2025-06-14-高盛-JBS（JBS）_JBS迁移至纽约证券交易所完成；给予JBS和JBSS32.SA买入评级_8页_285kb

JBS successfully completed its migration to the NYSE on June 13, 2025, with its Class A shares now trading under JBS and Brazilian BDRs under JBSS32.SA. Goldman Sachs assigns a Buy rating to both, with 12-month price targets of $19.50 for Class A shares and R$111.40 for BDRs.

Key strengths include JBS's highly diversified protein portfolio (beef, chicken, pork, etc.) in global locations; superior operating margins compared to peers like Tyson; secular growth driven by global population increase; strong free-cash flow generation expected at 24% aggregate yield; and a fair valuation with a 21% discount to peers based on forward EV/EBITDA.

Risks include potential benchmark changes, trade wars, supply issues, cyclical downturns, export bans, litigation, FX volatility, and competition in Brazil's processed food sector.

The analysis updates financial models for 2025-2027, showing stable or improving performance in various segments, and employs a sum-of-the-parts valuation method. JBS is rated Buy, outperforming peers in valuation and growth metrics.

Disclosures highlight conflicts of interest, as Goldman Sachs has stakes and business relationships with JBS, and adheres to regulatory standards for research independence.