Company Valuation: Bicecorp S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,106,131 927,449 1,085,115 1,143,910 1,608,145 3,383,532
Change - -16.15% 17% 5.42% 40.58% 110.4%
Enterprise Value (EV) 1 -1,509,940 -1,186,006 -960,173 -1,371,054 -1,000,845 7,482,187
Change - 21.45% 19.04% -42.79% 27% 847.59%
P/E 10.8x 4.69x 4.9x 5.11x 8.08x 14.5x
PBR 1.04x 0.84x 0.85x 0.84x 1.21x 1.02x
PEG - 0.1x 0.4x 5.26x -0.7x -0.7x
Capitalization / Revenue 1.05x 0.64x 0.48x 0.51x 0.71x 0.83x
EV / Revenue -1.43x -0.82x -0.42x -0.61x -0.44x 1.84x
EV / EBITDA -10.9x -4.44x -4.39x -4.98x -3.87x 22.4x
EV / EBIT -11.7x -4.62x -4.66x -5.25x -4.11x 24.2x
EV / FCF -31.2x -67.1x 17.7x -25.2x -1.2x 2.65x
FCF Yield -3.2% -1.49% 5.64% -3.97% -83.1% 37.8%
Dividend per Share 2 4.747 8.706 12.57 10.21 22.5 10.45
Rate of return 2.65% 5.8% 7.16% 5.52% 8.64% 2.8%
EPS 2 16.53 32 35.89 36.24 32.21 25.8
Distribution rate 28.7% 27.2% 35% 28.2% 69.8% 40.5%
Net sales 1 1,053,634 1,449,021 2,260,197 2,234,653 2,271,211 4,068,764
EBITDA 1 138,176 267,094 218,919 275,335 258,870 334,427
EBIT 1 128,698 256,759 206,261 260,964 243,375 309,477
Net income 1 102,125 197,661 221,665 223,819 198,971 204,865
Net Debt 1 -2,616,071 -2,113,455 -2,045,288 -2,514,964 -2,608,990 4,098,655
Reference price 2 179.09 150.16 175.69 185.21 260.38 373.00
Nbr of stocks (in thousands) 6,176,258 6,176,258 6,176,258 6,176,258 6,176,258 9,071,130
Announcement Date 05/03/21 05/03/22 03/03/23 01/03/24 19/02/25 06/03/26
1CLP in Million2CLP
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 3.98B
13.85x - - 1.8% 929B
6.2x - - 4.99% 408B
12.38x - - 2.07% 404B
12.37x - - 4.22% 346B
6.16x - - 5% 328B
6.68x - - 4.74% 297B
17.53x - - 2.4% 281B
11.78x - - 2.21% 260B
14.47x - - 2.72% 260B
Average 11.27x 3.35% 351.7B
Weighted average by Cap. 11.51x 3.13%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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