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BRF (BRFS) EBIT

: $484 Mil (TTM As of Dec. 2023)
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BRF's earnings before interest and taxes (EBIT) for the three months ended in Dec. 2023 was $485 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2023 was $484 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. BRF's annualized ROC % for the quarter that ended in Dec. 2023 was 10.87%. BRF's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 65.29%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. BRF's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 5.84%.


BRF EBIT Historical Data

The historical data trend for BRF's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

BRF Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
EBIT
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 860.24 695.55 485.81 81.77 403.94

BRF Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
EBIT Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 30.31 -25.04 -69.52 93.18 485.09

Competitive Comparison

For the Packaged Foods subindustry, BRF's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


BRF EV-to-EBIT Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, BRF's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where BRF's EV-to-EBIT falls into.



BRF EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $484 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


BRF  (NYSE:BRFS) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

BRF's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

ROC % (Q: Dec. 2023 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2023 ) + Invested Capital (Q: Dec. 2023 ))/ count )
=805.688 * ( 1 - -2.41% )/( (7728.81 + 7458.791)/ 2 )
=825.1050808/7593.8005
=10.87 %

where

Invested Capital(Q: Sep. 2023 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=11997.876 - 2985.111 - ( 2310.396 - max(0, 4493.958 - 5777.913+2310.396))
=7728.81

Invested Capital(Q: Dec. 2023 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=11688.659 - 2890.239 - ( 1982.232 - max(0, 3957.375 - 5297.004+1982.232))
=7458.791

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

BRF's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2023 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2023  Q: Dec. 2023
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1940.372/( ( (2962.599 + max(-226.055, 0)) + (2981.533 + max(-272.408, 0)) )/ 2 )
=1940.372/( ( 2962.599 + 2981.533 )/ 2 )
=1940.372/2972.066
=65.29 %

where Working Capital is:

Working Capital(Q: Sep. 2023 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(835.364 + 2169.851 + 136.299) - (2985.111 + 209.186 + 173.272)
=-226.055

Working Capital(Q: Dec. 2023 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(972.707 + 1904.374 + 114.763) - (2890.239 + 206.226 + 167.787)
=-272.408

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

BRF's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2023 )
=483.717/8288.209
=5.84 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


BRF EBIT Related Terms

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BRF (BRFS) Business Description

Address
Avenida das Nacoes Unidas, 8501 – 1st Floor, Pinheiros, Sao Paulo, SP, BRA, 05425-070
BRF SA is an international producer of fresh and frozen protein foods. The firm's segments are In natura (poultry, pork, bovine, and other), Processed foods, and Other sales. The product portfolio includes marinated, frozen, whole and cut meat, specialty meats, portioned products, and frozen prepared entrees. The company also offers margarine, sweet specialties, sandwiches, mayonnaise, and animal feed. Its most well-known brands are Sadia, Chester, Perdix, Paty, Perdigao, and Qualy. Internationally, the portfolio's leading brand is Sadia, which is present in multiple categories in Middle Eastern countries. Geographically, sales are distributed evenly between Brazil and international markets.