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 2024-05-22 pm EDT 		5-day change 1st Jan Change
5,953 CLP -1.64% Intraday chart for Compañía Cervecerías Unidas S.A. +0.13% +6.11%
May. 09 Transcript : Compañía Cervecerías Unidas S.A., Q1 2024 Earnings Call, May 09, 2024
Mar. 07 Compañía Cervecerías Unidas S.A. Proposes Final Dividend for 2023, Payable Beginning April 30, 2024 CI

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 2,236,231 - -
Enterprise Value (EV) 1 2,857,022 2,056,534 2,889,945 2,898,165 2,837,359 2,940,090 2,940,579 2,923,328
P/E ratio 20.9 x 20.2 x 12.9 x 17.7 x 19.6 x 17.2 x 11.8 x 11.1 x
Yield 3.46% 3.72% 5.77% 2.82% - 3.28% 3.82% 4.65%
Capitalization / Revenue 1.49 x 1.04 x 1.03 x 0.77 x 0.81 x 0.79 x 0.73 x 0.69 x
EV / Revenue 1.57 x 1.11 x 1.16 x 1.07 x 1.11 x 1.04 x 0.96 x 0.9 x
EV / EBITDA 8.51 x 6.94 x 6.49 x 8.1 x 7.48 x 7.36 x 6 x 5.68 x
EV / FCF 26.5 x 13 x 23.8 x -18.4 x - 11.6 x 11.3 x -
FCF Yield 3.77% 7.68% 4.2% -5.44% - 8.61% 8.84% -
Price to Book 2.05 x 1.5 x 1.96 x 1.59 x 1.7 x 1.48 x 1.43 x 1.38 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 6,052 6,052 6,052
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 2,816,078 3,066,052 3,250,993
EBITDA 1 335,829 296,405 444,998 357,929 379,402 399,343 489,891 514,462
EBIT 1 230,808 186,591 320,881 231,431 253,283 269,395 339,355 357,015
Operating Margin 12.66% 10.04% 12.91% 8.54% 9.87% 9.57% 11.07% 10.98%
Earnings before Tax (EBT) 1 185,622 143,603 301,680 135,748 103,158 199,879 291,239 292,812
Net income 1 130,142 96,152 199,163 118,168 105,653 135,128 183,577 192,470
Net margin 7.14% 5.18% 8.02% 4.36% 4.12% 4.8% 5.99% 5.92%
EPS 2 352.2 260.2 539.0 319.8 285.9 351.4 513.9 546.0
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% - 8.98% 8.48% -
FCF Conversion (EBITDA) 32.06% 53.27% 27.3% - - 63.35% 53.07% -
FCF Conversion (Net income) 82.72% 164.2% 61.01% - - 187.23% 141.63% -
Dividend per Share 2 255.0 195.2 400.0 159.9 - 198.7 231.3 281.6
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 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 1 822,349 700,465 558,503 684,106 768,362 732,031 574,242 686,677 572,607 746,024 594,627 710,379 902,150 829,946
EBITDA 155,402 135,126 32,471 67,607 122,725 135,377 47,126 86,344 110,556 124,163 - - - -
EBIT 1 114,998 105,895 -1,671 33,531 93,676 104,222 12,952 51,072 85,038 88,914 39,374 58,124 87,642 121,033
Operating Margin 13.98% 15.12% -0.3% 4.9% 12.19% 14.24% 2.26% 7.44% 14.85% 11.92% 6.62% 8.18% 9.71% 14.58%
Earnings before Tax (EBT) 110,565 87,971 -15,415 9,215 53,978 76,909 -12,294 8,434 - - - - - -
Net income 73,643 64,544 -10,455 17,226 46,853 58,368 -3,943 9,499 41,729 52,203 - - - -
Net margin 8.96% 9.21% -1.87% 2.52% 6.1% 7.97% -0.69% 1.38% 7.29% 7% - - - -
EPS 2 199.3 174.7 -28.30 46.60 126.8 158.0 -10.67 25.70 112.9 141.3 19.76 50.80 128.1 178.6
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 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 5/8/24 - - - -
1CLP in Million2CLP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 133,786 117,752 329,290 804,931 764,448 703,858 704,348 687,096
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.3984 x 0.3973 x 0.74 x 2.249 x 2.015 x 1.763 x 1.438 x 1.336 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% 9.63% 13.5% 11.9%
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 1,971,232 2,645,580 -
Book Value Per Share 2 3,594 3,509 3,539 3,559 3,297 4,100 4,238 4,400
Cash Flow per Share 2 656.0 760.0 794.0 124.0 - 773.0 814.0 -
Capex 1 134,669 122,787 171,854 203,603 - 39,501 181,298 187,891
Capex / Sales 7.39% 6.61% 6.92% 7.51% - 1.4% 5.91% 5.78%
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
8
Last Close Price
5,953 CLP
Average target price
6,678 CLP
Spread / Average Target
+12.17%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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