PUERTO VENTANAS S.A.

Financials Puerto Ventanas S.A.

Equities

VENTANAS

CLP7925J1089

Marine Port Services

End-of-day quote Santiago S.E. Other stock markets 03:30:00 08/05/2024 am IST			5-day change	1st Jan Change
139 ^CLP	0.00%		0.00%	-0.04%

03/03	Puerto Ventanas S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Puerto Ventanas 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	252.6	283.1	283.5	252	193.2	190.4
Enterprise Value (EV) ¹	354.9	391.2	380.4	344.9	284.4	323.9
P/E ratio	10.7 x	12.3 x	13.9 x	8.95 x	9.34 x	7.76 x
Yield	6.14%	5.8%	5.19%	6.75%	6.29%	-
Capitalization / Revenue	1.56 x	1.61 x	1.89 x	1.47 x	1.18 x	1.22 x
EV / Revenue	2.2 x	2.22 x	2.53 x	2.02 x	1.73 x	2.08 x
EV / EBITDA	7.36 x	8.13 x	8.77 x	6.94 x	6.54 x	9.46 x
EV / FCF	94.3 x	19 x	14.8 x	25.6 x	78.4 x	-12.7 x
FCF Yield	1.06%	5.26%	6.74%	3.91%	1.28%	-7.86%
Price to Book	2.15 x	2.41 x	2.29 x	2.01 x	1.49 x	1.36 x
Nbr of stocks (in thousands)	12,02,880	12,02,880	12,02,880	12,02,880	12,02,880	12,02,880
Reference price ²	0.2100	0.2353	0.2357	0.2095	0.1606	0.1583
Announcement Date	26/02/19	03/03/20	26/02/21	26/02/22	25/03/23	02/03/24

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	161.6	176	150.1	171	164.3	155.7
EBITDA ¹	48.22	48.14	43.36	49.67	43.51	34.24
EBIT ¹	34.63	35	30.73	35.48	29.84	20.94
Operating Margin	21.43%	19.89%	20.47%	20.75%	18.16%	13.45%
Earnings before Tax (EBT) ¹	30.86	30.24	26.79	35.39	25.56	30.74
Net income ¹	21.37	21.45	19.1	24.45	16.62	21.6
Net margin	13.23%	12.19%	12.72%	14.3%	10.12%	13.87%
EPS ²	0.0197	0.0192	0.0170	0.0234	0.0172	0.0204
Free Cash Flow ¹	3.763	20.58	25.64	13.49	3.629	-25.44
FCF margin	2.33%	11.7%	17.08%	7.89%	2.21%	-16.34%
FCF Conversion (EBITDA)	7.8%	42.75%	59.13%	27.16%	8.34%	-
FCF Conversion (Net income)	17.61%	95.95%	134.24%	55.17%	21.83%	-
Dividend per Share ²	0.0129	0.0137	0.0122	0.0141	0.0101	-
Announcement Date	26/02/19	03/03/20	26/02/21	26/02/22	25/03/23	02/03/24

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	102	108	96.9	92.9	91.3	133
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.122 x	2.246 x	2.234 x	1.87 x	2.098 x	3.897 x
Free Cash Flow ¹	3.76	20.6	25.6	13.5	3.63	-25.4
ROE (net income / shareholders' equity)	14.1%	14.1%	12.2%	16.5%	12.1%	13.7%
ROA (Net income/ Total Assets)	6.5%	6.67%	5.77%	6.76%	5.61%	3.55%
Assets ¹	328.7	321.4	331.1	361.5	296.6	608.9
Book Value Per Share ²	0.1000	0.1000	0.1000	0.1000	0.1100	0.1200
Cash Flow per Share ²	0.0100	0	0.0200	0.0100	0.0200	0.0100
Capex ¹	17.9	11.5	15	18.1	17	17.7
Capex / Sales	11.08%	6.55%	10.02%	10.59%	10.32%	11.39%
Announcement Date	26/02/19	03/03/20	26/02/21	26/02/22	25/03/23	02/03/24

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Marine Port Services

	1st Jan change	Capi.
PUERTO VENTANAS S.A.	-0.04%	180M
ADANI PORTS & SPECIAL ECONOMIC ZONE LIMITED	+23.98%	32.21B
SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+17.96%	18.64B
DP WORLD PLC	0.00%	13.47B
MISC	+12.07%	7.69B
ABU DHABI PORTS COMPANY	-14.11%	7.59B
QINGDAO PORT INTERNATIONAL CO., LTD.	+29.79%	6.97B
JSW INFRASTRUCTURE LIMITED	+17.19%	5.98B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	+8.46%	5.88B
LIAONING PORT CO., LTD.	+1.61%	4.25B

Other Marine Port Services

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VENTANAS Stock
Financials Puerto Ventanas S.A.

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