441.1839.9628.7728.4130.5042.9950.56Tangible Book per Share
81.4183.2276.8358.4059.3464.9063.9156.7255.2279.7984.39Median PS Value
60.6334.0257.1761.8668.5428.2931.88--72.74114.86119.96Graham Number
2012201320142015201620172018201920202021TTMIncome Statement
60,99161,34757,16143,45542,67945,79445,74341,14041,40459,15262,071Revenue
2,5732,7602,6212,6932,4101,7652,266542.002,7853,3633,420Gross Profit
4.224.504.596.205.653.854.951.326.735.695.51Gross Margin %
1,5631,5591,6911,4351,2841,4371,4231,3511,3581,2341,270Total Operating Expense
1,0101,201930.001,2581,126328.00843.00-809.001,4272,1292,150Operating Income
1.661.961.632.892.640.721.84-1.973.453.603.46Operating Margin %
64.00306.00515.00791.00745.00160.00267.00-1,2801,1452,0781,934Net Income
0.100.500.901.821.750.350.58-3.112.773.513.12Net Margin %
666.001,3771,0811,3091,230493.00795.00-866.001,6782,8082,541EBIT
1,2361,9451,6881,8541,7771,1021,417-318.002,1133,2322,961EBITDA
0.252.225.109.9110.441.763.50-21.8818.7129.7625.40ROE %
0.241.132.144.024.020.841.39-6.785.468.757.66ROA %
2012201320142015201620172018201920202021Mar22Balance Sheet
569.00742.00362.00411.00934.00601.00389.00320.00352.00902.00386.00Cash & Equivalents
27,28026,78121,43217,91419,18818,87119,42518,31723,65523,81928,724Total Assets
5,3655,9352,3451,8421,723634.001,1691,4943,0711,5272,817Short-Term Debt & CLO
3,5323,1792,8552,9263,0694,1604,2034,2555,0335,2934,599Long-Term Debt & CLO
16,02516,69312,74211,26211,84511,51413,04712,28717,45015,99419,613Total Liabilities
10,8629,8578,4466,4417,1447,1486,1735,9136,0697,6698,581Total Stockholders Equity
11,25510,0888,6906,6527,3437,3576,3786,0306,2057,8259,111Total Equity
2012201320142015201620172018201920202021TTMCashflow Statement
-457.002,2251,399610.00446.00-1,975-1,264-808.00-3,536-2,894-4,563Cash Flow from Operations
-967.00-429.00-685.00-802.00534.001,819410.001,5031,8135,1135,446Cash Flow from Investing
1,206-1,565-1,058360.00-488.00-180.00631.00-771.001,763-1,632-634.00Cash Flow from Financing
-264.00171.00-380.0049.00525.00-333.00-212.00-71.0059.00524.00154.00Net Change in Cash
569.00742.00362.00411.00938.00605.00393.00322.00381.00905.00406.00Ending Cash Position
-1,095-1,042-839.00-649.00-784.00-662.00-493.00-524.00-365.00-399.00-452.00Capital Expenditure
-1,5521,183560.00-39.00-338.00-2,637-1,757-1,332-3,901-3,293-5,015Free Cash Flow
Competitor
TickerCompanyMarket Cap
($M)
PE RatioGF Score
/100
Financial
Strength /10
Profitability
Rank /10
GF Value
Rank /10
Growth
Rank /10
Momentum
Rank /10
SGX:F34Wilmar International Ltd18,75910.207937487
SZSE:300498Wens Foodstuff Group Co Ltd16,787At Loss6026523
NYSE:BGBunge Ltd16,7448.726766343
OSL:MOWIMowi ASA12,57126.968869968
SZSE:000876New Hope Liuhe Co Ltd9,489At Loss6025254
GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Financial Strength[2] (Quarterly data, as of Mar. 2022) : Fair (6/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.09

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.30

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 0.86

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 3

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 4.30% vs ROIC : 9.63%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 1.87%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Profitability[3] (Annual data, as of Dec. 2021) : Fair (6/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $15,880 Mil vs Net Income : $688 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $386 Mil vs Long-Term Debt* : $4,599 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : 5.64%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $4.48

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.53

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $-17.98

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Valuation (Quarterly data, as of Mar. 2022)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $110.35)


PE Ratio without NRI : 8.76

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 1.96

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 0.27

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 0.00

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : 9.48

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Piotroski F-Score : Low

Piotroski F-Score of 3 is low, which usually implies poor business operation.

Beneish M-Score : Possible manipulator

Beneish M-Score -0.96 higher than -1.78, which implies that the company might have manipulated its financial results.

Asset Growth : faster than revenue growth

If a company builds asset at 5% a year, faster than its revenue growth rate of 2.6% over the past 5 years, it means that the company may be getting less efficent.

Good Signs

Altman Z-Score : Strong

Altman Z-score of 3.73 is strong.

Medium Warning Signs

Long-Term Debt : Issuing new debt

Bunge Ltd has been issuing new debt. Over the past 3 years, it issued USD 807 million of debt. But overall, its debt level is acceptable.

Operating Income : loss

Bunge Ltd has recorded a loss in operating income at least once over the past 3 years.

Insider Sell : Insider Selling

There were 6 insider selling transactions and no insider buying over the past 3 months. 1,620,666 shares were sold.
GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
ISX:CPINPT Charoen Pokphand Indonesia Tbk8/100.290.710.2520.0357.99-2.305.7313.15
OSL:SALMSalMar ASA7/100.180.490.4119.5585.65-2.02-0.5312.49
NYSE:BGBunge Ltd6/100.090.300.867.6533.73-0.964.309.63
XKLS:1961IOI Corp Bhd6/100.470.560.5134.2864.10-1.544.8227.70
OSL:MOWIMowi ASA6/100.050.520.5411.5483.87-2.760.999.70
XKLS:2445Kuala Lumpur Kepong Bhd5/100.340.430.7752.6662.46-1.975.1713.94
SHSE:600438Tongwei Co Ltd5/100.540.430.6228.8673.75-1.3212.3324.62
SGX:F34Wilmar International Ltd3/100.160.341.484.6141.98-1.974.054.31
SZSE:000876New Hope Liuhe Co Ltd2/100.190.232.340.0041.08-8.845.76-6.67
SZSE:300498Wens Foodstuff Group Co Ltd2/100.220.311.560.0041.54-5.377.57-20.09

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
OSL:SALMSalMar ASA10/1023.8918.0323.9511.3619.3131.128.90-5.50-10.60
OSL:MOWIMowi ASA9/1016.7410.7414.557.4818.7416.443.102.70-5.50
ISX:CPINPT Charoen Pokphand Indonesia Tbk9/109.297.0014.6510.720.0019.11-1.40-7.50-7.40
XKLS:2445Kuala Lumpur Kepong Bhd8/1014.9811.1421.3210.0656.5125.962.3031.7054.10
XKLS:1961IOI Corp Bhd7/1039.8110.9015.488.70337.7021.0915.001.404.40
SHSE:600438Tongwei Co Ltd7/1022.9216.1934.7814.660.0035.8025.8045.4051.90
SGX:F34Wilmar International Ltd7/104.172.889.873.450.0010.2913.8010.9017.90
NYSE:BGBunge Ltd6/103.463.1225.407.660.0020.766.3028.50105.60
SZSE:300498Wens Foodstuff Group Co Ltd6/10-23.25-28.23-47.51-18.300.00-28.004.100.000.00
SZSE:000876New Hope Liuhe Co Ltd5/10-6.20-9.96-35.74-9.510.00-18.8721.400.000.00

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
SZSE:000876New Hope Liuhe Co LtdAt Loss2.110.490.000.001.000.000.00-9.35-15.51
SZSE:300498Wens Foodstuff Group Co LtdAt Loss3.861.800.000.000.000.000.00-10.74-9.18
NYSE:BGBunge Ltd8.721.950.270.000.001.300.000.9210.81-12.12
SGX:F34Wilmar International Ltd10.200.960.291.360.000.770.870.777.559.42
XKLS:2445Kuala Lumpur Kepong Bhd11.612.341.301.910.000.810.781.119.9416.77
SHSE:600438Tongwei Co Ltd16.444.712.670.000.002.870.661.927.6718.20
XKLS:1961IOI Corp Bhd17.842.651.951.560.000.000.001.487.407.11
ISX:CPINPT Charoen Pokphand Indonesia Tbk22.533.231.582.201.500.763.381.825.678.73
OSL:MOWIMowi ASA26.963.842.831.890.001.340.002.754.522.66
OSL:SALMSalMar ASA26.965.604.861.710.711.580.004.054.724.15
GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Per Share Data


Per Share Data

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
216
289
382
328
281
361
415
414
388
285
288
324
323
291
277
388
406
Revenue per Share
7.53
14.83
16.99
6.82
24.23
11.86
8.40
13.12
11.47
12.18
11.99
7.80
10.00
-2.25
14.12
21.21
19.36
EBITDA per Share
4.87
11.89
13.80
3.35
21.39
8.47
4.53
9.29
7.34
8.60
8.30
3.49
5.61
-6.12
11.21
18.43
16.61
EBIT per Share
4.28
5.95
7.73
2.22
15.06
6.07
0.19
1.55
3.17
5.07
5.01
0.89
1.64
-9.34
7.71
13.64
12.65
Earnings per Share (Diluted)
4.28
5.95
7.73
2.22
14.82
6.23
2.51
0.90
2.96
4.84
5.07
0.89
1.57
-9.34
7.71
13.64
12.65
EPS without NRI
-3.79
-6.16
9.00
-2.58
-5.90
10.97
-12.30
10.39
4.08
-0.32
-3.07
-20.07
-15.73
-23.33
-26.29
-20.97
-32.22
Owner Earnings per Share (TTM)
-6.51
-8.18
11.97
-10.07
-22.44
9.59
-10.55
7.98
3.80
-0.26
-2.28
-18.67
-12.40
-9.41
-26.06
-21.61
-32.75
Free Cash Flow per Share
-2.37
-3.14
18.48
-2.88
-15.58
16.84
-3.11
15.01
9.50
4.01
3.01
-13.98
-8.92
-5.71
-23.62
-18.99
-29.79
Operating Cash Flow per Share
3.04
8.09
8.25
4.12
10.52
19.44
25.43
36.36
13.28
6.81
7.83
5.79
3.91
5.03
4.99
10.08
4.29
Cash per Share
0.62
0.66
0.72
0.80
0.88
0.96
1.04
1.14
1.28
1.44
1.60
1.76
1.92
2.00
2.00
2.05
2.08
Dividends per Share
41.50
52.73
48.36
59.22
78.63
75.66
69.51
62.02
53.23
40.36
46.27
45.92
38.86
36.83
38.48
49.48
56.58
Book Value per Share
38.71
48.66
44.81
54.77
70.99
68.02
65.09
57.17
49.08
35.14
41.18
39.96
28.77
28.41
30.50
42.99
50.56
Tangible Book per Share
29.04
37.51
29.45
28.45
33.29
41.39
60.79
61.67
35.69
33.46
34.35
34.09
38.07
40.54
57.97
48.35
48.90
Total Debt per Share
72.51
116
51.77
63.83
65.52
57.20
72.69
82.11
90.91
68.28
72.24
67.08
53.44
57.55
65.58
93.36
110
Month End Stock Price

Ratios

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
10.53
10.84
12.82
3.34
21.06
7.59
0.25
2.22
5.10
9.91
10.44
1.76
3.50
-21.88
18.71
29.76
25.40
ROE %
6.02
4.90
11.98
3.09
25.37
9.99
0.24
1.68
2.98
5.86
6.69
1.21
2.54
-14.03
11.01
15.75
13.03
ROE % Adjusted to Book Value
4.04
4.28
5.04
1.74
9.96
3.68
0.24
1.13
2.14
4.02
4.02
0.84
1.39
-6.78
5.46
8.75
7.66
ROA %
11.26
11.54
13.64
3.56
22.87
8.37
0.27
2.38
5.50
10.90
11.69
1.98
4.21
-27.93
23.18
34.92
29.30
Return-on-Tangible-Equity
4.14
4.38
5.15
1.78
10.33
3.85
0.25
1.16
2.20
4.16
4.18
0.88
1.48
-7.29
5.77
9.15
7.97
Return-on-Tangible-Asset
8.69
18.04
21.37
4.61
30.57
11.93
5.81
11.86
10.59
14.66
15.14
6.24
9.71
-10.01
16.25
24.36
20.76
ROC (Joel Greenblatt) %
6.72
13.52
15.00
3.14
21.51
8.14
4.16
9.19
8.02
11.24
11.14
4.08
6.38
-7.22
13.76
20.67
17.73
ROCE %
6.05
6.00
12.72
-1.61
3.82
6.00
5.50
0.71
3.76
6.22
6.35
1.76
3.56
-6.02
7.02
9.79
9.63
ROIC %
7.53
4.54
9.98
9.84
9.68
6.36
5.75
6.04
5.29
4.14
6.77
5.48
6.34
3.85
3.92
3.81
4.30
WACC %
--
8.79
8.88
7.65
6.76
5.41
3.94
4.03
4.85
5.18
4.90
5.49
6.67
6.10
3.83
3.26
3.76
Effective Interest Rate on Debt %
5.98
6.65
7.68
2.87
5.26
4.68
4.22
4.50
4.59
6.20
5.65
3.85
4.95
1.32
6.73
5.69
5.51
Gross Margin %
2.26
3.05
4.61
-0.33
1.95
2.12
1.66
1.96
1.63
2.89
2.64
0.72
1.84
-1.97
3.45
3.60
3.46
Operating Margin %
1.98
2.06
2.02
0.86
5.36
1.68
0.10
0.50
0.90
1.82
1.75
0.35
0.58
-3.11
2.77
3.51
3.12
Net Margin %
3.49
5.12
4.45
2.08
8.61
3.28
2.03
3.17
2.95
4.27
4.16
2.41
3.10
-0.77
5.10
5.46
4.77
EBITDA Margin %
-3.01
-2.82
3.13
-3.07
-7.98
2.65
-2.54
1.93
0.98
-0.09
-0.79
-5.76
-3.84
-3.24
-9.42
-5.57
-8.08
FCF Margin %
0.62
0.57
0.48
0.40
0.40
0.52
0.82
0.93
0.62
0.74
0.67
0.67
0.87
0.97
1.34
0.89
0.86
Debt-to-Equity
0.40
0.36
0.37
0.45
0.47
0.46
0.40
0.37
0.39
0.36
0.37
0.38
0.32
0.32
0.26
0.32
0.30
Equity-to-Asset
0.24
0.21
0.18
0.18
0.19
0.24
0.33
0.34
0.24
0.27
0.25
0.25
0.28
0.31
0.34
0.29
0.26
Debt-to-Asset
0.58
0.64
0.63
0.51
0.52
0.52
0.59
0.62
0.60
0.63
0.62
0.61
0.67
0.67
0.74
0.67
0.68
Liabilities-to-Assets
12.18
13.84
19.12
5.80
9.78
10.26
9.80
10.21
10.87
13.69
12.99
9.28
11.83
2.87
13.27
14.17
13.54
Gross-Profit-to-Asset %
2.04
2.08
2.49
2.02
1.86
2.19
2.32
2.27
2.37
2.21
2.30
2.41
2.39
2.18
1.97
2.49
2.46
Asset Turnover
0.15
0.11
0.09
0.36
0.06
0.15
0.41
1.27
0.43
0.30
0.32
1.98
1.22
--
0.26
0.15
0.16
Dividend Payout Ratio
24.87
21.32
16.98
20.52
21.86
17.44
14.75
13.73
12.72
14.48
14.04
12.66
12.52
14.83
15.08
11.81
13.98
Days Sales Outstanding
30.52
33.01
30.90
33.31
30.29
23.24
20.28
21.31
22.65
26.52
27.92
28.52
28.95
28.51
25.89
22.53
26.77
Days Payable
47.67
49.64
43.53
47.12
50.39
42.21
38.50
38.58
37.98
44.86
41.87
40.82
45.94
49.04
57.70
51.04
55.40
Days Inventory
42.02
37.95
29.61
34.33
41.96
36.41
32.97
31.00
28.05
32.82
27.99
24.96
29.51
35.36
46.89
40.32
42.61
Cash Conversion Cycle
7.66
7.35
8.39
7.75
7.24
8.65
9.48
9.46
9.61
8.14
8.72
8.94
7.94
7.44
6.33
7.15
6.59
Inventory Turnover
0.94
0.93
0.92
0.97
0.95
0.95
0.96
0.96
0.95
0.94
0.94
0.96
0.95
0.99
0.93
0.94
0.94
COGS-to-Revenue
0.12
0.13
0.11
0.13
0.13
0.11
0.10
0.10
0.10
0.12
0.11
0.11
0.12
0.13
0.15
0.13
0.14
Inventory-to-Revenue
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
Capex-to-Revenue
0.85
0.57
0.37
--
1.25
0.95
1.08
0.87
0.90
0.52
0.70
2.02
0.59
--
0.26
0.19
0.21
Capex-to-Operating-Income
--
--
0.35
--
--
0.43
--
0.47
0.60
1.06
1.76
--
--
--
--
--
-- Capex-to-Operating-Cash-Flow
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Financial Statement

Income Statement

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
26,274
37,842
52,574
41,926
43,953
56,097
60,991
61,347
57,161
43,455
42,679
45,794
45,743
41,140
41,404
59,152
62,071
Revenue
24,703
35,327
48,538
40,722
41,640
53,470
58,418
58,587
54,540
40,762
40,269
44,029
43,477
40,598
38,619
55,789
58,651
Cost of Goods Sold
1,571
2,515
4,036
1,204
2,313
2,627
2,573
2,760
2,621
2,693
2,410
1,765
2,266
542
2,785
3,363
3,420
Gross Profit
5.98
6.65
7.68
2.87
5.26
4.68
4.22
4.50
4.59
6.20
5.65
3.85
4.95
1.32
6.73
5.69
5.51
Gross Margin %
978
1,359
1,613
1,342
1,455
1,436
1,563
1,559
1,691
1,435
1,284
1,437
1,423
1,351
1,358
1,234
1,270
Selling, General, & Admin. Expense
978
1,359
1,613
1,342
1,455
1,436
1,563
1,559
1,691
1,435
1,284
1,437
1,423
1,351
1,358
1,234
1,270
Total Operating Expense
593
1,156
2,423
-138
858
1,191
1,010
1,201
930
1,258
1,126
328
843
-809
1,427
2,129
2,150
Operating Income
2.26
3.05
4.61
-0.33
1.95
2.12
1.66
1.96
1.63
2.89
2.64
0.72
1.84
-1.97
3.45
3.60
3.46
Operating Margin %
--
166
214
122
67.00
96.00
53.00
76.00
87.00
43.00
51.00
38.00
31.00
31.00
22.00
48.00
48.00
  Interest Income
--
-353
-361
-283
-294
-295
-294
-363
-347
-258
-234
-263
-339
-339
-265
-243
-281
  Interest Expense
--
-187
-147
-161
-227
-199
-241
-287
-260
-215
-183
-225
-308
-308
-243
-195
-233
Net Interest Income
-71.00
232
-739
444
2,418
28.00
-397
100.00
64.00
8.00
53.00
127
-79.00
-88.00
229
631
343
Other Income (Expense)
522
1,201
1,537
145
3,049
1,020
372
1,014
734
1,051
996
230
456
-1,205
1,413
2,565
2,260
Pre-Tax Income
36.00
-310
-245
110
-699
-55.00
6.00
-904
-249
-296
-220
-56.00
-179
-86.00
-248
-398
-314
Tax Provision
-6.90
25.81
15.94
-75.86
22.93
5.39
-1.61
89.15
33.92
28.16
22.09
24.35
39.25
-7.14
17.55
15.52
13.89
Tax Rate %
521
891
1,326
335
2,350
965
378
110
485
755
776
174
277
-1,291
1,165
2,167
1,946
Net Income (Continuing Operations)
--
--
--
--
38.00
-25.00
-342
97.00
32.00
35.00
-9.00
--
10.00
--
--
--
-- Net Income (Discontinued Operations)
-60.00
-146
-262
26.00
-34.00
2.00
28.00
99.00
-2.00
1.00
-22.00
-14.00
-20.00
11.00
-20.00
-89.00
-12.00
  Other Income (Minority Interest)
521
778
1,064
361
2,354
942
64.00
306
515
791
745
160
267
-1,280
1,145
2,078
1,934
Net Income
1.98
2.06
2.02
0.86
5.36
1.68
0.10
0.50
0.90
1.82
1.75
0.35
0.58
-3.11
2.77
3.51
3.12
Net Margin %
--
40.00
78.00
78.00
67.00
34.00
36.00
76.00
48.00
53.00
36.00
34.00
34.00
34.00
34.00
34.00
26.00
Preferred Dividends
4.32
6.11
8.11
2.24
16.20
6.20
0.19
1.57
3.20
5.14
5.07
0.90
1.65
-9.34
7.97
14.50
13.46
EPS (Basic)
4.28
5.95
7.73
2.22
15.06
6.07
0.19
1.55
3.17
5.07
5.01
0.89
1.64
-9.34
7.71
13.64
12.65
EPS (Diluted)
122
131
138
128
156
155
147
148
147
152
148
141
142
141
150
152
154
Shares Outstanding (Diluted Average)
593
1,554
1,898
428
3,343
1,315
666
1,377
1,081
1,309
1,230
493
795
-866
1,678
2,808
2,541
EBIT
324
385
439
443
443
526
570
568
607
545
547
609
622
548
435
424
420
Depreciation, Depletion and Amortization
917
1,939
2,337
871
3,786
1,841
1,236
1,945
1,688
1,854
1,777
1,102
1,417
-318
2,113
3,232
2,961
EBITDA
3.49
5.12
4.45
2.08
8.61
3.28
2.03
3.17
2.95
4.27
4.16
2.41
3.10
-0.77
5.10
5.46
4.77
EBITDA Margin %
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Financial Statement

Cashflow Statement

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
521
778
1,326
335
2,388
940
36.00
207
517
790
767
174
287
-1,291
1,165
2,167
1,946
Net Income From Continuing Operations
324
385
439
443
443
526
570
568
607
545
547
609
622
548
435
424
420
Depreciation, Depletion and Amortization
-69.00
-319
-766
-229
-1,560
267
-373
148
108
-97.00
-131
95.00
-110
-257
-255
-530
-305
  Change In Receivables
-729
-1,743
-905
1,636
-1,894
530
-1,567
238
-161
314
-269
-130
-1,107
504
-2,298
-1,301
-2,203
  Change In Inventory
-88.00
-184
300
86.00
-30.00
-126
-217
-216
21.00
-397
38.00
172
41.00
-100.00
-162
-48.00
-105
  Change In Prepaid Assets
365
1,530
1,368
-1,483
1,320
-362
731
430
267
-95.00
560
50.00
336
-455
155
1,633
1,666
  Change In Payables And Accrued Expense
-333
-847
464
-426
-1,051
910
-142
472
212
-318
-1,309
-3,067
-1,652
-1,695
-2,537
-4,761
-5,590
  Change In Other Working Capital
-854
-1,563
461
-416
-3,215
1,219
-1,568
1,072
447
-593
-1,111
-2,880
-2,492
-2,003
-5,097
-5,007
-6,537
Change In Working Capital
-191
-62.00
-251
-204
163
-215
-35.00
460
-90.00
16.00
126
-23.00
6.00
-24.00
71.00
-272
-362
Deferred Tax
--
48.00
66.00
17.00
60.00
49.00
44.00
53.00
49.00
46.00
44.00
29.00
46.00
39.00
71.00
61.00
64.00
Stock Based Compensation
--
70.00
18.00
31.00
125
43.00
689
61.00
160
92.00
100.00
80.00
82.00
1,834
80.00
231
235
Asset Impairment Charge
-89.00
-67.00
484
-574
-2,399
52.00
-193
-196
-291
-286
-27.00
36.00
185
89.00
-261
-498
-329
Cash Flow from Others
-289
-411
2,543
-368
-2,435
2,614
-457
2,225
1,399
610
446
-1,975
-1,264
-808
-3,536
-2,894
-4,563
Cash Flow from Operations
-503
-658
-896
-918
-1,072
-1,125
-1,095
-1,042
-839
-649
-784
-662
-493
-524
-365
-399
-452
Purchase Of Property, Plant, Equipment
49.00
55.00
39.00
36.00
16.00
141
28.00
11.00
22.00
13.00
27.00
16.00
1.00
--
--
--
14.00
Sale Of Property, Plant, Equipment
--
-192
-202
-144
-254
-236
-423
-395
-96.00
-514
-74.00
-495
-985
-39.00
-14.00
-46.00
-11.00
Purchase Of Business
--
--
--
--
--
--
483
750
--
--
--
16.00
1.00
748
194
658
327
Sale Of Business
-91.00
-39.00
-94.00
--
--
-55.00
-83.00
-68.00
-196
-235
-553
-944
-1,184
-449
-337
-342
-300
Purchase Of Investment
11.00
23.00
--
--
50.00
95.00
108
134
282
498
427
941
1,164
449
370
171
189
Sale Of Investment
-77.00
17.00
47.00
74.00
3,769
-40.00
15.00
181
142
85.00
1,491
2,947
1,906
1,318
1,965
5,071
5,679
Cash From Other Investing Activities
-611
-794
-1,106
-952
2,509
-1,220
-967
-429
-685
-802
534
1,819
410
1,503
1,813
5,113
5,446
Cash Flow from Investing
693
32.00
7.00
763
6.00
23.00
23.00
43.00
74.00
25.00
--
--
--
--
--
--
-- Issuance of Stock
--
--
--
--
-354
-120
--
--
-300
-300
-200
--
--
--
-100.00
-100.00
-- Repurchase of Stock
--
845
--
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Net Issuance of Preferred Stock
299
3,154
5,741
3,914
4,777
3,699
7,499
9,052
13,877
10,067
10,618
9,320
52,841
51,857
36,177
30,601
25,660
  Issuance of Debt
--
-2,232
-6,599
-3,748
-4,297
-4,523
-6,131
-10,370
-14,468
-9,185
-10,557
-9,234
-51,885
-52,295
-33,975
-31,698
-25,938
  Payments of Debt
299
922
-858
166
480
-824
1,368
-1,318
-591
882
61.00
86.00
956
-438
2,202
-1,097
-278
Net Issuance of Debt
-74.00
-132
-168
-181
-202
-174
-185
-201
-221
-241
-257
-281
-305
-317
-316
-323
-326
Cash Flow for Dividends
-27.00
95.00
-127
26.00
40.00
35.00
--
-89.00
-20.00
-6.00
-92.00
15.00
-20.00
-16.00
-23.00
-112
-30.00
Other Financing
891
1,762
-1,146
774
-30.00
-1,060
1,206
-1,565
-1,058
360
-488
-180
631
-771
1,763
-1,632
-634
Cash Flow from Financing
354
365
981
1,004
553
578
833
571
742
362
413
938
605
393
322
381
252
Beginning Cash Position
20.00
59.00
-268
95.00
-19.00
-77.00
-46.00
-60.00
-36.00
-119
33.00
3.00
11.00
5.00
19.00
-63.00
-95.00
  Effect of Exchange Rate Changes
11.00
616
23.00
-451
25.00
257
-264
171
-380
49.00
525
-333
-212
-71.00
59.00
524
154
Net Change in Cash
365
981
1,004
553
578
835
569
742
362
411
938
605
393
322
381
905
406
Ending Cash Position
-503
-658
-896
-918
-1,072
-1,125
-1,095
-1,042
-839
-649
-784
-662
-493
-524
-365
-399
-452
Capital Expenditure
-792
-1,069
1,647
-1,286
-3,507
1,489
-1,552
1,183
560
-39.00
-338
-2,637
-1,757
-1,332
-3,901
-3,293
-5,015
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Financial Satement

Balance Sheet

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
365
981
1,004
553
1,504
835
569
742
362
411
934
601
389
320
352
902
386
  Cash And Cash Equivalents
--
--
--
--
39.00
1,996
3,153
4,632
1,573
559
158
213
162
393
346
520
264
  Marketable Securities
365
981
1,004
553
1,543
2,831
3,722
5,374
1,935
970
1,092
814
551
713
698
1,422
650
Cash, Cash Equivalents, Marketable Securities
1,879
2,541
2,350
2,363
2,901
2,459
2,471
2,144
1,840
1,607
1,676
1,501
1,637
1,705
1,717
2,112
2,564
  Accounts Receivable
--
368
518
--
500
528
465
442
349
364
648
680
602
513
412
394
412
  Other Current Receivables
1,879
2,909
2,868
2,363
3,401
2,987
2,936
2,586
2,189
1,971
2,324
2,181
2,239
2,218
2,129
2,506
2,976
Total Receivables
--
3,358
2,619
--
5,137
--
--
--
--
--
--
--
--
--
--
--
--   Inventories, Raw Materials & Components
--
1,519
2,432
--
1,498
5,733
6,590
5,796
5,554
4,466
4,773
5,074
5,871
5,038
7,172
8,431
10,988
  Inventories, Finished Goods
3,684
1,047
602
4,862
--
--
--
--
--
--
--
--
--
--
--
--
--   Inventories, Other
3,684
5,924
5,653
4,862
6,635
5,733
6,590
5,796
5,554
4,466
4,773
5,074
5,871
5,038
7,172
8,431
10,988
Total Inventories
2,465
4,704
3,651
4,005
4,236
3,523
4,016
4,016
3,403
3,509
2,903
2,334
2,407
2,279
6,182
4,101
6,276
Other Current Assets
8,393
14,518
13,176
11,783
15,815
15,074
17,264
17,772
13,081
10,916
11,092
10,403
11,068
10,248
16,181
16,460
20,890
Total Current Assets
--
706
761
622
609
637
687
537
557
378
891
842
542
910
767
960
1,114
Investments And Advances
420
246
255
347
483
468
353
395
374
339
356
390
403
390
359
342
--   Land And Improvements
1,349
1,738
1,564
2,068
1,743
1,794
1,886
2,071
2,138
1,840
1,934
2,116
2,139
2,046
1,894
1,738
--   Buildings And Improvements
3,274
4,204
3,865
5,149
4,758
4,837
5,409
5,558
5,544
4,925
5,569
6,180
6,245
5,421
5,180
5,109
--   Machinery, Furniture, Equipment
645
677
722
1,011
998
1,198
1,155
1,141
759
721
765
517
435
303
249
330
--   Construction In Progress
--
293
224
301
313
--
--
--
--
--
--
--
--
796
868
912
4,555
  Other Gross PPE
5,688
7,158
6,630
8,876
8,295
8,297
8,803
9,165
8,815
7,825
8,624
9,203
9,222
8,956
8,550
8,431
4,555
Gross Property, Plant and Equipment
-2,242
-2,942
-2,661
-3,632
-2,983
-3,163
-3,395
-3,591
-3,758
-3,543
-4,138
-4,602
-4,684
-4,028
-3,907
-4,020
--   Accumulated Depreciation
3,446
4,216
3,969
5,244
5,312
5,134
5,408
5,574
5,057
4,282
4,486
4,601
4,538
4,928
4,643
4,411
4,555
Property, Plant and Equipment
335
493
432
597
1,120
1,113
646
718
605
744
709
838
1,424
1,194
1,115
915
913
Intangible Assets
236
354
325
427
934
893
351
392
349
418
373
515
727
611
586
484
497
  Goodwill
2,173
2,058
1,892
3,040
3,145
3,263
3,275
2,180
2,132
1,594
2,010
2,187
1,853
1,037
949
1,073
1,252
Other Long Term Assets
5,954
7,473
7,054
9,503
10,186
10,147
10,016
9,009
8,351
6,998
8,096
8,468
8,357
8,069
7,474
7,359
7,834
Total Long-Term Assets
14,347
21,991
20,230
21,286
26,001
25,221
27,280
26,781
21,432
17,914
19,188
18,871
19,425
18,317
23,655
23,819
28,724
Total Assets
2,328
4,061
4,158
3,275
3,637
3,173
3,319
3,522
3,248
2,675
3,485
3,395
3,501
2,842
2,636
4,250
5,836
  Accounts Payable
--
--
--
--
--
--
--
--
--
--
--
--
--
--
57.00
168
180
  Total Tax Payable
--
--
--
--
--
--
--
--
--
--
--
--
--
107
149
--
--   Other Current Payables
--
--
--
2,382
1,268
1,179
968
792
769
688
548
606
618
602
652
689
570
  Current Accrued Expense
2,328
4,061
4,158
5,657
4,905
4,352
4,287
4,314
4,017
3,363
4,033
4,001
4,119
3,551
3,494
5,107
6,586
Accounts Payable & Accrued Expense
610
1,112
551
197
2,330
2,679
5,365
5,935
2,345
1,842
1,723
634
1,169
1,278
2,836
1,177
2,440
  Short-Term Debt
--
--
--
--
--
--
--
--
--
--
--
--
--
216
235
350
377
  Short-Term Capital Lease Obligation
610
1,112
551
197
2,330
2,679
5,365
5,935
2,345
1,842
1,723
634
1,169
1,494
3,071
1,527
2,817
Short-Term Debt & Capital Lease Obligation
--
--
--
253
323
283
223
330
392
371
395
406
405
411
406
437
413
  Current Deferred Revenue
54.00
166
104
100.00
262
152
86.00
60.00
42.00
60.00
--
--
--
--
--
--
--   Current Deferred Taxes Liabilities
54.00
166
104
353
585
435
309
390
434
431
395
406
405
411
406
437
413
DeferredTaxAndRevenue
1,523
3,495
3,261
--
2,184
1,427
1,600
1,896
1,908
1,704
1,533
1,174
1,479
1,139
4,014
2,253
4,044
Other Current Liabilities
4,515
8,834
8,074
6,207
10,004
8,893
11,561
12,535
8,704
7,340
7,684
6,215
7,172
6,595
10,985
9,324
13,860
Total Current Liabilities
2,874
3,435
3,032
3,618
2,551
3,348
3,532
3,179
2,855
2,926
3,069
4,160
4,203
3,716
4,452
4,787
4,040
  Long-Term Debt
--
--
--
--
--
--
--
--
--
--
--
--
--
539
581
506
559
  Long-Term Capital Lease Obligation
2,874
3,435
3,032
3,618
2,551
3,348
3,532
3,179
2,855
2,926
3,069
4,160
4,203
4,255
5,033
5,293
4,599
Long-Term Debt & Capital Lease Obligation
0.62
0.57
0.48
0.40
0.40
0.52
0.82
0.93
0.62
0.74
0.67
0.67
0.87
0.97
1.34
0.89
0.86
Debt-to-Equity
--
--
--
--
--
--
--
--
--
--
--
--
--
--
276
227
223
PensionAndRetirementBenefit
180
149
132
183
84.00
134
84.00
185
177
209
239
223
356
329
360
338
354
NonCurrent Deferred Liabilities
700
1,628
1,556
913
808
771
848
794
1,006
787
853
916
1,316
1,108
796
812
577
Other Long-Term Liabilities
3,754
5,212
4,720
4,714
3,443
4,253
4,464
4,158
4,038
3,922
4,161
5,299
5,875
5,692
6,465
6,670
5,753
Total Long-Term Liabilities
8,269
14,046
12,794
10,921
13,447
13,146
16,025
16,693
12,742
11,262
11,845
11,514
13,047
12,287
17,450
15,994
19,613
Total Liabilities
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Common Stock
690
1,553
1,553
1,553
690
690
690
690
690
690
690
690
690
690
690
690
-- Preferred Stock
2,350
2,962
3,844
3,996
6,153
6,917
6,792
6,891
7,180
7,725
8,208
8,081
8,059
6,437
7,236
8,979
9,581
Retained Earnings
-63.00
669
-811
319
583
-610
-1,410
-2,572
-4,058
-6,360
-5,978
-5,930
-6,935
-5,624
-6,246
-6,471
-6,213
Accumulated other comprehensive income (loss)
2,690
2,760
2,849
3,625
4,793
4,829
4,909
4,967
5,053
5,105
5,143
5,226
5,278
5,329
5,408
5,590
6,332
Additional Paid-In Capital
--
--
--
--
--
-120
-120
-120
-420
-720
-920
-920
-920
-920
-1,020
-1,120
-1,120
Treasury Stock
5,668
7,945
7,436
9,494
12,220
11,707
10,862
9,857
8,446
6,441
7,144
7,148
6,173
5,913
6,069
7,669
8,581
Total Stockholders Equity
410
--
--
871
334
368
393
231
244
211
199
209
205
117
136
156
530
Minority Interest
6,078
7,945
7,436
10,365
12,554
12,075
11,255
10,088
8,690
6,652
7,343
7,357
6,378
6,030
6,205
7,825
9,111
Total Equity
0.40
0.36
0.37
0.45
0.47
0.46
0.40
0.37
0.39
0.36
0.37
0.38
0.32
0.32
0.26
0.32
0.30
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Valuation Ratios

Valuation Ratios

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
16.94
19.56
6.70
28.75
4.35
9.42
383
52.97
28.68
13.47
14.42
75.37
32.59
At Loss
8.51
6.84
8.72
PE Ratio
16.94
19.56
6.70
28.75
4.42
9.18
28.96
91.23
30.71
14.11
14.25
75.37
34.04
At Loss
8.51
6.84
8.72
PE Ratio without NRI
--
--
5.75
--
--
5.21
--
7.90
22.27
--
--
--
--
--
--
--
-- Price-to-Owner-Earnings
1.75
2.21
1.07
1.08
0.83
0.76
1.05
1.32
1.71
1.69
1.56
1.46
1.38
1.56
1.70
1.89
1.95
PB Ratio
1.87
2.39
1.16
1.17
0.92
0.84
1.12
1.44
1.85
1.94
1.75
1.68
1.86
2.03
2.15
2.17
2.18
Price-to-Tangible-Book
--
--
4.32
--
--
5.96
--
10.29
23.90
--
--
--
--
--
--
--
-- Price-to-Free-Cash-Flow
--
--
2.80
--
--
3.40
--
5.47
9.57
17.04
24.01
--
--
--
--
--
-- Price-to-Operating-Cash-Flow
0.34
0.40
0.14
0.19
0.23
0.16
0.18
0.20
0.23
0.24
0.25
0.21
0.17
0.20
0.24
0.24
0.27
PS Ratio
4.87
2.82
0.35
4.99
0.26
1.19
--
--
--
--
3.69
24.71
--
--
--
--
-- PEG Ratio
0.49
0.51
0.20
0.34
0.32
0.22
0.28
0.27
0.31
0.33
0.34
0.31
0.29
0.34
0.42
0.33
0.38
EV-to-Revenue
14.09
9.92
4.46
16.36
3.69
6.83
13.67
8.64
10.33
7.78
8.25
12.99
9.36
-44.04
8.23
6.01
7.94
EV-to-EBITDA
21.78
12.38
5.50
33.28
4.18
9.57
25.37
12.20
16.14
11.02
11.92
29.03
16.68
-16.17
10.37
6.91
9.25
EV-to-EBIT
4.59
8.08
18.18
3.00
23.92
10.45
3.94
8.20
6.20
9.07
8.39
3.44
6.00
-6.18
9.64
14.47
10.81
Earnings Yield (Joel Greenblatt) %
1.88
4.14
15.93
0.46
7.14
1.40
-11.06
-5.99
-8.63
-5.60
5.02
4.02
-17.02
--
--
--
-12.12
Forward Rate of Return (Yacktman) %
--
--
--
--
12.07
9.58
12.61
14.87
16.63
12.47
12.96
13.18
11.88
16.70
26.36
28.07
28.99
Shiller PE Ratio
0.86
0.57
1.39
1.25
1.34
1.68
1.43
1.39
1.41
2.11
2.21
2.62
3.59
3.48
3.05
2.20
1.91
Dividend Yield %

Valuation and Quality

Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
TTM Fiscal Period
8,698
14,112
6,298
8,559
9,608
8,329
10,638
12,136
13,246
9,729
10,078
9,435
7,541
8,161
9,167
13,169
16,744
Market Cap
12,917
19,231
10,430
14,245
13,970
12,583
16,896
16,797
17,445
14,428
14,667
14,314
13,257
14,004
17,399
19,413
23,510
Enterprise Value
72.51
116
51.77
63.83
65.52
57.20
72.69
82.11
90.91
68.28
72.24
67.08
53.44
57.55
65.58
93.36
110
Month End Stock Price
-69.31
-108
-96.92
-83.81
-83.46
-73.37
-86.75
-78.15
-75.85
-73.71
-78.51
-77.56
-90.01
-82.44
-121
-104
-129
Net Cash per Share
-8.14
-8.92
-9.63
-11.65
9.17
5.97
1.07
1.07
-4.08
-8.75
-11.77
-14.29
-20.37
-20.07
-14.99
-2.69
4.93
Net Current Asset Value
-47.96
-80.43
-71.96
-64.05
-50.70
-45.75
-56.29
-52.33
-52.05
-54.43
-57.34
-56.43
-65.39
-60.53
-90.88
-68.19
-79.63
Net-Net Working Capital
23.55
19.27
36.59
26.67
-0.37
25.73
15.60
31.76
18.30
13.87
40.30
19.01
23.67
-15.40
-70.04
-94.21
-114
Intrinsic Value: Projected FCF
--
--
--
--
--
73.36
81.41
83.22
76.83
58.40
59.34
64.90
63.91
56.72
55.22
79.79
84.39
Median PS Value
--
40.81
140
10.77
248
48.07
--
--
--
--
--
--
--
--
--
--
-- Peter Lynch Fair Value
61.05
80.71
88.28
52.30
154
97.64
60.63
34.02
57.17
61.86
68.54
28.29
31.88
--
72.74
115
120
Graham Number
-1.96
-6.90
7.33
-2.48
9.68
9.99
-7.68
-20.93
-21.69
-15.47
-15.11
-235
-261
-170
-180
-186
-215
Earnings Power Value (EPV)
3.14
3.08
3.77
3.08
3.14
3.45
3.31
3.49
4.17
4.03
3.76
3.87
3.66
3.22
2.99
4.25
3.73
Altman Z-Score
3.00
5.00
5.00
3.00
4.00
6.00
3.00
6.00
7.00
4.00
5.00
4.00
5.00
2.00
4.00
5.00
3.00
Piotroski F-Score
-2.09
-2.03
-2.71
-1.28
-2.14
-2.75
-2.36
-3.10
-2.77
-2.70
-2.20
-1.80
-2.17
-1.11
-2.17
-1.17
-0.96
Beneish M-Score
0.80
0.80
0.46
0.67
0.75
0.59
0.65
0.51
0.45
0.49
0.62
0.59
0.59
0.57
0.74
0.56
0.67
Scaled Net Operating Assets
9.90
9.02
-1.84
7.90
8.77
-1.79
5.45
-5.56
-0.93
5.49
-1.22
1.67
5.77
-10.78
12.12
-0.59
3.66
Sloan Ratio %
1.86
1.64
1.63
1.90
1.58
1.70
1.49
1.42
1.50
1.49
1.44
1.67
1.54
1.55
1.47
1.77
1.51
Current Ratio
1.04
0.97
0.93
1.12
0.92
1.05
0.92
0.96
0.86
0.88
0.82
0.86
0.72
0.79
0.82
0.86
0.71
Quick Ratio
0.08
0.11
0.12
0.09
0.15
0.32
0.32
0.43
0.22
0.13
0.14
0.13
0.08
0.11
0.06
0.15
0.05
Cash Ratio
N/A
3.27
6.71
--
2.92
4.04
3.44
3.31
2.68
4.88
4.81
1.25
2.49
--
5.38
8.76
7.65
Interest Coverage
73.17
124
133
72.41
71.29
75.44
73.82
83.11
92.91
92.85
73.61
83.22
82.55
58.43
66.04
96.15
128
Highest Stock Price
48.23
70.13
29.99
41.61
46.29
55.51
57.22
66.40
73.51
61.81
47.79
65.15
52.06
48.60
30.25
63.91
71.73
Lowest Stock Price
-0.65
-1.06
-0.35
-10.23
-9.35
0.70
-0.51
-0.99
1.42
2.21
2.09
-0.82
-0.33
-0.50
1.43
-0.91
-7.36
Shares Buyback Ratio %
-7.97
-0.23
-0.11
-8.91
3.62
1.16
-0.22
-0.35
1.71
2.83
1.98
--
--
--
1.09
0.76
-- Buyback Yield %
5.93
34.09
32.03
-14.06
-14.35
28.51
14.69
-0.18
-6.17
-26.48
0.87
12.59
-0.42
-9.93
-4.87
40.36
34.48
YoY Rev. per Sh. Growth
-3.39
39.02
29.92
-71.28
578
-59.69
-96.87
716
105
59.94
-1.18
-82.24
84.27
-670
183
76.91
-13.18
YoY EPS Growth
0.92
96.85
14.54
-59.84
255
-51.04
-29.18
56.18
-12.61
6.22
-1.56
-34.93
28.19
-122
728
50.27
-16.11
YoY EBITDA Growth
3.48
6.94
18.99
5.76
17.03
7.74
-5.63
-1.21
-6.11
-6.67
3.86
3.05
-8.46
--
--
--
-- 5-Year EBITDA Growth Rate
121
121
122
126
141
147
146
147
146
144
140
140
141
141
141
141
143
Shares Outstanding (Basic Average)
120
121
122
134
147
146
146
148
146
142
140
141
141
142
140
141
152
Shares Outstanding (EOP)
0.99
0.30
1.80
1.36
1.22
0.77
0.83
1.00
1.07
0.57
0.99
1.04
1.47
0.86
0.57
0.48
0.42
Beta
03/01/07
03/03/08
03/02/09
03/01/10
03/01/11
02/27/12
03/01/13
02/28/14
03/02/15
02/25/16
02/28/17
02/23/18
02/22/19
02/21/20
02/19/21
02/24/22
  Filing Date
03/03/08
03/02/09
03/01/11
12/22/11
03/01/13
02/28/14
03/02/15
02/25/16
02/28/17
02/23/18
02/22/19
02/21/20
02/19/21
02/24/22
02/24/22
02/24/22
  Restated Filing Date
01/13/09
02/04/10
02/10/11
02/09/12
02/07/13
02/13/14
02/12/15
02/11/16
02/15/17
02/14/18
02/21/19
02/12/20
02/10/21
02/09/22
  Earnings Release Date
--
164
174
178
154
143
119
102
100.00
90.00
81.00
75.00
74.00
71.00
70.00
--
-- Number of Shareholders
22,524
23,889
24,787
25,945
33,021
34,000
36,000
35,000
35,000
33,000
32,000
31,000
31,000
24,000
23,000
22,000
22,000
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  May 20, 2022
Bunge Ltd (NYSE:BG)
www.gurufocus.com/stock/NYSE:BG

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.