Even as the second-largest poultry producer in the US (59% of 2024 sales), the UK and Europe (29%), and Mexico (12%), Pilgrim's Pride remains beholden to commodity cyclicality, in our view. It primarily sells fresh chicken (with pork also sold only in Europe), with just 26% of sales coming from prepared products, though this includes private-label offerings. Because meat is a commodity and carries little to no brand or pricing power, it is exposed to volatility in input costs and selling prices. We don't think the diversification afforded through acquisitions into pork and Europe necessarily reduces that risk, given the limited synergies we see across proteins and regions.