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/EBITDA unless stated.
Crop Inputs is currently the cheapest sub-sector at a discount of 22.7% vs the wider market. The deepest discount of any subcategory is Nuts & Olive Oil at 73.9% vs peers, across 2 companies.
The Upstream Production sub-sector currently trades at the highest premium to the wider market, at 29.8%. The subcategory with the greatest premium is Row Crops & Livestock, at 176.3% across 4 companies.
Across the universe as a whole, agricultural companies trade at a median 6.1% premium to the broad market in their own country on EV/EBITDA. This comparison isolates the valuation of companies in the agriculture value chain relative to others, regardless of the general level of equities.
# By sub-sector
| Sub-sector | Premium / (discount) | Constituents |
|---|---|---|
| Crop Inputs | (22.7%) | 15 |
| Equipment & Tech | 2.9% | 13 |
| Downstream Food | 8.1% | 17 |
| Trading & Processing | 20.8% | 15 |
| Upstream Production | 29.8% | 31 |
1 level(s) with a single benchmark-matched constituent omitted.
# By country
| Country | Premium / (discount) | Constituents |
|---|---|---|
| Germany | (25.9%) | 8 |
| USA | (10.8%) | 36 |
| Switzerland | (8.6%) | 4 |
| Canada | (7.9%) | 4 |
| China/HK | 10.6% | 13 |
| UK | 42.0% | 4 |
| Brazil | 70.5% | 7 |
| Australia | 115.4% | 9 |
| Norway | 329.3% | 4 |
| India | n/a | 5 |
# By subcategory
Given small sample sizes the constituent count is stated for every line.
| Subcategory | Premium / (discount) | Constituents |
|---|---|---|
| Production - Nuts & Olive Oil | (73.9%) | 2 |
| Crop Inputs - Fertilisers | (44.0%) | 8 |
| Production - Palm Oil Plantations | (37.8%) | 6 |
| Production - Wine & Viticulture | (33.5%) | 3 |
| Production - Fresh Produce & Citrus | (22.2%) | 5 |
| Crop Inputs - Crop Protection | (7.5%) | 3 |
| Crop Inputs - Seeds & Biotech | (6.9%) | 4 |
| Water & Resource Management | (2.9%) | 2 |
| Agricultural Infrastructure | 0.4% | 4 |
| Agricultural Machinery & Equipment | 2.8% | 5 |
| Processing & Ingredients | 3.1% | 6 |
| Packaged Food (Ag Exposure) | 4.0% | 6 |
| Food & Protein Processors | 13.7% | 11 |
| Agricultural Technology | 19.2% | 2 |
| Agricultural Trading & Merchandising | 37.2% | 5 |
| Production - Sugarcane & Ethanol | 54.3% | 4 |
| Production - Tea Estates | 57.3% | 3 |
| Animal Nutrition & Feed | 64.2% | 4 |
| Production - Row Crops & Livestock | 176.3% | 4 |
| Production - Aquaculture | capped | 3 |
1 level(s) shown as capped: the underlying per-company premiums hit the winsorisation bound of 500%. The median therefore represents the cap rather than a valuation.2 level(s) with a single benchmark-matched constituent omitted.
Ag Finance is excluded from the tables above. The sub-sector comprises farmland REITs, which are conventionally valued on funds from operations and net asset value rather than EV/EBITDA, and are therefore not comparable to the DAA's other sub-sectors on this basis. It remains in the total return table below, where the comparison holds.
# Total return league table
| 3 mth | 1 yr | 5 yr | 10 yr | since 2005 | |
|---|---|---|---|---|---|
| p.a. | p.a. | p.a. | p.a. | ||
| Crop Inputs | 8.6% | 29.1% | 8.3% | 9.3% | 10.9% |
| Upstream Production | 6.7% | 2.3% | (6.1%) | 1.5% | 8.5% |
| DAA Cap | 5.0% | 7.3% | 1.9% | 5.8% | 8.6% |
| DAA Equal | 4.1% | 8.3% | 4.3% | 9.2% | 13.5% |
| DAA GP | 3.5% | 14.5% | 4.7% | 5.8% | 9.5% |
| Downstream Food | 3.1% | (3.1%) | 1.3% | 5.0% | 9.3% |
| Trading & Processing | 2.8% | 6.1% | 0.6% | 4.3% | 8.3% |
| Ag Finance | 2.3% | 9.3% | (3.3%) | 6.7% | 4.1% |
| Equipment & Tech | (4.8%) | 4.4% | 5.7% | 13.3% | 14.3% |
| S&P 500 | 0.5% | 19.2% | 12.5% | 15.1% | 10.8% |
| MSCI ACWI (global) | 0.3% | 21.1% | 10.6% | 12.5% | n/a |
MSCI ACWI (global): series starts 2008-03-28, after the DAA base 2005-01-03, so it is not comparable over this column
# Long-term record since 2005
All series rebased to 100 at 3 January 2005. Logarithmic scale. Click a legend entry to show or hide that series.
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.
