PitchBook-2023年三季度Agtech公开损益表和估值指南（英）-2023.10-21页_8mb

Agtech Q3 2023 Performance Summary

Key Highlights

• Share Price Underperformance: Agtech stocks overall declined in Q3 2023, with indoor farming being the best performer (average gain of 14%) and plant biotech fast-growth stocks declining by 19%. SalMar's stock rose 26% due to operational strength. Some companies like AppHarvest and Kalera were removed from the segment due to bankruptcies or pink sheet trading.
• Declining Multiples: Enterprise value to next 12 months sales multiples decreased, such as animal agriculture from 1.7x to 1.4x. Investors are prioritizing profitability over growth.
• Negative EBITDA Forecasts: Most segments predict declining EBITDA in 2023, except indoor farming and precision agriculture which see medium growth. Indoor farming margins are expected to be -41% in 2023 but turn positive by 2025.
• Reduced M&A Activity: Only 15 transactions occurred in Q3, down from highs in 2021, due to high interest rates and instability. Notable deals include Clearpath Robotics to Rockwell Automation and MightyVine to Pure Flavour.
• Overall Outlook: The sector shows cautious investor sentiment, with focus on operational efficiency and profitability, despite some segments demonstrating resilience.