Accounting IrregularitiesLast year’s discovery of accounting irregularities, despite not having an impact on consolidated earnings, will continue to weigh on ADM’s multiple given the company’s muted accountability response.
Biodiesel Profit ImpactThe new credit should cut well over $100mn/yr in biodiesel profits compared to pre-2024 levels.
Nutrition Segment PerformanceNutrition continues to underperform expectations, and while it’s tough to gauge the segment’s normalized profitability, this figure increasingly looks far below the levels achieved in 2021-22.