1. No category

EQUITY RESEARCH | Reporte de Múltiplos
3 de julio de 2015
Bienes de Consumo
Empresa
Alicorp SA
Brasil Foods SA
Grupo Bimbo SAB de CV
Kimberly-Clark de Mexico SAB de CV
Gruma SAB de CV
Hypermarcas SA
Grupo Nutresa SA
M Dias Branco SA
Grupo Herdez SAB de CV
Molinos Rio de la Plata SA
Promedio
Ticker
País
Moneda
ALICORC1
BRFS3
BIMBOA
KIMBERA
GRUMAB
HYPE3
NUTRESA
MDIA3
HERDEZ*
MOLI
Perú
Brasil
México
México
México
Brasil
Colombia
Brasil
México
Argentina
PEN
BRL
MXN
MXN
MXN
BRL
COP
BRL
MXN
ARS
Ticker
País
Moneda
INRETC1
WALMEX*
FALAB
CENCOSUD
PCAR4
WMTCL
SORIANAB
EXITO
CHDRAUIB
SLU
PATA
Perú
México
Chile
Chile
Brasil
Chile
México
Colombia
México
Ecuador
Argentina
USD
MXN
CLP
CLP
BRL
CLP
MXN
COP
MXN
USD
ARS
Ticker
País
Moneda
BAP
CONTINC1
IFS
SCOTIAC1
ITUB4
BBDC4
BBAS3
GFNORTEO
GFINBURO
CHILE
BCOLO
BSAN
BOGOTA
BCI
PFDAVVND
SMCHILEB
CORPBANC
Perú
Perú
Perú
Perú
Chile
Chile
Brasil
Colombia
México
Chile
Brasil
Colombia
Chile
México
Colombia
Chile
Brasil
USD
PEN
USD
PEN
BRL
BRL
BRL
MXN
MXN
CLP
COP
CLP
COP
CLP
COP
CLP
CLP
Ticker
País
Moneda
GRAMONC1
PINFRA*
ICA*
CONCONC
MILS3
SALFACOR
ELCONDOR
BESALCO
Perú
Chile
México
Brasil
México
Colombia
Colombia
Chile
PEN
MXN
MXN
COP
BRL
CLP
COP
CLP
Ticker
País
Moneda
UNACEMC1
CPACASC1
CEMEXCPO
CEMARGOS
CMOCTEZ*
CLH
GCC*
INCCA
CEMENT
MELON
Perú
Perú
España
México
Colombia
México
México
Costa Rica
Chile
Chile
PEN
PEN
MXN
COP
MXN
COP
MXN
CRC
CLP
CLP
Último
Precio
5.99
65.50
41.39
34.34
199.02
21.80
22,560.00
82.00
40.48
37.00
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
1,609
18,235
12,403
6,794
5,487
4,397
3,921
2,968
1,114
1,018
5,795
994
51,925
5,514
7,612
10,940
16,741
1,744
4,093
1,530
63
10,116
n.d.
24.88
46.24
29.73
22.40
33.31
23.39
15.70
21.24
17.78
26.07
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
1,502
42,723
16,607
6,851
6,134
5,423
4,043
3,831
2,700
1,114
841
8,343
1,197
42,117
9,487
6,009
35,336
7
787
2,008
1,710
165
8
8,985
36.93
26.42
22.43
25.86
15.58
25.78
17.23
23.62
24.22
8.90
14.69
21.97
26.47
25.56
20.45
16.46
14.11
n.d.
17.08
21.41
22.13
n.d.
n.d.
20.46
9.07
14.86
16.45
9.62
5.59
12.82
9.40
9.67
10.01
n.d.
8.23
10.57
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
P/E
2015
11,166
4,259
3,332
2,766
59,639
45,429
21,641
15,149
14,996
10,451
9,657
9,298
7,505
4,807
4,420
3,814
3,719
13,650
593
462
925
92
174,290
110,278
77,951
44,087
8,217
5,058
2,723
5,726
613
2,891
2,074
1,614
3,983
25,975
14.78
10.59
9.04
9.65
8.32
9.04
4.60
15.35
12.02
11.99
12.37
11.74
13.81
9.06
10.70
21.75
10.49
11.49
12.02
n.d.
10.09
n.d.
8.36
8.14
5.59
13.82
15.97
12.13
10.80
12.64
11.59
10.02
10.18
n.d.
11.23
10.90
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
937
4,690
471
394
286
297
282
254
951
540
7,251
4,204
149
3,513
302
111
166
2,029
12.34
27.95
n.d.
20.14
2.59
8.82
13.39
n.d.
14.21
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
1,303
879
11,689
4,700
2,804
2,667
953
322
199
154
2,567
308
363
37,458
1,765
93
3,404
235
145
29
1
4,380
14.87
15.15
n.d.
43.95
19.49
9.83
24.45
4.92
6.31
15.74
17.19
P/BV
ROE
ROA
9.86
11.95
11.42
14.29
11.87
14.36
13.36
11.11
11.30
n.d.
12.17
2.41
3.91
3.64
18.17
4.42
1.86
1.37
2.79
1.24
4.90
4.47
-0.9%
15.9%
8.8%
65.9%
30.0%
5.5%
5.9%
18.6%
13.2%
32.9%
19.6%
-0.3%
6.9%
2.7%
10.7%
11.1%
3.0%
3.8%
13.6%
3.6%
5.7%
6.1%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
9.81
14.27
14.36
9.46
5.02
n.d.
8.69
8.22
9.54
n.d.
n.d.
9.92
1.52
5.28
2.46
1.04
1.33
4.15
1.31
1.25
1.73
1.04
3.90
2.27
2.9%
25.2%
14.0%
4.2%
11.9%
16.1%
8.1%
5.8%
7.7%
18.2%
31.0%
13.2%
1.3%
13.4%
4.5%
1.7%
3.1%
5.6%
4.8%
4.1%
3.9%
11.9%
11.6%
6.0%
Margen
Financiero
Ratio de
Eficiencia
P/BV
ROE
ROA
5.70
5.67
6.85
8.07
5.62
3.16
3.34
6.23
4.67
4.86
5.17
5.27
5.61
4.32
7.10
5.15
3.69
5.32
60.30
34.00
47.83
45.53
54.36
38.75
38.21
62.56
47.71
43.41
60.31
39.84
61.20
46.12
47.07
43.28
52.13
48.39
2.33
2.52
2.30
1.55
1.87
1.70
0.83
1.81
2.27
2.58
1.40
2.18
1.32
1.65
1.53
0.95
1.35
1.77
19.3%
28.2%
28.3%
19.3%
24.5%
20.2%
19.0%
13.0%
20.2%
23.1%
12.4%
n.d.
13.2%
19.8%
15.8%
9.5%
15.8%
18.9%
1.9%
2.2%
2.7%
2.1%
2.1%
1.6%
1.0%
1.4%
4.9%
2.1%
1.4%
n.d.
1.2%
1.5%
1.7%
0.4%
1.2%
1.8%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
5.23
14.82
9.69
n.d.
4.92
7.31
8.91
10.87
8.82
0.94
3.65
0.34
1.08
0.88
n.d.
1.07
0.91
1.27
9.3%
17.8%
-22.9%
5.3%
1.5%
6.8%
8.1%
-6.4%
2.4%
3.4%
10.7%
-3.4%
2.1%
0.9%
2.3%
4.9%
-1.9%
2.4%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
1.00
1.29
1.22
1.85
4.67
1.93
1.08
3.15
0.49
0.45
1.71
7.7%
10.3%
-4.0%
4.4%
25.4%
19.2%
4.7%
69.2%
8.8%
2.5%
14.8%
3.0%
6.4%
-1.0%
2.1%
20.5%
7.2%
2.7%
30.6%
3.9%
1.7%
7.7%
19.51
20.66
26.91
27.04
20.61
28.76
28.71
14.34
20.41
n.d.
22.99
n.d.
13.11
14.83
15.20
12.88
16.66
n.d.
12.32
11.53
8.07
13.07
Dividend
Yield 12M
n.d.
1.6%
n.d.
4.2%
1.6%
n.d.
1.9%
1.5%
2.2%
1.0%
2.0%
Retail
Empresa
Inretail Perú Corp.
Wal-Mart de Mexico SAB de CV
SACI Falabella
Cencosud SA
CBD
Walmart Chile SA
Organizacion Soriana SAB de CV
Almacenes Exito SA
Grupo Comercial Chedraui SA de CV
Corp Favorita CA
Imp Y Exp de la Patagonia SA
Promedio
Último
Precio
14.61
38.34
4,397.40
1,511.00
71.66
530.00
35.25
22,660.00
43.96
2.97
15.30
Dividend
Yield 12M
n.d.
3.6%
1.6%
1.4%
1.7%
4.6%
1.1%
2.5%
0.6%
3.0%
n.d.
2.2%
Servicios Financieros
Empresa
Credicorp Ltd.
BBVA Banco Continental SA
Intercorp Financial Services
Scotiabank Perú
Itau Unibanco Holding SA
Banco Bradesco SA
Banco do Brasil SA
Grupo Financiero Banorte SAB
Grupo Financiero Inbursa SAB
Banco de Chile
Bancolombia SA
Banco Santander Chile
Banco de Bogota SA
Banco de Credito e Inversiones
Banco Davivienda SA
Sociedad Matriz Banco de Chile
Corpbanca SA
Promedio
Último
Precio
140.00
4.16
29.46
24.00
34.51
28.52
23.67
85.72
35.38
70.35
26,100.00
31.44
59,980.00
28,175.00
26,340.00
184.50
6.96
Dividend
Yield 12M
1.6%
5.0%
5.4%
4.4%
3.9%
3.8%
8.5%
1.1%
1.2%
4.9%
3.1%
5.6%
4.2%
3.5%
3.0%
1.9%
14.9%
4.5%
Construcción
Empresa
Graña y Montero
Prom y Oper de Infraestructura
Empresas ICA SAB de CV
Constructora Conconcreto SA
Mills Estruturas e Servicos
Salfacorp SA
Construcciones El Condor SA
Besalco SA
Promedio
Último
Precio
4.50
174.64
12.17
1,150.00
7.00
420.48
1,300.00
284.44
11.48
23.31
13.34
n.d.
21.02
7.08
10.50
25.40
16.02
6.20
16.54
11.60
20.60
5.22
7.91
n.d.
26.92
13.57
Dividend
Yield 12M
3.5%
n.d.
n.d.
2.1%
n.d.
3.6%
2.6%
n.d.
2.9%
Cemento
Empresa
Unión Andina de Cementos
Cementos Pacasmayo
Cemex SAB de CV
Cementos Argos SA
Corp Moctezuma SAB de CV
Cemex Latam Holdings SA
Grupo Cementos de Chihuahua SA
Holcim Costa Rica SA
Cementos BIO BIO SA
Melon SA
Promedio
Último
Precio
2.51
5.00
14.36
9,150.00
50.00
12,700.00
45.00
20.00
480.00
0.35
25.10
13.26
n.d.
31.46
n.d.
11.45
n.d.
n.d.
n.d.
n.d.
20.32
n.d.
8.77
12.96
15.70
11.53
7.82
9.94
n.d.
5.90
4.99
9.70
8.34
8.47
9.81
12.73
n.d.
7.67
n.d.
n.d.
n.d.
n.d.
9.41
Dividend
Yield 12M
2.1%
4.0%
n.d.
1.9%
4.0%
n.d.
0.8%
n.d.
8.0%
0.1%
3.0%
Fuente: Bloomberg
www.kallpasab.com
Reporte de Múltiplos
1
3 de julio de 2015
Acero
Empresa
Corp. Aceros Arequipa
Empresa Siderúrgica del Perú
Ternium SA
Gerdau SA
Siderar SAIC
Industrias CH SAB de CV
Siderurgica Venezolana Sivensa
Grupo Simec SAB de CV
CAP SA
Cintac SA
Metisa Metalurgica Timboense
Promedio
Ticker
País
Moneda
CORAREI1
SIDERC1
TX
GGBR4
ERAR
ICHB
SVS
SIMECB
CAP
CINTAC
MTSA4
Perú
Perú
Luxemburgo
Brasil
Argentina
México
Venezuela
México
Chile
Chile
Brasil
PEN
PEN
USD
BRL
ARS
MXN
VEF
MXN
CLP
CLP
BRL
Ticker
País
Moneda
FERREYC1
FTT
TIH
BAW
SVW
HEES
WJX
TITN
RAPT4
HEXA
RME
Perú
Canadá
Canadá
Sudáfrica
Australia
EE.UU.
Canadá
EE.UU.
Brasil
Indonesia
Canadá
PEN
CAD
CAD
ZAr
AUD
USD
CAD
USD
BRL
IDR
CAD
Ticker
País
Moneda
CASAGRC1
CARTAVC1
POMALCC1
ILV
EID
BJH
IANSA
BRCM
SHRS
Perú
Perú
Perú
Sudáfrica
India
India
Chile
India
India
PEN
PEN
PEN
ZAr
INR
INR
CLP
INR
INR
Ticker
País
Moneda
AUSTRAC1
EXALMC1
LSG
SALM
AUSS
1332
AQUACHIL
OME
HFISK
CAMANCHA
Perú
Perú
Noruega
Noruega
Noruega
Japón
Chile
EE.UU.
Noruega
Chile
PEN
PEN
NOK
NOK
NOK
JPY
CLP
USD
NOK
CLP
Ticker
País
Moneda
RELAPAC1
ECOPETL
YPFD
WNR
CVRR
DK
PESA
AMOC
OGXP3
Perú
Colombia
Argentina
EE.UU.
EE.UU.
EE.UU.
Argentina
EE.UU.
Brasil
PEN
COP
ARS
USD
USD
USD
ARS
EGP
BRL
Ticker
País
Moneda
TELEFBC1
AMXL
VIVT4
TDV/D
ENTEL
ETB
CTCA
Perú
México
Brasil
Venezuela
Chile
Colombia
Chile
PEN
MXN
BRL
VEF
CLP
COP
CLP
Último
Precio
0.41
0.19
17.27
6.66
6.55
59.99
210.00
46.46
2,168.30
85.10
9.90
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
186
72
3,462
3,451
3,251
1,652
1,753
1,462
509
59
44
1,446
48
13
5,647
26,848
1,067
2,017
179
2,539
2,791
8
19
3,743
8.21
n.d.
8.63
8.73
9.97
19.73
n.d.
14.09
15.72
15.31
4.25
11.63
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
445
3,259
1,946
1,744
1,401
654
341
316
293
170
145
974
384
18,430
4,248
4,952
3,143
11,409
2,708
2,203
2,601
67
364
4,592
19.73
13.37
19.58
10.17
48.50
12.54
8.61
n.d.
7.91
7.35
9.55
15.73
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
151
51
20
567
402
171
158
158
147
203
89
5
5
772
623
869
158
788
1,581
543
8.52
6.58
n.d.
8.47
21.85
n.d.
13.03
n.d.
n.d.
11.69
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
123
111
1,796
1,652
1,039
808
545
291
255
146
677
43
206
2,143
2,493
1,121
8,513
312
2,524
188
140
1,768
n.d.
7.90
14.20
11.15
18.77
9.62
224.90
18.65
26.59
14.64
38.49
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
79
25,626
15,386
4,336
2,768
2,278
1,835
481
62
5,872
62
10,557
4,242
69,323
9,594
30,636
279
162
365
13,913
n.d.
15.48
16.93
8.61
21.38
21.32
28.67
10.26
n.d.
17.52
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
2,006
70,374
22,632
12,510
2,593
693
437
15,892
11
67,805
23,300
27
2,550
200
35
13,418
6.89
28.24
10.22
n.d.
25.90
n.d.
8.21
15.90
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d.
n.d.
4.74
6.10
4.01
6.78
n.d.
6.45
13.81
n.d.
n.d.
6.98
0.34
0.21
0.58
0.30
1.51
0.72
0.22
0.80
0.16
0.33
0.72
0.54
3.3%
-18.8%
5.0%
4.0%
17.0%
4.7%
-0.6%
6.2%
1.7%
2.1%
11.2%
3.3%
1.8%
-12.3%
2.6%
2.0%
12.4%
3.2%
-0.4%
4.7%
0.6%
1.1%
5.5%
1.9%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
3.48
8.07
9.53
5.19
8.89
3.87
8.14
20.18
7.31
4.54
5.47
7.70
0.88
1.82
3.60
1.18
0.53
4.97
1.75
0.86
0.55
0.74
1.11
1.64
4.6%
14.4%
21.2%
11.1%
1.4%
45.8%
16.4%
-8.2%
10.1%
8.6%
11.6%
12.5%
1.6%
5.7%
12.3%
4.1%
1.2%
4.3%
5.7%
-2.2%
2.7%
4.9%
3.0%
3.9%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d.
n.d.
n.d.
7.24
n.d.
n.d.
n.d.
17.85
n.d.
12.54
n.d.
n.d.
n.d.
4.52
n.d.
67.23
n.d.
9.04
n.d.
26.93
0.37
0.36
0.13
0.90
0.80
0.70
0.41
0.88
-0.39
0.46
4.6%
5.8%
-2.4%
12.9%
5.0%
-61.3%
3.3%
-4.9%
n.d.
-4.6%
3.1%
3.5%
-1.3%
5.8%
1.0%
-9.9%
1.9%
-1.4%
-15.2%
-1.4%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d.
n.d.
7.99
7.40
6.16
10.02
n.d.
4.95
7.41
n.d.
7.32
0.75
0.50
1.78
2.48
0.67
0.93
1.33
1.09
2.25
0.46
1.22
-7.6%
-1.3%
14.3%
23.2%
5.5%
13.6%
-5.1%
4.6%
9.2%
3.9%
6.0%
-4.1%
-0.6%
7.2%
12.2%
2.0%
2.3%
-2.3%
3.4%
2.9%
1.6%
2.4%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
1.06
18.09
15.85
10.03
8.45
13.81
9.40
7.25
n.d.
10.49
1.06
6.33
3.95
6.27
5.11
6.24
3.36
4.41
n.d.
4.59
0.21
1.42
1.75
1.51
1.92
1.96
1.20
1.54
-2.67
0.98
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
0.99
5.11
1.68
7.38
1.66
0.48
0.41
2.53
15.4%
21.9%
11.3%
32.7%
4.3%
n.d.
5.2%
15.1%
8.1%
3.6%
6.9%
13.2%
1.6%
n.d.
2.3%
5.9%
n.d.
n.d.
11.65
11.50
7.12
17.12
n.d.
17.23
n.d.
n.d.
n.d.
12.92
5.07
n.d.
4.36
5.95
5.51
7.74
n.d.
7.56
9.10
5.43
4.44
6.13
Dividend
Yield 12M
2.7%
n.d.
5.2%
3.6%
2.5%
n.d.
n.d.
n.d.
8.7%
2.8%
8.3%
4.8%
Maquinaria - Distribución
Empresa
Ferreycorp SAA
Finning International Inc
Toromont Industries Ltd
Barloworld Ltd
Seven Group Holdings Ltd
H&E Equipment Services Inc
Wajax Corp
Titan Machinery Inc
Randon Participacoes SA
Hexindo Adiperkasa Tbk PT
Rocky Mountain Dealerships Inc
Promedio
Último
Precio
1.39
23.78
31.53
9,286.00
6.29
18.56
21.47
14.77
3.34
2,700.00
9.43
6.62
13.84
17.49
10.27
9.16
12.47
11.04
52.94
10.88
6.74
9.28
14.61
6.36
8.08
9.97
5.17
15.12
4.04
7.46
31.77
6.34
4.93
4.34
9.42
Dividend
Yield 12M
4.3%
3.0%
2.0%
3.5%
9.1%
5.4%
3.1%
n.d.
3.7%
4.0%
4.9%
4.3%
Azúcar
Empresa
Casa Grande SAA
Cartavio SAA
Empresa Agroindustrial Pomalca
Illovo Sugar Ltd
EID Parry India Ltd
Bajaj Hindusthan Ltd
Empresas Iansa SA
Balrampur Chini Mills Ltd
Shree Renuka Sugars Ltd
Promedio
Último
Precio
5.70
7.80
0.20
1,516.00
145.10
13.30
25.24
41.05
10.05
3.37
1.94
n.d.
5.48
7.37
n.d.
7.97
20.08
17.11
9.04
Dividend
Yield 12M
n.d.
n.d.
n.d.
5.9%
1.4%
n.d.
3.0%
n.d.
n.d.
3.5%
Pesca
Empresa
Austral Group SAA
Pesquera Exalmar SAA
Leroy Seafood Group ASA
Salmar ASA
Autevoll Seafood ASA
Nippon Suisan Kaisha Ltd
AquaChile SA
Omega Protein Corp
Havfisk ASA
Cia Pesquera Camanchaca SA
Promedio
Último
Precio
1.50
1.19
264.00
117.00
41.10
358.00
300.00
13.42
24.20
22.35
n.d.
n.d.
11.82
10.18
8.43
9.04
n.d.
11.54
10.84
n.d.
10.31
15.37
10.78
8.46
7.40
7.36
10.29
40.48
7.26
9.96
7.06
12.44
Dividend
Yield 12M
6.7%
n.d.
4.5%
8.5%
4.9%
0.8%
n.d.
n.d.
3.1%
n.d.
4.8%
Oil & Gas
Empresa
Refinería La Pampilla SA
Ecopetrol SA
YPF SA
Western Refining
CVR Refining
Delek US Holdings Inc
Petrobras Argentina SA
Alexandria Mineral Oils Co
OGX Petroleo e Gas Participacoes
Promedio
Último
Precio
0.20
1,650.00
356.00
45.39
18.75
39.72
8.27
43.18
0.06
n.d.
5.21
4.44
5.35
10.50
6.83
3.04
5.11
n.d.
5.78
-19.4%
-5.8%
8.1%
3.4%
11.8%
4.2%
54.4%
10.2%
8.8%
5.4%
15.4%
5.1%
4.8%
2.5%
14.3%
12.5%
n.d. 399.4%
12.3%
48.5%
Dividend
Yield 12M
n.d.
8.1%
0.3%
7.1%
14.0%
2.0%
0.7%
16.2%
n.d.
6.9%
Telecomunicaciones
Empresa
Telefónica del Perú
America Movil SAB de CV
Telefónica Brasil SA
Cia Anonima Nacional Telefonos
ENTEL Chile SA
Empresa de Telecomunicaciones
Telefónica Chile SA
Promedio
Último
Precio
1.90
16.50
44.19
100.00
6,985.70
517.00
290.00
n.d.
15.33
14.58
n.d.
34.48
n.d.
n.d.
21.47
2.87
6.20
7.18
21.65
7.06
n.d.
2.31
7.88
n.d.
6.05
6.11
n.d.
7.37
n.d.
n.d.
6.51
Dividend
Yield 12M
1.6%
1.5%
11.3%
2.8%
1.6%
3.7%
4.5%
3.9%
Fuente: Bloomberg
www.kallpasab.com
Reporte de Múltiplos
2
3 de julio de 2015
Electricidad - Generación
Empresa
Ticker
País
Moneda
EDEGELC1
ENERSUC1
ENERSIS
ENDESA
TBLE3
Colbun
AESGENER
CMIG3
ISAGEN
ELET3
CPLE3
EQTL3
CESP3
ENBR3
CEEB3
Perú
Perú
Chile
Chile
Brasil
Chile
Chile
Brasil
Colombia
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
PEN
PEN
CLP
CLP
BRL
CLP
CLP
BRL
COP
BRL
BRL
BRL
BRL
BRL
BRL
Ticker
País
Moneda
LUSURC1
EDELNOC1
CHILECTR
COCE5
ENMA3B
ELPL4
CGEDISTR
CEPE5
Perú
Perú
Chile
Brasil
Brasil
Brasil
Chile
Brasil
PEN
PEN
CLP
BRL
BRL
BRL
CLP
BRL
Empresa
Ticker
País
Moneda
Cia de Minas Buenaventura
Goldcorp Inc
Zijin Mining Group Co Ltd
Newmont Mining Corp
Barrick Gold Corp
Polyus Gold International Ltd
Newcrest Mining Ltd
Randgold Resources Ltd
Agnico Eagle Mines Ltd
Zhongjin Gold Co Ltd
Polymetal International PLC
Eldorado Gold Corp
Yamana Gold Inc
Yamana Gold Inc
Gold Fields Ltd
Promedio
BVN
G
2899
NEM
ABX
PLZLY
NCM
RRS
AEM
600489
POLY
ELD
YRI
YRI
GFI
Perú
Canadá
China
EE.UU.
Canadá
Reino Unido
Australia
Reino Unido
Canadá
China
Rusia
Canadá
Canadá
Canadá
Sudáfrica
USD
CAD
HKD
USD
CAD
USD
AUD
GBp
CAD
CNY
GBp
CAD
CAD
CAD
ZAr
Ticker
País
Moneda
THO
HOC
FRES
SLW
PE&OLES*
SLM
PAA
HL
FR
SSO
FVI
SVM
SVL
Canadá
Reino Unido
México
Canadá
México
EE.UU.
Canadá
EE.UU.
Canadá
Canadá
Canadá
Canadá
Canadá
CAD
GBp
GBp
CAD
MXN
USD
CAD
USD
CAD
CAD
CAD
CAD
CAD
Ticker
País
Moneda
SCCO
CVERDEC1
GMEXICOB
AAL
FCX
ANTO
FM
LUN
HBM
KAZ
EE.UU.
Perú
México
Reino Unido
EE.UU.
Reino Unido
Canadá
Canadá
Canadá
Reino Unido
USD
USD
MXN
GBp
USD
GBp
CAD
CAD
CAD
GBp
Edegel SA
Enersur SA
Enersis SA
Empresa Nacional de Electricid
Tractebel Energia SA
Colbun SA
AES Gener SA
Cia Energetica de Minas Gerais
Isagen SA ESP
Centrais Eletricas Brasileiras
Cia Paranaense de Energia
Equatorial Energia SA
Cia Energetica de Sao Paulo
EDP - Energias do Brasil SA
Cia de Eletricidade do Estado
Promedio
Último
Precio
3.67
9.00
197.72
875.11
34.60
178.41
360.09
11.84
2,805.00
5.88
23.28
36.41
15.86
11.65
26.50
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
2,655
1,707
15,234
11,264
7,206
4,910
4,750
4,694
2,888
2,760
2,528
2,306
1,953
1,771
1,599
4,548
189
367
8,204
6,348
9,599
2,492
1,332
540
1,702
6,177
633
11,791
59
5,967
104
3,700
15.71
10.09
14.13
21.25
15.71
140.81
11.31
4.42
21.33
n.d.
5.77
10.20
n.d.
7.62
10.55
22.22
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
1,706
1,136
3,612
1,007
1,011
977
806
381
1,330
807
343
10
438
37
3,338
2
11
623
11.73
11.56
13.34
10.12
9.67
31.41
10.23
7.18
13.16
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
2,784
13,579
12,259
12,523
12,378
8,247
7,232
6,184
6,250
4,549
3,408
2,951
2,775
2,775
2,414
6,687
180
90,579
14,224
178,273
66,933
37
40,555
38,846
49,946
147,201
5,647
27,496
31,417
31,417
9,444
48,813
n.d.
n.d.
18.57
18.59
45.22
n.d.
n.d.
29.36
256.09
n.d.
n.d.
44.4
n.d.
n.d.
345.10
108.18
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
2,715
540
7,842
6,974
6,383
4,244
1,287
967
581
480
465
173
115
2,520
8,452
891
17,818
46,836
3,457
35,434
4,812
18,190
5,142
4,083
3,435
366
253
11,475
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
23,590
8,051
23,055
19,710
19,137
10,476
8,949
2,899
1,943
1,410
11,922
129
165
27,787
119,019
362,632
29,671
65,181
25,379
12,222
7,139
64,933
18.80
25.14
12.62
n.d.
11.49
22.75
38.95
12.46
85.08
n.d.
28.41
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d.
7.79
5.72
8.24
9.98
9.69
11.89
6.88
10.70
n.d.
6.17
10.74
3.22
7.16
n.d.
8.18
3.21
2.21
1.18
2.06
3.78
1.46
1.98
1.18
1.88
0.13
0.57
2.07
0.72
0.85
1.77
1.67
21.4%
21.5%
11.1%
12.6%
24.5%
1.0%
8.8%
25.3%
10.0%
-4.6%
8.2%
26.7%
-1.9%
15.1%
17.3%
13.1%
11.8%
9.1%
4.5%
4.9%
10.7%
0.6%
3.1%
9.9%
4.7%
-1.9%
4.3%
6.9%
-1.2%
5.0%
5.7%
5.2%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d.
7.15
n.d.
n.d.
n.d.
5.73
n.d.
n.d.
6.44
2.95
2.71
1.91
1.75
1.89
1.20
1.06
0.76
1.78
24.8%
24.9%
14.5%
18.3%
21.2%
3.7%
11.2%
10.6%
16.2%
11.2%
9.4%
11.9%
8.1%
8.0%
0.8%
5.3%
3.9%
7.3%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d.
9.18
14.83
6.69
6.62
n.d.
7.07
14.03
8.91
18.27
6.56
11.40
6.47
6.47
4.12
9.28
0.74
0.79
2.26
0.94
0.97
5.09
1.06
1.84
1.52
2.33
3.92
0.53
0.41
0.41
0.66
1.56
-1.2%
-12.8%
7.9%
5.8%
-24.7%
-6.4%
-22.5%
6.8%
0.8%
-0.3%
-15.8%
1.2%
-21.6%
-21.6%
0.3%
-6.9%
-0.9%
-8.1%
3.1%
2.3%
-8.2%
-3.1%
-12.8%
5.9%
0.5%
-0.1%
-6.7%
0.9%
-12.7%
-12.7%
0.2%
-3.5%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
10.25
6.11
12.70
16.84
6.69
n.d.
8.63
9.91
8.13
4.23
6.65
2.70
4.48
8.11
3.01
0.60
3.41
1.58
1.67
2.27
0.84
0.68
1.12
0.83
1.68
0.59
0.82
1.47
11.5%
-8.3%
4.8%
4.3%
2.5%
5.6%
-30.9%
1.3%
-12.4%
n.d.
5.5%
-35.0%
-1.0%
-4.4%
10.2%
-4.0%
2.8%
3.5%
1.2%
0.2%
-24.3%
0.8%
-8.4%
n.d.
4.4%
-24.6%
-0.8%
-3.3%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
4.16
1.79
1.95
0.61
0.92
1.30
0.90
0.63
0.94
0.67
1.39
22.8%
7.4%
18.0%
-8.7%
-23.2%
7.1%
7.4%
4.4%
3.4%
-74.8%
-3.6%
11.5%
5.7%
8.8%
-3.7%
-7.2%
3.6%
3.7%
2.9%
1.4%
-32.9%
-0.6%
n.d.
11.83
12.88
15.95
21.11
13.33
20.18
7.33
19.15
n.d.
7.92
19.10
6.93
15.43
n.d.
14.26
9.81
8.82
5.82
8.80
8.46
11.96
11.49
4.01
14.43
59.69
6.14
7.50
7.26
5.00
6.88
11.74
Dividend
Yield 12M
5.6%
2.3%
3.1%
2.3%
5.5%
1.1%
4.7%
12.7%
6.3%
n.d.
9.3%
2.1%
34.1%
3.5%
3.9%
6.9%
Electricidad - Distribución
Empresa
Luz del Sur
Edelnor
Chilectra SA
Cia Energetica do Ceara
Cia Energetica do Maranhao
Eletropaulo Metropolitana
CGE Distribucion SA
Cia Energetica de Pernambuco
Promedio
Último
Precio
11.11
5.64
1,999.90
41.41
19.30
18.50
2,900.00
16.02
n.d.
11.28
n.d.
n.d.
n.d.
20.37
n.d.
n.d.
15.83
10.43
7.74
12.57
5.08
6.38
6.20
12.13
4.61
8.14
Dividend
Yield 12M
4.9%
5.4%
3.5%
1.3%
1.9%
n.d.
7.6%
8.3%
4.7%
Minería - Oro
Último
Precio
10.10
20.58
2.51
23.67
13.37
2.72
12.55
4,260.00
36.21
9.59
517.00
5.18
3.69
3.69
3,820.00
18.70
41.31
18.95
18.51
20.96
n.d.
12.98
26.54
52.72
71.04
9.91
58.82
81.48
81.48
25.45
38.49
n.d.
n.d.
n.d.
8.60
n.d.
n.d.
9.75
16.44
11.03
n.d.
6.50
8.60
n.d.
n.d.
3.98
9.27
Dividend
Yield 12M
0.2%
3.4%
4.0%
0.4%
1.8%
8.3%
n.d.
0.9%
1.0%
0.1%
5.1%
0.4%
2.6%
2.6%
1.0%
2.3%
Minería - Plata
Empresa
Tahoe Resources
Hochschild Mining Plc
Fresnillo PLC
Silver Wheaton Corp
Industrias Penoles SAB de CV
SLM Corp
Pan American Silver Corp
Hecla Mining Co
First Majestic Silver Corp
Silvercorp Metals Inc
Fortuna Silver Mines Inc
Silver Standard Resources Inc
Silvercrest Mines Inc
Promedio
Último
Precio
15.25
94.25
683.00
21.71
252.06
9.97
10.68
2.61
5.98
7.47
4.53
1.27
1.22
18.52 15.74
n.d.
n.d.
72.08 42.40
28.79 26.11
88.37 20.28
21.67 17.04
n.d.
n.d.
52.90
n.d.
42.28 158.45
n.d. 40.95
30.89 28.13
n.d. 14.42
97.03 28.52
50.28 39.21
15.60
9.47
15.18
19.16
8.62
8.38
n.d.
9.97
n.d.
16.00
6.88
n.d.
6.91
11.62
Dividend
Yield 12M
1.1%
n.d.
0.8%
1.2%
0.6%
n.d.
4.6%
0.4%
n.d.
n.d.
n.d.
1.6%
n.d.
1.5%
Fuente: Bloomberg
Minería - Cobre
Empresa
Southern Copper Corp
Soc. Minera Cerro Verde
Grupo Mexico SAB de CV
Anglo American PLC
Freeport-McMoRan Copper & Gold
Antofagasta PLC
First Quantum Minerals Ltd
Lundin Mining Corp
HudBay Minerals Inc
Kazakhmys PLC
Promedio
www.kallpasab.com
Último
Precio
29.56
23.00
46.48
902.40
18.40
682.00
16.34
5.07
10.39
202.60
18.39
31.08
14.38
14.33
28.01
23.05
27.00
11.45
14.86
n.d.
20.28
10.79
12.95
6.99
5.24
n.d.
5.49
14.89
9.59
42.48
9.65
13.12
10.16
13.70
7.24
6.35
8.38
6.63
13.95
4.19
7.18
13.40
9.12
Dividend
Yield 12M
1.5%
n.d.
2.2%
6.8%
5.4%
2.0%
0.6%
n.d.
0.2%
n.d.
2.7%
Reporte de Múltiplos
3
3 de julio de 2015
Minería - Polimetálica
Empresa
Volcan Cia Minera SAA
Compañía Minera MILPO SA
Sociedad Minera El Brocal
Cia Minera Atacocha SA
BHP Billiton Ltd
Teck Resources Ltd
Boliden AB
Nyrstar
Assore Ltd
Minmetals Land Ltd
Promedio
Ticker
País
Moneda
VOLCABC1
MILPOC1
BROCALC1
ATACOBC1
BHP
TCK
BOL
NYR
ASR
230
Perú
Perú
Perú
Perú
Australia
Canadá
Suecia
Bélgica
Sudáfrica
Hong Kong
PEN
PEN
PEN
PEN
AUD
USD
SEK
EUR
ZAr
HKD
Ticker
País
Moneda
MINSURI1
000960
MLX
TINS
SMELT
Perú
China
Australia
Indonesia
Malasia
PEN
CNY
AUD
IDR
MYR
Último
Precio
0.66
2.70
7.80
0.19
26.59
9.60
155.30
3.23
9,292.00
0.94
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
1,477
1,126
324
72
105,262
5,551
5,011
1,218
1,054
405
12,150
621
649
141
79
240,195
56,653
47,181
5,211
2,514
496
35,374
14.36
11.87
43.07
n.d.
10.64
17.78
16.09
n.d.
3.44
7.38
15.58
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
1,191
2,728
436
385
64
961
412
90,061
518
990
27
18,402
56.62
n.d.
13.11
10.50
147.83
57.02
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
7.61
4.01
3.37
2.51
6.95
5.88
5.55
3.73
46.61
n.d.
9.58
0.99
1.76
0.73
0.89
1.22
0.29
0.20
1.27
0.06
0.26
0.77
4.0%
16.5%
-0.8%
-2.7%
12.8%
1.9%
11.0%
-31.4%
14.9%
5.4%
3.2%
2.0%
7.7%
-0.5%
-1.4%
6.7%
1.0%
6.1%
-8.4%
13.5%
1.4%
2.8%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
0.68
0.40
n.d.
0.00
0.27
0.34
1.3%
-5.1%
14.7%
10.4%
-11.5%
2.0%
0.7%
-1.6%
10.2%
6.4%
-3.6%
2.4%
9.05
10.51
22.36
n.d.
18.95
15.21
10.73
21.56
18.39
n.d.
15.84
8.58
3.78
11.28
2.11
5.10
6.23
6.92
73.29
n.d.
26.60
15.99
Dividend
Yield 12M
2.0%
2.4%
n.d.
n.d.
8.0%
5.3%
1.4%
n.d.
9.1%
1.6%
4.3%
Minería - Estaño
Empresa
Minsur SA
Yunnan Tin Co Ltd
Metals X Limited
Timah Persero Tbk
Malaysia Smelting Corp
Promedio
www.kallpasab.com
Último
Precio
1.31
14.70
1.40
690.00
2.42
13.77
41.41
7.01
10.67
4.40
15.45
4.76
n.d.
n.d.
6.18
10.01
6.98
4.48
n.d.
3.10
6.84
n.d.
4.81
Dividend
Yield 12M
4.1%
n.d.
2.8%
3.7%
n.d.
3.5%
Reporte de Múltiplos
4
3 de julio de 2015
KALLPA SECURITIES SOCIEDAD AGENTE DE BOLSA
GERENCIA GENERAL
Alberto Arispe
Gerente
(511) 630 7500
[email protected]
FINANZAS CORPORATIVAS
Ricardo Carrión
Gerente
(51 1) 630 7500
[email protected]
EQUITY RESEARCH
Marco Contreras
Analista Senior
(51 1) 630 7528
Sebastián Cruz
Analista
(51 1) 630 7533
Luis Vicente
Analista
(51 1) 630 7529
Marco Alemán
Asistente
(51 1) 630 7500
[email protected]
[email protected]
[email protected]
[email protected]
Jorge Rodríguez
Trader
(51 1) 630 7518
[email protected]
Eduardo Schiantarelli
Trader
(51 1) 630 7525
[email protected]
TRADING
Eduardo Fernandini
Head Trader
(51 1) 630 7516
[email protected]
VENTAS - OFICINA CHACARILLA
Hernando Pastor
Representante
(51 1) 630 7529
[email protected]
VENTAS - OFICINA MIRAFLORES
Daniel Berger
Representante
(51 1) 630 7513
[email protected]
Gilberto Mora
Representante
(51 1) 630 7510
[email protected]
Walter León
Representante
(51 1) 243 8024
[email protected]
ADMINISTRACIÓN DE PORTAFOLIOS
Rafael Sánchez Aizcorbe
Gerente Comercial
(51 1) 630 7500
[email protected]
OPERACIONES
SISTEMAS
Mariano Bazán
Jefe de Operaciones
(51 1) 630 7522
Ramiro Misari
Jefe de Sistemas
(51 1) 630 7500
[email protected]
[email protected]
CONTROL INTERNO
CONTABILIDAD
Elizabeth Cueva
Controller
(51 1) 630 7521
Mireya Montero
Contadora General
(51 1) 630 7524
[email protected]
[email protected]
Este documento es exclusivamente para fines informativos. Bajo ninguna circunstancia deber ser usado o considerado como una oferta de venta o solicitud de compra de acciones u otros valores
mencionados en él. La información en este documento ha sido obtenida de fuentes que se creen confiables, pero Kallpa Securities SAB no garantiza la veracidad o certeza del contenido de este
reporte, o de los futuros valores de mercado de las acciones u otros valores mencionados. Los productos mencionados en este documento podrían no estar disponibles para su compra en algunos
países. Kallpa Securities SAB puede tener posiciones y efectuar transacciones con valores mencionados y/o puede buscar hacer banca de inversión con ellos.
www.kallpasab.com
Reporte de Múltiplos
5