Agricultural basket

The following basket contains two companies that are integrated into agricultural chain: DSV is a massive transport company that handles industrial and agricultural supply chains and Bunge is a world-leading agribusiness, food processing, and grain trading company. Moreover, Bunge Global works with DSV as part of its third-party logistics and freight forwarding operations.

It should be mentioned that agricultural company was chosen specially as we expect El Niño climate phenomenon will start later in autumn and end in spring. El Niño will cause severe storms and droughts which will lead to volatility, regional supply imbalances, and shifting global trade flows. Additionally, after El Niño countries will have to restore the stock making commodities price go up. Assume that our two companies will be beneficiaries of this.

DSV A/S [Internal score 55/100] DSV is a Danish multinational logistics and freight forwarding giant. It ranks among the world’s top three third-party logistics (3PL) providers. The company operates using an assetlight business model: it owns virtually no ships, aircraft, or trucks of its own, instead booking capacity with third-party carriers while focusing on freight forwarding, routing, IT infrastructure, and warehouse logistics. The air freight segment generates 65% of revenue, with road transport accounting for 25% and warehouse management for 10%.

According to the financial report for the 2nd quarter of 2026 revenue increased 24% y-o-y and amounted to $11,9 bln. EBITDA margin for the quarter was around 12% level. Net income exceeds $530 mln vs $451 mln for the same quarter in 2025. Company is expected to deliver positive FCF above $1 bln in the next two quarters, equal to 10% of revenue. Current FCF level is $309 mln.

Bunge Global SA [Internal score 55/100] is a US-based agribusiness and trading giant and one of the world’s largest processors of oilseeds and grains. Its revenue is generated by the Agribusiness segment (75%) and the Refined & Specialty Oils and Milling segments (25%). Regarding key drivers, Bunge is finalizing the integration of the major agricultural trader Viterra. The combined company is creating a massive global network with diversified coverage of key agricultural regions (North and South America, Australia).

According to the recent financial report, for the past quarter of 2026 revenue increased 88,3% y-o-y and amounted to $24 bln. EBITDA margin for the quarter was around 6% level. For the last quarter company demonstrated net income equal to $385 mln vs $178 mln net income for the same quarter in 2025.

El Niño is already strengthening, with NOAA now putting the chance of a very strong event above 90%, just as South America heads towards a key growing season. Weather disruption there could tighten and redirect crop flows, giving Bunge’s enlarged post-Viterra network more opportunities to trade and move them, while increasing demand for flexible freight capacity at DSV. Both companies also have their own catalyst: Bunge has raised its 2026 outlook, while DSV’s faster-than-planned Schenker integration should deliver another step-up in synergies through the rest of the year.