Santander raises Minerva's target price from R$ 7.10 to R$ 7.50 per share

By Cecília Mayrink São Paulo, 10/11/2025 - Santander has raised the target price for Minerva shares from R$ 7.10 to R$ 7.50. According to the bank, the new value implies a total return of 25% after considering the R$ 572 million in dividends expected in 2026. The Outperform recommendation (equivalent to buy) was maintained even after the 14% drop in the share price on November 6. In a report, Guilherme Palhares and Laura Hirata state that the company's fundamentals remain solid, supported by strong demand for beef abroad and faster-than-expected commissioning of new assets. Thus, the Ebitda estimate for 2025 was revised to R$ 5.1 billion, a level that Santander assesses as being in line with the market consensus. The bank assesses that the 14% drop in shares last Thursday reflected investor concerns about the composition of the cash flow, but it is necessary to consider the R$ 442 million in losses on derivatives used to protect the dollar-denominated debt. These derivatives had ...