Zona Franca de Iquique S.A (ZOFRI.SN) fair value

ACCE thesis

Zofri operates the Zona Franca de Iquique, a duty-free trade zone in northern Chile, and earns most of its revenue by leasing warehouse and retail space to importers and traders who sell electronics, apparel and other goods into Chile, Peru and Bolivia. Its moat is the zone itself: the operating permit and location give it a captive tenant base that is hard to replicate, which shows up in a 28.0% ROE and a 51.1% gross margin. Growth is modest at 3.8% revenue, so the thesis rests on steady rent escalation and occupancy rather than expansion, and the trailing P/E of 12.4 with no forward estimate available means the earnings trajectory is less visible than the historical margins suggest. At a 227.2B CLP market cap with an 18.5% operating margin, the stock screens as a cash-generative, low-growth real estate operator, but its 57/100 score and absence from any index suggest the market has not given it much attention, so it merits a deeper look only if you want exposure to Chilean duty-free trade flows.