MBRF 1Q26 Review: Solid EBITDA Beat on Healthy Margins; Management Keeps an Optimistic Outlook

研报英文原文证据摘录

MBRF 1Q26 Review: Solid EBITDA Beat on Healthy Margins; Management Keeps an Optimistic Outlook

Lucas Ferreira AC Latin America Equity Research

(55-11) 4950-3629 14 May 2026 J P M O R G A N

lucas.x.ferreira@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

MBRF is a leading Brazilian food company formed from the

merger of Marfrig and BRF, specializing in chicken, beef, and

prepared foods with significant export operations. We like

MBRF for its strong growth in prepared foods, expected margin

resilience in Brazil’s chicken market despite the global cycle

peak, and potential upside from synergies and export market

reopenings. However, we remain cautious about risks in the U.S.

beef segment, where margin visibility is low and industry

recovery may be slow. Valuation seems reasonable for a trough

YTD 1m 3m 12m cycle, supported by solid volume growth and upside from

Abs -12.8% -20.4% -7.3% -12.0% synergies not yet fully reflected in our numbers.

Rel -23.5% -10.1% -3.0% -40.9%

Valuation

Company Data

Our December 2026 price target is derived from a 50/50

Shares O/S (mn) 1,438

52-week range (R$) 27.66-14.59 weighting of discounted cash flow (DCF) and enterprise value

Market cap ($ mn) 4,996.76 to EBITDA (EV/EBITDA) methodologies. Specifically, (a) we

Exchange rate 5.01 employ a 10-year DCF model with a weighted average cost of

Free float (%) 54.3%

3M ADV (mn) 12.07 capital (WACC) of 10.6% and a perpetuity growth rate of 2.5%,

3M ADV ($ mn) 44.6 and (b) our EV/EBITDA analysis applies a target multiple of

Volatility (90 Day) 49 5.9x based on the estimated EBITDA. This multiple reflects a

Index Ibovespa

BBG ANR (Buy | Hold | Sell) 8|9|1 weighted average of 7.1x for Prepared Foods operations and

5.0x for In Natura.

Key Metrics (FYE Dec)