JBS NV (JBS) is undervalued and Kraft Heinz Co (KHC) is overvalued.
Against our estimates of intrinsic value, JBS trades at the wider discount: a margin of safety of +44%, against -67% for KHC.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 6.0% (average of 3 methods) values the shares at $21.43; the price of $11.90 is 44% below that value, and 87% of that value comes from beyond year five.
Leak Score 54/100 on 3 of 12 signals
Its through-the-cycle earnings (12.8% median margin), capitalised at 6.9% with no growth, values the shares at $14.36; the price of $24.00 is 67% above that value.
Leak Score 23/100 on 8 of 12 signals
| Metric | JBS | KHC |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $11.90 | $24.00 |
| Intrinsic value | $21.43 | $14.36 |
| Margin of safety | +44% | -67% |
| Leak Score | 54/100 (3/12) | 23/100 (8/12) |
| Market cap | $12.7B | $28.5B |
| Revenue growth, 5 years | 10.4% | -1.0% |
| Operating margin | 3.5% | 17.1% |
| Net margin | 1.2% | -13.6% |
| Return on equity | 13.4% | -8.8% |
| Debt to equity | 2.97 | 0.53 |
| P/E | 11.1x | — |
| Forward P/E | 8.7x | 11.6x |
| P/B | 1.4x | 0.8x |
| Dividend yield | 8.6% | 6.7% |