2025-06-09-花旗集团-JBS（JBSS3）_JBS（JBSS3.SA）_双重上市更新_终点线临近_6月9日在B3交易巴西存托凭证；6月12日在纽交所首次亮相_12页_387kb

JBS Dual Listing Update Summary

Key Points:

• Dates: Conversion to BDRs on B3: June 9th. NYSE debut for JBS N.V.: June 12th.
• Mechanism: Shareholders' conversion to BDRs will be automatic, requiring no action unless converting BDRs directly to NYSE shares.
• Citi's View: Positively views the strategic dual listing, believing it will enhance global visibility, attract international investors, and improve liquidity. Reiterates Buy rating.
• Valuation Highlights:
  • 12M Target Price: R$55.00 (based on DCF).
  • Expected ETR/Return: ~40.9% (Shareholder-based)/46.0% (Total).
  • JBS is quoted as JBSS3.SA (Brazil) and JXN (NYSE).
  • Current Price: R$39.03 (June 6 starting price).

Risks:

• US/Brazil cattle/grain prices.
• Higher capital/working capital needs.
• Fluctuations in USD/BRL exchange rate.
• Sanitary/health issues (avian flu, COVID-19).

Motivation/Strategy:

• Enhance global reach and international appeal.
• Improve liquidity and market access.
• Shareholders' rights preserved throughout transition.