Financials Cencosud Shopping S.A.

Equities

CENCOSHOPP

CL0002539816

Real Estate Development & Operations

End-of-day quote Santiago S.E. Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
1,480 ^CLP	+2.05%		+2.17%	+4.96%

Mar. 04	Cencosud Shopping S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Jan. 15	Cencosud Shopping S.A. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,825,197	1,942,089	1,724,595	2,283,767	2,405,222	2,538,277	-	-
Enterprise Value (EV) ¹	2,881,752	1,981,849	1,762,687	2,865,136	3,001,517	3,144,572	3,088,161	3,040,847
P/E ratio	6.04 x	7.78 x	21.3 x	12.6 x	12.9 x	11.4 x	10.8 x	10.4 x
Yield	1.24%	4.83%	2.97%	-	-	3.7%	5.53%	6.52%
Capitalization / Revenue	12.3 x	13.2 x	8.02 x	7.96 x	7.64 x	7.61 x	7.19 x	6.87 x
EV / Revenue	12.6 x	13.5 x	8.2 x	9.98 x	9.54 x	9.43 x	8.74 x	8.23 x
EV / EBITDA	13.9 x	16.3 x	9 x	11.1 x	10.6 x	10.4 x	9.7 x	9.19 x
EV / FCF	14.2 x	25.6 x	12 x	16.1 x	16 x	26.6 x	19.8 x	18.5 x
FCF Yield	7.04%	3.91%	8.33%	6.21%	6.23%	3.75%	5.05%	5.39%
Price to Book	1.12 x	0.73 x	0.65 x	0.85 x	0.88 x	0.91 x	0.88 x	0.82 x
Nbr of stocks (in thousands)	1,705,831	1,705,831	1,705,831	1,705,831	1,705,831	1,705,831	-	-
Reference price ²	1,656	1,138	1,011	1,339	1,410	1,488	1,488	1,488
Announcement Date	3/20/20	2/25/21	3/3/22	3/1/23	3/4/24	-	-	-

¹CLP in Million²CLP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	228,990	146,755	215,063	286,950	314,785	333,553	353,233	369,265
EBITDA ¹	207,810	121,892	195,781	258,153	283,307	303,454	318,454	330,950
EBIT ¹	145,256	121,794	195,667	257,974	283,094	303,358	318,330	327,152
Operating Margin	63.43%	82.99%	90.98%	89.9%	89.93%	90.95%	90.12%	88.6%
Earnings before Tax (EBT) ¹	545,455	-	89,259	204,145	242,152	302,000	306,624	327,000
Net income ¹	402,798	249,726	81,056	181,876	187,330	222,029	229,149	243,773
Net margin	175.9%	170.16%	37.69%	63.38%	59.51%	66.56%	64.87%	66.02%
EPS ²	274.3	146.4	47.50	106.6	109.7	130.2	137.8	142.9
Free Cash Flow ¹	202,867	77,561	146,865	177,800	187,129	118,000	156,000	164,000
FCF margin	88.59%	52.85%	68.29%	61.96%	59.45%	35.38%	44.16%	44.41%
FCF Conversion (EBITDA)	97.62%	63.63%	75.01%	68.87%	66.05%	38.89%	48.99%	49.55%
FCF Conversion (Net income)	50.36%	31.06%	181.19%	97.76%	99.89%	53.15%	68.08%	67.28%
Dividend per Share ²	20.55	55.00	30.00	-	-	55.12	82.26	96.98
Announcement Date	3/20/20	2/25/21	3/3/22	3/1/23	3/4/24	-	-	-

¹CLP in Million²CLP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	78,127	66,594	67,661	70,664	82,032	75,632	76,661	78,252	84,239	82,016	82,123	82,659	88,566
EBITDA ¹	74,906	60,725	59,529	61,532	76,368	68,516	67,694	71,209	75,889	73,204	74,353	75,968	81,216
EBIT ¹	74,865	60,652	59,496	61,496	76,332	68,479	67,645	71,146	75,825	81,763	74,307	75,922	81,170
Operating Margin	95.82%	91.08%	87.93%	87.03%	93.05%	90.54%	88.24%	90.92%	90.01%	99.69%	90.48%	91.85%	91.65%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	46,026	39,534	28,412	40,345	73,584	33,617	56,494	52,927	44,291	60,863	53,395	54,881	59,823
Net margin	58.91%	59.37%	41.99%	57.1%	89.7%	44.45%	73.69%	67.64%	52.58%	74.21%	65.02%	66.39%	67.55%
EPS ²	27.00	23.20	16.70	23.70	43.10	19.70	33.10	31.00	25.90	35.70	31.30	32.17	35.07
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	34.00	-	60.00
Announcement Date	3/3/22	5/6/22	8/10/22	11/9/22	3/1/23	5/8/23	8/16/23	11/15/23	3/4/24	4/30/24	-	-	-

¹CLP in Million²CLP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	56,555	39,761	38,092	581,369	596,295	606,295	549,885	502,570
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.2721 x	0.3262 x	0.1946 x	2.252 x	2.105 x	1.998 x	1.727 x	1.519 x
Free Cash Flow ¹	202,867	77,561	146,865	177,800	187,129	118,000	156,000	164,000
ROE (net income / shareholders' equity)	20.1%	9.59%	3.04%	6.81%	6.91%	7.9%	7.85%	7.89%
ROA (Net income/ Total Assets)	11.8%	6.42%	2.04%	4.53%	4.56%	5.62%	5.39%	5.68%
Assets ¹	3,401,234	3,887,633	3,975,793	4,016,589	4,103,878	3,954,212	4,252,153	4,294,809
Book Value Per Share ²	1,484	1,570	1,561	1,571	1,609	1,642	1,697	1,815
Cash Flow per Share	160.0	47.90	94.80	131.0	-	-	-	-
Capex ¹	-	4,085	14,847	45,818	62,789	61,392	91,000	92,000
Capex / Sales	-	2.78%	6.9%	15.97%	19.95%	18.41%	25.76%	24.91%
Announcement Date	3/20/20	2/25/21	3/3/22	3/1/23	3/4/24	-	-	-

¹CLP in Million²CLP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cencosud Shopping S.A.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,488 CLP

Average target price

1,707 CLP

Spread / Average Target

+14.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
CENCOSUD SHOPPING S.A.	+4.96%	2.65B
MITSUI FUDOSAN CO., LTD.	+37.77%	28.71B
SUN HUNG KAI PROPERTIES LIMITED	-13.85%	26.95B
DLF LIMITED	+22.78%	26.45B
CHINA RESOURCES LAND LIMITED	+1.61%	25.94B
MITSUBISHI ESTATE CO., LTD.	+46.99%	23.39B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+5.96%	20.4B
EMAAR PROPERTIES	-2.65%	19.76B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.59%	16.53B
CK ASSET HOLDINGS LIMITED	-14.16%	15.1B

Other Real Estate Development & Operations