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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,7x - 8,5x | 8,1x |
| Selected Fwd EBITDA Multiple | 6,3x - 7,0x | 6,7x |
| Fair Value | CLP 6.437 - CLP 7.285 | CLP 6.861 |
| Upside | 5,9% - 19,8% | 12,8% |
| Benchmarks | Ticker | Full Ticker |
| Embotelladora Andina S.A. | ANDINA-A | SNSE:ANDINA-A |
| Viña Concha y Toro S.A. | CONCHATORO | SNSE:CONCHATORO |
| Viña San Pedro Tarapacá S.A. | VSPT | SNSE:VSPT |
| Sociedad Anónima Viña Santa Rita | SANTA RITA | SNSE:SANTARITA |
| Coca-Cola Embonor S.A. | EMBONOR-B | SNSE:EMBONOR-B |
| Compañía Cervecerías Unidas S.A. | CCU | SNSE:CCU |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ANDINA-A | CONCHATORO | VSPT | SANTA RITA | EMBONOR-B | CCU | ||
| SNSE:ANDINA-A | SNSE:CONCHATORO | SNSE:VSPT | SNSE:SANTARITA | SNSE:EMBONOR-B | SNSE:CCU | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.7% | 7.7% | 1.5% | -11.6% | 10.4% | 2.4% | |
| 3Y CAGR | 12.1% | -1.4% | -2.7% | -16.9% | 5.4% | -6.4% | |
| Latest Twelve Months | 15.9% | 37.1% | -1.4% | -40.5% | 7.6% | 10.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.2% | 16.3% | 15.9% | 9.3% | 15.8% | 14.3% | |
| Prior Fiscal Year | 16.6% | 11.3% | 12.3% | 7.1% | 13.7% | 13.4% | |
| Latest Fiscal Year | 16.2% | 15.8% | 15.2% | 6.4% | 13.9% | 12.8% | |
| Latest Twelve Months | 16.2% | 15.7% | 13.6% | 4.4% | 13.4% | 12.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.27x | 1.28x | 0.72x | 1.40x | 0.67x | 0.96x | |
| EV / LTM EBITDA | 7.8x | 8.1x | 5.3x | 31.7x | 5.0x | 7.7x | |
| EV / LTM EBIT | 10.2x | 10.4x | 7.5x | 504.8x | 7.9x | 12.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.0x | 7.8x | 31.7x | ||||
| Historical EV / LTM EBITDA | 6.4x | 7.6x | 11.0x | ||||
| Selected EV / LTM EBITDA | 7.7x | 8.1x | 8.5x | ||||
| (x) LTM EBITDA | 373,653 | 373,653 | 373,653 | ||||
| (=) Implied Enterprise Value | 2,877,510 | 3,028,958 | 3,180,405 | ||||
| (-) Non-shareholder Claims * | (595,756) | (595,756) | (595,756) | ||||
| (=) Equity Value | 2,281,754 | 2,433,201 | 2,584,649 | ||||
| (/) Shares Outstanding | 369.5 | 369.5 | 369.5 | ||||
| Implied Value Range | 6,175.20 | 6,585.07 | 6,994.94 | ||||
| FX Rate: CLP/CLP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6,175.20 | 6,585.07 | 6,994.94 | 6,080.10 | |||
| Upside / (Downside) | 1.6% | 8.3% | 15.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ANDINA-A | CONCHATORO | VSPT | SANTA RITA | EMBONOR-B | CCU | |
| Enterprise Value | 4,181,016 | 1,224,335 | 204,515 | 222,419 | 911,703 | 2,842,371 | |
| (+) Cash & Short Term Investments | 208,478 | 55,973 | 21,037 | 1,700 | 154,616 | 802,927 | |
| (+) Investments & Other | 112,520 | 37,467 | 0 | 28,437 | 65,736 | 139,036 | |
| (-) Debt | (1,092,972) | (480,692) | (65,633) | (97,348) | (435,735) | (1,396,615) | |
| (-) Other Liabilities | (38,017) | (7,175) | 0 | (22) | (27) | (141,105) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,371,025 | 829,908 | 159,919 | 155,186 | 696,293 | 2,246,614 | |
| (/) Shares Outstanding | 1,070.3 | 739.0 | 39,969.7 | 1,034.6 | 510.9 | 369.5 | |
| Implied Stock Price | 3,149.70 | 1,123.00 | 4.00 | 150.00 | 1,363.00 | 6,080.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,149.70 | 1,123.00 | 4.00 | 150.00 | 1,363.00 | 6,080.10 | |
| Trading Currency | CLP | CLP | CLP | CLP | CLP | CLP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |