Recent use case for MARKABLES data in Brazil

2025 saw the merger of two listed Brazilian meat and protein giants – Marfrig Global Foods S.A. and BRF SA. Marfrig is a Brazilian multinational that produces high added value animal protein-based foods, especially beef, such as hamburgers and other ready-to-eat products. BRF operates in the market of poultry and swine farming, production, and slaughter, in addition to manufacturing, commercialization, and distribution of fresh meat, processed foods, pasta, margarine, pet food, among others. 

Under Brazilian Corporation Law, the Plan of Merger between the two companies involves a Merger Appraisal Report. Apsis Consultoria Empresarial Ltda. was appointed as appraisal company. In their valuation report, Apsis determined – among others – the value of the intangible assets of the two companies, including their brands.

BRF owns a portfolio of brands, including Sadia, Perdigão, Miss Daisy, Gold, Qualy, Claybon, Deline, and Banvit. Relying on comparable data from MARKABLES, Apsis determined the appropriate royalty rate for BRF’s portfolio of brands to be 2.0% on net operating revenues.

Marfrig’s brands include Bassi, Bassi Angus, Montana, Montana Steakhouse, GJ, Pampeano, Viva, Plant Plus and Bona Pet. Relying on comparable data from MARKABLES, Apsis determined the appropriate royalty rate for Marfrig’s portfolio of brands to be 2.0% in South America and 0.6% in North America, each based on net operating revenues.

In total, BRF’s brand value accounted for approximately 73% of total brand value resulting from the merger, against 27% for Marfrig‘s brands.

Thank you, Apsis Consultoria! The full Plan of Merger and Appraisal Report was reported with the SEC (follow link here).