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Sep. 13, 2013, 12:59 PM
- "The performance of the world's two largest beef-processing industries will differ markedly through next year," Moody's says, referencing challenging conditions for the U.S. market and a strong cycle in Brazil.
- Earnings for U.S. companies will "be the worst in a decade" in 2013 and 2014, Moody's thinks.
- Brazilian producers, by contrast, "should remain profitable" even as "their EBITA margins could deteriorate next year due partly to higher costs related to recent capacity expansion and to expectations of no further decreases in cattle prices."
- Diversified players such as Tyson (TSN) and JBS S.A. (JBSAY.PK -2.6%) should be able to offset beef business profit declines with "stronger earnings from other proteins."
- Pure beef players like Minerva (MRVSY.PK) may face pressure "when the cycle turns" in Brazil.
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MRVSY vs. ETF Alternatives
Minerva S.A. is one of the leading producers and sellers of fresh beef, industrialized beef products, live cattle and beef by-products in South American, with a daily slaughter capacity of 13,280 head of cattle and deboning capacity of 2,240 tons, corresponding to approximately 15,977 head of... More