JBS will continue to experience volatile share price performance, but we see scope forimproved financial and share price performance with key senior management changes.Sales growth will remain relatively strong as new acquisitions are integrated, but risingoperating and raw material costs will dent growth. Still, the company’s steep valuationdiscounts have declined and expectations for improved corporate governance lead us toexpect that the company will continue outperforming the Bovespa Index over the shortterm before ultimately market performing over the coming months.
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