kallpa sab multiplos 05 julio 13

Alicorp SA ALICORC1 Perú 2,960 737 29.51 21.41 18.63 13.56 4.00 14.9% 6.7%

BRF - Brasil Foods SA BRFS3 Brasil 18,494 45,381 40.78 22.22 18.23 12.35 2.77 7.0% 3.4%

Grupo Bimbo SAB BIMBOA México 14,187 5,880 93.79 35.89 15.46 13.47 4.41 4.5% 1.5%

Kimberly Clark de México KIMBERA México 10,234 9,963 31.43 28.76 16.57 15.66 24.63 77.1% 15.0%

Grupo Nutresa SA NUTRESA Colombia 5,798 2,140 30.62 29.87 n.d. 15.60 1.52 5.3% 4.3%

Hypermarcas SA HYPE3 Brasil 4,240 26,764 33.90 23.17 12.83 12.22 1.36 3.9% 2.1%

M Dias Branco SA MDIA3 Brasil 4,183 7,802 19.96 17.53 15.50 13.88 3.74 20.4% 13.9%

Gruma SAB GRUMAB México 1,978 4,740 18.66 16.06 8.32 7.50 2.48 10.3% 2.8%

Grupo Herdez SAB HERDEZ* México 1,387 1,104 22.14 18.64 12.59 10.78 4.21 20.6% 7.2%

Molinos Rio de la Plata SA MOLI Argentina 1,112 63 n.d. n.d. 19.39 10.74 4.66 2.3% 0.4%

Promedio 6,846 11,538 36.41 24.02 14.86 12.47 5.53 16.8% 5.6%

Inretail Perú Corp. INRETC1 Perú 1,799 1,115 19.06 32.21 n.d. 10.96 1.73 9.4% 4.1%

S.A.C.I. Falabella FALAB Chile 25,538 12,844 33.18 26.11 23.74 17.71 4.41 13.7% 4.7%

Cencosud SA CENCOSUD Chile 13,120 19,136 23.98 20.77 12.42 11.40 1.62 6.8% 2.7%

Cia Brasileira de Distribuiçao PCAR4 Brasil 11,081 34,669 22.12 20.19 8.46 7.75 2.84 13.6% 3.4%

Almacenes Éxito EXITO Colombia 7,275 4,118 29.76 27.80 n.d. 11.73 1.88 6.5% 4.8%

Organización Soriana S.A.B. SORIANAB México 6,332 1,498 22.68 19.82 11.30 10.50 2.01 9.3% 5.0%

Walmart Chile SA WMTCL Chile 4,183 25 17.86 n.d. 10.16 n.d. 2.84 16.9% 5.7%

Grupo Comercial Chedraui CHDRAUIB México 3,546 2,872 29.51 24.04 n.d. 10.88 2.24 7.8% 3.7%

Corp. Favorita SLU Ecuador 1,367 147 13.19 n.d. 9.46 n.d. n.d. 16.1% 11.4%

Import. y Export Patagonia PATA Argentina 426 8 16.28 n.d. 6.67 n.d. 22.35 19.0% 7.6%

Promedio 7,467 7,643 22.76 24.42 11.74 11.56 4.66 11.9% 5.3%

Credicorp Ltd. BAP Perú 9,874 691 12.77 11.81 4.90 60.41 2.37 20.5% 2.0%

BBVA Banco Continental SA CONTINC1 Perú 5,067 533 11.29 10.24 8.13 34.97 3.62 34.7% 2.5%

Scotiabank Perú SCOTIAC1 Perú 3,482 99 11.83 10.33 10.64 45.66 2.10 19.8% 2.4%

Intercorp Financial Services IFS Perú 2,902 921 10.51 10.71 10.62 50.74 2.62 28.5% 2.9%

ITAU Unibanco Holding SA ITUB4 Brasil 60,019 n.d. 10.38 8.84 6.26 55.66 1.73 17.0% 1.4%

Banco Do Brasil S.A. BBAS3 Brasil 26,000 82,119 4.75 5.56 4.21 64.53 0.94 20.2% 1.1%

Banco de Chile CHILE Chile 12,876 5,255 13.62 13.07 4.35 47.16 3.07 23.8% 2.0%

Grupo Financiero Banorte GFNORTEO México 13,241 34,344 14.97 12.60 4.47 67.44 2.05 14.7% 1.3%

Bancolombia SA BCOLO Colombia 11,457 1,971 12.49 11.55 6.37 58.33 1.91 16.0% 1.9%

Banco Santander Chile BSAN Chile 10,752 9,357 15.58 13.02 4.76 42.76 2.49 16.5% 1.4%

Banco de Bogotá BOGOTA Colombia 10,263 1,514 n.d. n.d. n.d. 53.57 2.09 n.d. n.d.

Banco de Crédito e Inversión BCI Chile 6,117 2,970 11.95 10.94 4.20 49.55 2.14 19.1% 1.5%

Banco Davivienda SA PFDAVVND Colombia 5,417 2,341 13.17 11.01 7.34 50.78 1.91 15.1% 1.8%

Sociedad Matriz Banco de Chile SMCHILEB Chile 4,526 1,846 29.26 39.42 4.54 43.98 2.25 7.8% 0.3%

CorpBanca CORPBANC Chile 3,790 4,745 12.97 11.83 3.13 56.69 1.57 13.4% 1.1%

Promedio 12,386 10,622 13.25 12.92 5.99 52.15 2.19 19.1% 1.7%

Construcción

Graña y Montero GRAMONC1 Perú 2,161 863 20.29 15.65 8.10 7.43 4.14 21.8% 6.7%

Promotora y Oper de Infraestructura PINFRA* México 3,660 4,551 23.81 27.02 17.18 15.13 6.95 36.7% 12.5%

Mills Estruturas e Serviços MILS3 Brasil 1,576 6,007 22.30 17.26 10.72 8.76 3.92 18.9% 10.5%

Empresas ICA S.A.B ICA* México 1,160 8,489 19.25 13.07 15.04 10.08 0.92 3.1% 0.5%

Besalco SA BESALCO Chile 797 1,040 25.12 19.06 10.61 7.70 2.36 15.6% 5.7%

Grupo Odinsa SA ODINSA Colombia 826 518 11.54 n.d. 39.38 n.d. 2.33 22.6% 13.5%

Conconcreto SA CONCONC Colombia 588 201 22.53 n.d. n.d. 7.66 1.24 10.6% 7.2%

Salfacorp SA SALFACOR Chile 488 1,716 10.41 9.94 10.97 9.21 0.88 8.7% 2.6%

Construcciones El Cóndor SA ELCONDOR Colombia 451 209 n.d. n.d. n.d. n.d. 1.61 10.6% n.d.

Promedio 1,301 2,622 19.41 17.00 16.00 9.42 2.71 16.5% 7.4%

Fuente: Bloomberg

www.kallpasab.com 1

1.1%

1.2%

n.d.

2.0%

n.d.

1.5%

1.9%

3.6%

1.3%

2.0%

3.1%

1.1%

0.9%

1.7%

1.5%

0.6%

1.6%

0.5%

ROE ROA

Reporte de Múltiplos

2.4%

1.4%

3.9%

8.4%

4.8%

0.7%

2.9%

4.3%

2.9%

2.1%

Dividend

Yield 12M

0.4%

2.9%

1.5%

Dividend

Yield 12M

Dividend

Yield 12M

n.d.

2.9%

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 P/BV ROE ROA

EV/EBITDA

2013

EV/EBITDA

12M

EV/EBITDA

2013

EV/EBITDA

12MEmpresa

P/E

12M

P/E

2013País

Cap. Bursátil

(US$ MM)

P/BVRatio de

Eficiencia

EV/EBITDA

2013P/BV ROE ROA

Empresa

ADTV 12M

(US$000)

P/E

12M

Ticker

Servicios Financieros

Margen

Financiero

EV/EBITDA

12M

Empresa Ticker PaísCap. Bursátil

(US$ MM)

Empresa Ticker

P/E

2013

EQUITY RESEARCH | Reporte de Múltiplos 5 de julio de 2013

P/BV ROE ROA

2.8%

1.7%

1.4%

1.2%

ADTV 12M

(US$000)

Dividend

Yield 12M

4.4%

4.1%

5.2%

1.4%

n.d.

1.2%

n.d.

2.7%

2.4%

2.4%

0.8%

Unión Andina de Cementos UNACEMC1 Perú 2,154 566 12.57 14.60 9.28 10.56 1.79 14.7% 5.9%

Cementos Pacasmayo CPACASC1 Perú 1,441 487 24.92 20.87 13.40 11.59 2.21 9.0% 5.9%

Holcim Costa Rica S.A. INCCA Costa Rica 333 34 18.56 n.d. 8.14 n.d. 3.82 19.6% 7.5%

Cemex SAB CEMEXCPO México 11,819 37,580 n.d. n.d. 12.87 9.96 1.12 -10.6% -3.1%

Cementos Argos SA CEMARGOS Colombia 5,543 2,775 49.84 33.95 n.d. 14.51 1.62 2.2% 1.4%

Cemex Latam Holdings SA CLH España 3,838 6,100 13.94 14.21 n.d. 9.89 2.66 n.d. n.d.

Corp. Moctezuma CMOCTEZ* México 2,686 289 17.90 15.23 10.86 n.d. 3.96 21.0% 17.1%

Grupo Cementos Chihuahua GCC* México 1,118 37 56.87 25.86 13.19 n.d. 1.23 2.1% 1.2%

Cementos BIO BIO S.A. CEMENT Chile 296 105 n.d. n.d. 19.65 n.d. 0.67 -11.6% -4.8%

Melón SA MELON Chile 165 2 n.d. n.d. 10.89 n.d. 0.32 -0.1% 0.0%

Promedio 2,940 4,798 27.80 20.79 12.28 11.30 1.94 5.1% 3.5%

Corp. Aceros Arequipa CORAREI1 Perú 312 144 9.32 15.31 13.87 9.79 0.49 2.5% 1.3%

Empresa Siderúrgica del Perú SIDERC1 Perú 69 68 n.d. n.d. n.d. 57.68 0.20 -10.7% -5.0%

Gerdau SA GGBR4 Brasil 9,611 55,620 18.57 16.28 9.10 7.86 0.83 4.6% 2.4%

Ternium SA TX EEUU 4,299 9,363 39.82 7.98 5.41 4.76 0.78 1.9% 1.0%

CAP SA CAP Chile 2,951 7,420 15.40 9.15 7.00 6.77 1.59 10.6% 3.8%

Industrias CH S.A.B. ICHB México 2,779 4,240 21.47 18.19 9.04 8.52 1.42 6.5% 4.3%

Grupo Simec S.A. SIMECB México 2,124 1,587 13.48 13.39 7.04 5.88 1.17 8.8% 6.3%

Siderar ERAR Argentina 1,714 361 17.93 n.d. 6.68 3.91 0.78 4.8% 3.2%

Siderúrgica Venez Sivensa SVS Venezuela 209 4 6.34 n.d. n.d. n.d. 0.26 4.7% 3.0%

Cintac S.A. CINTAC Chile 147 107 13.72 n.d. 10.11 n.d. 0.82 6.1% 2.9%

Metisa Metalúrgica Timboense SA MTSA4 Brasil 87 35 9.70 n.d. 5.09 n.d. 1.08 11.4% 7.0%

Promedio 2,209 7,177 16.57 13.38 8.15 13.15 0.86 4.7% 2.7%

Ferreycorp SAA FERREYC1 Perú 570 1,260 7.31 6.60 6.78 5.61 1.33 15.3% 5.3%

Finning International Inc FTT Canadá 3,667 15,254 11.17 10.87 8.28 7.27 2.39 23.0% 7.1%

Seven Group Holdings Ltd SVW Australia 1,849 4,592 5.96 7.52 6.92 6.59 0.85 15.2% 6.7%

Barloworld Ltd BAW Sudáfrica 1,825 8,898 10.66 10.90 n.d. 6.02 1.35 13.7% 4.9%

Toromont Industries Ltd. TIH Canadá 1,719 3,920 15.03 15.75 8.86 9.00 3.81 27.4% 13.0%

Randon Participações SA RAPT4 Brasil 1,116 6,841 42.96 14.94 11.43 7.45 1.94 4.6% 1.4%

H&E Equipment Services Inc HEES EE.UU. 762 4,184 21.05 17.67 6.41 5.56 14.02 18.4% 3.3%

Wajax Corp WJX Canadá 540 4,460 9.78 11.51 7.69 8.33 2.39 25.1% 9.0%

Titan Machinery Inc TITN EE.UU. 413 12,198 12.09 9.05 11.35 9.89 1.04 9.1% 2.5%

PT Hexindo Adiperkasa Tbk HEXA Indonesia 401 644 6.28 5.17 5.67 4.70 1.84 31.5% 15.0%

Rocky Mountain Dealerships Inc RME Canadá 252 455 8.94 8.05 5.29 5.55 1.79 17.7% 4.2%

Promedio 1,192 5,701 13.75 10.73 7.87 6.91 2.98 18.3% 6.6%

Casa Grande SAA CASAGRC1 Perú 275 121 32.15 8.27 6.88 5.10 0.64 2.0% 1.3%

Cartavio SAA CARTAVC1 Perú 152 7 n.d. n.d. n.d. n.d. n.d. 3.8% 2.2%

Empresa Agroindustrial Pomalca POMALCC1 Perú 34 26 5.15 n.d. n.d. n.d. 0.22 3.8% 1.8%

Illovo Sugar Ltd ILV Sudáfrica 1,398 1,145 16.34 10.99 10.84 6.24 2.39 15.2% 7.3%

EID Parry India Ltd EID India 397 422 11.65 5.56 7.55 5.18 0.99 8.5% 1.8%

Empresas Iansa SA IANSA Chile 190 883 5.79 6.85 7.74 6.02 0.53 8.7% 5.2%

Shree Renuka Sugars Ltd SHRS India 188 5,257 n.d. 6.38 4.89 4.51 0.78 -13.7% -2.2%

Balrampur Chini Mills Ltd BRCM India 163 1,882 6.12 6.63 5.44 4.61 0.75 12.8% 3.8%

Bajaj Hindusthan Ltd BJH India 162 1,520 n.d. n.d. 18.06 n.d. 0.25 -9.3% -2.2%

Promedio 329 1,251 12.87 7.45 8.77 5.28 0.82 3.5% 2.1%

Copeinca ASA COP Perú 752 1,284 23.60 14.74 17.04 10.36 1.58 6.6% 3.4%

Austral Group SAA AUSTRAC1 Perú 223 67 13.47 6.86 6.73 4.65 1.01 7.3% 4.3%

Pesquera Exalmar S.A.A. EXALMC1 Perú 181 102 12.67 8.69 6.60 6.37 0.79 6.3% 3.1%

Leroey Seafood Group ASA LSG Noruega 1,484 842 12.63 9.30 11.72 6.44 1.62 13.2% 6.2%

Salmar ASA SALM Noruega 1,123 1,335 11.58 7.60 13.68 6.59 2.23 21.7% 8.6%

AquaChile SA AQUACHIL Chile 706 378 n.d. 304.92 n.d. 9.42 1.82 -12.0% -5.7%

Cia Pesquera Camanchaca SA CAMANCHA Chile 188 85 n.d. n.d. 58.07 10.15 0.74 -9.1% -3.6%

Havfisk ASA HFISK Noruega 88 18 12.98 20.31 7.53 8.51 0.63 4.7% 1.9%

Promedio 593 514 14.49 53.20 17.34 7.81 1.30 4.8% 2.3%

Fuente: Bloomberg

www.kallpasab.com 2

5.7%

3.3%

7.2%

4.2%

3.3%

EV/EBITDA

2013P/BV ROE ROA

7.0%

n.d.

n.d.

3.9%

n.d.

4.7%

5.2%

9.1%

1.3%

Dividend

Yield 12M

2.5%

8.6%

3.1%

n.d.

n.d.

1.5%

n.d.


(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/E

2013

Empresa

EV/EBITDA

2013P/BV ROE ROA

ADTV 12M

(US$000)

P/E

12M

País

Acero

Cap. Bursátil

(US$ MM)

Maquinaria - Distribución

ADTV 12M

(US$000)

P/E

12M

P/E

2013

Pesca

P/E

2013

EV/EBITDA

12M

Cap. Bursátil

(US$ MM)

EV/EBITDA

12M

ADTV 12M

(US$000)

Ticker País

P/E

12M

P/E

2013Empresa Ticker

0.6%

1.5%

3.0%

6.0%

3.0%

Dividend

Yield 12M

ROE ROA

n.d.

1.8%

Dividend

Yield 12M

Dividend

Yield 12M

n.d.

7.8%

2.2%

n.d.

n.d.

1.8%

n.d.

7.5%

ROE ROA

ROA

Cemento

EV/EBITDA

12M

3.1%

4.4%

5.8%

n.d.

n.d.

EV/EBITDA

12M

2.1%

1.2%

32.3%

P/BV ROEEV/EBITDA

2013

EV/EBITDA

2013P/BVEmpresa Ticker País

Cap. Bursátil

(US$ MM)

5 de julio de 2013

Azúcar


(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/E

2013

EV/EBITDA

12M

EV/EBITDA

2013P/BV

5.3%

8.3%

5.2%

2.6%

3.3%

Dividend

Yield 12M

4.1%

n.d.

n.d.

n.d.

n.d.


http://www.kallpasab.com/

Maple Energy PLC MPLE Perú 106 47 n.d. 14.10 19.68 8.00 0.84 -28.3% -10.5%

Tereos Internacional SA TERI3 Brasil 980 234 n.d. 7.56 7.26 4.39 0.66 0.0% 0.0%

Andersons Inc/The ANDE EE.UU. 1,006 5,584 13.69 13.49 10.99 9.45 1.66 12.8% 3.7%

CropEnergies AG CE2 Alemania 675 225 9.24 11.62 5.12 5.83 1.35 15.4% 9.4%

Green Plains Renewable Energy GPRE EE.UU. 420 2,940 n.d. 20.71 8.84 7.57 0.86 5.7% 2.0%

REX American Resources Corp REX EE.UU. 308 629 n.d. 9.66 18.44 n.d. 1.23 0.1% 0.1%

Promedio 583 1,610 11.47 12.86 11.72 7.05 1.10 0.9% 0.8%

Refinería La Pampilla SA RELAPAC1 Perú 214 190 76.28 4.64 12.43 11.11 0.43 0.5% 0.2%

Ecopetrol SA ECOPETL Colombia 86,028 18,994 11.92 12.12 6.20 6.06 2.93 27.0% 12.8%

YPF SA YPFD Argentina 8,589 1,237 12.00 8.20 3.68 3.07 1.37 13.0% 5.2%

OGX Petróleo e Gas Participações OGXP3 Brasil 733 113,957 n.d. n.d. n.d. n.d. 0.24 -23.1% -11.1%

Petrobras Argentina SAB PESA Argentina 1,087 233 9.44 6.91 2.35 2.14 0.57 6.7% 3.7%

Refinaria de Petróleos Manguinhos RPMG3 Brasil 128 322 n.d. n.d. n.d. n.d. n.d. n.d. -44.0%

Promedio 16,130 22,489 27.41 7.97 6.16 5.60 1.11 4.8% -5.5%

Edegel SA EDEGELC1 Perú 2,211 235 16.53 n.d. 8.93 n.d. 2.44 14.9% 8.2%

Enersur SA ENERSUC1 Perú 2,090 212 18.84 22.42 n.d. 9.49 3.67 21.1% 8.5%

Enersis SA ENERSIS Chile 15,065 12,459 15.66 12.60 6.03 5.39 1.29 7.3% 2.6%

Empresa Nacional de Electricidad ENDESA Chile 11,249 8,815 24.70 14.03 9.74 7.88 2.22 9.0% 3.6%

Tractebel Energias SA TBLE3 Brasil 10,142 11,838 14.33 13.53 7.86 7.72 4.27 30.1% 13.1%

Cia Energética de Minas Gerais CMIG3 Brasil 8,468 2,441 4.16 6.71 5.44 4.76 1.54 36.4% 13.1%

AES Gener SA AESGENER Chile 5,169 2,686 22.47 17.30 11.07 10.05 2.02 6.6% 2.9%

Colbun SA Colbun Chile 4,556 2,614 71.18 15.28 20.07 12.96 1.29 1.8% 1.1%

Isagen SA ISAGEN Colombia 3,654 1,319 15.67 16.32 n.d. 14.22 1.98 13.1% 7.0%

Cia Electricidade da Bahia CEEB3 Brasil 2,965 88 7.83 n.d. 7.02 n.d. 2.33 32.0% 12.5%

Centrais Eletricas Brasileiras ELET3 Brasil 3,169 9,301 n.d. n.d. 23.62 11.43 0.09 -11.3% -5.3%

Cia Paranense de Energia CPLE3 Brasil 3,042 399 7.85 5.41 5.29 4.21 0.49 6.3% 3.8%

Cia Energetica do Sao Paulo CESP3 Brasil 2,541 40 14.81 5.04 3.70 2.89 0.50 2.7% 1.5%

Edp - Energias do Brasil ENBR3 Brasil 2,324 11,708 18.03 10.10 7.15 6.05 1.15 6.3% 2.1%

Equatorial Energia SA EQTL3 Brasil 1,520 6,154 16.85 12.30 9.10 8.48 1.44 4.1% 1.1%

Promedio 5,211 4,687 19.21 12.59 9.62 8.12 1.78 12.0% 5.1%

Luz del Sur LUSURC1 Perú 1,731 250 17.39 15.26 10.09 10.08 3.37 22.6% 11.1%

Edelnor EDELNOC1 Perú 1,110 274 15.31 12.93 7.85 7.46 2.89 19.5% 7.2%

Chilectra SA CHILECTR Chile 3,964 15 12.20 n.d. 12.60 n.d. 1.90 15.4% 12.7%

Cia Energética do Ceará COCE5 Brasil 1,372 1,746 8.27 8.75 6.63 5.68 1.85 22.5% 10.2%

CGE Distribucion SA CGEDISTR Chile 1,158 6 35.45 n.d. 18.15 n.d. 1.44 2.9% 1.3%

Cia Energética do Maranhão ENMA3B Brasil 845 17 5.87 n.d. n.d. n.d. 1.53 29.0% 10.2%

Cia Energética de Pernambuco CEPE5 Brasil 580 43 n.d. n.d. 11.38 n.d. 0.85 -0.9% -0.4%

Eletropaulo Metropolitana ELPL4 Brasil 573 10,395 n.d. 10.05 6.81 4.08 0.59 -0.1% 0.0%

Promedio 1,417 1,593 15.75 11.75 10.50 6.83 1.80 13.9% 6.6%

Telefónica del Perú TELEFBC1 Perú 2,579 5,682 9.86 n.d. 3.03 n.d. 1.49 18.9% 7.7%

América Móvil AMXL México 76,178 101,583 12.17 11.12 5.32 5.39 4.33 32.7% 9.1%

Telefónica Brasil S.A. VIVT4 Brasil 22,852 29,719 12.43 11.86 4.16 4.30 1.22 9.8% 6.4%

Embratel Participações SA EBTP3 Brasil 4,571 5 15.90 n.d. 3.04 n.d. 0.88 6.0% 2.4%

Empresa Nacional de Telecom. ENTEL Chile 3,900 7,002 13.03 13.13 4.59 4.89 2.36 18.4% 9.4%

Cia Anónima Nacional de Telefonía TDV/D Venezuela 2,815 10 7.85 n.d. 4.05 n.d. 2.43 32.7% 13.2%

Telefónica Chile SA CTCA Chile 1,330 50 12.38 n.d. 3.84 n.d. 1.11 8.7% 3.9%

Empresa de Telecom de Bogotá ETB Colombia 736 170 5.40 n.d. 2.32 2.01 0.52 9.9% 5.2%

Promedio 14,370 18,028 11.13 12.04 3.79 4.15 1.79 17.1% 7.2%

Fuente: Bloomberg

www.kallpasab.com 3

1.9%

6.2%

4.6%

5.6%

3.6%

Ticker País P/BV ROE ROA

Empresa Ticker PaísEV/EBITDA

12M

P/E

12M

P/E

2013

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.

3.6%

n.d.

1.7%

1.2%

n.d.

9.3%

Dividend

Yield 12M

Dividend

Yield 12MEmpresa Ticker

Telecomunicaciones

Cap. Bursátil

(US$ MM)País


4.5%

10.2%

EV/EBITDA

12M

EV/EBITDA

2013

ADTV 12M

(US$000)

P/E

12M

13.6%

5.6%

23.7%

5.2%

0.3%

n.d.

2.5%

4.2%

1.4%

8.7%

8.2%

n.d.

4.0%

1.1%

5.6%

8.2%

7.1%

1.0%

Ticker País

Electricidad - Generación

ROAP/BV ROE

P/E

12M

P/E

2013

EV/EBITDA

12M

Cap. Bursátil

(US$ MM)

ADTV 12M

(US$000)

ADTV 12M

(US$000)

EV/EBITDA

2013

EV/EBITDA

2013ROAP/BV

5 de julio de 2013

EV/EBITDA

12M

EV/EBITDA

2013

EV/EBITDA

2013

P/BV

Cap. Bursátil

(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/E

2013Empresa

4.5%

1.3%

3.0%

0.2%

7.1%

1.5%

2.0%

6.8%

n.d.

2.9%

ROE ROA

Dividend

Yield 12M

Dividend

Yield 12M

2.7%

7.2%

0.7%

n.d.

5.0%

3.7%


Cia de Minas Buenaventura BVN Perú 4,057 226 6.47 6.98 8.27 6.20 1.00 16.5% 13.2%

Goldcorp Inc G Canadá 19,542 147,743 14.12 19.63 7.91 9.43 0.85 7.1% 5.1%

Barrick Gold Corp ABX Canadá 13,787 163,931 4.17 4.81 4.09 4.66 0.61 -3.6% -1.7%

Newmont Mining Corp NEM EE.UU. 13,860 283,153 8.32 11.84 5.90 7.44 0.98 12.1% 5.6%

Polyus Gold International PLZLY Reino Unido 9,096 1,076 9.52 n.d. 6.36 n.d. 2.41 27.4% 18.9%

Zijin Mining Group Co Ltd 2899 China 8,105 15,399 5.24 6.54 n.d. 8.25 0.97 17.7% 7.6%

Newcrest Mining Ltd NCM Australia 7,456 100,103 10.56 15.60 6.69 7.54 1.13 5.2% 3.9%

Yamana Gold Inc YRI Canadá 6,928 76,761 17.05 13.47 6.44 6.42 0.88 4.8% 3.2%

Randgold Resources Ltd RRS EE.UU. 5,563 35,740 13.46 17.05 7.94 9.23 2.06 16.5% 14.6%

Zhongjin Gold Co Ltd 600489 China 4,579 57,625 18.38 18.78 n.d. 7.75 2.69 15.9% 7.5%

Agnico-Eagle Mines Ltd AEM Canadá 4,599 46,466 15.20 28.29 6.96 8.83 1.33 7.6% 5.0%

Eldorado Gold Corp ELD Canadá 4,292 46,004 20.01 15.83 7.14 7.56 0.73 3.3% 2.5%

Gold Fields Ltd GFI Sudáfrica 3,545 30,251 7.80 12.28 2.81 4.66 0.82 13.8% 7.8%

Polymetal International PLC POLY Rusia 2,739 8,564 6.83 7.89 4.51 4.71 3.44 20.8% 10.9%

Rio Alto Mining Ltd RIO Canadá 309 576 4.52 4.30 2.14 2.22 1.38 38.8% 24.9%

Promedio 7,231 67,575 10.78 13.09 5.94 6.78 1.42 13.6% 8.6%

Hochschild Mining Plc HOC Reino Unido 807 1,156 12.57 22.57 2.39 3.41 2.51 6.1% 3.5%

Industrias Penoles SAB de CV PE&OLES* México 12,401 9,172 18.50 22.74 7.27 8.83 5.55 21.2% 10.8%

Fresnillo Plc FRES México 9,726 17,322 12.86 20.56 7.28 8.73 9.63 35.9% 24.0%

SLM Corp SLM EE.UU. 10,212 65,903 9.17 9.05 n.d. n.d. 1.99 25.5% 0.6%

Silver Wheaton Corp SLW Canadá 6,690 70,930 11.71 13.71 11.01 11.79 3.44 19.1% 15.5%

Pan American Silver Corp PAA Canadá 1,722 7,581 15.37 18.63 3.71 4.64 0.92 2.1% 1.7%

First Majestic Silver Corp FR Canadá 1,257 12,132 15.37 14.64 8.93 7.28 3.03 17.7% 13.4%

Hecla Mining Co HL EE.UU. 813 24,889 23.75 32.02 9.17 4.11 0.72 1.1% 1.0%

Silver Standard Resources Inc SSO Canadá 498 3,588 22.82 n.d. 3.32 6.23 0.76 4.9% 3.8%

Silvercorp Metals Inc SVM Canadá 444 1,771 12.38 5.25 4.46 2.14 1.61 6.4% 4.7%

Fortuna Silver Mines Inc FVI Canadá 380 1,976 13.19 13.13 4.83 4.53 1.40 10.5% 8.9%

Silvercrest Mines Inc SVL Canadá 158 783 4.70 9.03 2.89 3.32 2.22 39.1% 27.5%

Promedio 5,454 26,136 14.91 19.24 7.11 6.97 3.47 16.1% 8.8%

Southern Copper Corp SCCO EE.UU. 22,796 173 11.36 13.31 6.84 7.63 4.51 38.0% 18.8%

Soc. Minera Cerro Verde CVERDEC1 Perú 7,876 466 11.61 9.59 5.58 4.82 2.18 20.8% 18.0%

Freeport-McMoran Copper FCX EE.UU. 28,278 587,092 8.43 8.89 4.94 3.61 1.45 17.2% 7.7%

Anglo American Plc AAL Reino Unido 25,254 102,143 n.d. 9.99 5.08 4.43 1.14 -3.9% -2.0%

Grupo Mexico SAB de CV GMEXICOB México 22,917 33,258 10.16 11.28 6.01 5.57 3.54 26.5% 12.6%

Antofagasta Plc ANTO Reino Unido 11,515 33,503 11.16 10.96 3.25 3.60 2.98 15.5% 8.4%

First Quantum Minerals FM Canadá 8,572 64,421 12.19 12.73 9.29 6.87 1.10 8.8% 4.7%

Kazakhmys Plc KAZ Reino Unido 1,962 22,995 n.d. 5.79 2.13 2.91 1.08 -30.1% -20.9%

HudBay Minerals Inc HBM Canadá 1,112 9,349 52.62 117.93 4.13 5.48 0.71 -1.5% -0.9%

Promedio 14,476 94,822 16.79 22.28 5.25 4.99 2.08 10.1% 5.2%

Volcan Cia Minera SAA VOLCABC1 Perú 2,459 1,850 9.76 5.60 n.d. 4.14 1.16 12.5% 6.4%

Sociedad Minera El Brocal BROCALC1 Perú 666 71 27.58 8.44 14.12 4.83 1.76 3.4% 2.5%

Compañía Minera MILPO SA MILPOC1 Perú 500 182 18.06 3.31 2.94 2.45 1.04 5.8% 2.4%

Cia Minera Atacocha SA ATACOBC1 Perú 45 50 n.d. 15.51 2.55 1.33 0.46 -13.2% -6.9%

BHP Billiton BHP Australia 144,395 336,486 15.70 10.24 6.49 5.60 3.06 14.9% 7.6%

Teck Resources Ltd TCK Canadá 11,777 71,361 9.26 10.69 4.86 5.05 0.68 5.0% 2.7%

Boliden AB BOL Suecia 3,236 35,845 8.18 12.13 4.82 5.38 0.96 12.2% 7.0%

Nyrstar NYR Bélgica 709 4,724 n.d. n.d. 5.94 4.93 0.46 -7.5% -2.7%

Minmetals Land Ltd 230 Hong Kong 469 886 13.29 4.74 8.34 3.59 0.52 4.1% 1.6%

Promedio 18,251 50,162 14.55 8.83 6.26 4.15 1.12 4.1% 2.3%

Minsur SA MINSURI1 Perú 1,322 354 10.15 6.36 5.33 3.94 0.76 7.6% 4.4%

Yunnan Tin Co Ltd 000960 China 2,362 19,853 n.d. 33.73 n.d. 23.46 2.31 -3.9% -1.0%

Timah Persero Tbk TINS Indonesia 506 814 15.56 7.50 4.50 3.34 1.08 6.9% 5.2%

Metals X Limited MLX Australia 150 215 90.91 10.00 n.d. 6.64 0.59 1.1% 1.0%

Malaysia Smelting Corp SMELT Malasia 103 42 n.d. 6.11 n.d. 10.92 1.35 -15.6% -4.8%

Promedio 889 4,256 38.87 12.74 4.92 9.66 1.22 -0.8% 1.0%

Fuente: Bloomberg

www.kallpasab.com 4

3.9%

3.3%

5.5%

2.6%

4.1%

n.d.

5.0%

4.4%

5.0%

4.9%

0.9%

8.2%

5.1%

3.1%

8.0%

1.1%

3.1%

2.9%

Dividend

Yield 12M

n.d.

5 de julio de 2013

4.3%

n.d.

10.9%

n.d.

n.d.

EV/EBITDA

2013P/BV ROE ROA

EV/EBITDA

2013

3.0%

n.d.

1.4%

n.d.

3.6%

n.d.

2.2%

n.d.

4.8%

Minería - Estaño

Minería - Polimetálica

Minería - Cobre

Minería - Plata

Dividend

Yield 12M

Dividend

Yield 12M

Dividend

Yield 12M

Minería - Oro

EV/EBITDA

12M

2.3%

8.0%

4.7%

2.4%

2.2%

3.4%

2.7%

0.8%

1.7%


(US$ MM)

ADTV 12M

(US$000)

P/E

12M

P/BV ROE ROA

ROE ROA

P/BV ROE ROA


Dividend

Yield 12M

3.5%

ROE ROA

P/BVEV/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

Cap. Bursátil

(US$ MM)

ADTV 12M

(US$000)

EV/EBITDA

2013

P/E

2013

EV/EBITDA

2013

EV/EBITDA

12MEmpresa Ticker País

Cap. Bursátil

(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

4.0%

0.8%

1.4%

12.7%

n.d.

2.4%

3.4%

3.0%

2.0%

5.6%

5.3%

3.5%


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

Hernando Pastor Daniel Berger

Representante Representante

(511) 626 8700 (511) 626 8700

[email protected] [email protected]

OFICINA AREQUIPA OFICINA TACNA

Jesús Molina Gerson Del Pozo

Representante Representante

(51 54) 272 937 (51 52) 241 394

[email protected] [email protected]

www.kallpasab.com 5

5 de julio 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.


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kallpa sab multiplos 05 julio 13

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