EQUITY RESEARCH | Reporte de Múltiplos viernes, 10 de Febrero de 2023

Bienes de Consumo
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Alicorp SA ALICORC1 Perú PEN 6.30 1,398 1,078 9.79 9.84 5.89 5.79 1.64 3.3% 0.8% 4.0%
Grupo Bimbo SAB de CV BIMBOA México MXN 88.84 21,056 10,012 19.17 18.87 9.00 9.72 3.99 22.1% 6.3% 0.7%
Kimberly-Clark de Mexico SAB d KIMBERA México MXN 35.75 5,832 7,267 22.32 15.64 12.66 9.04 31.74 98.0% 8.2% 4.6%
Gruma SAB de CV GRUMAB México MXN 245.88 4,869 8,185 16.98 15.88 8.68 7.84 3.58 21.3% 7.4% 2.2%
Hypera SA HYPE3 Brasil BRL 45.50 5,498 28,985 17.54 16.90 14.39 13.46 2.83 16.1% 7.6% 2.7%
BRF SA BRFS3 Brasil BRL 6.42 1,326 33,806 n.d. n.d. 6.14 6.13 0.57 -13.6% -2.4% n.d.
Grupo Nutresa SA NUTRESA Colombia COP 51,000.00 4,865 908 27.03 26.73 14.81 14.22 2.27 9.7% 5.0% 1.8%
M Dias Branco SA MDIA3 Brasil BRL 33.99 2,198 8,790 18.72 16.29 13.86 11.96 1.80 9.2% 5.7% 0.6%
Grupo Lala SAB de CV LALAB México MXN n.d. n.d. 8 n.d. n.d. n.d. n.d. n.d. -11.7% -2.5% n.d.
Grupo Herdez SAB de CV HERDEZ* México MXN 46.10 874 490 23.20 15.90 7.45 7.57 1.05 10.5% 1.9% 2.6%
Mediana 4,865 7,726 18.94 16.09 9.00 9.04 2.27 10.1% 5.3% 2.4%

Retail
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
InRetail Peru Corp INRETC1 Perú USD 34.30 3,730 1,215 110.92 19.50 8.78 9.72 3.31 17.2% 3.8% 2.0%
Wal-Mart de Mexico SAB de CV WALMEX* México MXN 71.27 66,546 57,475 26.20 25.37 14.72 14.35 7.13 26.3% 11.6% 2.4%
Falabella SA FALAB Chile CLP 1,907.90 5,992 9,990 15.49 20.40 8.62 9.46 0.85 5.5% 1.4% 4.6%
Importadora y Exportadora CENCOSUD Chile CLP 1,450.00 5,197 7,513 11.45 8.38 6.80 6.49 1.11 8.7% 2.8% 8.8%
Cia Brasileira de Distribuicao PCAR3 Brasil BRL 18.20 938 10,707 15.30 n.d. 4.25 5.61 0.32 12.7% 3.7% 1.9%
Organizacion Soriana SAB de CV SORIANAB México MXN 30.69 2,954 48 11.56 11.62 6.21 6.15 0.90 6.7% 3.5% n.d.
Almacenes Exito SA EXITO Colombia COP 4,000.00 1,082 113 13.69 4.35 5.48 5.69 0.60 7.3% 2.9% 4.4%
Corp Favorita CA SLU Ecuador USD 2.12 1,802 83 9.64 n.d. 5.94 n.d. 1.22 n.d. n.d. n.d.
Grupo Comercial Chedraui SA de CHDRAUIB México MXN 92.34 4,749 1,589 17.79 17.04 7.29 7.01 2.98 14.5% 3.7% 0.6%
Importadora y Exportadora de l PATA Argentina ARS 108.00 283 2 13.96 n.d. 11.12 n.d. 0.84 10.3% 4.5% 0.9%
Mediana 3,342 1,402 14.63 17.04 7.04 6.75 1.01 10.3% 3.7% 2.2%

Servicios Financieros
Último Cap. Bursátil ADTV 12M P/E P/E Margen Ratio de Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 Financiero Eficiencia Yield 12M
Credicorp Ltd BAP Perú USD 126.70 10,075 1,187 8.53 7.37 5.11 55.31 1.30 16.7% 1.9% 3.2%
Scotiabank Peru SAA SCOTIAC1 Perú PEN 18.00 3,763 209 10.04 n.d. 5.03 47.08 1.41 14.2% 1.8% 8.0%
Banco BBVA Peru SA BBVAC1 Perú PEN 1.71 3,287 233 10.04 n.d. 4.78 41.83 1.21 21.3% 2.0% 6.2%
Intercorp Financial Services I IFS Perú USD 22.35 2,580 237 6.51 5.96 5.72 44.93 1.00 15.8% 1.7% 7.8%
Itau Unibanco Holding SA ITUB4 Brasil BRL 25.80 44,621 190,512 8.52 7.12 4.46 56.85 1.39 18.4% 1.4% 3.9%
Banco Bradesco SA BBDC4 Brasil BRL 12.67 24,661 159,775 6.72 5.33 5.07 64.94 0.84 13.8% 1.2% 7.9%
Banco do Brasil SA BBAS3 Brasil BRL 40.37 22,067 115,748 4.15 3.79 4.22 62.69 0.76 18.6% 1.3% 10.3%
Grupo Financiero Banorte SAB d GFNORTEO México MXN 154.57 23,833 55,656 9.82 8.39 6.86 59.43 1.94 19.3% 2.3% 7.7%
Banco de Chile CHILE Chile CLP 88.00 11,127 13,474 6.31 9.02 2.81 32.30 1.94 30.8% 2.6% 6.1%
Banco Santander Chile BSAN Chile CLP 34.11 8,046 7,599 7.94 10.51 2.51 128.35 1.96 26.3% 1.2% 7.2%
Bancolombia SA BCOLO Colombia COP 40,500.00 7,471 2,290 4.77 5.58 n.d. 52.16 0.92 19.7% 2.2% 7.7%
Banco de Bogota SA BOGOTA Colombia COP 33,000.00 2,443 196 3.24 n.d. 4.39 55.17 0.69 20.3% 2.3% 1.6%
Banco de Credito e Inversiones BCI Chile CLP 25,400.00 5,368 2,930 5.35 6.04 3.93 45.35 0.95 17.7% 1.1% 3.7%
Grupo Financiero Inbursa SAB d GFINBURO México MXN 39.57 12,956 5,394 10.78 9.92 6.97 44.61 1.29 13.3% 4.2% n.d.
Banco Davivienda SA PFDAVVND Colombia COP 25,300.00 2,381 530 6.09 5.20 5.87 47.33 0.69 12.7% 1.2% 4.2%
Itau CorpBanca Chile SA ITAUCORP Chile CLP 1.81 2,206 2,316 4.19 3.92 2.92 53.91 0.64 14.9% 1.1% 4.7%
Mediana 7,759 2,623 6.62 6.04 4.78 53.03 1.11 18.1% 1.7% 6.2%

Construcción
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Aenza AENZAC1 Perú PEN 0.76 237 111 n.d. n.d. 9.42 9.08 n.d. -32.3% -6.1% n.d.
Jacobs Solutions Inc J EEUU USD 121.70 15,421 77,613 17.15 14.58 13.49 11.80 n.d. 10.5% 4.3% 0.8%
Promotora y Operadora de Infra PINFRA* México MXN 179.84 3,933 4,472 14.62 10.97 7.81 6.53 1.43 11.2% 7.0% 4.4%
Besalco SA BESALCO Chile CLP 395.00 285 110 5.62 12.53 4.17 6.46 0.91 17.3% 4.1% 4.1%
Sterling Infrastructure Inc STRL EEUU USD 36.16 1,097 4,549 14.15 11.48 7.18 7.20 2.49 22.6% 6.7% n.d.
Salfacorp SA SALFACOR Chile CLP 324.21 187 184 4.42 4.59 8.97 7.85 0.43 8.1% 2.6% 6.3%
Construcciones El Condor SA ELCONDOR Colombia COP 1,118.00 134 74 72.35 n.d. 11.61 n.d. 0.62 -6.2% -2.7% n.d.
Constructora Conconcreto SA CONCONC Colombia COP 216.10 51 40 4.80 n.d. 8.55 n.d. 0.14 3.1% 1.6% 4.2%
Hill International Inc HIL EEUU USD n.d. n.d. 1,225 n.d. n.d. n.d. n.d. n.d. -2.1% -0.7% n.d.
Mediana 261 184 14.15 11.48 8.76 7.53 0.76 8.1% 2.6% 4.2%

Cemento
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Unión Andina de Cementos UNACEMC1 Perú PEN 1.79 848 192 5.98 5.68 4.46 4.48 0.59 10.4% 4.8% 3.9%
Cementos Pacasmayo CPACASC1 Perú PEN 4.04 483 131 11.22 9.29 6.20 6.45 1.44 15.3% 5.8% 10.4%
Holcim AG HOLN Suiza CHF 54.82 36,511 84,403 12.77 12.45 7.68 7.51 1.15 9.6% 4.3% 4.0%
Vulcan Materials Co VMC EEUU USD 184.13 24,472 131,080 36.08 34.85 17.91 17.59 3.56 8.9% 4.2% 0.9%
HeidelbergCement AG HEI Alemania EUR 62.76 12,928 36,568 7.73 7.86 5.27 5.42 0.71 10.2% 4.6% 3.8%
Cemex SAB de CV CEMEXCPO México MXN 9.67 7,827 16,063 7.99 7.49 6.03 5.75 0.72 11.5% 4.3% n.d.
Eagle Materials Inc EXP EEUU USD 143.79 5,184 42,508 12.43 11.88 8.90 8.43 4.45 36.5% 16.5% 0.7%
Corp Moctezuma SAB de CV CMOCTEZ* México MXN 58.20 2,754 177 11.92 n.d. 7.30 n.d. 4.64 36.5% 30.6% 6.9%
Cementos Argos SA CEMARGOS Colombia COP 2,860.00 790 388 17.44 17.26 5.60 5.47 0.32 2.1% 1.0% 7.4%
GCC SAB de CV GCC* México MXN 147.63 2,664 2,162 14.12 12.61 6.51 5.53 1.80 13.4% 8.0% 0.8%
CEMEX Latam Holdings SA CLH Colombia COP 4,000.00 482 88 n.d. 24.52 9.82 4.82 0.40 -4.2% -2.3% n.d.
Cementos BIO BIO SA CEMENT Chile CLP 648.61 215 18 9.91 n.d. 5.55 n.d. 0.86 7.0% 3.7% 14.6%
Mediana 2,709 1,275 11.92 12.17 6.35 5.64 1.00 10.3% 4.5% 4.0%
Fuente: Bloomberg

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viernes, 10 de Febrero de 2023

Acero
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Corp. Aceros Arequipa CORAREI1 Perú PEN 1.28 513 65 4.15 n.d. 5.67 n.d. 0.74 12.5% 5.1% 12.0%
Empresa Siderúrgica del Perú SIDERC1 Perú PEN 1.66 303 24 4.82 n.d. 2.76 n.d. 1.17 23.0% 10.6% 26.6%
Gerdau SA GGBR4 Brasil BRL 28.32 8,566 69,076 3.50 3.75 2.32 2.32 0.94 30.5% 17.7% 12.8%
Ternium SA TX Luxemburgo USD 37.95 7,608 18,178 2.73 4.14 1.75 2.34 0.55 25.2% 16.2% 7.1%
Ternium Argentina SA TXAR Argentina ARS 283.00 6,709 693 9.81 n.d. 9.44 n.d. 1.42 24.1% 21.5% n.d.
CAP SA CAP Chile CLP 7,099.00 1,328 3,136 3.72 5.23 3.43 3.77 0.36 15.7% 5.5% 31.3%
Cia Ferro Ligas da Bahia - FER FESA4 Brasil BRL 57.82 977 2,959 4.29 n.d. 2.94 n.d. 1.74 43.9% 32.3% 9.3%
Cintac SA CINTAC Chile CLP 107.30 59 20 n.d. n.d. 15.16 n.d. 0.36 -7.3% -1.9% 39.9%
Olympic Steel Inc ZEUS EEUU USD 46.30 515 2,539 4.78 11.46 4.11 5.08 1.01 24.5% 11.1% 0.8%
Metisa Metalurgica Timboense S MTSA4 Brasil BRL 43.80 99 19 3.64 n.d. 2.95 n.d. 1.43 31.3% 20.9% 6.0%
Mediana 746 1,616 4.15 4.68 3.19 3.06 0.97 24.3% 13.7% 12.0%

Maquinaria - Distribución
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Ferreycorp SAA FERREYC1 Perú PEN 2.22 547 422 4.44 5.45 4.68 4.63 0.92 18.8% 6.8% 11.7%
Toromont Industries Ltd TIH Canadá CAD 107.71 6,636 18,400 23.08 21.65 12.15 11.85 4.22 19.8% 10.7% 1.4%
Seven Group Holdings Ltd SVW Australia AUD 22.99 5,777 8,173 21.10 11.45 13.71 8.14 1.95 14.7% 5.0% 2.9%
Finning International Inc FTT Canadá CAD 37.07 4,193 18,571 11.34 10.97 6.96 6.84 2.31 21.1% 7.6% 2.5%
Barloworld Ltd BAW Sudáfrica ZAr 9,144.00 969 6,309 8.43 8.82 3.81 4.62 0.91 10.1% 3.8% 11.0%
H&E Equipment Services Inc HEES EEUU USD 49.62 1,802 7,695 17.76 15.25 6.35 5.88 5.04 43.5% 6.3% 2.2%
Randon SA Implementos e Partic RAPT4 Brasil BRL 7.79 487 4,881 4.80 5.33 4.58 4.44 0.68 20.2% 4.8% 11.0%
Titan Machinery Inc TITN EEUU USD 43.09 978 5,446 9.10 9.04 7.62 7.82 1.91 23.0% 10.7% n.d.
Wajax Corp WJX Canadá CAD 22.18 359 1,308 8.26 7.34 4.97 4.81 1.13 15.5% 5.6% 4.5%
Mediana 978 6,309 9.10 9.04 6.35 5.88 1.91 19.8% 6.3% 3.7%

Azúcar
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Casa Grande SAA CASAGRC1 Perú PEN 7.95 174 50 7.25 n.d. 4.42 n.d. 0.70 7.6% 4.9% 9.1%
Cartavio SAA CARTAVC1 Perú PEN 38.00 232 8 6.85 n.d. 4.38 n.d. 2.64 24.7% 12.4% 45.9%
Empresa Agroindustrial Pomalca POMALCC1 Perú PEN 0.43 36 11 n.d. n.d. n.d. n.d. 0.23 -1.9% -0.9% n.d.
EID Parry India Ltd EID India INR 520.90 1,120 3,494 10.18 n.d. 4.66 n.d. 1.05 18.3% 6.2% 2.1%
Balrampur Chini Mills Ltd BRCM India INR 363.55 898 20,544 16.20 11.31 16.81 7.59 2.46 17.2% 10.2% 0.7%
Dhampur Sugar Mills Ltd DSM India INR 215.80 174 4,106 9.94 8.35 5.77 5.27 n.d. 11.8% 5.1% 2.8%
Bajaj Hindusthan Sugar Ltd BJH India INR 13.95 216 2,851 n.d. n.d. 85.93 n.d. 0.73 -11.6% -2.0% n.d.
Empresas Iansa SA IANSA Chile CLP 6.25 31 0.7 n.d. n.d. 42.65 n.d. 0.34 -4.3% -2.3% n.d.
Mediana 195 1,450 9.94 9.83 5.77 6.43 0.73 9.7% 5.0% 2.8%

Pesca
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Pesquera Exalmar SAA EXALMC1 Perú PEN 2.00 181.87 9.82 3.40 n.d. 4.10 n.d. 0.61 17.5% 7.0% 9.9%
Austral Group SAA AUSTRAC1 Perú PEN 1.70 107.00 5.19 2.48 n.d. 1.51 n.d. 0.67 28.8% 15.2% 16.5%
Salmar ASA SALM Noruega NOK 445.40 6,356 13,485 13.48 16.21 11.94 12.41 4.09 29.1% 13.1% 4.5%
Leroy Seafood Group ASA LSG Noruega NOK 56.40 3,304 4,884 9.72 14.10 6.63 8.63 1.73 18.7% 9.9% 4.4%
Austevoll Seafood ASA AUSS Noruega NOK 94.90 1,892 2,695 8.16 10.18 5.06 6.27 0.73 16.7% 5.2% 4.7%
Nissui Corp 1332 Japón JPY 527.00 1,252 6,932 8.52 9.42 n.d. 8.32 0.73 9.5% 3.5% 3.0%
Empresas AquaChile SA AQUACHIL Chile CLP 467.01 1,233 n.d. 16.58 n.d. 8.78 n.d. 0.83 5.1% 3.5% n.d.
Camanchaca SA CAMANCHA Chile CLP 57.00 296 102 5.51 n.d. 3.61 n.d. 0.64 14.6% 6.7% n.d.
Mediana 1,243 2,695 8.34 12.14 5.06 8.48 0.73 17.1% 6.8% 4.6%

Telecomunicaciones
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Telefónica del Perú TELEFBC1 Perú PEN n.d. 392 0.43 n.d. n.d. n.d. n.d. 0.64 n.d. n.d. n.d.
America Movil SAB de CV AMXL México MXN 18.42 62,419 65,532 17.18 13.98 5.90 5.71 2.91 62.1% 12.0% 2.4%
Telefonica Brasil SA VIVT3 Brasil BRL 39.08 12,502 20,865 11.70 15.83 4.18 4.13 0.99 8.1% 4.7% 7.8%
TIM SA/Brazil TIMS3 Brasil BRL 11.29 5,214 19,395 16.35 9.28 4.02 3.36 1.09 6.6% 3.1% 5.1%
Shenandoah Telecommunications SHEN EEUU USD 18.71 937 4,095 n.d. n.d. 15.32 13.42 1.46 -0.9% -0.5% 0.4%
Empresa Nacional de Telecomuni ENTEL Chile CLP 3,000.10 1,134 1,268 1.98 6.14 2.71 3.96 0.62 29.9% 8.3% 41.3%
Empresa de Telecomunicaciones ETB Colombia COP 119.00 88 8 6.00 n.d. 1.81 n.d. 0.19 3.3% 1.9% n.d.
Mediana 1,134 4,095 11.70 11.63 4.10 4.13 0.99 7.3% 3.9% 5.1%

Electricidad - Generación
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Enel Generacion SAA ENGEPEC1 Perú PEN 3.65 1,661 187 8.22 8.90 6.69 5.88 2.71 32.3% 18.3% 16.7%
Engie Energía Perú ENGIEC1 Perú PEN 5.34 836 7 15.03 13.24 6.36 6.44 0.70 4.7% 2.4% 4.0%
Enel Americas SA ENELAM Chile CLP 103.69 13,925 8,043 921.21 129.79 6.33 4.89 0.93 0.1% 0.0% 1.6%
Centrais Eletricas Brasileiras ELET3 Brasil BRL 37.03 16,377 93,877 15.26 17.18 12.14 9.45 0.79 5.0% 2.0% 2.1%
Engie Brasil Energia SA EGIE3 Brasil BRL 38.03 5,919 12,946 16.77 12.07 8.39 7.43 3.98 23.2% 4.7% 4.0%
Equatorial Energia SA EQTL3 Brasil BRL 26.75 5,763 39,956 11.74 17.09 7.78 8.08 1.71 16.5% 3.7% 2.4%
Enel Generacion Chile SA ENELGXCHCI Chile CLP 199.85 2,052 75 7.79 n.d. 9.89 n.d. 1.30 14.0% 5.7% 3.0%
Cia Paranaense de Energia CPLE3 Brasil BRL 6.65 3,738 1,415 n.d. 11.79 7.50 6.33 0.95 -1.4% -0.6% 12.1%
Colbun SA Colbun Chile CLP 97.89 2,149 1,805 7.27 10.21 4.80 5.37 0.73 10.7% 4.5% 7.9%
Cia Energetica de Minas Gerais CMIG3 Brasil BRL 16.10 5,324 1,889 10.69 9.88 6.64 6.36 n.d. 17.7% 6.8% 8.5%
EDP - Energias do Brasil SA ENBR3 Brasil BRL 19.95 2,212 13,784 5.15 6.97 4.71 5.18 0.92 19.6% 6.3% 12.8%
AES Andes SA AESANDES Chile CLP 114.00 1,481 152 n.d. n.d. n.d. n.d. 1.08 -50.2% -11.9% 21.5%
Mediana 2,975 1,847 11.22 11.93 6.69 6.34 0.95 12.4% 4.1% 6.0%
Fuente: Bloomberg

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viernes, 10 de Febrero de 2023

Electricidad - Distribución
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Luz del Sur LUSURC1 Perú PEN 14.80 1,877 13 11.27 n.d. 8.18 n.d. 1.91 17.2% 8.3% 7.8%
Enel Distribución Perú ENDISPC1 Perú PEN 12.00 1,996 167 18.18 16.90 10.07 9.41 2.57 14.3% 7.3% 2.2%
Pinnacle West Capital Corp PNW EEUU USD 74.09 8,383 59,624 15.86 17.17 10.99 11.59 1.32 8.7% 2.4% 4.6%
Energisa SA ENGI11 Brasil BRL 40.63 3,619 17,698 31.77 10.73 5.83 6.28 1.51 23.0% 4.2% 8.3%
Enel Distribucion Chile SA ENELDXCHCI Chile CLP 417.00 601 5.6 19.65 n.d. 7.58 n.d. 0.84 3.6% 1.4% 2.0%
Pampa Energia SA PAMP Argentina ARS 488.00 3,543 849 14.35 1.48 10.08 6.02 1.98 19.1% 8.9% n.d.
CESC Ltd CESC India INR 73.45 1,180 2,641 7.17 6.17 8.91 5.74 0.83 13.4% 3.7% 6.1%
Cia Energetica do Ceara COCE5 Brasil BRL 45.91 682 259 6.89 n.d. 4.60 n.d. 0.99 14.4% 4.5% 4.2%
Mediana 1,936 554 15.11 10.73 8.54 6.28 1.42 14.4% 4.3% 4.6%

Minería - Oro
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Cia de Minas Buenaventura BVN Perú USD 7.34 2,023 361 n.d. 5.30 n.d. 10.29 0.65 12.7% 7.9% 1.0%
Newmont Corp NEM EEUU USD 47.98 38,084 455,027 27.41 26.12 12.44 9.03 1.78 4.6% 2.5% 4.6%
Barrick Gold Corp ABX Canadá CAD 23.94 31,452 172,312 19.94 23.70 6.62 7.71 0.97 8.0% 4.1% 3.5%
Newcrest Mining Ltd NCM Australia AUD 24.75 15,300 76,270 16.7 22.09 8.00 8.28 1.31 8.0% 5.4% 2.3%
Agnico Eagle Mines Ltd AEM Canadá CAD 68.36 23,383 116,467 29.78 23.52 10.64 8.97 1.45 n.d. n.d. 3.0%
Polymetal International PLC POLY Rusia GBp 232.50 1,327 10,644 8.15 n.d. 8.65 n.d. 1.17 6.2% 2.7% n.d.
Gold Fields Ltd GFI Sudáfrica ZAr 18,876.00 9,407 37,681 9.35 10.83 3.92 4.62 2.17 22.4% 12.1% 3.0%
Zhongjin Gold Corp Ltd 600489 China CNY 8.39 5,969 45,810 20.15 21.13 n.d. 8.97 0.69 8.1% 4.0% 2.7%
Yamana Gold Inc YRI Canadá CAD 7.44 5,351 22,987 20.65 21.58 7.14 7.24 1.03 n.d. n.d. 2.1%
Eldorado Gold Corp ELD Canadá CAD 12.05 1,667 6,149 n.d. 117.13 n.d. 5.62 0.53 -12.6% -9.2% n.d.
Mediana 7,688 41,745 20.04 22.09 8.00 8.28 1.10 8.0% 4.0% 2.8%

Minería - Plata
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Hochschild Mining Plc HOC Perú GBp 64.95 402 2,117 10.86 22.36 2.34 2.32 0.53 5.6% 2.8% 5.5%
Wheaton Precious Metals Corp WPM Canadá CAD 57.50 19,453 65,560 28.13 n.d. 24.16 24.86 2.97 12.7% 12.6% 1.3%
Fresnillo PLC FRES México GBp 790.60 7,020 9,292 29.74 63.09 7.97 9.55 1.87 6.6% 4.1% 2.8%
Pan American Silver Corp PAAS Canadá CAD 21.98 3,466 16,916 143.32 109.67 15.16 12.71 1.31 -6.2% -4.6% 2.7%
Industrias Penoles SAB de CV PE&OLES* México MXN 243.63 5,178 4,426 56.74 62.04 6.89 6.30 1.00 2.2% 0.9% n.d.
SLM Corp SLM EEUU USD 15.25 3,671 40,037 8.97 5.51 n.d. 6.17 2.13 27.3% 1.6% 2.9%
SSR Mining Inc SSRM EEUU CAD 19.43 3,005 12,328 10.43 18.86 6.93 7.32 0.75 8.8% 6.0% 1.9%
First Majestic Silver Corp FR Canadá CAD 9.76 1,991 11,939 n.d. n.d. 12.86 18.81 1.48 -7.4% -4.9% 0.3%
Hecla Mining Co HL EEUU USD 5.72 3,468 41,556 297.65 154.59 24.58 21.72 1.77 -1.2% -0.7% 0.4%
Fortuna Silver Mines Inc FVI Canadá CAD 4.65 1,010 5,274 28.73 25.40 4.38 4.77 0.70 3.0% 2.1% n.d.
Mediana 3,467 12,133 28.73 43.72 7.97 8.43 1.40 4.3% 1.8% 2.3%

Minería - Cobre
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Southern Copper Corp SCCO México USD 73.59 56,892 240 20.28 18.75 11.79 10.04 6.98 32.5% 14.8% 4.8%
Soc. Minera Cerro Verde CVERDEC1 Perú USD 30.79 10,778 667 10.84 12.32 4.91 5.36 1.64 15.5% 12.6% 3.7%
Anglo American PLC AAL Reino Unido GBp 3,228.00 47,656 115,282 6.75 8.08 3.71 4.09 1.34 24.2% 10.4% 7.2%
Grupo Mexico SAB de CV GMEXICOB México MXN 81.10 33,761 31,180 10.34 9.68 5.45 4.65 1.70 19.6% 10.0% 6.2%
Freeport-McMoRan Inc FCX EEUU USD 42.36 60,546 649,443 17.57 17.39 7.99 6.42 2.43 23.5% 7.0% 1.4%
Antofagasta PLC ANTO Chile GBp 1,674.50 19,891 21,131 23.33 30.80 7.03 8.00 1.95 11.1% 5.1% 5.9%
First Quantum Minerals Ltd FM Canadá CAD 25.94 13,445 96,134 10.38 13.16 5.26 6.08 1.09 11.3% 4.6% 0.6%
Lundin Mining Corp LUN Canadá CAD 8.95 5,164 34,303 9.24 13.64 4.00 4.76 0.99 11.4% 6.8% 5.3%
Hudbay Minerals Inc HBM Canadá CAD 6.72 1,318 13,088 7.66 37.26 3.93 4.39 0.84 5.1% 1.8% 0.3%
Mediana 19,891 31,180 10.38 13.64 5.26 5.36 1.64 15.5% 7.0% 4.8%

Minería - Polimetálica
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Volcan Compañía Minera SAA VOLCABC1 Perú PEN 0.490 950 371 27.51 n.d. 5.41 5.71 2.12 3.8% 0.8% n.d.
Nexa Resources Perú NEXAPEC1 Perú PEN 1.99 660 17 4.93 0.94 1.54 1.02 0.99 22.2% 11.7% n.d.
Nexa Resources Atacocha SAA ATACOBC1 Perú PEN 0.074 18 3 n.d. 1.48 n.d. n.d. -0.89 n.d. -2.1% n.d.
BHP Group Ltd BHP Australia AUD 48.00 168,193 444,663 8.30 10.98 4.30 5.43 2.76 64.2% 30.3% 13.9%
Boliden AB BOL Suecia SEK 427.85 11,178 50,743 9.46 9.25 5.48 5.36 2.25 23.9% 14.8% 6.1%
Teck Resources Ltd TECK Canadá USD 41.13 21,115 173,773 5.62 6.15 3.63 3.56 1.11 19.4% 9.5% 1.9%
Nexa Resources SA NEXA Brasil USD 6.63 878 1,068 6.19 7.61 3.03 3.14 n.d. 8.3% 2.3% 5.7%
Minmetals Land Ltd 230 Hong Kong HKD 0.54 230 17 9.32 n.d. 39.17 n.d. 0.09 1.3% 0.3% 3.7%
Mediana 914 720 8.30 6.88 4.30 4.46 1.11 19.4% 5.9% 5.7%

Minería - Estaño
Último Cap. Bursátil ADTV 12M P/E P/E EV/EBITDA EV/EBITDA Dividend
Empresa Ticker País Moneda P/BV ROE ROA
Precio (US$ MM) (US$ 000) 12M 2023 12M 2023 Yield 12M
Minsur SA MINSURI1 Perú PEN 3.64 2,733 646 1.51 4.99 2.31 2.79 1.33 49.4% 14.5% 10.3%
Yunnan Tin Co Ltd 000960 China CNY 14.79 3,573 85,651 10.29 4.88 n.d. n.d. 1.50 22.1% 8.4% 0.7%
Malaysia Smelting Corp Bhd SMELT Malasia MYR 1.97 191 907 6.06 7.88 5.31 6.46 1.18 22.9% 10.5% 3.6%
Metals X Ltd MLX Australia AUD 0.35 217 1,110 1.78 n.d. 1.33 3.35 1.01 82.0% 68.7% n.d.
Mediana 1,475 1,008 3.92 4.99 2.31 3.35 1.25 36.1% 12.5% 3.6%
Fuente: Bloomberg

www.kallpasab.com Reporte de Múltiplos 3

viernes, 10 de Febrero de 2023

KALLPA SECURITIES SOCIEDAD AGENTE DE BOLSA

GERENCIA GENERAL

Alberto Arispe
Gerente
(511) 630 7500
aarispe@kallpasab.com

FINANZAS CORPORATIVAS OPER. ESPECIALES

Ricardo Carrión Miguel Rodriguez

Gerente Gerente
(51 1) 630 7500 (51 1) 630 7500
rcarrion@kallpasab.com miguelrodriguezv@kallpasab.com

EQUITY RESEARCH

Marco Contreras Anthony Hawkins Marco Mejía Yordin Lozano Angello Hübner
Jefe de Research Analista Analista Analista Asistente
(51 1) 630 7528 (51 1) 630 7527 (51 1) 630 7522 (51 1) 630 7529 (51 1) 630 7500
mcontreras@kallpasab.com ahawkins@kallpasab.com mmejia@kallpasab.com ylozano@kallpasab.com presearch@kallpasab.com

SALES & TRADING

Eduardo Fernandini Hernando Pastor Hilmer Calderón Rosa Torres Belon Edilay Broncano
Gerente Sales Trader Sales Trader Sales Trader Sales Trader
(51 1) 630 7516 (51 1) 630 7511 (51 1) 243 8024 (51 1) 630 7520 (51 1) 630 7510
efernandini@kallpasab.com hpastor@kallpasab.com hcalderon@kallpasab.com rtorresbelon@kallpasab.com ebroncano@kallpasab.com

Walter León Blanca Pajuelo Mishell Morales Giannina Pingo Maria Lopez Mayra Torrín
Sales Trader - Miraflores FX Sales FX Sales FX Sales FX Sales FX Sales
(51 1) 243 8024 (51 1) 630 7515 (51 1) 243 8025 (51 1) 630 7518 (51 1) 630 7517 (51 1) 630 7513
wleon@kallpasab.com bpajuelo@kallpacambios.com mmorales@kallpacambios.com gpingo@kallpacambios.com mlopez@kallpacambios.com mtorrin@kallpacambios.com

OPERACIONES

Ramiro Misari Franklin Mujica Daniel Aguirre Beatriz Ventura Karen Villaroel
Jefe de Operaciones & TI Analista de TI Liquidaciones FX Liquidaciones FX Liquidaciones FX
(51 1) 630 7514 (51 1) 630 7500 (51 1) 630 7500 (51 1) 630 7500 (51 1) 630 7500
rmisari@kallpasab.com asisti@kallpasab.com asistenteliquidaciones1@kallpasab.com asistenteliquidaciones3@kallpasab.com asistenteliquidaciones2@kallpasab.com

Control Interno

Lissete Cuyuche
Funcionaria de Control Interno
(51 1) 630 7500
lcuyuche@kallpasab.com

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. Las opiniones expresadas en este documento constituyen nuestra opinión a la fecha de esta publicación y están sujetas a cambios sin previo aviso. Kallpa Securities SAB no garantiza que realizará
actualizaciones del análisis ante cualquier cambio en las circunstancias de mercado. El documento refleja fielmente los puntos de vista personales que sobre el tema tiene el analista de inversiones a cargo y ninguna parte de la
compensación económica del analista estuvo, está o estará ligada directa o indirectamente a las recomendaciones específicas u opiniones expresadas en este documento. 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 4