Is Adecoagro SA overvalued or undervalued?

As of 3 October 2025, the valuation grade for Adecoagro SA has moved from expensive to attractive, indicating a shift in its perceived value. The company appears to be undervalued, particularly when considering its Price to Book Value of 0.70, which is significantly lower than the industry average, and an EV to EBITDA ratio of 9.26, suggesting it is trading at a reasonable multiple relative to its earnings before interest, taxes, depreciation, and amortization. Additionally, the P/E ratio stands at 22, which, while higher than some peers, reflects a potential for growth given the company's attractive valuation grade.
In comparison to its peers, Adecoagro SA's P/E ratio is notably higher than Cal-Maine Foods, Inc. at 6.80 and Pilgrim's Pride Corp. at 8.20, both of which are also considered attractive. However, Adecoagro's EV to EBITDA ratio of 9.26 is more favorable than Seaboard Corp.'s 7.30, which is classified as very expensive. Despite recent underperformance, with a 1Y return of -30.45% compared to the S&P 500's 17.82%, the company's attractive valuation suggests potential for recovery and growth moving forward.