JBS NV: Near-Term Pressure but Fundamentals Remain

研报英文原文证据摘录

JBS NV: Near-Term Pressure but Fundamentals Remain

Equity Research

Americas Agribusiness

13 May 2026

JBS NV

Near-Term Pressure but

Fundamentals Remain

We remain OW on JBS but lower our price target to $21. While JBS OVERWEIGHT

1Q results were weaker than expected due to higher costs in Unchanged

US Chicken and Australia, we remain confident in the Americas Agribusiness UnchangedNEUTRAL

company's ability to generate strong FCF even during the Price Target USD 21.00

lows of the US cattle cycle. lowered -9% from USD 23.00

Price (12-May-26) USD 15.27

Potential Upside/Downside +37.5%

We stay OW with a $21 (was $23) price target. Our new price target stems from lower Source: Bloomberg, Barclays Research

profitability assumptions, mainly in Australia, PPC/US Chicken, and Seara.

Market Cap (USD mn) 16352New Reporting, Same Diversification: Management expanded on the decision to voluntarily

Shares Outstanding (mn) 1070.88move to 10-K and 10-Q reporting (vs current 20-F reporting) as a strategic decision to better

Free Float (%) 42.24position itself for index inclusion, a stated goal since the company relisted its shared on the

52 Wk Avg Daily Volume (mn) N/ANYSE in 2025. Index inclusion would represent significant passive inflows into JBS, potentially

Dividend Yield (%) 6.55beginning in June as the Russell rebalances. The company continues to generate solid FCF

Return on Equity TTM (%) 25.63despite the weakness of US beef, leveraging its global portfolio to drive volume gains. Although

Current BVPS (USD) 4.53the US cattle cycle is expected to remain weak well into 2027, strength in international

Source: Bloomberg

operations and other US proteins should help support cash flow, growth capex, and shareholder

returns.

Price Performance Exchange-NYSE