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    Bunge Global SA (BG)

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    Business Description

    Bunge Global SA is a leading global agribusiness and food company with integrated operations that span from farmer to consumer . The company operates through four main segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy . Bunge Global SA is involved in purchasing, storing, transporting, processing, and selling agricultural commodities like oilseeds and grains, as well as producing and selling edible oil products . The company's operations are geographically diverse, with significant activities in North and South America, Europe, and Asia-Pacific .

    1. Agribusiness - Involves purchasing, storing, transporting, processing, and selling agricultural commodities like oilseeds and grains.
    2. Refined and Specialty Oils - Produces and sells edible oil products.
    3. Milling - Processes wheat and corn into milled products.
    4. Sugar and Bioenergy - Comprises Bunge's 50% interest in BP Bunge Bioenergia.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Gregory HeckmanChief Executive OfficerJanuary 2019Gregory Heckman has over 30 years of experience in the agriculture, energy, and food processing industries. He was previously CEO of The Gavilon Group and held leadership roles at ConAgra Foods .
    Aaron BuettnerPresident, Food SolutionsJanuary 1, 2022Aaron Buettner joined Bunge in 2015 and has held various roles, including President of Bunge Loders Croklaan. He previously worked at Cargill for 19 years in various leadership roles .
    Robert CovielloChief Sustainability Officer and Government AffairsMay 2019Robert Coviello joined Bunge in 2003 and has held various commercial leadership positions. He previously worked in trading roles at Cargill and serves on the Board of Directors of Lamb Weston .
    Christos DimopoulosCo-President, AgribusinessMay 2022Christos Dimopoulos joined Bunge in 2004 as a grain trader and has held various roles of increasing responsibility. He previously worked with Tradigrain and Intrade Risk Management .
    Julio GarrosCo-President, AgribusinessMay 2022Julio Garros joined Bunge in 2002 as a Financial Analyst and has held various roles in finance, commercial, and business development. He previously worked for PriceWaterhouseCoopers and Argentina’s Foreign Affairs Office .
    Debra KingChief Technology OfficerDecember 2022Debra King was previously the Chief Information Officer at Corteva and spent 15 years at Pfizer in various IT leadership roles .
    Pierre MaugerChief Transformation OfficerMay 2019Pierre Mauger joined Bunge in 2013 as Chief Development Officer. He was previously a partner at McKinsey & Company and worked as an auditor at Nestlé and KPMG .
    John NepplChief Financial OfficerMay 2019John Neppl was previously the CFO at Green Plains Inc. and The Gavilon Group, LLC. He has held senior financial management roles at ConAgra Foods and began his career as an auditor with Deloitte & Touche .
    Joseph PodwikaChief Legal Officer and Assistant SecretaryNovember 2019Joseph Podwika was previously Executive Vice President and Chief Legal Officer at Nutrien Ltd. and held senior legal positions at PotashCorp and International Paper Company .
    Kellie SearsChief Human Resources OfficerJanuary 2023Kellie Sears was previously the Chief Human Resources Officer at BeautyHealth and Asklepios BioPharmaceutical, Inc. She also worked at Allergan and Pfizer in various leadership roles .
    Robert WagnerChief Risk OfficerJune 2019Robert Wagner was previously Chief Risk Officer at Tricon International, Ltd. and COFCO Agri Ltd. He also held the position of Chief Risk Officer for The Gavilon Group, LLC .
    Ruth Ann WisenerVice President, Investor RelationsMarch 2019Ruth Ann Wisener held leadership positions in legal, finance, and commercial roles at Tyson Foods and ADM before joining Bunge .
    Mark ZenukChair of the Board2023Mark Zenuk has been a director since 2018 and is an independent director under NYSE standards. He is also the Chair of the Enterprise Risk Management Committee and has extensive experience in agribusiness investment .
    Bernardo HeesMember of the Human Resources and Compensation Committee2019Bernardo Hees has served as CEO of The Kraft Heinz Company, H.J. Heinz Company, and Burger King Worldwide Holdings, Inc. He was a partner at 3G Capital and is currently Executive Chairman of Avis Budget Group, Inc. .
    Kenneth SimrilMember of the Human Resources and Compensation Committee2021Kenneth Simril was the President and CEO of Fleischmann's Ingredients and held senior roles at Clipper Corporation and ClearPath Networks Inc. He has experience in finance and engineering roles with Mobil Oil and Exxon Mobil .
    Henry "Jay" WinshipMember of the Human Resources and Compensation Committee2018Henry "Jay" Winship is the Founder and Managing Member of Pacific Point Capital, LLC. He has over 25 years of experience in institutional investment and financial management and is a CPA and CFA .

    Questions to Ask Management

    1. Given the limited visibility and liquidity in Q3 and Q4, especially with customers and farmers being slow to buy or sell, how are you addressing the challenges in forecasting and securing margins for these crucial quarters, and what strategies are in place to mitigate the risks associated with this uncertainty?

    2. You mentioned that divesting your interest in the sugar & bioenergy joint venture in Brazil allows you to focus on core businesses; can you elaborate on why this business is no longer aligned with your long-term strategy and how this divestment will impact your overall portfolio and future earnings?

    3. With the ongoing integration planning for the Viterra transaction adding strain to both teams during a challenging external environment, how confident are you in realizing the anticipated benefits of the merger, and what measures are being taken to ensure a smooth integration despite regulatory hurdles?

    4. Despite overperforming in the first half and improved gross margins leading you to raise the full-year adjusted EPS guidance to approximately $9.25, why does the guidance appear conservative given the current crush margin environment, and what factors are causing caution about the second half, particularly Q4?

    5. The refined products segment continues to exceed expectations due to both fuel and edible oil demand and benefits from tighter cocoa butter supply; how sustainable is this outperformance, and what steps are you taking to capitalize on these market conditions while mitigating potential risks?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateJune 12, 2023
    End Date/DurationIndefinite
    Total additional amount$1.7 billion
    Remaining authorization$800 million
    DetailsExpanded existing program by $1.7 billion, resulting in an aggregate unutilized capacity of $2.0 billion.

    Debt Maturity Schedule

    YearAmount Due (US$ in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024755 Short-term Debt (Bank Borrowings)13.28 12.2% = (755 / 6195) * 100
    2025663 Current Portion of Long-term Debt (1.63% Senior Notes)1.63 10.7% = (663 / 6195) * 100
    2025599 Long-term Debt (1.63% Senior Notes)1.63 9.7% = (599 / 6195) * 100
    2026699 Long-term Debt (3.25% Senior Notes)3.25 11.3% = (699 / 6195) * 100
    2027848 Long-term Debt (3.75% Senior Notes + Term Loan)3.75 13.7% = (848 / 6195) * 100
    2028647 Long-term Debt (4.10% Senior Notes + Term Loan)4.10 10.4% = (647 / 6195) * 100
    2029792 Long-term Debt (4.20% Senior Notes)4.20 12.8% = (792 / 6195) * 100
    2031992 Long-term Debt (2.75% Senior Notes)2.75 16.0% = (992 / 6195) * 100
    2034790 Long-term Debt (4.65% Senior Notes)4.65 12.8% = (790 / 6195) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Archer Daniels Midland Co. (ADM) - Major competitor in Agribusiness and Refined and Specialty Oils segments .
    • Cargill Incorporated (Cargill) - Major competitor in Agribusiness, Refined and Specialty Oils, and North American corn milling .
    • Louis Dreyfus Group (Louis Dreyfus) - Major competitor in Agribusiness .
    • Glencore - Competitor in Agribusiness .
    • Wilmar International Limited (Wilmar) - Competitor in Agribusiness and Refined and Specialty Oils segments .
    • COFCO International (COFCO) - Competitor in Agribusiness .
    • AAK AB - Competitor in Refined and Specialty Oils segment .
    • Fuji Oil Co. Ltd. - Competitor in Refined and Specialty Oils segment .
    • M. Dias Branco - Major competitor in Brazil's wheat milling .
    • J. Macedo - Major competitor in Brazil's wheat milling .
    • Moinho Anaconda - Major competitor in Brazil's wheat milling .
    • Grande Moinho Cearense - Major competitor in Brazil's wheat milling .
    • Didion Inc. - Competitor in North American corn milling .
    • SEMO Milling, LLC - Competitor in North American corn milling .
    • Life Line Foods, LLC - Competitor in North American corn milling .
    • Gruma S.A.B. de C.V. - Competitor in North American corn milling .
    • Cosan Limited/Raizen - Major competitor in Brazilian sugar and ethanol production .
    • São Martinho S.A. - Major competitor in Brazilian sugar and ethanol production .
    • Biosev (a subsidiary of Louis Dreyfus) - Major competitor in Brazilian sugar and ethanol production .
    • British Sugar PLC - Major international competitor in sugar production .
    • Südzucker AG - Major international competitor in sugar production .
    • Tereos S.A. - Major international competitor in sugar production .
    • Sucden S.A. - Major international competitor in sugar production .
    • ED&F Man Limited - Major international competitor in sugar production .

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2002 PresentCurrent auditor

    Latest news

    Recent developments and announcements about BG.

    Financial Actions

      Debt Issuance

      ·
      Dec 5, 2024, 10:09 PM

      Bunge Global SA has recently amended its existing trade receivables securitization program. This amendment, known as the Twenty-Seventh Amendment to the Receivables Transfer Agreement, was executed on December 3, 2024. The amendment extends the termination date of the agreement by an additional 364 days, now set to end on December 16, 2025. This extension is part of Bunge's strategy to manage its financial obligations and liquidity more effectively. The securitization program involves Bunge selling its trade receivables to a special purpose vehicle, which in turn issues securities backed by these receivables to investors. This arrangement helps Bunge to improve its cash flow and reduce balance sheet liabilities. The amendment does not change other terms and conditions of the securitization program, which includes customary representations, warranties, and covenants .