Financials Cencosud Shopping S.A.

Equities

CENCOSHOPP

CL0002539816

Real Estate Development & Operations

End-of-day quote Santiago S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
1,480 ^CLP	-0.29%		+2.78%	+4.96%

01/05	Cencosud Shopping S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04/03	Cencosud Shopping S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	28,25,197	19,42,089	17,24,595	22,83,767	24,05,222	25,24,630	-	-
Enterprise Value (EV) ¹	28,81,752	19,81,849	17,62,687	28,65,136	30,01,517	31,30,925	30,74,515	30,27,200
P/E ratio	6.04 x	7.78 x	21.3 x	12.6 x	12.9 x	11.6 x	10.9 x	10.4 x
Yield	1.24%	4.83%	2.97%	-	-	3.1%	4.96%	6.64%
Capitalization / Revenue	12.3 x	13.2 x	8.02 x	7.96 x	7.64 x	7.48 x	7.13 x	6.8 x
EV / Revenue	12.6 x	13.5 x	8.2 x	9.98 x	9.54 x	9.28 x	8.68 x	8.16 x
EV / EBITDA	13.9 x	16.3 x	9 x	11.1 x	10.6 x	10.3 x	9.64 x	9.09 x
EV / FCF	14.2 x	25.6 x	12 x	16.1 x	16 x	26.5 x	19.7 x	18.5 x
FCF Yield	7.04%	3.91%	8.33%	6.21%	6.23%	3.77%	5.07%	5.42%
Price to Book	1.12 x	0.73 x	0.65 x	0.85 x	0.88 x	0.88 x	0.85 x	0.81 x
Nbr of stocks (in thousands)	17,05,831	17,05,831	17,05,831	17,05,831	17,05,831	17,05,831	-	-
Reference price ²	1,656	1,138	1,011	1,339	1,410	1,480	1,480	1,480
Announcement Date	20/03/20	25/02/21	03/03/22	01/03/23	04/03/24	-	-	-

¹CLP in Million²CLP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,28,990	1,46,755	2,15,063	2,86,950	3,14,785	3,37,354	3,54,023	3,71,039
EBITDA ¹	2,07,810	1,21,892	1,95,781	2,58,153	2,83,307	3,04,042	3,18,990	3,32,994
EBIT ¹	1,45,256	1,21,794	1,95,667	2,57,974	2,83,094	3,03,909	3,18,840	3,31,051
Operating Margin	63.43%	82.99%	90.98%	89.9%	89.93%	90.09%	90.06%	89.22%
Earnings before Tax (EBT) ¹	5,45,455	-	89,259	2,04,145	2,42,152	3,02,000	3,06,624	3,27,000
Net income ¹	4,02,798	2,49,726	81,056	1,81,876	1,87,330	2,16,944	2,30,715	2,42,895
Net margin	175.9%	170.16%	37.69%	63.38%	59.51%	64.31%	65.17%	65.46%
EPS ²	274.3	146.4	47.50	106.6	109.7	127.2	135.2	142.4
Free Cash Flow ¹	2,02,867	77,561	1,46,865	1,77,800	1,87,129	1,18,000	1,56,000	1,64,000
FCF margin	88.59%	52.85%	68.29%	61.96%	59.45%	34.98%	44.06%	44.2%
FCF Conversion (EBITDA)	97.62%	63.63%	75.01%	68.87%	66.05%	38.81%	48.9%	49.25%
FCF Conversion (Net income)	50.36%	31.06%	181.19%	97.76%	99.89%	54.39%	67.62%	67.52%
Dividend per Share ²	20.55	55.00	30.00	-	-	45.93	73.46	98.22
Announcement Date	20/03/20	25/02/21	03/03/22	01/03/23	04/03/24	-	-	-

¹CLP in Million²CLP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	78,127	66,594	67,661	70,664	82,032	75,632	76,661	78,252	84,239	82,016	82,123	82,659	88,566
EBITDA ¹	74,906	60,725	59,529	61,532	76,368	68,516	67,694	71,209	75,889	73,204	74,353	75,968	81,216
EBIT ¹	74,865	60,652	59,496	61,496	76,332	68,479	67,645	71,146	75,825	73,134	74,307	75,922	81,170
Operating Margin	95.82%	91.08%	87.93%	87.03%	93.05%	90.54%	88.24%	90.92%	90.01%	89.17%	90.48%	91.85%	91.65%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	46,026	39,534	28,412	40,345	73,584	33,617	56,494	52,927	44,291	60,863	53,395	54,881	59,823
Net margin	58.91%	59.37%	41.99%	57.1%	89.7%	44.45%	73.69%	67.64%	52.58%	74.21%	65.02%	66.39%	67.55%
EPS ²	27.00	23.20	16.70	23.70	43.10	19.70	33.10	31.00	25.90	35.70	31.30	32.17	35.07
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	34.00	-	60.00
Announcement Date	03/03/22	06/05/22	10/08/22	09/11/22	01/03/23	08/05/23	16/08/23	15/11/23	04/03/24	30/04/24	-	-	-

¹CLP in Million²CLP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	56,555	39,761	38,092	5,81,369	5,96,295	6,06,295	5,49,885	5,02,570
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.2721 x	0.3262 x	0.1946 x	2.252 x	2.105 x	1.994 x	1.724 x	1.509 x
Free Cash Flow ¹	2,02,867	77,561	1,46,865	1,77,800	1,87,129	1,18,000	1,56,000	1,64,000
ROE (net income / shareholders' equity)	20.1%	9.59%	3.04%	6.81%	6.91%	8.35%	8.04%	8.06%
ROA (Net income/ Total Assets)	11.8%	6.42%	2.04%	4.53%	4.56%	5.62%	5.39%	5.68%
Assets ¹	34,01,234	38,87,633	39,75,793	40,16,589	41,03,878	38,63,647	42,81,214	42,79,326
Book Value Per Share ²	1,484	1,570	1,561	1,571	1,609	1,679	1,737	1,836
Cash Flow per Share	160.0	47.90	94.80	131.0	-	-	-	-
Capex ¹	-	4,085	14,847	45,818	62,789	61,392	91,000	92,000
Capex / Sales	-	2.78%	6.9%	15.97%	19.95%	18.2%	25.7%	24.8%
Announcement Date	20/03/20	25/02/21	03/03/22	01/03/23	04/03/24	-	-	-

¹CLP in Million²CLP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cencosud Shopping S.A.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,480 CLP

Average target price

1,707 CLP

Spread / Average Target

+15.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
CENCOSUD SHOPPING S.A.	+4.96%	2.74B
CHINA RESOURCES LAND LIMITED	+10.00%	28.66B
MITSUI FUDOSAN CO., LTD.	+27.88%	26.77B
SUN HUNG KAI PROPERTIES LIMITED	-7.82%	25.83B
DLF LIMITED	+15.51%	24.86B
MITSUBISHI ESTATE CO., LTD.	+45.81%	22.8B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+9.88%	21.41B
EMAAR PROPERTIES	+0.63%	19.61B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+27.40%	16.36B
CK ASSET HOLDINGS LIMITED	-10.20%	15.93B

Other Real Estate Development & Operations