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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,1x - 1,2x | 1,2x |
| Selected Fwd Revenue Multiple | 0,9x - 1,0x | 1,0x |
| Fair Value | CLP 6.372 - CLP 7.250 | CLP 6.811 |
| Upside | -12,1% - 0,0% | -6,0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Viña San Pedro Tarapacá S.A. | VSPT | SNSE:VSPT |
| Coca-Cola Embonor S.A. | EMBONOR-B | SNSE:EMBONOR-B |
| Embotelladora Andina S.A. | ANDINA-A | SNSE:ANDINA-A |
| Viña Concha y Toro S.A. | CONCHATORO | SNSE:CONCHATORO |
| Sociedad Anónima Viña Santa Rita | SANTA RITA | SNSE:SANTARITA |
| Compañía Cervecerías Unidas S.A. | CCU | SNSE:CCU |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| VSPT | EMBONOR-B | ANDINA-A | CONCHATORO | SANTA RITA | CCU | |||
| SNSE:VSPT | SNSE:EMBONOR-B | SNSE:ANDINA-A | SNSE:CONCHATORO | SNSE:SANTARITA | SNSE:CCU | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 5.9% | 16.4% | 12.6% | 7.8% | -0.8% | 9.8% | ||
| 3Y CAGR | 2.6% | 12.5% | 13.3% | 4.6% | -1.0% | 5.3% | ||
| Latest Twelve Months | 11.8% | 10.9% | 23.1% | 14.5% | -0.7% | 13.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 12.3% | 11.0% | 12.8% | 12.7% | 6.9% | 9.9% | ||
| Prior Fiscal Year | 8.1% | 9.0% | 12.9% | 7.5% | 6.3% | 9.3% | ||
| Latest Fiscal Year | 11.2% | 8.9% | 12.3% | 12.3% | 3.5% | 8.2% | ||
| Latest Twelve Months | 11.2% | 8.9% | 12.3% | 12.3% | 1.4% | 8.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.74x | 0.68x | 1.16x | 1.37x | 1.47x | 1.17x | ||
| EV / LTM EBIT | 6.6x | 7.6x | 9.4x | 11.1x | 108.2x | 14.3x | ||
| Price / LTM Sales | 0.57x | 0.51x | 0.93x | 0.93x | 0.95x | 0.92x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.68x | 1.16x | 1.47x | |||||
| Historical EV / LTM Revenue | 1.00x | 1.16x | 1.17x | |||||
| Selected EV / LTM Revenue | 1.10x | 1.15x | 1.21x | |||||
| (x) LTM Revenue | 2,904,566 | 2,904,566 | 2,904,566 | |||||
| (=) Implied Enterprise Value | 3,186,678 | 3,354,398 | 3,522,118 | |||||
| (-) Non-shareholder Claims * | (726,883) | (726,883) | (726,883) | |||||
| (=) Equity Value | 2,459,795 | 2,627,515 | 2,795,234 | |||||
| (/) Shares Outstanding | 369.5 | 369.5 | 369.5 | |||||
| Implied Value Range | 6,657.04 | 7,110.94 | 7,564.85 | |||||
| FX Rate: CLP/CLP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 6,657.04 | 7,110.94 | 7,564.85 | 7,247.00 | ||||
| Upside / (Downside) | -8.1% | -1.9% | 4.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSPT | EMBONOR-B | ANDINA-A | CONCHATORO | SANTA RITA | CCU | |
| Enterprise Value | 209,876 | 943,447 | 3,797,567 | 1,309,106 | 240,698 | 3,404,670 | |
| (+) Cash & Short Term Investments | 12,083 | 108,744 | 321,381 | 50,400 | 1,478 | 707,945 | |
| (+) Investments & Other | 0 | 92,501 | 110,062 | 38,123 | 27,116 | 139,747 | |
| (-) Debt | (62,040) | (429,675) | (1,120,588) | (503,596) | (114,084) | (1,427,243) | |
| (-) Other Liabilities | 0 | (27) | (37,988) | (7,220) | (22) | (147,332) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 159,919 | 714,990 | 3,070,434 | 886,812 | 155,186 | 2,677,787 | |
| (/) Shares Outstanding | 39,969.7 | 510.9 | 1,137.2 | 739.0 | 1,034.6 | 369.5 | |
| Implied Stock Price | 4.00 | 1,399.60 | 2,700.00 | 1,200.00 | 150.00 | 7,247.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.00 | 1,399.60 | 2,700.00 | 1,200.00 | 150.00 | 7,247.00 | |
| 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 | |