[{"data":1,"prerenderedAt":1053},["ShallowReactive",2],{"research-\u002Fresearch\u002Fdaa-valuation-bulletin-2026-07":3,"author-Demeter Research Team":1023,"research-surroundings-\u002Fresearch\u002Fdaa-valuation-bulletin-2026-07":1030},{"id":4,"title":5,"author":6,"body":7,"category":1003,"createdAt":1004,"description":1005,"downloadGate":1006,"extension":1007,"images":1008,"lastUpdatedAt":1006,"meta":1011,"navigation":1012,"path":1013,"preview":1014,"seo":1015,"series":1006,"shortDescription":1005,"stem":1020,"tags":1021,"__hash__":1022},"research\u002Fresearch\u002F32.daa-valuation-bulletin-2026-07.md","Demeter Ag Aggregate: valuation bulletin, July 2026","Demeter Research Team",{"type":8,"value":9,"toc":996},"minimark",[10,17,20,23,26,31,134,138,275,283,287,290,556,565,569,941,946,950,979,984,987,992],[11,12,13],"p",{},[14,15,16],"em",{},"The Demeter Ag Aggregate comprises six sub-sectors and tracks the listed agriculture value chain worldwide. This bulletin measures the relative valuation of the DAA cover universe relative to the component companies' domestic markets. A negative figure means the DAA sub-sector trades below its constituents' home markets. The figure shown is the median across constituents, EV\u002FEBITDA unless stated.",[11,18,19],{},"Crop Inputs is currently the cheapest sub-sector at a discount of 22.7% vs the wider market. Within it, Fertilisers carries the deepest discount at 51.0% vs peers, across 8 companies.",[11,21,22],{},"The Ag Finance sub-sector currently trades at the highest premium to the wider market, at 5.6%. The subcategory with the greatest premium is Row Crops & Livestock, at 112.1% across 4 companies.",[11,24,25],{},"Across the universe as a whole, agricultural companies trade at a median 2.0% discount to the broad market in their own country on EV\u002FEBITDA. This comparison isolates the valuation of companies in the agriculture value chain relative to others, regardless of the general level of equities.",[27,28,30],"h2",{"id":29},"by-sub-sector","By sub-sector",[32,33,34,50],"table",{},[35,36,37],"thead",{},[38,39,40,44,47],"tr",{},[41,42,43],"th",{},"Sub-sector",[41,45,46],{},"Premium \u002F (discount)",[41,48,49],{},"Constituents",[51,52,53,69,81,94,108,121],"tbody",{},[38,54,55,59,66],{},[56,57,58],"td",{},"Crop Inputs",[56,60,61],{},[62,63,65],"span",{"style":64},"color:#b91c1c","(22.7%)",[56,67,68],{},"15",[38,70,71,74,79],{},[56,72,73],{},"Trading & Processing",[56,75,76],{},[62,77,78],{"style":64},"(14.6%)",[56,80,68],{},[38,82,83,86,91],{},[56,84,85],{},"Upstream Production",[56,87,88],{},[62,89,90],{"style":64},"(1.8%)",[56,92,93],{},"31",[38,95,96,99,105],{},[56,97,98],{},"Equipment & Tech",[56,100,101],{},[62,102,104],{"style":103},"color:#15803d","2.9%",[56,106,107],{},"13",[38,109,110,113,118],{},[56,111,112],{},"Downstream Food",[56,114,115],{},[62,116,117],{"style":103},"5.1%",[56,119,120],{},"17",[38,122,123,126,131],{},[56,124,125],{},"Ag Finance",[56,127,128],{},[62,129,130],{"style":103},"5.6%",[56,132,133],{},"3",[27,135,137],{"id":136},"by-country","By country",[32,139,140,151],{},[35,141,142],{},[38,143,144,147,149],{},[41,145,146],{},"Country",[41,148,46],{},[41,150,49],{},[51,152,153,166,179,191,204,216,228,241,254,264],{},[38,154,155,158,163],{},[56,156,157],{},"Switzerland",[56,159,160],{},[62,161,162],{"style":64},"(40.9%)",[56,164,165],{},"4",[38,167,168,171,176],{},[56,169,170],{},"Germany",[56,172,173],{},[62,174,175],{"style":64},"(27.2%)",[56,177,178],{},"8",[38,180,181,184,189],{},[56,182,183],{},"UK",[56,185,186],{},[62,187,188],{"style":64},"(19.9%)",[56,190,165],{},[38,192,193,196,201],{},[56,194,195],{},"USA",[56,197,198],{},[62,199,200],{"style":64},"(12.4%)",[56,202,203],{},"36",[38,205,206,209,214],{},[56,207,208],{},"Canada",[56,210,211],{},[62,212,213],{"style":64},"(7.9%)",[56,215,165],{},[38,217,218,221,226],{},[56,219,220],{},"China\u002FHK",[56,222,223],{},[62,224,225],{"style":103},"11.1%",[56,227,107],{},[38,229,230,233,238],{},[56,231,232],{},"Australia",[56,234,235],{},[62,236,237],{"style":103},"19.7%",[56,239,240],{},"9",[38,242,243,246,251],{},[56,244,245],{},"Brazil",[56,247,248],{},[62,249,250],{"style":103},"70.5%",[56,252,253],{},"7",[38,255,256,259,262],{},[56,257,258],{},"Norway",[56,260,261],{},"capped",[56,263,165],{},[38,265,266,269,272],{},[56,267,268],{},"India",[56,270,271],{},"n\u002Fa",[56,273,274],{},"5",[11,276,277],{},[14,278,279,280,282],{},"1 level(s) shown as ",[14,281,261],{},": the underlying per-company premiums hit the winsorisation bound of 500%. The median therefore represents the cap rather than a valuation.",[27,284,286],{"id":285},"by-subcategory","By subcategory",[11,288,289],{},"Given small sample sizes the constituent count is stated for every line.",[32,291,292,303],{},[35,293,294],{},[38,295,296,299,301],{},[41,297,298],{},"Subcategory",[41,300,46],{},[41,302,49],{},[51,304,305,317,329,342,354,366,378,390,402,414,426,438,451,463,476,487,499,511,523,535,547],{},[38,306,307,310,315],{},[56,308,309],{},"Crop Inputs - Fertilisers",[56,311,312],{},[62,313,314],{"style":64},"(51.0%)",[56,316,178],{},[38,318,319,322,327],{},[56,320,321],{},"Production - Tea Estates",[56,323,324],{},[62,325,326],{"style":64},"(41.9%)",[56,328,133],{},[38,330,331,334,339],{},[56,332,333],{},"Production - Palm Oil Plantations",[56,335,336],{},[62,337,338],{"style":64},"(37.8%)",[56,340,341],{},"6",[38,343,344,347,352],{},[56,345,346],{},"Production - Wine & Viticulture",[56,348,349],{},[62,350,351],{"style":64},"(33.5%)",[56,353,133],{},[38,355,356,359,364],{},[56,357,358],{},"Processing & Ingredients",[56,360,361],{},[62,362,363],{"style":64},"(30.7%)",[56,365,341],{},[38,367,368,371,376],{},[56,369,370],{},"Production - Fresh Produce & Citrus",[56,372,373],{},[62,374,375],{"style":64},"(22.2%)",[56,377,274],{},[38,379,380,383,388],{},[56,381,382],{},"Agricultural Machinery & Equipment",[56,384,385],{},[62,386,387],{"style":64},"(13.7%)",[56,389,274],{},[38,391,392,395,400],{},[56,393,394],{},"Packaged Food (Ag Exposure)",[56,396,397],{},[62,398,399],{"style":64},"(10.0%)",[56,401,341],{},[38,403,404,407,412],{},[56,405,406],{},"Agricultural Trading & Merchandising",[56,408,409],{},[62,410,411],{"style":64},"(8.1%)",[56,413,274],{},[38,415,416,419,424],{},[56,417,418],{},"Crop Inputs - Crop Protection",[56,420,421],{},[62,422,423],{"style":64},"(7.5%)",[56,425,133],{},[38,427,428,431,436],{},[56,429,430],{},"Crop Inputs - Seeds & Biotech",[56,432,433],{},[62,434,435],{"style":64},"(4.1%)",[56,437,165],{},[38,439,440,443,448],{},[56,441,442],{},"Water & Resource Management",[56,444,445],{},[62,446,447],{"style":64},"(2.9%)",[56,449,450],{},"2",[38,452,453,456,461],{},[56,454,455],{},"Agricultural Infrastructure",[56,457,458],{},[62,459,460],{"style":103},"0.4%",[56,462,165],{},[38,464,465,468,473],{},[56,466,467],{},"Food & Protein Processors",[56,469,470],{},[62,471,472],{"style":103},"5.2%",[56,474,475],{},"11",[38,477,478,481,485],{},[56,479,480],{},"Agricultural Finance & REITs",[56,482,483],{},[62,484,130],{"style":103},[56,486,133],{},[38,488,489,492,497],{},[56,490,491],{},"Agricultural Technology",[56,493,494],{},[62,495,496],{"style":103},"19.2%",[56,498,450],{},[38,500,501,504,509],{},[56,502,503],{},"Animal Nutrition & Feed",[56,505,506],{},[62,507,508],{"style":103},"30.2%",[56,510,165],{},[38,512,513,516,521],{},[56,514,515],{},"Production - Nuts & Olive Oil",[56,517,518],{},[62,519,520],{"style":103},"37.6%",[56,522,450],{},[38,524,525,528,533],{},[56,526,527],{},"Production - Sugarcane & Ethanol",[56,529,530],{},[62,531,532],{"style":103},"54.3%",[56,534,165],{},[38,536,537,540,545],{},[56,538,539],{},"Production - Row Crops & Livestock",[56,541,542],{},[62,543,544],{"style":103},"112.1%",[56,546,165],{},[38,548,549,552,554],{},[56,550,551],{},"Production - Aquaculture",[56,553,261],{},[56,555,133],{},[11,557,558,562],{},[14,559,279,560,282],{},[14,561,261],{},[14,563,564],{},"1 level(s) with a single benchmark-matched constituent omitted.",[27,566,568],{"id":567},"total-return-league-table","Total return league table",[32,570,571,592],{},[35,572,573],{},[38,574,575,577,580,583,586,589],{},[41,576],{},[41,578,579],{},"3 mth",[41,581,582],{},"1 yr",[41,584,585],{},"5 yr",[41,587,588],{},"10 yr",[41,590,591],{},"since 2005",[51,593,594,617,645,675,707,736,765,796,825,854,882,912],{},[38,595,596,598,600,605,609,613],{},[56,597],{},[56,599],{},[56,601,602],{},[14,603,604],{},"p.a.",[56,606,607],{},[14,608,604],{},[56,610,611],{},[14,612,604],{},[56,614,615],{},[14,616,604],{},[38,618,619,621,626,631,636,640],{},[56,620,112],{},[56,622,623],{},[62,624,625],{"style":64},"(1.0%)",[56,627,628],{},[62,629,630],{"style":103},"2.5%",[56,632,633],{},[62,634,635],{"style":103},"1.7%",[56,637,638],{},[62,639,472],{"style":103},[56,641,642],{},[62,643,644],{"style":103},"9.4%",[38,646,647,653,657,662,667,671],{},[56,648,649],{},[650,651,652],"strong",{},"DAA GP",[56,654,655],{},[62,656,90],{"style":64},[56,658,659],{},[62,660,661],{"style":103},"15.2%",[56,663,664],{},[62,665,666],{"style":103},"4.3%",[56,668,669],{},[62,670,130],{"style":103},[56,672,673],{},[62,674,644],{"style":103},[38,676,677,682,687,692,697,702],{},[56,678,679],{},[650,680,681],{},"DAA Cap",[56,683,684],{},[62,685,686],{"style":64},"(2.5%)",[56,688,689],{},[62,690,691],{"style":103},"7.2%",[56,693,694],{},[62,695,696],{"style":103},"1.6%",[56,698,699],{},[62,700,701],{"style":103},"5.7%",[56,703,704],{},[62,705,706],{"style":103},"8.5%",[38,708,709,711,716,721,726,731],{},[56,710,73],{},[56,712,713],{},[62,714,715],{"style":64},"(2.7%)",[56,717,718],{},[62,719,720],{"style":103},"10.7%",[56,722,723],{},[62,724,725],{"style":103},"0.2%",[56,727,728],{},[62,729,730],{"style":103},"4.1%",[56,732,733],{},[62,734,735],{"style":103},"8.2%",[38,737,738,740,745,750,755,760],{},[56,739,98],{},[56,741,742],{},[62,743,744],{"style":64},"(4.0%)",[56,746,747],{},[62,748,749],{"style":103},"11.6%",[56,751,752],{},[62,753,754],{"style":103},"7.8%",[56,756,757],{},[62,758,759],{"style":103},"14.5%",[56,761,762],{},[62,763,764],{"style":103},"14.9%",[38,766,767,772,776,781,786,791],{},[56,768,769],{},[650,770,771],{},"DAA Equal",[56,773,774],{},[62,775,435],{"style":64},[56,777,778],{},[62,779,780],{"style":103},"8.6%",[56,782,783],{},[62,784,785],{"style":103},"3.7%",[56,787,788],{},[62,789,790],{"style":103},"8.8%",[56,792,793],{},[62,794,795],{"style":103},"13.3%",[38,797,798,800,805,810,815,820],{},[56,799,125],{},[56,801,802],{},[62,803,804],{"style":64},"(4.6%)",[56,806,807],{},[62,808,809],{"style":103},"9.5%",[56,811,812],{},[62,813,814],{"style":64},"(3.9%)",[56,816,817],{},[62,818,819],{"style":103},"6.2%",[56,821,822],{},[62,823,824],{"style":103},"3.9%",[38,826,827,829,834,839,844,849],{},[56,828,58],{},[56,830,831],{},[62,832,833],{"style":64},"(8.0%)",[56,835,836],{},[62,837,838],{"style":103},"19.9%",[56,840,841],{},[62,842,843],{"style":103},"6.8%",[56,845,846],{},[62,847,848],{"style":103},"8.7%",[56,850,851],{},[62,852,853],{"style":103},"10.4%",[38,855,856,858,863,867,872,877],{},[56,857,85],{},[56,859,860],{},[62,861,862],{"style":64},"(8.9%)",[56,864,865],{},[62,866,625],{"style":64},[56,868,869],{},[62,870,871],{"style":64},"(7.8%)",[56,873,874],{},[62,875,876],{"style":103},"0.9%",[56,878,879],{},[62,880,881],{"style":103},"8.1%",[38,883,884,889,893,898,902,907],{},[56,885,886],{},[14,887,888],{},"S&P 500",[56,890,891],{},[62,892,843],{"style":103},[56,894,895],{},[62,896,897],{"style":103},"23.6%",[56,899,900],{},[62,901,795],{"style":103},[56,903,904],{},[62,905,906],{"style":103},"15.3%",[56,908,909],{},[62,910,911],{"style":103},"10.9%",[38,913,914,919,924,929,934,939],{},[56,915,916],{},[14,917,918],{},"MSCI ACWI (global)",[56,920,921],{},[62,922,923],{"style":103},"6.1%",[56,925,926],{},[62,927,928],{"style":103},"25.3%",[56,930,931],{},[62,932,933],{"style":103},"11.2%",[56,935,936],{},[62,937,938],{"style":103},"12.7%",[56,940,271],{},[11,942,943],{},[14,944,945],{},"MSCI ACWI (global): series starts 2008-03-28, after the DAA base 2005-01-03, so it is not comparable over this column",[27,947,949],{"id":948},"long-term-record-since-2005","Long-term record since 2005",[951,952,957],"pre",{"className":953,"code":954,"language":955,"meta":956,"style":956},"language-chartjs shiki shiki-themes github-light github-dark","{\n  \"src\": \"https:\u002F\u002Findex-api.demeterdata.ag\u002Fapi\u002Findices\u002Fchart\u002Fdaa-tsr-since-2005\"\n}\n","chartjs","",[958,959,960,967,973],"code",{"__ignoreMap":956},[62,961,964],{"class":962,"line":963},"line",1,[62,965,966],{},"{\n",[62,968,970],{"class":962,"line":969},2,[62,971,972],{},"  \"src\": \"https:\u002F\u002Findex-api.demeterdata.ag\u002Fapi\u002Findices\u002Fchart\u002Fdaa-tsr-since-2005\"\n",[62,974,976],{"class":962,"line":975},3,[62,977,978],{},"}\n",[11,980,981],{},[14,982,983],{},"All series rebased to 100 at 3 January 2005. Logarithmic scale. Click a legend entry to show or hide that series.",[985,986],"hr",{},[11,988,989],{},[14,990,991],{},"Valuation data to 2026-07-31. Premiums are the median across constituents versus each company's country-matched broad-market benchmark. DAA index levels are total return in USD, based at 1,000 on 3 January 2005. Benchmark rows are traded funds shown for reference and are not Demeter indices.",[993,994,995],"style",{},"html .default .shiki span {color: var(--shiki-default);background: var(--shiki-default-bg);font-style: var(--shiki-default-font-style);font-weight: var(--shiki-default-font-weight);text-decoration: var(--shiki-default-text-decoration);}html .shiki span {color: var(--shiki-default);background: var(--shiki-default-bg);font-style: var(--shiki-default-font-style);font-weight: var(--shiki-default-font-weight);text-decoration: var(--shiki-default-text-decoration);}html .dark .shiki span {color: var(--shiki-dark);background: var(--shiki-dark-bg);font-style: var(--shiki-dark-font-style);font-weight: var(--shiki-dark-font-weight);text-decoration: var(--shiki-dark-text-decoration);}html.dark .shiki span {color: var(--shiki-dark);background: var(--shiki-dark-bg);font-style: var(--shiki-dark-font-style);font-weight: var(--shiki-dark-font-weight);text-decoration: var(--shiki-dark-text-decoration);}",{"title":956,"searchDepth":969,"depth":969,"links":997},[998,999,1000,1001,1002],{"id":29,"depth":969,"text":30},{"id":136,"depth":969,"text":137},{"id":285,"depth":969,"text":286},{"id":567,"depth":969,"text":568},{"id":948,"depth":969,"text":949},"Demeter Ag Aggregate","2026-08-05","How the six sub-sectors of the Demeter Ag Aggregate are valued against the broad market in their own countries, on an EV\u002FEBITDA basis.",null,"md",[1009],{"image":1010},"\u002Fposts\u002Fdaa-valuation-bulletin-2026-07\u002Fdaa_valuation_subsectors_wide.png",{},true,"\u002Fresearch\u002Fdaa-valuation-bulletin-2026-07",{"image":1010,"title":5},{"meta":1016,"title":5,"description":1005},[1017],{"name":1018,"content":1019},"keywords","demeter, demeter data, agriculture data, agricultural indices, agtech, Demeter Ag Aggregate: valuation bulletin, July 2026, Demeter Ag Aggregate, indices, valuation, ev-ebitda, aggregate, bulletin, 31st, july, 2026","research\u002F32.daa-valuation-bulletin-2026-07","indices, valuation, ev-ebitda","ePVfxFq5vHlU-0-j37ewxfyIiji94HJTBYwWVN3Dw-s",{"id":1024,"extension":1025,"image":1026,"meta":1027,"name":6,"stem":1028,"__hash__":1029},"author\u002Fdata\u002Fauthor\u002Fdemeter.yml","yml","\u002Fprofile\u002Fdemeter.svg",{},"data\u002Fauthor\u002Fdemeter","QNm7TLJC8AG7T3aoP9lQoCg36nlXf8uvX4h0nHZGlfY",[1031,1038,1046],{"title":1032,"path":1033,"stem":1034,"preview":1035,"shortDescription":1037,"category":1003,"children":-1},"Geopolitical Tensions and Demand Growth Move to the Top of Agribusiness Agendas","\u002Fresearch\u002Fgeopolitical-tensions-and-demand-growth-move-to-the-top-of-agribusiness-agendas","research\u002F30.geopolitical-tensions-and-demand-growth-move-to-the-top-of-agribusiness-agendas",{"image":1036,"title":1032},"\u002Fposts\u002Fgeopolitical-tensions-and-demand-growth-move-to-the-top-of-agribusiness-agendas\u002F2026-07-31-soc-movers.png","The Demeter Ag Aggregate (DAA) universe tracks 123 listed agricultural companies worldwide. This monthly bulletin analyses the themes present in their public disclosures.",{"title":1039,"path":1040,"stem":1041,"preview":1042,"shortDescription":1044,"category":1045,"children":-1},"Demeter Almond Season Index Update - Week 46","\u002Fresearch\u002Fdasi-2025-26-week-46","research\u002F31.dasi-2025-26-week-46",{"image":1043,"title":1039},"\u002Fposts\u002Fdasi-2025-26-week-46\u002Fheadline.png","The DASI is broadly unchanged from the last headline publication, edging down 0.3% over the past fortnight to 121.1.","Almond Season Index",{"title":1047,"path":1048,"stem":1049,"preview":1050,"shortDescription":1052,"category":1003,"children":-1},"Demeter Public Companies Briefing — Trading & Merchandising","\u002Fresearch\u002Fdemeter-public-companies-briefing-trading-merchandising","research\u002F33.demeter-public-companies-briefing-trading-merchandising",{"image":1051,"title":1047},"\u002Fposts\u002Fdemeter-public-companies-briefing-trading-merchandising\u002F2026-08-07-thematic-subsector.png","Window: disclosures dated 2026-05-07 → 2026-08-07  ·  4 of 6 audience companies filed.",1786119419219]