Summary
- Bioceres is a commercializer of inputs for agriculture and the licensee of patents for drought-resistant wheat and soy varieties.
- The company has a profitable segment financing its unprofitable growth segments.
- Although the strategy is valid, I believe BIOX's management pursues growth too aggressively.
- This has led to debt and dilution for shareholders and sometimes promotional behavior from management.
- I do not believe that BIOX's future opportunities (far away and uncertain) justify its current valuation.
For further details see:
Bioceres Is Expensive And Diluting Its Shareholders