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 21.2% vs the wider market. The deepest discount of any subcategory is Nuts & Olive Oil at 61.7% vs peers, across 2 companies.
The Upstream Production sub-sector currently trades at the highest premium to the wider market, at 56.6%. The subcategory with the greatest premium is Agricultural Technology, at 285.9% across 2 companies.
Across the universe as a whole, agricultural companies trade at a median 13.6% 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 | (21.2%) | 15 |
| Equipment & Tech | (1.3%) | 13 |
| Downstream Food | 5.6% | 17 |
| Trading & Processing | 21.6% | 15 |
| Upstream Production | 56.6% | 30 |
1 level(s) with a single benchmark-matched constituent omitted.
# By country
| Country | Premium / (discount) | Constituents |
|---|---|---|
| Germany | (16.1%) | 8 |
| Canada | (5.6%) | 4 |
| Switzerland | (4.8%) | 4 |
| USA | 0.9% | 35 |
| China/HK | 12.2% | 13 |
| UK | 13.4% | 4 |
| Brazil | 67.2% | 7 |
| Australia | 88.6% | 9 |
| Norway | 453.2% | 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 | (61.7%) | 2 |
| Production - Tea Estates | (50.7%) | 3 |
| Crop Inputs - Fertilisers | (35.2%) | 8 |
| Production - Palm Oil Plantations | (13.3%) | 6 |
| Water & Resource Management | (13.1%) | 2 |
| Crop Inputs - Seeds & Biotech | (4.0%) | 4 |
| Packaged Food (Ag Exposure) | (1.1%) | 6 |
| Agricultural Infrastructure | 0.9% | 4 |
| Processing & Ingredients | 5.5% | 6 |
| Food & Protein Processors | 10.1% | 11 |
| Production - Fresh Produce & Citrus | 10.9% | 4 |
| Agricultural Machinery & Equipment | 17.8% | 5 |
| Animal Nutrition & Feed | 34.5% | 4 |
| Production - Wine & Viticulture | 40.4% | 3 |
| Crop Inputs - Crop Protection | 47.0% | 3 |
| Agricultural Trading & Merchandising | 60.0% | 5 |
| Production - Sugarcane & Ethanol | 60.4% | 4 |
| Production - Row Crops & Livestock | 251.9% | 4 |
| Agricultural Technology | 285.9% | 2 |
| 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. | ||
| Upstream Production | 9.2% | 5.4% | (5.8%) | 1.0% | 8.4% |
| Ag Finance | 1.3% | 8.4% | (3.4%) | 7.2% | 4.0% |
| DAA GP | 0.8% | 12.6% | 5.0% | 6.3% | 9.5% |
| DAA Equal | (2.7%) | 2.6% | 2.9% | 8.5% | 13.0% |
| Trading & Processing | (3.0%) | (1.4%) | (0.4%) | 4.4% | 8.0% |
| DAA Cap | (3.7%) | 1.4% | 0.3% | 5.4% | 8.2% |
| Crop Inputs | (6.1%) | 13.5% | 2.9% | 7.4% | 9.8% |
| Equipment & Tech | (6.8%) | (5.7%) | 5.1% | 12.8% | 13.8% |
| Downstream Food | (7.3%) | (4.4%) | 0.1% | 4.9% | 9.0% |
| S&P 500 | 4.1% | 13.5% | 12.4% | 15.5% | 10.8% |
| MSCI ACWI (global) | 2.6% | 13.1% | 10.4% | 12.7% | 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 2026-09-30. 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.
