Company Valuation: Empresa Nacional de Telecomunicaciones S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 869,507 884,910 973,311 891,796 1,419,782 1,177,263 - -
Change - 1.77% 9.99% -8.37% 59.2% -17.08% - -
Enterprise Value (EV) 1 3,157,857 3,361,249 2,978,022 3,209,191 2,788,782 3,249,752 3,121,339 3,145,293
Change - 6.44% -11.4% 7.76% -13.1% 16.53% -3.95% 0.77%
P/E 11.6x 1.94x 11x 13.2x 7.42x 9.69x 7.1x 6.09x
PBR 0.58x 0.57x 0.58x 0.49x 0.73x 0.58x 0.57x 0.55x
PEG - 0x -0.1x -0.6x 0x -0.3x 0.2x 0.4x
Capitalization / Revenue 0.35x 0.28x 0.38x 0.32x 0.47x 0.38x 0.36x 0.35x
EV / Revenue 1.28x 1.07x 1.16x 1.16x 0.92x 1.04x 0.95x 0.93x
EV / EBITDA 4.15x 2.62x 4.19x 4.07x 3.34x 3.7x 3.38x 3.24x
EV / EBIT 10.7x 4.44x 11.9x 13.9x 11.2x 11.4x 9.47x 8.78x
EV / FCF 11.8x -566x 8.77x - 7.44x 13.6x 15.1x 19.1x
FCF Yield 8.45% -0.18% 11.4% - 13.4% 7.37% 6.62% 5.25%
Dividend per Share 2 839 1,239 - - - 196.5 320.9 383.5
Rate of return 29.1% 42.3% - - - 5.04% 8.23% 9.83%
EPS 2 248.2 1,512 294.3 224.1 633.7 402.7 549 640.2
Distribution rate 338% 81.9% - - - 48.8% 58.4% 59.9%
Net sales 1 2,460,119 3,137,710 2,573,142 2,764,760 3,032,274 3,136,653 3,284,055 3,399,378
EBITDA 1 761,257 1,282,013 710,311 788,613 835,473 878,362 923,330 970,671
EBIT 1 294,375 757,609 249,569 230,853 249,853 284,387 329,523 358,429
Net income 1 74,975 456,787 88,884 67,672 191,396 121,610 165,820 193,363
Net Debt 1 2,288,350 2,476,339 2,004,712 2,317,395 1,369,000 2,072,490 1,944,077 1,968,030
Reference price 2 2,879.00 2,930.00 3,222.70 2,952.80 4,701.00 3,900.00 3,900.00 3,900.00
Nbr of stocks (in thousands) 302,017 302,017 302,017 302,017 302,017 302,017 - -
Announcement Date 1/26/22 1/25/23 1/25/24 1/30/25 1/29/26 - - -
1CLP in Million2CLP
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.68x1.04x3.7x5.04% 1.26B
11.07x2.59x6.86x5.61% 209B
13.8x2.18x5.02x3.97% 158B
13.89x1.86x8x3.04% 89.32B
11.63x1.78x4.5x2.81% 69.33B
15.58x2.72x8.51x4.98% 58.97B
24.03x5.42x19.8x4.54% 57.21B
15.66x2.76x6.18x4.43% 50.67B
11.58x1.75x5.3x5.07% 47.79B
23.39x3.2x7.03x4.29% 40.06B
Average 15.03x 2.53x 7.49x 4.38% 78.14B
Weighted average by Cap. 14.24x 2.56x 7.34x 4.43%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Empresa Nacional de Telecomunicaciones S.A.