Codere, S.A., together with its subsidiaries, engages in the private gaming business in Spain, Italy, Argentina, Brazil, Colombia, Mexico, Panama, and Uruguay.
The last earnings update was 2 days ago.
Discounted Cash Flow Calculation for LSE:0SYQ using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for
is arrived at by discounting future cash flows to their present value using the 2 stage method.
We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
LSE:0SYQ DCF 1st Stage: Next 10 year cash flow forecast
Amount off the current price
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
to be considered undervalued it must be available for at least 20% below the
current price. Less than 40% is even better.
Codere's share price is below the future cash flow value, and at a moderate discount (> 20%).
Codere's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.
The amount the stock market is willing to pay for
is considered below, and whether this is a fair price.
Price based on past earnings
Codere's earnings available for a low price, and how does
this compare to other companies in the same industry?
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Codere has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.
Show me the analysis anyway
The future performance of a company is measured in the same way as past
performance, by looking at estimated
and how much profit it is expected to make.
Future estimates come from
professional analysts. Just like forecasting the weather, they don’t always get
Expected Hospitality industry annual growth in earnings.
Earnings growth vs Low Risk Savings
expected to grow at an
Unable to compare Codere's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
Unable to compare Codere's earnings growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
Unable to compare Codere's revenue growth to the United Kingdom of Great Britain and Northern Ireland market average as no estimate data is available.
Unable to determine if Codere is high growth as no earnings estimate data is available.
Unable to determine if Codere is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
Codere's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
has a total score of
0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
Mr. Vicente Gabriel di Loreto has been the Chief Executive Officer of Codere, S.A. He served as Operations Manager of Latin America at Codere, S.A. Mr. Di Loreto was with Grupo Clarín since 1998. He has held positions at Molinos Rio de la Plata, Bunge y Born, Pepsi Co. and Arthur Andersen. He also serves on the boards of several Argentine companies including various subsidiaries of Grupo Clarín, such as La Razón, Teledifusora Bahiense S.A., Mitre, Pem S.A., Prima, Clarín Global S.A., GC Gestión Compartida S.A., Unir S.A., and Diario Los Andes Calle S.A. He served as a member of the board of Directors of Multicanal S.A. since 2000. He served as a Director at Arte Radiotelevisivo Argentino S.A. (Artear). Mr. di Loreto Graduated as a Certified Public Accountant from the Universidad de Buenos Aires and later obtained a Master Degree in Business Administration from I.A.E. Management and Business School.
Insufficient data for Vicente to compare compensation growth.
Insufficient data for Vicente to establish whether their remuneration is reasonable compared to companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Luis Martínez Sampedro
GM of Codere América & Director
Vicente Di Loreto
Chief Executive Officer
Chief Financial Officer
Director Corporate Legal Area
Rafael López Enríquez Chillón
Director of Human Resources
Alejandro Pascual González
Chief Operating Officer of Europe
Chief Operating Officer of Digital Transf. & Platform
Chief Operating Officer of Sourthern America
Chief Operating Officer of On-line
Chief Operating Officer of Northern America
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The tenure for the Codere board of directors is about average.
Board of Directors
Norman Raúl Valdez
Non-Executive Chairman & Independent Lead Director
Codere, S.A., together with its subsidiaries, engages in the private gaming business in Spain, Italy, Argentina, Brazil, Colombia, Mexico, Panama, and Uruguay. It operates amusement and gaming machines, bookmakers, bingo halls, casinos, and racetracks. The company is also involved in distribution and sale of gaming machines; television and telephone gaming, online gaming, portfolio management, brand license, and network concession activities; operation, administration, and development of sports shows; and operation, administration, and management of hotels, gaming rooms, slot machine rooms, and related activities. In addition, it provides real estate advisory, intermediation, development, and management services, as well as financial, advisory, other business support services; and staff administration, hiring, labor advisory and assistance, and payroll services. The company manages 55,060 gaming machines, 144 gaming halls, 4 racetracks, and 3,984 betting locations. Codere, S.A. was founded in 1980 and is headquartered in Alcobendas, Spain.
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