SM SAAM - initiating report
We initiate SM SAAM with a fair value estimate of CLP 66.4 and a value of ‘Attractive’. The company operates in the marine industry with significant exposure to international trade. We have used DCF valuation to arrive at the fair value (CLP 66.4), implying an upside of 20.7% (based on the share price of CLP 55 on 10 May 2022). Also, at the current EV/EBITDA level of 3.2x, the company trades in the undervalued zone when compared with its historical average (last 17 quarters) of 5.8x and with the current industry average of 9.2x, highlighting the window of opportunity for long-term investorsSociedad Matriz SAAM SA is a Chile-based company engaged in the marine freight and logistics sector. The Company's activities are divided into three business segments: Tugboats, Ports, as well as Logistics and others. The Tugboats division focuses on docking, undocking, tugboats, as well as rescue and offshore support services in ports located in Chile, Peru, Mexico, Colombia, Brazil, Costa Rica, Canada and Panama, among others. The Ports division is responsible for the port management in Chile, the United States, Ecuador and Colombia. The Logistics and others division includes services related to cargo operations in managed ports, such as stowage, unstowage, documentation, storage, deposits, logistics and transport.
Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.
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