1、Investment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.DateDateTargetTargetBuyer(s)Buyer(s)SegmentSegmentAmountAmount($in Mil)($in Mil)TEV/TEV/RevRevTEV/TEV/EBITDAEBITDA1 2/1 5/2022AVS BioArlington Capital PartnersAnimal Health&Nutrition200.00-1 2/01/2022TingoMicrone

2、t Enertec TechnologiesAgricultural Tech&Services-1 1/30/2022Stoller GroupCorteva AgriscienceAgricultural Tech&Services1,200.003.0 x-1 1/28/2022Owensboro GrainCargillOilseeds&Ingredients-1 1/07/2022GGBThe Timken CompanyMachinery&Equipment305.001.5x-1 1/07/2022St.Louis Hydroponic CompanyGrowGeneration

3、 Diversified Agribusiness-1 1/01/2022Frontier LabsDeveronAgricultural Tech&Services2.20-1 0/27/2022Bellpark HorticultureAdeptag,LLR PartnersMachinery&Equipment-1 0/25/2022NaturalShrimpYotta AcquisitionProteins274.44-1 0/24/2022AgroFresh SolutionsPaine Schwartz PartnersAgricultural Tech&Services21 1.

4、1 51.3x5.211 0/05/2022EnvuCinvenCrop/Turf/Ornamental Inputs 2,600.00-08/03/2022MeritorCumminsMachinery&Equipment3,595.000.8x8.0608/01/2022Heartland AgricultureTitan MachineryMachinery&Equipment95.50-If You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner L

5、ooking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.4 9 11 65 19 45 2 10 7 5 -10 20 30 40 50 60 70Strategic63%Financial37%-60%-50%-40%-30%-20%-10%0%10%20%30%40%Dec-21Jan-22Feb-22Mar-22Apr

6、-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Diversified AgribusinessCrop/Turf/Ornamental InputsAnimal Health&NutritionMachinery&EquipmentAgriproducts DistributionAgricultural Technology&ServicesDairyProduceProteinsOilseeds&IngredientsS&P 500 Company NameSymbolMarket Cap($in Mil)Price($)Quarte

7、r ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAArcher Daniels MidlandADM51,006$92.85$1 5.4%37.4%93.9%3.8%6.4%0.6x9.6x1 2.8x0.6x1 0.3xAndersonsANDE1,1 72 34.99 1 2.8%(9.6%)59.3%(3.8%)2.6%0.2x6.0 x8.8x0.2x7.6xLimoneiraLMNR21 6 1

8、2.21 (7.4%)(1 8.6%)75.0%NMNM1.9xNMNM1.9x23.6xSegment Average6.9%3.1%76.1%0.0%4.5%0.9x7.8x10.8x0.9x13.8xSegment M edian12.8%(9.6%)75.0%(0.0%)4.5%0.6x7.8x10.8x0.6x10.3xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 5

9、2 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAMerck&Co.MRK281,302$1 1 0.95$28.8%44.8%98.3%(1.7%)36.6%5.1 x1 3.9x1 8.4x5.2x1 2.3xZoetisZTS68,303 1 46.55 (1.2%)(39.9%)59.3%6.3%40.3%9.1 x22.5x33.5x8.5x1 9.9xArcher Daniels MidlandADM51,006 92.85 1 5.4%3

10、7.4%93.9%3.8%6.4%0.6x9.6x1 2.8x0.6x1 0.3xIdexx LaboratoriesIDXX33,786 407.96 25.2%(38.0%)61.4%8.6%29.4%1 0.5x35.8x51.9x9.7x28.7xThe MosaicMOS1 4,937 43.87 (9.2%)1 1.7%55.3%(1 6.3%)32.0%1.0 x3.2x4.3x1.2x3.9xDarling IngredientsDAR1 0,031 62.59 (5.4%)(9.7%)71.5%1 5.7%22.1%2.2x1 0.0 x1 4.0 x1.9x7.2xIngr

11、edionINGR6,420 97.93 21.6%1.3%96.1%1 5.0%1 2.0%1.1 x9.3xNM1.0 x8.0 xBalchemBCPC3,924 1 22.1 1 0.4%(27.6%)71.9%9.1%21.3%4.7x22.0 x36.5x4.3x1 8.4xNeogenNEOG3,291 1 5.23 9.0%(66.5%)31.9%76.6%1 2.9%5.5x42.9x44.8x3.1 x1 1.7xPatterson CompaniesPDCO2,721 28.03 1 6.7%(4.5%)79.4%2.7%5.7%0.5x9.1 x1 3.8x0.5xNM

12、Central Garden&PetCENT1,958 37.45 3.9%(28.8%)70.1%1.7%1 0.1%0.9x9.4x1 3.4x0.9xNMAemetisAMTX1 39 3.96 (35.3%)(67.8%)24.7%29.8%(24.0%)1.4xNMNM1.1 xNMSegment Average5.8%(15.6%)67.8%12.6%17.1%3.6x17.1x24.3x3.2x13.4xSegment M edian6.5%(18.6%)70.8%7.5%17.1%1.8x10.0 x16.2x1.6x11.7xM arket Stats Operating S

13、tats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDANomad FoodsNOMD3,001$1 7.24$21.4%(32.1%)64.1%4.5%1 4.2%1.6x1 1.5x1 1.5x1.6x8.3xSegment Average

14、21.4%(32.1%)64.1%4.5%14.2%1.6x11.5x11.5x1.6x8.3xSegment M edian21.4%(32.1%)64.1%4.5%14.2%1.6x11.5x11.5x1.6x8.3xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EB

15、ITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDANutrienNTR37,933$72.92$(1 3.4%)(2.2%)62.2%(8.8%)34.1%1.4x4.0 x5.2x1.5x4.9xDowDOW35,462 50.39 1 4.7%(1 1.2%)70.1%(1 5.6%)1 7.9%0.8x4.6x6.5x1.0 x7.6xCF IndustriesCF1 6,71 5 85.20 (1 1.5%)20.4%71.2%(1 7.4%)55.4%1.8x3.3x5.6x2.2x4.4xFMCFMC1 5,721 1 24.80 1 8.1%1

16、3.6%88.5%8.4%21.1%3.4x1 6.0 x21.6x3.1 x1 2.4xThe MosaicMOS1 4,937 43.87 (9.2%)1 1.7%55.3%(1 6.3%)32.0%1.0 x3.2x4.3x1.2x3.9xElement Solutions IncESI4,404 1 8.1 9 1 1.8%(25.1%)72.0%(5.1%)1 8.7%2.3x1 2.4x25.3x2.4x1 2.0 xScotts Miracle-GroSMG2,695 48.59 1 3.7%(69.8%)29.1%(1.6%)(8.7%)1.5xNMNM1.5x1 0.3xCe

17、ntral Garden&PetCENT1,958 37.45 3.9%(28.8%)70.1%1.7%1 0.1%0.9x9.4x1 3.4x0.9xNMCompass MineralsCMP1,682 41.00 6.4%(1 9.7%)60.6%4.0%1 3.4%2.1 x1 5.5xNM2.0 x1 1.0 xAndersonsANDE1,1 72 34.99 1 2.8%(9.6%)59.3%(3.8%)2.6%0.2x6.0 x8.8x0.2x7.6xCVR PartnersUAN1,063 1 00.58 (1 2.1%)21.6%56.0%(54.6%)46.0%1.8x4.

18、0 x4.2x4.0 x1 6.8xAmerican VanguardAVD642 21.71 1 6.1%32.5%83.5%8.7%1 0.8%1.3x1 2.1 x23.1 x1.2xNMIntrepid PotashIPI389 28.87 (27.0%)(32.4%)23.7%(1 6.3%)41.0%1.0 xNM1.3x1.2x3.3xS&W SeedSANW64 1.49 1 04.1%(45.4%)51.4%1 3.0%(33.1%)1.6xNMNM1.4xNMChina Green AgricultureCGA54 4.04 (29.6%)(57.5%)34.4%NM(42

19、.7%)NMNMNMNMNMOrigin AgritechSEED42 6.95 (1 9.7%)(3.1%)56.7%NMNM4.4xNMNMNMNMArcadia BiosciencesRKDA7 0.27 (48.7%)(73.9%)1 0.2%NMNMNMNMNMNMNMSegment Average1.8%(16.4%)56.1%(7.4%)14.6%1.7x8.2x10.8x1.7x8.6xSegment M edian3.9%(11.2%)59.3%(4.4%)17.9%1.5x6.0 x6.5x1.4x7.6xM arket Stats Operating Stats LTM

20、M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDADeereDE1 27,872$428.76$28.4%25.0%95.6%3.6%21.3%3.4x1 5.8x1 8.4x3.3x1 4.5xCNH IndustrialCNHI21,592 1 6.0

21、6 43.8%(4.9%)93.8%(35.9%)1 1.5%1.5x1 1.4x1 2.5x1.7x1 3.6xThe ToroTTC1 1,774 1 1 3.20 30.9%1 3.3%97.9%1 0.3%1 5.4%2.8x1 8.2x27.0 x2.5x1 6.8xAGCOAGCO1 0,346 1 38.69 44.2%1 9.5%92.3%1 7.0%1 0.5%1.0 x9.6x1 2.3x0.9x6.9xValmont IndustriesVMI7,054 330.67 23.1%32.0%93.6%9.5%1 1.5%1.9x1 6.8x30.0 x1.8x1 3.3xA

22、dvanced Drainage Systems WMS6,792 81.97 (34.1%)(39.8%)53.4%(5.2%)25.4%2.4x9.5x1 5.2x2.5x8.7xLindsayLNN1,792 1 62.85 1 3.7%7.1%89.0%0.7%1 4.5%2.4x1 6.2x27.4x2.3xNMAlamo GroupALG1,694 1 41.60 1 5.8%(3.8%)88.1%7.3%1 2.1%1.4x1 1.2x1 8.3x1.3x9.8xTitan InternationalTWI963 1 5.32 26.2%39.8%77.3%4.6%1 2.6%0

23、.6x4.8xNM0.6x5.1 xTitan MachineryTITN902 39.73 40.6%1 7.9%89.6%1 9.6%7.8%0.6x7.7x8.5x0.5x7.2xSegment Average23.3%10.6%87.1%3.1%14.3%1.8x12.1x18.8x1.7x10.6xSegment M edian27.3%15.6%90.9%5.9%12.3%1.7x11.3x18.3x1.7x9.8xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket

24、 Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAIdexx LaboratoriesIDXX33,786$407.96$25.2%(38.0%)61.4%8.6%29.4%1 0.5x35.8x51.9x9.7x28.7xIterisITI1 33 3.1 1 4.7%(22.3%)72.7%20.0%(9.3%)1.0 xNMNM0.8x1 0.0

25、xOrigin AgritechSEED42 6.95 (1 9.7%)(3.1%)56.7%NMNM4.4xNMNMNMNMArcadia BiosciencesRKDA7 0.27 (48.7%)(73.9%)1 0.2%6.0%(1 83.0%)NMNMNMNM1.0 xSegment Average(9.6%)(34.3%)50.2%11.6%(54.3%)5.3x35.8x51.9x5.2x13.2xSegment M edian(7.5%)(30.1%)59.1%8.6%(9.3%)4.4x35.8x51.9x5.2x10.0 xM arket Stats Operating St

26、ats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDANutrienNTR37,933$72.92$(1 3.4%)(2.2%)62.2%(8.8%)34.1%1.4x4.0 x5.2x1.5x4.9xTractor SupplyTSCO24,

27、851 224.97 21.0%(5.7%)93.1%1 2.6%1 2.5%2.1 x1 7.0 x24.5x1.9x1 4.6xScotts Miracle-GroSMG2,695 48.59 1 3.7%(69.8%)29.1%(1.6%)(8.7%)1.5xNMNM1.5x1 0.3xAndersonsANDE1,1 72 34.99 1 2.8%(9.6%)59.3%(3.8%)2.6%0.2x6.0 x8.8x0.2x7.6xSegment Average8.5%(21.8%)60.9%(0.4%)10.1%1.3x9.0 x12.8x1.3x9.4xSegment M edian

28、13.2%(7.7%)60.7%(2.7%)7.6%1.4x6.0 x8.8x1.5x9.0 xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDASyscoSYY38,742$76.45$

29、8.1%(2.7%)83.5%9.0%4.7%0.7x1 4.9x27.1 x0.6x1 1.8xUS FoodsUSFD7,651 34.02 28.7%(2.3%)85.6%8.5%2.8%0.4x1 4.1 xNM0.4x8.8xNomad FoodsNOMD3,001 1 7.24 21.4%(32.1%)64.1%4.5%1 4.2%1.6x1 1.5x1 1.5x1.6x8.3xUnited Natural FoodsUNFI2,31 6 38.71 1 2.6%(21.1%)75.7%3.4%2.5%0.2x8.2x1 0.0 x0.2x7.0 xFresh Del Monte

30、ProduceFDP1,253 26.1 9 1 2.7%(5.1%)83.3%1.9%4.3%0.4x1 0.2x1 8.2x0.4xNMSpartanNashSPTN1,066 30.24 4.2%1 7.4%80.1%4.8%2.0%0.2x9.9x1 9.6x0.2x7.4xSunOptaSOY906 8.40 (8.8%)22.1%71.9%1 1.4%3.3%1.4x43.2xNM1.3x1 2.9xCalavo GrowersCVGW521 29.40 (7.4%)(30.7%)64.6%0.3%1.3%0.5x39.1 xNM0.5x9.8xSeneca FoodsSENEA4

31、64 60.95 20.8%27.1%88.7%NM7.1%0.6x7.8x1 0.9xNMNMLimoneiraLMNR21 6 1 2.21 (7.4%)(1 8.6%)75.0%(0.2%)6.7%1.9xNMNM1.9x23.6xAlicoALCO1 81 23.87 (1 5.5%)(35.5%)54.7%(33.8%)34.2%3.2x9.4x1 4.5x4.9x1 7.0 xSegment Average6.3%(7.4%)75.2%1.0%7.6%1.0 x16.8x16.0 x1.2x11.8xSegment M edian8.1%(5.1%)75.7%4.0%4.3%0.6

32、x10.9x14.5x0.6x9.8xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAArcher Daniels MidlandADM51,006$92.85$1 5.4%37.4%9

33、3.9%3.8%6.4%0.6x9.6x1 2.8x0.6x1 0.3xFMCFMC1 5,721 1 24.80 1 8.1%1 3.6%88.5%8.4%21.1%3.4x1 6.0 x21.6x3.1 x1 2.4xDarling IngredientsDAR1 0,031 62.59 (5.4%)(9.7%)71.5%1 5.7%22.1%2.2x1 0.0 x1 4.0 x1.9x7.2xIngredionINGR6,420 97.93 21.6%1.3%96.1%1 5.0%1 2.0%1.1 x9.3xNM1.0 x8.0 xSensient TechnologiesSXT3,0

34、65 72.92 5.2%(27.1%)71.7%3.7%1 7.4%2.5x1 4.4x22.1 x2.4x1 3.8xSunOptaSOY906 8.40 (8.8%)22.1%71.9%1 1.4%3.3%1.4x43.2xNM1.3x1 2.9xAemetisAMTX1 39 3.96 (35.3%)(67.8%)24.7%29.8%(24.0%)1.4xNMNM1.1 xNMSegment Average1.5%(4.3%)74.0%12.6%8.3%1.8x17.1x17.6x1.6x10.8xSegment M edian5.2%1.3%71.9%11.4%12.0%1.4x12

35、.2x17.8x1.3x11.3xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)Quarter ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAHormel FoodsHRL24,890$45.55$0.2%(6.7%)82.7%2.4%1 2.6

36、%2.2x1 7.3x25.0 x2.1 x1 6.5xTyson FoodsTSN22,275 62.25 (5.6%)(28.6%)61.8%4.9%1 0.7%0.6x5.2x7.0 x0.5x6.4xPilgrims PridePPC5,61 1 23.73 3.1%(1 5.9%)68.5%(2.2%)1 0.0%0.5x4.9x6.1 x0.5x8.0 xPingtan Marine EnterprisePME34 0.40 (52.7%)(30.4%)35.7%NM1 9.2%2.4x1 2.3x20.0 xNMNMSegment Average(13.7%)(20.4%)62.

37、2%1.7%13.1%1.4x9.9x14.5x1.1x10.3xSegment M edian(2.7%)(22.2%)65.1%2.4%11.7%1.4x8.8x13.5x0.5x8.0 xM arket Stats Operating Stats LTM M ultiples NTM M ultiples 51%47%54%42%8%10%10%11%41%43%36%47%41%39%42%42%13%9%11%9%46%52%47%49%41%35%36%37%8%8%9%5%51%57%55%58%39%47%39%36%8%6%7%10%54%47%54%55%0%20%40%6

38、0%80%100%Senior DebtSub DebtEquitySource:GF DataSource:GF DataNote:The most current source of GF Data is as of November 2022.MultiplesSource:PitchBook Financial Data and Analytics2019202120202022*$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B$600.0B1,3002,3003,3004,3005,3006,3002021 Q42022 Q12022 Q22022 Q

39、32022 Q4Deals ClosedDeals ClosedCapital Invested6.1x5.9x6.1x6.6x6.9x6.8x7.0 x7.1x7.5x8.0 x8.3x8.8x9.3x8.6x9.0 x9.7x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x2019202020212022*$10-25mm$25-50mm$50-100mm$100-250mm1.“Vertical Farming Startup Fifth Season Shuts Down,”AFN,Jennifer Marson,Nov.2,2022 https:/ Wate

40、r War Is Brewing Over the Dwindling Colorado River,”Propublica,Abraham Lustgarten,Dec.22,2022 https:/www.propublica.org/article/colorado-river-water-uncompahgre-california-arizona3.“Storms Hammer Major California Farming Areas,While Offering Drought Relief,”AgriPulse,Brad Hooker,Jan.18,2022 https:/w

41、ww.agri- In Agriculture And Food And Its Vital Role In Fighting Climate Change,”AFN,Ariadne Caballero and Juliana De Podesta,Jan.4,2023 https:/ Deere Commits To Letting Farmers Repair Their Own Tractors(Kind Of),”The Verge,Emma Roth,Jan.9,2023 https:/ Prices Fall to Lowest in 19 Months as Gas Drops,

42、”Bloomberg,Elizabeth Elkin,Jan.6,2023 https:/ To The Last Steel Mill In Town,A Robotic Farm Grows Backed By Pritzker Billions,”CNBC,Rebecca Fannin,Mar.5,2022 https:/ Farming Is Headed For The Trough Of Disillusionment.Heres Why Thats A Good Thing,AFN,Henry Gordon-Smith,Dec.14,2021 https:/ Farming Ha

43、s Found Its Fatal Flaw,”Wired,Matt Reynolds,Dec.22,2022 https:/ Twain:On Weather And Climate,”The Weather Doctor,undated,accessed Jan.20,2023 http:/www.heidorn.info/keith/weather/arts/twain2.htm11.“Economic Impacts of the 202022 Drought on California Agriculture,”California Department of Agriculture

44、,JosuMedelln-Azuara et.al,Nov.22,2022 Microsoft Word-Economic_Impact_CA_Drought_V02.docx(ucmerced.edu)12.“Almonds Swept California Farms.Then the Water Ran Out,”Wall Street Journal,Jesse Newman,Jul.5,2021 https:/ Inundates Salinas,California The Salad Bowl Of The World,”AgDaily,Jan.12,2023 https:/ W

45、e Can And Cannot Collect Rainwater In Places Like California,”NPR,All Things Considered,Mary Louise Kelly and Erika Ryan,Jan.6,2023 https:/www.npr.org/2023/01/06/1147545820/why-we-can-and-cannot-collect-rainwater-in-places-like-california15.“How Torrential Downpours Make It Harder For California To

46、Save Water,”Vox,Umair Irfan,Jan.17,2023 https:/ Agriculture Technology Can Reduce the Harmful Impacts of Drought,”Global Farmer Network,Marco Aurelio Pasti,Dec.15,2022 https:/globalfarmernetwork.org/2022/12/science-based-agriculture-technology-can-reduce-the-harmful-impacts-of-drought/17.“War And Dr

47、ought Drove Global Food Prices To Record High In 2022,”NBC News via Associated Press,Jan.7,2023 https:/ and Soybean Prices Witness a Meteoric Drop in South America,”Chemanalyst,Jacob Kutchner,Dec.6,2022 https:/ Deere Vows To Open Up Its Tractor Tech,But Right-To-Repair Backers Have Doubts,”National

48、Public Radio,Joe Hernandez,Jan.10,2023 https:/www.npr.org/2023/01/10/1147934682/john-deere-right-to-repair-farmers-tractors20.“How Much Does the X9 1100 Combine Cost?”MachineryPete,May 12,2022 https:/ Signs Agreement to Acquire Stoller Group,”Corteva Press Release,November 30,2022.https:/ Schwartz Partners to acquire AgroFresh Solutions”,November 29,2022.https:/ Schwartz Makes Strategic Investment in HGS BioScience(Formerly Humic Growth Solutions),”September 20,2022.https:/ Water Woes Spark Colorado Rush To Conserve Liquid Gold”CNBC,via Reuters,Mar.16,2022 https:/