Stock MRFG3 MARFRIG GLOBAL FOODS S.A.
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Financials Marfrig Global Foods S.A.

Equities

MRFG3

BRMRFGACNOR0

Food Processing

Market Closed - Sao Paulo
Other stock markets
 04:07:34 2024-04-26 pm EDT 		5-day change 1st Jan Change
9.77 BRL +0.41% Intraday chart for Marfrig Global Foods S.A. -0.31% +0.72%
Mar. 28 Transcript : Marfrig Global Foods S.A., Q4 2023 Earnings Call, Mar 28, 2024
Mar. 27 Marfrig Global Foods S.A. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 6,995 10,109 15,105 5,739 8,820 9,078 - -
Enterprise Value (EV) 1 21,343 26,227 37,031 5,739 38,787 25,888 42,624 28,358
P/E ratio 28.4 x 3.08 x 3.44 x 1.36 x -4.1 x -35.3 x 11.8 x -
Yield - 1.41% 14.6% - - - - -
Capitalization / Revenue 0.14 x 0.15 x 0.18 x 0.04 x 0.06 x 0.06 x 0.06 x 0.06 x
EV / Revenue 0.44 x 0.39 x 0.43 x 0.04 x 0.28 x 0.18 x 0.3 x 0.19 x
EV / EBITDA 4.38 x 2.73 x 2.55 x 0.45 x 4.17 x 2.48 x 3.89 x 2.32 x
EV / FCF 13 x 4.15 x 5.34 x - 4.28 x 6.97 x 10.6 x -
FCF Yield 7.7% 24.1% 18.7% - 23.3% 14.3% 9.47% -
Price to Book 11.3 x 4.79 x 3.74 x - 1.18 x 5.87 x 6.42 x -
Nbr of stocks (in thousands) 702,269 696,700 684,433 659,685 909,279 929,133 - -
Reference price 2 9.960 14.51 22.07 8.700 9.700 9.770 9.770 9.770
Announcement Date 2/19/20 3/8/21 3/8/22 3/1/23 3/27/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 48,761 67,482 85,388 130,632 136,485 141,442 143,444 146,516
EBITDA 1 4,877 9,596 14,544 12,748 9,295 10,428 10,968 12,213
EBIT 1 3,412 7,854 12,981 7,176 2,555 3,505 4,401 4,716
Operating Margin 7% 11.64% 15.2% 5.49% 1.87% 2.48% 3.07% 3.22%
Earnings before Tax (EBT) 1 1,353 5,128 8,902 2,778 -4,541 1,131 2,547 -
Net income 1 218.1 3,302 4,342 4,166 -3,621 -366 674.6 138
Net margin 0.45% 4.89% 5.08% 3.19% -2.65% -0.26% 0.47% 0.09%
EPS 2 0.3507 4.718 6.419 6.398 -2.366 -0.2770 0.8278 -
Free Cash Flow 1 1,644 6,315 6,929 - 9,053 3,713 4,037 -
FCF margin 3.37% 9.36% 8.11% - 6.63% 2.63% 2.81% -
FCF Conversion (EBITDA) 33.72% 65.81% 47.64% - 97.4% 35.61% 36.81% -
FCF Conversion (Net income) 754% 191.26% 159.59% - - - 598.46% -
Dividend per Share 2 - 0.2039 3.231 - - - - -
Announcement Date 2/19/20 3/8/21 3/8/22 3/1/23 3/27/24 - - -
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 2025 Q1
Net sales 1 23,638 23,941 22,341 34,486 36,417 37,389 31,757 32,514 35,650 36,564 32,578 33,962 36,384 37,506 -
EBITDA 1 4,734 4,181 2,749 3,983 3,792 -1,956 1,498 2,299 2,561 2,938 2,378 2,505 2,673 2,878 -
EBIT 1 4,270 3,751 2,350 2,299 2,023 448 -219.6 571 - 1,202 541 783 934 1,193 -
Operating Margin 18.06% 15.67% 10.52% 6.67% 5.56% 1.2% -0.69% 1.76% - 3.29% 1.66% 2.31% 2.57% 3.18% -
Earnings before Tax (EBT) 2,996 1,895 1,255 3,092 -26.85 - -1,789 - - -37 - - - - -
Net income 1 1,675 649.7 109 4,255 430.7 -617.4 -633.5 -784.4 -112 - -262 -202 -36 135 -
Net margin 7.09% 2.71% 0.49% 12.34% 1.18% -1.65% -1.99% -2.41% -0.31% - -0.8% -0.59% -0.1% 0.36% -
EPS 2 2.381 1.152 0.1605 6.289 0.9269 -0.9782 -0.9864 - - - -0.3800 -0.1090 0.1320 0.0810 -0.1480
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 10/26/21 3/8/22 5/3/22 8/11/22 11/10/22 3/1/23 5/15/23 8/14/23 11/13/23 3/27/24 - - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 14,348 16,118 21,926 - 29,967 16,810 33,547 19,280
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.942 x 1.68 x 1.508 x - 3.224 x 1.612 x 3.059 x 1.579 x
Free Cash Flow 1 1,644 6,315 6,929 - 9,053 3,713 4,037 -
ROE (net income / shareholders' equity) 33.8% 158% 144% - -23% 4.87% 4.44% -7%
ROA (Net income/ Total Assets) 0.75% 10.5% 9.92% - -1.14% -2.01% -0.66% -
Assets 1 29,040 31,572 43,755 - 318,575 18,200 -102,053 -
Book Value Per Share 2 0.8800 3.030 5.900 - 8.210 1.660 1.520 -
Cash Flow per Share 2 4.180 11.00 13.40 - 19.60 7.230 - -
Capex 1 956 1,401 2,109 - 3,503 4,973 5,437 4,143
Capex / Sales 1.96% 2.08% 2.47% - 2.57% 3.52% 3.79% 2.83%
Announcement Date 2/19/20 3/8/21 3/8/22 3/1/23 3/27/24 - - -
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

Ratings for Marfrig Global Foods S.A.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
9.77 BRL
Average target price
12.89 BRL
Spread / Average Target
+31.93%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Animal Slaughtering & Processing
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