Global agribusiness leader with significant economies of scale; Solid geographic and product diversity that reduces earnings and cash flow volatility in its core business segments compared to more concentrated peers; and Meaningful earnings growth should continue for a third consecutive year from a favorable margin outlook in origination and processing and ongoing operating efficiencies despite a modest normalization of a still-strong beef cycle. Benign commodity inflation continues to mute working capital requirements and keep debt balances and leverage at historical lows; Periodic midsize acquisitions (typically in the $1 billion to $2 billion area), which are not likely to materially increase leverage because of internal cash flow generation and ongoing EBITDA growth; and Debt to EBITDA is likely to remain well
