Pilgrims Pride Corp

PPC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$48.00	Qszg	Vcjqqqqsg

Pilgrim’s Pride: Reinitiating With No-Moat Rating and $28.50 Valuation; Shares Fairly Valued

Kristoffer Inton

Jan 19, 2024

We’re reinitiating coverage of meat producer Pilgrim’s Pride with a fair value estimate of $28.50 per share and a no-moat rating. Our fair value estimate implies 13 times price/adjusted earnings and 7 times enterprise value/adjusted EBITDA off our fiscal 2024 estimates. At the current market price, we think shares are fairly valued. Investors looking to get into meat processing should take up Tyson shares, which offer significant risk-adjusted upside.

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