ANDE - The Andersons: Reinvestment Runway Key With Low Multiple On Incremental Capital

2024-07-13 07:40:36 ET

Summary

• The Andersons, Inc. operates in trade, renewables, and nutrient & industrial industries across the US, Canada, and worldwide.
• Core operations produce varying sales and earnings performance in each segment.
• Despite recent improvements in earnings and ROICs, the stock appears fully priced at ~1x book capital due to its industry factors and business economics.

Investment Thesis

The Andersons, Inc., ( ANDE ), based in Ohio, operates in various industrial markets across the US Canada + worldwide. Established in 1947, the company’s core operations are organized into three segments: 1) trade, 2) renewables, and ) nutrient & industrial....

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