Intrinsic value of Compania Cervecerias Unidas ADR - CCU

Previous Close

$26.52

  Intrinsic Value

$7.95

stock screener

  Rating & Target

str. sell

-70%

Previous close

$26.52

 
Intrinsic value

$7.95

 
Up/down potential

-70%

 
Rating

str. sell

We calculate the intrinsic value of CCU 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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.9

 

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, %
  4.03
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  2,350
  2,634
  2,934
  3,250
  3,581
  3,926
  4,287
  4,663
  5,055
  5,462
  5,886
  6,326
  6,783
  7,258
  7,752
  8,265
  8,799
  9,355
  9,934
  10,536
  11,164
  11,819
  12,502
  13,214
  13,958
  14,735
  15,547
  16,395
  17,283
  18,211
  19,183
Variable operating expenses, $m
 
  2,256
  2,511
  2,780
  3,061
  3,355
  3,662
  3,982
  4,315
  4,662
  5,022
  5,382
  5,771
  6,175
  6,595
  7,032
  7,486
  7,959
  8,452
  8,964
  9,498
  10,055
  10,636
  11,242
  11,875
  12,536
  13,227
  13,949
  14,704
  15,494
  16,320
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
  2,060
  2,256
  2,511
  2,780
  3,061
  3,355
  3,662
  3,982
  4,315
  4,662
  5,022
  5,382
  5,771
  6,175
  6,595
  7,032
  7,486
  7,959
  8,452
  8,964
  9,498
  10,055
  10,636
  11,242
  11,875
  12,536
  13,227
  13,949
  14,704
  15,494
  16,320
Operating income, $m
  290
  378
  423
  470
  520
  571
  625
  681
  740
  800
  864
  944
  1,012
  1,083
  1,157
  1,233
  1,313
  1,396
  1,482
  1,572
  1,666
  1,764
  1,865
  1,972
  2,083
  2,199
  2,320
  2,446
  2,579
  2,717
  2,862
EBITDA, $m
  290
  545
  607
  673
  741
  813
  888
  965
  1,046
  1,131
  1,218
  1,309
  1,404
  1,502
  1,605
  1,711
  1,822
  1,937
  2,056
  2,181
  2,311
  2,447
  2,588
  2,735
  2,889
  3,050
  3,218
  3,394
  3,578
  3,770
  3,971
Interest expense (income), $m
  26
  17
  30
  44
  59
  74
  90
  107
  124
  142
  161
  180
  201
  222
  244
  266
  290
  315
  340
  367
  395
  424
  454
  485
  518
  552
  588
  625
  665
  705
  748
Earnings before tax, $m
  257
  361
  393
  426
  461
  497
  535
  575
  616
  658
  703
  764
  812
  861
  913
  967
  1,023
  1,081
  1,142
  1,205
  1,271
  1,340
  1,412
  1,487
  1,565
  1,646
  1,732
  1,821
  1,914
  2,012
  2,114
Tax expense, $m
  46
  98
  106
  115
  124
  134
  144
  155
  166
  178
  190
  206
  219
  233
  247
  261
  276
  292
  308
  325
  343
  362
  381
  401
  422
  445
  468
  492
  517
  543
  571
Net income, $m
  179
  264
  287
  311
  336
  363
  391
  419
  449
  481
  513
  557
  592
  629
  667
  706
  747
  789
  834
  880
  928
  978
  1,031
  1,085
  1,142
  1,202
  1,264
  1,329
  1,397
  1,469
  1,543

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  215
  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
  2,823
  2,924
  3,257
  3,607
  3,974
  4,358
  4,758
  5,176
  5,610
  6,062
  6,532
  7,021
  7,528
  8,055
  8,604
  9,174
  9,766
  10,383
  11,025
  11,694
  12,391
  13,117
  13,875
  14,666
  15,492
  16,354
  17,255
  18,197
  19,182
  20,212
  21,290
Adjusted assets (=assets-cash), $m
  2,608
  2,924
  3,257
  3,607
  3,974
  4,358
  4,758
  5,176
  5,610
  6,062
  6,532
  7,021
  7,528
  8,055
  8,604
  9,174
  9,766
  10,383
  11,025
  11,694
  12,391
  13,117
  13,875
  14,666
  15,492
  16,354
  17,255
  18,197
  19,182
  20,212
  21,290
Revenue / Adjusted assets
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
Average production assets, $m
  1,358
  1,523
  1,696
  1,878
  2,070
  2,269
  2,478
  2,695
  2,922
  3,157
  3,402
  3,656
  3,920
  4,195
  4,481
  4,777
  5,086
  5,407
  5,742
  6,090
  6,453
  6,831
  7,226
  7,638
  8,068
  8,517
  8,986
  9,476
  9,989
  10,526
  11,088
Working capital, $m
  361
  258
  288
  318
  351
  385
  420
  457
  495
  535
  577
  620
  665
  711
  760
  810
  862
  917
  974
  1,033
  1,094
  1,158
  1,225
  1,295
  1,368
  1,444
  1,524
  1,607
  1,694
  1,785
  1,880
Total debt, $m
  262
  314
  457
  607
  764
  928
  1,100
  1,278
  1,464
  1,658
  1,859
  2,068
  2,285
  2,511
  2,745
  2,989
  3,243
  3,507
  3,782
  4,068
  4,366
  4,677
  5,002
  5,340
  5,693
  6,062
  6,448
  6,851
  7,273
  7,714
  8,175
Total liabilities, $m
  1,198
  1,251
  1,394
  1,544
  1,701
  1,865
  2,037
  2,215
  2,401
  2,595
  2,796
  3,005
  3,222
  3,448
  3,682
  3,926
  4,180
  4,444
  4,719
  5,005
  5,303
  5,614
  5,939
  6,277
  6,630
  6,999
  7,385
  7,788
  8,210
  8,651
  9,112
Total equity, $m
  1,624
  1,672
  1,863
  2,063
  2,273
  2,493
  2,722
  2,961
  3,209
  3,468
  3,736
  4,016
  4,306
  4,608
  4,921
  5,247
  5,586
  5,939
  6,306
  6,689
  7,088
  7,503
  7,937
  8,389
  8,861
  9,354
  9,870
  10,409
  10,972
  11,561
  12,178
Total liabilities and equity, $m
  2,822
  2,923
  3,257
  3,607
  3,974
  4,358
  4,759
  5,176
  5,610
  6,063
  6,532
  7,021
  7,528
  8,056
  8,603
  9,173
  9,766
  10,383
  11,025
  11,694
  12,391
  13,117
  13,876
  14,666
  15,491
  16,353
  17,255
  18,197
  19,182
  20,212
  21,290
Debt-to-equity ratio
  0.161
  0.190
  0.250
  0.290
  0.340
  0.370
  0.400
  0.430
  0.460
  0.480
  0.500
  0.510
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
Adjusted equity ratio
  0.548
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  179
  264
  287
  311
  336
  363
  391
  419
  449
  481
  513
  557
  592
  629
  667
  706
  747
  789
  834
  880
  928
  978
  1,031
  1,085
  1,142
  1,202
  1,264
  1,329
  1,397
  1,469
  1,543
Depreciation, amort., depletion, $m
  0
  167
  184
  202
  222
  242
  262
  284
  307
  330
  355
  366
  392
  420
  448
  478
  509
  541
  574
  609
  645
  683
  723
  764
  807
  852
  899
  948
  999
  1,053
  1,109
Funds from operations, $m
  572
  431
  471
  513
  558
  604
  653
  704
  756
  811
  868
  923
  984
  1,048
  1,115
  1,184
  1,255
  1,330
  1,408
  1,489
  1,573
  1,661
  1,753
  1,849
  1,949
  2,054
  2,163
  2,277
  2,396
  2,521
  2,652
Change in working capital, $m
  286
  28
  29
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
Cash from operations, $m
  286
  403
  442
  483
  526
  571
  618
  667
  718
  771
  826
  880
  940
  1,002
  1,066
  1,133
  1,203
  1,276
  1,351
  1,430
  1,512
  1,597
  1,686
  1,779
  1,876
  1,977
  2,083
  2,194
  2,309
  2,430
  2,557
Maintenance CAPEX, $m
  0
  -136
  -152
  -170
  -188
  -207
  -227
  -248
  -270
  -292
  -316
  -340
  -366
  -392
  -420
  -448
  -478
  -509
  -541
  -574
  -609
  -645
  -683
  -723
  -764
  -807
  -852
  -899
  -948
  -999
  -1,053
New CAPEX, $m
  -194
  -165
  -173
  -182
  -191
  -200
  -209
  -217
  -226
  -235
  -245
  -254
  -264
  -275
  -285
  -297
  -309
  -321
  -334
  -348
  -363
  -378
  -395
  -412
  -430
  -449
  -469
  -491
  -513
  -537
  -562
Cash from investing activities, $m
  -234
  -301
  -325
  -352
  -379
  -407
  -436
  -465
  -496
  -527
  -561
  -594
  -630
  -667
  -705
  -745
  -787
  -830
  -875
  -922
  -972
  -1,023
  -1,078
  -1,135
  -1,194
  -1,256
  -1,321
  -1,390
  -1,461
  -1,536
  -1,615
Free cash flow, $m
  52
  102
  116
  131
  147
  164
  182
  202
  222
  243
  266
  285
  310
  335
  361
  388
  417
  446
  476
  507
  540
  574
  608
  645
  682
  722
  762
  805
  849
  895
  943
Issuance/(repayment) of debt, $m
  -7
  136
  143
  150
  157
  164
  171
  179
  186
  193
  201
  209
  217
  226
  235
  244
  254
  264
  275
  286
  298
  311
  324
  338
  353
  369
  386
  403
  422
  441
  461
Issuance/(repurchase) of shares, $m
  -29
  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  
  -39
  136
  143
  150
  157
  164
  171
  179
  186
  193
  201
  209
  217
  226
  235
  244
  254
  264
  275
  286
  298
  311
  324
  338
  353
  369
  386
  403
  422
  441
  461
Total cash flow (excl. dividends), $m
  16
  239
  258
  280
  304
  328
  354
  380
  408
  437
  467
  494
  527
  561
  596
  632
  670
  710
  751
  794
  838
  884
  933
  983
  1,036
  1,091
  1,148
  1,208
  1,270
  1,336
  1,404
Retained Cash Flow (-), $m
  -29
  -179
  -190
  -200
  -210
  -220
  -229
  -239
  -249
  -259
  -269
  -279
  -290
  -302
  -314
  -326
  -339
  -353
  -367
  -383
  -399
  -416
  -433
  -452
  -472
  -493
  -515
  -539
  -563
  -589
  -617
Prev. year cash balance distribution, $m
 
  131
  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
 
  190
  68
  80
  94
  108
  124
  141
  159
  178
  198
  215
  237
  259
  282
  306
  331
  357
  384
  411
  440
  469
  499
  531
  564
  597
  633
  669
  707
  746
  787
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  179
  60
  66
  72
  76
  80
  82
  83
  83
  81
  77
  73
  69
  63
  57
  51
  44
  38
  32
  26
  21
  17
  13
  10
  7
  5
  4
  2
  2
  1
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

Compania Cervecerias Unidas S.A. is a diversified beverage company operating principally in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay. The Company operates as a brewer, soft drinks producer, water and nectar producer, wine producer and pisco distributor. The Company's segments include Chile, International Business and Wine. The Company carries a portfolio of products, which includes a range of brands of alcoholic and non-alcoholic beer, with Cristal as its primary brand in Chile. In addition, it produces and distributes Heineken beer; distributes Sol beer and Budweiser beer, and distributes and produces Kunstmann and Austral beer in Chile. The International Business segment includes operations in Argentina, Paraguay and Uruguay. The Company, through Vina San Pedro Tarapaca S.A. (VSPT), produces and markets a range of wine products for the domestic and mainly the export market.

FINANCIAL RATIOS  of  Compania Cervecerias Unidas ADR (CCU)

Valuation Ratios
P/E Ratio 54.7
Price to Sales 4.2
Price to Book 6
Price to Tangible Book
Price to Cash Flow 34.3
Price to Free Cash Flow 106.5
Growth Rates
Sales Growth Rate 4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.5%
Cap. Spend. - 3 Yr. Gr. Rate 0.6%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 11%
Total Debt to Equity 16.1%
Interest Coverage 11
Management Effectiveness
Return On Assets 7.2%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 11.1%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 52.4%
Gross Margin - 3 Yr. Avg. 53.4%
EBITDA Margin 12%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin 12.3%
Oper. Margin - 3 Yr. Avg. 13.6%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 12.2%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 17.9%
Eff/ Tax Rate - 3 Yr. Avg. 23.9%
Payout Ratio 58.7%

CCU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCU stock intrinsic value calculation we used $2350 million for the last fiscal year's total revenue generated by Compania Cervecerias Unidas ADR. The default revenue input number comes from 2016 income statement of Compania Cervecerias Unidas 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 CCU stock valuation model: a) initial revenue growth rate of 12.1% 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 6%, whose default value for CCU is calculated based on our internal credit rating of Compania Cervecerias Unidas 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 Compania Cervecerias Unidas 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 CCU stock the variable cost ratio is equal to 85.7%.

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 CCU 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 9.7% for Compania Cervecerias Unidas ADR.

Corporate tax rate of 27% is the nominal tax rate for Compania Cervecerias Unidas 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 CCU 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 CCU are equal to 57.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Compania Cervecerias Unidas 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 CCU is equal to 9.8%. 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 - $1624 million for Compania Cervecerias Unidas 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 185.639 million for Compania Cervecerias Unidas 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 Compania Cervecerias Unidas ADR at the current share price and the inputted number of shares is $4.9 billion.

RELATED COMPANIES Price Int.Val. Rating
BUD Anheuser-Busch 110.91 497.58  str.buy
TAP Molson Coors B 79.50 90.39  hold
PEP PepsiCo 117.80 59.61  sell
VCO Vina Concha y 36.37 14.53  str.sell

COMPANY NEWS

▶ "Fast Money" final trades: GDI, OSTK and more   [Aug-31-17 05:59PM  CNBC Videos]
▶ Top Ranked Momentum Stocks to Buy for June 2nd   [Jun-02-17 10:41AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for June 1st   [Jun-01-17 10:29AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 30th   [May-30-17 11:53AM  Zacks]
▶ Fast Money final trades: SBUX, DAL & more   [May-25-17 05:59PM  CNBC Videos]
▶ New Strong Buy Stocks for May 18th   [May-18-17 07:54AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 10th   [May-10-17 09:23AM  Zacks]
▶ CCU Announces Filing Of Its Form 20-F 2016   [Apr-27-17 06:14PM  PR Newswire]
▶ New Strong Buy Stocks for April 13th   [Apr-13-17 10:52AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for March 8th   [Mar-08-17 10:41AM  Zacks]
▶ Cost-Cutting Boosts United Breweries Profits   [Mar-01-17 10:17AM  Motley Fool]
▶ Cost-Cutting Boosts United Breweries Profits   [10:17AM  at Motley Fool]
▶ Argentina Hits United Breweries Earnings Hard   [Nov-09-16 08:04PM  at Motley Fool]
▶ United Breweries Fizzles Out on Sharply Lower Profits   [Sep-12-16 09:24AM  at Motley Fool]
▶ United Breweries Keeps Its Sales Bubbling Higher   [May-09-16 06:11PM  at Motley Fool]
▶ UNITED BREWERIES CO INC Financials   [01:04PM  EDGAR Online Financials]
▶ CCU Announces Filing Of Its Form 20-F 2015   [Apr-29-16 11:34AM  PR Newswire]
▶ Should You Buy Compania Cervecerias Unidas S.A. (ADR) (CCU)?   [Nov-29  01:08PM  at Insider Monkey]
▶ Do Hedge Funds Love United Microelectronics Corp (ADR) (UMC)?   [Nov-26  02:23PM  at Insider Monkey]
▶ Hedge Funds Abandoning Juno Therapeutics Inc (JUNO) In Droves   [Nov-20  06:46PM  at Insider Monkey]
▶ Will Grolsch Become Best Buds With Stella And Beck's?   [Oct-14  03:45PM  at Investor's Business Daily]
▶ Who are the billionaire car kings?   [Oct-02  11:47AM  at CNBC]
Financial statements of CCU
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

VALUATION THEORY       ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2017. All rigths reserved.