Initiating Coverage on JBS: Resilient IG Credit, Long Bonds Offer Best Value
Global scale, diversification, liquidity, and improved leverage support credit profile. Long end yields 6.0%-6.2% and trades wide to Tyson and LatAm peers
We are initiating coverage on JBS with an Overweight recommendation. JBS benefits from its scale as the world’s largest protein company, with a diversified portfolio across proteins and a global footprint supported by well-recognized brands. This diversification has helped offset weaker profitability in North America, underscoring the company’s resilience and credit stability.
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