$ADM (-2,93%) 🟣 WATCH. Quality 65, Opportunity 35.
• Global grain oligopoly (ABCD): essential service, infrastructure-like cash flows.
• FCF covers the dividend 1.67x (cash payout ratio of 35.8%).
• Healthy debt: Debt/Equity 0.40, Net Debt/EBITDA negative (net cash).
• The SEC investigation into Nutrition has already been resolved.
Why not 🟢? P/E ratio ~22x and yield 2.57%: no margin of safety at the current price.
I’ll collect the dividend and wait for a better price.
