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Compania Cervecerias Unidas S.A.
CU.NISIN: US2044291043SEDOL: 2217596 |
Rating: SELL |
Target Price: 25.30 USD |
Investment Horizon: 6 to 12 months |
1Q 09 News Alert
Although Compañia Cervecerias Unidas S.A (CCU) reported 1Q 09 revenues which were below our estimate, due to lower-than-expected volumes from all segments and lower-than-expected Average Selling Price (ASP) from Beer-Argentina and Wine segments, net margin exceeded our estimate, reflecting lower-than-expected tax and net finance expense incurred during the quarter....
4Q 08 & FY 2008 Update Report
Chile is experiencing a weak economic climate, reflected by GDP growth of 0.2% y-o-y in 4Q 08, primarily driven by a significant y-o-y decline in domestic demand during the quarter. The recent decline in copper prices has significantly impacted Chile’s economy, given that it supplies approximately 30% of the world’s copper output and primarily depends on these export earnings. Although the Chilean government has taken some robust steps in the form…
4Q 08 News Alert
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Although Compañia Cervecerias Unidas S.A (CCU) 4Q 08 sales exceeded our expectation given higher than expected volumes and Average Selling Price (ASP) in its Beer-Argentina and Wine segments, margins fell below our estimates, reflecting higher-than-expected operating as well as tax and interest expenses incurred during the quarter. In light of this mixed performance and current price levels…
Company News Alert
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Compania Cervercerias Unidas S.A.’s (CCU) volumes grew moderately in 4Q 08, driven by robust volume growth in Argentina, partially limited by flat volumes in Chile. Therefore, given 4Q 08 results and an anticipated decline in volumes in FY 2009, due to the downturn in domestic consumer spending, we reiterate CCU’s common stock a HOLD. We will reassess our target…
3Q 08 Update Report
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While Compañia Cervecerias Unidas S.A. (CCU) reported healthy revenue growth in 3Q 08, margins declined as a result of higher operating, net finance and tax expenses during the quarter. Recent volume growth is expected to level-off in FY 2009, given declining consumer spending, as the Chilean economy heads into a downturn,...
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