EUR reporting

AgroGeneration · ALAGR.PA

Row crops (Ukraine) · Filing

Acres: 70,400
Book / acre: EUR 43
Market cap (USD): $6M
EV / acre (USD): $242

Sector KPIsestimate

Planted area: 50,000 ha
Owned / leased: 8,000 / 42,000 ha
Production: 230,000 MT_grain
Realized price: EUR 220.00
Bio assets: EUR 35M

Tangible Balance-Sheet Assets

Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.

Asset class	Book (EUR M)	FMV (EUR M)	Note
Land / property	3	14	Per-property breakdown below
PP&E (mills, plants, machinery)	29	—	Net of accumulated depreciation
Biological assets	35	—	IAS 41 fair value — standing crops / livestock
Inventory	14	—
Intangibles + goodwill	2	—	Excluded from tangible total
Tangible total (ex-cash)	81	92
+ Cash & equivalents	0	0
Tangible total (incl. cash)	81	92
Reported total assets (BS)	48	—	Latest period 2024-12-31

Tangible book

EUR 81M

170% of total assets

Market cap

EUR 6M

7% of tangible book

Enterprise value

EUR 15M

18% of tangible book

Implied fair market analysis

As of 2024-12-31

Aggregate FMV

EUR 14M

Range EUR 8–20M · 70,400 acres

FMV vs. book

+369.3%

Book EUR 3M · FMV EUR 14M

Implied NAV / share

EUR 0.05

Range EUR -0.01–0.11

Live price vs. FMV NAV

+12.5%

Local price 0.06 EUR

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (1 of 1 properties): typical 12.0–20.0%

Reported NOI

EUR 5.7M

Cap rate at comp-based FMV

40.48%

Range 28.92–67.47%

Verdict

Above typical — comp-based FMV may be conservative vs yield benchmark

FMV by category

Aggregated from per-property assumptions below

Category	Properties	Acres	Avg book EUR/acre	Avg FMV EUR/acre	Book (EUR M)	FMV (EUR M)	FMV range (EUR M)	FMV vs book
Ukrainian frontline cropland (leased)	1	70,400	43	200	3	14	8–20	+369.3%
Total	1	70,400	43	200	3	14	8–20	+369.3%

Properties

Single-row aggregation. AgroGeneration leases the vast majority of its 28,500 ha cultivated area; only ~€3M of fixed-asset book is owned land.

Property	Category / crop	Acres	Acquired	Cost (EUR M)	Book (EUR M)	EUR/acre book	FMV EUR/acre	FMV (EUR M)	vs book	Comps
Eastern Ukraine cultivated area (mostly leased) Kharkiv + Sumy regions, Eastern Ukraine	Ukrainian frontline cropland (leased) Grains + oilseeds — mostly LEASED, not owned	70,400	—	—	3	43	200 120–280	14.1	+369.3%	UA-CROP-FRONTLINE-2024 Cultivated area predominantly leased, not owned. Frontline-adjacent in Eastern Ukraine. Deep wartime discount + lease structure means the per-acre FMV is largely conceptual; the company's real value is in leases + working capital + biological assets

Comparable land transactions and surveys

1 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
UA-CROP-FRONTLINE-2024	Ukrainian agricultural cropland — frontline regions, deep discount	Eastern Ukraine (frontline-adjacent)	—	$800	Sep 2024	Ukrainian Land Reform 2024 reports + AgroGeneration FY24 disclosures

Methodology

AgroGeneration is a French-listed micro-cap Ukrainian operator. The cultivated area of 28,500 hectares is predominantly LEASED, not owned — only ~€3M of the €11M total equity is in fixed-asset land book. Single-row aggregation is appropriate because: 1. The owned land base is too small to meaningfully split 2. The cultivated area is frontline-adjacent in Eastern Ukraine (Kharkiv + Sumy regions) at deep wartime discount 3. The company's real value is in working capital, biological assets, and ongoing-business operations — not land The implied NAV/share at FMV doesn't mean much for ALAGR — reading equity value from the property table will mislead. The €5.7M operating EBITDA (excluding war expenses) is the more relevant signal.