Stock CCU COMPAÑÍA CERVECERÍAS UNIDAS S.A.
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Financials Compañía Cervecerías Unidas S.A.

Equities

CCU

CLP249051044

Brewers

End-of-day quote Santiago S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
5,840 CLP +1.41% Intraday chart for Compañía Cervecerías Unidas S.A. +2.10% +4.10%
Mar. 07 Compañía Cervecerías Unidas S.A. Proposes Final Dividend for 2023, Payable Beginning April 30, 2024 CI
Feb. 28 Transcript : Compañía Cervecerías Unidas S.A., Q4 2023 Earnings Call, Feb 28, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,723,236 1,938,782 2,560,655 2,093,234 2,072,911 2,157,897 - -
Enterprise Value (EV) 1 2,857,022 2,056,534 2,889,945 2,898,165 2,837,359 2,872,150 2,884,411 2,867,097
P/E ratio 20.9 x 20.2 x 12.9 x 17.7 x 19.6 x 14.2 x 10.9 x 10.5 x
Yield 3.46% 3.72% 5.77% 2.82% - 3.69% 4.19% 4.49%
Capitalization / Revenue 1.49 x 1.04 x 1.03 x 0.77 x 0.81 x 0.76 x 0.71 x 0.69 x
EV / Revenue 1.57 x 1.11 x 1.16 x 1.07 x 1.11 x 1.01 x 0.95 x 0.91 x
EV / EBITDA 8.51 x 6.94 x 6.49 x 8.1 x 7.48 x 6.42 x 5.74 x 5.57 x
EV / FCF 26.5 x 13 x 23.8 x -18.4 x - 11.4 x 11.1 x -
FCF Yield 3.77% 7.68% 4.2% -5.44% - 8.81% 9.01% -
Price to Book 2.05 x 1.5 x 1.96 x 1.59 x - 1.37 x - -
Nbr of stocks (in thousands) 369,503 369,503 369,503 369,503 369,503 369,503 - -
Reference price 2 7,370 5,247 6,930 5,665 5,610 5,840 5,840 5,840
Announcement Date 2/26/20 2/22/21 2/24/22 3/1/23 2/28/24 - - -
1CLP in Million2CLP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,822,541 1,857,594 2,484,712 2,711,435 2,565,556 2,830,278 3,041,058 3,134,480
EBITDA 1 335,829 296,405 444,998 357,929 379,402 447,242 502,611 514,439
EBIT 1 230,808 186,591 320,881 231,431 253,283 283,848 353,773 362,968
Operating Margin 12.66% 10.04% 12.91% 8.54% 9.87% 10.03% 11.63% 11.58%
Earnings before Tax (EBT) 1 185,622 143,603 301,680 135,748 103,158 266,736 307,888 294,787
Net income 1 130,142 96,152 199,163 118,168 105,653 164,631 189,366 191,183
Net margin 7.14% 5.18% 8.02% 4.36% 4.12% 5.82% 6.23% 6.1%
EPS 2 352.2 260.2 539.0 319.8 285.9 410.5 534.6 555.4
Free Cash Flow 1 107,651 157,883 121,502 -157,666 - 253,000 260,000 -
FCF margin 5.91% 8.5% 4.89% -5.81% - 8.94% 8.55% -
FCF Conversion (EBITDA) 32.06% 53.27% 27.3% - - 56.57% 51.73% -
FCF Conversion (Net income) 82.72% 164.2% 61.01% - - 153.68% 137.3% -
Dividend per Share 2 255.0 195.2 400.0 159.9 - 215.6 244.9 262.4
Announcement Date 2/26/20 2/22/21 2/24/22 3/1/23 2/28/24 - - -
1CLP in Million2CLP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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 1 622,730 822,349 700,465 558,503 684,106 768,362 732,031 574,242 686,677 572,607 720,461 572,509 645,073 787,344
EBITDA 1 109,718 155,402 135,126 32,471 67,607 122,725 135,377 47,126 86,344 110,556 128,000 - - -
EBIT 1 71,464 114,998 105,895 -1,671 33,531 93,676 104,222 12,952 51,072 85,038 85,748 45,889 54,095 85,172
Operating Margin 11.48% 13.98% 15.12% -0.3% 4.9% 12.19% 14.24% 2.26% 7.44% 14.85% 11.9% 8.02% 8.39% 10.82%
Earnings before Tax (EBT) 67,609 110,565 87,971 -15,415 9,215 53,978 76,909 -12,294 8,434 - - - - -
Net income 1 42,168 73,643 64,544 -10,455 17,226 46,853 58,368 -3,943 9,499 41,729 68,000 - - -
Net margin 6.77% 8.96% 9.21% -1.87% 2.52% 6.1% 7.97% -0.69% 1.38% 7.29% 9.44% - - -
EPS 2 114.1 199.3 174.7 -28.30 46.60 126.8 158.0 -10.67 25.70 112.9 145.2 21.62 50.26 139.4
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/3/21 2/24/22 5/4/22 8/3/22 11/8/22 3/1/23 5/11/23 8/9/23 11/8/23 2/28/24 - - - -
1CLP in Million2CLP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 133,786 117,752 329,290 804,931 764,448 714,254 726,514 709,200
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.3984 x 0.3973 x 0.74 x 2.249 x 2.015 x 1.597 x 1.445 x 1.379 x
Free Cash Flow 1 107,651 157,883 121,502 -157,666 - 253,000 260,000 -
ROE (net income / shareholders' equity) 9.98% 7.33% 15.3% 9.01% 8.34% 12.5% 14.6% 11.6%
ROA (Net income/ Total Assets) 5.47% 3.94% 15.7% 3.67% 3.01% 6.86% 6.94% -
Assets 1 2,379,779 2,439,539 1,268,877 3,220,714 3,509,483 2,401,624 2,729,008 -
Book Value Per Share 2 3,594 3,509 3,539 3,559 - 4,278 - -
Cash Flow per Share 2 656.0 760.0 794.0 124.0 - 644.0 837.0 -
Capex 1 134,669 122,787 171,854 203,603 - 177,835 177,761 183,022
Capex / Sales 7.39% 6.61% 6.92% 7.51% - 6.28% 5.85% 5.84%
Announcement Date 2/26/20 2/22/21 2/24/22 3/1/23 2/28/24 - - -
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 Compañía Cervecerías Unidas S.A.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
5,840 CLP
Average target price
6,640 CLP
Spread / Average Target
+13.71%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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