COMPAÑÍA CERVECERÍAS UNIDAS S.A. |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,840 CLP | +1.41% |
|
+2.10% | +4.10% |
| 07/03 | Compañía Cervecerías Unidas S.A. Proposes Final Dividend for 2023, Payable Beginning April 30, 2024 | CI |
| 28/02 | Transcript : Compañía Cervecerías Unidas S.A., Q4 2023 Earnings Call, Feb 28, 2024 |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 27,23,236 | 19,38,782 | 25,60,655 | 20,93,234 | 20,72,911 | 21,57,897 | - | - |
| Enterprise Value (EV) 1 | 28,57,022 | 20,56,534 | 28,89,945 | 28,98,165 | 28,37,359 | 28,72,150 | 28,84,411 | 28,67,097 |
| P/E ratio | 20.9 x | 20.2 x | 12.9 x | 17.7 x | 19.6 x | 14.2 x | 10.9 x | 10.5 x |
| Yield | 3.46% | 3.72% | 5.77% | 2.82% | - | 3.69% | 4.19% | 4.49% |
| Capitalization / Revenue | 1.49 x | 1.04 x | 1.03 x | 0.77 x | 0.81 x | 0.76 x | 0.71 x | 0.69 x |
| EV / Revenue | 1.57 x | 1.11 x | 1.16 x | 1.07 x | 1.11 x | 1.01 x | 0.95 x | 0.91 x |
| EV / EBITDA | 8.51 x | 6.94 x | 6.49 x | 8.1 x | 7.48 x | 6.42 x | 5.74 x | 5.57 x |
| EV / FCF | 26.5 x | 13 x | 23.8 x | -18.4 x | - | 11.4 x | 11.1 x | - |
| FCF Yield | 3.77% | 7.68% | 4.2% | -5.44% | - | 8.81% | 9.01% | - |
| Price to Book | 2.05 x | 1.5 x | 1.96 x | 1.59 x | - | 1.37 x | - | - |
| Nbr of stocks (in thousands) | 3,69,503 | 3,69,503 | 3,69,503 | 3,69,503 | 3,69,503 | 3,69,503 | - | - |
| Reference price 2 | 7,370 | 5,247 | 6,930 | 5,665 | 5,610 | 5,840 | 5,840 | 5,840 |
| Announcement Date | 26/02/20 | 22/02/21 | 24/02/22 | 01/03/23 | 28/02/24 | - | - | - |
1CLP in Million2CLP
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 18,22,541 | 18,57,594 | 24,84,712 | 27,11,435 | 25,65,556 | 28,30,278 | 30,41,058 | 31,34,480 |
| EBITDA 1 | 3,35,829 | 2,96,405 | 4,44,998 | 3,57,929 | 3,79,402 | 4,47,242 | 5,02,611 | 5,14,439 |
| EBIT 1 | 2,30,808 | 1,86,591 | 3,20,881 | 2,31,431 | 2,53,283 | 2,83,848 | 3,53,773 | 3,62,968 |
| Operating Margin | 12.66% | 10.04% | 12.91% | 8.54% | 9.87% | 10.03% | 11.63% | 11.58% |
| Earnings before Tax (EBT) 1 | 1,85,622 | 1,43,603 | 3,01,680 | 1,35,748 | 1,03,158 | 2,66,736 | 3,07,888 | 2,94,787 |
| Net income 1 | 1,30,142 | 96,152 | 1,99,163 | 1,18,168 | 1,05,653 | 1,64,631 | 1,89,366 | 1,91,183 |
| Net margin | 7.14% | 5.18% | 8.02% | 4.36% | 4.12% | 5.82% | 6.23% | 6.1% |
| EPS 2 | 352.2 | 260.2 | 539.0 | 319.8 | 285.9 | 410.5 | 534.6 | 555.4 |
| Free Cash Flow 1 | 1,07,651 | 1,57,883 | 1,21,502 | -1,57,666 | - | 2,53,000 | 2,60,000 | - |
| FCF margin | 5.91% | 8.5% | 4.89% | -5.81% | - | 8.94% | 8.55% | - |
| FCF Conversion (EBITDA) | 32.06% | 53.27% | 27.3% | - | - | 56.57% | 51.73% | - |
| FCF Conversion (Net income) | 82.72% | 164.2% | 61.01% | - | - | 153.68% | 137.3% | - |
| Dividend per Share 2 | 255.0 | 195.2 | 400.0 | 159.9 | - | 215.6 | 244.9 | 262.4 |
| Announcement Date | 26/02/20 | 22/02/21 | 24/02/22 | 01/03/23 | 28/02/24 | - | - | - |
1CLP in Million2CLP
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q3 | 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 | 6,22,730 | 8,22,349 | 7,00,465 | 5,58,503 | 6,84,106 | 7,68,362 | 7,32,031 | 5,74,242 | 6,86,677 | 5,72,607 | 7,20,461 | 5,72,509 | 6,45,073 | 7,87,344 |
| EBITDA 1 | 1,09,718 | 1,55,402 | 1,35,126 | 32,471 | 67,607 | 1,22,725 | 1,35,377 | 47,126 | 86,344 | 1,10,556 | 1,28,000 | - | - | - |
| EBIT 1 | 71,464 | 1,14,998 | 1,05,895 | -1,671 | 33,531 | 93,676 | 1,04,222 | 12,952 | 51,072 | 85,038 | 85,748 | 45,889 | 54,095 | 85,172 |
| Operating Margin | 11.48% | 13.98% | 15.12% | -0.3% | 4.9% | 12.19% | 14.24% | 2.26% | 7.44% | 14.85% | 11.9% | 8.02% | 8.39% | 10.82% |
| Earnings before Tax (EBT) | 67,609 | 1,10,565 | 87,971 | -15,415 | 9,215 | 53,978 | 76,909 | -12,294 | 8,434 | - | - | - | - | - |
| Net income 1 | 42,168 | 73,643 | 64,544 | -10,455 | 17,226 | 46,853 | 58,368 | -3,943 | 9,499 | 41,729 | 68,000 | - | - | - |
| Net margin | 6.77% | 8.96% | 9.21% | -1.87% | 2.52% | 6.1% | 7.97% | -0.69% | 1.38% | 7.29% | 9.44% | - | - | - |
| EPS 2 | 114.1 | 199.3 | 174.7 | -28.30 | 46.60 | 126.8 | 158.0 | -10.67 | 25.70 | 112.9 | 145.2 | 21.62 | 50.26 | 139.4 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 03/11/21 | 24/02/22 | 04/05/22 | 03/08/22 | 08/11/22 | 01/03/23 | 11/05/23 | 09/08/23 | 08/11/23 | 28/02/24 | - | - | - | - |
1CLP in Million2CLP
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,33,786 | 1,17,752 | 3,29,290 | 8,04,931 | 7,64,448 | 7,14,254 | 7,26,514 | 7,09,200 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 0.3984 x | 0.3973 x | 0.74 x | 2.249 x | 2.015 x | 1.597 x | 1.445 x | 1.379 x |
| Free Cash Flow 1 | 1,07,651 | 1,57,883 | 1,21,502 | -1,57,666 | - | 2,53,000 | 2,60,000 | - |
| ROE (net income / shareholders' equity) | 9.98% | 7.33% | 15.3% | 9.01% | 8.34% | 12.5% | 14.6% | 11.6% |
| ROA (Net income/ Total Assets) | 5.47% | 3.94% | 15.7% | 3.67% | 3.01% | 6.86% | 6.94% | - |
| Assets 1 | 23,79,779 | 24,39,539 | 12,68,877 | 32,20,714 | 35,09,483 | 24,01,624 | 27,29,008 | - |
| Book Value Per Share 2 | 3,594 | 3,509 | 3,539 | 3,559 | - | 4,278 | - | - |
| Cash Flow per Share 2 | 656.0 | 760.0 | 794.0 | 124.0 | - | 644.0 | 837.0 | - |
| Capex 1 | 1,34,669 | 1,22,787 | 1,71,854 | 2,03,603 | - | 1,77,835 | 1,77,761 | 1,83,022 |
| Capex / Sales | 7.39% | 6.61% | 6.92% | 7.51% | - | 6.28% | 5.85% | 5.84% |
| Announcement Date | 26/02/20 | 22/02/21 | 24/02/22 | 01/03/23 | 28/02/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
5,840
CLP
Average target price
6,640
CLP
Spread / Average Target
+13.71%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +4.10% | 2.28B | |
| -3.94% | 119B | |
| +384.45% | 67.41B | |
| -0.59% | 55.17B | |
| +7.57% | 47.58B | |
| -12.53% | 36.89B | |
| 0.00% | 23.13B | |
| +12.68% | 19.06B | |
| -25.17% | 18.42B | |
| +3.94% | 17.59B |
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- Financials Compañía Cervecerías Unidas S.A.
