JBS Q1: Good Results, And Even Better Prospects

2025-05-16 04:24:42 ET

Summary

• Net revenue increased 8.5% y/y, EBITDA margin also improved due to the diversified model, which supported cost control.
• NYSE listing could unlock repricing of multiples (EV/EBITDA of 6.15x vs. 8.3x of peers). An upside of almost 35%.
• Risks include high commodity prices and disappointment if the listing does not materialize.

Investment Thesis

I recommend buying JBS (JBSAY) shares after the Q1 results released on May 13. This article is a continuation of my introductory coverage article published on June 23 with the same recommendation....

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