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Brasil Foods shares are "very attractive," says HSBC

Shares in Brasil Foods (BRFS3) may go up soon after the results of the first quarter of the year have been seen as the lowest point before a turnaround in operations, says HSBC. The stock has lost 7% in the year so far, while the Bovespa index has gained approximately 9%.

Analysts Pedro Herrera, Diego Maia and Ravi Jain say the stock is trading at 8.1 times the value of the company (market value plus net debt) on Ebitda (earnings before interest, taxes, depreciation and amortization). They say the multiple is "very attractive compared to global companies in processed foods."

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