Is Adecoagro SA overvalued or undervalued?

As of 8 September 2025, the valuation grade for Adecoagro SA has moved from attractive to expensive, indicating a shift towards overvaluation. The company appears overvalued based on its P/E ratio of 22, which is significantly higher than its peers such as Pilgrim's Pride Corp. with a P/E of 8.20 and Cal-Maine Foods, Inc. at 6.80. Additionally, Adecoagro's EV to EBITDA ratio stands at 9.26, while its EV to Capital Employed is 0.81, further suggesting that the company's valuation metrics do not align favorably with its industry counterparts.
In terms of performance, Adecoagro has underperformed relative to the S&P 500, with a year-to-date return of -14.63% compared to the index's 12.22%. This trend is consistent over multiple periods, including a 1-year return of -28.76% versus the S&P 500's 17.14%. Overall, Adecoagro SA is assessed as overvalued given its current metrics and performance relative to peers and the broader market.