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1、Explore M&A Activity,Capital Market Conditions and Current Trends for the Agribusiness Industry1H 2023AGRIBUSINESS REPORT720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.720.221.9220|SDRVENTURES.COMInvestment Banking and Securities O
2、ffered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 7|ISSUE 2AGRIBUSINESS REPORT2Established in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers transaction advisory,private capital formation and business consulting serv
3、ices across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR VenturesAGRIBUSINESS CONTACTSCONTENTSThe information con
4、tained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation of an offer to sell or buy any securities.Ben LuchowBen LuchowVice PresidentAgribusiness TAGRIBUSINESS 1H23:WHAT TO KNOW S
5、hortShort ofof a a plagueplague ofof grasshoppers,grasshoppers,itsits hardhard toto imagineimagine whatwhat elseelse thethe worldworld couldcould havehave thrownthrown atat thethe agriculturalagricultural sectorsector inin recentrecent monthsmonths.Heat,Heat,drought,drought,floods,floods,laborlabor
6、shortages,shortages,war,war,supplysupply chainchain bottlenecks,bottlenecks,andand birdbird fluflu.(Wait,(Wait,therethere waswas a a plagueplague ofof grasshoppersgrasshoppers.)AsAs a a resultresult ofof difficultdifficult conditions,conditions,a a moremore technical,technical,advancedadvanced metho
7、dmethod ofof farmingfarming regenerativeregenerative agricultureagriculture is is takingtaking holdhold andand winningwinning supportsupport fromfrom bigbig buyersbuyers.ThisThis couldcould potentiallypotentially reducereduce productionproduction costscosts whilewhile alsoalso beingbeing easiereasie
8、r onon thethe environmentenvironment.ModernModern farmingfarming is is wayway moremore thanthan a a horsehorse andand plowplow.AIAI andand highhigh techtech areare thethe newnew frontiersfrontiers withwith selfself-drivingdriving tractors,tractors,precisionprecision inputinput applications,applicati
9、ons,andand laserlaser-poweredpowered autonomousautonomous weedweed zapperszappers.AgribizAgribiz inin 20232023 is is FeelingFeeling thethe HeatHeat.A A LotLot ofof HeatHeat.ItsIts HotHot OutOut ThereThereFarmers and ranchers have a lot to overcome.Farmers get one crop a year and a whole bunch of thi
10、ngs must go correctly to turn a profit.Ranchers are subject to the whims of the weather and water.Raising poultry for eggs and meat involves lots of birds packed together with high vulnerability to everything from heat waves to any old virus that comes along.1The world in 2022 and 1H23 threw everyth
11、ing it had at agriculture,creating hard times for farmers and higher prices for consumers.When the farmer suffers,everybody suffers.Supply chain issues,global weather events,plant diseases,and bird flu conspired against agriculture,plus the war between two powerhouse grain and fertilizer producers,R
12、ussia and Ukraine.Drought has walloped western ranchers for years,but now the economic stress of finding and paying for hay,rising diesel,costs and equipment are forcing ranchers to cut back on herds,which of course will show up in prices at the grocery store.Florida and the South were able to dodge
13、 some issues but are now experiencing similar struggles.Two thirds of Florida has been stressed by drought,directly affecting cattle ranchers.Meanwhile,the states famed citrus industry,and its 32,000 jobs,are under steady assault from the long running“citrus greening”disease HLB and hurricanes that
14、flattened groves last year and wiped out some farmers entire crop.Floridas orange production in 2022 was down 60%from the previous year.Its smallest crop since the 1930s.A single hurricane,Ian,dealt a$247 million blow to the citrus industry and a$1 billion blow to Floridas overall agricultural econo
15、my.2,3,4,5,6 Coast to coast,scorching heat and dry conditions are punishing crops.Triple-digit days have become a headline story across the country.Add back-to-back droughts in Argentina and Europe,Russias determination to block grain shipments from Ukraine,emerging competition from Brazil,and farme
16、rs are sweating.But theres more:the looming threat of more weather disruptions from an emerging El Nio pattern.Even the president Ben PaddorBen PaddorAnalyst Agribusiness TEric BosveldEric BosveldSenior Advisor Agribusiness T1H 2023|VOL 8|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Sec
17、urities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 23of the Texas Farm Bureau is acknowledging that climate change is a thing.Cows are feeling too hot to eat,hiding under shady trees and sweating away their weight when they should be
18、grazing.Hogs are herded into air-conditioned barns amid 107-degree temperatures and poultry processors are resorting to high-tech fans and misters to help those chicks stay cool.7,8Then,of course,for those sweaty birds,we had another round of bird flu.Spread by migrating birds in the spring and fall
19、 of 2022,the avian influenza strain ripped through commercial U.S.poultry farms.This resulted in the death of 58 million birds and a production drop of 2 billion eggs(bad for farmers)and rocketing egg prices at stores and restaurants(bad for consumer).Its always something.9,10“If“If I I CanCan Chang
20、eChange andand YouYou CanCan Change,Change,EverybodyEverybody CanCan ChangeChange.”RobertRobert “Rocky”“Rocky”BalboaBalboaIf climate change is real and costing real money,maybe its time for a change.In 2023,were watching changing farming practices that may be better for the soil and the environment.
21、The worlds population is growing and climate events appear stacked against the farmer.“Regenerative farming”is a newer term that refers to accepting the need for change and adapting farming methods.It includes new techniques that reduce inputs,intermingle crops,adopt no-till or low-till farming for
22、improved soil health,planting cover crops,employing precision agriculture to reduce fertilizer and pest abatement,and ultimately working with the land rather than conquering it.11,12 If it sounds like some kind of new-age,altruistic gimmick,its prooving that its not.Nestl,not known for running a cha
23、rity,is embracing the new methods.The company is dedicating real money to help U.S.farmers adapt cultivation of some 100,000 acres this year to regenerative agriculture(RA)practices in partnership with agricultural giants ADM and Ardent Mills.If“environmentally friendly”had been simply lip service N
24、estl admits only about 7%of its key ingredients have been coming from farmers employing RA the international conglomerate says it is on track to hit its goal of 20%in less than two years and 50%by the end of the decade.A whole sector of private players appear ready to embrace RA.Its not an exact sci
25、ence and advocates are sort of building the plane as they fly it.Until now,there has been a knowledge gap in the industry.Farmers could produce a profit through traditional methods,and value chain drivers big buyers had no motive to push producers into the field.We believe,as much as anything,privat
26、e markets will drive adoption.This year Pepsico pledged to put$216 million into RA in concert with farming groups.Having faced criticism about not meeting its pledges of“net zero”production,the company is putting money behind those promises.Even Walmart,General Mills,and the company that makes every
27、thing,Unilever,are pushing RA.13,14,15,16 One rapidly developing area for inputs is“biologicals,”a broad group of products derived from naturally occurring microorganisms,plant extracts,beneficial insects,or other organic matter.In a recent survey,about one quarter of farmers in Canada and the U.S.r
28、eported using a biostimulant with success.Biostimulants are compounds and/or microorganisms that lead to both improved plant growth,stress tolerance,and productivity.They can be made from seaweeds,microorganisms such as fungi and bacteria,and animal proteins.All of which are considered more environm
29、entally friendly than synthetic chemicals.17,18,19 Nothing happens in a hurry on a farm.Crops grow as they grow.Same with RA and other AgTech initiatives.There is an adoption gap of sorts.But as start-ups pour into the sector with better software,better equipment,and efficient methods of production,
30、we believe there is opportunity in mergers and acquisitions as those now proven startups look to scale and promote adoption.Producers appear ready to engage and a level of governmental regulations may push adoption forward.Were watching Europes proposed Green Deal,focusing on a reduction of agricult
31、ural inputs and proposed changes to Canadas 2030 Emission Reduction Plan that could lower emissions from fertilizer application.Theres a lot going on in this space.One interesting AgTech company,Pivot Bio,is improving the microbiome by taking nitrogen from the air and making it available for plants.
32、Pivot Bio has generated$617 million over seven rounds of funding.Products are being developed and are working but maybe a combination of nasty weather,low water,government regulation,and corporate prodding is what the sector needed.The global RA market was valued at just under$9 billion by one estim
33、ate but in the next 10 years its expected to reach nearly$32 billion.Thats a compound annual growth rate(CAGR)of about 14%.Not a bad spot to be investing.20,21,221H 2023|VOL 8|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA an
34、d SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 2OldOld MacDonaldMacDonald HadHad a a FarmFarm:AI,AI,AIAI Oh!Oh!If were watching a high-tech revolution for the soil,were also watching todays emerging tech in machinery and farm and ranch management.In addition to finding a niche in farm efficie
35、ncy and environmental stewardship,robots are finding another way to help:farm and ranch labor.At least in the Western world,the labor problem is reaching a critical point.Its hard work and people dont want to do it.Robots are in the field hoeing,weeding,making furrows,seeding,and transporting.Artifi
36、cial Intelligence(AI)enabled devices can be attached to the back of a tractor with computer vision to precisely control blades,turning over soil and eliminating weeds without damaging crops.Looking to get even“greener”?How about an AI-driven weed eliminator powered entirely by solar and wind power?T
37、hats real,too.Were watching robotics agriculture,whether thats autonomous tractors,drones,livestock monitoring,or soil sensors.23,24,25,26 Robotic farm tools paired with sensors,AI,and machine learning can gather countless datapoints and use algorithms to maximize chemical inputs,water application,i
38、dentify potential disease outbreaks,and even analyze and predict weather patterns.As robotics are more widely adopted,created for niche applications and integrated with smarter technology,one analyst is forecasting a stunning 33%CAGR through this decade.Were watching increased activity and investmen
39、t in the field.Robotic herbicide sprayer Solinftec found such a demand for its Solix Sprayer product that the company had to build a website where farmers could get on a waiting list.Carbon Robotics created its“LaserWeeder”(which does exactly like it sounds,zaps weeds with lasers)and won an industry
40、 award for best AI application in agriculture.The gizmo reportedly can kill 99%of weeds at a rate of two acres per hour,5,000 weeds a minute.Not only is the farmer saving crops,he or she is saving money on herbicides and protecting the environment from excess spraying.The upcoming FIRA robotics and
41、autonomous farming expo is already lining up exhibitors and the competition is heated.26,27,28,29,30Fruit picking robots,high tech monitoring and care of pollinating bee colonies,and self-driving tractors.Theyre creating a slew of opportunities for investors.Halfway through 1H23,there were some 236
42、startups operating in the field of AI Agriculture.As a University of Arkansas professor said in June about AI in agriculture,“Its no longer a future.Fifteen years ago,it was the future.But now its here.”31,32,33CherryCherry PickingPicking:MergersMergers&AcquisitionsAcquisitions In April,Rivulis Pte
43、Ltd.won regulatory approval to complete its merger with Jain Irrigation,tying together two prominent players in the environmentally-focused irrigation field after nearly a year of review and oversight spanning several countries.The deal included funding from Singapore-based global investment company
44、 Temesek,new shares issued in India as well as financing from HSBC,Rabobank,State Bank of India,ING,Bank Leumi and the First International Bank of Israel.Global micro-and drip-irrigation company Rivulis now includes the brands NaanDajain,Eurodrip,Manna,and Jain.The company maintains 24 production fa
45、cilities in 15 countries with 3,300 employees spread across 35 countries as well as research facilities in California,Israel,and Greece.Jain Irrigation will receive 22%stock in the drip-irrigation merged venture.Together,the merger created the second largest irrigation company in the world with an a
46、nticipated$750 million in annual revenue.The merged operations will be branded“Rivulis,in alliance with Jain International.”34,35,36,37 In March,Indianapolis-based Corteva bolstered its position in the global biologicals market with the acquisition of Symborg,a Spanish microbiological tech company,a
47、nd Houston-based Stoller,one of the largest independent biologicals.Corteva reports that the acquisitions are representative of the companys commitment to delivering environmentally friendly tools for farming.Corteva is a publicly traded,global agricultural company offering a mix of seed,crop protec
48、tion,and digital services.Corteva estimates the global biological market will be among the fastest growing crop protection segment in agriculture and will represent a quarter of the market by 2035.Cortevas Stoller acquisition is valued at about$1.2 billion.Founded in the 1960s,Stoller specializes in
49、 plant nutrition and growth regulators.The acquisition is expected to allow Corteva to expand offerings in plant nutrition and follow the companys pattern of enhancing its offerings through acquisitions.38,39 41H 2023|VOL 8|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered
50、 Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 2 Private equity food chain investor Paine Schwartz Partners closed a“go-private”deal acquiring formerly publicly traded AgroFresh Solutions,a Dow Chemical spinoff.Paine Schwartz previously held a 3
51、6%stake in AgroFresh and has a history of investing in the global food and Agribiz sectors.AgroFresh calls itself an AgTech innovator focused on reducing food loss and waste through data-driven technologies that extend food shelf life and help growers,packers,and retailers leverage supply chain tech
52、nologies.The company is known in part for its SmartFresh Quality System,a coating applied to apples to delay softening and overripening.The deal was valued at about$200 million.Since being taken private,AgroFresh has already made its first acquisition,Tessara,another post-harvest and waste reduction
53、 company.Based in South Africa,Tessara specializes in post-harvest preservation of table grapes,berries,and flowers throughout the supply chain from farm to consumer.40,41 PlantingPlanting thethe SeedsSeeds forfor thethe FutureFutureQuestions lurk between every stalk of corn.Some are issues entrepre
54、neurs,scientists,and engineers can address such as precision watering and spraying to stretch resources or robotic helpers to cope with labor shortage.Others,like climate change,we can only adapt to rather than change.And still there are other issues in the gray area.There are always debates over et
55、hics,regulations,enforcement and flat-out fiscal feasibility when it comes to one of the few things we cant live without:food.For example,how will the industry deal with avian flu?Vaccines are available but should we use them across the board?What implications are there in chickens raised for meat t
56、hat well later eat?Additionally,the question of how to vaccinate millions of birds efficiently is a difficult one.As countries debate different solutions,what happens when products hit our global supply chain?Who should profit?42,43In 2H 2023,well be carefully watching the U.S.Farm Bill,a monster of
57、 legislation and spending across a swath of food and conservation issues.It appears there may be an extension of the existing bill a package of legislation that must be revisited every five years as the House and Senate appear far apart.As for whats on the line,its everything from food programs such
58、 as the neediest fertilizer management,conservation payments,research,and forestry,to climate protection,racial justice,and crop subsidies.There will be winners and losers and savvy investors will be pouring over every line of the bill.44,45,46This is a challenging yet exciting time throughout the A
59、gribiz sector.For those who can make the right bets and accept increasingly unpredictable weather and restrictive government regulation,it can also be a profitable time.Theres little opportunity in following the same old,same old.The good news is that todays Agribusiness sector is anything but same
60、old,same old.Stay tuned.51H 2023|VOL 8|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 2DateTargetBuyer(s)SegmentDateTargetBuyer(s)SegmentAmount($in Mil)Amount($in Mil)TE
61、V/RevTEV/RevTEV/EBITDATEV/EBITDA06/28/2023Kenn-Feld GroupTRULAND EquipmentMachinery&Equipment-06/08/2023Renn Mill CenterDegelman Industries,Golden Opportunities Fund,Westcap ManagementMachinery&Equipment-05/02/2023ADM Crop Risk ServicesAmerican Financial Group Agricultural Tech&Services240.00-04/17/
62、2023AgWestZweegers Equipment GroupMachinery&Equipment-04/03/2023Centurion ContainerGreif Machinery&Equipment204.00-03/31/2023AgroFresh SolutionsPaine Schwartz PartnersAgricultural Tech&Services96.820.6x2.9x03/02/2023Stoller GroupCorteva Agriscience Animal Health&Nutrition1,200.003.0 x-03/01/2023Oatl
63、y Entrepreneurial Equity Partners,Ya YA FoodsMachinery&Equipment98.10-65 or more transactions3-4 transactions1-2 transactions0 transactionsTRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIONS BY LOCATIONTRANSACTION ACTIVITYSources:S&P Global Market Intelligence;PitchBookNote:This data represents
64、recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.CANADAIf You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Ou
65、r Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.1H 2023|VOL 8|ISSUE 12 18 7 60 5 40 2 8 8 3 -10 20 30 40 50 60 70Strategic56%Financial44%720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.
66、AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 2FIRMSELECT SUBSIDIARY BRANDSFIRMSELECT SUBSIDIARY BRANDS7ACTIVE BUYERSSources:S&P Global Market Intelligence;PitchBook;FactSet Note:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representative
67、of the industry.MOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGS1H 2023|VOL 8|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 2PUBLIC BASKET8DIV
68、ERSIFIED AGRIBUSINESSAGRIBUSINESS SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsSource:PitchBook Financial Data and Analytics1H 2023|VOL 8|ISSUE 1-35%-25%-15%-5%5%15%25%35%45%Jun-22Jul-22Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23Diversified Agri
69、businessCrop/Turf/Ornamental InputsAnimal Health&NutritionMachinery&EquipmentAgriproducts DistributionAgricultural Technology&ServicesDairyProduceProteinsOilseeds&IngredientsS&P 500 Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTE
70、V/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAArcher Daniels MidlandADM41,153$75.56$(5.1%)(18.6%)76.9%(0.7%)6.3%0.5x8.0 x9.5x0.5x9.1xAndersonsANDE1,557 46.15 11.7%31.9%98.7%(5.8%)1.8%0.2x9.3x16.3x0.2x9.3xLimoneiraLMNR280 15.56 (6.6%)27.4%86.9%(2.4%)20.8%1.8x8.7x15.7x1.9xNMSegment Average(0.0%
71、)13.6%87.5%-3.0%9.7%0.8x8.7x13.8x0.9x9.2xSegment Median(5.1%)27.4%86.9%(2.4%)6.3%0.5x8.7x15.7x0.5x9.2xMarket Stats Operating Stats LTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPO
72、RT2H 2022 2H 2022|VOL 7|ISSUE 29PUBLIC BASKET(CONTINUED)CROP,TURF&ORNAMENTAL INPUTSANIMAL HEALTH&NUTRITIONSource:PitchBook Financial Data and AnalyticsDAIRY1H 2023|VOL 8|ISSUE 1 Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/Re
73、vTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDADowDOW37,672$53.26$(2.8%)5.7%87.5%(15.8%)13.1%1.0 x7.3x13.2x1.1x8.3xNutrienNTR29,278 59.02 (20.0%)(19.1%)57.5%(22.9%)32.2%1.2x3.7x4.6x1.5x6.8xCF IndustriesCF13,531 69.42 (4.2%)(18.5%)58.0%(39.9%)52.1%1.6x3.1x4.6x2.7x6.3xFMCFMC13,047 104.34 (14.6%)(16.
74、4%)77.6%(4.0%)22.6%2.9x12.8x16.1x3.0 x11.3xThe MosaicMOS11,624 35.00 (23.7%)(20.2%)55.4%(35.6%)25.1%0.8x3.3x4.3x1.3x5.8xElement Solutions IncESI4,635 19.20 (0.6%)5.6%87.7%0.4%19.0%2.6x13.5x27.4x2.6x11.9xThe Scotts CompanySMG3,515 62.69 (10.1%)29.0%69.6%(0.3%)(15.5%)1.9xNMNM1.9x13.1xCentral Garden&Pe
75、tCENT2,002 38.77 (5.6%)3.5%84.5%4.7%8.9%1.0 x11.5x18.4x1.0 xNMAndersonsANDE1,557 46.15 11.7%31.9%98.7%(5.8%)1.8%0.2x9.3x16.3x0.2x9.3xCompass MineralsCMP1,399 34.00 (0.8%)(17.1%)71.3%0.8%15.7%1.6x10.2xNM1.6x8.1xCVR PartnersUAN853 80.68 (9.5%)(19.8%)57.6%(56.0%)48.2%1.5x3.2x2.9x3.5x14.4xAmerican Vangu
76、ardAVD526 17.87 (18.3%)(17.7%)73.3%14.7%8.6%1.1x12.4x26.7x0.9x7.4xIntrepid PotashIPI299 22.69 (17.8%)(21.4%)40.0%(33.0%)30.3%0.9x3.0 x6.7x1.4xNMS&W SeedSANW52 1.22 (15.6%)(18.1%)57.0%35.2%26.5%1.5x5.5x6.4x1.1xNMChina Green AgricultureCGA34 2.54 (37.9%)(37.1%)32.6%NM(12.6%)NMNMNMNMNMOrigin AgritechSE
77、ED26 4.12 (31.1%)(40.7%)33.6%NM16.2%3.8xNMNMNMNMArcadia BiosciencesRKDA4 3.88 (48.1%)(64.2%)8.7%32.8%(248.3%)NMNMNMNMNMSegment Average(14.7%)(13.8%)61.8%(8.3%)2.6%1.6x7.6x12.3x1.7x9.3xSegment Median(14.6%)(18.1%)58.0%(4.0%)16.2%1.5x7.3x10.0 x1.4x8.3xMarket Stats Operating Stats LTM Multiples NTM Mul
78、tiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAMerck&Co.MRK292,795$115.39$8.5%4.0%96.4%2.4%34.1%5.4x15.9x22.5x5.3xNMZoetisZTS79,580 172.21 3.5%17.5%91.7%11.2%40.1%10.4x2
79、5.9x39.0 x9.4xNMIdexx LaboratoriesIDXX41,688 502.23 0.4%23.1%97.4%12.2%30.4%12.5xNMNM11.1xNMArcher Daniels MidlandADM41,153 75.56 (5.1%)(18.6%)76.9%(0.7%)6.3%0.5x8.0 x9.5x0.5x9.1xThe MosaicMOS11,624 35.00 (23.7%)(20.2%)55.4%(35.6%)25.1%0.8x3.3x4.3x1.3x5.8xDarling IngredientsDAR10,179 63.79 9.2%1.9%7
80、7.1%9.0%21.4%2.2x10.1x14.2x2.0 x7.6xIngredionINGR6,994 105.95 4.1%8.2%93.4%9.1%13.0%1.2x8.9x12.8x1.1x7.7xNeogenNEOG4,703 21.75 17.4%42.8%88.2%31.6%12.5%7.5xNMNM5.7x22.0 xBalchemBCPC4,345 134.81 6.6%10.4%93.7%2.8%20.5%5.0 x24.4xNM4.9x19.5xPatterson CompaniesPDCO3,169 33.26 24.2%18.7%99.4%3.8%6.0%0.6x
81、9.4x15.7x0.5x9.6xCentral Garden&PetCENT2,002 38.77 (5.6%)3.5%84.5%4.7%8.9%1.0 x11.5x18.4x1.0 xNMAemetisAMTX269 7.33 215.9%85.1%63.8%89.5%(34.5%)3.2xNMNM1.7x12.6xSegment Average21.3%14.7%84.8%11.7%15.3%4.2x13.1x17.0 x3.7x11.7xSegment Median5.4%9.3%89.9%6.8%16.7%2.7x10.1x14.9x1.8x9.3xMarket Stats Oper
82、ating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDANomad FoodsNOMD3,083$17.52$(6.5%)1.6%86.2%10.1%16.2%1.6x10.0 x12.5x1.5x8.5xLifeway FoodsL
83、WAY96 6.55 8.4%18.0%80.9%8.3%5.2%0.7x12.8xNM0.6xNMSegment Average(6.5%)1.6%86.2%10.1%16.2%1.6x10.0 x12.5x1.5x8.5xSegment Median(6.5%)1.6%86.2%10.1%16.2%1.6x10.0 x12.5x1.5x8.5xMarket Stats Operating Stats LTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offere
84、d Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 2AGRICULTURAL TECHNOLOGY&SERVICES10PUBLIC BASKET(CONTINUED)MACHINERY&EQUIPMENTAGRIPRODUCTS DISTRIBUTIONSource:PitchBook Financial Data and Analytics1H 2023|VOL 8|ISSUE 1 Company NameSymbolMarket Ca
85、p($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAJohn DeereDE118,799$405.19$(1.9%)(5.5%)90.4%(8.9%)26.3%2.9x11.1x13.6x3.2x14.3xCNH IndustrialCNHI19,216 14.40 (5.7%)(10.3%)80.1%1.4%17.5%1.6x9.4x9.1x1.6x10.9
86、xThe ToroTTC10,562 101.65 (8.6%)(10.2%)86.4%1.4%16.7%2.4x14.3x20.7x2.4x14.0 xAGCOAGCO9,839 131.42 (2.8%)(5.2%)90.3%10.8%11.6%0.9x7.4x10.2x0.8x6.4xAdvanced Drainage Systems WMS8,985 113.78 35.1%38.8%74.2%(8.6%)28.1%3.3x11.9x18.7x3.7x12.8xValmont IndustriesVMI6,128 291.05 (8.8%)(12.0%)82.4%1.2%11.9%1.
87、6x13.6x23.9x1.6xNMAlamo GroupALG2,207 183.91 (0.1%)29.9%98.5%6.5%13.9%1.6x11.3x18.8x1.5x9.9xLindsayLNN1,314 119.34 (21.0%)(26.7%)65.2%(1.3%)17.3%1.9x10.8x18.6x1.9x11.2xTitan InternationalTWI725 11.48 9.5%(25.1%)66.4%(2.6%)13.3%0.5x3.5x4.0 x0.5x4.3xTitan MachineryTITN669 29.50 (3.1%)(25.7%)61.6%11.4%
88、7.7%0.5x6.9x6.0 x0.5x6.8xSegment Average(0.7%)(5.2%)79.5%1.1%16.4%1.7x10.0 x14.3x1.8x10.1xSegment Median(3.0%)(10.3%)81.2%1.3%15.3%1.6x11.0 x16.1x1.6x10.9xMarket Stats Operating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst
89、.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDANutrienNTR29,278$59.02$(20.0%)(19.1%)57.5%(22.9%)32.2%1.2x3.7x4.6x1.5x6.8xTractor SupplyTSCO24,226 221.10 (5.9%)(1.7%)88.0%5.6%12.4%2.0 x16.0 x22.7x1.9x14.3xThe Scotts CompanySMG3,515 62.69 (10.1%)29.0%69.6%(0.3%)(15.
90、5%)1.9xNMNM1.9x13.1xAndersonsANDE1,557 46.15 11.7%31.9%98.7%(5.8%)1.8%0.2x9.3x16.3x0.2x9.3xSegment Average(6.1%)10.0%78.5%(5.8%)7.7%1.3x9.6x14.5x1.4x10.9xSegment Median(8.0%)13.6%78.8%(3.1%)7.1%1.5x9.3x16.3x1.7x11.2xMarket Stats Operating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Ca
91、p($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAIdexx LaboratoriesIDXX41,688$502.23$0.4%23.1%97.4%12.2%30.4%12.5xNMNM11.1xNMIterisITI169 3.96 (15.6%)27.3%79.2%14.3%(6.8%)1.0 xNMNM0.9x9.8xOrigin AgritechSE
92、ED26 4.12 (31.1%)(40.7%)33.6%NM16.2%3.8x23.5xNMNMNMArcadia BiosciencesRKDA4 3.88 (48.1%)(64.2%)8.7%32.8%NMNMNMNMNMNMSegment Average(23.6%)(13.6%)54.7%19.8%13.3%5.8x23.5xNM6.0 x9.8xSegment Median(23.3%)(8.8%)56.4%14.3%16.2%3.8x23.5xNM6.0 x9.8xMarket Stats Operating Stats LTM Multiples NTM Multiples 7
93、20.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 211PUBLIC BASKET(CONTINUED)OILSEEDS&INGREDIENTSSource:PitchBook Financial Data and AnalyticsPRODUCEPROTEINS1H 2023|VOL 8|ISSUE 1 C
94、ompany NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDASyscoSYY37,596$74.20$(3.9%)(2.9%)83.5%5.7%4.5%0.6x14.4x24.6x0.6x11.3xUS FoodsUSFD10,311 44.00 19.1%29.3%99.8%5.7%3.3%0.4x13.5xNM0.
95、4x9.6xNomad FoodsNOMD3,083 17.52 (6.5%)1.6%86.2%10.1%16.2%1.6x10.0 x12.5x1.5x8.5xFresh Del Monte ProduceFDP1,234 25.71 (14.6%)(1.8%)79.1%2.2%5.9%0.4x7.5x11.1x0.4xNMUnited Natural FoodsUNFI1,146 19.55 (25.8%)(49.5%)40.5%2.5%2.0%0.1x7.5x9.1x0.1x8.2xSpartanNashSPTN782 22.51 (9.2%)(25.6%)59.6%3.9%1.7%0.
96、2x9.9xNM0.2x6.3xSunOptaSOY772 6.69 (12.8%)(20.4%)57.2%17.3%4.2%1.3x31.3xNM1.1x10.9xCalavo GrowersCVGW516 29.02 0.9%(1.3%)63.8%(0.5%)1.2%0.6xNMNM0.6x11.6xLimoneiraLMNR280 15.56 (6.6%)27.4%86.9%(2.4%)20.8%1.8x8.7x15.7x1.9xNMSeneca FoodsSENEA251 32.68 (37.5%)(46.4%)47.5%NM6.7%0.5x7.3x7.8xNMNMAlicoALCO1
97、94 25.46 5.2%6.7%67.3%21.5%(24.8%)5.5xNMNM4.5x20.1xSegment Average(8.3%)(7.5%)70.1%6.6%3.8%1.2x12.2x13.5x1.1x10.8xSegment Median(6.6%)(1.8%)67.3%4.8%4.2%0.6x9.9x11.8x0.6x10.3xMarket Stats Operating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Chang
98、e%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAHormel FoodsHRL21,971$40.22$0.9%(11.7%)77.8%2.8%12.4%2.0 x16.2x23.7x2.0 x15.0 xTyson FoodsTSN18,150 51.04 (14.0%)(18.0%)57.5%1.8%6.5%0.5x7.6x12.2x0.5x8.2xPilgrims PridePPC5,087 21.49 (7.3%)(9.4%)63
99、.3%(1.7%)7.0%0.5x7.0 x10.9x0.5x7.4xSegment Average(6.8%)(13.0%)66.2%1.0%8.6%1.0 x10.3x15.6x1.0 x10.2xSegment Median(7.3%)(11.7%)63.3%1.8%7.0%0.5x7.6x12.2x0.5x8.2xMarket Stats Operating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week
100、HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAArcher Daniels MidlandADM41,153$75.56$(5.1%)(18.6%)76.9%(0.7%)6.3%0.5x8.0 x9.5x0.5x9.1xFMCFMC13,047 104.34 (14.6%)(16.4%)77.6%(4.0%)22.6%2.9x12.8x16.1x3.0 x11.3xDarling IngredientsDAR10,179 63.79 9.2%1.9%77.1%9
101、.0%21.4%2.2x10.1x14.2x2.0 x7.6xIngredionINGR6,994 105.95 4.1%8.2%93.4%9.1%13.0%1.2x8.9x12.8x1.1x7.7xSensient TechnologiesSXT3,005 71.13 (7.1%)(2.5%)79.6%5.5%17.1%2.5x14.8x21.8x2.4xNMSunOptaSOY772 6.69 (12.8%)(20.4%)57.2%17.3%4.2%1.3xNMNM1.1x10.9xAemetisAMTX269 7.33 215.9%85.1%63.8%89.5%(34.5%)3.2xNM
102、NM1.7x12.6xSegment Average27.1%5.3%75.1%17.9%7.2%2.0 x10.9x14.9x1.7x9.9xSegment Median(5.1%)(2.5%)77.1%9.0%13.0%2.2x10.1x14.2x1.7x10.0 xMarket Stats Operating Stats LTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Membe
103、r FINRA and SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 212U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data is as of May 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITA
104、L BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics1H 2023|VOL 8|ISSUE 1$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B5001,5002,5003,5004,5002022 Q22022 Q32022 Q42023 Q12023 Q2Deals ClosedDeals ClosedCapital Invested5.9x6.1x6.5x6.5x6.8x7.0 x7.1x7.7x8.0
105、x8.3x8.5x8.1x8.6x9.0 x9.1x10.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x2020202120222023 YTD$10-25mm$25-50mm$50-100mm$100-250mm47%54%42%50%10%10%11%9%43%36%47%41%39%42%42%30%9%11%9%12%52%47%49%58%35%36%37%41%8%9%5%7%57%55%58%52%47%39%36%32%6%7%10%4%47%54%55%64%0%20%40%60%80%100%Senior DebtSub DebtEquit
106、y2020202120222023*720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.2H 2022 2H 2022|VOL 7|ISSUE 2AGRIBUSINESS REPORTCOMPREHENSIVE AGRIBUSINESS EXPERTISEOur Agribusiness Team has worked on and completed numerous M&A transaction
107、s with both strategic and financial buyers and sellers across a wide range of manufacturing,distribution and service-related businesses in the agribusiness,horticultural,agrifood and green space industries.This accumulated experience and expertise will help your company approach the market with the
108、right strategy and resources in place.Our Agribusiness Industry investment banking expertise includes the following segments:13SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTINGCONTACT USSELECT TRANSACTION EXPERIENCESDR has completed numerous transa
109、ctions types throughout the Agribusiness Industry,including:Diversified Agribusiness Crop Inputs Animal Health&Nutrition Machinery&Equipment Distribution Agricultural Technology&Services Dairy Produce Proteins Ingredients*These transactions were completed by SDR Senior Advisor Eric Bosveld during hi
110、s tenure at another firm.Ben LuchowBen LuchowVice PresidentAgribusiness TBen PaddorBen PaddorAnalyst Agribusiness TEric BosveldEric BosveldSenior Advisor Agribusiness T1H 2023|VOL 8|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FI
111、NRA and SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 2141.“Heat Health Emergency:Nearly Half The US At Risk As Dangerous Heat Expands And Intensifies In The Northeast,”CNN,Aya Elamroussi and Eric Zerkel,Jul.27,2023 https:/ 2.“UN Warns Of New Threat To Global Food Security After Russia Limits
112、Ukraine Grain Shipments,”Associated Press,Edith M.Lederer,Jun.1,2023 https:/ 3.“Beef Prices Expected To Rise As Drought Eats Into Ranchers Cattle Counts,”KUNC public radio,Emma VandenEinde,Feb.15,2023 https:/www.kunc.org/news/2023-02-15/beef-prices-expected-to-rise-as-drought-eats-into-ranchers-catt
113、le-counts 4.“Deepening Florida Drought Hits Ranchers,Growers,”Wall Street Journal,Arian Campo-Flores,Apr.11,2023 https:/ 5.“Fruit In Crisis:Floridas Orange Groves Buffeted By Hurricane,Disease,”Phys.org,Gerard Martinez,Mar.30,2023 https:/phys.org/news/2023-03-fruit-crisis-florida-orange-groves.html
114、6.“Sticker Shock At The Grocery Store?Inflation Wasnt The Only Reason Prices Increased,”U.S.Government Accountability Office,Apr.11,2023 https:/www.gao.gov/blog/sticker-shock-grocery-store-inflation-wasnt-only-reason-food-prices-increased 7.“Drought And Extreme Heat Burn Through Farmers Margin For E
115、rror And Its Only July,”NBC,Annie Probert et.al.,July 13,2023 https:/ 8.“Farmers Work To Cool Livestock And Chickens As Heat Gets Extreme,”Wall Street Journal,Patrick Thomas,Jul.24,2023 https:/ 9.“Avian Flus Grip On Egg Prices Is Starting To Crack,”Gro Intelligence,Mar.31,2023 https:/www.gro- 10.“Av
116、ian Influenza Outbreaks Reduced Egg Production,Driving Prices To Record Highs In 2022,”U.S.Department of Agriculture,Jan.11,2023 https:/www.ers.usda.gov/data-products/chart-gallery/gallery/chart-detail/?chartId=105576 11.“Regenerative Agriculture:Where Innovation Meets Tradition,”Syngenta Group,acce
117、ssed Jul.26,2023 https:/phys.org/news/2023-03-fruit-crisis-florida-orange-groves.html 12.“What Is Regenerative Agriculture,”World Economic Forum,Oct.11,2022 https:/www.weforum.org/agenda/2022/10/what-is-regenerative-agriculture/13.“Brief:Nestl Aims To Transition 100,000 Acres Of Its Wheat Supply Cha
118、in To Regen Ag,”Ag Funder News,AFN,Jennifer Marston,Jul.18,2023 https:/ 14.“The Sustainable Markets Initiative Agribusiness Initiative,”Sustainable Markets Initiative,accessed Jul.26,2023 https:/ 15.“Pepsico To Pump$216m Into US Regenerative Ag:Were Putting Our Money Where Our Mouth Is,”Elaine Watso
119、n,Mar.21,2023 https:/ 16.“8 Companies Supporting Regenerative Farming Practices In 2023,”Resonance,Courtney Johnson-Woods,Feb.15,2023 https:/ ADDITIONAL REFERENCES1H 2023|VOL 8|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA a
120、nd SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 215ADDITIONAL REFERENCES(CONTINUED)17.“Agricultural Biologicals,”Agricen,accessed Jul.25,2023 https:/ Retailer Perceptions of Biostimulant Products in North America:Survey 22,”Stratus Research,accessed Jul.27,2023 https:/ 19.“Strategies And Pros
121、pects For Biostimulants To Alleviate Abiotic Stress In Plants,”National Library of Medicine,National Institutes of Health,Ying Ma et.al.,Dec.22 2022 https:/www.ncbi.nlm.nih.gov/pmc/articles/PMC9815798/#:text=Biostimulants%20are%20organic%20or%20inorganic,et%20al.%2C%202022).20.“Agtech:Breaking Down
122、The Farmer Adoption Dilemma,”McKinsey&Company,David Fiocco et.al.,Feb.7,2023 https:/ 21.“Pivot Bio,”Crunchbase,accessed Jul.25,2023 https:/ 22.“Global Regenerative Agriculture Market By Practice,”Market.us,Jun.2023 https:/market.us/report/regenerative-agriculture-market/23.“Robo Crops:Meet The Laser
123、-Wielding,AI Machines Taking Over A Farm Near You,”Science Focus,Hayley Bennett,May 29,2023 https:/ Shortages Continue To Impact Farmers,”American Farm Bureau Federation,”Justin Ferguson,accessed Jul.27,2023 https:/www.fb.org/focus-on-agriculture/labor-shortages-continue-to-impact-farmers 25.“Aigen
124、Unveils An AI-Driven,Solar-Powered,Agricultural Robotics Service,”The Robot Report,Staff,Jul.5,2023 https:/ Robotics And AI Are Transforming Agricultural Industry,”Anolytics.ai,May 16,2023 https:/www.anolytics.ai/blog/how-robotics-and-ai-are-transforming-the-agricultural-industry/27.“Agricultural Ro
125、bot Market To Perceive Highest Growth of USD 83,563.83 Million by 2030,Size,Share,Trends,Key Growth Drivers and Opportunity Analysis,”Data Bridge via GlobeNewswire,Mar.31,2023 https:/ 28.“Solinftec Launches Waiting List Website For Solix Sprayer Orders,”Precision Farming Dealer,Jun.28,2023 https:/ 2
126、9.“FIRA USA 2023,”FIRA conference,accessed Jul.27,2023 https:/fira- Farming Robots Already Signed Up For FIRA USA 2023,”Global Ag Tech,Jun.6,2023 https:/ Intelligence In Agriculture Isnt The Future:Its Now,”University of Arkansas,Jul 3,2023 https:/news.uark.edu/articles/64596/artificial-intelligence
127、-in-agriculture-isn-t-the-future-it-s-now 32.“While On-Road Driverless Slows,Ag-Tech Autonomy Players Are Plowing Ahead,”Forbes,Richard Bishop,Mar.30,2023 https:/ 33.“Five Farming Technologies Tackle Climate-Change Threats,”Wall Street Journal,Nidhi Subbaraman,Jun.4,2023 https:/ 1H 2023|VOL 8|ISSUE
128、1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.AGRIBUSINESS REPORT2H 2022 2H 2022|VOL 7|ISSUE 216ADDITIONAL REFERENCES(CONTINUED)34.“Rivulis Completes Jain Irrigation Acquisition,”Informaconnect,Janet Kanters,Apr.3,2023 ht
129、tps:/ Merger Estimates Late 2022 Finalization,”Irrigation Today,McKenna Corson,July 5,2022 https:/irrigationtoday.org/news/jain-rivulis-merger-estimates-late-2022-finalization/36.“Joining Forces:The Rivulis And Jain Merger A New Era In Irrigation,”Jain via YouTube,2023 https:/ 37.“Jain Irrigation Co
130、mpletes Merger Of International Business With Rivulis,”Mint,Mar.30,2023 https:/ 38.“Corteva Agriscience Completes Acquisitions Of Symbor And Stoller,”Corteva,Mar.2,2023 https:/ 39.“A Look Into The Recent Acquisitions of Stoller Group and FBSciences,”B&A,Feb.13,2023 https:/ 40.Paine Schwartz Closes A
131、groFresh Take-Private,”Agri Investor,Chris Janiec,Apr.14,2023 https:/ Acquires Tessara Expanding Post-Harvest Solutions Portfolio,”Agrofresh news release,Jul.19,2023 https:/ Debates Vaccinating Against HPAI,”Canadian Poultry,Tree Hein,Oct.13,2022 https:/ Prepares For Avian Flu Vaccinations,”WattPoul
132、try,May 30,2023 https:/ 44.“US Lawmakers Float Possible Farm Bill Extension Amid Delays,”Reuters,Leah Douglas,Jun.22 2023 https:/ Democrats Look For Line In The Sand On Farm Bill,”Roll Call,Ellyn Ferguson,Jul.18,2023 https:/ Price Of Plenty:Your Money And The Climate Are Up For Debate In This Years Farm Bill,”WUSF public media,Lauren Hines-Acosta,Jun.7,2023 https:/wusfnews.wusf.usf.edu/environment/2023-06-07/the-price-of-plenty-money-climate-debate-this-years-farm-bill 1H 2023|VOL 8|ISSUE 1