PORTUARIA CABO FROWARD S.A.

Financials Portuaria Cabo Froward S.A.

Equities

FROWARD

CLP7909E1092

Marine Port Services

End-of-day quote Santiago S.E. Other stock markets 03:30:00 10/05/2024 am IST			5-day change	1st Jan Change
487.4 ^CLP	0.00%		0.00%	+23.34%

27/03	Portuaria Cabo Froward S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Portuaria Cabo Froward S.A. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	91.51	75.98	73.82	62.54	57.05	50.97
Enterprise Value (EV) ¹	104.2	90.62	84.28	70.13	61.44	48.61
P/E ratio	7.62 x	6.33 x	8.57 x	10.6 x	9.4 x	9.44 x
Yield	7.88%	9.48%	7%	5.68%	6.39%	6.36%
Capitalization / Revenue	1.8 x	1.56 x	1.81 x	1.41 x	1.57 x	1.34 x
EV / Revenue	2.05 x	1.86 x	2.06 x	1.58 x	1.69 x	1.28 x
EV / EBITDA	4.43 x	3.9 x	4.93 x	4.01 x	5.14 x	3.86 x
EV / FCF	257 x	45 x	10.7 x	6.13 x	10.5 x	5.42 x
FCF Yield	0.39%	2.22%	9.34%	16.3%	9.5%	18.5%
Price to Book	1.25 x	0.97 x	0.92 x	0.79 x	0.7 x	0.61 x
Nbr of stocks (in thousands)	1,13,238	1,13,238	1,13,238	1,13,238	1,13,238	1,13,238
Reference price ²	0.8081	0.6710	0.6519	0.5522	0.5038	0.4501
Announcement Date	28/03/19	04/03/20	05/03/21	18/03/22	31/03/23	27/03/24

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	50.78	48.64	40.82	44.25	36.41	37.97
EBITDA ¹	23.53	23.23	17.09	17.49	11.95	12.6
EBIT ¹	19.03	18.12	11.57	11.85	5.961	6.568
Operating Margin	37.47%	37.25%	28.35%	26.79%	16.37%	17.3%
Earnings before Tax (EBT) ¹	17.34	16.84	11.39	10.05	6.376	6.857
Net income ¹	12.02	12	8.614	5.919	6.072	5.398
Net margin	23.66%	24.67%	21.1%	13.38%	16.68%	14.22%
EPS ²	0.1061	0.1060	0.0761	0.0523	0.0536	0.0477
Free Cash Flow ¹	0.4055	2.014	7.871	11.45	5.836	8.976
FCF margin	0.8%	4.14%	19.28%	25.88%	16.03%	23.64%
FCF Conversion (EBITDA)	1.72%	8.67%	46.06%	65.48%	48.82%	71.24%
FCF Conversion (Net income)	3.37%	16.78%	91.38%	193.43%	96.11%	166.27%
Dividend per Share ²	0.0637	0.0636	0.0456	0.0314	0.0322	0.0286
Announcement Date	28/03/19	04/03/20	05/03/21	18/03/22	31/03/23	27/03/24

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	12.7	14.6	10.5	7.59	4.39	-
Net Cash position ¹	-	-	-	-	-	2.35
Leverage (Debt/EBITDA)	0.5393 x	0.6302 x	0.6124 x	0.4341 x	0.367 x	-
Free Cash Flow ¹	0.41	2.01	7.87	11.4	5.84	8.98
ROE (net income / shareholders' equity)	16.9%	15.9%	10.9%	7.39%	7.51%	6.5%
ROA (Net income/ Total Assets)	10.7%	9.71%	6.18%	6.39%	3.34%	3.82%
Assets ¹	112.4	123.6	139.5	92.56	181.9	141.1
Book Value Per Share ²	0.6500	0.6900	0.7100	0.7000	0.7200	0.7400
Cash Flow per Share ²	0.0400	0.0200	0.0100	0.0500	0.0200	0.0500
Capex ¹	15.2	10.8	4.59	2.07	2.19	0.85
Capex / Sales	29.93%	22.17%	11.24%	4.68%	6%	2.23%
Announcement Date	28/03/19	04/03/20	05/03/21	18/03/22	31/03/23	27/03/24

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Marine Cargo Handling Services

	1st Jan change	Capi.
PORTUARIA CABO FROWARD S.A.	+23.34%	59.95M
NINGBO ZHOUSHAN PORT COMPANY LIMITED	+3.37%	9.91B
TANGSHAN PORT GROUP CO.,LTD	+25.43%	3.6B
SHENZHEN YAN TIAN PORT HOLDINGS CO.,LTD.	+3.28%	2.99B
HUAIHE ENERGY (GROUP) CO.,LTD	+34.02%	1.72B
NOVOROSSIYSK COMMERCIAL SEA PORT	-.--%	1.11B
JINZHOU PORT CO., LTD.	-8.33%	691M
TIANJIN PORT DEVELOPMENT HOLDINGS LIMITED	+39.78%	512M
NANJING PORT CO., LTD.	-10.24%	435M
JIANGSU WANLIN MODERN LOGISTICS CO., LTD.	-3.32%	280M

Marine Cargo Handling Services

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FROWARD Stock
Financials Portuaria Cabo Froward S.A.

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