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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 12,2x - 13,5x | 12,9x |
Selected Fwd EBIT Multiple | 9,4x - 10,4x | 9,9x |
Fair Value | CLP 6.350 - CLP 7.189 | CLP 6.770 |
Upside | 7,3% - 21,4% | 14,3% |
Benchmarks | Ticker | Full Ticker |
Embotelladora Andina S.A. | ANDINA-A | SNSE:ANDINA-A |
Viña Concha y Toro S.A. | CONCHATORO | SNSE:CONCHATORO |
Viña San Pedro Tarapacá S.A. | VSPT | SNSE:VSPT |
Sociedad Anónima Viña Santa Rita | SANTA RITA | SNSE:SANTARITA |
Coca-Cola Embonor S.A. | EMBONOR-B | SNSE:EMBONOR-B |
Compañía Cervecerías Unidas S.A. | CCU | SNSE:CCU |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ANDINA-A | CONCHATORO | VSPT | SANTA RITA | EMBONOR-B | CCU | ||
SNSE:ANDINA-A | SNSE:CONCHATORO | SNSE:VSPT | SNSE:SANTARITA | SNSE:EMBONOR-B | SNSE:CCU | ||
Historical EBIT Growth | |||||||
5Y CAGR | 13.1% | 9.1% | 0.4% | -24.0% | 9.3% | 1.0% | |
3Y CAGR | 12.6% | -2.8% | -4.3% | -33.2% | 0.6% | -10.3% | |
Latest Twelve Months | 14.6% | 51.3% | -5.5% | -92.5% | 3.3% | 2.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 12.8% | 12.6% | 12.0% | 6.1% | 10.8% | 9.7% | |
Prior Fiscal Year | 12.9% | 7.5% | 8.1% | 3.6% | 9.0% | 9.3% | |
Latest Fiscal Year | 12.3% | 12.3% | 11.2% | 2.4% | 8.9% | 8.2% | |
Latest Twelve Months | 12.4% | 12.2% | 9.6% | 0.3% | 8.4% | 8.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.22x | 1.23x | 0.73x | 1.40x | 0.66x | 0.96x | |
EV / LTM EBITDA | 7.5x | 7.8x | 5.3x | 31.7x | 4.9x | 7.6x | |
EV / LTM EBIT | 9.8x | 10.0x | 7.6x | 504.8x | 7.8x | 12.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 7.6x | 9.8x | 504.8x | ||||
Historical EV / LTM EBIT | 8.6x | 11.6x | 17.8x | ||||
Selected EV / LTM EBIT | 12.2x | 12.9x | 13.5x | ||||
(x) LTM EBIT | 237,829 | 237,829 | 237,829 | ||||
(=) Implied Enterprise Value | 2,912,271 | 3,065,549 | 3,218,826 | ||||
(-) Non-shareholder Claims * | (595,756) | (595,756) | (595,756) | ||||
(=) Equity Value | 2,316,515 | 2,469,793 | 2,623,070 | ||||
(/) Shares Outstanding | 369.5 | 369.5 | 369.5 | ||||
Implied Value Range | 6,269.27 | 6,684.10 | 7,098.92 | ||||
FX Rate: CLP/CLP | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 6,269.27 | 6,684.10 | 7,098.92 | 5,921.00 | |||
Upside / (Downside) | 5.9% | 12.9% | 19.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ANDINA-A | CONCHATORO | VSPT | SANTA RITA | EMBONOR-B | CCU | |
Enterprise Value | 4,107,168 | 1,185,167 | 206,473 | 222,419 | 892,648 | 2,783,583 | |
(+) Cash & Short Term Investments | 208,478 | 55,973 | 21,037 | 1,700 | 154,616 | 802,927 | |
(+) Investments & Other | 112,520 | 37,467 | 0 | 28,437 | 65,736 | 139,036 | |
(-) Debt | (1,092,972) | (480,692) | (65,633) | (97,348) | (435,735) | (1,396,615) | |
(-) Other Liabilities | (38,017) | (7,175) | 0 | (22) | (27) | (141,105) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,297,177 | 790,741 | 161,877 | 155,186 | 677,238 | 2,187,827 | |
(/) Shares Outstanding | 1,070.3 | 739.0 | 39,969.7 | 1,034.6 | 510.9 | 369.5 | |
Implied Stock Price | 3,080.70 | 1,070.00 | 4.05 | 150.00 | 1,325.70 | 5,921.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 3,080.70 | 1,070.00 | 4.05 | 150.00 | 1,325.70 | 5,921.00 | |
Trading Currency | CLP | CLP | CLP | CLP | CLP | CLP | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |