Is Adecoagro SA overvalued or undervalued?

As of 19 September 2025, the valuation grade for Adecoagro SA has moved from expensive to attractive, indicating a shift in perceived value. The company appears undervalued based on its current metrics, particularly with a Price to Book Value of 0.70, an EV to EBITDA ratio of 9.26, and a P/E Ratio of 22. In comparison to peers, Pilgrim's Pride Corp. has a P/E of 8.20 and an EV to EBITDA of 5.77, while Cal-Maine Foods, Inc. shows a P/E of 6.80 and an EV to EBITDA of 4.23, both suggesting that Adecoagro SA is trading at a premium relative to these competitors.
Despite the attractive valuation, Adecoagro SA has underperformed against the S&P 500, with a year-to-date return of -16.22% compared to the index's 13.31%. This underperformance over various periods reinforces the notion that the stock may be undervalued, presenting a potential opportunity for investors.