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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.6x - 0.7x | 0.6x |
Selected Fwd Ps Multiple | 0.6x - 0.7x | 0.6x |
Fair Value | CLP 1,824 - CLP 2,016 | CLP 1,920 |
Upside | 25.8% - 39.0% | 32.4% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Sappi Limited | - | JSE:SAP |
Mercer International Inc. | - | NasdaqGS:MERC |
Clearwater Paper Corporation | - | NYSE:CLW |
Svenska Cellulosa Aktiebolaget SCA (publ) | - | OTCPK:SVCB.F |
Suzano S.A. | - | BOVESPA:SUZB3 |
Empresas CMPC S.A. | - | SNSE:CMPC |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
SAP | MERC | CLW | SVCB.F | SUZB3 | CMPC | |||
JSE:SAP | NasdaqGS:MERC | NYSE:CLW | OTCPK:SVCB.F | BOVESPA:SUZB3 | SNSE:CMPC | |||
Historical Sales Growth | ||||||||
5Y CAGR | -1.0% | 4.7% | -4.7% | 1.0% | 12.8% | 6.4% | ||
3Y CAGR | 1.2% | 4.3% | -7.9% | 3.1% | 5.0% | 7.0% | ||
Latest Twelve Months | 2.4% | 2.5% | 21.8% | 10.2% | 19.2% | -4.4% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 1.9% | 0.0% | 3.1% | 28.3% | 11.3% | 6.3% | ||
Prior Fiscal Year | 4.5% | -12.1% | 4.3% | 18.0% | 35.4% | 5.8% | ||
Latest Fiscal Year | 0.6% | -4.2% | -5.3% | 16.2% | -14.9% | 6.3% | ||
Latest Twelve Months | 4.1% | -4.2% | -5.3% | 16.2% | -14.9% | 6.3% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 3.2x | 6.7x | 10.5x | 19.0x | 6.3x | 6.4x | ||
Price / LTM Sales | 0.2x | 0.2x | 0.3x | 3.9x | 1.4x | 0.5x | ||
LTM P/E Ratio | 4.8x | -4.1x | -5.4x | 24.1x | -9.0x | 7.6x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.2x | 0.3x | 3.9x | |||||
Historical LTM P/S Ratio | 0.5x | 0.6x | 1.3x | |||||
Selected Price / Sales Multiple | 0.6x | 0.6x | 0.7x | |||||
(x) LTM Sales | 7,743 | 7,743 | 7,743 | |||||
(=) Equity Value | 4,697 | 4,945 | 5,192 | |||||
(/) Shares Outstanding | 2,500.0 | 2,500.0 | 2,500.0 | |||||
Implied Value Range | 1.88 | 1.98 | 2.08 | |||||
FX Rate: USD/CLP | 0.0 | 0.0 | 0.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 1,817.90 | 1,913.58 | 2,009.26 | 1,450.30 | ||||
Upside / (Downside) | 25.3% | 31.9% | 38.5% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | SAP | MERC | CLW | SVCB.F | SUZB3 | CMPC | |
Value of Common Equity | 1,134 | 342 | 399 | 87,325 | 64,949 | 3,748 | |
(/) Shares Outstanding | 604.6 | 66.8 | 16.2 | 702.3 | 1,239.2 | 2,500.0 | |
Implied Stock Price | 1.88 | 5.12 | 24.62 | 124.33 | 52.41 | 1.50 | |
FX Conversion Rate to Trading Currency | 0.05 | 1.00 | 1.00 | 9.77 | 1.00 | 0.00 | |
Implied Stock Price (Trading Cur) | 35.35 | 5.12 | 24.62 | 12.72 | 52.41 | 1,450.30 | |
Trading Currency | ZAR | USD | USD | USD | BRL | CLP | |
FX Rate to Reporting Currency | 0.05 | 1.00 | 1.00 | 9.77 | 1.00 | 0.00 |