The Demeter Ag Aggregate comprises six sub-sectors and tracks the listed agriculture value chain worldwide. This bulletin measures the relative valuation of the DAA cover universe relative to the component companies' domestic markets. A negative figure means the DAA sub-sector trades below its constituents' home markets. The figure shown is the median across constituents, EV/EBITDA unless stated.
Crop Inputs is currently the cheapest sub-sector at a discount of 22.7% vs the wider market. Within it, Fertilisers carries the deepest discount at 51.0% vs peers, across 8 companies.
The Ag Finance sub-sector currently trades at the highest premium to the wider market, at 5.6%. The subcategory with the greatest premium is Row Crops & Livestock, at 112.1% across 4 companies.
Across the universe as a whole, agricultural companies trade at a median 2.0% discount to the broad market in their own country on EV/EBITDA. This comparison isolates the valuation of companies in the agriculture value chain relative to others, regardless of the general level of equities.
# By sub-sector
| Sub-sector | Premium / (discount) | Constituents |
|---|---|---|
| Crop Inputs | (22.7%) | 15 |
| Trading & Processing | (14.6%) | 15 |
| Upstream Production | (1.8%) | 31 |
| Equipment & Tech | 2.9% | 13 |
| Downstream Food | 5.1% | 17 |
| Ag Finance | 5.6% | 3 |
# By country
| Country | Premium / (discount) | Constituents |
|---|---|---|
| Switzerland | (40.9%) | 4 |
| Germany | (27.2%) | 8 |
| UK | (19.9%) | 4 |
| USA | (12.4%) | 36 |
| Canada | (7.9%) | 4 |
| China/HK | 11.1% | 13 |
| Australia | 19.7% | 9 |
| Brazil | 70.5% | 7 |
| Norway | capped | 4 |
| India | n/a | 5 |
1 level(s) shown as capped: the underlying per-company premiums hit the winsorisation bound of 500%. The median therefore represents the cap rather than a valuation.
# By subcategory
Given small sample sizes the constituent count is stated for every line.
| Subcategory | Premium / (discount) | Constituents |
|---|---|---|
| Crop Inputs - Fertilisers | (51.0%) | 8 |
| Production - Tea Estates | (41.9%) | 3 |
| Production - Palm Oil Plantations | (37.8%) | 6 |
| Production - Wine & Viticulture | (33.5%) | 3 |
| Processing & Ingredients | (30.7%) | 6 |
| Production - Fresh Produce & Citrus | (22.2%) | 5 |
| Agricultural Machinery & Equipment | (13.7%) | 5 |
| Packaged Food (Ag Exposure) | (10.0%) | 6 |
| Agricultural Trading & Merchandising | (8.1%) | 5 |
| Crop Inputs - Crop Protection | (7.5%) | 3 |
| Crop Inputs - Seeds & Biotech | (4.1%) | 4 |
| Water & Resource Management | (2.9%) | 2 |
| Agricultural Infrastructure | 0.4% | 4 |
| Food & Protein Processors | 5.2% | 11 |
| Agricultural Finance & REITs | 5.6% | 3 |
| Agricultural Technology | 19.2% | 2 |
| Animal Nutrition & Feed | 30.2% | 4 |
| Production - Nuts & Olive Oil | 37.6% | 2 |
| Production - Sugarcane & Ethanol | 54.3% | 4 |
| Production - Row Crops & Livestock | 112.1% | 4 |
| Production - Aquaculture | capped | 3 |
1 level(s) shown as capped: the underlying per-company premiums hit the winsorisation bound of 500%. The median therefore represents the cap rather than a valuation.1 level(s) with a single benchmark-matched constituent omitted.
# Total return league table
| 3 mth | 1 yr | 5 yr | 10 yr | since 2005 | |
|---|---|---|---|---|---|
| p.a. | p.a. | p.a. | p.a. | ||
| Downstream Food | (1.0%) | 2.5% | 1.7% | 5.2% | 9.4% |
| DAA GP | (1.8%) | 15.2% | 4.3% | 5.6% | 9.4% |
| DAA Cap | (2.5%) | 7.2% | 1.6% | 5.7% | 8.5% |
| Trading & Processing | (2.7%) | 10.7% | 0.2% | 4.1% | 8.2% |
| Equipment & Tech | (4.0%) | 11.6% | 7.8% | 14.5% | 14.9% |
| DAA Equal | (4.1%) | 8.6% | 3.7% | 8.8% | 13.3% |
| Ag Finance | (4.6%) | 9.5% | (3.9%) | 6.2% | 3.9% |
| Crop Inputs | (8.0%) | 19.9% | 6.8% | 8.7% | 10.4% |
| Upstream Production | (8.9%) | (1.0%) | (7.8%) | 0.9% | 8.1% |
| S&P 500 | 6.8% | 23.6% | 13.3% | 15.3% | 10.9% |
| MSCI ACWI (global) | 6.1% | 25.3% | 11.2% | 12.7% | n/a |
MSCI ACWI (global): series starts 2008-03-28, after the DAA base 2005-01-03, so it is not comparable over this column
# Long-term record since 2005
All series rebased to 100 at 3 January 2005. Logarithmic scale. Click a legend entry to show or hide that series.
Valuation data to 2026-07-31. Premiums are the median across constituents versus each company's country-matched broad-market benchmark. DAA index levels are total return in USD, based at 1,000 on 3 January 2005. Benchmark rows are traded funds shown for reference and are not Demeter indices.
