Not impressed.With these kind of results, it's really hard to justify the company's valuation. I think future expectations need to be tempered a little bit.
Another thing to note is that a significant part (63%) of the production cost reduction was due to significant devaluation of the BRL, and nothing actually in the control of the company.
It's a good example of how any success for this company stems from macro trends like high fertilizer costs, and not from strategic decisions undertaken by leadership.