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AC-VII 1 [BICE Múltiplos Emp Chilenas (30-10-17)]

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4 
 EQUITY RESEARCH - CHILE 
WEEKLY REPORT 
October 30th, 2017 
CHILEAN EQUITY VALUATION - BICE ESTIMATES 
Source: Santiago Stock Exchange, BICE Inversiones 
Curre Target
Price Price LTM 2017E 2018E LTM 2017E 2018E LTM 2017E 2018E
Beverages 12,144 5.1% 7.9 11.4x 11.1x 10.1x 26.2x 26.1x 23.0x 2.9x 2.8x 2.7x
Andina 3,108 2,565 SELL 4,357 1.3% 2.7 11.4x 10.4x 9.1x 26.7x 28.8x 21.2x 3.7x 3.3x 3.1x
CCU 8,923 - U.R 5,204 2.4% 3.0 11.9x 12.2x 11.6x 26.9x 28.5x 27.2x 3.0x 3.1x 3.0x
Concha y Toro 1,122 1,199 HOLD 1,323 0.9% 1.0 12.9x 11.5x 10.3x 19.6x 17.6x 15.8x 1.6x 1.6x 1.5x
Embonor-B 1,751 1,772 BUY 1,261 0.4% 1.3 7.6x 9.4x 8.6x 24.9x 22.6x 20.7x 2.6x 2.2x 2.1x
Electric Ut. 30,494 15.0% 21.9 6.6x 6.0x 6.0x 11.9x 13.3x 12.3x 1.8x 1.8x 1.6x
Enel Americas 135 150 BUY 12,204 6.7% 8.6 7.0x 4.4x 5.2x 28.6x 15.4x 13.6x 1.9x 1.7x 1.6x
Enel Chile 75 78 HOLD 5,790 2.6% 4.2 7.7x 5.7x 5.9x 9.7x 12.3x 10.8x 1.3x 1.3x 1.2x
Enel Gx 566 520 HOLD 7,324 3.4% 5.5 11.4x 9.1x 7.9x 11.0x 13.5x 14.0x 2.6x 2.6x 2.4x
Engie Energía (1) 1,328 1,300 HOLD 2,207 1.2% 2.2 7.3x 10.8x 8.8x 30.1x 18.8x 9.1x 1.1x 1.1x 1.0x
AESGener (1) 224 - U.R 2,969 1.1% 1.3 8.2x 6.8x 6.1x 12.1x 8.2x 6.4x 1.2x 1.2x 1.2x
Industrial 2,110 0.6% 0.6 12.6x 10.4x 9.3x 30.0x 22.1x 16.9x 1.6x 2.3x 2.1x
SK 1,244 931 HOLD 2,110 0.6% 0.6 12.6x 10.4x 9.3x 30.0x 22.1x 16.9x 1.6x 2.3x 2.1x
Commodities 16,805 7.0% 18.4 15.4x 13.9x 4.3x 46.2x 34.7x 45.9x 6.0x 5.9x 5.7x
CAP (1) 7,041 - U.R 1,661 1.3% 5.6 6.0x 7.1x 9.3x 15x 27x 102.5x 0.9x 2.5x 2.4x
SQM (1) 38,192 - U.R 15,144 5.6% 12.8 19.8x 17.1x 15.8x 46.4x 35.8x 32.9x 7.2x 6.7x 6.5x
Retail 37,411 14.9% 34.7 17.9x 16.5x 3.3x 20.7x 21.3x 16.2x 2.3x 2.6x 2.4x
Cencosud 1,898 - U.R 8,573 4.6% 10.6 9.0x 11.2x 10.0x 19.1x 14.2x 12.3x 1.4x 1.2x 1.2x
Falabella 6,050 - U.R 23,243 6.7% 15.3 13.6x 19.2x 16.8x 23.4x 26.4x 22.5x 3.3x 4.1x 3.7x
Parauco 1,765 1,825 HOLD 2,490 2.1% 4.1 21.0x 19.8x 19.1x 21.5x 19.2x 16.9x 2.0x 2.3x 2.1x
Ripley 653 - U.R 1,996 1.1% 2.9 1.4x
Forus 2,720 2,685 HOLD 1,110 0.5% 1.9 14.9x 13.3x 12.4x 24.3x 22.4x 21.6x 3.4x 3.4x 3.1x
Tricot 840 999 BUY 490 0.0% 1.3 - 9.8x 6.4x - 14.4x 12.9x 3.8x 1.9x 1.8x
Water Ut. 5,611 3.0% 3.3
Aguas-A 408 415 BUY 3,817 2.1% 2.5 11.2x 11.6x 11.2x 16.4x 17.9x 17.0x 4.0x 4.0x 4.0x
IAM 1,137 1,144 BUY 1,794 0.9% 0.8
Insurance & Pension 3,095 0.6% 1.5 28.3x 29.6x 3.2x 5.2x 10.2x 10.5x 1.5x 4.1x 4.1x
ILC 10,551 8,911 HOLD 1,665 0.6% 1.3 - - - 9.5x 11.6x 10.5x 1.5x 4.1x 4.1x
Habitat 906 856 HOLD 1,430 0.0% 0.1 6.4x 7.8x 7.9x 8.6x 9.0x 8.1x 2.8x 2.9x 2.8x
Telecom & IT 1,718 1.2% 1.4 11.8x 10.3x 8.8x 41.3x 25.1x 21.2x 2.2x 2.0x 1.9x
Sonda 1,250 1,303 BUY 1,718 1.2% 1.4 15.9x 10.3x 8.8x 64.8x 25.1x 21.2x 2.2x 2.0x 1.9x
Transport 9,379 7.4% 7.2
LATAM (1) 8,701 9,141 BUY 8,327 6.8% 6.6 11.5x 8.2x 7.7x - 29.8x 19.4x 2.1x 1.8x 1.7x
SMSAAM 68 - U.R 1,051 0.6% 0.6 6.6x 10.3x 10.1x 15.2x 16.4x 16.7x 1.4x 1.3x 1.2x
Banks 48,113 20.1% 23.2 - - - 20.1x 17.4x 12.4x 3.1x 2.4x 2.0x
Chile 96 94.2 HOLD 14,828 5.5% 4.9 - - - 17.0x 16.2x 15.2x 3.2x 3.1x 2.9x
SM Chile-B 300 296 HOLD 5,694 2.5% 1.5 - - - - - - 3.0x - -
BSantander 49.2 49.1 BUY 14,638 5.5% 6.6 - - - 17.2x 16.5x 15.1x 3.1x 3.0x 2.9x
BCI 42,126 42,260 BUY 8,215 3.8% 6.2 - - - 13.0x 12.1x 13.0x 1.9x 1.9x 1.8x
Itaucorp 5.9 6.7 HOLD 4,739 2.7% 3.9 - - - - 21.6x 12.4x 0.9x 0.9x 0.8x
Grupo Security 289.0 282 BUY 1,486 1.7% 1.3 - - - 14.6x 11.9x 10.6x 1.6x 1.4x 1.2x
BICE Sample 5,516 5,153 166,881 74.8% 120.1 11.9x 10.7x 10.0x 20.3x 19.3x 17.0x 2.5x 2.3x 2.1x
P/E P/BV
Rec.
Mkt. 
Cap 
EV/EBITDA
% IPSA
ADTV 
(US$ Mn)

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