Analysts see “window of opportunity” for Minerva and highlight progress in integration with Marfrig

Analysts from BTG Pactual, XP Investimentos, and Bank of America agreed in pointing out the “window of opportunity” for Brazilian beef exports mentioned by Minerva Foods CEO Fernando Queiroz, in a context of global cattle supply contraction.

BTG noted that the scenario reinforces the company’s export-driven profile and praised Brazil’s structural advantages—herd expansion capacity, competitive feed costs, and moderate climate risks—while warning about potential free cash flow pressure in the event of a cattle cycle reversal. The bank maintains a neutral recommendation and a price target of R$ 8.00, implying 22.3% upside potential.

XP, meanwhile, maintains Minerva as its top pick in the agribusiness, food, and beverage sector, with a buy recommendation, a price target of R$ 7.90, and 16% upside potential. The brokerage highlighted the swift integration of the assets acquired from Marfrig, completed ahead of schedule, which will allow capacity utilization to reach 75–80% in the fourth quarter.

Bank of America, for its part, emphasized Minerva’s focus on reducing leverage. The bank estimates the net debt/EBITDA ratio could fall to 2.5x–2.8x by the end of 2025 and below 2.5x in 2026, paving the way for dividend payments. It raised its price target from R$ 6.20 to R$ 7.40 but maintained a neutral rating, citing the company’s high leverage and limited upside potential.

Source: Money Times