J P M O R G A N Latin America Equity Research 26 June 2026 JBS NV Missing Catalysts. Downward Earnings Revisions Still Likely. LT Valuation Remains Supportive We are updating our JBS model to incorporate lower capex guidance and most recent industry dynamics. We rate the stock Neutral as, on one hand , we still see material downside risk to consensus estimates (mainly driven by US beef and PPC), but, on the other hand, DCF and EV/EBITDA target metrics at JBS normalized figures are already showing material u ...