Andersons, Inc. (ANDE)

Wholesale-Farm Product Raw Materials

Latest Price

$71.52

TTM P/E

Normalized P/E

24.40

Div Yield

1.10%

Book Value

37.36

P/B Ratio

1.91

Valuation metrics

EPS: $3.32

Book value / share: $36.25

Formula: √(22.5 × EPS × BVPS)

Graham Number

$52.04

27% downside

Norm. op. income: $161M (median of 7yr)

Tax rate: 19%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$16.41

77% downside

Base FCF: $182M (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$69.16

3% downside

EPS: $3.32

Target P/E: 24×

Formula: EPS × P/E

P/E Fair Value

$79.68

+11% upside

86.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	5.58M	$400.0M	16.43%	+262.9K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	2.42M	$173.0M	7.12%	--	2026-03-31
DIMENSIONAL FUND ADVISORS LP	2.35M	$168.0M	6.92%	+1.1K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	1.44M	$103.0M	4.24%	--	2026-03-31
STATE STREET CORP	1.34M	$96.0M	3.96%	-8.8K	2026-03-31
Invesco Ltd.	1.22M	$87.0M	3.60%	+620.3K	2026-03-31
JANUS HENDERSON GROUP PLC	860.9K	$61.0M	2.54%	+223.6K	2026-03-31
Rubric Capital Management LP	855.8K	$61.0M	2.52%	-149.8K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	839.7K	$60.0M	2.47%	+16.9K	2026-03-31
VICTORY CAPITAL MANAGEMENT INC	829.6K	$59.0M	2.44%	+98.6K	2026-03-31