Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
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Equity Bottom-Up

<ul><li>Pilgrim’s Pride operates as a vertically integrated food producer focused primarily on chicken and pork products.</li><li>The company generates revenue by breeding livestock, processing meat, and selling fresh, frozen, and prepared foods to retailers, distributors, and foodservice companies across the United States, Mexico, and Europe.</li><li>Pilgrim’s Pride has come a long way to becoming one of the most efficient meat processors in Europe and North America.</li></ul>

Pilgrim’s Pride operates as a vertically integrated food producer focused primarily on chicken and pork products.The company generates revenue by breeding livestock, processing meat, and selling fresh, frozen, and prepared foods to retailers, distributors, and foodservice companies across the United States, Mexico, and Europe.Pilgrim’s Pride has come a long way to becoming one of the most efficient meat processors in Europe and North America.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Pilgrim’s Pride reported first-quarter 2026 net revenues of $4.53 billion, a slight increase from $4.46 billion the previous year.</li><li>Adjusted EBITDA declined to $308.1 million, representing a margin of 6.8%, down from 12.0% in the same quarter last year.</li><li>This decline was primarily driven by challenges in the U.S. segment, where adjusted EBITDA margins almost halved to 7.0% from 14.3% in Q1 2025, due to significantly lower commodity values, reduced deli small bird prices, winter storm-related operational disruptions, bird health challenges, and planned downtime associated with growth investments.</li></ul>

Pilgrim’s Pride reported first-quarter 2026 net revenues of $4.53 billion, a slight increase from $4.46 billion the previous year.Adjusted EBITDA declined to $308.1 million, representing a margin of 6.8%, down from 12.0% in the same quarter last year.This decline was primarily driven by challenges in the U.S. segment, where adjusted EBITDA margins almost halved to 7.0% from 14.3% in Q1 2025, due to significantly lower commodity values, reduced deli small bird prices, winter storm-related operational disruptions, bird health challenges, and planned downtime associated with growth investments.

Pilgrim's Pride Just BARE Retail Up 40% Is The Bright Spot The Commodity Weakness Obscures!

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

<ul><li>Pilgrim’s Pride reported solid financial performance for fiscal year 2025, with net revenues escalating to $18.5 billion and an adjusted EBITDA of $2.3 billion, marking increases from the previous fiscal year.</li><li>Still, the company faced some challenges amid broader market dynamics, such as commodity pricing volatility, especially notable in the U.S. Big Bird operations and Mexican market.</li><li>A notable highlight from the fiscal year is the robust growth in its U.S. operations, attributed to an elevated demand in chicken consumption across diverse sectors.</li></ul>

Pilgrim’s Pride reported solid financial performance for fiscal year 2025, with net revenues escalating to $18.5 billion and an adjusted EBITDA of $2.3 billion, marking increases from the previous fiscal year.Still, the company faced some challenges amid broader market dynamics, such as commodity pricing volatility, especially notable in the U.S. Big Bird operations and Mexican market.A notable highlight from the fiscal year is the robust growth in its U.S. operations, attributed to an elevated demand in chicken consumption across diverse sectors.

Pilgrim’s Pride Corporation: Mexico Expansion, Prepared Foods Growth, and a Global Protein Tailwind!

<ul><li>Pilgrim's Pride reported third-quarter results demonstrating both strategic strengths and ongoing challenges.</li><li>With net revenues totaling $4.76 billion, a slight increase from $4.58 billion the previous year, the company showcased its ability to manage volatility in the commodity markets while aiming to drive growth across different business segments.</li><li>Adjusted EBITDA was reported at $633.1 million with a margin of 13.3%; however, this was a decrease compared to $660.4 million and a 14.4% margin in the same quarter of the previous year.</li></ul>

Pilgrim's Pride reported third-quarter results demonstrating both strategic strengths and ongoing challenges.With net revenues totaling $4.76 billion, a slight increase from $4.58 billion the previous year, the company showcased its ability to manage volatility in the commodity markets while aiming to drive growth across different business segments.Adjusted EBITDA was reported at $633.1 million with a margin of 13.3%; however, this was a decrease compared to $660.4 million and a 14.4% margin in the same quarter of the previous year.

Pilgrim's Pride Playbook: The Smart Moves That Are Turning Chicken into a Cash Machine!

United States

Pilgrim's Pride Corporation produces prepared and fresh chicken products in the United States and Mexico.  Through vertical integration, the Company controls the breeding, hatching, and growing of chickens and the processing, preparation, and packaging of its product lines.  Pilgrim's Pride exports its products to Canada, Eastern Europe, the Far East, and other world markets.

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Pilgrim'S Pride (PPC US)

Monday Delight: 25/05/2026

Pilgrim’s Pride operates as a vertically integrated food producer focused primarily on chicken and pork products. The company generates revenue...

Contrarian Cashflows

Pilgrim's Pride Just BARE Retail Up 40% Is The Bright Spot The Commodity Weakness Obscures!

Pilgrim’s Pride reported first-quarter 2026 net revenues of $4.53 billion, a slight increase from $4.46 billion the previous year. Adjusted EBITDA...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Pilgrim’s Pride Corporation: Mexico Expansion, Prepared Foods Growth, and a Global Protein Tailwind!

Pilgrim’s Pride reported solid financial performance for fiscal year 2025, with net revenues escalating to $18.5 billion and an adjusted EBITDA of...

Baptista Research

Pilgrim's Pride Playbook: The Smart Moves That Are Turning Chicken into a Cash Machine!

Pilgrim's Pride reported third-quarter results demonstrating both strategic strengths and ongoing challenges. With net revenues totaling $4.76...

Baptista Research

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