Kallpa sab reporte multiplos 17 mayo 13

Alicorp SA ALICORC1 Perú 3,045 665 28.75 21.77 n.d. 13.32 3.90 14.9% 6.7%

BRF - Brasil Foods SA BRFS3 Brasil 21,336 43,789 42.53 23.56 18.90 13.02 2.89 7.0% 3.4%

Grupo Bimbo SAB BIMBOA México 14,303 5,628 89.29 32.77 14.84 12.89 4.20 4.5% 1.5%

Kimberly Clark de México KIMBERA México 10,471 8,950 29.22 26.74 16.04 15.16 22.91 77.1% 15.0%

Grupo Nutresa SA NUTRESA Colombia 6,473 2,047 34.52 32.20 n.d. 16.16 1.77 4.9% 4.0%

Hypermarcas SA HYPE3 Brasil 5,324 25,284 38.77 26.75 14.24 13.60 1.55 3.9% 2.1%

M Dias Branco SA MDIA3 Brasil 5,237 6,463 22.59 19.84 17.51 15.68 4.23 20.4% 13.9%

Gruma SAB GRUMAB México 2,758 3,515 18.87 16.97 9.80 8.91 2.50 10.3% 2.8%

Grupo Herdez SAB HERDEZ* México 1,479 893 22.30 18.77 12.66 10.83 4.24 20.6% 7.2%

Molinos Rio de la Plata SA MOLI Argentina 1,243 72 215.17 n.d. 19.32 n.d. 4.93 2.2% 0.4%

Promedio 7,625 10,738 57.03 24.70 15.41 13.28 5.47 16.8% 5.6%

Inretail Perú Corp. INRETC1 Perú 2,344 1,226 23.52 32.31 n.d. 12.88 2.14 9.4% 4.1%

S.A.C.I. Falabella FALAB Chile 28,045 10,709 34.50 26.59 23.00 18.00 4.70 13.2% 4.5%

Cencosud SA CENCOSUD Chile 14,814 20,674 22.14 19.65 13.82 12.36 1.89 8.6% 3.1%

Cia Brasileira de Distribuiçao PCAR4 Brasil 14,507 31,997 26.23 23.71 9.68 8.84 3.37 13.6% 3.4%

Almacenes Éxito EXITO Colombia 7,605 3,646 29.72 26.96 n.d. 11.41 1.87 6.5% 4.8%

Organización Soriana S.A.B. SORIANAB México 7,326 1,554 24.78 21.48 12.37 11.39 2.19 9.3% 5.0%

Grupo Comercial Chedraui CHDRAUIB México 3,712 2,126 29.18 23.45 12.09 10.77 2.22 7.8% 3.7%

Walmart Chile SA WMTCL Chile 3,688 16 15.34 n.d. 8.76 n.d. 2.46 17.0% 5.7%

Corp. Favorita SLU Ecuador 1,357 153 13.09 n.d. 9.39 n.d. n.d. 16.1% 11.4%

Import. y Export Patagonia PATA Argentina 449 9 16.63 n.d. 6.81 n.d. 22.83 19.0% 7.6%

Promedio 8,385 7,211 23.51 24.88 11.99 12.24 4.85 12.0% 5.3%

Credicorp Ltd. BAP Perú 11,782 632 15.15 13.62 4.90 60.41 2.83 20.5% 2.0%

BBVA Banco Continental SA CONTINC1 Perú 5,558 516 11.74 10.65 6.36 34.97 3.76 33.7% 2.7%

Scotiabank Perú SCOTIAC1 Perú 3,889 108 12.52 n.d. 10.64 45.66 2.22 20.3% 2.6%

Intercorp Financial Services IFS Perú 3,295 947 11.30 11.51 10.62 50.74 2.82 28.5% 2.9%

ITAU Unibanco Holding SA ITUB4 Brasil 77,942 n.d. 12.41 10.50 6.26 55.66 2.07 17.0% 1.4%

Banco Do Brasil S.A. BBAS3 Brasil 36,472 79,277 6.02 7.02 4.21 64.53 1.20 20.2% 1.1%

Grupo Financiero Banorte GFNORTEO México 17,242 31,783 18.41 15.35 4.47 67.44 2.52 14.7% 1.3%

Banco de Chile CHILE Chile 14,015 5,020 13.94 13.72 n.d. 47.16 3.14 23.8% 2.0%

Bancolombia SA BCOLO Colombia 13,236 2,532 13.78 12.86 6.19 58.33 2.08 16.5% 1.9%

Banco Santander Chile BSAN Chile 12,318 9,379 16.90 13.74 5.14 42.76 2.77 18.8% 1.6%

Banco de Bogotá BOGOTA Colombia 10,306 627 21.51 n.d. n.d. 53.57 2.57 13.3% 2.3%

Banco de Crédito e Inversión BCI Chile 7,172 2,669 12.70 12.15 4.12 49.55 2.43 20.5% 1.6%

Banco Davivienda SA PFDAVVND Colombia 6,221 2,686 14.90 12.07 7.50 50.78 2.10 14.9% 2.0%

Sociedad Matriz Banco de Chile SMCHILEB Chile 5,141 1,784 29.31 36.67 4.60 43.98 2.67 9.1% 0.3%

CorpBanca CORPBANC Chile 4,598 4,868 14.90 13.48 3.16 56.69 1.81 13.4% 1.1%

Promedio 15,279 10,202 15.03 14.10 6.01 52.15 2.47 19.0% 1.8%

Construcción

Graña y Montero GRAMONC1 Perú 2,428 846 21.61 16.67 8.57 7.86 4.41 21.8% 6.7%

Promotora y Oper de Infraestructura PINFRA* México 3,510 3,606 21.56 24.07 15.77 13.84 6.30 36.7% 12.5%

Mills Estruturas e Serviços MILS3 Brasil 2,160 5,264 27.75 21.16 n.d. 10.58 4.87 18.9% 10.5%

Empresas ICA S.A.B ICA* México 1,625 7,637 25.46 15.82 16.16 10.29 1.21 3.1% 0.5%

Besalco SA BESALCO Chile 1,043 1,126 31.12 17.94 12.52 n.d. 2.93 15.6% 5.7%

Grupo Odinsa SA ODINSA Colombia 849 482 10.92 n.d. 33.89 n.d. 2.36 23.1% 14.6%

Salfacorp SA SALFACOR Chile 796 1,775 16.52 12.64 13.04 10.91 1.36 8.5% 2.6%

Conconcreto SA CONCONC Colombia 630 207 23.06 n.d. 10.71 7.14 1.27 7.0% 4.2%

Construcciones El Cóndor SA ELCONDOR Colombia 449 216 n.d. n.d. n.d. n.d. 1.68 10.6% n.d.

Promedio 1,499 2,351 22.25 18.05 15.81 10.10 2.93 16.1% 7.2%

Fuente: Bloomberg

www.kallpasab.com 1

Dividend

Yield 12M

Dividend

Yield 12M

ADTV 12M

(US$000)

Dividend

Yield 12M

n.d.

0.7%

1.1%

Servicios Financieros

P/BVRatio de

Eficiencia

Margen

Financiero

EV/EBITDA

12M

EV/EBITDA

2013P/BV ROE ROA

Empresa Ticker PaísCap. Bursátil

(US$ MM)

Empresa Ticker

P/E

2013

1.4%

n.d.

1.0%

n.d.

2.2%

2.3%

1.8%

1.5%

Ticker

EQUITY RESEARCH | Reporte de Múltiplos 17 de mayo de 2013

P/BV ROE ROA

Cap. Bursátil

(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/BV ROE ROA

EV/EBITDA

2013

EV/EBITDA

12M

EV/EBITDA

2013

EV/EBITDA

12MEmpresa

P/E

12M

P/E

2013País

Empresa TickerADTV 12M

(US$000)

P/E

12M

Cap. Bursátil

(US$ MM)

Bienes de Consumo

Retail

P/E

2013

P/E

12M País

Cap. Bursátil

(US$ MM)

ADTV 12M

(US$000)

P/E

2013País

0.4%

3.0%

1.4%

1.6%

2.7%

2.2%

Dividend

Yield 12M

1.8%

4.2%

3.9%

4.6%

ROE ROA

Reporte de Múltiplos

2.5%

1.4%

3.3%

6.6%

0.6%

4.7%

2.5%

3.9%

2.9%

0.9%

1.3%

n.d.

2.0%

0.3%

1.2%

1.7%

3.2%

1.3%

1.8%

2.7%

1.1%

0.8%

1.4%

1.5%

0.6%

0.5%

2.0%

Unión Andina de Cementos UNACEMC1 Perú 2,478 490 12.86 17.30 11.31 11.05 2.00 12.7% 5.5%

Cementos Pacasmayo CPACASC1 Perú 1,557 425 25.46 21.41 13.73 11.88 2.07 9.0% 5.9%

Cemex SAB CEMEXCPO México 13,997 34,606 n.d. n.d. 13.52 10.49 1.26 -10.6% -3.1%

Cementos Argos SA CEMARGOS Colombia 5,882 2,996 50.65 32.31 n.d. 14.67 1.65 2.2% 1.4%

Cemex Latam Holdings SA CLH España 4,155 5,229 15.09 15.55 n.d. 6.17 2.88 n.d. n.d.

Corp. Moctezuma CMOCTEZ* México 2,853 269 17.95 15.27 10.89 n.d. 3.97 21.0% 17.1%

Grupo Cementos Chihuahua GCC* México 1,223 37 58.71 26.71 13.50 n.d. 1.27 2.1% 1.2%

Cementos BIO BIO S.A. CEMENT Chile 349 114 n.d. n.d. 21.51 n.d. 0.75 -13.1% -5.4%

Holcim Costa Rica S.A. INCCA Costa Rica 334 50 18.55 n.d. 8.13 n.d. 3.82 19.6% 7.5%

Melón SA MELON Chile 175 2 n.d. n.d. 8.36 n.d. 0.31 1.6% 1.1%

Promedio 3,300 4,422 28.47 21.43 12.62 10.85 2.00 5.0% 3.5%

Corp. Aceros Arequipa CORAREI1 Perú 366 155 19.59 n.d. 14.66 10.35 0.47 2.5% 1.3%

Empresa Siderúrgica del Perú SIDERC1 Perú 87 72 n.d. n.d. n.d. 59.53 0.24 -10.7% -5.0%

Gerdau SA GGBR4 Brasil 11,087 56,977 19.25 15.49 9.34 7.70 0.86 4.6% 2.4%

Ternium SA TX EEUU 4,658 10,606 43.15 8.93 5.69 5.02 0.85 1.9% 1.0%

CAP SA CAP Chile 4,212 7,046 21.97 15.17 9.00 8.16 2.27 10.6% 3.8%

Industrias CH S.A.B. ICHB México 3,220 3,901 23.49 18.36 9.95 8.59 1.56 6.5% 4.3%

Grupo Simec S.A. SIMECB México 2,355 1,303 14.08 12.68 7.44 5.73 1.23 8.8% 6.3%

Siderar ERAR Argentina 2,096 326 21.25 n.d. 7.71 n.d. 0.93 4.8% 3.2%

Cintac S.A. CINTAC Chile 192 111 17.90 n.d. 11.66 n.d. 1.07 6.1% 2.9%

Siderúrgica Venez Sivensa SVS Venezuela 138 12 4.18 n.d. n.d. n.d. 0.17 4.7% 3.0%

Metisa Metalúrgica Timboense SA MTSA4 Brasil 105 30 10.67 n.d. n.d. n.d. 1.19 11.4% 7.0%

Promedio 2,592 7,322 19.55 14.13 9.43 15.01 0.98 4.7% 2.7%

Ferreycorp SAA FERREYC1 Perú 653 1,153 7.94 7.17 7.08 5.86 1.45 15.3% 5.3%

Finning International Inc FTT Canadá 3,828 15,322 11.33 10.94 8.36 7.33 2.43 23.0% 7.1%

Seven Group Holdings Ltd SVW Australia 2,402 4,386 7.22 7.75 7.82 6.58 1.03 15.2% 6.7%

Barloworld Ltd BAW Sudáfrica 2,335 9,384 13.98 12.57 6.32 5.93 1.71 12.3% 4.7%

Toromont Industries Ltd. TIH Canadá 1,733 3,912 14.73 15.44 8.69 8.83 3.73 27.4% 13.0%

Randon Participações SA RAPT4 Brasil 1,459 6,736 50.10 17.68 12.80 8.41 2.26 4.6% 1.4%

H&E Equipment Services Inc HEES EE.UU. 787 4,205 21.72 18.38 6.52 5.66 14.47 18.4% 3.3%

Wajax Corp WJX Canadá 518 4,684 9.12 10.73 7.31 7.93 2.23 25.1% 9.0%

Titan Machinery Inc TITN EE.UU. 478 12,743 11.34 9.37 10.75 9.25 1.21 11.6% 3.4%

PT Hexindo Adiperkasa Tbk HEXA Indonesia 383 588 5.50 5.50 5.06 4.87 1.89 39.7% 18.0%

Rocky Mountain Dealerships Inc RME Canadá 253 404 8.73 7.88 5.14 5.28 1.75 17.7% 4.2%

Promedio 1,348 5,774 14.70 11.22 7.81 6.90 3.10 19.1% 6.9%

Casa Grande SAA CASAGRC1 Perú 326 141 36.11 9.29 7.73 5.73 0.72 2.0% 1.3%

Cartavio SAA CARTAVC1 Perú 160 7 n.d. n.d. n.d. n.d. n.d. 3.8% 2.2%

Empresa Agroindustrial Pomalca POMALCC1 Perú 37 108 5.33 n.d. n.d. n.d. 0.23 3.8% 1.8%

Illovo Sugar Ltd ILV Sudáfrica 1,851 984 22.18 15.52 n.d. 8.14 2.86 10.3% 4.8%

EID Parry India Ltd EID India 472 321 12.59 6.01 7.74 5.31 1.07 8.5% 1.8%

Shree Renuka Sugars Ltd SHRS India 294 5,108 n.d. 6.84 n.d. 4.23 0.78 -13.7% -2.2%

Empresas Iansa SA IANSA Chile 255 813 7.78 9.19 9.50 7.39 0.71 8.7% 5.2%

Bajaj Hindusthan Ltd BJH India 240 1,567 n.d. n.d. 18.80 22.75 0.33 -9.3% -2.2%

Balrampur Chini Mills Ltd BRCM India 215 1,810 7.35 8.39 5.92 6.36 0.90 12.8% 3.8%

Promedio 428 1,207 15.22 9.21 9.94 8.56 0.95 3.0% 1.8%

Copeinca ASA COP Perú 708 877 22.20 13.85 n.d. 9.88 1.48 6.6% 3.4%

Austral Group SAA AUSTRAC1 Perú 235 78 13.30 6.86 3.47 3.66 0.99 14.1% 8.3%

Pesquera Exalmar S.A.A. EXALMC1 Perú 182 78 12.74 8.75 6.62 6.39 0.79 6.3% 3.1%

Leroey Seafood Group ASA LSG Noruega 1,664 802 13.26 9.60 12.18 6.79 1.70 13.2% 6.2%

Salmar ASA SALM Noruega 1,152 989 14.09 8.45 18.88 7.32 2.35 19.1% 6.7%

AquaChile SA AQUACHIL Chile 823 410 n.d. 16.15 n.d. 10.47 2.12 -10.3% -5.1%

Cia Pesquera Camanchaca SA CAMANCHA Chile 239 88 n.d. n.d. 74.56 11.15 0.90 -9.0% -3.8%

Havfisk ASA HFISK Noruega 85 18 11.68 17.46 7.23 8.10 0.56 4.7% 1.9%

Promedio 636 418 14.54 11.59 20.49 7.97 1.36 5.6% 2.6%

Fuente: Bloomberg

www.kallpasab.com 2

Dividend

Yield 12M

3.9%

n.d.

n.d.

n.d.

n.d.


2.4%

7.1%

2.4%

3.3%

n.d.

1.4%

n.d.

6.0%

12.5%

9.2%

8.2%

3.3%

ROE ROA

ROA

Ticker País

P/BV

Cap. Bursátil

(US$ MM)

Maquinaria - Distribución

17 de mayo de 2013

Azúcar


(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/E

2013

EV/EBITDA

12M

EV/EBITDA

2013

Cemento

EV/EBITDA

12M

2.0%

4.1%

n.d.

4.6%

0.5%

EV/EBITDA

12M

2.1%

0.5%

31.3%

P/BV ROEEV/EBITDA

2013

5.0%

2.8%

Dividend

Yield 12M

Dividend

Yield 12M

ROE ROA

Empresa Ticker

n.d.

1.8%

2.7%

EV/EBITDA

2013P/BVEmpresa Ticker País

Cap. Bursátil

(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/E

2013

EV/EBITDA

12M

Cap. Bursátil

(US$ MM)

EV/EBITDA

12M

ADTV 12M

(US$000)

Empresa

EV/EBITDA

2013P/BV ROE ROA

P/E

12M

P/E

2013

ADTV 12M

(US$000)

P/E

12M

País

Acero

Pesca

P/E

2013


(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/E

2013

1.6%

n.d.

Dividend

Yield 12M

Dividend

Yield 12M

n.d.

8.3%

2.0%

n.d.

1.8%

n.d.

7.5%

n.d.

5.2%

n.d.

n.d.

3.3%

3.8%

n.d.

4.7%

10.2%

1.2%

EV/EBITDA

2013P/BV ROE ROA

7.9%

3.8%

6.9%

3.5%

3.1%

http://www.kallpasab.com/

Maple Energy PLC MPLE Perú 108 61 n.d. 9.43 19.05 6.86 0.86 -28.3% -10.5%

Tereos Internacional SA TERI3 Brasil 1,305 190 15.92 10.59 7.75 5.41 0.77 0.8% 0.3%

Andersons Inc/The ANDE EE.UU. 1,026 5,362 13.95 13.77 11.11 9.56 1.69 12.8% 3.7%

CropEnergies AG CE2 Alemania 631 203 8.63 11.17 4.83 5.98 1.26 15.4% 9.4%

Green Plains Renewable Energy GPRE EE.UU. 448 2,294 n.d. 22.36 9.13 7.85 0.92 5.7% 2.0%

REX American Resources Corp REX EE.UU. 162 574 n.d. 8.82 12.92 n.d. 0.65 -0.9% -0.5%

Promedio 613 1,447 12.84 12.69 10.80 7.13 1.02 0.9% 0.7%

Refinería La Pampilla SA RELAPAC1 Perú 181 199 102.22 n.d. n.d. n.d. 0.29 0.5% 0.2%

Ecopetrol SA ECOPETL Colombia 90,937 21,168 12.04 11.66 5.99 5.62 2.59 24.7% 14.3%

YPF SA YPFD Argentina 9,352 1,244 12.66 7.39 3.83 2.98 1.44 13.0% 5.2%

OGX Petróleo e Gas Participações OGXP3 Brasil 2,813 123,898 n.d. n.d. n.d. n.d. 0.83 -23.1% -11.1%

Petrobras Argentina SAB PESA Argentina 1,581 228 13.30 7.81 3.26 2.49 0.82 6.0% 3.4%

Refinaria de Petróleos Manguinhos RPMG3 Brasil 122 501 n.d. n.d. n.d. n.d. n.d. n.d. -44.0%

Promedio 17,498 24,540 35.06 8.96 4.36 3.70 1.19 4.3% -5.3%

Edegel SA EDEGELC1 Perú 2,264 243 16.04 n.d. 8.69 n.d. 2.37 14.9% 8.2%

Enersur SA ENERSUC1 Perú 2,197 170 19.81 23.60 n.d. 9.87 3.86 21.1% 8.5%

Enersis SA ENERSIS Chile 17,470 11,343 17.19 12.59 6.43 5.54 1.42 7.3% 2.6%

Empresa Nacional de Electricidad ENDESA Chile 13,514 8,588 28.09 15.22 10.69 8.52 2.53 9.0% 3.6%

Tractebel Energias SA TBLE3 Brasil 11,636 12,075 14.86 14.31 8.12 7.93 4.43 30.1% 13.1%

Cia Energética de Minas Gerais CMIG3 Brasil 10,412 2,424 4.60 7.37 5.89 4.97 1.70 36.4% 13.1%

AES Gener SA AESGENER Chile 5,537 2,631 26.25 19.03 11.64 10.76 2.16 6.6% 2.9%

Colbun SA Colbun Chile 5,199 2,781 81.22 26.92 22.22 13.72 1.47 1.8% 1.1%

Cia Paranense de Energia CPLE3 Brasil 4,347 345 10.24 8.09 n.d. 5.57 0.64 6.3% 3.8%

Centrais Eletricas Brasileiras ELET3 Brasil 3,915 9,960 n.d. 14.88 n.d. 7.29 0.10 -11.3% -5.3%

Isagen SA ISAGEN Colombia 3,906 1,817 15.61 16.09 15.10 15.08 1.98 13.2% 7.3%

Cia Electricidade da Bahia CEEB3 Brasil 3,742 54 8.93 n.d. n.d. n.d. 2.66 32.0% 12.5%

Cia Energetica do Sao Paulo CESP3 Brasil 3,149 42 14.40 5.07 4.05 3.24 0.49 2.7% 1.5%

Edp - Energias do Brasil ENBR3 Brasil 2,936 11,431 20.59 11.57 7.70 6.48 1.32 6.3% 2.1%

Equatorial Energia SA EQTL3 Brasil 2,001 5,078 20.05 14.71 n.d. 10.08 1.71 4.1% 1.1%

Promedio 6,148 4,599 21.28 14.57 10.05 8.39 1.92 12.0% 5.1%

Luz del Sur LUSURC1 Perú 1,790 224 17.04 14.95 9.91 9.91 3.30 22.6% 11.1%

Edelnor EDELNOC1 Perú 1,208 145 15.78 13.51 8.03 7.69 2.98 19.5% 7.2%

Chilectra SA CHILECTR Chile 3,995 21 11.65 n.d. 12.02 n.d. 1.81 15.4% 12.7%

Cia Energética do Ceará COCE5 Brasil 1,816 1,691 10.02 10.55 n.d. 7.16 2.24 22.5% 10.2%

CGE Distribucion SA CGEDISTR Chile 1,387 7 68.29 n.d. 19.86 n.d. 1.64 2.9% 1.3%

Cia Energética do Maranhão ENMA3B Brasil 838 12 5.26 n.d. n.d. n.d. 1.37 29.0% 10.2%

Cia Energética de Pernambuco CEPE5 Brasil 750 9 n.d. n.d. n.d. n.d. 0.95 -0.9% -0.4%

Eletropaulo Metropolitana ELPL4 Brasil 740 11,008 n.d. 13.99 7.27 4.37 0.78 -0.1% 0.0%

Promedio 1,565 1,640 21.34 13.25 11.42 7.28 1.88 13.9% 6.6%

Telefónica del Perú TELEFBC1 Perú 2,912 5,683 10.55 n.d. 3.19 n.d. 1.60 18.9% 7.7%

América Móvil AMXL México 76,294 99,002 11.25 10.27 5.11 5.20 4.00 32.7% 9.1%

Telefónica Brasil S.A. VIVT4 Brasil 28,493 29,741 14.03 13.45 4.68 4.85 1.38 9.8% 6.4%

Embratel Participações SA EBTP3 Brasil 6,584 6 27.15 n.d. n.d. n.d. 1.12 6.0% 2.4%

Empresa Nacional de Telecom. ENTEL Chile 4,712 6,240 14.91 15.03 5.14 5.51 2.70 18.4% 9.4%

Cia Anónima Nacional de Telefonía TDV/D Venezuela 2,821 9 7.87 n.d. 4.06 n.d. 2.44 32.7% 13.2%

Telefónica Chile SA CTCA Chile 1,412 47 12.45 n.d. 3.85 n.d. 1.12 8.7% 3.9%

Empresa de Telecom de Bogotá ETB Colombia 780 200 5.47 n.d. 2.35 2.04 0.53 9.9% 5.2%

Promedio 15,501 17,616 12.96 12.92 4.06 4.40 1.86 17.1% 7.2%

Fuente: Bloomberg

www.kallpasab.com 3

3.1%

ROE ROA

Dividend

Yield 12M

Dividend

Yield 12M

3.8%

7.1%

0.6%

n.d.

4.9%

3.6%

4.6%

1.3%

12.2%

0.1%

5.9%

1.1%

1.8%

6.5%

n.d.

Cap. Bursátil

(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/E

2013Empresa

EV/EBITDA

2013

P/BV

17 de mayo de 2013

EV/EBITDA

12M

EV/EBITDA

2013

EV/EBITDA

2013

Ticker País

Electricidad - Generación

ROAP/BV ROE

ROAP/BV

P/E

12M

P/E

2013

EV/EBITDA

12M

Cap. Bursátil

(US$ MM)

ADTV 12M

(US$000)

ADTV 12M

(US$000)

EV/EBITDA

2013

n.d.

7.3%

4.4%

1.0%

4.3%

8.4%

6.2%

0.8%

13.6%

n.d.

21.4%

5.2%

0.3%

3.2%

33.4%

2.5%

2.2%

1.6%

9.1%

Dividend

Yield 12M

Dividend

Yield 12MEmpresa Ticker

Telecomunicaciones

Cap. Bursátil

(US$ MM)País


3.9%

10.1%

EV/EBITDA

12M

EV/EBITDA

2013

ADTV 12M

(US$000)

P/E

12M

P/E

2013

Oil & Gas

Etanol


(US$ MM)

EV/EBITDA

12MROE

Dividend

Yield 12M

Electricidad - Distribución

Cap. Bursátil

(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/E

2013Empresa

P/BV ROE ROA

n.d.

2.6%

n.d.

2.2%

1.1%

n.d.

Ticker País P/BV ROE ROA

Empresa Ticker PaísEV/EBITDA

12M

P/E

12M

P/E

2013

6.1%

4.3%

6.8%

5.6%

2.1%


Cia de Minas Buenaventura BVN Perú 4,840 301 7.72 7.96 n.d. 7.85 1.20 16.5% 13.2%

Barrick Gold Corp ABX Canadá 18,568 171,227 5.62 5.87 4.77 5.09 0.82 -3.6% -1.7%

Newmont Mining Corp NEM EE.UU. 15,282 292,895 9.18 11.37 6.28 6.77 1.09 12.1% 5.6%

Newcrest Mining Ltd NCM Australia 10,949 101,833 14.45 12.50 8.46 6.64 1.13 5.2% 3.9%

Zijin Mining Group Co Ltd 2899 China 9,610 15,727 7.33 8.37 n.d. 8.57 1.35 17.7% 7.6%

Polyus Gold International PLZLY Reino Unido 9,218 1,714 9.65 n.d. 7.87 n.d. 2.41 27.4% 19.0%

Yamana Gold Inc YRI Canadá 7,837 81,142 19.29 13.39 7.22 6.65 1.00 4.8% 3.2%

Randgold Resources Ltd RRS EE.UU. 6,649 36,749 16.11 16.97 9.52 9.42 2.47 16.5% 14.6%

Zhongjin Gold Co Ltd 600489 China 5,693 59,387 22.89 20.27 n.d. 8.40 3.35 15.9% 7.5%

Agnico-Eagle Mines Ltd AEM Canadá 4,830 50,334 15.98 26.71 7.27 8.67 1.40 7.6% 5.0%

Eldorado Gold Corp ELD Canadá 4,802 52,244 22.40 16.02 7.95 7.92 0.82 3.3% 2.5%

Gold Fields Ltd GFI Sudáfrica 4,353 31,038 8.83 10.32 3.07 4.47 0.93 13.8% 7.8%

Polymetal International PLC POLY Rusia 3,743 8,738 9.33 7.85 5.78 5.22 3.44 20.8% 10.9%

Rio Alto Mining Ltd RIO Canadá 500 648 7.09 5.96 2.76 3.54 2.25 59.3% 38.6%

Promedio 7,634 64,570 12.56 12.58 6.45 6.86 1.69 15.5% 9.8%

Hochschild Mining Plc HOC Reino Unido 1,315 1,337 20.47 32.71 3.85 4.82 2.51 6.1% 3.5%

Industrias Penoles SAB de CV PE&OLES* México 14,017 9,648 19.74 13.46 7.73 8.41 5.55 21.2% 10.8%

Fresnillo Plc FRES México 11,950 18,596 15.80 18.57 8.99 9.10 9.63 35.9% 24.0%

SLM Corp SLM EE.UU. 10,102 60,498 8.49 9.18 32.78 n.d. 1.99 25.5% 0.6%

Silver Wheaton Corp SLW Canadá 7,725 75,724 13.53 13.77 12.49 11.36 3.44 19.1% 15.5%

Pan American Silver Corp PAA Canadá 1,781 7,965 15.89 13.83 3.89 4.10 0.92 2.1% 1.7%

First Majestic Silver Corp FR Canadá 1,120 12,809 13.67 11.65 7.89 5.75 3.03 17.7% 13.4%

Hecla Mining Co HL EE.UU. 904 24,485 26.42 17.14 10.41 3.73 0.80 1.1% 1.0%

Silver Standard Resources Inc SSO Canadá 509 3,884 23.34 n.d. 3.50 3.91 0.76 4.9% 3.8%

Silvercorp Metals Inc SVM Canadá 435 2,335 11.08 8.71 3.72 2.70 1.97 7.0% 5.2%

Fortuna Silver Mines Inc FVI Canadá 328 2,247 11.37 10.87 4.03 3.58 1.21 10.5% 8.9%

Silvercrest Mines Inc SVL Canadá 181 767 5.40 9.85 2.93 3.32 2.58 44.1% 30.7%

Promedio 6,114 26,383 16.75 16.29 11.00 6.75 3.48 16.1% 8.8%

!QUITAR XSTRATA

Southern Copper Corp SCCO EE.UU. 27,954 175 14.04 14.95 8.29 8.60 5.53 38.0% 18.8%

Soc. Minera Cerro Verde CVERDEC1 Perú 9,241 506 13.62 8.90 6.76 5.13 2.56 20.8% 18.0%

Anglo American Plc AAL Reino Unido 33,193 105,570 n.d. 11.32 6.12 5.15 1.14 -3.9% -2.0%

Freeport-McMoran Copper FCX EE.UU. 31,038 585,166 10.26 8.91 5.36 3.88 1.73 17.2% 7.7%

Grupo Mexico SAB de CV GMEXICOB México 26,015 31,829 11.54 11.85 6.71 6.00 3.54 26.5% 12.6%

Antofagasta Plc ANTO Reino Unido 13,983 34,418 13.55 12.28 3.99 4.23 2.98 15.5% 8.4%

First Quantum Minerals FM Canadá 10,889 62,406 15.49 15.30 11.22 8.06 1.40 8.8% 4.7%

Inmet Mining Corp. IMN Canadá 4,560 30,522 13.29 13.23 7.58 7.36 1.23 9.8% 6.7%

Kazakhmys Plc KAZ Reino Unido 2,689 24,105 n.d. 6.91 2.70 3.64 1.08 -30.1% -20.9%

Promedio 17,729 97,189 13.11 11.52 6.52 5.78 2.35 11.4% 6.0%

Volcan Cia Minera SAA VOLCABC1 Perú 3,024 1,950 10.64 7.21 n.d. 5.06 1.36 12.5% 6.4%

Sociedad Minera El Brocal BROCALC1 Perú 950 75 39.82 10.13 19.73 6.75 2.54 3.4% 2.5%

Compañía Minera MILPO SA MILPOC1 Perú 634 203 22.88 4.20 n.d. 2.92 1.33 5.8% 2.4%

Cia Minera Atacocha SA ATACOBC1 Perú 62 60 n.d. 15.13 3.38 1.77 0.45 -13.2% -6.9%

BHP Billiton BHP Australia 169,299 347,022 18.35 11.34 7.41 6.23 3.06 14.9% 7.6%

Teck Resources Ltd TCK Canadá 15,835 75,650 12.01 12.13 5.95 5.89 0.88 5.0% 2.7%

Boliden AB BOL Suecia 3,949 37,609 9.82 12.74 5.61 5.87 1.15 12.2% 7.0%

Nyrstar NYR Bélgica 834 5,398 n.d. n.d. 6.40 4.83 0.54 -7.5% -2.7%

Minmetals Land Ltd 230 Hong Kong 482 833 13.66 4.87 9.47 3.64 0.53 4.1% 1.6%

Promedio 21,674 52,089 18.17 9.72 8.28 4.77 1.32 4.1% 2.3%

Minsur SA MINSURI1 Perú 1,646 375 10.21 7.93 5.91 4.50 0.97 9.3% 5.7%

Yunnan Tin Co Ltd 000960 China 3,252 21,083 n.d. 47.28 n.d. 27.60 3.19 -3.9% -1.0%

Timah Persero Tbk TINS Indonesia 676 914 20.39 9.73 6.07 4.37 1.41 6.9% 5.2%

Metals X Limited MLX Australia 177 197 100.00 11.00 n.d. 7.67 0.65 1.1% 1.0%

Malaysia Smelting Corp SMELT Malasia 109 48 n.d. 6.11 n.d. 9.50 0.91 -21.3% -7.2%

Promedio 1,172 4,523 43.53 16.41 5.99 10.73 1.43 -1.6% 0.7%

Fuente: Bloomberg

www.kallpasab.com 4

2.9%

1.9%

4.2%

4.2%

4.8%

2.5%

3.6%

0.6%

1.2%

n.d.

10.4%

n.d.

1.5%

2.8%


(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/E

2013


(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/E

2013

P/E

12M

P/E

2013Empresa Ticker País

EV/EBITDA

2013

P/E

2013

EV/EBITDA

2013

EV/EBITDA

12M

P/E

2013

EV/EBITDA

12M

EV/EBITDA

2013


(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/BV

EV/EBITDA

12M

P/BV ROE ROA

ROE ROA

P/BV ROE ROA


Dividend

Yield 12M

3.0%

ROE ROA

P/BVEV/EBITDA

12M


(US$ MM)

ADTV 12M

(US$000)

P/E

12M

5.8%

5.5%

3.9%

2.3%

1.8%

Minería - Estaño

Minería - Polimetálica

Minería - Cobre

Minería - Plata

Dividend

Yield 12M

Dividend

Yield 12M

Dividend

Yield 12M

Minería - Oro

EV/EBITDA

12M

1.3%

2.3%

0.7%

0.3%

Cap. Bursátil

(US$ MM)

ADTV 12M

(US$000)

3.3%

n.d.

8.1%

n.d.

n.d.

EV/EBITDA

2013P/BV ROE ROA

EV/EBITDA

2013

2.2%

n.d.

1.9%

n.d.

3.8%

n.d.

17 de mayo de 2013

3.1%

2.8%

4.0%

2.8%

3.2%

5.5%

4.6%

3.1%

4.1%

4.2%

0.9%

3.9%

3.8%

3.4%

6.8%

0.9%

0.3%

2.3%

Dividend

Yield 12M

0.7%


GERENCIA GENERAL

Alberto Arispe

Gerente

(511) 630 7500

[email protected]

TRADING

Enrique Hernández Eduardo Fernandini Javier Frisancho Jorge Rodríguez

Gerente Head Trader Trader Trader

(511) 630 7515 (511) 630 7516 (511) 630 7517 (511) 630 7518

[email protected] [email protected] [email protected] [email protected]

MERCADO DE CAPITALES

Ricardo Carrión

Gerente

(511) 630 7500

[email protected]

FINANZAS CORPORATIVAS

Andrés Robles

Gerente

(511) 630 7500

[email protected]

EQUITY RESEARCH

Marco Contreras Edder Castro Humberto León Juan Franco Lazo

Analista Analista Analista Asistente

(511) 630 7528 (511) 630 7529 (511) 630 7527 (511) 630 7500


OPERACIONES

Elizabeth Cueva Alan Noa Mariano Bazán Ramiro Misari

Gerente Jefe de Operaciones Analista - Tesorería Jefe de Sistemas

(511) 630 7521 (511) 630 7523 (511) 630 7522 (511) 630 7500


OFICINA CHACARILLA OFICINA AREQUIPA

Hernando Pastor Daniel Berger Jesús Molina

Representante Representante Representante

(511) 626 8700 (511) 626 8700 (51 54) 272 937

[email protected] [email protected] [email protected]

OFICINA TACNA

Gerson Del Pozo

Representante

(51 52) 241 394

[email protected]

www.kallpasab.com 5

17 de mayo de 2013

KALLPA SECURITIES SOCIEDAD AGENTE DE BOLSA

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.


mailto:[email protected]

















Documents

Kallpa sab reporte multiplos 17 mayo 13