JBS USA LUX SA: Looks like meat‘s back on the menu + a new CEO

研报英文原文证据摘录

J P M O R G A N

North America Credit Research

11 August 2026

JBS USA LUX SA

Looks like meat’s back on the menu + a new CEO

Overweight

JBS

Moody's:

S&P:

Fitch:

Baa3

BBBBBB-

Outlook:

STABLE

The above agency ratings are at the corporate level

JBS reported better-than-expected results, coupled with somewhat

surprising news that Wesley Batista Filho will take over as CEO. We had

expected him to take over at some point, and read his appointment as a positive as

we believe he is a strong manager with experience in every division, most recently

as head of the largest, JBS USA. He knows all of the businesses better than most,

and has good relationships both internally and externally (inc with investors). The

one modest negative of his appointment (and the press likes to highlight) is that this

brings the “Batista” family back into control (Gilberto Tomazoni, the outgoing

CEO who took the role in 2018 and will remain Vice Chairman, was the first nonBatista in the role). JBS bonds get a one notch hit for “governance,” and we believe

that the Brazilian family control is a big part of this. We don’t expect the agencies

to give it more of a notching after today’s announcement, but it is less likely to

remove the governance notch, in our view. We would use any dip from the new

CEO uncertainty as a buying opportunity and remain Overweight JBS, with

its benchmark 10yrs at +117 vs the average BBB at +110 and peer TSN at +90

(one notch higher rated). The downside risk to our rating is a change in capital

allocation policy or levering M&A.

Packing in a solid quarter (almost) across the board: JBS revenue of $23.9bn

grew 13.8% and beat the street’s $22.97bn est, led by Australia — $2.565bn vs

$2.224bn est, driven by pricing for both domestic and exports. Both Brazil

businesses were solid, with JBS Brazil +28% to $4.585bn vs $4.187bn est (record

levels) driven by exports (Chinese demand to fill quotas), but also strong domestic

business (it called out a World-Cup marketing program); and Seara sales of

$2.560bn (+18%) beat the street’s $2.412bn. NA Beef came in at $7.770bn

(+14.2%) vs the street’s $7.301bn on higher prices (cutout values supported by

consumer demand).…