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 2024-05-16 pm EDT			5-day change	1st Jan Change
1,455 ^CLP	-1.69%		0.00%	+2.46%

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	1,317,817	-	-
Enterprise Value (EV) ¹	2,522,400	1,915,168	1,728,666	1,969,152	2,399,866	2,342,838	2,329,824	2,335,707
P/E ratio	17.9 x	582 x	36.3 x	9.7 x	11.5 x	11.8 x	12.1 x	11.5 x
Yield	1.35%	1.26%	2.13%	1.85%	2.46%	1.99%	2.4%	4.26%
Capitalization / Revenue	8.15 x	8.37 x	5.01 x	4.03 x	4.87 x	4.47 x	4.34 x	4.15 x
EV / Revenue	12.3 x	15.2 x	10.2 x	8.1 x	9.08 x	7.95 x	7.68 x	7.35 x
EV / EBITDA	16.8 x	29.2 x	14.5 x	11.5 x	12.8 x	11.2 x	10.8 x	10.3 x
EV / FCF	64.7 x	-233 x	43.7 x	26.2 x	53.8 x	28.6 x	19.9 x	13.4 x
FCF Yield	1.55%	-0.43%	2.29%	3.81%	1.86%	3.5%	5.02%	7.45%
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	1,455	1,455	1,455
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	294,693	303,390	317,759
EBITDA ¹	150,562	65,591	119,008	170,697	188,159	209,137	216,317	226,692
EBIT ¹	145,803	60,330	149,138	165,569	182,878	202,810	209,651	220,431
Operating Margin	70.91%	47.94%	87.8%	68.1%	69.19%	68.82%	69.1%	69.37%
Earnings before Tax (EBT) ¹	141,462	14,994	68,472	182,884	180,500	170,630	173,121	192,807
Net income ¹	93,394	1,846	23,438	101,032	112,345	111,336	115,732	128,239
Net margin	45.42%	1.47%	13.8%	41.56%	42.5%	37.78%	38.15%	40.36%
EPS ²	103.3	2.000	25.90	111.5	124.0	122.9	119.9	126.4
Free Cash Flow ¹	38,988	-8,215	39,552	75,036	44,623	82,000	117,000	174,000
FCF margin	18.96%	-6.53%	23.29%	30.86%	16.88%	27.83%	38.56%	54.76%
FCF Conversion (EBITDA)	25.89%	-	33.23%	43.96%	23.72%	39.21%	54.09%	76.76%
FCF Conversion (Net income)	41.75%	-	168.75%	74.27%	39.72%	73.65%	101.1%	135.68%
Dividend per Share ²	25.00	14.70	20.00	20.00	35.00	28.90	34.99	61.96
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	2025 Q1
Net sales ¹	60,313	52,364	56,897	61,104	72,754	57,953	60,775	64,350	81,234	72,887	72,493	73,649	90,992	75,500
EBITDA ¹	47,289	36,927	39,911	42,491	51,368	41,005	43,607	45,384	58,163	50,383	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	49,815	50,496	63,776	50,885
Operating Margin	136.16%	65.6%	67.86%	67.24%	68.97%	68.61%	69.78%	68.68%	69.56%	66.52%	68.72%	68.56%	70.09%	67.4%
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%	11.42%	36.37%	84.67%	-
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	1,025,022	1,012,008	1,017,890
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.625 x	13.14 x	7.372 x	5.795 x	5.919 x	4.901 x	4.678 x	4.49 x
Free Cash Flow ¹	38,988	-8,215	39,552	75,036	44,623	82,000	117,000	174,000
ROE (net income / shareholders' equity)	9.41%	0.18%	2.28%	9.09%	9.19%	9.01%	7.22%	7.75%
ROA (Net income/ Total Assets)	3.68%	0.07%	0.86%	3.54%	3.5%	3.05%	2.86%	3.11%
Assets ¹	2,535,263	2,687,045	2,713,674	2,857,240	3,210,591	3,656,357	4,048,000	4,119,477
Book Value Per Share ²	1,175	1,080	1,190	1,264	1,434	1,532	1,597	1,655
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	130,000	74,292	27,000
Capex / Sales	52.82%	57.42%	50.29%	38.72%	53%	44.11%	24.49%	8.5%
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

1,455 CLP

Average target price

1,635 CLP

Spread / Average Target

+12.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail Real Estate Development

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MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A.	-15.27%	2.74B
EASYHOME NEW RETAIL GROUP CORPORATION LIMITED	-5.45%	2.71B
AEON MALL CO., LTD.	+2.62%	2.66B
ATRIUM LJUNGBERG AB	-11.33%	2.41B
ALLOS S.A.	-17.55%	2.37B
OLAV THON EIENDOMSSELSKAP ASA	+19.57%	2.12B

Retail Real Estate Development