BRFS - BRF SA - The Long Wait For Self-Improvement Goes On
- BRF is likely going to report ongoing margin pressures in Q4'21 and 2022 when it reports next week, as poultry prices have flattened but costs haven't let up.
- Recent inflation has delayed some of the progress of the company's self-improvement plan, but the company is largely on-target from a strategic perspective.
- Product development, production localization, plant modernization, and expanded pet food operations are all key drivers.
- The near-term outlook for margins and FCF is not great, but there's more attractive long-term potential on the basis of the self-improvement plan.
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BRF SA - The Long Wait For Self-Improvement Goes On