[{"data":1,"prerenderedAt":1644},["ShallowReactive",2],{"index-page-drvi":3,"index-drvi":60,"index-page-latest-release-drvi":33,"index-DRVI":1205},{"id":4,"title":5,"body":6,"code":31,"contactLink":32,"crop":33,"description":12,"extension":34,"faqs":35,"frequency":51,"latestReleaseCategory":33,"meta":52,"navigation":53,"path":54,"region":33,"seo":55,"stem":56,"subscribeLink":57,"subtitle":58,"__hash__":59},"indexPage\u002Findex-pages\u002Fdrvi.md","Demeter Relative Valuation Index",{"type":7,"value":8,"toc":27},"minimark",[9,13],[10,11,12],"p",{},"The Demeter Relative Valuation Index (DRVI) is a monthly index measuring the EV\u002FEBITDA premium or discount of the listed global agriculture complex against country-matched broad-market benchmarks. A negative value indicates that ag is trading at a discount to its country-matched peers; a positive value indicates a premium.",[10,14,15,16,21,22,26],{},"DRVI history begins in 1999, covering multiple valuation regimes across the listed ag complex. It is designed to be read alongside the ",[17,18,20],"a",{"href":19},"\u002Findices\u002Fdaa-cap","Demeter Ag Aggregate (DAA)"," equity indices and the ",[17,23,25],{"href":24},"\u002Findices\u002Fdrag","Demeter Revenue Aggregate (DRAG)"," so that fundamental and valuation drivers can be separated.",{"title":28,"searchDepth":29,"depth":29,"links":30},"",2,[],"DRVI","mailto:info@demeterdata.ag",null,"md",[36,39,42,45,48],{"question":37,"answer":38},"What is DRVI?","The Demeter Relative Valuation Index (DRVI) is a monthly index measuring the EV\u002FEBITDA premium or discount of the listed global agriculture complex against country-matched broad-market benchmarks. A negative value indicates that ag is trading at a discount to its country-matched broad-market peers.\n",{"question":40,"answer":41},"Why country-match the benchmark?","Listed ag companies are concentrated in particular geographies (US, Brazil, France, Singapore, India, etc.) and a global-average benchmark would mix in unrelated country-level valuation effects. Country-matching produces a cleaner read on whether agriculture as a sector is being valued favourably relative to the same country's broader market.\n",{"question":43,"answer":44},"How far back does DRVI go?","DRVI history begins in 1999, covering the dot-com period, the commodity supercycle and post-cycle, the post-GFC era, and the recent inflationary cycle.",{"question":46,"answer":47},"How does DRVI relate to DRAG and DAA?","The three are designed to be read together. [DAA](\u002Findices\u002Fdaa-cap) tracks equity prices; [DRAG](\u002Findices\u002Fdrag) tracks the underlying top-line; DRVI tracks valuation relative to country-matched peers. Decomposing returns across the three lets users distinguish fundamental from valuation drivers.\n",{"question":49,"answer":50},"How can I access DRVI data?","Headline DRVI is published monthly on the 5th business day. Granular decomposition is available to Demeter subscribers via the [Demeter platform](https:\u002F\u002Fplatform.demeterdata.ag\u002F?utm_source=marketing-site&utm_medium=index_page_faq&utm_campaign=subscriber-platform). For licensing enquiries please [contact the index team](mailto:info@demeterdata.ag).\n","Monthly · 5th business day · 22:00 UTC",{},true,"\u002Findex-pages\u002Fdrvi",{"title":5,"description":12},"index-pages\u002Fdrvi","\u002F#subscribe","Ag EV\u002FEBITDA premium \u002F discount vs country-matched broad-market benchmarks","6FHrguLo2wcq8-jQX3306m-kn9p44AmQcTsYN_go07c",{"code":31,"name":5,"subtitle":61,"family":62,"frequency":63,"latest":64,"breakdown":33,"history":73,"history_points":1203,"history_window":1204,"methodology_note":33,"links":33},"Ag EV\u002FEBITDA premium (discount) vs country-matched broad-market benchmarks. Negative = ag trades cheap to local equities.","valuation","monthly",{"as_of":65,"value":66,"change_1d":33,"change_1d_pct":33,"change_1m":67,"change_1m_pct":33,"change_1y":68,"change_1y_pct":33,"change_ytd_pct":33,"value_unit":69,"interpretation":70,"n_companies":71,"n_with_bench":72},"2026-04-30",-14.9,-3.49,-5.17,"% premium vs local-market benchmarks","Ag trades at a 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