Financials BRF S.A.

Equities

BRFS3

BRBRFSACNOR8

Food Processing

Market Closed - Sao Paulo 16:07:55 2024-04-26 EDT 5-day change 1st Jan Change
17.45 BRL +1.69% Intraday chart for BRF S.A. +2.35% +26.36%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 28,574 17,802 18,205 8,927 23,182 29,293 - -
Enterprise Value (EV) 1 42,203 31,954 35,537 25,706 23,182 40,555 39,638 38,067
P/E ratio 95.1 x 12.9 x 43.4 x -2.75 x -9.27 x 23.2 x 21.6 x 11.7 x
Yield - - - - - 0.66% 0.82% 1.83%
Capitalization / Revenue 0.83 x 0.45 x 0.38 x 0.17 x 0.43 x 0.52 x 0.5 x 0.47 x
EV / Revenue 1.22 x 0.81 x 0.74 x 0.48 x 0.43 x 0.73 x 0.67 x 0.61 x
EV / EBITDA 7.94 x 6.1 x 6.39 x 6.6 x 4.91 x 6.09 x 5.7 x 5.08 x
EV / FCF 14.7 x 10.4 x -24 x -26.7 x - 99.6 x 21.3 x 23.2 x
FCF Yield 6.81% 9.6% -4.16% -3.75% - 1% 4.7% 4.31%
Price to Book 3.62 x 2.03 x 2.06 x 0.79 x - 1.79 x 1.94 x -
Nbr of stocks (in thousands) 811,760 807,707 808,412 1,078,117 1,678,656 1,678,656 - -
Reference price 2 35.20 22.04 22.52 8.280 13.81 17.45 17.45 17.45
Announcement Date 20-03-03 21-02-25 22-02-22 23-02-28 24-02-26 - - -
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 55,929 58,780 62,582
EBITDA 1 5,317 5,241 5,559 3,896 4,721 6,664 6,959 7,498
EBIT 1 2,953 2,847 3,010 -136 836 3,347 3,529 3,894
Operating Margin 8.53% 7.21% 6.23% -0.25% 1.56% 5.98% 6% 6.22%
Earnings before Tax (EBT) 1 897.1 1,148 -35 -2,805 -1,985 1,342 1,647 1,955
Net income 1 297.6 1,384 419.5 -3,166 -2,029 894.6 1,073 686
Net margin 0.86% 3.51% 0.87% -5.88% -3.78% 1.6% 1.83% 1.1%
EPS 2 0.3700 1.710 0.5187 -3.008 -1.490 0.7527 0.8094 1.493
Free Cash Flow 1 2,875 3,066 -1,479 -964 - 407 1,862 1,641
FCF margin 8.3% 7.77% -3.06% -1.79% - 0.73% 3.17% 2.62%
FCF Conversion (EBITDA) 54.07% 58.5% - - - 6.11% 26.76% 21.88%
FCF Conversion (Net income) 966.02% 221.6% - - - 45.49% 173.53% 239.22%
Dividend per Share 2 - - - - - 0.1151 0.1439 0.3200
Announcement Date 20-03-03 21-02-25 22-02-22 23-02-28 24-02-26 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 12,390 13,724 12,041 12,939 14,056 14,769 13,178 12,205 13,806 14,426 13,505 13,479 14,178 14,828
EBITDA 1 1,367 1,687 121 1,368 1,374 1,032 607 1,006 1,205 1,903 1,746 1,680 1,753 1,879
EBIT 1 730.5 1,071 -527.1 140.4 563.4 -313 -179.4 -361.3 452.3 924 944.4 739.3 306.4 927
Operating Margin 5.9% 7.8% -4.38% 1.09% 4.01% -2.12% -1.36% -2.96% 3.28% 6.41% 6.99% 5.48% 2.16% 6.25%
Earnings before Tax (EBT) 1 -254.5 - -1,301 -469.6 -119 -915 -1,039 -1,461 -221.4 737 460.1 413 516 652
Net income 1 -282.1 921.3 -1,572 -559.2 -122.6 -912.2 -1,034 -1,359 -387 751.4 344.4 358.6 393.9 472.9
Net margin -2.28% 6.71% -13.06% -4.32% -0.87% -6.18% -7.85% -11.13% -2.8% 5.21% 2.55% 2.66% 2.78% 3.19%
EPS 2 - - -1.614 -0.5189 -0.1137 -0.8489 -0.9591 -1.260 -0.2400 0.7300 0.1826 0.2276 0.2683 0.3337
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 21-11-10 22-02-22 22-05-04 22-08-10 22-11-09 23-02-28 23-05-15 23-08-14 23-11-13 24-02-26 - - - -
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 - 11,262 10,345 8,774
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.563 x 2.7 x 3.118 x 4.307 x - 1.69 x 1.487 x 1.17 x
Free Cash Flow 1 2,875 3,066 -1,479 -964 - 407 1,863 1,641
ROE (net income / shareholders' equity) 16.2% 16.3% 4.76% -31.5% - 8.4% 9.15% 10.9%
ROA (Net income/ Total Assets) 0.71% 3.03% - -5.57% - 3.22% 3.37% 4.19%
Assets 1 42,042 45,683 - 56,879 - 27,767 31,811 16,356
Book Value Per Share 2 9.730 10.80 10.90 10.50 - 9.740 9.000 -
Cash Flow per Share 2 3.100 6.310 5.510 1.780 - 2.440 2.600 -
Capex 1 1,255 2,462 3,681 2,840 - 3,056 3,328 3,356
Capex / Sales 3.63% 6.24% 7.61% 5.28% - 5.46% 5.66% 5.36%
Announcement Date 20-03-03 21-02-25 22-02-22 23-02-28 24-02-26 - - -
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
17.45 BRL
Average target price
16.35 BRL
Spread / Average Target
-6.28%
Consensus