Stock BEEF3 MINERVA S.A.
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Financials Minerva S.A.

Equities

BEEF3

BRBEEFACNOR6

Food Processing

Market Closed - Sao Paulo
Other stock markets
 04:07:46 2024-04-26 pm EDT 		5-day change 1st Jan Change
6.13 BRL -0.33% Intraday chart for Minerva S.A. +0.82% -17.94%
Mar. 26 Transcript : Minerva S.A., Q4 2023 Earnings Call, Mar 26, 2024
Mar. 25 Minerva S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,142 5,551 6,091 7,572 4,383 3,597 - -
Enterprise Value (EV) 1 11,196 10,721 12,194 14,267 13,262 12,805 12,849 14,992
P/E ratio 318 x 7.67 x 10.3 x 11.6 x 10.4 x 4.16 x 4.93 x 4.72 x
Yield - 10.1% 6.51% - - 5.66% 6.42% 8.32%
Capitalization / Revenue 0.3 x 0.29 x 0.23 x 0.24 x 0.16 x 0.11 x 0.1 x 0.1 x
EV / Revenue 0.65 x 0.55 x 0.45 x 0.46 x 0.49 x 0.4 x 0.37 x 0.41 x
EV / EBITDA 6.4 x 5 x 5.05 x 5.03 x 5.18 x 3.73 x 3.79 x 4.51 x
EV / FCF 7.41 x 3.7 x 5.73 x 6.02 x 6.62 x 7.91 x 12.5 x 19.9 x
FCF Yield 13.5% 27% 17.4% 16.6% 15.1% 12.6% 8.01% 5.02%
Price to Book -18.3 x 6.37 x 9.46 x 15 x - 1.78 x 2.07 x -
Nbr of stocks (in thousands) 400,447 545,276 574,616 584,230 586,801 586,801 - -
Reference price 2 12.84 10.18 10.60 12.96 7.470 6.130 6.130 6.130
Announcement Date 2/19/20 2/25/21 2/23/22 2/23/23 3/25/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 17,123 19,406 26,965 30,978 26,892 32,235 35,102 36,546
EBITDA 1 1,751 2,143 2,413 2,838 2,563 3,429 3,390 3,327
EBIT 1 1,462 1,794 2,035 2,423 2,050 2,776 2,563 2,626
Operating Margin 8.54% 9.24% 7.55% 7.82% 7.62% 8.61% 7.3% 7.19%
Earnings before Tax (EBT) 1 -132.6 766 585.6 388.1 341.2 967.4 912.4 1,038
Net income 1 16.16 697.1 598.9 652.5 421.1 1,490 1,020 968
Net margin 0.09% 3.59% 2.22% 2.11% 1.57% 4.62% 2.91% 2.65%
EPS 2 0.0404 1.327 1.030 1.116 0.7175 1.475 1.243 1.300
Free Cash Flow 1 1,511 2,897 2,127 2,371 2,004 1,618 1,030 752
FCF margin 8.82% 14.93% 7.89% 7.65% 7.45% 5.02% 2.93% 2.06%
FCF Conversion (EBITDA) 86.3% 135.19% 88.13% 83.55% 78.21% 47.18% 30.37% 22.6%
FCF Conversion (Net income) 9,350.93% 415.55% 355.12% 363.37% 475.99% 108.62% 100.89% 77.69%
Dividend per Share 2 - 1.030 0.6900 - - 0.3467 0.3938 0.5100
Announcement Date 2/19/20 2/25/21 2/23/22 2/23/23 3/25/24 - - -
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
Net sales 1 7,368 7,506 7,229 8,472 8,438 6,839 6,381 7,276 7,068 6,166 6,443 6,959 7,449 7,841
EBITDA 1 648.1 735.3 646 778 806.2 607.5 531.9 711.2 713.7 605.9 617 - - -
EBIT 1 548.8 634.8 551 671 703.6 497.6 400.9 571.4 574.7 503.2 511.8 561.5 605.2 630.6
Operating Margin 7.45% 8.46% 7.62% 7.92% 8.34% 7.28% 6.28% 7.85% 8.13% 8.16% 7.94% 8.07% 8.12% 8.04%
Earnings before Tax (EBT) 84.82 92.21 -136.6 408.9 180.5 - 116.9 144.3 38.82 41.14 - - - -
Net income 72.4 150.3 114.6 424.7 141.5 -28.22 119.8 118 155.5 27.76 - - - -
Net margin 0.98% 2% 1.59% 5.01% 1.68% -0.41% 1.88% 1.62% 2.2% 0.45% - - - -
EPS 2 0.1374 0.1800 0.1961 0.7269 0.2422 -0.0496 0.2048 0.2011 0.2650 0.0480 0.1900 0.2500 0.3100 0.3400
Dividend per Share - - - 0.2192 0.2192 - - 0.1900 0.1900 - - - - -
Announcement Date 11/4/21 2/23/22 5/11/22 8/10/22 11/9/22 2/23/23 5/9/23 8/9/23 11/8/23 3/25/24 - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,054 5,171 6,103 6,695 8,878 9,208 9,252 11,395
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.459 x 2.413 x 2.529 x 2.359 x 3.465 x 2.685 x 2.729 x 3.425 x
Free Cash Flow 1 1,511 2,897 2,127 2,371 2,004 1,618 1,030 752
ROE (net income / shareholders' equity) - 250% 80.2% 112% 124% 65.9% 45.9% 48%
ROA (Net income/ Total Assets) - 4.62% 3.24% 3.15% 1.68% 7.97% 7.85% -
Assets 1 - 15,078 18,496 20,735 24,997 18,699 12,996 -
Book Value Per Share 2 -0.7000 1.600 1.120 0.8700 - 3.440 2.970 -
Cash Flow per Share - 6.140 4.450 - - - - -
Capex 1 247 327 468 764 693 823 724 -
Capex / Sales 1.44% 1.69% 1.74% 2.46% 2.58% 2.55% 2.06% -
Announcement Date 2/19/20 2/25/21 2/23/22 2/23/23 3/25/24 - - -
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 Minerva 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
6.13 BRL
Average target price
11.43 BRL
Spread / Average Target
+86.46%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Animal Slaughtering & Processing
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