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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 127.9x - 141.4x | 134.7x |
Selected Fwd EBIT Multiple | 49.6x - 54.8x | 52.2x |
Fair Value | CLP 227,779 - CLP 251,753 | CLP 239,766 |
Upside | -36.8% - -30.2% | -33.5% |
Benchmarks | Ticker | Full Ticker |
Inmobiliaria San Patricio S.A. | ISANPA | SNSE:ISANPA |
Inmobiliaria Sixterra S.A. | SIXTERRA | SNSE:SIXTERRA |
Sociedad Anónima Inmobiliaria Sport Francais | SPORTFRAN | SNSE:SPORTFRAN |
Palm Hills Developments S.A.E. | PHDC | CASE:PHDC |
Arkan Al-Kuwait Real Estate Company K.S.C.P. | ARKAN | KWSE:ARKAN |
Union Inmobiliaria S.A. | CLUBUNION | SNSE:CLUBUNION |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ISANPA | SIXTERRA | SPORTFRAN | PHDC | ARKAN | CLUBUNION | ||
SNSE:ISANPA | SNSE:SIXTERRA | SNSE:SPORTFRAN | CASE:PHDC | KWSE:ARKAN | SNSE:CLUBUNION | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | 32.4% | 4.4% | NM- | |
3Y CAGR | NM- | NM- | NM- | 63.6% | -5.8% | -6.3% | |
Latest Twelve Months | 7.8% | -9.5% | -15.5% | 70.3% | 32.3% | 30.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -208.8% | -2.6% | NA | 18.7% | 41.2% | 16.4% | |
Prior Fiscal Year | -254.5% | NA | NA | 18.9% | 20.4% | 34.2% | |
Latest Fiscal Year | -119.6% | NA | NA | 20.7% | 23.9% | 26.1% | |
Latest Twelve Months | -119.6% | NA | NA | 20.7% | 24.8% | 26.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 37.30x | NA | NA | 0.86x | 8.26x | 54.11x | |
EV / LTM EBITDA | -35.6x | NA | 373.0x | 4.0x | 22.0x | 153.7x | |
EV / LTM EBIT | -31.2x | -171.3x | -49.6x | 4.2x | 33.3x | 207.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -171.3x | -31.2x | 33.3x | ||||
Historical EV / LTM EBIT | -2552.3x | -1400.0x | 207.2x | ||||
Selected EV / LTM EBIT | 127.9x | 134.7x | 141.4x | ||||
(x) LTM EBIT | 16 | 16 | 16 | ||||
(=) Implied Enterprise Value | 2,003 | 2,109 | 2,214 | ||||
(-) Non-shareholder Claims * | 0 | 0 | 0 | ||||
(=) Equity Value | 2,003 | 2,109 | 2,214 | ||||
(/) Shares Outstanding | 0.0 | 0.0 | 0.0 | ||||
Implied Value Range | 222,609.98 | 234,325.00 | 246,040.02 | ||||
FX Rate: CLP/CLP | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 222,609.98 | 234,325.00 | 246,040.02 | 360,500.00 | |||
Upside / (Downside) | -38.2% | -35.0% | -31.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ISANPA | SIXTERRA | SPORTFRAN | PHDC | ARKAN | CLUBUNION | |
Enterprise Value | 28,681 | 10,395 | 11,258 | 23,369 | 94 | 3,244 | |
(+) Cash & Short Term Investments | 24 | 1,466 | 0 | 12,689 | 3 | 0 | |
(+) Investments & Other | 0 | 0 | 0 | 3,379 | 3 | 0 | |
(-) Debt | (7,097) | 0 | 0 | (19,929) | (59) | 0 | |
(-) Other Liabilities | 0 | 0 | 0 | (702) | (11) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 21,608 | 11,861 | 11,258 | 18,806 | 30 | 3,245 | |
(/) Shares Outstanding | 5,686.3 | 24.7 | 0.0 | 2,879.9 | 311.4 | 0.0 | |
Implied Stock Price | 3.80 | 480.00 | 2,084,750.00 | 6.53 | 0.10 | 360,500.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 3.80 | 480.00 | 2,084,750.00 | 6.53 | 0.10 | 360,500.00 | |
Trading Currency | CLP | CLP | CLP | EGP | KWD | CLP | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |