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Falabella Rallies to 19-Month High on Expansion: Santiago Mover

SACI Falabella, Chile’s largest public company by market value, rose to its highest in 19 months after announcing plans to spend $3.92 billion in the next four years to almost double its stores.

Falabella rose 0.8 percent to 5,169 pesos at 11:34 a.m. in Santiago after touching 5,199, its highest intraday price since June 2011. The Ipsa benchmark index gained 0.4 percent.

The retailer, which operates department stores, supermarkets, home improvement stores, malls and a bank unit in Chile, Peru, Colombia and Argentina, said yesterday in a statement that it will spend $3.92 billion to open 231 new stores and 20 malls by 2017. This represents a 78 percent increase from its current 296 stores.

The expansion plan is positive for Falabella because it will increase surface area at stores at a 9 percent compounded annual growth rate in the period, Banco Santander said in a note to clients today. Santander previously forecast a growth rate of 6 percent.

“The company does not need a capital increase or additional debt to do it,” analysts Adolfo Ortuzar, Francisco Errandonea and Tobias Stingelin said in the note.

Falabella’s market value may rise by 8 percent this year because of the expansion, Santander said. The retailer’s market value is $26.5 billion, the biggest among Chilean listed companies, followed by Empresas Copec SA, with $19.8 billion.

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