Accounting IrregularitiesLast year’s discovery of accounting irregularities, despite not having an impact on consolidated earnings, will continue to weigh on ADM’s multiple given the company’s muted accountability response.
Market PerformanceShares offer little upside, better opportunities elsewhere.
Tax Credit ImpactADM’s business is significantly more exposed to biodiesel, which is much more impacted by the 45Z tax credit compared to competitors.