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
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