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EQUITY RESEARCH | Reporte de Múltiplos

30 de abril de 2015

Bienes de Consumo
Empresa
Alicorp SA
Brasil Foods SA
Grupo Bimbo SAB de CV
Kimberly-Clark de Mexico SAB de CV
Gruma SAB de CV
Grupo Nutresa SA
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
GRUMAB
NUTRESA
HYPE3
MDIA3
MOLI
HERDEZ*

Perú
Brasil
México
México
México
Colombia
Brasil
Brasil
Argentina
México

PEN
BRL
MXN
MXN
MXN
COP
BRL
BRL
ARS
MXN

Ticker

País

Moneda

INRETC1
WALMEX*
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
CHILE
BCOLO
BSAN
BOGOTA
BCI
PFDAVVND
SMCHILEB
CORPBANC

Perú
Perú
Perú
Perú
Brasil
Brasil
Brasil
México
México
Chile
Colombia
Chile
Colombia
Chile
Colombia
Chile
Chile

USD
PEN
USD
PEN
BRL
BRL
BRL
MXN
MXN
CLP
COP
CLP
COP
CLP
COP
CLP
CLP

Ticker

País

Moneda

GRAMONC1
PINFRA*
ODINSA
ICA*
CONCONC
ELCONDOR
SALFACOR
MILS3
BESALCO

Perú
México
Colombia
México
Colombia
Colombia
Chile
Brasil
Chile

PEN
MXN
COP
MXN
COP
COP
CLP
BRL
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
6.05
64.69
41.63
33.60
183.05
25,000.00
20.19
86.21
44.50
41.85

Cap. Bursátil
(US$ MM)

ADTV 12M
(US$ 000)

P/E
12M

P/E EV/EBITDA EV/EBITDA
2015
12M
2015

P/BV

ROE

ROA

1,648
18,746
12,735
6,240
5,157
4,808
4,216
3,252
1,251
1,177
6,398

1,224
52,426
5,926
9,826
11,411
2,002
17,120
4,630
69
1,384
11,644

276.12
24.55
46.51
29.17
20.62
30.47
30.65
16.51
16.61
21.98
26.34

17.39
20.29
26.25
26.87
19.37
32.14
23.85
14.86
n.d.
21.37
23.13

9.93
11.81
11.40
13.06
11.10
13.57
13.24
11.73
n.d.
11.53
12.18

2.28
4.02
3.74
16.69
4.15
1.39
1.78
3.05
5.98
1.31
4.68

0.8%
15.9%
8.8%
65.9%
30.0%
4.8%
5.5%
18.6%
46.2%
13.2%
23.2%

0.3%
6.9%
2.7%
10.7%
11.1%
3.4%
3.0%
13.6%
7.8%
3.6%
7.0%

Cap. Bursátil
(US$ MM)

ADTV 12M
(US$ 000)

P/E
12M

P/E EV/EBITDA EV/EBITDA
2015
12M
2015

P/BV

ROE

ROA

1,491
41,423
18,873
8,884
7,467
5,444
4,861
4,420
2,891
1,237
786
8,889

1,037
43,452
9,537
36,007
6,604
60
2,367
1,049
2,084
167
6
9,306

36.11
25.07
25.11
21.00
24.68
24.88
25.37
18.45
25.40
9.89
12.98
22.63

20.05
24.06
22.14
17.46
16.39
n.d.
24.05
17.61
23.29
n.d.
n.d.
20.63

9.20
14.10
17.73
6.05
9.89
12.87
9.14
10.04
10.44
n.d.
7.77
10.72

9.63
13.55
15.07
5.11
9.37
n.d.
8.00
9.33
9.90
n.d.
n.d.
9.99

1.45
5.12
2.77
1.62
1.06
4.19
1.41
1.43
1.85
1.15
3.78
2.35

3.7%
25.2%
14.1%
12.7%
4.5%
16.6%
5.7%
8.1%
7.7%
18.2%
35.3%
13.8%

1.6%
13.4%
4.4%
3.0%
1.8%
5.6%
4.1%
4.8%
3.9%
11.9%
12.5%
6.1%

Cap. Bursátil
(US$ MM)

ADTV 12M
(US$ 000)

P/E
12M

P/E
2015

Margen
Financiero

Ratio de
Eficiencia

P/BV

ROE

ROA

12,203
4,359
3,381
2,641
67,190
52,115
24,872
15,829
15,481
10,969
10,691
10,069
8,710
5,329
5,136
3,994
3,847
15,811

651
695
874
116
173,443
119,469
89,658
9,160
48,890
10,825
3,512
6,096
573
2,245
2,529
1,660
3,948
29,400

17.13
10.56
9.70
9.08
9.75
10.15
6.50
12.39
15.37
12.09
12.81
12.23
14.49
9.49
11.59
19.21
10.40
12.03

12.93
n.d.
10.15
n.d.
9.43
9.47
6.14
15.32
13.80
12.18
11.20
12.71
12.16
10.46
10.63
n.d.
10.86
11.28

5.66
5.91
6.73
8.07
4.77
3.16
3.75
4.67
6.23
4.86
5.36
5.59
5.61
4.38
6.20
5.39
3.92
5.31

60.30
34.00
47.83
45.53
54.36
38.75
38.21
47.71
62.56
43.41
60.31
39.84
61.20
46.12
54.51
43.28
52.13
48.83

2.49
2.33
2.35
1.39
1.77
1.95
0.82
2.39
1.85
2.71
1.47
2.31
1.70
1.80
1.75
0.98
1.32
1.85

18.5%
25.7%
24.0%
17.6%
23.9%
20.2%
15.3%
20.2%
13.0%
23.1%
12.8%
22.3%
12.6%
20.3%
16.3%
11.3%
15.9%
18.4%

1.9%
2.3%
2.5%
2.1%
1.9%
1.6%
0.8%
4.9%
1.4%
2.1%
1.3%
1.9%
1.3%
1.6%
1.7%
0.4%
1.2%
1.8%

Cap. Bursátil
(US$ MM)

ADTV 12M
(US$ 000)

P/E
12M

P/E EV/EBITDA EV/EBITDA
2015
12M
2015

P/BV

ROE

ROA

1,055
4,810
724
539
455
394
366
309
285
993

928
8,994
167
6,136
237
104
338
5,623
298
2,536

13.71
27.93
18.08
n.d.
21.02
16.89
10.05
14.42
n.d.
17.44

4.73
15.36
n.d.
9.93
n.d.
10.47
8.24
5.42
11.18
9.33

1.06
3.74
1.61
0.39
1.01
n.d.
0.68
0.77
1.02
1.29

9.3%
17.8%
12.6%
-22.9%
5.0%
8.3%
7.1%
6.2%
-6.4%
4.1%

3.4%
10.7%
3.9%
-3.4%
2.9%
5.8%
2.4%
3.5%
-1.9%
3.0%

Cap. Bursátil
(US$ MM)

ADTV 12M
(US$ 000)

P/E
12M

P/E EV/EBITDA EV/EBITDA
2015
12M
2015

P/BV

ROE

ROA

1,290
890
12,398
5,432
3,101
2,720
908
329
210
169
2,745

295
390
40,890
2,143
2,710
162
198
91
35
3
4,692

13.23
15.15
n.d.
46.44
11.43
20.56
22.82
5.04
6.33
16.85
17.54

0.98
1.30
1.30
1.50
2.24
4.73
1.03
2.85
0.51
0.48
1.69

8.5%
10.3%
-4.0%
3.8%
20.0%
24.4%
4.7%
69.3%
8.9%
2.5%
14.8%

3.3%
6.4%
-1.0%
2.2%
7.5%
19.2%
2.7%
30.7%
4.0%
1.7%
7.7%

13.38
12.95
14.89
13.79
11.97
15.36
15.59
12.94
9.31
11.76
13.18

Dividend
Yield 12M
2.0%
1.5%
n.d.
4.2%
0.8%
1.7%
n.d.
1.4%
n.d.
n.d.
1.9%

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
14.50
36.41
4,795.30
100.73
1,581.80
511.00
25,960.00
37.75
46.02
3.30
14.00

Dividend
Yield 12M
n.d.
4.9%
1.4%
1.2%
1.3%
4.4%
2.1%
1.0%
0.5%
2.7%
n.d.
2.2%

Servicios Financieros
Empresa
Credicorp Ltd.
BBVA Banco Continental SA
Intercorp Financial Services
Scotiabank Perú
Itau Unibanco Holding SA
Banco Bradesco SA
Banco do Brasil SA
Grupo Financiero Inbursa SAB
Grupo Financiero Banorte SAB
Banco de Chile
Bancolombia SA
Banco Santander Chile
Banco de Bogota SA
Banco de Credito e Inversiones
Banco Davivienda SA
Sociedad Matriz Banco de Chile
Corpbanca SA
Promedio

Último
Precio
153.00
4.23
29.89
22.60
38.46
32.04
26.22
36.37
85.96
70.92
26,180.00
32.70
62,900.00
30,001.00
27,660.00
185.70
6.92

Dividend
Yield 12M
1.4%
4.9%
5.4%
4.6%
3.5%
3.3%
6.4%
1.0%
0.8%
4.8%
3.0%
5.4%
3.9%
3.3%
2.8%
1.9%
4.8%
3.5%

Construcción
Empresa
Graña y Montero
Prom y Oper de Infraestructura
Grupo Odinsa SA
Empresas ICA SAB de CV
Constructora Conconcreto SA
Construcciones El Condor SA
Salfacorp SA
Mills Estruturas e Servicos
Besalco SA
Promedio

Último
Precio
5.00
174.60
9,460.00
13.62
1,200.00
1,640.00
498.00
7.27
306.09

8.45
24.23
n.d.
16.25
n.d.
13.25
8.39
22.07
27.33
17.14

6.65
16.62
7.04
11.76
15.27
13.74
8.36
4.54
27.69
12.41

Dividend
Yield 12M
3.2%
n.d.
1.1%
n.d.
2.0%
2.7%
3.0%
3.1%
0.5%
2.2%

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
2.45
5.00
14.90
9,570.00
13,340.00
47.50
42.00
20.50
486.00
0.37

11.14
13.30
n.d.
32.80
13.03
n.d.
n.d.
n.d.
n.d.
n.d.
17.56

n.d.
8.75
13.18
16.50
8.62
12.14
9.46
5.19
5.74
5.69
9.47

7.61
8.48
9.85
12.95
8.36
n.d.
n.d.
n.d.
n.d.
n.d.
9.45

Dividend
Yield 12M
2.1%
4.0%
n.d.
1.8%
n.d.
4.3%
0.9%
n.d.
3.3%
9.3%
3.7%

Fuente: Bloomberg

www.kallpasab.com

Reporte de Múltiplos

1

090 111 13.62 5.36 10.d.71 15.27 49.d.5% Fuente: Bloomberg www.33 0.d. n.d.66 11.2% 32.516 6.00 25.06 6.d. 0.947 n.3% 8.1% n.49 7.178 843 690 296 282 170 800 43 341 2.5% 14.UU.510. 5.92 5.5% P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA n.570 62 28 34.45 9.298 894 2.14 14. 3.80 6. n. n.9% -2.1% -17.845 1.71 8.5% 9. n.d.72 4.7% 9.23 4.UU.5% 5.48 n. 4.90 n.1% -10.71 n.17 9.52 0. n.d. 11.86 14.d.87 5.00 26.0% 3.56 2.1% 14.62 9.323 536 234 65 48 1.44 2. 35.204 6.66 P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA n.07 n.59 13.566 1.0% 4.16 9. 4.53 4.35 45.9% 5.d.3% 1. 18.2% 4.12 87. 9.d.2% 3. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 201 67 5.1% 13.d.d.09 17.8% n.56 18.15 9.d.2% 7.6% 10.13 9.63 10.8% 3.0% 24. n.0% 4.37 9.86 0.71 n.d.97 4. 7.374 13 10 68.10 4.00 n.3% 7. 4. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 2.37 0.87 0. 6.d.77 1.6% 5. 99.97 6. 7.37 4.15 3.073 634 17. 7.17 0.0% Maquinaria .6% n.09 16.6% 6. 4.067 3. 4.8% 10.084 13.95 15.927 531 75 7.7% 3.0% 21.44 7.01 1.00 7.55 7. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 71 35.27 6.62 12.d.3% n.88 n.6% 6. n.d.9% 5.81 8.1% 6.46 n.6% n.d.64 10.12 n.d.15 1.41 10. n.12 6.32 0.841 1.9% 3.40 6.8% 5.3% 24. Brasil Canadá EE.00 10. n.6% 13. 11.15 19.d.87 11.72 4.58 10.79 16.d.184 2.49 9.9% 13.89 11. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 133 126 1.75 2.341 2.5% n.65 n.12 17.55 n.5% 1.d.d. 11.19 0.60 2.94 9.6% 16.d.00 10.18 2.319 16.2% 55.227 4.506 2.d. 14.49 0.35 4.8% -0.6% 16.31 4.d.91 3.5% 5.00 n. 8.50 250.06 16.8% 2.241 20.70 20.05 5.21 2.52 Dividend Yield 12M n.00 44.0% 10.d.4% 0.80 364. Argentina EE.19 1.29 10.95 n.0% 4.00 8. n.1% Dividend Yield 12M n.d. 6.11 9. 10.8% -2.3% n.16 6.030 7.68 6.686 3.d.03 1.32 13.931 9.205 3.73 37.d.20 7. n.9% 4.49 P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA 1. EE.6% -1.00 43.0% 22.22 7.d.64 n.d.4% 3.17 2. 31.2% 13.38 9.83 5. 9.25 16.30 n. 12.01 11.d.53 7.121 1.77 -19. n.30 5.75 3.14 6.6% 46.74 31.88 15.17 1.d. Indonesia Canadá PEN CAD CAD ZAr AUD USD BRL CAD USD IDR CAD Ticker País Moneda CASAGRC1 CARTAVC1 POMALCC1 ILV EID BJH SHRS BRCM IANSA Perú Perú Perú Sudáfrica India India India India Chile PEN PEN PEN ZAr INR INR INR INR CLP Ticker País Moneda AUSTRAC1 EXALMC1 SALM LSG AUSS 1332 AQUACHIL HFISK OME CAMANCHA Perú Perú Noruega Noruega Noruega Japón Chile Noruega EE.51 2.48 10. n.118 331 307 2.1% 18.6% 3.d.3% 3.6% -7.65 6.9% Azúcar Empresa Casa Grande SAA Cartavio SAA Empresa Agroindustrial Pomalca Illovo Sugar Ltd EID Parry India Ltd Bajaj Hindusthan Ltd Shree Renuka Sugars Ltd Balrampur Chini Mills Ltd Empresas Iansa SA Promedio Último Precio 5.26 2.901 967 185 776 8.30 49.56 6.15 6.498 65.2% P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA 3.40 6.963 2.53 1.2% 1.09 2.85 21.d.42 0.d.d.2% n.2% P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA n. 6. n.d.33 15.9% n.7% 3.4% 4.39 0.419 26.36 10.4% 7. 27.d.34 7.90 1.03 Dividend Yield 12M 1.3% 2.64 7.12 n. 6.2% n.4% 0.d 16. 8.24 10.98 5.6% 2. n.67 0.06 0.89 284.29 1. 7.45 47.7% 0.d.1% 7.13 Cap.7% 3. n.2% 3.05 90.1% 6.d.03 8.147 104 445 4.99 4. n.95 8. 10.41 Dividend Yield 12M 4.69 41.194.kallpasab.35 0.d.39 19.25 7.3% 2.00 6.6% 2. 8.2% 8.d. 7.d.374 4.69 0.2% 3.79 23.2% 12. 6.317 169 1.30 Dividend Yield 12M 6.3% 5.42 0.00 315.00 163.75 2.00 28.791 2.7% 0.04 17.48 0.56 6.5% 20.0% 3.1% 3.64 12.32 36.64 0.110 23.10 1. 22.d.723 51 2.d.140 n.37 9.0% -0.18 n.00 n.85 11.88 1.9% 7.37 Dividend Yield 12M 6.36 4.7% 1.37 2. -10.33 5.9% 0.d.85 9.d.d.38 62.58 1.7% 14.83 n.d.810 1.0% 13.7% 6.3% 2.18 7.08 10.13 0.250. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 140 50 17 834 452 219 180 177 103 241 95 5 5 760 723 1. 2.88 1. n.31 n.64 3.618 3.UU.UU.d.d.3% 2.68 0.53 Cap.8% 2.20 12.30 de abril de 2015 Acero Empresa Corp.78 56.d.2% 4.5% 4.9% 2.56 n.56 6.19 0.3% 15.89 7.d.19 0.d.d.d 5.d.1% 5.2% 2.928 2.31 5.742 19.45 17.52 n.42 6. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 447 3.233 7. n.68 n.d.9% 5.34 0.03 0.66 14. n.707 1.940. 7.7% 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. Chile PEN PEN NOK NOK NOK JPY CLP NOK USD CLP Ticker País Moneda RELAPAC1 ECOPETL YPFD WNR CVRR DK PESA AMOC OGXP3 Perú Colombia Argentina EE.2% -0.2% 2.7% 3.68 1.d.73 4.UU.181 237 37 11.46 -2.81 0.92 9.UU. Aceros Arequipa Empresa Siderúrgica del Perú Gerdau SA Ternium SA Siderar SAIC 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 TX ERAR ICHB SIMECB CAP SVS CINTAC MTSA4 Perú Perú Brasil Luxemburgo Argentina México México Chile Venezuela Chile Brasil PEN PEN BRL USD ARS MXN MXN CLP VEF CLP BRL Ticker País Moneda FERREYC1 FTT TIH BAW SVW HEES RAPT4 WJX TITN HEXA RME Perú Canadá Canadá Sudáfrica Australia EE.83 n. Brasil PEN COP ARS USD USD USD ARS EGP BRL Ticker País Moneda TELEFBC1 EBTP3 AMXL VIVT4 TDV/D ENTEL ETB CTCA Perú Brasil México Brasil Venezuela Chile Colombia Chile PEN BRL MXN BRL VEF CLP COP CLP Último Precio 0.20 1.com Reporte de Múltiplos 2 .d.636 708 491 15.1% Telecomunicaciones Empresa Telefónica del Perú Embratel Participacoes SA America Movil SAB de CV Telefónica Brasil SA Cia Anonima Nacional Telefonos ENTEL Chile SA Empresa de Telecomunicaciones Telefónica Chile SA Promedio Último Precio 2.d.2% 1.d.1% 2.9% -0.4% 48.70 14.94 11.98 6.8% 11.3% 1.d.d.98 12.1% 1.74 15.79 31.257 3.69 60.66 7.9% 2.5% 6.7% 16.00 25.36 0.43 n.82 Cap.d.d. 6.08 Cap.58 4.7% 5.d.92 7.54 4.00 370.d. 10.58 Cap.3% 0.772 6. n.513 2.97 n.11 n.68 1. 6.40 12.53 6. 12.27 0.55 4. 7.00 477.71 10.540 1.95 8.5% 4.21 n.96 12.3% 14.65 16.755 1.24 n.73 n.83 0. 2.93 7.4% -5. 1.92 Cap.65 0.55 -2.38 24.07 5.82 7.566 6.2% n.93 9.d.Distribución Empresa Ferreycorp SAA Finning International Inc Toromont Industries Ltd Barloworld 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. n.1% 4.9% 11.748 1.1% 5.6% 1.0% 0.6% 5.75 1.77 5.05 21.71 1.74 0.4% 6.51 9.9% 3.722 864 384 351 316 190 144 1.7% 2.43 1.41 0.16 17.6% 11. n.6% n.60 1.790 22 3.d. n.66 0.d.d.01 0.1% 4.18 n.07 n. n.3% 7.156.0% 19.026 1.48 7.055. 14. n.d.8% 0.605 3.85 40.75 16.5% 7. 357.4% 1.d.d.90 14.6% 4. 21.81 n. n.d.11 n. 12.404 27 24 20 4.00 365.7% 11.6% 21.95 20.06 4.7% 3.1% 5.d.60 4.d.80 4.74 6.6% 14. 15.3% 2.3% 4. 19.16 7. 3.83 9. 17.99 1.76 0.6% 4.6% 7.49 3.76 n.82 3.UU.d.10 0.9% 11. n.96 7.2% -0.d.0% Pesca Empresa Austral Group SAA Pesquera Exalmar SAA Salmar ASA Leroy Seafood Group ASA Autevoll Seafood ASA Nippon Suisan Kaisha Ltd AquaChile SA Havfisk ASA Omega Protein Corp Cia Pesquera Camanchaca SA Promedio Último Precio 1.d.32 14.88 11. 11.821.d.1% 2.d. 71.68 11.316 4.0% n. 6.d.60 36.694 n. n.24 4.0% 0.75 4.33 0.5% n.d.29 4.36 24. EE.65 n.33 122.062 11.48 n.7% P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA 1.

7% -12.95 13.822 7.85 12.77 10.UU.092 879 869 607 372 1.71 20.3% 14.121 3. n.25 8.724 187.59 0.d.19 65.00 719.27 14.95 4.35 0.747 7.0% 2.00 12.15 1.1% -0.2% -21.44 22.61 23. Canadá EE.09 14.8% 7.22 3.32 8.7% 2.20 16.d.3% -15.98 n.964.11 60.64 0.53 3. 100.8% 5.74 1.322 7.788 13.kallpasab.69 18.45 23.UU.99 13.073 1.5% 1.5% 4.534 8.3% 3.15 257.862 47.54 Cap.6% -21.90 6.295 771 329 11 865 22 9 3.2% Reporte de Múltiplos 3 .81 345.84 2.74 10.37 11.573 6.625 3.93 2.768 1. 0.8% -6.87 6.7% 22.8% 1.01 42.587 5.54 11.730 17.3% 3. 9.41 22.80 1.6% 9.19 15.491 6.7% 1.03 9.96 26. 85.68 1.15 n.89 7. 0.62 4.36 24.8% -3.8% 2.45 16. 5.d.78 11.03 9.9% 6.060 6.4% 3.049 1.1% 5.992 73.3% 7.78 10. 2. n.d.2% 2.562 3.26 4.66 4.d.22 2.d. Minera Cerro Verde Freeport-McMoRan Copper & Gold Grupo Mexico SAB de CV Anglo American PLC Antofagasta PLC First Quantum Minerals Ltd Lundin Mining Corp HudBay Minerals Inc Kazakhmys PLC Promedio www.81 18.52 0.5% 18.d.43 1.50 1.49 n.6% -29.59 42.26 n.01 3.80 12.23 15.6% 4.5% -74.d.96 2.7% 5.68 11.9% -1.56 47.08 14.d.188 683 453 20.14 2.d.07 25.3% 7.4% -23.UU.16 25.58 15.5% 10.61 24.61 12.11 0.657 7.8% 9.3% 4.7% 5.62 10.50 Cap.62 1. 4.3% 1.d. 9.5% 31.9% -0. 7.03 0.172 547 8.30 11.8% 4.9% 3.7% 7.241 8.89 1.92 0.3% 3.d.118 17.7% 5.287 63.14 14.1% 7. 0.60 2.1% 5.839 5.d.2% 2.724 51 43.53 10.95 2.2% -4.13 4.45 14.2% 1.8% -7.42 11.964 56.54 107. n.04 n.8% 7.92 n.6% 2.4% n.83 1.00 20.4% 5.10 8.638 7.71 10.75 n.130 8.4% 5.2% 18.9% -2.50 1.d.6% 2.9% -24.d. n.d.51 1.8% n.2% 4.20 5.3% 2. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 26.78 n.33 57.89 n.1% -4.Generación Empresa Ticker País Moneda EDEGELC1 ENERSUC1 ENERSIS ENDESA TBLE3 CMIG3 Colbun AESGENER ISAGEN ELET3 CPLE3 EQTL3 CESP3 ENBR3 CEEB3 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 Zijin Mining Group Co Ltd Barrick Gold Corp Newmont Mining Corp Polyus Gold International Ltd Newcrest Mining Ltd Zhongjin Gold Co Ltd Randgold Resources Ltd Agnico Eagle Mines Ltd Yamana Gold Inc Yamana Gold Inc Eldorado Gold Corp Gold Fields Ltd Polymetal International PLC Promedio BVN G 2899 ABX NEM PLZLY NCM 600489 RRS AEM YRI YRI ELD GFI POLY Perú Canadá China Canadá EE.UU. 2.0% n.23 5.08 17.92 6.78 8.205 n.6% 10. n.472 23.19 7.97 3.39 10.11 7.Oro Último Precio 11.625 8.41 1. 22.00 529.86 10.2% -6.5% 1.544 3.d.34 2.d.7% Fuente: Bloomberg Minería .046 47.173 8.d.15 97.91 11.7% 2. 4.1% 8.120 15.09 6. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 1. Reino Unido Australia China Reino Unido Canadá Canadá Canadá Canadá Sudáfrica Rusia USD CAD HKD CAD USD USD AUD CNY GBp CAD CAD CAD CAD ZAr GBp Ticker País Moneda THO HOC FRES SLW PE&OLES* SLM PAA HL FR FVI SSO SVM SVL Canadá Reino Unido México Canadá México EE.66 23.535 59 8.33 20.40 17. 8.65 20.51 7.4% 5.000.6% 6.0% -1. n.07 30.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 10.4% -22.03 0.68 25.93 1.60 13.78 17.44 P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA n.d.1% 1.88 1.99 n.17 6.547 9 695 11.9% 0.21 5.47 0.0% -8.6% 1.20 9.2% n.00 781.3% 0.1% -12.13 4.75 2. México Reino Unido Reino Unido Canadá Canadá Canadá Reino Unido USD USD USD MXN GBp GBp CAD CAD CAD GBp 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 Centrais Eletricas Brasileiras Cia Paranaense de Energia Equatorial Energia SA Cia Energetica de Sao Paulo EDP .91 37.393 3.3% -11.d.445 1.d.4% 5. 8.2 125. 16.03 75.1% 9.17 8.26 n.77 7.2% -22.35 87.d. n.53 0.594 11.9% 8.80 11.4% 11.d.43 1.6% 5.67 187.50 0.d. 1.814 9.16 0. n.34 10.66 6.620 3.17 4.3% 2.09 n.2% 9.78 23.581 1.12 n.20 0.4% 1.4% 7.4% -0.8% 5.85 1.99 5.37 11.70 n.52 9.327 12.43 10.767 3.712 15.9% P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA n.00 37.0% 4.35 22.4% -2.24 5.d.046 29.086 5.d.380 Cap.85 n.25 22.00 20.0% 2.23 2.79 7.66 n.9% 2.d.31 21.3% 11.8% 0.77 9.d. n.1% -8.38 23.72 Dividend Yield 12M 1.1% 3.384 4.08 n.54 23.8% -0. 13.58 85.d.20 117.19 27.81 n.d.83 2. 4.87 14.d.22 9.d.1% 12.29 8.3% 19.970 1.15 31.54 28.5% 1.091 812 8.2% -2.1% 4.10 21.00 7.31 3.61 3.12 0.91 30.12 n.d.5% n.9% 2.3% n.d.74 21.57 5. 10.24 7.Cobre Empresa Southern Copper Corp Soc.7% 9.19 -2.532 118 197 347.50 18.71 7.38 5.04 5.49 2.46 9.95 44.99 15.d.446 2. Canadá Canadá Canadá Canadá Canadá CAD GBp GBp CAD MXN USD CAD USD CAD CAD CAD CAD CAD Ticker País Moneda SCCO CVERDEC1 FCX GMEXICOB AAL ANTO FM LUN HBM KAZ EE.09 n.88 n. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 3.00 42.61 20.0% 14.213 3.692 3.52 4.41 69.19 10.14 10.53 2.55 8.08 n. 7. 10.d. n.4% 13.d.638 37.3% Minería .7% 0.5% 4.359 1.620 3.2% 6.d.14 1.3% n. 75. 34.80 13.94 29.30 22.63 0.0% 7.d.32 6. 9.27 8.6% P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA 9. n.50 17.77 10.55 3.941 23.7% 4.58 6.123 601 493 446 212 128 3.3% 1.338 1. 5.33 Cap.428.564 2.97 7.5% 11.265 24.374 13. n.84 5.846 48.3% 4.21 1.d.1% Electricidad .9% 11.6% P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA 11.602 22.8% 0.41 75.d.07 9.16 n.603 15.6% -8.46 Dividend Yield 12M 0.16 0.80 10.7% n.1% 4.52 7.320 4.71 12.8% 1.50 56.5% -8. 3.8% -3.41 8.3% -3.00 216.d.5% 0.4% 0.64 6.04 18.65 Dividend Yield 12M 5. 29. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 3.8% 5. 7.d.9% -12.46 12.54 15.91 0.154 66.07 20. 34.1% 11.5% 4.6% 24.47 8.15 16.4% 23.53 0. Perú EE.435 11. 6.d.476 6.39 22.7% 5.23 8.81 0.95 29.46 13. n.356 10.71 1. n.46 Dividend Yield 12M 0.d.55 6. 7.61 16.020 61 3.1% 6.6% 11.d.687 1.753 11.761 1.8% 2.0% 3. n.0% 2.376 1.5% -32.83 0.5% 2.04 22.48 13.046 137 109.53 2.7% -7.64 19.761 30.34 11.34 105.22 1.77 0.53 18.63 n.700 52.5% n.9% 1.1% 9.24 43.5% 26.9% 10.d.745 20.97 7.3% 0.10 10.11 14. 8.008 123. 13.91 2.1% 1.34 17.98 8. 29.2% 3.01 34.2% P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA 4.d.62 1.59 n.63 0.4% -1. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 2.70 10.77 9.57 n.196 84.23 15.8% 1. 8.09 11. 22.d.659 1.647 4.50 24.d.9% -5.7% 3.52 n.0% Minería .24 4.125 60. 12. n.303 29.48 11.070 6.76 15.49 31.7% -3.00 3.666 7.78 1.12 3.d.42 Dividend Yield 12M 5.87 6.56 5.2% -12.d.02 5.9% 8.3% 6.02 2.d.6% n.d.915 8.87 7.d.3% 24.d.69 22.96 9.0% 0.56 6.10 3.28 3.90 15.73 Cap.com Último Precio 32.893 13.29 11.308 18.d.7% 17.59 50. 27.d.94 14.26 n.9% 4.5% 5.3% 0.66 5.97 1.24 1.240. n.79 n.13 261.30 de abril de 2015 Electricidad .Plata Empresa Tahoe Resources Equity 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 17.11 28.615 708 2. 14.4% 0.472 2.006 220 334 8.000.8% -6.8% 21.48 1.59 n.89 154.56 22.1% 7.02 20. 25.d.2% 15.UU.79 5.60 0.62 n. 15.58 15.00 17.812 6.105.Energias do Brasil SA Cia de Eletricidade do Estado Promedio Último Precio 3.933 3.98 1.40 945.d. 1.13 9.d.81 6. n.46 7.

9% 8.90 11.34 8.33 5.45 26.0% 4.505 391 1.5% 14. 6.com Último Precio 1.d.416 3.8% Minería .32 0.58 4.38 n.d.8% 18.33 0.d.21 4.43 16.2% 3.335 518 15.76 26.d.5% 10.70 9.42 11.46 4. 7.0% -1.77 11.80 1.01 1.8% P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA 0.24 n.7% 12.37 0.47 815.4% -4.59 18.16 Cap.63 n.967 1.68 21.82 n.89 15.d.4% 6. 3.24 1.200 851 306 54 131.07 4.299 277 35.1% n.7% -2.70 n.5% -8.8% 1.28 41.95 18.264 637 31.34 9.4% n.567 52.3% 1.65 28.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 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 MLX TINS SMELT Perú China Australia Indonesia Malasia PEN CNY AUD IDR MYR Último Precio 0.97 15.85 16.40 9.00 2. 13.4% 1.352 1.d.41 13.1% 14. 5.Estaño Empresa Minsur SA Yunnan Tin Co Ltd Metals X Limited Timah Persero Tbk Malaysia Smelting Corp Promedio www.30 de abril de 2015 Minería .92 n.23 n.46 8.d.52 Dividend Yield 12M 2.6% 5.9% -31. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 1.207 4. n.00 0.31 8.72 13.3% Reporte de Múltiplos 4 .69 P/E EV/EBITDA EV/EBITDA 2015 12M 2015 P/BV ROE ROA 6.41 7.3% 3.684 13.52 5.96 52.d. 2.2% 6.00 3.53 0.4% 5. Bursátil (US$ MM) ADTV 12M (US$ 000) P/E 12M 1.53 0.7% -0.845 22.46 6.4% 13.66 7. 1.543 8.00 181.6% 3.00 14.50 6.20 Cap.18 31.4% 1.659 5. 20.31 22.4% -1.9% 2.50 1.82 12.26 55.75 3.08 1. 10.26 2.56 18.61 5.7% 10. 3.68 3.5% 8.3% 1. 13.0% -1.178 624 562 60 98 257.2% 3.88 8.535.3% 4.d.18 1.42 n.4% 2.25 0.67 1.d.654 40 6.56 1.d.60 2. 5.4% 3.40 0.34 0.01 7.9% 8.07 3.83 6. n.0% 7.2% n.d.62 0.7% 1.4% 1.46 0.d.kallpasab.55 2.26 Dividend Yield 12M 4.31 0.58 7.63 7.21 2.2% n.d.477 2.087 483 468 76 1.00 6.458 39.67 0.

Kallpa Securities SAB puede tener posiciones y efectuar transacciones con valores mencionados y/o puede buscar hacer banca de inversión con ellos.com VENTAS .com schavez@kallpasab.com scruz@kallpasab. pero Kallpa Securities SAB no garantiza la veracidad o certeza del contenido de este reporte.30 de abril de 2015 KALLPA SECURITIES SOCIEDAD AGENTE DE BOLSA GERENCIA GENERAL Alberto Arispe Gerente (511) 630 7500 aarispe@kallpasab.com rmisari@kallpasab.com Walter León Representante (51 1) 243 8024 wleon@kallpasab.com Reporte de Múltiplos 5 . 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.com VENTAS .kallpasab.com 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 Chávez Asistente (51 1) 630 7500 mcontreras@kallpasab. La información en este documento ha sido obtenida de fuentes que se creen confiables.com Este documento es exclusivamente para fines informativos.com Eduardo Schiantarelli Trader (51 1) 630 7525 eschiantarelli@kallpasab.OFICINA TRUJILLO Marlon Díaz Representante (51 44) 531 978 mdiaz@kallpasab.com OPERACIONES SISTEMAS Mariano Bazán Jefe de Operaciones (51 1) 630 7522 Ramiro Misari Jefe de Sistemas (51 1) 630 7500 mbazan@kallpasab. www.com VENTAS .com FINANZAS CORPORATIVAS Ricardo Carrión Gerente (51 1) 630 7500 rcarrion@kallpasab. o de los futuros valores de mercado de las acciones u otros valores mencionados.com Gilberto Mora Representante (51 1) 630 7510 gmori@kallpasab.com lvicente@kallpasab.com CONTROL INTERNO CONTABILIDAD Elizabeth Cueva Controller (51 1) 630 7521 Mireya Montero Contadora General (51 1) 630 7524 ecueva@kallpasab.OFICINA MIRAFLORES Daniel Berger Representante (51 1) 630 7513 dberger@kallpasab.com TRADING Eduardo Fernandini Head Trader (51 1) 630 7516 efernandini@kallpasab.com ADMINISTRACIÓN DE PORTAFOLIOS Rafael Sánchez Aizcorbe Gerente Comercial (51 1) 630 7500 rsanchez@kallpasab.com mmontero@kallpasab.OFICINA CHACARILLA Hernando Pastor Representante (51 1) 630 7529 hpastor@kallpasab.com Jorge Rodríguez Trader (51 1) 630 7518 jrodriguez@kallpasab. Los productos mencionados en este documento podrían no estar disponibles para su compra en algunos países.