Core Insights - Bunge Global SA has a market capitalization of $18.2 billion and operates in four major segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy [1] Performance Overview - Over the past 52 weeks, Bunge's stock has increased by 3.7%, underperforming the S&P 500 Index, which gained 13.7%. However, year-to-date, Bunge's shares have risen by 20.9%, outperforming the S&P 500's 13.4% increase [2] - Bunge's shares have also outperformed the Consumer Staples Select Sector SPDR Fund, which saw a nearly 4% decline over the same period [3] Financial Results - On November 5, Bunge's Q3 2025 adjusted EPS was reported at $2.27, exceeding expectations. The acquisition of Viterra significantly boosted volumes, leading to a 67% increase in soy processing and refining profit, more than doubling softseed processing profit, and a 56% profit increase in grain merchandising and milling [4] - For the fiscal year ending December 2025, analysts project an 18.5% year-over-year decline in adjusted EPS to $7.49. Bunge has a mixed earnings surprise history, beating consensus estimates in three of the last four quarters [5] Analyst Ratings - Among nine analysts covering Bunge, the consensus rating is a "Strong Buy," with seven "Strong Buy" ratings and two "Holds" [5] - J.P. Morgan analyst Thomas Palmer maintained a "Buy" rating on Bunge and reaffirmed a price target of $109. The mean price target of $103.78 indicates a 10.4% premium to the current price, while the highest target of $120 suggests a potential upside of 27.7% [6]

Core Insights - FMC Corporation (NYSE:FMC) has been included among the 15 stocks with the highest dividend potential for investment [1] Financial Performance - In Q3 2025, FMC reported revenue of $542 million, a significant decline of 49% year-over-year, primarily due to one-time commercial actions in India as the company prepared for a business sale [3] - The company projects full-year revenue between $3.92 billion and $4.02 billion, reflecting a 7% decrease at the midpoint compared to 2024 [3] - Adjusted EBITDA is forecasted to be between $830 million and $870 million, indicating a 6% decline versus the previous year at the midpoint [3] Dividend and Financial Strategy - FMC has reduced its quarterly dividend to $0.08 per share from $0.58, a strategic move aimed at strengthening the balance sheet and addressing a net debt exceeding $4 billion [4] - The company views this dividend cut as a necessary step to stabilize its finances, despite the potential to deter yield-focused investors [4] Analyst Ratings - Barclays has maintained an Equal Weight rating on FMC while lowering the price target from $22 to $16, citing softer Q4 demand due to deferred purchases amid high prices [2] - The analyst noted that some of the demand weakness may be partially offset by a strong US harvest [2]

Core Insights - Tejon Ranch Company is undergoing a strategic transformation under new leadership, focusing on improving capital allocation and enhancing shareholder value [1][3][53] - The company controls 270,000 acres of strategically located land, which is positioned to benefit from California's economic activities between the Central Valley and Los Angeles [6][4] - Tejon Ranch aims to address California's housing crisis through its master planned communities, which have the potential to create 35,000 homes and thousands of jobs [6][5] Company Overview - Tejon Ranch Company is a diversified real estate development and agriculture company with significant land holdings in California [65] - The company has a history of generating cash flow from its commercial and industrial developments, particularly through the Tejon Ranch Commerce Center (TRCC) [6][5] Leadership and Strategy - The new CEO, Matthew Walker, emphasizes a disciplined approach to capital allocation, prioritizing investments that generate sustainable cash flow [10][19] - The company is committed to enhancing transparency and communication with shareholders, including improved financial reporting [47][53] Financial Performance and Metrics - Tejon Ranch has established internal hurdle rates for capital allocation, aiming for a 12% unleveraged internal rate of return (IRR) and 7% yield on cost [13][11] - The company plans to enhance its earnings releases with supplemental financial information to better reflect performance metrics like Adjusted EBITDA [14][47] Growth Opportunities - The company is exploring new revenue sources, including utilities, energy, and land monetization, to diversify its income streams [24][29] - Tejon Ranch is focused on optimizing its existing operations, particularly in TRCC, to drive revenue growth [22][23] Cost Management - The company has implemented cost-saving measures, including a workforce reduction that is expected to save over $2 million annually [33][36] - Ongoing efforts to reduce overhead costs are aimed at improving operating margins and overall financial performance [36][33] Governance and Shareholder Engagement - Tejon Ranch is committed to improving governance practices and enhancing shareholder communication, including the potential for special meetings and board size reduction [44][45] - The company is focused on aligning executive compensation with shareholder interests to foster accountability [46][47] Future Outlook - The company has outlined specific milestones for the next 18 months, including enhanced financial reporting and updates on key projects like Grapevine and Mountain Village [52][50] - Tejon Ranch aims to demonstrate material improvements in Adjusted EBITDA and new revenue streams by the end of 2026 [54][55]

Core Insights - Alico, Inc. will participate in the Stephens Annual Investment Conference from November 18-20, 2025, with CEO John Kiernan available for investor meetings on November 19, 2025 [1] Company Overview - Alico, Inc. is a Florida-based agribusiness and land management company with over 125 years of experience [2] - Following a strategic transformation in 2025, Alico operates as a diversified land company with approximately 50,550 acres across 8 Florida counties [2] - The company focuses on strategic land development opportunities and diversified agricultural operations, aiming to create long-term shareholder value while committing to responsible land stewardship and conservation [2]

Core Viewpoint - Alico, Inc. will release its financial results for the fourth quarter and full year ended September 30, 2025, on November 24, 2025, after market close [1] Financial Results Announcement - The financial results will be discussed in a conference call on November 25, 2025, at 8:30 am Eastern Time [2] - Interested parties can join the call by dialing specific numbers for the United States and international participants [2] Replay Information - A telephone replay of the conference call will be available approximately three hours after the call concludes, lasting until December 9, 2025 [3] Company Overview - Alico, Inc. is a Florida-based agribusiness and land management company with over 125 years of experience [4] - The company operates approximately 50,550 acres across 8 Florida counties, focusing on strategic land development and diversified agricultural operations [4] - Alico aims to create long-term shareholder value while maintaining a commitment to responsible land stewardship and conservation [4]

Investment Rating - The report indicates a strong investment opportunity in Brazil's environmental sectors, particularly in climate and biodiversity solutions, positioning Brazil as a leader in these areas [4][15][64]. Core Insights - Brazil is seen as a decisive vector for climate solutions, with significant potential for catalytic investments to bridge the climate finance gap in Latin America [27][30]. - The Brazilian Amazon rainforest is critical for climate stability, providing essential ecosystem services and opportunities for innovative financial conservation strategies [17][69]. - The integration of climate, communities, and biodiversity is essential for strengthening the resilience of the Amazon rainforest, with investments in nature viewed as a long-term strategic asset [64][66]. Summary by Sections Introduction - Citi Research hosted an event in São Paulo to discuss challenges and opportunities related to climate and biodiversity with various stakeholders [13][14]. What Really Reduces Deforestation? - Effective deforestation control requires a market-based approach, emphasizing the need for well-defined property rights in the Amazon region [21][23]. - A carbon price of US$25 per ton could incentivize communities to preserve forests and regenerate degraded lands [25]. LatAm: A Decisive Vector for Climate Solutions - The report highlights the investment opportunities in Latin America to mobilize capital at scale for climate solutions [27][28]. - Domestic investors in Brazil are focused on creating innovative products that yield positive socio-environmental outcomes while achieving financial returns [29]. Biogas, Biomethane and Organo-mineral Fertilizer - Tupy's bio plant project exemplifies a successful partnership in renewable fuel production, transforming pig waste into biogas and organo-mineral fertilizer [33][36]. Tackling Beef Traceability - Minerva Foods has achieved 100% geospatial monitoring of direct-supplier farms in Brazil, addressing traceability challenges in the beef supply chain [39][40]. Agriculture 3.0 and BE8 Energy Panels - Brazil's agricultural sector has evolved significantly, with a focus on sustainability and efficiency, conserving approximately 324 million hectares from agricultural conversion [44][46]. Investing in Nature: Climate Impact through Carbon Ratings - The Brazilian Greenhouse Gas Emissions Trading System (SBCE) presents a major opportunity for Brazil to enhance its climate targets and stimulate domestic demand for carbon credits [60][62]. Beyond Carbon with High Integrity Forest Conservation - High integrity forest conservation initiatives can deliver benefits beyond carbon offsetting, integrating climate, communities, and biodiversity [64][66]. Looking to COP30 Belém - The upcoming COP30 in Belém is anticipated to focus on the Amazon rainforest's role in climate stability and the need for market instruments to achieve environmental and economic outcomes [69][71].

Group 1 - Archer-Daniels-Midland Company (ADM) has been added to the Zacks Rank 5 (Strong Sell) List due to a 13% downward revision in the consensus estimate for its current year earnings over the last 60 days [1] - Associated British Foods plc (ASBFY) is also on the Zacks Rank 5 (Strong Sell) List, with a 22.2% downward revision in the consensus estimate for its current year earnings over the last 60 days [1] - Burford Capital Limited (BUR) has seen a 20.7% downward revision in the consensus estimate for its current year earnings over the last 60 days, leading to its inclusion in the Zacks Rank 5 (Strong Sell) List [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic soybean purchase and shipping profit is poor, the domestic market valuation is low. With the expectation of China's purchase of US soybeans, the import cost is expected to rise, and the futures market is expected to rebound to repair the crushing profit, showing a volatile and strong trend. However, the expected loose global soybean supply pattern limits the rebound height of the futures market. Attention should be paid to the subsequent Sino - US policies, USDA report adjustments, and the driving evolution brought by South American weather changes [9]. 3. Summary by Relevant Catalogs 3.1 Basis and Spread Data - **43% Soybean Meal Spot Basis**: On November 6th, the basis in Dalian was 82, up 55; in Tianjin it was 12, up 25; in Rizhao it was - 8, up 45; in Zhangjiagang it was - 8, up 35; in Dongguan it was - 48, up 25; in Zhanjiang it was - 18, up 35; in Fangcheng it was - 28, up 25 [6]. - **Rapeseed Meal Spot Basis**: In Guangdong, it was 76, down 34 on November 6th [6]. - **Soybean Meal - Rapeseed Meal Spread**: The spot spread in Guangdong was 519, down 17; the futures spread of the main contract was 457, up 45 [7]. 3.2 Supply Situation - **US Soybeans**: The USDA currently estimates the US soybean stock - to - consumption ratio for the 25/26 season at 6.9%, with the expected yield of 53.5 bushels per acre potentially being lowered and the export expectation having room for an upward adjustment. The US soybean supply - demand balance is expected to be tight [7]. - **Brazilian Soybeans**: As of October 25th, the Brazilian soybean sowing rate was 34.4%, compared to 21.1% last week, 37.7% in the same period last year, and a five - year average of 42.5%. The southern part of Rio Grande do Sul in Brazil is expected to be relatively dry, and attention should be paid to the impact of the La Nina weather pattern [8]. - **Domestic Supply**: In November, domestic soybean meal is expected to start destocking, but the domestic soybean meal supply in the fourth quarter is still expected to be loose. The far - month purchase and shipping progress is slow [9]. 3.3 Demand Situation - **Livestock and Poultry**: In the short term, livestock and poultry are expected to maintain high inventory levels, and the capacity reduction is not obvious, which supports feed demand. However, the current breeding profit is in a loss state, and national policies tend to control the inventory and weight of pigs, which may affect the far - month supply [9]. - **Downstream Transactions**: Recently, the downstream transactions of soybean meal have been cautious, but the pick - up performance has been good [9]. 3.4 Inventory Situation - **Soybean and Soybean Meal**: Domestic soybean and soybean meal inventories are at historical highs, and it is expected that the inventory will start to decline in November. The number of days of soybean meal inventory for feed enterprises has dropped to a low level [9].

Core Insights - Tejon Ranch Company reported a strong third quarter in 2025, with a net income of $1.7 million, a significant improvement from a net loss of $1.8 million in the same quarter of 2024, reflecting a positive change of $3.5 million [7][8] - The farming segment showed notable growth, with revenues increasing by 34% to $4.3 million compared to $3.2 million in the third quarter of 2024, contributing to the overall recovery in year-to-date earnings [3][7] - The company implemented a 20% workforce reduction, expected to yield annual savings of $2 million, as part of a broader strategy to optimize costs and enhance cash generation from existing assets [4][8] Financial Performance - For the third quarter of 2025, total revenues were $14.7 million, slightly up from $14.6 million in the same period last year, indicating stable performance [7] - Adjusted EBITDA for the third quarter was $5.3 million, down from $5.6 million in the prior year, reflecting ongoing operational adjustments [7][10] - Year-to-date revenues for the first nine months of 2025 totaled $35.4 million, an increase from $33.2 million in the same period of 2024, driven by strong performance in the real estate and farming segments [13] Operational Highlights - The TRCC industrial portfolio is fully leased, comprising 2.8 million square feet of gross leasable area, while the commercial/retail portfolio is 95% occupied [14] - The Terra Vista residential community is progressing well, with 55% of the 180 delivered units leased as of September 30, 2025 [14] - The company anticipates organic growth in traffic and activity due to the upcoming opening of the Hard Rock Tejon Casino, which is expected to enhance overall results [5][6] Strategic Outlook - Tejon Ranch plans to continue pursuing strategic commercial and industrial development, as well as residential projects, with a focus on achieving critical planning milestones [16] - The company acknowledges the regulatory challenges in California that may lead to fluctuations in net income due to the timing of land sales and leasing activities [17] - Water sales opportunities in 2025 are expected to be influenced by hydrologic conditions and state water project allocations, with current allocations at 50% of contract amounts [18]

Financial Data and Key Metrics Changes - The reported third quarter earnings per share (EPS) was $0.86 compared to $1.56 in the third quarter of 2024, reflecting a significant decline [10] - Adjusted EPS was $2.27 in the third quarter versus $2.29 in the prior year, indicating a slight decrease [10] - Adjusted segment earnings before interest and taxes (EBIT) was $924 million in the quarter compared to $559 million last year, showing strong operational performance [10] Business Line Data and Key Metrics Changes - Soybean processing and refining results improved across all regions due to higher margins and the addition of Viterra's South American assets [10] - Softseed processing and refining results were driven by higher average margins and the addition of Viterra's softseed capabilities [11] - Grain merchandising and milling saw higher results in wheat milling and ocean freight, partially offset by lower results in global wheat and corn merchandising [12] Market Data and Key Metrics Changes - In North America, higher processing results were offset by lower results in refining, while in South America, results were higher in processing and refining [10][11] - European processing results improved, particularly in biodiesel, while refining results were slightly down [11] - The overall market remains characterized by macro trade and biofuel policy uncertainty, affecting farmer and consumer behavior [21] Company Strategy and Development Direction - The company is focused on integrating the Viterra transaction and leveraging the combined platform to enhance operational efficiency and market responsiveness [4][6] - The strategic alignment along the end-to-end value chain operating model aims to improve agility, transparency, and collaboration across various segments [4][6] - The company anticipates capturing significant synergies from the integration, with a focus on optimizing logistics and enhancing market positioning [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a complex operating environment, emphasizing the importance of flexibility in adapting to shifting trade flows [21][22] - The company expects full year 2025 adjusted EPS in the range of $7.30-$7.60, reflecting ongoing macroeconomic uncertainties [19][20] - Management highlighted the potential for improved margins and demand in the biofuel sector, contingent on favorable policy developments [48][49] Other Important Information - The company generated approximately $1.2 billion of adjusted funds from operations year-to-date, with significant discretionary cash flow available for dividends and capital expenditures [15] - The adjusted leverage ratio was 2.2x at the end of the third quarter, indicating a manageable debt level relative to earnings [17] - The company has committed credit facilities of approximately $9.7 billion, providing ample liquidity for ongoing capital needs [17] Q&A Session Summary Question: Clarity on biofuel policy and soybean oil margins - Management expects clarity on the Renewable Volume Obligation (RVO) by year-end or early next year, with potential improvements in soybean oil margins anticipated in early 2026 [25][27] Question: Stability of earnings in the new grain business - The combined grain business is expected to offer more stability in earnings due to enhanced storage capabilities and improved origination connections [28][30] Question: Impact of Viterra on EPS and EBIT - Viterra's integration is expected to be mildly dilutive to EPS for the year, but early indications show strong contributions from both legacy Bunge and Viterra operations [36][38] Question: Synergy capture timeline - Significant synergy benefits are expected to materialize in 2026, with some initial benefits anticipated by the end of 2025 [39][40] Question: Opportunities and risks in Argentina - The company is optimistic about the improved macro environment in Argentina post-election, benefiting from a more balanced global footprint [79] Question: Supply and demand dynamics in Australia - A large crop is expected in Australia, with opportunities for increased exports and competitive positioning in global markets [86][88] Question: Capital projects and future investments - The company does not foresee large capital projects post-2026, focusing instead on operational improvements and strategic opportunities [94][95]