Overview Key strengths Key risks The world's third-largest beef processor, with a significant market position in competitive beef-producing countries such as Brazil, Uruguay, and the U.S. Exposure to commodity-price volatility and sanitary barriers. Rising margins in the South American operations amid the cattle industry upswing.Higher scale, and protein and geographic diversification with a large stake in BRF S.A. Higher leverage due to normalizing margins in the U.S. operations.An acquisitive profile and the recent increase in shareholders? remuneration. Strong liquidity provides cushion against industry downturns. The recent replacement of BRF?s CEO, Lorival Luz, by Miguel Gularte, the former CEO of Marfrig's South American operations, as well as other management changes and layoffs at BRF confirm our view that Marfrig exerts significant
