AgJournal has ranked 50 ASX-listed agribusiness companies by their market capitalisation, with Treasury Wine Estates missing out on the top spot due to its January stock market plunge.
Companies directly involved in agriculture, producing agricultural commodities or providing services to farmers have been included in the rankings, which show that New Zealand infant formula and fresh milk processor, The a2 Milk Company, is the largest agribusiness listed on the ASX.
The company is valued at about $11 billion, ahead of its nearest rival, TWE, at about $7.8 billion.
TWE recorded revenue of $2.88 billion in 2018-19 and net profit after tax of $419.5 million.
The winemaker has 13,000 hectares of grapevines planted globally.
The Weekly Times notes: "[TWE] would have topped AgJournal’s list of top agribusinesses in terms of market capitalisation but for a huge plunge in its share price during the Australia Day week.
"Over two days alone, its share price took a 30% dive, wiping $3.85 billion off its market capitalisation.
"It came after TWE downgraded its profit forecast for 2019-20 following concerns about cheap wines flooding one of its key markets, the US, plus fears the coronavirus would hit high-end sales of wine into China. Shareholder class action over the share-price plunge has been mooted."
The company’s two biggest shareholders, HSBC Custody Nominees (Australia) and J.P. Morgan Nominees Australia, collectively hold about 64% of shares for their investors.
Australian Vintage was the second winemaker to appear on the list, at No.25. AgBusiness noted that it's market capitalisation was $131.93million, with net revenue in 2019 of $270.11million and net profit (loss) in 2019 of $8.12million.
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