Bunge Global SA

AI-generated fair value estimate for this company.

Method: 10-year two-stage unlevered FCF DCF: $1.2B normalized FCF base (versus currently negative reported FCF of -$711M TTM, which reflects elevated post-Viterra-merger integration capex that management expects to decline; normalized to a more typical thin-margin agribusiness FCF conversion); 3% annual FCF growth years 1-5 and years 6-10 (mature, cyclical, low-growth commodity-trading business); 8% discount rate; 2.5% terminal growth; $16.27B net debt; 192.12M diluted shares outstanding

Reasoning: Bunge's post-Viterra-merger reported FCF is currently negative due to integration-related capex and is not representative of the steady-state business, so the DCF uses a normalized mid-cycle FCF assumption instead; the very large merger-related net debt load is the dominant factor pulling equity value well below the current market price in this calculation