JBS N.V. (JBS)

JBS reported strong Q3 results with the upside, relative to us (nearly $95M upside on the EBITDA line, or ~6%), driven by its U.S. red meat operations. We believe favorable movements in its derivative positions…

We are initiating coverage of JBS, the largest animal protein producer in the world with operations that span much of the globe (55%-65% EBITDA derived from U.S. operations) and include most species, including cattle, chicken,…