Signs of a Recession Are Showing Up in JBT's Order Book, but We Maintain Valuation

We believe both of JBT's segments will benefit from growth in the global middle class, which will approximately double by 2030, and we expect that the Asia-Pacific region will be a significant contributor to that growth. We believe this helps JBT FoodTech because per capita meat consumption in APAC has traditionally and significantly lagged that of Europe and North America. North America’s per capital meat consumption is about three and a half times that of APAC, but we expect that gap to narrow during our five-year explicit forecast. Overall global meat consumption is also on the rise, as people have become more conscious of protein intake in their diet.