Weekly Update - Abbreviated Edition Monday, August 9, 2021 U.S. Hiring Boomed Over July, but the Delta Variant Raises Worries Over July, U.S. employers added 943,000 jobs, decreasing the unemployment Mary Burke rate to 5.4%. Most view this as a positive sign that the U.S. is emerging from Partner the COVID-19 lockdown, but there is growing concern that the delta variant 312.348.7081 will slow the economic recovery. [email protected] The Dow Jones Industrial Average increased 0.8% on the week, finishing at 35,209. William Whipple Partner The S&P 500 rose 0.9% on the week, finishing at 4,437. 312.348.7076 [email protected] The NASDAQ Composite gained 1.1% on the week, finishing at 14,386. Lakeshore Food Advisors, LLC Yield on the 10-year Treasury increased seven basis points during the week, ending at 1.31%. 20 North Wacker Drive Suite 2100 Crude oil decreased 6.6% on the week, ending at $69.09 per barrel. Chicago, IL 60606 Corn fell 1.4% on the week, ending at $5.53 per bushel. NASDAQ Highs: Costco Wholesale Corporation, Green Plains Inc., Rocky Mountain Chocolate Factory, Inc. Lows: Calavo Growers, Inc., Vital Farms, Inc. NYSE Highs: Chipotle Mexican Grill, Inc., Diageo plc, Dollar General Corporation, Yum! Brands, Inc., Zoetis Inc. Lows: Campbell Soup Company Featured Stocks of the Week: Bunge Ltd. (NYSE: BG) 10-year History Tyson Foods, Inc. (NYSE: TSN) 10-year History 100 100 80 80 60 60 40 40 20 20 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 The Lakeshore Food Chain 12/31/2020 12/31/2019 Price Price as Compared to Enterprise Value to Total Debt Price Compared to 52-Week Range YE: Forward LTM: to LTM Company Name 8/6/21 7/30/21 High Low 2020 2019 P/E Revenue EBITDA EBITDA Dow Jones Industrial Average 35,209 0.8% 35,209 26,502 15.0% 23.4% 0.0x S&P 500 4,437 0.9% 4,437 3,237 18.1% 37.3% 21.8 NASDAQ Composite Index 14,836 1.1% 14,895 10,633 15.1% 65.3% Sector Average: 16.1% 42.0% AGRICULTURAL LAND HOLDINGS Farmland Partners Inc. $12.51 (0.7%) $14.85 $6.27 43.8% 84.5% NM 22.78x 39.1x 17.2x Gladstone Land Corporation 23.78 2.0% 26.04 13.55 62.4% 83.3% NM 22.77 29.4 15.4 Limoneira Company 17.34 (3.2%) 20.74 13.33 4.1% (9.8%) 50.6 2.78 NM NM Sector Average: 36.8% 52.7% 50.6x 16.11x 34.2x 16.3x 35208.50 INPUTS American Vanguard Corporation $16.16 (2.1%) $22.49 $12.68 4.1% (17.0%) 0.0x 1.33x 12.7x 3.1x CF Industries Holdings, Inc. 46.22 (2.2%) 57.19 25.30 19.4% (3.2%) 9.9 3.74 9.0 2.3 Corteva, Inc. 44.76 4.6% 49.98 24.83 15.6% 51.4% 19.1 2.28 11.2 0.8 FMC Corporation 95.32 (10.9%) 123.66 92.85 (17.1%) (4.5%) 13.1 3.33 12.5 3.2 Intrepid Potash, Inc. 34.39 13.5% 39.19 7.94 42.4% 26.9% 10.2 2.42 10.1 0.7 The Mosaic Company 31.49 0.8% 38.23 15.99 36.9% 45.5% 6.4 1.54 6.2 1.8 * Nutrien Ltd. 74.74 0.8% 79.67 46.39 22.0% 20.2% 14.2 2.18 11.7 3.1 S&W Seed Company 3.26 (2.1%) 4.36 2.15 11.3% 55.2% NM 1.93 NM NM The Scotts Miracle-Gro Company 164.09 (7.3%) 254.34 143.08 (17.6%) 54.5% 19.9 2.22 12.4 2.5 Zoetis Inc. 201.88 (0.4%) 207.00 141.41 22.0% 52.5% 42.5 13.40 31.5 2.3 Sector Average: 13.9% 28.2% 15.0x 3.44x 13.0x 2.2x AGRICULTURAL EQUIPMENT * Ag Growth International Inc. $31.28 (3.3%) $48.47 $25.24 4.9% (32.6%) 15.9x 1.39x 24.4x 14.1x AGCO Corporation 135.35 2.5% 158.62 67.67 31.3% 75.2% 13.8 1.09 8.5 1.3 Art's-Way Manufacturing Co., Inc. 3.58 (3.0%) 5.48 2.04 24.3% 102.3% 0.0 1.00 NM NM * Buhler Industries Inc. 3.00 0.0% 3.89 2.20 15.4% 2.4% 0.0 0.52 NM NM CNH Industrial N.V. 17.06 1.3% 18.49 7.32 32.9% 55.1% 13.0 1.29 11.3 7.1 Deere & Company 366.88 1.5% 400.34 179.86 36.4% 111.8% 19.0 3.91 19.2 5.9 Lindsay Corporation 171.45 6.7% 179.10 91.41 33.5% 78.6% 37.5 3.45 21.1 1.6 Titan Machinery Inc. 28.40 (0.5%) 35.24 11.08 45.3% 92.2% 15.1 0.58 9.2 3.5 Sector Average: 28.0% 60.6% 19.1x 1.65x 15.6x 5.6x AGRIBUSINESS The Andersons, Inc. $27.78 4.0% $34.41 $16.36 13.3% 9.9% 17.1x 0.27x 8.1x 5.1x Archer-Daniels-Midland Company 60.29 1.0% 69.30 43.21 19.6% 30.1% 14.0 0.58 9.3 2.7 Bunge Limited 76.57 (1.4%) 92.38 43.41 16.8% 33.0% 10.7 0.38 5.8 2.4 Darling Ingredients Inc. 70.80 2.5% 79.65 29.36 22.7% 152.1% 19.0 3.49 13.6 2.5 * Gruma, S.A.B. de C.V. 213.59 (0.8%) 290.27 204.97 (9.9%) 10.0% 15.1 1.15 7.2 2.0 Ingredion Incorporated 86.11 (1.9%) 98.05 68.71 9.5% (7.4%) 13.6 1.18 7.2 2.2 Landec Corporation 10.76 (1.6%) 12.88 9.04 (0.8%) (4.9%) NM 0.99 18.2 7.6 MGP Ingredients, Inc. 68.33 14.6% 76.68 34.77 45.2% 41.0% 21.4 3.57 17.1 2.7 * Olam International Limited 1.40 6.1% 1.87 1.24 (8.5%) (22.7%) 0.0 0.45 9.8 9.3 Sector Average: 12.0% 26.8% 13.9x 1.34x 10.7x 4.0x DIVERSIFIED FOODS B&G Foods, Inc. $29.09 1.3% $47.84 $25.26 4.9% 62.2% 14.0x 2.08x 11.0x 6.2x Campbell Soup Company 42.30 (3.2%) 54.08 42.11 (12.5%) (14.4%) 15.0 2.07 9.1 2.7 Conagra Brands, Inc. 32.76 (2.2%) 39.34 32.25 (9.7%) (4.3%) 13.2 2.23 9.9 3.8 General Mills, Inc. 57.87 (1.7%) 65.52 53.96 (1.6%) 8.0% 15.5 2.60 10.7 3.0 The Hain Celestial Group, Inc. 40.04 0.3% 46.02 30.11 (0.3%) 54.3% 25.1 2.11 16.8 1.4 The J. M. Smucker Company 127.90 (2.4%) 140.65 108.10 10.6% 22.8% 14.4 2.30 9.6 2.5 Kellogg Company 63.22 (0.2%) 71.65 56.61 1.6% (8.6%) 15.5 2.15 12.0 3.3 The Kraft Heinz Company 37.20 (3.3%) 44.95 28.56 7.3% 15.8% 14.9 2.54 7.9 3.0 Lancaster Colony Corporation 188.71 (4.6%) 201.31 160.26 2.7% 17.9% 32.7 3.57 21.3 0.1 Mondelez International, Inc. 61.77 (2.4%) 65.60 52.51 5.6% 12.1% 20.6 3.74 14.4 2.9 * Nestlé S.A. 112.88 (1.7%) 117.44 95.00 8.3% 7.7% 24.5 4.10 18.0 2.6 * Nomad Foods Limited 27.18 4.1% 31.85 22.44 6.9% 21.5% 14.9 2.20 11.9 4.5 Post Holdings, Inc. 107.64 5.2% 117.91 81.38 6.6% (1.3%) 22.6 2.26 12.3 6.3 The Simply Good Foods Company 36.24 (3.3%) 38.50 18.62 15.6% 27.0% 27.1 4.03 20.0 2.7 SunOpta Inc. 13.12 (0.2%) 21.63 8.30 (11.8%) 306.2% 125.3 1.69 21.4 2.8 TreeHouse Foods, Inc. 39.51 (11.0%) 55.50 35.15 (7.0%) (18.5%) 16.0 1.00 8.1 3.9 Unilever PLC 48.23 (0.8%) 51.89 43.00 (2.7%) NA 0.0 2.93 13.6 2.6 Sector Average: 1.4% 31.8% 24.2x 2.56x 13.4x 3.2x 2 Price Price as Compared to Enterprise Value to Total Debt Price Compared to 52-Week Range YE: Forward LTM: to LTM Company Name 8/6/21 7/30/21 High Low 2020 2019 P/E Revenue EBITDA EBITDA ETHANOL Alto Ingredients, Inc. 5.16 (2.6%) 11.44 2.51 (5.0%) 693.8% 6.8 0.47 6.6 1.5 Green Plains Inc.