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 perception towards the stock's value. Based on the analysis, Adecoagro SA appears to be undervalued, especially when considering key ratios such as a P/E ratio of 22, a Price to Book Value of 0.70, and an EV to EBITDA of 9.26.
In comparison to peers, Adecoagro SA's P/E ratio is significantly higher than Pilgrim's Pride Corp. at 8.20 and Cal-Maine Foods, Inc. at 6.80, suggesting that while Adecoagro is considered attractive, it is still trading at a premium relative to these competitors. Notably, the company's recent stock performance has lagged behind the S&P 500, with a year-to-date return of -13.15% compared to the index's 13.31%, highlighting the potential for recovery as the valuation becomes more favorable.