Key Insights and Recommendations
We maintain an Overweight on Minerva’s 2033 bonds, which offer a 6.7% yield for a 4.0-year duration, providing higher yield with less duration risk than the 2031 notes and fair relative value to benchmarks and comparable notes. The view is supported by favorable beef market conditions, the company’s ability to offset U.S. tariffs, its track record of deleveraging, and successful asset integration, which we expect will drive further spread compression over the next 9–12 months.
