PDF Report issued on the 07/09/2019

ALMACENES EXITO S.A. Company Profile

BOLSA DE VALORES DE COLOMBIA / EXITO / COG31PA00010

Business Summary Sector

Almacenes Exito SA is a Colombia-based company engaged in the retail sector. The Company's activities are structured into
three geographical divisions: Colombia, Brazil and Other countries. In Colombia, the Company operates retail and wholesale Consumer Non-Cyclical
department and discount stores, as well as supermarkets under numerous brand names, such as Exito, Carulla, Surtimax, Food & Drug Retailing
Seper Inter and Surtimayorista. In Brazil, its services comprise sale of food products, distribution of non-food goods, such as Food & Drug Retailing
electronic appliances, as well as operation of e-commerce stores. The Other countries area includes management of
supermarkets under Libertad and Mini Libertad brand names in Argentina, as well as Disco, Devoto y Geant brand names in Food Retail & Distribution
Uruguay. In addition, the Company provides credit card issuing, travel agency services, insurance products, as well as mobile Supermarkets & Convenience Stores
telecommunication services, among others. It is a subsidiary of Casino Guichard Perrachon SA.
Income Statement Evolution
Financials (COP)

Sales 2019 63 967 B Sales 2020 67 679 B P/E ratio 2019 17,2x
EBIT 2019 - EBIT 2020 3 063 B P/E ratio 2020 17,9x
Net income 2019 458 B Net income 2020 486 B EV / Sales2019 0,16x
Debt 2019 2 244 B Debt 2020 5 017 B EV / Sales2020 0,19x
Yield 2019 3,23% Yield 2020 2,75% Capitalization 7 887 B

Sales per Businesses

2016 2017
Delta
COP (in Million) % COP (in Million) %

Food 36,182,400 70.1% 40,976,000 72.6% +13.25%

Success 7,491,800 14.5% 7,282,530 12.9% -2.79%
Product Retail - Uruguay 2,376,060 4.6% 2,589,760 4.6% +8.99% Managers
Discount 1,647,400 3.2% 1,514,280 2.7% -8.08% Name Title
Carulla 1,570,180 3% 1,504,340 2.7% -4.19% Carlos Mario Giraldo
Chief Executive Officer
Product Retail - Argentina 1,324,600 2.6% 1,383,590 2.5% +4.45% Moreno

B2B 286,435 0.6% 322,252 0.6% +12.5% Luis Fernando Alarcón

Chairman
Mantilla
Jacky Yanovich Mizrach Vice President-Sales & Operations
Sales per Regions
Manfred Heinrich Gartz Chief Financial Officer
2016 2017
Delta Felipe Ayerbe Muñoz Independent Director
COP (in Million) % COP (in Million) %
Philippe Henri Alarcon Non-Independent Director
Brazil 36,182,400 70.1% 40,976,000 72.6% +13.25%
Ana María Ibáñez Londoño Independent Director
Colombia 10,995,800 21.3% 10,623,400 18.8% -3.39%
Bernard Petit Non-Independent Director
Uruguay 2,376,060 4.6% 2,589,760 4.6% +8.99%
Daniel Cortés McCallister Independent Director
Argentina 1,324,600 2.6% 1,383,590 2.5% +4.45%
Hervé Daudin Non-Independent Director

Upcoming events on ALMACENES EXITO S.A. Shareholders

09/12/19 Extraordinary Shareholders Meeting Name Equities %

10/02/19 Ex-dividend day for quarterly dividend Casino, Guichard-Perrachon SA 235,415,220 52.6%
AFP y Cesantías Protección SA
Past events on ALMACENES EXITO S.A. 35,719,215 7.98%
(Investment Management)
08/15/19 | 10:00am Interim 2019 Earnings Call SAFP Porvenir SA 23,322,916 5.21%
08/14/19 Interim 2019 Earnings Release Bergsaar BV 12,130,244 2.71%
BlackRock Fund Advisors 11,706,633 2.62%
Colfondos SA Pensiones y Cesantías 7,908,478 1.77%
The Vanguard Group, Inc. 6,900,645 1.54%
Norges Bank Investment Management 5,955,972 1.33%
Dimensional Fund Advisors LP 5,728,577 1.28%
Albarracin Manuel Guillermo Jara 4,515,616 1.01%

Company contact info

Carrera 48 No. 32B

South 139
Avenida Las Vegas
Envigado, Antioquia 055427
Phone : +57.4.339.6565
Internet : http://www.grupoexito.com.co

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 07/09/2019

ALMACENES EXITO S.A. Financials and Forecast

BOLSA DE VALORES DE COLOMBIA / EXITO / COG31PA00010

Income Statement Evolution : Past and Forecast Financial Ratios

Size 2019e 2020e

Capitalization 7 886 788 M COP -
Entreprise Value (EV) 10 130 840 M COP 12 904 000 M COP

Valuation 2019e 2020e

P/E ratio (Price / EPS) 17,2x 17,9x
Capitalization / Revenue 0,12x 0,12x
EV / Revenue 0,16x 0,15x
EV / EBITDA - 2,07x
Yield (DPS / Price) 3,23% 2,75%
Price to book (Price / BVPS) 0,92x 1,06x

Profitability 2019e 2020e

Operating Margin (EBIT / Sales) 0 4,53%
Operating Leverage (Delta EBIT / Delta Sales) - -
Net Margin (Net Profit / Revenue) 0,72% 0,72%
ROA (Net Profit / Asset) 0,34% 0,82%
ROE (Net Profit / Equities) 6,17% 7,88%
Rate of Dividend 55,6% 49,3%

Annual Income Statement Data : Past and Forecast Balance Sheet Analysis 2019e 2020e
CAPEX / Sales 2,75% 2,64%
Actuals in M COP Estimates in M COP
Cash Flow / Sales - -
Fiscal Period December 2016 2017 2018 2019 (e) 2020 (e) 2021 (e) Capital Intensity (Assets / Sales) 2,10x 0,88x
Financial Leverage (Net Debt / EBITDA) - 1,02x
Sales 51 639 433 56 442 803 55 036 170 63 967 429 67 678 545 74 104 868

EBITDA 2 908 331 3 618 060 3 308 123 - 4 900 132 5 179 740
Revenue Revisions & EPS Revisions
Operating profit (EBIT) 2 022 139 2 131 563 2 337 227 - 3 063 222 3 268 394

Pre-Tax Profit (EBT) 380 270 974 788 1 570 473 1 939 962 2 205 901 2 681 034

Net income 43 528 217 713 279 403 457 538 486 050 679 909

P/E ratio - - - 17,2x 17,9x 11,6x

EPS ( COP ) 97,3 533 624 1 022 982 1 519

Dividend per Share ( COP ) 676 - 312 568 484 557

Yield - - - 3,23% 2,75% 3,16%

Reference price ( COP ) - - - 17 620,000 17 620,000 17 620,000

02/28/2017 02/21/2018 02/28/2019

Announcement Date - - -
07:22am 12:00am 12:00am

Finances - Leverage : Past and Forecast

Price Earning Ratio

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 07/09/2019

ALMACENES EXITO S.A. Analysts' Consensus

BOLSA DE VALORES DE COLOMBIA / EXITO / COG31PA00010

Evolution of the average Target Price

Consensus Sell Buy

Mean consensus OUTPERFORM

Number of Analysts 8
Average target price 16 542,86 COP
Last Close Price 17 620,00 COP
Spread / Highest target 2,16%
Spread / Average Target -6,11%
Spread / Lowest Target -17,7%

Consensus detail

Consensus revision (last 18 months)

Target Price consensus revisions : last 18 months

EPS - Rate of surprise

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 07/09/2019

ALMACENES EXITO S.A. Sector and Competitors

BOLSA DE VALORES DE COLOMBIA / EXITO / COG31PA00010

Chart Sector

Subsector Supermarkets & Convenience Stores Ratings

1st jan. Capitalization (M$) Investor Rating

ALMACENES EXITO S.A. 42.23% 2 348 -

WALMART INC. 23.93% 326 325

ALIMENTATION COUCHE-TARD IN.. 21.25% 36 518
SM INVESTMENTS CORPORATION --.--% 24 347
CARREFOUR 8.38% 14 246
COLES GROUP LTD 25.13% 13 443
AVENUE SUPERMARTS LTD -3.85% 13 349
YONGHUI SUPERSTORES CO., LT.. 18.93% 12 387
FAMILYMART UNY HOLDINGS CO .. -81.47% 12 027
METRO, INC. 20.13% 11 167
ICA GRUPPEN 46.59% 9 830
DAIRY FARM INTERNATIONAL HO.. -24.42% 9 293
KESKO 23.31% 6 250
CASEY'S GENERAL STORES INC 32.14% 6 226
J SAINSBURY PLC -23.92% 5 472
LAWSON INC -21.80% 4 975
CENCOSUD SA --.--% 4 473
AXFOOD AB 31.02% 4 408
DINO POLSKA SA 59.75% 3 826
INRETAIL PERU CORP. 32.16% 3 769 -
BGF RETAIL CO LTD --.--% 2 896

Best Growth (Revenue) : FamilyMart UNY Holdings Worst Growth (Revenue) : INRETAIL PERU CORP.
Best Profitability : FamilyMart UNY Holdings Worst Profitability : Alimentation Couche-Tar
Best Situation Fi. : FamilyMart UNY Holdings Worst Situation Fi. : J Sainsbury plc
Best EPS revision 4m. : Cencosud SA Worst EPS revision 4m. : Dairy Farm Internationa
Best Valuation : J Sainsbury plc Worst Valuation : INRETAIL PERU CORP.
Best Investor Rating : FamilyMart UNY Holdings Worst Investor Rating : INRETAIL PERU CORP.

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

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 PDF Report issued on the 07/09/2019

ALMACENES EXITO S.A. Technical Analysis

BOLSA DE VALORES DE COLOMBIA / EXITO / COG31PA00010

Daily chart Indicators

RSI 14 days 63.97

MA20 17435.00
MA50 17084.00
MA100 15650.80
MA20 / Price 0.82%
MA50 / Price 2.82%
MA100 / Price 10.97%

Volumes

Avg. Volume 20 sessions 371 741

Volume ratio 1.51
Avg. Exchange 20 sessions 6 535 206 780COP

Weekly chart

Disclaimer : SURPERFORMANCE SAS assumes no responsibility for any use that may be made of the information available, and the consequences that may result,
including any decision taken on the basis of information provided, even in case of error or omission. The content is intended for investors who have the necessary
knowledge and experience to understand and appreciate the information developed. These information are disseminated for information only. These information may http://www.marketscreener.com
contain inaccuracies, errors or omissions.

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