Adecoagro SA (AGRO) is undervalued and Brasilagro Companhia Brasileira De Propriedade Agricola ADR (LND) is undervalued.
Against our estimates of intrinsic value, LND trades at the wider discount: a margin of safety of +35%, against +28% for AGRO.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 6.9% (average of 2 methods) values the shares at $13.33; the price of $9.64 is 28% below that value.
Leak Score 36/100 on 11 of 12 signals
Discounting its cash flows at 8.4% (average of 2 methods) values the shares at $5.69; the price of $3.68 is 35% below that value, and 78% of that value comes from beyond year five.
Leak Score 47/100 on 11 of 12 signals
| Metric | AGRO | LND |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $9.64 | $3.68 |
| Intrinsic value | $13.33 | $5.69 |
| Margin of safety | +28% | +35% |
| Leak Score | 36/100 (11/12) | 47/100 (11/12) |
| Market cap | $1.4B | $365M |
| Revenue growth, 5 years | 12.1% | 7.2% |
| Operating margin | 1.9% | -0.4% |
| Net margin | 3.1% | -10.0% |
| Return on equity | 3.2% | -4.3% |
| Debt to equity | 1.34 | 0.71 |
| P/E | 29.9x | — |
| Forward P/E | 8.0x | — |
| P/B | 0.8x | 0.9x |
| Dividend yield | 2.2% | 3.9% |