Financials Embotelladora Andina S.A.

Equities

ANDINA-B

CLP3697S1034

Non-Alcoholic Beverages

End-of-day quote Santiago S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
2,660 ^CLP	+1.92%		+1.72%	+21.46%

Feb. 28	Embotelladora Andina S.A. Proposes Distribution of Additional Dividend for Each Series A Share and Series B Share, Payable on May 23, 2024 and May 30, 2023	CI
Jan. 31	Embotelladora Andina S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,921,017	1,613,429	1,632,833	1,760,572	1,862,707	2,233,620	-	-
Enterprise Value (EV) ¹	2,535,485	2,172,926	2,183,122	2,324,037	2,487,722	2,963,259	2,991,602	3,052,631
P/E ratio	11.9 x	14.2 x	11.3 x	15.7 x	12.1 x	12.5 x	11.4 x	11.1 x
Yield	4.85%	5.97%	6.58%	6.13%	6.43%	6.47%	6.32%	6.65%
Capitalization / Revenue	1.08 x	0.95 x	0.74 x	0.66 x	0.71 x	0.77 x	0.74 x	0.69 x
EV / Revenue	1.43 x	1.28 x	0.98 x	0.87 x	0.95 x	1.02 x	0.99 x	0.94 x
EV / EBITDA	7.27 x	6.2 x	5.5 x	5 x	5.29 x	5.66 x	5.4 x	5.16 x
EV / FCF	17.6 x	11.3 x	13.1 x	11 x	14.3 x	23.8 x	17 x	14.9 x
FCF Yield	5.7%	8.88%	7.61%	9.07%	7%	4.2%	5.87%	6.7%
Price to Book	2.17 x	2.13 x	1.63 x	2.3 x	2.34 x	2.35 x	-	-
Nbr of stocks (in thousands)	946,571	946,571	946,571	946,571	946,571	946,571	-	-
Reference price ²	2,179	1,829	1,850	2,080	2,190	2,660	2,660	2,660
Announcement Date	2/25/20	2/24/21	2/22/22	1/30/23	1/30/24	-	-	-

¹CLP in Million²CLP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,779,025	1,698,281	2,216,733	2,656,878	2,618,437	2,892,861	3,036,833	3,252,973
EBITDA ¹	348,869	350,532	397,213	464,510	470,108	523,778	553,971	591,160
EBIT ¹	237,781	239,612	292,438	345,144	357,337	388,874	411,490	443,407
Operating Margin	13.37%	14.11%	13.19%	12.99%	13.65%	13.44%	13.55%	13.63%
Earnings before Tax (EBT) ¹	236,413	178,023	203,209	232,804	260,506	306,277	337,860	403,000
Net income ¹	173,722	122,000	154,698	125,498	171,441	200,137	217,109	227,695
Net margin	9.77%	7.18%	6.98%	4.72%	6.55%	6.92%	7.15%	7%
EPS ²	183.5	128.9	163.4	132.6	181.1	213.3	233.9	240.6
Free Cash Flow ¹	144,465	192,894	166,199	210,750	174,123	124,584	175,730	204,573
FCF margin	8.12%	11.36%	7.5%	7.93%	6.65%	4.31%	5.79%	6.29%
FCF Conversion (EBITDA)	41.41%	55.03%	41.84%	45.37%	37.04%	23.79%	31.72%	34.61%
FCF Conversion (Net income)	83.16%	158.11%	107.43%	167.93%	101.56%	62.25%	80.94%	89.85%
Dividend per Share ²	105.7	109.2	121.8	127.6	140.8	172.2	168.1	176.9
Announcement Date	2/25/20	2/24/21	2/22/22	1/30/23	1/30/24	-	-	-

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	2025 Q1
Net sales ¹	538,023	686,636	624,228	591,716	653,498	789,934	701,856	614,428	670,333	773,552	748,399	648,349	678,353	884,269	-
EBITDA ¹	84,692	133,645	121,377	93,879	99,290	148,257	127,437	99,770	110,520	159,070	146,852	-	-	-	-
EBIT ¹	59,151	103,838	95,418	63,896	68,765	115,042	98,336	69,682	78,140	130,138	97,335	74,417	88,140	147,317	-
Operating Margin	10.99%	15.12%	15.29%	10.8%	10.52%	14.56%	14.01%	11.34%	11.66%	16.82%	13.01%	11.48%	12.99%	16.66%	-
Earnings before Tax (EBT)	41,912	80,688	74,640	31,633	49,112	88,599	81,103	28,607	73,091	112,665	-	-	-	-	-
Net income ¹	39,353	71,563	32,998	25,537	33,999	45,194	43,339	12,192	63,708	80,740	60,026	-	-	-	-
Net margin	7.31%	10.42%	5.29%	4.32%	5.2%	5.72%	6.17%	1.98%	9.5%	10.44%	8.02%	-	-	-	-
EPS ²	41.60	75.70	34.90	28.26	37.63	47.70	45.80	13.49	70.51	85.30	63.22	37.90	42.25	88.08	74.19
Dividend per Share ²	60.90	-	-	-	-	31.90	-	-	-	35.20	35.20	34.99	34.99	-	-
Announcement Date	10/26/21	2/22/22	4/26/22	7/27/22	10/25/22	1/30/23	4/25/23	7/25/23	10/31/23	1/30/24	-	-	-	-	-

¹CLP in Million²CLP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	614,468	559,497	550,289	563,464	625,015	729,639	757,982	819,010
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.761 x	1.596 x	1.385 x	1.213 x	1.33 x	1.393 x	1.368 x	1.385 x
Free Cash Flow ¹	144,465	192,894	166,199	210,750	174,123	124,584	175,730	204,573
ROE (net income / shareholders' equity)	19.4%	13.9%	16.4%	13%	19.7%	21.4%	22%	22.9%
ROA (Net income/ Total Assets)	7.54%	5.04%	5.74%	4.21%	5.78%	7.33%	7.34%	-
Assets ¹	2,302,723	2,419,483	2,697,087	2,978,403	2,966,107	2,731,129	2,958,292	-
Book Value Per Share ²	1,002	857.0	1,137	904.0	936.0	1,130	-	-
Cash Flow per Share ²	270.0	294.0	322.0	-	388.0	350.0	364.0	-
Capex ¹	110,683	85,875	138,856	186,702	192,707	212,810	213,850	206,559
Capex / Sales	6.22%	5.06%	6.26%	7.03%	7.36%	7.36%	7.04%	6.35%
Announcement Date	2/25/20	2/24/21	2/22/22	1/30/23	1/30/24	-	-	-

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 Embotelladora Andina S.A.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,660 CLP

Average target price

2,567 CLP

Spread / Average Target

-3.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Non-Alcoholic Beverages

	1st Jan change	Capi.
EMBOTELLADORA ANDINA S.A.	+21.46%	2.35B
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VARUN BEVERAGES LIMITED	+18.01%	22.74B
CELSIUS HOLDINGS, INC.	+34.19%	17.05B
ARCA CONTINENTAL, S.A.B. DE C.V.	-9.31%	16.6B
COCA-COLA HELLENIC	+11.50%	11.7B
SWIRE PACIFIC LIMITED	-1.51%	10.8B
SUNTORY BEVERAGE & FOOD LIMITED	+8.37%	9.89B
COCA-COLA CONSOLIDATED, INC.	-11.41%	7.71B
COCA-COLA IÇECEK ANONIM SIRKETI	+32.64%	5.46B

Other Non-Alcoholic Beverages