Earnings PotentialThe update re-establishes BG as the name to own in Agribusiness coverage as the shares do not reflect BG's EPS potential driven by Viterra, improving underlying fundamentals, and superior footprint/execution.
Guidance UpdateUpdated guidance for 2025 is well above expectations, indicating a strong future performance for Bunge.
Operational ExecutionViterra dilution fears prove overblown as guidance demonstrates the benefits of BG's superior operational execution and global footprint.