Almacenes Exito: Colombian Grocer At 5x EV/EBITDA, Sharp Discount To Book Value

JuanmoninoAlmacenes Éxito (NYSE:EXTO) (Exito means success in Spanish) is a large supermarket chain in Colombia, and it also has stores in Uruguay. In addition to operating more than 600 stores, Exito has a substantial real estate business; it often owns the land under its stores and will develop and retain ownership in malls and shopping centers that use its stores as an anchor tenant. Exito is a fairly typical big-box grocer along the lines of Walmart (WMT). Around 40% of a standard store's space is d ...