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| mktgamericas
move your ideas into the world
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Native in: English  , Spanish | |
Freelancer,  Verified site user | | Translation, Editing/proofreading, Website localization, Voiceover (dubbing), Subtitling, Post-editing, Transcription, Desktop publishing, Project management, Vendor management, Sales, Operations management | | Specializes in: | | Marketing / Market Research | Advertising / Public Relations | | Telecom(munications) | Journalism | | Wine / Oenology / Viticulture | Photography/Imaging (& Graphic Arts) | | Poetry & Literature | History | | Cooking / Culinary | Architecture |
| Also works in: | | Mining & Minerals / Gems | Transport / Transportation / Shipping | | Ships, Sailing, Maritime | Geology | | Finance (general) | Business/Commerce (general) | | Forestry / Wood / Timber | Fisheries | | Energy / Power Generation | Government / Politics | | Internet, e-Commerce | Management | | Tourism & Travel | Printing & Publishing | | Agriculture | Computers (general) | | Law: Patents, Trademarks, Copyright | Certificates, Diplomas, Licenses, CVs | | Folklore |
More Less | | USD | | PRO-level points: 28, Questions answered: 30 | | 0 entries | | Wire transfer, Check, Money order | Sample translations submitted: 1 | Spanish to English: Spanish-English quarterly investment report (sample) | Source text - Spanish
Actualizamos nuestro precio objetivo de CMPC desde $18.509 hasta $14.000 valorado a 12 meses, modificando nuestra recomendación desde MANTENER a REDUCIR. Nuestro precio objetivo fue calculado utilizando un modelo de FCD y representa un 6,9% de alza potencial respecto de su precio actual de $13.100.
A pesar de que consideramos que CMPC es una de las compañías líderes a nivel mundial en el desarrollo del negocio forestal y productos de valor agregado derivados de éstos, consideramos que hoy existen vehículos con una mayor rentabilidad potencial a la hora de invertir en la bolsa local. Lo anterior se justifica dado que estimamos que sus resultados se mantendrán presionados durante 2009 producto de una mayor exposición a la producción de celulosa fibra corta, la que esperamos mantendrá su precio presionado a la baja. Lo anterior como consecuencia de la entrada de nueva capacidad eficiente tras la puesta en marcha de la planta Tres Lagoas en Brasil, con una capacidad de 800.000 toneladas netas al año.
Además de esto, y a pesar de la reciente adquisición de dos plantas productoras de tissue en Brasil, por un total de 75.000 toneladas al año, estimamos que las inversiones de la compañía serán moderadas durante los próximos años, desarrollando principalmente proyectos en el negocio de tissue en América Latina, aprovechando el alto potencial de crecimiento en el desarrollo de negocios de valor agregado de este tipo y que esperamos se consoliden durante los próximos años.
Al considerar que la inversión requerida para dichos proyectos es relativamente menor y tomando en cuenta el bajo nivel de endeudamiento que mantiene hoy en día la compañía, estimamos que, a pesar de los menores resultados esperados para los próximos años, está presentará una importante acumulación de caja, lo que presenta un desafío para la compañía dado que el único catalizador de corto plazo que vemos para el precio de la acción es que se realicen nuevos anuncios de proyectos o se confirme el desarrollo de alguno de los proyectos que mantiene en estudio actualmente.
Con lo anterior, y dado los múltiplos esperados que presentará la compañía durante los próximos dos años de 10,7x FV/EBITDA y 31,3x P/U para 2009 y 9,8x FV/EBITDA y 24,5x P/U para 2010, consideramos que CMPC se encuentra transando a un valor justo y presentará un rendimiento inferior al mercado, lo que justifica nuestra recomendación de REDUCIR.
| Translation - English
We update our target price for CMPC from $18,509 to $14,000 valued at 12 months, modifying our recommendation from HOLD to REDUCE. This valuation was performed using the discounted cash flow model and represents a 6.9% potential upside with regard to current price of $13,100.
Even though CMPC is one of the leading companies worldwide in business development and the creation of value-added products in the forestry sector, we consider that today there are instruments with greater potential return on investments on the local stock exchange. This is justified by our estimation that their results will remain under pressure during 2009 due to greater exposure to the production of short-fiber cellulose, which will remain under pressure for drop in price. The aforementioned is a consequence of more efficiency, with the start of new plant Tres Lagoas in Brazil, with a capacity of 800,000 net tons a year.
Despite having just acquired two new tissue plants in Brazil totaling 75,000 tons a year, we estimate the company’s investments to be moderate during the coming years, focusing on principal projects in Latin America for tissue division, and taking advantage of business development with value-added products which we expect will show greater consolidation in the following years.
Taking into consideration that the required investment for said projects is relatively low, and also the low level of debt held by the company today, we estimate that even though results are expected to be lower during the next few years, they will show a significant accumulation of cash flow, which presents a challenge for the company given the only short term catalyst that we see for the share price is to make announcements of new projects or to confirm the development of one of the projects currently under review.
Given the above, and having shown the multiples expected from the company over the next two years, 10.7x EV/EBITDA and 31.3x E/P for 2009 and 9.8x EV/EBITDA and 24.5x E/P for 2010, we consider that CMPC is traded at fair price and will present a return below market, which justifies our recommendation to REDUCE.
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More Less | | Years of translation experience: 10. Registered at ProZ.com: Jul 2009. | | N/A | | N/A | | N/A | | Adobe Acrobat, Adobe Illustrator, Adobe Photoshop, Dreamweaver, Microsoft Excel, Microsoft Word, Flash, Powerpoint, SDL TRADOS, Wordfast | | http://www.marketingamericas.com | Web writing for translators  [download] | | mktgamericas endorses ProZ.com's Professional Guidelines (v1.0). | | About me
MAS - Marketing AmericaS is a nascent project with business goals, borne out of my personal life experience and beliefs, living and working abroad, learning to wear new hats as the saying goes, and sharing and helping those around me and vice-versa, for which I am always grateful. Being multilingual, digital-era media professional, I believe in a globalized world where we all have something to contribute, and especially with the continued growth of the Internet, I believe in committed sharing, cause marketing and business admin, where we can help each other, work for our communities, and make a living at the same time (i think proz is an excellent example of how this works)
Please see more on the website, www.marketingamericas.com
If you´d like to join our network of professionals, or are interested in our services, please write to me at jalexander@marketingamericas.com
Saludos and Greetings to the professionals on proz, thank you for creating this community.
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Keywords: Marketing, digital marketing, electronic marketing, international trade, logistics, media, translation, web design, graphic design, communications, photography, art, English, Spanish, French, Italian, Japanese, Portuguese, Chile, Santiago, Chiloe, New York, North America, South America
Profile last updated
Jun 1, 2010 |
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