10 Year Financial Data of BRF SA (BRFS)

24.34 (1y: +53%)

Market Cap	21.13 B	P/E(ttm)	42.20
Enterprise Value	24.68 B	P/B	2.90

BRFS- NYSE (USA)
BRF SA

Currently 3/5

Business Predictability Rank: 3-Star
Back Testing Results:
Average gain of all 3-Star stocks: 8.2% per year.
% of Stocks that are in still loss if held for 10yrs: 11%.
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$24.34

2 Severe Warning Signs 3 Medium Warning Signs 2 Good Signs

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	8.3	8.6	13
EBITDA Growth (%)	10.8	8.3	21.3
Free Cash Flow Growth (%)	0	0	0
Book Value Growth (%)	23.8	11.7	4.8

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	7.09	9.05	9.53	7.77	8.84	13.65	9.05	12.82	14.62	16.23	16.72	3.59	3.89	4.09	4.64	4.10
EBITDA per Share	0.46	0.88	1.06	0.34	0.93	1.57	0.54	1.31	1.64	1.34	1.65	0.15	0.43	0.27	0.49	0.46
Free Cashflow per Share	0.22	0.58	0.33	-0.63	-0.35	--	-0.13	1.40	-0.02	0.31	0.38	--	-0.04	0.22	0.14	0.06
Earnings per Share ($)	0.23	0.55	0.67	0.18	0.43	0.06	0.07	0.46	0.78	0.46	0.58	0.09	0.00	0.05	0.32	0.20
Dividends Per Share	--	--	0.09	0.02	0.01	--	--	--	--	--	--	--	--	--	--	--
Book Value per Share	1.41	1.80	2.27	3.14	4.30	4.93	7.47	7.71	8.00	8.28	8.52	8.13	7.98	8.06	8.27	8.52
Month End Stock Price	1.45	3.68	5.69	6.89	12.31	6.60	13.09	16.88	19.55	21.11	22.11	20.01	15.19	17.30	21.11	22.11
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	16.20	30.50	29.50	5.60	10.00	1.30	0.90	5.90	9.70	5.60	9.60	4.40	--	2.40	15.60	9.60
Return on Assets %	4.40	11.70	9.90	2.40	4.90	0.50	0.50	2.90	4.60	2.60	4.80	2.00	--	1.20	7.20	4.80
Return on Capital - Joel Greenblatt %	8.40	24.90	19.70	2.60	9.80	10.90	2.40	10.70	13.30	8.70	12.80	6.80	6.80	6.00	15.20	12.80
Debt to Equity	1.83	0.89	1.37	0.87	0.70	1.31	0.67	0.53	0.57	0.66	0.61	0.56	0.69	0.64	0.66	0.61

Gross Margin %	26.70	27.70	28.40	25.80	28.20	24.20	22.90	25.30	25.90	22.60	23.50	21.20	21.80	21.20	25.70	23.50
Operating Margin %	3.90	7.60	8.90	1.50	6.10	6.20	2.20	6.50	7.80	4.90	7.40	4.20	4.00	3.20	7.50	7.40
Net Margin %	3.20	6.10	7.00	2.30	4.80	0.50	0.80	3.50	5.30	2.90	5.00	2.40	0.10	1.30	6.90	5.00

Days Sales Outstanding	14.60	18.30	45.30	59.40	53.80	44.10	58.10	41.30	45.50	40.10	50.80	38.10	36.70	35.80	35.00	50.80
Days Inventory	88.70	60.00	64.00	69.50	66.30	71.40	92.30	44.90	51.30	49.90	52.70	55.70	51.00	55.20	45.40	52.70
Inventory Turnover	4.10	6.10	5.70	5.20	5.50	5.10	4.00	8.10	7.10	7.30	0.90	0.80	0.90	0.80	1.00	0.90

Debt to Revenue	0.37	0.18	0.33	0.35	0.34	0.47	0.55	0.32	0.31	0.33	1.27	1.28	1.41	1.27	1.17	1.27
COGS to Revenue	0.73	0.72	0.72	0.74	0.72	0.76	0.77	0.75	0.74	0.77	0.76	0.79	0.78	0.79	0.74	0.76
Inventory to Revenue	0.18	0.12	0.13	0.14	0.13	0.15	0.20	0.09	0.10	0.11	0.44	0.48	0.44	0.48	0.37	0.44
Interest Exp. to Revenue %	-3.60	-1.96	-1.72	-1.95	-1.59	-1.80	1.52	-2.13	-1.87	-0.84	-1.41	--	1.28	-1.63	2.95	-1.41

Asset Turnover	1.38	1.93	1.42	1.08	1.01	1.02	0.62	0.82	0.86	0.93	0.24	0.21	0.22	0.23	0.27	0.24
Buyback Ratio	--	--	--	-1,378	-566	-148	-8,875	--	--	--	-1.30	--	--	--	--	-1.30
Dividend Payout Ratio	--	--	0.27	0.29	0.03	--	--	--	--	--	--	--	--	--	--	--
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue	1,886	2,418	2,546	2,573	3,284	5,640	7,874	11,228	12,726	14,118	14,549	3,137	3,387	3,561	4,033	3,569
Cost of Goods Sold	1,382	1,749	1,824	1,909	2,356	4,274	6,075	8,392	9,429	10,923	11,179	2,472	2,650	2,805	2,995	2,729
Gross Profit	504	669	722	664	927	1,366	1,800	2,837	3,297	3,195	3,370	665	737	755	1,037	840

Selling, General, &Admin. Expense	364	422	469	575	678	1,015	1,626	2,129	2,111	2,290	2,322	514	572	592	611	547
Earnings Before DDA	122	236	283	112	345	649	466	1,151	1,429	1,166	1,428	133	373	235	424	397

Depreciation, Depletion and Amortization	48.65	52.13	58.03	72.20	145	298	292	416	439	479	612	--	236	120	122	134

Operating Income	72.97	184	225	39.76	200	351	173	735	991	688	816	133	137	115	301	263
Interest Income/Expense	-67.95	-47.38	-43.83	-50.18	-52.17	-101	119	-239	-237	-119	53.97	--	43.43	-58.02	119	-50.37
Net Income	60.91	146	179	57.93	159	26.93	59.60	398	677	403	504	75.74	2.97	44.99	279	177

Earnings per Share ($)	0.23	0.55	0.67	0.18	0.43	0.06	0.07	0.46	0.78	0.46	0.58	0.09	0.00	0.05	0.32	0.20
Total Shares Outstanding	266	267	267	331	371	413	870	876	871	870	871	874	870	870	870	871
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	320	135	405	553	878	978	2,101	1,571	1,356	1,264	951	1,002	1,360	1,048	1,264	951
Accounts Receivable	75.44	121	316	419	484	682	1,254	1,270	1,588	1,550	1,992	1,313	1,367	1,401	1,550	1,992
Inventory	336	287	320	364	428	836	1,535	1,032	1,326	1,494	1,580	1,513	1,486	1,701	1,494	1,580
Other Current Assets	252	153	247	348	518	960	1,342	1,797	1,921	2,068	1,387	1,845	2,221	2,005	2,068	1,387
Total Current Assets	822	628	1,083	1,405	1,865	2,963	5,171	4,877	5,507	5,738	5,431	5,167	5,748	5,625	5,738	5,431

Property, Plant and Equipment	451	455	548	776	1,058	1,445	4,592	4,489	4,851	5,283	5,389	5,019	4,857	5,057	5,283	5,389
Intangible Assets	--	--	54.12	86.08	133	765	1,534	2,103	2,171	2,352	2,354	2,168	2,313	2,309	2,352	2,354
Other Long Term Assets	97.35	167	113	118	183	381	1,433	2,270	2,314	1,861	1,869	2,308	2,603	2,654	1,861	1,869
Total Assets	1,370	1,250	1,797	2,385	3,239	5,554	12,730	13,738	14,843	15,234	15,043	14,662	15,521	15,645	15,234	15,043

Accounts Payable	159	153	165	240	285	667	1,286	1,274	1,808	2,115	1,707	1,652	1,728	1,743	2,115	1,707
Current Portion of Long-Term Debt	400	237	271	270	521	815	1,442	1,103	1,709	1,208	1,248	1,777	1,689	1,314	1,208	1,248
Other Current Liabilities	91.36	124	123	108	155	43.56	181	438	437	372	461	243	389	631	372	461
Total Current Liabilities	651	513	559	618	961	1,525	2,909	2,815	3,954	3,695	3,415	3,672	3,806	3,687	3,695	3,415

Long-Term Debt	288	192	557	636	601	1,841	2,913	2,463	2,278	3,504	3,274	2,225	3,075	3,202	3,504	3,274
Other Long-Term Liabilities	54.51	64.10	76.24	91.81	80.19	153	405	1,713	1,646	838	936	1,653	1,700	1,746	838	936
Total Liabilities	994	770	1,192	1,346	1,642	3,519	6,228	6,991	7,878	8,036	7,626	7,550	8,581	8,635	8,036	7,626

Common Stock	242	243	--	--	--	--	--	--	--	6,168	--	--	--	--	6,168	--
Retained Earnings	-5.62	--	210	250	360	349	359	--	909	1,119	164	987	943	896	1,119	164
Additional Paid-In Capital	--	--	396	790	1,238	1,687	6,157	6,203	6,169	6,169	6,169	6,168	6,168	6,215	6,169	6,169
Treasury Stock	--	-0.40	-0.40	-0.40	-0.40	-0.40	-13.66	-0.35	-32.33	-25.69	-23.46	-32.18	-31.68	-31.99	-25.69	-23.46
Total Equity	376	480	605	1,040	1,597	2,035	6,502	6,747	6,966	7,197	7,418	7,112	6,940	7,010	7,197	7,418
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	60.91	146	179	57.93	159	26.93	59.60	398	677	403	580	--	79.00	44.99	279	177
Depreciation, Depletion and Amortization	48.65	52.13	58.03	72.20	145	298	292	416	439	479	612	--	236	120	122	134
Cash Flow from Others	-13.91	10.85	0.45	-82.18	-137	-10.50	-121	786	-550	329	288	--	228	114	-13.39	-40.91
Cash Flow from Operations	95.65	209	237	47.95	167	314	231	1,600	566	1,210	1,480	--	544	279	388	271

Investment for Property, Plant & Equipement	-36.67	-54.74	-149	-258	-296	-314	-343	-377	-586	-940	-1,162	--	-582	-89.75	-268	-222
Cash Flow from Acquisitions	--	--	-3.91	-56.00	-128	-497	253	--	--	-5.25	-5.25	--	--	-5.25	0.00	--
Cash Flow from Investing	77.50	-38.15	-120	-660	-411	-806	-606	-545	-929	-1,175	-1,468	--	-585	-255	-334	-293

Net Issuance of Stock	--	--	--	395	446	-6.41	2,619	--	-35.64	6.44	8.67	--	--	--	6.44	2.24
Net Issuance of Debt	-199	-245	205	31.11	218	594	-1,785	-707	128	451	295	--	562	-272	160	-155
Cash Flow for Dividends	--	-40.83	-42.15	--	--	-56.58	-21.40	-75.84	-248	--	-86.51	--	-168	-49.50	--	131
Other Financing	--	-0.00	0.00	-32.55	-37.37	22.99	-36.27	-0.64	-6.02	-234	-234	--	--	-0.00	-16.59	-218
Cash Flow from Financing	-199	-286	163	394	626	554	776	-784	-162	223	-16.80	--	394	-321	150	-240

Net Change in Cash	-25.49	-119	280	-218	382	62.13	402	204	-467	279	7.19	--	366	-297	210	-272

Free Cash Flow	58.98	155	87.92	-210	-129	0.10	-112	1,222	-20.50	270	319	--	-38.48	189	119	48.99
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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