Financials Embotelladora Andina S.A.

Equities

ANDINA-B

CLP3697S1034

Non-Alcoholic Beverages

End-of-day quote Santiago S.E. 03:30:00 26/04/2024 am IST 5-day change 1st Jan Change
2,660 CLP +1.92% Intraday chart for Embotelladora Andina S.A. +1.72% +21.46%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,21,017 16,13,429 16,32,833 17,60,572 18,62,707 22,33,620 - -
Enterprise Value (EV) 1 25,35,485 21,72,926 21,83,122 23,24,037 24,87,722 29,63,259 29,91,602 30,52,631
P/E ratio 11.9 x 14.2 x 11.3 x 15.7 x 12.1 x 12.5 x 11.4 x 11.1 x
Yield 4.85% 5.97% 6.58% 6.13% 6.43% 6.47% 6.32% 6.65%
Capitalization / Revenue 1.08 x 0.95 x 0.74 x 0.66 x 0.71 x 0.77 x 0.74 x 0.69 x
EV / Revenue 1.43 x 1.28 x 0.98 x 0.87 x 0.95 x 1.02 x 0.99 x 0.94 x
EV / EBITDA 7.27 x 6.2 x 5.5 x 5 x 5.29 x 5.66 x 5.4 x 5.16 x
EV / FCF 17.6 x 11.3 x 13.1 x 11 x 14.3 x 23.8 x 17 x 14.9 x
FCF Yield 5.7% 8.88% 7.61% 9.07% 7% 4.2% 5.87% 6.7%
Price to Book 2.17 x 2.13 x 1.63 x 2.3 x 2.34 x 2.35 x - -
Nbr of stocks (in thousands) 9,46,571 9,46,571 9,46,571 9,46,571 9,46,571 9,46,571 - -
Reference price 2 2,179 1,829 1,850 2,080 2,190 2,660 2,660 2,660
Announcement Date 25/02/20 24/02/21 22/02/22 30/01/23 30/01/24 - - -
1CLP in Million2CLP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 17,79,025 16,98,281 22,16,733 26,56,878 26,18,437 28,92,861 30,36,833 32,52,973
EBITDA 1 3,48,869 3,50,532 3,97,213 4,64,510 4,70,108 5,23,778 5,53,971 5,91,160
EBIT 1 2,37,781 2,39,612 2,92,438 3,45,144 3,57,337 3,88,874 4,11,490 4,43,407
Operating Margin 13.37% 14.11% 13.19% 12.99% 13.65% 13.44% 13.55% 13.63%
Earnings before Tax (EBT) 1 2,36,413 1,78,023 2,03,209 2,32,804 2,60,506 3,06,277 3,37,860 4,03,000
Net income 1 1,73,722 1,22,000 1,54,698 1,25,498 1,71,441 2,00,137 2,17,109 2,27,695
Net margin 9.77% 7.18% 6.98% 4.72% 6.55% 6.92% 7.15% 7%
EPS 2 183.5 128.9 163.4 132.6 181.1 213.3 233.9 240.6
Free Cash Flow 1 1,44,465 1,92,894 1,66,199 2,10,750 1,74,123 1,24,584 1,75,730 2,04,573
FCF margin 8.12% 11.36% 7.5% 7.93% 6.65% 4.31% 5.79% 6.29%
FCF Conversion (EBITDA) 41.41% 55.03% 41.84% 45.37% 37.04% 23.79% 31.72% 34.61%
FCF Conversion (Net income) 83.16% 158.11% 107.43% 167.93% 101.56% 62.25% 80.94% 89.85%
Dividend per Share 2 105.7 109.2 121.8 127.6 140.8 172.2 168.1 176.9
Announcement Date 25/02/20 24/02/21 22/02/22 30/01/23 30/01/24 - - -
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 2025 Q1
Net sales 1 5,38,023 6,86,636 6,24,228 5,91,716 6,53,498 7,89,934 7,01,856 6,14,428 6,70,333 7,73,552 7,50,114 6,48,349 6,78,353 8,84,269 -
EBITDA 1 84,692 1,33,645 1,21,377 93,879 99,290 1,48,257 1,27,437 99,770 1,10,520 1,59,070 1,46,853 - - - -
EBIT 1 59,151 1,03,838 95,418 63,896 68,765 1,15,042 98,336 69,682 78,140 1,30,138 97,335 74,417 88,140 1,47,317 -
Operating Margin 10.99% 15.12% 15.29% 10.8% 10.52% 14.56% 14.01% 11.34% 11.66% 16.82% 12.98% 11.48% 12.99% 16.66% -
Earnings before Tax (EBT) 41,912 80,688 74,640 31,633 49,112 88,599 81,103 28,607 73,091 1,12,665 - - - - -
Net income 1 39,353 71,563 32,998 25,537 33,999 45,194 43,339 12,192 63,708 80,740 60,027 - - - -
Net margin 7.31% 10.42% 5.29% 4.32% 5.2% 5.72% 6.17% 1.98% 9.5% 10.44% 8% - - - -
EPS 2 41.60 75.70 34.90 28.26 37.63 47.70 45.80 13.49 70.51 85.30 63.22 37.90 42.25 88.08 74.19
Dividend per Share 2 60.90 - - - - 31.90 - - - 35.20 35.20 34.99 34.99 - -
Announcement Date 26/10/21 22/02/22 26/04/22 27/07/22 25/10/22 30/01/23 25/04/23 25/07/23 31/10/23 30/01/24 - - - - -
1CLP in Million2CLP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,14,468 5,59,497 5,50,289 5,63,464 6,25,015 7,29,639 7,57,982 8,19,010
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.761 x 1.596 x 1.385 x 1.213 x 1.33 x 1.393 x 1.368 x 1.385 x
Free Cash Flow 1 1,44,465 1,92,894 1,66,199 2,10,750 1,74,123 1,24,584 1,75,730 2,04,573
ROE (net income / shareholders' equity) 19.4% 13.9% 16.4% 13% 19.7% 21.4% 22% 22.9%
ROA (Net income/ Total Assets) 7.54% 5.04% 5.74% 4.21% 5.78% 7.33% 7.34% -
Assets 1 23,02,723 24,19,483 26,97,087 29,78,403 29,66,107 27,31,129 29,58,292 -
Book Value Per Share 2 1,002 857.0 1,137 904.0 936.0 1,130 - -
Cash Flow per Share 2 270.0 294.0 322.0 - 388.0 350.0 364.0 -
Capex 1 1,10,683 85,875 1,38,856 1,86,702 1,92,707 2,12,810 2,13,850 2,06,559
Capex / Sales 6.22% 5.06% 6.26% 7.03% 7.36% 7.36% 7.04% 6.35%
Announcement Date 25/02/20 24/02/21 22/02/22 30/01/23 30/01/24 - - -
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
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
2,660 CLP
Average target price
2,567 CLP
Spread / Average Target
-3.48%
Consensus
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