JBS: Shares Rise 26% This Year, But The Main Trigger Is Yet To Come

I reiterate my buy rating on JBS as dual listing and potential Russell 1000 inclusion drive value unlock. JBS's diversified global protein business, robust revenue growth, and leading ROE support its investment appeal despite historical valuation discounts. Trading at 5.7x EBITDA versus peers' 8.65x, JBS offers up to 51% upside if multiples converge; even conservative peer comparison suggests 14% upside.