Financials Embotelladora Andina S.A. Nyse

Equities

AKO.A

US29081P2048

Non-Alcoholic Beverages

Market Closed - Nyse Other stock markets 21:10:00 16/05/2024 BST			5-day change	1st Jan Change
14.71 ^USD	+1.31%		+5.87%	+13.15%

05-01	Embotelladora Andina S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
02-28	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

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	2,449,059	-	-
Enterprise Value (EV) ¹	2,535,485	2,172,926	2,183,122	2,324,037	2,487,722	3,197,755	3,210,268	3,253,796
P/E ratio	11.9 x	14.2 x	11.3 x	15.7 x	12.1 x	12.4 x	12 x	11.5 x
Yield	4.85%	5.97%	6.58%	6.13%	6.43%	5.93%	6.02%	6.56%
Capitalization / Revenue	1.08 x	0.95 x	0.74 x	0.66 x	0.71 x	0.81 x	0.79 x	0.75 x
EV / Revenue	1.43 x	1.28 x	0.98 x	0.87 x	0.95 x	1.06 x	1.04 x	0.99 x
EV / EBITDA	7.27 x	6.2 x	5.5 x	5 x	5.29 x	5.78 x	5.71 x	5.51 x
EV / FCF	17.6 x	11.3 x	13.1 x	11 x	14.3 x	25.7 x	18.3 x	15.9 x
FCF Yield	5.7%	8.88%	7.61%	9.07%	7%	3.9%	5.47%	6.29%
Price to Book	2.17 x	2.13 x	1.63 x	2.3 x	2.34 x	2.13 x	2.08 x	2.02 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	2,860	2,860	2,860
Announcement Date	25/02/20	24/02/21	22/02/22	30/01/23	30/01/24	-	-	-

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	3,005,960	3,080,868	3,284,356
EBITDA ¹	348,869	350,532	397,213	464,510	470,108	553,334	561,953	590,291
EBIT ¹	237,781	239,612	292,438	345,144	357,337	413,441	415,522	441,908
Operating Margin	13.37%	14.11%	13.19%	12.99%	13.65%	13.75%	13.49%	13.45%
Earnings before Tax (EBT) ¹	236,413	178,023	203,209	232,804	260,506	340,634	343,624	384,938
Net income ¹	173,722	122,000	154,698	125,498	171,441	220,032	220,075	234,758
Net margin	9.77%	7.18%	6.98%	4.72%	6.55%	7.32%	7.14%	7.15%
EPS ²	183.5	128.9	163.4	132.6	181.1	231.3	238.3	248.0
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%	4.14%	5.7%	6.23%
FCF Conversion (EBITDA)	41.41%	55.03%	41.84%	45.37%	37.04%	22.52%	31.27%	34.66%
FCF Conversion (Net income)	83.16%	158.11%	107.43%	167.93%	101.56%	56.62%	79.85%	87.14%
Dividend per Share ²	105.7	109.2	121.8	127.6	140.8	169.6	172.2	187.6
Announcement Date	25/02/20	24/02/21	22/02/22	30/01/23	30/01/24	-	-	-

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	2025 Q2
Net sales ¹	686,636	624,228	591,716	653,498	789,934	701,856	614,428	670,333	773,552	804,637	645,076	711,177	927,449	837,994	-
EBITDA ¹	133,645	121,377	93,879	99,290	148,257	127,437	99,770	110,520	159,070	160,412	102,252	115,471	184,216	144,686	-
EBIT ¹	103,838	95,418	63,896	68,765	115,042	98,336	69,682	78,140	130,138	124,595	71,206	82,708	149,951	116,868	-
Operating Margin	15.12%	15.29%	10.8%	10.52%	14.56%	14.01%	11.34%	11.66%	16.82%	15.48%	11.04%	11.63%	16.17%	13.95%	-
Earnings before Tax (EBT) ¹	80,688	74,640	31,633	49,112	88,599	81,103	28,607	73,091	112,665	-	35,432	61,435	120,537	85,465	-
Net income ¹	71,563	32,998	25,537	33,999	45,194	43,339	12,192	63,708	80,740	70,814	22,534	39,275	77,377	54,819	-
Net margin	10.42%	5.29%	4.32%	5.2%	5.72%	6.17%	1.98%	9.5%	10.44%	8.8%	3.49%	5.52%	8.34%	6.54%	-
EPS ²	75.70	34.90	28.26	37.63	47.70	45.80	13.49	70.51	85.30	78.37	30.85	41.87	84.91	66.05	44.10
Dividend per Share ²	-	-	-	-	31.90	-	-	-	35.20	-	68.20	31.95	31.95	38.00	-
Announcement Date	22/02/22	26/04/22	27/07/22	25/10/22	30/01/23	25/04/23	25/07/23	31/10/23	30/01/24	30/04/24	-	-	-	-	-

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	748,696	761,209	804,737
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.761 x	1.596 x	1.385 x	1.213 x	1.33 x	1.353 x	1.355 x	1.363 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%	22.2%	21.1%	20.9%
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	3,002,619	2,998,701	-
Book Value Per Share ²	1,002	857.0	1,137	904.0	936.0	1,345	1,377	1,414
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	224,938	213,814	206,402
Capex / Sales	6.22%	5.06%	6.26%	7.03%	7.36%	7.48%	6.94%	6.28%
Announcement Date	25/02/20	24/02/21	22/02/22	30/01/23	30/01/24	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,860 CLP

Average target price

2,725 CLP

Spread / Average Target

-4.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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