1. Internet

EQUITY RESEARCH | Reporte de Múltiplos
6 de febrero de 2015
Bienes de Consumo
Empresa
Alicorp SA
Brasil Foods SA
Grupo Bimbo SAB de CV
Kimberly-Clark de Mexico SAB de CV
Grupo Nutresa SA
Gruma SAB de CV
Hypermarcas SA
M Dias Branco SA
Molinos Rio de la Plata SA
Grupo Herdez SAB de CV
Promedio
Ticker
País
Moneda
ALICORC1
BRFS3
BIMBOA
KIMBERA
NUTRESA
GRUMAB
HYPE3
MDIA3
MOLI
HERDEZ*
Perú
Brasil
México
México
Colombia
México
Brasil
Brasil
Argentina
México
PEN
BRL
MXN
MXN
COP
MXN
BRL
BRL
ARS
MXN
Ticker
País
Moneda
INRETC1
WALMEXV
FALAB
PCAR4
CENCOSUD
WMTCL
EXITO
SORIANAB
CHDRAUIB
SLU
PATA
Perú
México
Chile
Brasil
Chile
Chile
Colombia
México
México
Ecuador
Argentina
USD
MXN
CLP
BRL
CLP
CLP
COP
MXN
MXN
USD
ARS
Ticker
País
Moneda
BAP
CONTINC1
IFS
SCOTIAC1
ITUB4
BBDC4
BBAS3
GFINBURO
GFNORTEO
BCOLO
CHILE
BSAN
BOGOTA
BCI
PFDAVVND
CORPBANC
SMCHILEB
Perú
Perú
Perú
Perú
Brasil
Brasil
Brasil
México
México
Colombia
Chile
Chile
Colombia
Chile
Colombia
Chile
Chile
USD
PEN
USD
PEN
BRL
BRL
BRL
MXN
MXN
COP
CLP
CLP
COP
CLP
COP
CLP
CLP
Ticker
País
Moneda
GRAMONC1
PINFRA*
ICA*
ODINSA
CONCONC
ELCONDOR
MILS3
SALFACOR
BESALCO
Perú
México
México
Colombia
Colombia
Colombia
Brasil
Chile
Chile
PEN
MXN
MXN
COP
COP
COP
BRL
CLP
CLP
Ticker
País
Moneda
UNACEMC1
CPACASC1
CEMEXCPO
CEMARGOS
CLH
CMOCTEZ*
GCC*
INCCA
CEMENT
MELON
Perú
Perú
México
Colombia
España
México
México
Costa Rica
Chile
Chile
PEN
PEN
MXN
COP
COP
MXN
MXN
CRC
CLP
CLP
Último
Precio
7.05
64.60
39.33
30.42
26,460.00
173.22
17.60
85.50
35.35
35.27
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
1,953
20,322
12,429
6,342
5,112
5,037
4,011
3,497
1,022
1,024
6,533
1,224
52,426
5,926
9,826
2,002
11,411
17,120
4,630
69
1,384
11,644
19.41
39.79
34.75
26.60
33.79
15.62
n.d.
17.35
21.05
24.57
26.69
17.11
21.45
23.16
23.19
32.85
20.92
20.07
13.61
17.68
18.42
21.26
10.34
12.06
10.28
12.77
14.32
11.52
11.58
10.74
8.23
10.95
11.38
2.52
3.67
3.78
15.40
1.55
5.06
1.49
3.03
5.15
2.47
4.62
16.2%
9.4%
11.4%
54.5%
4.6%
39.2%
5.5%
18.8%
27.5%
11.8%
20.3%
5.8%
4.3%
3.5%
11.9%
3.3%
11.7%
3.1%
13.6%
4.9%
3.1%
6.6%
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
1,655
37,848
16,843
8,714
7,291
5,296
4,916
4,331
2,804
1,537
895
8,376
1,037
43,548
9,537
36,007
6,604
60
2,367
1,049
2,084
167
6
9,315
39.34
26.14
23.81
18.88
18.55
21.22
25.25
21.71
24.48
9.24
14.36
22.09
20.82
22.55
19.55
15.26
13.77
n.d.
21.02
16.49
21.79
n.d.
n.d.
18.91
11.30
13.72
16.99
6.79
9.69
11.92
10.49
9.41
10.50
n.d.
8.96
10.98
10.18
12.10
14.01
5.56
9.24
n.d.
8.29
8.53
9.49
n.d.
n.d.
9.68
1.68
4.17
3.10
2.36
0.90
3.65
1.50
n.d.
1.84
1.56
4.55
2.53
5.1%
20.1%
13.7%
13.2%
5.7%
18.3%
6.0%
6.8%
7.8%
18.2%
36.1%
13.7%
2.3%
12.5%
4.4%
3.5%
2.4%
6.6%
4.6%
3.8%
3.8%
11.9%
13.8%
6.3%
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
P/E
2015
Margen
Financiero
Ratio de
Eficiencia
P/BV
ROE
ROA
12,100
4,461
3,275
2,976
66,879
53,837
22,626
18,062
14,831
11,089
10,840
9,572
8,902
4,954
5,036
4,016
3,720
15,841
651
695
874
116
173,443
119,469
89,658
9,160
48,890
3,512
10,825
6,096
573
2,245
2,529
3,948
1,660
29,543
17.07
10.83
9.30
11.40
8.90
9.95
5.42
14.82
14.49
12.81
11.57
10.92
14.84
9.03
11.84
11.73
18.36
11.56
14.34
n.d.
11.74
n.d.
8.68
8.88
5.73
14.42
12.52
12.00
11.86
12.04
14.58
9.92
11.83
10.58
n.d.
11.37
5.52
5.93
7.30
8.86
4.77
3.73
3.74
n.d.
6.36
5.56
5.05
5.59
5.85
4.18
6.61
3.81
5.39
5.52
62.91
34.39
48.94
42.55
54.36
73.08
64.76
47.71
62.56
62.19
43.41
39.84
57.31
47.66
57.76
52.85
43.28
52.68
2.90
2.64
2.56
1.94
1.94
1.84
0.78
2.76
1.79
1.63
2.68
2.30
1.92
1.82
1.82
1.63
2.09
2.06
18.7%
27.1%
26.5%
16.6%
23.9%
19.8%
15.9%
n.d.
13.3%
13.4%
24.5%
22.3%
14.5%
21.8%
16.3%
14.7%
11.3%
18.8%
1.9%
2.2%
2.5%
1.9%
1.9%
1.6%
0.8%
n.d.
1.4%
1.5%
2.2%
1.9%
1.4%
1.7%
1.7%
1.1%
0.4%
1.6%
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
1,333
5,054
604
523
495
376
323
305
275
1,032
928
8,994
6,136
167
237
104
5,623
338
298
2,536
13.66
31.48
n.d.
11.23
19.46
16.06
7.60
7.90
n.d.
15.34
5.10
15.33
8.60
n.d.
9.03
9.14
4.15
9.04
6.64
8.38
1.46
4.26
0.51
1.57
1.17
1.37
0.83
0.61
1.09
1.43
10.8%
16.9%
-1.4%
14.2%
5.3%
9.1%
11.3%
7.9%
-7.0%
7.4%
4.2%
9.9%
-0.2%
4.3%
3.1%
6.5%
6.3%
2.4%
-2.0%
3.8%
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
1,346
940
12,285
5,497
3,427
2,691
871
339
215
161
2,777
295
390
40,890
2,143
2,710
162
198
91
35
3
4,692
18.90
19.26
n.d.
49.95
12.59
23.41
20.52
9.95
7.29
7.81
18.85
1.16
1.57
1.39
1.83
2.46
4.58
1.00
4.45
0.59
0.47
1.95
6.2%
8.0%
-5.1%
3.7%
20.0%
19.4%
5.0%
42.7%
8.2%
5.3%
11.3%
2.7%
5.0%
-1.3%
2.1%
7.5%
15.6%
2.9%
18.0%
3.6%
3.6%
6.0%
10.63
16.78
14.27
13.44
n.d.
12.35
n.d.
13.48
8.23
12.08
12.95
Dividend
Yield 12M
1.7%
1.5%
n.d.
4.6%
1.6%
0.9%
n.d.
1.4%
n.d.
n.d.
2.0%
Retail
Empresa
Inretail Perú Corp.
Wal-Mart de Mexico SAB de CV
SACI Falabella
CBD
Cencosud SA
Walmart Chile SA
Almacenes Exito SA
Organizacion Soriana SAB de CV
Grupo Comercial Chedraui SA de CV
Corp Favorita CA
Imp Y Exp de la Patagonia SA
Promedio
Último
Precio
16.10
32.18
4,394.20
91.10
1,584.50
510.00
26,120.00
35.81
43.30
4.10
15.50
Dividend
Yield 12M
n.d.
3.1%
1.5%
1.1%
1.0%
4.4%
2.0%
1.1%
n.d.
2.6%
n.d.
2.1%
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 Inbursa SAB
Grupo Financiero Banorte SAB
Bancolombia SA
Banco de Chile
Banco Santander Chile
Banco de Bogota SA
Banco de Credito e Inversiones
Banco Davivienda SA
Corpbanca SA
Sociedad Matriz Banco de Chile
Promedio
Último
Precio
151.70
4.22
28.95
25.00
35.13
35.78
21.90
40.22
79.58
26,980.00
71.90
31.89
64,000.00
28,612.00
27,000.00
7.41
177.50
Dividend
Yield 12M
1.3%
4.8%
5.5%
3.7%
2.8%
3.7%
7.6%
0.9%
0.9%
2.9%
4.7%
4.4%
3.8%
4.3%
2.3%
3.5%
2.0%
3.6%
Construcción
Empresa
Graña y Montero
Prom y Oper de Infraestructura
Empresas ICA SAB de CV
Grupo Odinsa SA
Constructora Conconcreto SA
Construcciones El Condor SA
Mills Estruturas e Servicos
Salfacorp SA
Besalco SA
Promedio
Último
Precio
6.20
177.75
14.80
6,800.00
1,300.00
1,560.00
6.99
425.51
303.00
9.09
24.33
14.35
n.d.
13.00
12.60
9.16
6.03
6.45
11.88
6.89
18.07
10.97
n.d.
13.47
n.d.
3.87
11.45
25.58
12.90
Dividend
Yield 12M
2.7%
n.d.
n.d.
3.2%
1.7%
2.5%
3.2%
3.9%
1.7%
2.7%
Cemento
Empresa
Unión Andina de Cementos
Cementos Pacasmayo
Cemex SAB de CV
Cementos Argos SA
Cemex Latam Holdings SA
Corp Moctezuma SAB de CV
Grupo Cementos de Chihuahua SA
Holcim Costa Rica SA
Cementos BIO BIO SA
Melon SA
Promedio
Último
Precio
2.51
5.20
14.70
9,640.00
14,680.00
45.50
38.99
21.30
510.00
0.36
16.85
15.52
n.d.
26.91
11.83
n.d.
n.d.
n.d.
n.d.
n.d.
17.78
8.13
9.35
13.35
16.46
8.80
12.84
10.98
5.28
6.75
4.57
9.65
6.69
8.08
9.54
11.55
7.98
n.d.
n.d.
n.d.
n.d.
n.d.
8.77
Dividend
Yield 12M
2.1%
3.8%
n.d.
1.7%
n.d.
4.4%
1.0%
n.d.
3.2%
9.6%
3.7%
Fuente: Bloomberg
www.kallpasab.com
Reporte de Múltiplos
1
6 de febrero de 2015
Acero
Empresa
Corp. Aceros Arequipa
Empresa Siderúrgica del Perú
Gerdau SA
Siderar SAIC
Ternium SA
Industrias CH SAB de CV
Grupo Simec SAB de CV
CAP SA
Siderurgica Venezolana Sivensa
Cintac SA
Metisa Metalurgica Timboense
Promedio
Ticker
País
Moneda
CORAREI1
SIDERC1
GGBR4
ERAR
TX
ICHB
SIMECB
CAP
SVS
CINTAC
MTSA4
Perú
Perú
Brasil
Argentina
Luxemburgo
México
México
Chile
Venezuela
Chile
Brasil
PEN
PEN
BRL
ARS
USD
MXN
MXN
CLP
VEF
CLP
BRL
Ticker
País
Moneda
FERREYC1
FTT
BAW
TIH
SVW
HEES
RAPT4
WJX
TITN
HEXA
RME
Perú
Canadá
Sudáfrica
Canadá
Australia
EE.UU.
Brasil
Canadá
EE.UU.
Indonesia
Canadá
PEN
CAD
ZAr
CAD
AUD
USD
BRL
CAD
USD
IDR
CAD
Ticker
País
Moneda
CASAGRC1
CARTAVC1
POMALCC1
ILV
EID
SHRS
BRCM
BJH
IANSA
Perú
Perú
Perú
Sudáfrica
India
India
India
India
Chile
PEN
PEN
PEN
ZAr
INR
INR
INR
INR
CLP
Ticker
País
Moneda
AUSTRAC1
EXALMC1
LSG
SALM
AUSS
1332
AQUACHIL
OME
CAMANCHA
HFISK
Perú
Perú
Noruega
Noruega
Noruega
Japón
Chile
EE.UU.
Chile
Noruega
PEN
PEN
NOK
NOK
NOK
JPY
CLP
USD
CLP
NOK
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
EBTP3
ENTEL
ETB
CTCA
Perú
México
Brasil
Venezuela
Brasil
Chile
Colombia
Chile
Último
Precio
0.40
0.21
9.77
6.81
17.56
62.93
42.75
2,496.30
26.00
100.00
13.00
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
212
84
5,681
3,553
3,447
1,826
1,417
594
217
70
46
1,559
62
28
34,204
894
6,298
2,928
2,791
2,404
27
24
20
4,516
2.90
9.41
11.43
7.95
6.50
17.39
12.76
6.76
n.d.
22.65
5.61
10.34
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
479
3,143
1,836
1,783
1,347
779
428
358
299
243
135
985
634
17,686
6,618
3,772
3,931
9,605
3,963
2,257
3,147
104
445
4,742
11.36
13.04
10.36
17.34
7.63
15.08
6.31
10.22
39.68
11.66
9.08
13.80
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
171
60
18
991
480
230
226
184
112
275
95
5
5
760
723
2,901
967
1,341
185
776
12.30
7.69
n.d.
14.15
38.11
n.d.
n.d.
n.d.
9.22
16.29
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
145
131
1,946
1,700
1,219
807
792
237
215
215
799
43
341
1,540
2,707
1,233
7,566
1,723
2,317
169
51
1,960
n.d.
n.d.
11.18
8.51
10.92
11.34
n.d.
9.38
12.22
n.d.
10.59
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
68
38,238
13,901
3,948
2,729
1,910
1,399
673
82
6,994
111
13,316
4,498
65,062
11,419
26,118
331
307
2,084
13,694
n.d.
8.45
12.59
9.56
8.15
18.47
26.45
8.10
n.d.
13.11
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
2,507
73,750
19,774
5,880
4,488
2,386
665
548
13,750
13
68,241
20,790
22
10
3,181
237
37
11,566
7.26
18.23
11.88
n.d.
n.d.
18.13
n.d.
8.17
12.73
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d.
n.d.
6.12
4.54
3.27
6.72
6.11
13.28
n.d.
n.d.
n.d.
6.67
0.27
0.20
0.53
1.61
0.54
0.98
0.81
0.32
0.04
0.39
0.62
0.57
4.8%
2.2%
4.8%
23.7%
8.8%
5.7%
6.5%
4.7%
-0.4%
1.7%
11.2%
6.7%
2.3%
1.4%
2.5%
16.9%
4.9%
3.8%
4.8%
1.6%
-0.2%
0.9%
5.5%
4.0%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
3.53
7.26
4.43
8.88
8.49
4.11
5.54
7.06
21.31
6.26
5.00
7.44
0.91
1.94
1.25
3.35
0.65
6.20
0.86
1.80
0.74
1.10
1.03
1.80
8.4%
16.1%
13.3%
21.4%
8.9%
51.7%
15.7%
17.2%
-0.7%
7.8%
9.2%
15.4%
2.9%
5.9%
5.1%
12.5%
4.7%
4.4%
4.4%
6.0%
-0.2%
4.2%
2.4%
4.8%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
4.75
n.d.
n.d.
6.72
n.d.
8.77
9.93
n.d.
n.d.
7.54
0.43
0.44
0.12
1.59
1.23
n.d.
1.15
0.48
0.30
0.72
3.5%
5.9%
n.d.
11.7%
n.d.
n.d.
0.7%
n.d.
3.3%
5.0%
2.4%
3.6%
n.d.
5.0%
n.d.
-10.3%
0.2%
n.d.
1.9%
0.5%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d.
n.d.
6.31
6.31
5.01
11.10
n.d.
4.32
n.d.
6.55
6.61
0.81
0.59
2.25
2.69
1.26
1.16
2.01
0.89
0.82
2.25
1.39
-1.6%
5.8%
21.5%
34.3%
12.0%
11.7%
8.1%
10.0%
8.4%
-5.6%
12.2%
-0.9%
2.6%
10.1%
16.1%
4.2%
1.8%
3.6%
6.8%
3.3%
-1.7%
5.3%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
0.15
-3.0%
1.33 16.2%
1.71 17.2%
2.87 36.2%
1.67
n.d.
1.77 15.7%
1.05
4.1%
2.31 28.2%
2.10 103.9%
1.66 27.3%
-0.9%
8.1%
6.0%
10.0%
13.3%
5.4%
2.0%
18.5%
1.6%
7.1%
n.d.
n.d.
14.71
7.48
6.50
19.19
17.52
n.d.
n.d.
n.d.
n.d.
13.08
5.75
5.03
6.46
5.63
3.29
10.33
8.74
6.02
n.d.
6.59
3.68
6.15
Dividend
Yield 12M
2.2%
n.d.
2.6%
2.2%
4.3%
n.d.
n.d.
9.2%
n.d.
0.8%
8.0%
4.2%
Maquinaria - Distribución
Empresa
Ferreycorp SAA
Finning International Inc
Barloworld Ltd
Toromont Industries Ltd
Seven Group Holdings Ltd
H&E Equipment Services Inc
Randon Participacoes SA
Wajax Corp
Titan Machinery Inc
Hexindo Adiperkasa Tbk PT
Rocky Mountain Dealerships Inc
Promedio
Último
Precio
1.45
22.82
9,144.00
28.96
5.80
22.10
4.14
26.67
13.98
3,670.00
8.72
5.62
12.35
10.12
16.48
8.53
12.42
6.81
10.54
63.84
9.99
7.80
14.95
6.29
7.36
4.66
9.10
14.78
4.77
5.22
6.96
17.37
7.68
4.81
8.09
Dividend
Yield 12M
3.8%
3.0%
3.5%
2.1%
9.9%
2.3%
6.1%
9.0%
n.d.
3.0%
5.1%
4.8%
Azúcar
Empresa
Casa Grande SAA
Cartavio SAA
Empresa Agroindustrial Pomalca
Illovo Sugar Ltd
EID Parry India Ltd
Shree Renuka Sugars Ltd
Balrampur Chini Mills Ltd
Bajaj Hindusthan Ltd
Empresas Iansa SA
Promedio
Último
Precio
6.23
8.90
0.18
2,476.00
169.20
15.35
57.30
17.85
17.60
10.38
n.d.
n.d.
10.42
n.d.
n.d.
19.72
n.d.
n.d.
13.51
4.58
2.97
n.d.
8.30
7.74
11.66
12.13
n.d.
6.18
7.65
Dividend
Yield 12M
1.5%
2.2%
n.d.
3.9%
n.d.
n.d.
n.d.
n.d.
7.8%
3.9%
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
Cia Pesquera Camanchaca SA
Havfisk ASA
Promedio
Último
Precio
1.72
1.35
271.00
114.00
45.70
347.00
430.00
12,250.00
32.50
19.30
n.d.
n.d.
8.87
8.07
7.60
11.69
n.d.
8.92
n.d.
8.13
9.03
9.59
6.45
8.32
7.84
6.56
10.06
13.46
4.76
7.41
n.d.
8.27
Dividend
Yield 12M
5.8%
7.0%
3.7%
7.0%
3.5%
n.d.
n.d.
n.d.
n.d.
n.d.
5.4%
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
0.17
2,215.00
306.00
40.03
18.49
31.53
6.00
59.66
0.07
1.06
16.52
9.79
12.13
8.90
15.81
8.76
7.25
n.d.
10.03
11.29
4.42
3.88
5.80
6.50
5.30
2.41
4.06
0.04
4.86
1.06
5.68
3.02
6.21
6.82
5.83
1.89
3.94
n.d.
4.31
Dividend
Yield 12M
n.d.
11.7%
0.4%
7.7%
15.8%
3.2%
1.0%
11.7%
n.d.
7.4%
Telecomunicaciones
Empresa
Telefónica del Perú
America Movil SAB de CV
Telefónica Brasil SA
Cia Anonima Nacional Telefonos
Embratel Participacoes SA
ENTEL Chile SA
Empresa de Telecomunicaciones
Telefónica Chile SA
Promedio
Último
Precio
PEN
2.30
MXN
16.18
BRL
51.90
VEF
47.00
BRL #N/A Real Time
CLP
6,334.40
COP
446.00
CLP
365.00
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
n.d.
13.06
16.16
n.d.
n.d.
17.67
n.d.
n.d.
15.63
2.92
6.08
5.40
9.61
3.26
6.07
2.23
2.72
4.79
n.d.
5.77
4.80
n.d.
n.d.
5.91
n.d.
n.d.
5.50
P/BV
ROE
ROA
1.29
5.88
1.30
5.08
1.17
1.57
n.d.
0.53
2.40
18.8%
30.2%
11.1%
32.7%
-2.6%
6.5%
n.d.
6.5%
14.7%
9.3%
5.4%
6.9%
13.2%
-0.9%
2.3%
n.d.
2.9%
5.6%
Dividend
Yield 12M
5.2%
1.5%
5.8%
5.7%
n.d.
3.6%
3.9%
3.1%
4.1%
Fuente: Bloomberg
www.kallpasab.com
Reporte de Múltiplos
2
6 de febrero de 2015
Electricidad - Generación
Empresa
Ticker
País
Moneda
EDEGELC1
ENERSUC1
ENERSIS
ENDESA
TBLE3
CMIG3
Colbun
AESGENER
ISAGEN
CPLE3
ELET3
CESP3
EQTL3
CEEB3
ENBR3
Perú
Perú
Chile
Chile
Brasil
Brasil
Chile
Chile
Colombia
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
PEN
PEN
CLP
CLP
BRL
BRL
CLP
CLP
COP
BRL
BRL
BRL
BRL
BRL
BRL
Ticker
País
Moneda
LUSURC1
EDELNOC1
CHILECTR
COCE5
ENMA3B
CGEDISTR
ELPL4
CEPE5
Perú
Perú
Chile
Brasil
Brasil
Chile
Brasil
Brasil
PEN
PEN
CLP
BRL
BRL
CLP
BRL
BRL
Empresa
Ticker
País
Moneda
Cia de Minas Buenaventura
Goldcorp Inc
Barrick Gold Corp
Newmont Mining Corp
Zijin Mining Group Co Ltd
Polyus Gold International Ltd
Newcrest Mining Ltd
Randgold Resources Ltd
Agnico Eagle Mines Ltd
Zhongjin Gold Co Ltd
Gold Fields Ltd
Yamana Gold Inc
Yamana Gold Inc
Polymetal International PLC
Eldorado Gold Corp
Promedio
BVN
G
ABX
NEM
2899
PLZLY
NCM
RRS
AEM
600489
GFI
YRI
YRI
POLY
ELD
Perú
Canadá
Canadá
EE.UU.
China
Reino Unido
Australia
Reino Unido
Canadá
China
Sudáfrica
Canadá
Canadá
Rusia
Canadá
USD
CAD
CAD
USD
HKD
USD
AUD
GBp
CAD
CNY
ZAr
CAD
CAD
GBp
CAD
Ticker
País
Moneda
RIO
LGC
BTO
DGC
CG
CEE
SMF
NST
AGI
SFR
Canadá
Canadá
Canadá
Canadá
Canadá
Jersey Country
Canadá
Australia
Canadá
Australia
CAD
CAD
CAD
CAD
CAD
CAD
CAD
AUD
CAD
AUD
Ticker
País
Moneda
HOC
FRES
SLW
PE&OLES*
SLM
PAA
HL
FR
FVI
SSO
SVM
SVL
Reino Unido
México
Canadá
México
EE.UU.
Canadá
EE.UU.
Canadá
Canadá
Canadá
Canadá
Canadá
GBp
GBp
CAD
MXN
USD
CAD
USD
CAD
CAD
CAD
CAD
CAD
Edegel SA
Enersur SA
Enersis SA
Empresa Nacional de Electricid
Tractebel Energia SA
Cia Energetica de Minas Gerais
Colbun SA
AES Gener SA
Isagen SA ESP
Cia Paranaense de Energia
Centrais Eletricas Brasileiras
Cia Energetica de Sao Paulo
Equatorial Energia SA
Cia de Eletricidade do Estado
EDP - Energias do Brasil SA
Promedio
Último
Precio
3.82
9.83
195.60
912.03
30.28
11.80
180.73
333.64
2,940.00
21.98
5.15
19.85
25.53
24.92
8.20
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
2,853
1,925
15,295
11,915
7,126
5,256
5,048
4,467
3,365
2,605
2,606
2,520
1,827
1,686
1,409
4,660
220
334
8,476
6,594
11,615
708
2,359
1,687
1,822
812
7,091
59
8,535
61
8,020
3,893
16.83
12.45
15.74
22.36
16.65
5.01
63.53
18.74
21.64
5.26
n.d.
9.06
103.38
25.73
8.34
24.62
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
1,776
1,115
3,054
1,228
858
847
528
404
1,226
771
329
11
865
22
9
3,547
9
695
14.22
12.12
11.82
11.45
21.21
10.84
n.d.
61.85
20.50
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
2,883
18,617
14,368
11,996
10,179
8,769
8,502
7,513
6,794
5,293
4,445
3,903
3,903
3,752
3,607
10,353
137
109,322
84,724
187,724
7,196
51
43,846
37,964
56,862
48,638
8,625
47,046
47,046
8,125
29,534
58,871
n.d.
n.d.
122.25
20.75
18.80
n.d.
n.d.
28.10
68.13
263.62
460.15
n.d.
n.d.
21.90
2726.0
47.48
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
871
44
1,650
1,515
1,434
1,151
914
914
712
568
977
5,495
330
20,003
25,425
5,464
137
12,474
6,578
8,429
3,255
8,759
n.d.
n.d.
n.d.
n.d.
20.60
n.d.
n.d.
37.64
93.14
9.28
40.2
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
495
9,657
8,149
8,107
3,999
1,739
1,198
715
603
468
221
154
3,851
1,118
33
52,933
3,992
73,839
5,308
18,812
6,393
3,320
4,188
683
453
18,417
n.d.
42.84
27.48
41.10
10.60
n.d.
190.90
n.d.
32.98
n.d.
18.48
n.d.
57.65
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d.
8.86
5.64
8.66
6.97
6.04
9.85
10.59
10.44
4.55
n.d.
3.73
8.14
n.d.
4.47
7.33
3.46
2.65
1.55
2.71
3.65
1.15
1.50
1.77
2.29
0.45
0.12
0.63
2.05
1.77
0.83
1.77
19.1%
20.6%
9.9%
12.3%
22.1%
21.9%
2.3%
7.3%
n.d.
8.7%
-11.9%
6.9%
2.0%
7.8%
10.1%
9.9%
10.7%
9.0%
3.9%
4.7%
9.7%
9.1%
1.3%
2.9%
n.d.
4.8%
-5.1%
4.3%
0.5%
2.9%
3.5%
4.4%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
10.24
n.d.
n.d.
n.d.
n.d.
n.d.
4.77
n.d.
7.51
3.27
2.64
1.57
1.68
1.60
1.14
0.52
0.74
1.64
21.6%
22.6%
13.8%
15.3%
8.0%
11.1%
-19.2%
1.2%
9.3%
9.9%
9.2%
11.0%
6.8%
3.2%
5.4%
-4.3%
0.5%
5.2%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d.
10.48
6.86
7.17
12.28
n.d.
8.25
15.47
9.36
16.58
5.58
6.70
6.70
6.64
12.59
10.09
n.d.
0.96
1.08
1.16
1.47
n.d.
1.44
2.46
1.66
3.23
1.22
0.52
0.52
1.94
0.69
1.43
-5.4%
-4.2%
-21.5%
-6.1%
8.3%
n.d.
n.d.
9.1%
-8.7%
1.3%
n.d.
-22.0%
-22.0%
n.d.
-10.7%
-3.3%
-4.2%
-2.8%
-7.5%
-2.6%
3.2%
n.d.
n.d.
7.8%
-5.3%
0.5%
n.d.
-13.2%
-13.2%
n.d.
-7.8%
-1.0%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
n.d. 12.2%
1.42 -103.3%
0.75 -16.5%
0.65
-7.3%
0.75
5.3%
n.d. 11.8%
1.96
-3.7%
2.99 13.1%
1.29
-0.5%
n.d.
n.d.
1.40
-9.9%
10.1%
-57.8%
-11.6%
-5.4%
4.6%
11.2%
-3.2%
8.4%
-0.4%
n.d.
-4.9%
n.d.
16.01
13.38
16.96
12.68
7.10
13.71
18.98
20.07
4.88
n.d.
11.25
11.90
n.d.
7.83
12.90
10.43
9.31
6.04
9.73
8.42
4.76
11.41
10.64
15.06
5.62
n.d.
3.36
10.33
9.96
5.47
8.61
Dividend
Yield 12M
4.9%
2.0%
3.1%
2.3%
5.4%
28.0%
1.1%
4.9%
2.7%
9.8%
8.1%
16.0%
1.5%
2.5%
8.2%
6.7%
Electricidad - Distribución
Empresa
Luz del Sur
Edelnor
Chilectra SA
Cia Energetica do Ceara
Cia Energetica do Maranhao
CGE Distribucion SA
Eletropaulo Metropolitana
Cia Energetica de Pernambuco
Promedio
Último
Precio
11.20
5.36
1,666.30
37.00
14.50
3,000.00
20.00
20.00
18.67
n.d.
n.d.
n.d.
n.d.
n.d.
19.66
n.d.
19.16
10.89
7.69
10.59
6.38
10.14
12.10
n.d.
8.24
9.44
Dividend
Yield 12M
4.8%
4.8%
1.8%
2.7%
1.5%
10.7%
5.7%
6.8%
4.8%
Minería - Oro
Último
Precio
n.d.
28.64
15.44
24.05
2.29
2.89
14.23
5,310.00
39.54
11.23
6,600.00
5.21
5.21
585.00
6.30
16.24
29.26
16.45
23.88
16.18
n.d.
15.95
27.54
36.78
52.97
29.28
25.08
25.08
12.11
52.43
20.79
n.d.
20.01
159.14
n.d.
n.d.
n.d.
9.66
16.52
47.34
n.d.
5.55
n.d.
n.d.
7.95
n.d.
51.33
Dividend
Yield 12M
0.3%
2.3%
1.4%
0.9%
4.3%
5.7%
n.d.
0.6%
0.9%
0.4%
0.6%
2.7%
2.7%
3.8%
0.3%
2.2%
Minería - Oro (Mediana escala)
Empresa
Rio Alto Mining Ltd
Luna Gold Corp
B2Gold Corp
Detour Gold Corp
Centerra Gold Inc
Centamin PLC
SEMAFO Inc
Northern Star Resources Ltd
Alamos Gold Inc
Sandfire Resources NL
Promedio
Último
Precio
3.28
0.39
2.25
12.01
7.59
1.25
4.12
1.98
7.00
4.66
13.44
n.d.
27.66
n.d.
26.60
10.74
15.45
6.25
n.d.
5.86
15.14
n.d.
17.12
n.d.
24.85
2.49
n.d.
9.05
11.47
5.58
3.70
10.61
6.78
14.40
8.28
10.96
4.18
5.33
5.51
2.78
9.01
3.09
7.03
Dividend
Yield 12M
n.d.
n.d.
n.d.
n.d.
2.1%
0.8%
n.d.
2.5%
3.2%
2.1%
2.1%
Minería - Plata
Empresa
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
Fortuna Silver Mines Inc
Silvercorp Metals Inc
Silver Standard Resources Inc
Silvercrest Mines Inc
Promedio
Último
Precio
88.50
860.00
27.96
303.55
9.45
14.35
3.26
7.61
5.87
7.25
1.62
1.62
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
n.d.
42.14
28.75
23.92
18.71
n.d.
n.d.
83.29
36.08
34.48
15.23
19.61
38.81
4.48
17.45
19.30
9.65
n.d.
8.81
11.71
20.92
11.68
15.04
4.92
9.03
13.00
4.97
13.76
18.04
7.94
n.d.
9.91
10.35
9.37
9.35
5.68
3.78
6.46
10.46
P/BV
ROE
ROA
n.d.
n.d.
2.02
2.69
n.d.
n.d.
0.66
1.57
1.91
n.d.
0.75
1.26
1.77
n.d.
n.d.
7.0%
6.5%
n.d.
n.d.
-0.2%
-12.7%
0.2%
n.d.
2.1%
-0.1%
0.2%
n.d.
n.d.
5.4%
3.3%
n.d.
n.d.
-0.1%
-8.9%
0.2%
n.d.
1.5%
0.0%
0.0%
Dividend
Yield 12M
n.d.
0.9%
1.0%
0.6%
1.6%
3.9%
0.3%
n.d.
n.d.
n.d.
1.2%
n.d.
1.4%
Fuente: Bloomberg
www.kallpasab.com
Reporte de Múltiplos
3
6 de febrero de 2015
Minería - Cobre
Empresa
Southern Copper Corp
Soc. Minera Cerro Verde
Anglo American PLC
Grupo Mexico SAB de CV
Freeport-McMoRan Copper & Gold
Antofagasta PLC
First Quantum Minerals Ltd
Lundin Mining Corp
HudBay Minerals Inc
Kazakhmys PLC
Promedio
Ticker
País
Moneda
SCCO
CVERDEC1
AAL
GMEXICOB
FCX
ANTO
FM
LUN
HBM
KAZ
EE.UU.
Perú
Reino Unido
México
EE.UU.
Reino Unido
Canadá
Canadá
Canadá
Reino Unido
USD
USD
GBp
MXN
USD
GBp
CAD
CAD
CAD
GBp
Ticker
País
Moneda
VOLCABC1
MILPOC1
BROCALC1
ATACOBC1
BHP
TCK
BOL
ASR
NYR
230
Perú
Perú
Perú
Perú
Australia
Canadá
Suecia
Sudáfrica
Bélgica
Hong Kong
PEN
PEN
PEN
PEN
AUD
USD
SEK
ZAr
EUR
HKD
Ticker
País
Moneda
MINSURI1
000960
TINS
MLX
SMELT
Perú
China
Indonesia
Australia
Malasia
PEN
CNY
IDR
AUD
MYR
Último
Precio
29.13
20.50
1,145.50
45.15
18.85
702.00
13.03
5.17
10.01
232.00
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
23,833
7,176
24,381
23,617
19,585
10,546
6,252
2,967
1,868
1,579
12,180
56,693
197
123,303
30,008
347,761
29,154
66,602
22,356
10,666
7,287
69,403
18.15
13.84
231.56
12.94
8.19
17.72
11.43
18.76
n.d.
n.d.
41.57
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
1,182
867
349
57
127,392
8,325
4,448
2,179
1,332
384
14,651
624
562
60
98
257,567
52,458
39,477
2,416
3,299
277
35,684
6.90
8.47
n.d.
n.d.
9.46
18.99
25.79
4.39
n.d.
5.80
11.40
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$ 000)
P/E
12M
1,502
3,276
664
392
81
1,183
637
31,505
1,654
391
40
6,845
10.24
n.d.
12.09
13.38
4.00
9.93
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
9.39
n.d.
6.08
6.60
6.14
5.58
7.44
3.19
6.19
4.90
6.17
3.95
1.95
n.d.
2.24
1.33
n.d.
1.37
0.79
1.00
0.62
1.66
23.5%
12.5%
n.d.
18.5%
-6.7%
n.d.
6.2%
3.6%
-1.7%
n.d.
8.0%
11.8%
10.5%
n.d.
8.9%
-2.1%
n.d.
3.2%
2.9%
-0.7%
n.d.
4.9%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
5.15
2.64
4.59
n.d.
6.48
6.34
5.46
32.76
3.91
n.d.
8.42
0.46
1.47
n.d.
1.25
1.65
0.56
1.59
n.d.
0.83
0.38
1.02
4.7%
19.2%
4.0%
0.1%
18.5%
2.5%
n.d.
n.d.
n.d.
7.0%
8.0%
2.5%
8.6%
2.4%
0.0%
9.5%
1.3%
n.d.
n.d.
n.d.
1.8%
3.7%
P/E EV/EBITDA EV/EBITDA
2015
12M
2015
P/BV
ROE
ROA
0.87
2.81
1.70
1.61
1.28
1.66
6.8%
-1.5%
14.9%
n.d.
n.d.
6.7%
3.7%
-0.5%
9.3%
n.d.
n.d.
4.2%
17.75
n.d.
13.09
13.67
16.03
15.71
10.17
7.59
14.04
n.d.
13.50
10.21
7.38
4.80
7.09
10.87
4.84
8.42
10.85
45.33
1.70
11.15
Dividend
Yield 12M
1.6%
n.d.
4.9%
2.2%
6.6%
8.3%
1.1%
n.d.
0.2%
n.d.
3.6%
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
Assore Ltd
Nyrstar
Minmetals Land Ltd
Promedio
Último
Precio
0.55
2.00
8.20
0.19
31.55
14.43
136.70
17,970.00
3.46
0.89
4.98
6.51
7.12
n.d.
15.57
17.72
10.54
18.17
20.60
3.71
11.66
5.90
2.78
7.52
n.d.
5.29
6.68
8.74
n.d.
5.86
17.51
7.53
Dividend
Yield 12M
3.6%
1.7%
n.d.
n.d.
6.0%
5.6%
1.3%
5.6%
n.d.
1.7%
3.6%
Minería - Estaño
Empresa
Minsur SA
Yunnan Tin Co Ltd
Timah Persero Tbk
Metals X Limited
Malaysia Smelting Corp
Promedio
www.kallpasab.com
Último
Precio
1.60
17.77
1,130.00
1.21
2.88
8.68
46.76
12.79
8.12
5.24
16.32
4.71
n.d.
4.56
6.55
7.73
5.89
4.27
20.52
6.07
3.19
6.60
8.13
Dividend
Yield 12M
3.0%
n.d.
3.4%
3.2%
n.d.
3.2%
Reporte de Múltiplos
4
6 de febrero 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
Santiago Chavez
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]
Mario Flores
Trader
(51 1) 630 7520
[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]
VENTAS - OFICINA TRUJILLO
Marlon Díaz
Representante
(51 44) 531 978
[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