Andersons, Inc.

Industrials
Farming/Seeds/Milling
www.andersonsinc.com

Earnings Score
Moat Score
Safety Score

Market Cap $1.58B
PE 13
Debt $570.29M
Cash $454.07M
EV $1.70B
FCF $178.40M

Earnings

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Sales & Net Margins

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Earnings	$120.11M
EBIT	$225.27M
ROE	8%
ROA	7%
FCF	$178.40M
Equity	$1.52B
Growth Stability	-43%
PE	13.15
PEG	0.42
PB	1.04
P/FCF	8.85
P/S	0.14
Price/Cash	0.29
Debt/Equity	0.37
Debt/FCF	3.2
Net Margins	1%
Gross Margins	6%
Op. Margins	2%
Earnings CAGR	13%
Sales Growth YoY	-28%
Sales Growth QoQ	-6%
Sales CAGR	72%
FCF CAGR	14%
Equity CAGR	9%
Earnings Stability	0.3
Earnings Growth YoY	4%
Earnings Growth QoQ	-24%
Earnings CAGR 5Y	31%

Sales CAGR 5Y	16%
FCF CAGR 5Y	20%
Equity CAGR 5Y	7%
Earnings CAGR 3Y	-5%
Sales CAGR 3Y	-5%
FCF CAGR 3Y	-10%
Equity CAGR 3Y	5%
Market Cap	$1.58B
Revenue	$11.35B
Dividend Yield	2%
Payout Ratio	22%
Assets	$3.39B
Total Debt	$570.29M
Cash	$454.07M
Shares Outstanding	33.95M
EV	1.7B
Earnings Score	17%
Moat Score	70%
Safety Score	60%
Final Score	49%
Working Capital	1.15B
Current Ratio	1.98
Gross Profit	$698.53M
Shares Growth 3y	0%
Equity Growth QoQ	0%
Equity Growth YoY	5%

Assets & ROA

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Stockholders Equity & ROE

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Andersons Inc is an agriculture company that conducts business in North America. Its operations are segmented into trade, ethanol, plant nutrient, and rail. The trade group operates grain elevators and generates income through buying and selling grains, fuel, and space leasing. The trade group contributes over half the company's revenue. The ethanol segment buys and sells corn oil and ethanol, offers facility operations, and invests in ethanol plants. The plant nutrient group manufactures, distributes, and sells fertilizer and plant nutrients. The company's rail segment leases, repairs, and sells railway facilities.

SEC Filings

Direct access to Andersons, Inc. (ANDE) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Andersons, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Andersons, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 13%

Stability 30%

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Andersons, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Andersons, Inc..

Years

Calculation mode

= $4.7B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$178M	$203M	$232M	$264M	$301M	$343M	$391M	$445M	$507M	$578M	$659M	$6.6B
DCF		$185M	$191M	$198M	$205M	$213M	$221M	$228M	$237M	$245M	$254M	$2.5B
Value	$4.7B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	2K%	-240%	0%	1%	1%	0%	-0%	1%	1%	1%	1%
ROA	-	-0%	1%	-1%	2%	1%	-1%	4%	4%	4%	7%
ROE	-	-2%	1%	5%	5%	1%	-1%	8%	9%	7%	8%

Bad Net Margins (0.85%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	5.68	-11.65	11.62	-4.06	6.34	-8.71	-8.69	4.28	0.76	3.2
Debt over Equity	0.46	0.59	0.56	0.57	0.82	0.97	1.14	0.84	0.54	0.4	0.37
Growth Stability	-	-	-	100%	100%	47%	-43%	100%	100%	100%	-43%

Neutral Debt/FCF ratio (3.2)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.37)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-43%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-12%	72K%	-6%	-17%	168%	0%	54%	37%	-15%	16%
Earnings YoY growth	-	-112%	-188%	267%	-3%	-63%	-194%	-832%	26%	-23%	31%
Equity YoY growth	-	-5%	1%	4%	7%	36%	-3%	13%	9%	6%	7%
FCF YoY growth	-	-217%	-147%	-207%	-538%	-203%	-183%	-16%	-241%	345%	20%