Intrinsic value of Embotelladora Andina S.A. (Series B) ADR - AKO-B

Previous Close

$29.44

  Intrinsic Value

$14.88

stock screener

  Rating & Target

sell

-49%

Previous close

$29.44

 
Intrinsic value

$14.88

 
Up/down potential

-49%

 
Rating

sell

We calculate the intrinsic value of AKO-B stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -5.33
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,680
  2,734
  2,796
  2,868
  2,949
  3,038
  3,137
  3,243
  3,359
  3,484
  3,617
  3,760
  3,913
  4,075
  4,248
  4,431
  4,626
  4,831
  5,048
  5,278
  5,521
  5,777
  6,046
  6,331
  6,631
  6,946
  7,279
  7,628
  7,997
  8,384
  8,791
Variable operating expenses, $m
 
  2,460
  2,516
  2,580
  2,653
  2,733
  2,820
  2,916
  3,019
  3,131
  3,250
  3,362
  3,499
  3,644
  3,799
  3,963
  4,136
  4,320
  4,514
  4,720
  4,937
  5,165
  5,407
  5,661
  5,929
  6,211
  6,509
  6,821
  7,151
  7,497
  7,861
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,395
  2,460
  2,516
  2,580
  2,653
  2,733
  2,820
  2,916
  3,019
  3,131
  3,250
  3,362
  3,499
  3,644
  3,799
  3,963
  4,136
  4,320
  4,514
  4,720
  4,937
  5,165
  5,407
  5,661
  5,929
  6,211
  6,509
  6,821
  7,151
  7,497
  7,861
Operating income, $m
  285
  274
  280
  288
  296
  306
  316
  328
  340
  353
  367
  398
  414
  431
  449
  469
  489
  511
  534
  558
  584
  611
  640
  670
  701
  735
  770
  807
  846
  887
  930
EBITDA, $m
  285
  493
  504
  517
  532
  548
  566
  585
  606
  628
  652
  678
  706
  735
  766
  799
  834
  871
  911
  952
  996
  1,042
  1,091
  1,142
  1,196
  1,253
  1,313
  1,376
  1,442
  1,512
  1,586
Interest expense (income), $m
  -75
  38
  39
  41
  43
  45
  47
  50
  53
  56
  59
  62
  66
  70
  74
  79
  83
  88
  94
  99
  105
  112
  118
  125
  133
  140
  149
  157
  166
  176
  186
Earnings before tax, $m
  212
  236
  241
  247
  254
  261
  269
  278
  287
  297
  308
  335
  348
  361
  375
  390
  406
  423
  440
  459
  479
  499
  521
  544
  569
  594
  621
  650
  680
  711
  744
Tax expense, $m
  73
  64
  65
  67
  68
  70
  73
  75
  78
  80
  83
  91
  94
  97
  101
  105
  110
  114
  119
  124
  129
  135
  141
  147
  154
  160
  168
  175
  184
  192
  201
Net income, $m
  136
  172
  176
  180
  185
  190
  196
  203
  210
  217
  225
  245
  254
  264
  274
  285
  296
  308
  321
  335
  349
  365
  381
  397
  415
  434
  454
  474
  496
  519
  543

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  297
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,316
  3,078
  3,149
  3,230
  3,321
  3,422
  3,532
  3,652
  3,783
  3,923
  4,073
  4,235
  4,406
  4,589
  4,784
  4,990
  5,209
  5,440
  5,685
  5,944
  6,217
  6,505
  6,809
  7,129
  7,467
  7,822
  8,197
  8,591
  9,005
  9,441
  9,900
Adjusted assets (=assets-cash), $m
  3,019
  3,078
  3,149
  3,230
  3,321
  3,422
  3,532
  3,652
  3,783
  3,923
  4,073
  4,235
  4,406
  4,589
  4,784
  4,990
  5,209
  5,440
  5,685
  5,944
  6,217
  6,505
  6,809
  7,129
  7,467
  7,822
  8,197
  8,591
  9,005
  9,441
  9,900
Revenue / Adjusted assets
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
Average production assets, $m
  2,001
  2,039
  2,086
  2,140
  2,200
  2,267
  2,340
  2,420
  2,506
  2,599
  2,698
  2,805
  2,919
  3,040
  3,169
  3,306
  3,451
  3,604
  3,766
  3,937
  4,118
  4,309
  4,511
  4,723
  4,946
  5,182
  5,430
  5,691
  5,965
  6,254
  6,558
Working capital, $m
  200
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  1,184
  1,127
  1,174
  1,227
  1,287
  1,353
  1,426
  1,505
  1,590
  1,682
  1,781
  1,887
  2,000
  2,120
  2,248
  2,384
  2,527
  2,679
  2,840
  3,010
  3,190
  3,379
  3,579
  3,789
  4,011
  4,244
  4,490
  4,749
  5,021
  5,308
  5,609
Total liabilities, $m
  2,078
  2,022
  2,069
  2,122
  2,182
  2,248
  2,321
  2,400
  2,485
  2,577
  2,676
  2,782
  2,895
  3,015
  3,143
  3,279
  3,422
  3,574
  3,735
  3,905
  4,085
  4,274
  4,474
  4,684
  4,906
  5,139
  5,385
  5,644
  5,916
  6,203
  6,504
Total equity, $m
  1,237
  1,056
  1,080
  1,108
  1,139
  1,174
  1,212
  1,253
  1,297
  1,346
  1,397
  1,452
  1,511
  1,574
  1,641
  1,712
  1,787
  1,866
  1,950
  2,039
  2,132
  2,231
  2,335
  2,445
  2,561
  2,683
  2,811
  2,947
  3,089
  3,238
  3,396
Total liabilities and equity, $m
  3,315
  3,078
  3,149
  3,230
  3,321
  3,422
  3,533
  3,653
  3,782
  3,923
  4,073
  4,234
  4,406
  4,589
  4,784
  4,991
  5,209
  5,440
  5,685
  5,944
  6,217
  6,505
  6,809
  7,129
  7,467
  7,822
  8,196
  8,591
  9,005
  9,441
  9,900
Debt-to-equity ratio
  0.957
  1.070
  1.090
  1.110
  1.130
  1.150
  1.180
  1.200
  1.230
  1.250
  1.270
  1.300
  1.320
  1.350
  1.370
  1.390
  1.410
  1.440
  1.460
  1.480
  1.500
  1.510
  1.530
  1.550
  1.570
  1.580
  1.600
  1.610
  1.630
  1.640
  1.650
Adjusted equity ratio
  0.318
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  136
  172
  176
  180
  185
  190
  196
  203
  210
  217
  225
  245
  254
  264
  274
  285
  296
  308
  321
  335
  349
  365
  381
  397
  415
  434
  454
  474
  496
  519
  543
Depreciation, amort., depletion, $m
  0
  219
  224
  229
  235
  242
  249
  257
  266
  275
  285
  281
  292
  304
  317
  331
  345
  360
  377
  394
  412
  431
  451
  472
  495
  518
  543
  569
  597
  625
  656
Funds from operations, $m
  -404
  391
  400
  410
  421
  433
  446
  460
  476
  492
  510
  525
  546
  568
  591
  615
  641
  669
  698
  729
  761
  796
  832
  870
  910
  952
  997
  1,043
  1,093
  1,145
  1,199
Change in working capital, $m
  -741
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  337
  391
  400
  410
  421
  433
  446
  460
  476
  492
  510
  525
  546
  568
  591
  615
  641
  669
  698
  729
  761
  796
  832
  870
  910
  952
  997
  1,043
  1,093
  1,145
  1,199
Maintenance CAPEX, $m
  0
  -200
  -204
  -209
  -214
  -220
  -227
  -234
  -242
  -251
  -260
  -270
  -281
  -292
  -304
  -317
  -331
  -345
  -360
  -377
  -394
  -412
  -431
  -451
  -472
  -495
  -518
  -543
  -569
  -597
  -625
New CAPEX, $m
  -193
  -39
  -47
  -54
  -60
  -67
  -73
  -80
  -86
  -93
  -100
  -107
  -114
  -121
  -129
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -201
  -212
  -224
  -235
  -248
  -261
  -275
  -289
  -304
Cash from investing activities, $m
  -172
  -239
  -251
  -263
  -274
  -287
  -300
  -314
  -328
  -344
  -360
  -377
  -395
  -413
  -433
  -454
  -476
  -498
  -522
  -548
  -575
  -603
  -632
  -663
  -696
  -730
  -766
  -804
  -844
  -886
  -929
Free cash flow, $m
  165
  153
  149
  147
  146
  146
  146
  146
  147
  149
  151
  149
  151
  155
  158
  162
  166
  170
  175
  181
  187
  193
  199
  206
  214
  222
  230
  239
  249
  259
  270
Issuance/(repayment) of debt, $m
  -29
  39
  47
  53
  60
  66
  73
  79
  86
  92
  99
  106
  113
  120
  128
  136
  144
  152
  161
  170
  179
  189
  200
  210
  222
  234
  246
  259
  272
  287
  301
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -46
  39
  47
  53
  60
  66
  73
  79
  86
  92
  99
  106
  113
  120
  128
  136
  144
  152
  161
  170
  179
  189
  200
  210
  222
  234
  246
  259
  272
  287
  301
Total cash flow (excl. dividends), $m
  120
  192
  196
  201
  206
  212
  219
  226
  233
  241
  250
  255
  264
  275
  286
  297
  310
  323
  336
  351
  366
  382
  399
  417
  436
  456
  476
  498
  521
  546
  571
Retained Cash Flow (-), $m
  15
  -20
  -24
  -28
  -31
  -35
  -38
  -41
  -45
  -48
  -52
  -55
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -150
  -157
Prev. year cash balance distribution, $m
 
  201
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  373
  171
  173
  175
  178
  181
  184
  188
  193
  198
  199
  205
  212
  219
  227
  235
  243
  252
  262
  272
  283
  295
  307
  320
  334
  348
  363
  379
  396
  414
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  358
  157
  150
  144
  138
  131
  124
  118
  111
  104
  95
  88
  81
  74
  67
  60
  53
  46
  40
  35
  29
  24
  20
  16
  13
  10
  8
  6
  4
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Embotelladora Andina S.A. (Andina) is a bottler of Coca-Cola trademark beverages in Latin America. The Company operates in four segments: Chile, Brazil, Argentina and Paraguay. It produces and distributes fruit juices, other fruit-flavored beverages and mineral and purified water in Chile, Argentina and Paraguay under trademarks owned by The Coca-Cola Company. The Company produces, markets and distributes the Coca-Cola trademark beverages and brands licensed from third-parties throughout its franchise territories. It manufactures polyethylene terephthalate (PET) bottles primarily for its own use in the packaging of Coca-Cola soft drinks in Chile and Argentina. In Brazil, it produces tea and juices for Leao Alimentos e Industria Ltda. It also distributes non-carbonated beverages in Brazil, such as tea, fruit juices, energy drinks, sport drinks and waters. It distributes beer in Brazil under the brands Amstel, Bavaria, Birra Moretti, Dos Equis (XX), Edelweiss, Heineken and Kaiser.

FINANCIAL RATIOS  of  Embotelladora Andina S.A. (Series B) ADR (AKO-B)

Valuation Ratios
P/E Ratio 204.9
Price to Sales 10.4
Price to Book 22.5
Price to Tangible Book
Price to Cash Flow 82.7
Price to Free Cash Flow 193.5
Growth Rates
Sales Growth Rate -5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.2%
Cap. Spend. - 3 Yr. Gr. Rate -7%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 88%
Total Debt to Equity 95.7%
Interest Coverage -2
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 10.9%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 41.8%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin 5.1%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin 10.6%
Oper. Margin - 3 Yr. Avg. 10%
Pre-Tax Margin 7.9%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 29.7%
Payout Ratio 75%

AKO-B stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AKO-B stock intrinsic value calculation we used $2680 million for the last fiscal year's total revenue generated by Embotelladora Andina S.A. (Series B) ADR. The default revenue input number comes from 2016 income statement of Embotelladora Andina S.A. (Series B) ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AKO-B stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for AKO-B is calculated based on our internal credit rating of Embotelladora Andina S.A. (Series B) ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Embotelladora Andina S.A. (Series B) ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AKO-B stock the variable cost ratio is equal to 90%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AKO-B stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Embotelladora Andina S.A. (Series B) ADR.

Corporate tax rate of 27% is the nominal tax rate for Embotelladora Andina S.A. (Series B) ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AKO-B stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AKO-B are equal to 74.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Embotelladora Andina S.A. (Series B) ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AKO-B is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1237 million for Embotelladora Andina S.A. (Series B) ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 155.405 million for Embotelladora Andina S.A. (Series B) ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Embotelladora Andina S.A. (Series B) ADR at the current share price and the inputted number of shares is $4.6 billion.

RELATED COMPANIES Price Int.Val. Rating
KOF Coca-Cola Fems 73.46 159.17  str.buy
CCU Compania Cerve 28.63 7.90  str.sell
COKE Coca-Cola Bott 183.04 619.12  str.buy
KO Coca-Cola 43.52 17.12  str.sell
BUD Anheuser-Busch 105.34 469.10  str.buy

COMPANY NEWS

▶ New Strong Buy Stocks for June 5th   [Jun-05-17 10:53AM  Zacks]
▶ Chilean Coke Bottler Off Its Low   [Jun-02-16 03:55PM  GuruFocus.com]
▶ Zacks #5 Rank Additions for Monday   [Dec-16  04:25AM  Zacks]
▶ Thirsting for Growth in South America   [Dec-28-12 11:09AM  at Motley Fool]
▶ Chile Climbs the Fiscal Mountain   [Dec-11-12 02:40PM  at Motley Fool]
▶ Foreign Beverage Makers May Tap Into Emerging Markets   [Dec-06-12 04:35PM  at Investor's Business Daily]
▶ Consumer/Non-Cyclical Sector Wrap   [Aug-30-12 04:51PM  at Fox Business]
▶ Time for the World Cup!   [Aug-15-12 09:55AM  at Motley Fool]
▶ Consumer/Non-Cyclical Sector Wrap   [Jun-28-12 05:43PM  at Fox Business]
▶ Chile Andina shareholders OK Coca Cola Polar buy   [Jun-25-12 12:23PM  at Reuters]
▶ TABLE-Chile bottler Andina Q3 net up 8.7 pct yr/yr   [Oct-26-11 05:17PM  at Reuters]
▶ The Fastest-Growing Drink Stocks   [Oct-01-11 01:47PM  at Motley Fool]
▶ [$$] Drinking Up Latin American Beverage Makers   [Jul-21-11 11:30AM  at TheStreet]
Financial statements of AKO-B
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.