Financials BRF S.A.

Equities

BRFS3

BRBRFSACNOR8

Food Processing

Market Closed - Sao Paulo 04:14:18 2024-05-31 pm EDT 5-day change 1st Jan Change
18.58 BRL +8.28% Intraday chart for BRF S.A. -2.62% +34.54%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 28,574 17,802 18,205 8,927 23,182 30,929 - -
Enterprise Value (EV) 1 42,203 31,954 35,537 25,706 32,657 43,190 42,040 39,510
P/E ratio 95.1 x 12.9 x 43.4 x -2.75 x -9.27 x 20.3 x 19.5 x 14.4 x
Yield - - - - - 0.95% 0.97% 1.54%
Capitalization / Revenue 0.83 x 0.45 x 0.38 x 0.17 x 0.43 x 0.56 x 0.53 x 0.5 x
EV / Revenue 1.22 x 0.81 x 0.74 x 0.48 x 0.61 x 0.78 x 0.71 x 0.63 x
EV / EBITDA 7.94 x 6.1 x 6.39 x 6.6 x 6.92 x 6.15 x 5.85 x 5.14 x
EV / FCF 14.7 x 10.4 x -24 x -26.7 x 19.3 x 106 x 22.6 x 24.1 x
FCF Yield 6.81% 9.6% -4.16% -3.75% 5.18% 0.94% 4.43% 4.15%
Price to Book 3.62 x 2.03 x 2.06 x 0.79 x 1.56 x 1.93 x 2.07 x 1.89 x
Nbr of stocks (in thousands) 811,760 807,707 808,412 1,078,117 1,678,656 1,664,656 - -
Reference price 2 35.20 22.04 22.52 8.280 13.81 18.58 18.58 18.58
Announcement Date 3/3/20 2/25/21 2/22/22 2/28/23 2/26/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 34,618 39,470 48,343 53,805 53,615 55,286 58,865 62,294
EBITDA 1 5,317 5,241 5,559 3,896 4,721 7,028 7,192 7,680
EBIT 1 2,953 2,847 3,010 -136 836 3,675 3,699 3,904
Operating Margin 8.53% 7.21% 6.23% -0.25% 1.56% 6.65% 6.28% 6.27%
Earnings before Tax (EBT) 1 897.1 1,148 -35 -2,805 -1,985 1,621 1,873 2,271
Net income 1 297.6 1,384 419.5 -3,166 -2,029 913.3 1,253 1,302
Net margin 0.86% 3.51% 0.87% -5.88% -3.78% 1.65% 2.13% 2.09%
EPS 2 0.3700 1.710 0.5187 -3.008 -1.490 0.9175 0.9511 1.287
Free Cash Flow 1 2,875 3,066 -1,479 -964 1,690 407 1,862 1,641
FCF margin 8.3% 7.77% -3.06% -1.79% 3.15% 0.74% 3.16% 2.63%
FCF Conversion (EBITDA) 54.07% 58.5% - - 35.81% 5.79% 25.9% 21.37%
FCF Conversion (Net income) 966.02% 221.6% - - - 44.56% 148.67% 126.05%
Dividend per Share 2 - - - - - 0.1774 0.1796 0.2867
Announcement Date 3/3/20 2/25/21 2/22/22 2/28/23 2/26/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 13,724 12,041 12,939 14,056 14,769 13,178 12,205 13,806 14,426 13,378 13,516 14,300 14,662 13,999
EBITDA 1 1,687 121 1,368 1,374 1,032 607 1,006 1,205 1,903 2,117 1,829 1,928 2,023 1,688
EBIT 1 1,071 -527.1 140.4 563.4 -313 -179.4 -361.3 452.3 924 1,482 927.8 846.4 857.6 1,071
Operating Margin 7.8% -4.38% 1.09% 4.01% -2.12% -1.36% -2.96% 3.28% 6.41% 11.07% 6.86% 5.92% 5.85% 7.65%
Earnings before Tax (EBT) 1 - -1,301 -469.6 -119 -915 -1,039 -1,461 -221.4 737 714.7 541 837 971 -
Net income 1 921.3 -1,572 -559.2 -122.6 -912.2 -1,034 -1,359 -387 751.4 505 541 837 971 -
Net margin 6.71% -13.06% -4.32% -0.87% -6.18% -7.85% -11.13% -2.8% 5.21% 3.77% 4% 5.85% 6.62% -
EPS 2 - -1.614 -0.5189 -0.1137 -0.8489 -0.9591 -1.260 -0.2400 0.7300 0.3022 0.3058 0.3988 0.4585 0.2200
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 2/22/22 5/4/22 8/10/22 11/9/22 2/28/23 5/15/23 8/14/23 11/13/23 2/26/24 5/7/24 - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 13,629 14,152 17,332 16,779 9,475 12,261 11,111 8,581
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.563 x 2.7 x 3.118 x 4.307 x 2.007 x 1.744 x 1.545 x 1.117 x
Free Cash Flow 1 2,875 3,066 -1,479 -964 1,690 407 1,863 1,641
ROE (net income / shareholders' equity) 16.2% 16.3% 4.76% -31.5% -15.5% 9.82% 10.3% 11.2%
ROA (Net income/ Total Assets) 0.71% 3.03% - -5.57% -3.52% 5.19% 3.99% 4.57%
Assets 1 42,042 45,683 - 56,879 57,562 17,612 31,374 28,486
Book Value Per Share 2 9.730 10.80 10.90 10.50 8.870 9.650 8.970 9.850
Cash Flow per Share 2 3.100 6.310 5.510 1.780 2.340 2.850 3.100 -
Capex 1 1,255 2,462 3,681 2,840 2,249 2,975 3,328 3,356
Capex / Sales 3.63% 6.24% 7.61% 5.28% 4.19% 5.38% 5.65% 5.39%
Announcement Date 3/3/20 2/25/21 2/22/22 2/28/23 2/26/24 - - -
1BRL in Million2BRL
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
11
Last Close Price
18.58 BRL
Average target price
17.63 BRL
Spread / Average Target
-5.13%
Consensus