JBS 公司

BOVESPA:JBSS3

巴西 / 必需消費品 / 食物產品

綜觀

股息

5 年 DCF 增長退出價

股價

40.79 BRL

公允價值

64.05 BRL

Metrics	Range	Conclusion
Discount Rate	10.5% - 9.5%	10.0%
Perpetuity Growth Rate	1.5% - 2.5%	2.0%
Fair Value	R$53.53 - R$77.54	R$64.05
Upside	31.2% - 90.1%	57.0%

4.3%

Revenue 5y CAGR

7.9%

5y Avg EBITDA Margin

4.5%

Unlevered FCF 5y CAGR

5-Year DCF Model: Gordon Growth Exit

股價

40.79 BRL

公允價值

64.05 BRL

看漲

57.0%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(BRL in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29

Revenue	416,952	470,185	477,475	494,505	504,395	514,483
% Growth	14.6%	12.8%	1.6%	3.6%	2.0%	2.0%

EBITDA	35,569	38,099	34,539	39,754	40,549	41,360
% of Revenue	8.5%	8.1%	7.2%	8.0%	8.0%	8.0%

支援算式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
(BRL in millions)		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Terminal

EBITDA		38,099	34,539	39,754	40,549	41,360	41,360
Other Income / (Exp)		0	0	0	0	0	0
D&A		(13,006)	(13,707)	(15,496)	(14,624)	(12,062)	(9,821)

EBIT		25,093	20,831	24,257	25,925	29,298	31,539
Pro forma Taxes		(7,779)	(6,458)	(7,520)	(8,037)	(9,082)	(9,777)
NOPAT	16,397	17,314	14,374	16,738	17,888	20,216	21,762

Capital Expenditures	(8,085)	(11,688)	(10,063)	(9,057)	(9,569)	(10,338)	(10,338)
NWC Investment	(2,950)	(2,956)	(405)	(946)	(549)	(560)	(571)
(+) D&A	11,805	13,006	13,707	15,496	14,624	12,062	9,821

Free Cash Flow	17,167	15,677	17,614	22,231	22,394	21,379	20,674
% Growth		-9%	12%	26%	1%	-5%	-3%

載入錯誤

JBS 公司

BOVESPA:JBSS3

巴西 / 必需消費品 / 食物產品

5 年 DCF 增長退出價