Financials Parque Arauco S.A.

Equities

PARAUCO

CLP763281068

Real Estate Development & Operations

End-of-day quote Santiago S.E. Other stock markets 06:00:00 2024-05-05 pm EDT			5-day change	1st Jan Change
1,436 ^CLP	+0.69%		+1.13%	+1.13%

May. 03	Transcript : Parque Arauco S.A., Q1 2024 Earnings Call, May 03, 2024
May. 03	Parque Arauco S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,675,484	1,053,348	851,282	979,894	1,286,117	1,300,608	-	-
Enterprise Value (EV) ¹	2,522,400	1,915,168	1,728,666	1,969,152	2,399,866	2,451,148	2,296,194	2,293,244
P/E ratio	17.9 x	582 x	36.3 x	9.7 x	11.5 x	11.6 x	11.9 x	11 x
Yield	1.35%	1.26%	2.13%	1.85%	2.46%	2.19%	2.5%	4.38%
Capitalization / Revenue	8.15 x	8.37 x	5.01 x	4.03 x	4.87 x	4.33 x	4.35 x	4.21 x
EV / Revenue	12.3 x	15.2 x	10.2 x	8.1 x	9.08 x	8.16 x	7.69 x	7.43 x
EV / EBITDA	16.8 x	29.2 x	14.5 x	11.5 x	12.8 x	11.4 x	10.7 x	10.3 x
EV / FCF	64.7 x	-233 x	43.7 x	26.2 x	53.8 x	43 x	17.4 x	12.2 x
FCF Yield	1.55%	-0.43%	2.29%	3.81%	1.86%	2.33%	5.75%	8.2%
Price to Book	1.57 x	1.08 x	0.79 x	0.86 x	0.99 x	0.95 x	0.91 x	0.88 x
Nbr of stocks (in thousands)	905,716	905,716	905,716	905,716	905,716	905,716	-	-
Reference price ²	1,850	1,163	939.9	1,082	1,420	1,436	1,436	1,436
Announcement Date	1/31/20	1/25/21	1/28/22	1/27/23	1/25/24	-	-	-

¹CLP in Million²CLP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	205,613	125,852	169,859	243,120	264,313	300,317	298,780	308,761
EBITDA ¹	150,562	65,591	119,008	170,697	188,159	215,195	214,411	223,046
EBIT ¹	145,803	60,330	149,138	165,569	182,878	209,152	208,013	217,355
Operating Margin	70.91%	47.94%	87.8%	68.1%	69.19%	69.64%	69.62%	70.4%
Earnings before Tax (EBT) ¹	141,462	14,994	68,472	182,884	180,500	173,130	171,454	190,307
Net income ¹	93,394	1,846	23,438	101,032	112,345	94,885	117,106	133,051
Net margin	45.42%	1.47%	13.8%	41.56%	42.5%	31.59%	39.19%	43.09%
EPS ²	103.3	2.000	25.90	111.5	124.0	124.2	121.2	130.0
Free Cash Flow ¹	38,988	-8,215	39,552	75,036	44,623	57,000	132,000	188,000
FCF margin	18.96%	-6.53%	23.29%	30.86%	16.88%	18.98%	44.18%	60.89%
FCF Conversion (EBITDA)	25.89%	-	33.23%	43.96%	23.72%	26.49%	61.56%	84.29%
FCF Conversion (Net income)	41.75%	-	168.75%	74.27%	39.72%	60.07%	112.72%	141.3%
Dividend per Share ²	25.00	14.70	20.00	20.00	35.00	31.43	35.87	62.93
Announcement Date	1/31/20	1/25/21	1/28/22	1/27/23	1/25/24	-	-	-

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	60,313	52,364	56,897	61,104	72,754	57,953	60,775	64,350	81,234	72,887	67,137	68,363	83,635
EBITDA ¹	47,289	36,927	39,911	42,491	51,368	41,005	43,607	45,384	58,163	-	47,199	47,446	58,295
EBIT ¹	82,122	34,350	38,612	41,086	50,176	39,762	42,411	44,196	56,509	48,482	46,575	46,303	57,988
Operating Margin	136.16%	65.6%	67.86%	67.24%	68.97%	68.61%	69.78%	68.68%	69.56%	66.52%	69.37%	67.73%	69.33%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	25,496	6,430	45,965	7,135	41,502	14,433	15,501	25,675	56,737	18,498	8,280	26,788	77,044
Net margin	42.27%	12.28%	80.79%	11.68%	57.04%	24.9%	25.51%	39.9%	69.84%	25.38%	12.33%	39.19%	92.12%
EPS ²	28.10	7.100	50.75	7.900	45.80	15.94	17.10	28.35	63.00	20.42	9.130	29.54	84.97
Dividend per Share	-	-	-	-	-	-	-	-	25.00	-	-	-	-
Announcement Date	1/28/22	4/28/22	7/22/22	10/21/22	1/27/23	4/21/23	7/21/23	10/19/23	1/25/24	5/3/24	-	-	-

¹CLP in Million²CLP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	846,916	861,820	877,384	989,258	1,113,749	1,150,540	995,586	992,636
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.625 x	13.14 x	7.372 x	5.795 x	5.919 x	5.346 x	4.643 x	4.45 x
Free Cash Flow ¹	38,988	-8,215	39,552	75,036	44,623	57,000	132,000	188,000
ROE (net income / shareholders' equity)	9.41%	0.18%	2.28%	9.09%	9.19%	8.2%	7.4%	8.09%
ROA (Net income/ Total Assets)	3.68%	0.07%	0.86%	3.54%	3.5%	3.65%	3.09%	3.63%
Assets ¹	2,535,263	2,687,045	2,713,674	2,857,240	3,210,591	2,598,877	3,790,450	3,670,371
Book Value Per Share ²	1,175	1,080	1,190	1,264	1,434	1,507	1,577	1,630
Cash Flow per Share ²	-	-	138.0	-	204.0	157.0	168.0	-
Capex ¹	108,595	72,269	85,427	94,148	140,098	118,411	73,792	26,000
Capex / Sales	52.82%	57.42%	50.29%	38.72%	53%	39.43%	24.7%	8.42%
Announcement Date	1/31/20	1/25/21	1/28/22	1/27/23	1/25/24	-	-	-

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 Parque Arauco S.A.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,436 CLP

Average target price

1,618 CLP

Spread / Average Target

+12.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail Real Estate Development

	1st Jan change	Capi.
PARQUE ARAUCO S.A.	+1.13%	1.4B
SCENTRE GROUP	+7.69%	10.89B
THE PHOENIX MILLS LIMITED	+31.37%	6.65B
ARABIAN CENTRES COMPANY	+22.71%	3.23B
PLAZA S.A.	+10.99%	2.92B
MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A.	-14.11%	2.8B
AEON MALL CO., LTD.	+1.58%	2.67B
EASYHOME NEW RETAIL GROUP CORPORATION LIMITED	-6.97%	2.67B
ATRIUM LJUNGBERG AB	-13.06%	2.32B
ALLOS S.A.	-21.17%	2.28B

Retail Real Estate Development