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1、AGTECH Q4Public Company Comp Sheet and Valuation GuidePitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Senior Director,Institutional Research&EditorialPaul Condra Head of Emerging Technology ResearchInstitutional Research GroupAAGTECH Q4 PUBLIC COMPANY COMP SHEET AND VALUATION GUIDE2Alex Fre

2、derick Senior Analyst,Emerging TPublished on January 9,2023Key takeaways Wheat futures reached an all-time high in 2022.Other ag commodity futures,including soybeans and live cattle,reached the highest prices in at least five years.Supply constraints due to Russias invasion of Ukraine and challengin

3、g growing conditions caused by extreme weather and aridification drove commodity price increases,leaving many farmers flush with cash to reinvest in ag technologies.Prices have since receded for many commodities but remain historically elevated.Retail fertilizer prices began to surge in 2021,reachin

4、g record highs in early 2022 following Russias invasion of Ukraine.Without recourse,many farmers turned to biological fertilizers to supplement or replace expensive synthetic fertilizers.Indoor farming operators expect to grow revenue a median 35%in 2023,although median EBITDA is forecast to be nega

5、tive until 2024.Despite strong revenue growth,indoor farming companies have seen stock prices decline more than 80%from their market peak,suggesting investor concern for these companies ability to survive their profit declines.AppHarvest recently completed a sale-leaseback to feed its cash burn.3AGT

6、ECH Q4 PUBLIC COMPANY COMP SHEET AND VALUATION GUIDEStock returns4AGTECH Q4 PUBLIC COMPANY COMP SHEET AND VALUATION GUIDESource:PitchBook|Geography:Global|*As of December 31,2022Source:PitchBook|Geography:Global|*As of December 31,2022Source:PitchBook|Geography:Global|*As of Dece