JBS will continue to experience volatile share price performance, but we see scope for improved financial and share price performance with key senior management changes. Sales growth will remain relatively strong as new acquisitions are integrated, but rising operating and raw material costs will dent growth. The company’s steep valuation discounts have declined and expectations for improved corporate governance lead us to expect that the company will continue outperforming the Bovespa Index over the short term before ultimately performing in line with the market over the coming months.
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