Mais conteúdo relacionado Semelhante a Kallpa sab. multiplos comparables 10.05.2013 (20) Kallpa sab. multiplos comparables 10.05.20131. Alicorp SA ALICORC1 Perú 3,368 665 31.30 24.15 n.d. 14.71 4.25 14.9% 6.7%
BRF - Brasil Foods SA BRFS3 Brasil 21,411 43,789 42.46 24.50 18.88 13.04 2.89 7.0% 3.4%
Grupo Bimbo SAB BIMBOA México 14,851 5,628 90.74 33.30 15.04 13.06 4.27 4.5% 1.5%
Kimberly Clark de México KIMBERA México 10,706 8,950 29.26 26.78 16.05 15.17 22.94 77.1% 15.0%
Grupo Nutresa SA NUTRESA Colombia 6,349 2,047 33.69 31.43 n.d. 15.77 1.73 4.9% 4.0%
M Dias Branco SA MDIA3 Brasil 4,975 6,463 21.35 18.74 16.56 14.83 4.00 20.4% 13.9%
Hypermarcas SA HYPE3 Brasil 5,218 25,284 37.80 26.33 13.95 13.32 1.51 3.9% 2.1%
Gruma SAB GRUMAB México 2,998 3,515 20.08 18.26 10.20 9.34 2.66 10.3% 2.8%
Grupo Herdez SAB HERDEZ* México 1,548 893 22.85 19.23 12.89 11.04 4.34 20.6% 7.2%
Molinos Rio de la Plata SA MOLI Argentina 1,245 72 215.17 n.d. 19.32 n.d. 4.93 2.2% 0.4%
Promedio 7,700 10,738 57.05 24.82 15.36 13.19 5.47 16.8% 5.6%
Inretail Perú Corp. INRETC1 Perú 2,365 1,226 23.35 32.07 n.d. 12.80 2.12 9.4% 4.1%
S.A.C.I. Falabella FALAB Chile 27,399 10,709 35.09 25.35 22.30 17.50 4.52 13.2% 4.5%
Cencosud SA CENCOSUD Chile 15,530 20,674 22.84 20.20 14.13 12.56 1.95 8.6% 3.1%
Cia Brasileira de Distribuiçao PCAR4 Brasil 14,288 31,997 25.70 23.28 9.52 8.71 3.30 13.6% 3.4%
Almacenes Éxito EXITO Colombia 6,894 3,646 26.81 24.44 n.d. 10.12 1.69 6.5% 4.8%
Organización Soriana S.A.B. SORIANAB México 7,489 1,554 24.79 21.50 12.38 11.40 2.19 9.3% 5.0%
Walmart Chile SA WMTCL Chile 3,748 16 15.34 n.d. 8.76 n.d. 2.46 17.0% 5.7%
Grupo Comercial Chedraui CHDRAUIB México 3,738 2,126 28.76 23.11 11.94 10.64 2.19 7.8% 3.7%
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 435 9 16.10 n.d. 6.60 n.d. 22.10 19.0% 7.6%
Promedio 8,324 7,211 23.19 24.28 11.88 11.96 4.73 12.0% 5.3%
Credicorp Ltd. BAP Perú 11,971 632 15.37 13.81 4.90 60.41 2.87 20.5% 2.0%
BBVA Banco Continental SA CONTINC1 Perú 6,058 516 12.62 11.42 7.81 34.97 3.73 31.4% 2.7%
Scotiabank Perú SCOTIAC1 Perú 4,017 108 12.72 n.d. 10.64 45.66 2.26 18.9% 2.5%
Intercorp Financial Services IFS Perú 3,540 947 11.95 12.16 10.62 50.74 2.98 28.5% 2.9%
ITAU Unibanco Holding SA ITUB4 Brasil 77,780 n.d. 12.20 10.29 6.26 55.66 2.03 17.0% 1.4%
Banco Do Brasil S.A. BBAS3 Brasil 35,952 79,277 5.96 6.84 4.31 64.53 1.10 19.8% 1.1%
Grupo Financiero Banorte GFNORTEO México 17,323 31,783 18.10 15.19 4.47 67.44 2.48 14.7% 1.3%
Banco de Chile CHILE Chile 14,006 5,020 13.71 13.52 n.d. 47.16 3.09 23.8% 2.0%
Bancolombia SA BCOLO Colombia 13,295 2,532 13.79 12.93 6.19 58.33 2.08 16.5% 1.9%
Banco Santander Chile BSAN Chile 12,591 9,379 17.00 13.68 5.14 42.76 2.79 18.8% 1.6%
Banco de Bogotá BOGOTA Colombia 10,231 627 21.25 n.d. n.d. 58.48 2.54 13.3% 2.3%
Banco de Crédito e Inversión BCI Chile 7,516 2,669 13.10 12.04 4.12 49.55 2.51 20.5% 1.6%
Banco Davivienda SA PFDAVVND Colombia 6,102 2,686 14.54 11.76 7.50 50.78 2.05 14.9% 2.0%
Sociedad Matriz Banco de Chile SMCHILEB Chile 5,139 1,784 28.82 36.05 4.60 43.98 2.62 9.1% 0.3%
CorpBanca CORPBANC Chile 4,475 4,868 14.16 12.45 2.88 56.69 1.96 14.4% 1.1%
Promedio 15,333 10,202 15.02 14.01 6.11 52.48 2.47 18.8% 1.8%
Construcción
Graña y Montero GRAMONC1 Perú 2,714 846 23.77 18.33 9.34 8.57 4.85 21.8% 6.7%
Promotora y Oper de Infraestructura PINFRA* México 3,650 3,606 21.94 24.50 16.01 14.05 6.41 36.7% 12.5%
Mills Estruturas e Serviços MILS3 Brasil 2,115 5,264 27.04 20.55 n.d. 10.34 4.75 18.9% 10.5%
Empresas ICA S.A.B ICA* México 1,700 7,637 26.07 17.77 16.27 9.90 1.24 3.1% 0.5%
Besalco SA BESALCO Chile 1,058 1,126 31.08 17.92 12.51 n.d. 2.92 15.6% 5.7%
Grupo Odinsa SA ODINSA Colombia 873 482 11.17 n.d. 34.55 n.d. 2.41 23.1% 14.6%
Salfacorp SA SALFACOR Chile 853 1,775 17.42 13.33 13.39 11.20 1.43 8.5% 2.6%
Conconcreto SA CONCONC Colombia 633 207 23.06 n.d. 10.71 7.14 1.27 7.0% 4.2%
Construcciones El Cóndor SA ELCONDOR Colombia 460 216 n.d. n.d. n.d. n.d. 1.71 10.6% n.d.
Promedio 1,562 2,351 22.69 18.73 16.11 10.20 3.00 16.1% 7.2%
Fuente: Bloomberg
www.kallpasab.com 1
1.1%
1.2%
n.d.
2.0%
0.3%
1.3%
1.6%
3.2%
1.3%
1.9%
2.8%
1.1%
0.8%
1.4%
1.6%
0.6%
1.9%
0.5%
2.5%
1.4%
3.3%
6.7%
0.6%
4.7%
2.5%
3.9%
2.9%
2.6%
2.2%
Dividend
Yield 12M
1.7%
4.0%
3.8%
4.2%
1.5%
0.4%
3.0%
1.4%
Empresa Ticker
ADTV 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$000)
P/E
2013
País P/BV ROE ROA
EV/EBITDA
2013
EV/EBITDA
12M
EV/EBITDA
2013
EV/EBITDA
12M
Empresa
P/E
12M
P/E
2013
País
Cap. Bursátil
(US$ MM)
Ticker
EQUITY RESEARCH | Reporte de Múltiplos 10 de mayo de 2013
P/BV ROE ROA
1.2%
ADTV 12M
(US$000)
P/E
12M
n.d.
1.0%
n.d.
2.2%
2.3%
1.2%
1.5%
Servicios Financieros
P/BV
Ratio de
Eficiencia
Margen
Financiero
EV/EBITDA
12M
EV/EBITDA
2013
P/BV ROE ROA
Empresa Ticker País
Cap. Bursátil
(US$ MM)
Empresa Ticker
P/E
2013
ROE ROA
ADTV 12M
(US$000)
Dividend
Yield 12M
n.d.
0.7%
1.0%
Reporte de Múltiplos
Dividend
Yield 12M
Dividend
Yield 12M
2. Unión Andina de Cementos UNACEMC1 Perú 2,594 490 13.25 17.83 11.55 11.29 2.06 12.7% 5.5%
Cementos Pacasmayo CPACASC1 Perú 1,701 425 27.54 23.15 14.80 12.81 2.24 9.0% 5.9%
Cemex SAB CEMEXCPO México 13,633 34,606 n.d. n.d. 13.24 10.21 1.20 -10.6% -3.1%
Cementos Argos SA CEMARGOS Colombia 4,950 2,996 23.41 31.35 15.22 12.71 1.59 4.5% 2.9%
Cemex Latam Holdings SA CLH España 4,088 5,229 14.84 15.29 n.d. 6.06 2.83 n.d. n.d.
Corp. Moctezuma CMOCTEZ* México 2,950 269 18.18 15.46 11.03 n.d. 4.02 21.0% 17.1%
Grupo Cementos Chihuahua GCC* México 1,246 37 58.59 26.65 13.48 n.d. 1.27 2.1% 1.2%
Cementos BIO BIO S.A. CEMENT Chile 357 114 n.d. n.d. 21.60 n.d. 0.76 -13.1% -5.4%
Holcim Costa Rica S.A. INCCA Costa Rica 333 50 18.55 n.d. 8.13 n.d. 3.82 19.6% 7.5%
Melón SA MELON Chile 296 2 n.d. n.d. 11.42 n.d. 0.51 1.6% 1.1%
Promedio 3,215 4,422 24.91 21.62 13.38 10.62 2.03 5.2% 3.6%
Corp. Aceros Arequipa CORAREI1 Perú 385 155 22.16 n.d. 14.93 10.54 0.53 2.5% 1.3%
Empresa Siderúrgica del Perú SIDERC1 Perú 81 72 n.d. n.d. n.d. 58.60 0.22 -10.7% -5.0%
Gerdau SA GGBR4 Brasil 11,560 56,977 19.93 14.60 9.55 7.71 0.89 4.6% 2.4%
CAP SA CAP Chile 4,616 7,046 24.08 16.62 9.65 8.75 2.49 10.6% 3.8%
Ternium SA TX EEUU 4,674 10,606 43.29 8.85 5.70 5.03 0.85 1.9% 1.0%
Industrias CH S.A.B. ICHB México 3,478 3,901 24.84 19.41 10.55 9.11 1.64 6.5% 4.3%
Grupo Simec S.A. SIMECB México 2,344 1,303 13.72 12.36 7.21 5.55 1.19 8.8% 6.3%
Siderar ERAR Argentina 2,177 326 22.04 n.d. 7.96 n.d. 0.96 4.8% 3.2%
Cintac S.A. CINTAC Chile 195 111 18.18 n.d. n.d. n.d. 1.09 6.1% 2.9%
Siderúrgica Venez Sivensa SVS Venezuela 146 12 4.44 n.d. n.d. n.d. 0.18 4.7% 3.0%
Metisa Metalúrgica Timboense SA MTSA4 Brasil 108 30 10.89 n.d. n.d. n.d. 1.21 11.4% 7.0%
Promedio 2,706 7,322 20.36 14.37 9.36 15.04 1.02 4.7% 2.7%
Ferreycorp SAA FERREYC1 Perú 722 1,153 8.64 7.80 7.42 6.17 1.57 15.3% 5.3%
Finning International Inc FTT Canadá 3,917 15,322 11.44 10.90 7.92 7.10 2.52 23.2% 7.3%
Seven Group Holdings Ltd SVW Australia 2,984 4,386 8.70 9.25 8.88 7.35 1.24 15.2% 6.7%
Barloworld Ltd BAW Sudáfrica 2,505 9,384 14.54 13.13 6.50 6.10 1.77 12.3% 4.7%
Toromont Industries Ltd. TIH Canadá 1,687 3,912 14.08 14.76 8.34 8.47 3.57 27.4% 13.0%
Randon Participações SA RAPT4 Brasil 1,489 6,736 51.39 18.26 n.d. 9.03 2.32 4.6% 1.4%
H&E Equipment Services Inc HEES EE.UU. 758 4,205 20.92 17.71 6.39 5.55 13.94 18.4% 3.3%
Wajax Corp WJX Canadá 556 4,684 9.61 9.69 6.56 7.02 2.32 28.1% 10.5%
Titan Machinery Inc TITN EE.UU. 499 12,743 11.83 9.78 10.93 9.40 1.26 11.6% 3.4%
PT Hexindo Adiperkasa Tbk HEXA Indonesia 382 588 5.47 5.47 5.05 4.86 1.88 39.7% 18.0%
Rocky Mountain Dealerships Inc RME Canadá 264 404 9.17 8.07 5.25 5.18 1.82 17.6% 4.4%
Promedio 1,433 5,774 15.07 11.35 7.32 6.93 3.11 19.4% 7.1%
Casa Grande SAA CASAGRC1 Perú 327 141 35.69 9.18 7.64 5.66 0.71 2.0% 1.3%
Cartavio SAA CARTAVC1 Perú 163 7 n.d. n.d. n.d. n.d. n.d. 3.8% 2.2%
Empresa Agroindustrial Pomalca POMALCC1 Perú 39 108 5.50 n.d. n.d. n.d. 0.24 3.8% 1.8%
Illovo Sugar Ltd ILV Sudáfrica 1,817 984 21.13 14.78 n.d. 7.81 2.73 10.3% 4.8%
EID Parry India Ltd EID India 471 321 12.48 7.10 7.71 7.48 1.06 8.5% 1.8%
Shree Renuka Sugars Ltd SHRS India 301 5,108 n.d. 6.97 n.d. 4.25 0.80 -13.7% -2.2%
Empresas Iansa SA IANSA Chile 264 813 8.04 9.49 9.72 7.57 0.74 8.7% 5.2%
Bajaj Hindusthan Ltd BJH India 245 1,567 n.d. n.d. 18.84 22.80 0.34 -9.3% -2.2%
Balrampur Chini Mills Ltd BRCM India 230 1,810 7.81 11.41 13.59 8.77 1.04 n.d. n.d.
Promedio 429 1,207 15.11 9.82 11.50 9.19 0.96 1.8% 1.6%
Copeinca ASA COP Perú 721 877 11.89 12.02 10.72 9.22 1.47 12.6% 6.5%
Austral Group SAA AUSTRAC1 Perú 239 78 7.06 6.86 3.47 3.66 0.99 14.1% 8.3%
Pesquera Exalmar S.A.A. EXALMC1 Perú 183 78 12.78 8.78 6.63 6.40 0.79 6.3% 3.1%
Leroey Seafood Group ASA LSG Noruega 1,682 802 20.27 9.69 16.29 7.18 1.82 9.1% 4.1%
Salmar ASA SALM Noruega 1,208 989 14.63 8.77 19.38 7.52 2.44 19.1% 6.7%
AquaChile SA AQUACHIL Chile 831 410 n.d. 16.30 n.d. 10.55 2.14 -10.3% -5.1%
Cia Pesquera Camanchaca SA CAMANCHA Chile 241 88 n.d. n.d. 74.79 11.18 0.91 -9.0% -3.8%
Havfisk ASA HFISK Noruega 85 18 11.58 17.31 6.24 8.08 0.57 6.3% 2.4%
Promedio 649 418 13.04 11.39 19.65 7.97 1.39 6.0% 2.8%
Fuente: Bloomberg
www.kallpasab.com 2
7.9%
3.8%
6.8%
3.4%
3.0%
EV/EBITDA
2013
P/BV ROE ROA
1.6%
n.d.
Dividend
Yield 12M
Dividend
Yield 12M
n.d.
8.4%
1.9%
n.d.
1.8%
n.d.
7.4%
n.d.
Pesca
P/E
2013
Empresa Ticker País
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
P/E
12M
P/E
2013
ADTV 12M
(US$000)
Empresa
EV/EBITDA
2013
P/BV ROE ROA
P/E
12M
P/E
2013
ADTV 12M
(US$000)
P/E
12M
País
Acero
Empresa Ticker País
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
P/E
12M
P/E
2013
EV/EBITDA
12M
EV/EBITDA
2013
P/BV ROE ROA
Empresa Ticker
n.d.
1.7%
4.8%
2.7%
n.d.
n.d.
3.2%
3.9%
n.d.
4.7%
9.7%
2.1%
4.1%
n.d.
4.5%
0.5%
EV/EBITDA
12M
2.2%
0.5%
32.5%
Cap. Bursátil
(US$ MM)
P/BV ROE
EV/EBITDA
2013
4.5%
2.6%
Dividend
Yield 12M
Dividend
Yield 12M
1.2%
EV/EBITDA
12M
10 de mayo de 2013
Azúcar
Empresa Ticker País
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
P/E
12M
P/E
2013
EV/EBITDA
12M
EV/EBITDA
2013
Cemento
EV/EBITDA
12M
ROE ROA
ROA
Ticker País
P/BV
Cap. Bursátil
(US$ MM)
Maquinaria - Distribución
6.0%
12.5%
9.3%
8.3%
3.3%
2.4%
5.9%
2.3%
2.9%
n.d.
1.4%
n.d.
Dividend
Yield 12M
3.9%
n.d.
n.d.
n.d.
n.d.
Reporte de Múltiplos
3. Maple Energy PLC MPLE Perú 110 61 n.d. 9.54 18.61 6.65 0.80 -15.5% -6.2%
Tereos Internacional SA TERI3 Brasil 1,283 190 15.58 10.36 7.69 5.37 0.75 0.8% 0.3%
Andersons Inc/The ANDE EE.UU. 1,011 5,362 13.76 13.41 10.36 9.15 1.62 12.6% 3.7%
CropEnergies AG CE2 Alemania 658 203 8.90 12.16 4.96 6.14 1.30 15.4% 9.4%
Green Plains Renewable Energy GPRE EE.UU. 408 2,294 n.d. 20.38 8.71 7.49 0.84 5.7% 2.0%
REX American Resources Corp REX EE.UU. 164 574 n.d. 8.96 13.07 n.d. 0.66 -0.9% -0.5%
Promedio 606 1,447 12.75 12.47 10.57 6.96 0.99 3.0% 1.4%
Refinería La Pampilla SA RELAPAC1 Perú 187 199 105.83 n.d. n.d. n.d. 0.30 0.5% 0.2%
Ecopetrol SA ECOPETL Colombia 92,728 21,168 12.22 11.96 6.07 5.75 2.63 24.7% 14.3%
YPF SA YPFD Argentina 8,798 1,244 11.90 6.95 3.65 2.84 1.36 13.0% 5.2%
OGX Petróleo e Gas Participações OGXP3 Brasil 2,604 123,898 n.d. n.d. n.d. n.d. 0.76 -23.1% -11.1%
Petrobras Argentina SAB PESA Argentina 1,645 228 13.82 8.11 3.37 2.57 0.85 6.0% 3.4%
Refinaria de Petróleos Manguinhos RPMG3 Brasil 113 501 n.d. n.d. n.d. n.d. n.d. n.d. -44.0%
Promedio 17,679 24,540 35.94 9.01 4.36 3.72 1.18 4.3% -5.3%
Edegel SA EDEGELC1 Perú 2,398 243 16.70 n.d. 9.04 n.d. 2.48 15.1% 8.2%
Enersur SA ENERSUC1 Perú 2,172 170 19.58 23.34 n.d. 9.79 3.82 21.1% 8.5%
Enersis SA ENERSIS Chile 18,289 11,343 17.71 12.97 6.56 5.65 1.46 7.3% 2.6%
Empresa Nacional de Electricidad ENDESA Chile 14,169 8,588 28.98 15.71 10.94 8.72 2.61 9.0% 3.6%
Tractebel Energias SA TBLE3 Brasil 11,618 12,075 14.76 14.35 8.07 7.85 4.40 30.1% 13.1%
Cia Energética de Minas Gerais CMIG3 Brasil 10,293 2,424 4.70 7.18 6.81 5.62 1.74 35.9% 11.0%
AES Gener SA AESGENER Chile 5,654 2,631 26.81 19.43 11.83 10.99 2.21 6.6% 2.9%
Colbun SA Colbun Chile 5,378 2,781 84.01 27.83 22.82 14.09 1.52 1.8% 1.1%
Cia Paranense de Energia CPLE3 Brasil 4,291 345 11.13 7.32 6.42 5.21 0.64 5.8% 3.5%
Centrais Eletricas Brasileiras ELET3 Brasil 3,674 9,960 n.d. 13.19 14.16 20.73 0.10 -9.6% -4.1%
Isagen SA ISAGEN Colombia 3,836 1,817 15.26 15.73 14.83 14.81 1.94 13.2% 7.3%
Cia Electricidade da Bahia CEEB3 Brasil 3,761 54 9.46 n.d. 7.96 n.d. 2.87 32.5% 12.3%
Cia Energetica do Sao Paulo CESP3 Brasil 3,265 42 16.19 5.71 n.d. 3.30 0.55 2.7% 1.5%
Edp - Energias do Brasil ENBR3 Brasil 2,824 11,431 19.70 10.84 n.d. 6.33 1.26 6.3% 2.1%
Equatorial Energia SA EQTL3 Brasil 2,081 5,078 11.57 17.11 9.41 9.51 1.56 7.4% 2.2%
Promedio 6,247 4,599 21.18 14.67 10.74 9.43 1.94 12.3% 5.1%
Luz del Sur LUSURC1 Perú 1,817 224 17.39 14.94 10.06 9.95 3.41 22.9% 11.3%
Edelnor EDELNOC1 Perú 1,281 145 16.48 14.11 8.31 7.95 3.11 19.5% 7.2%
Chilectra SA CHILECTR Chile 4,059 21 11.65 n.d. 12.02 n.d. 1.81 15.4% 12.7%
Cia Energética do Ceará COCE5 Brasil 1,848 1,691 8.84 9.49 6.82 6.13 2.38 27.7% 12.2%
CGE Distribucion SA CGEDISTR Chile 1,409 7 68.29 n.d. 19.86 n.d. 1.64 2.9% 1.3%
Eletropaulo Metropolitana ELPL4 Brasil 875 11,008 n.d. 10.58 n.d. 4.52 0.75 -0.1% 0.0%
Cia Energética do Maranhão ENMA3B Brasil 874 12 4.60 n.d. 5.19 n.d. 1.44 35.1% 11.7%
Cia Energética de Pernambuco CEPE5 Brasil 746 9 94.70 n.d. 11.15 n.d. 0.92 1.0% 0.4%
Promedio 1,614 1,640 31.71 12.28 10.49 7.14 1.93 15.6% 7.1%
Telefónica del Perú TELEFBC1 Perú 2,766 5,683 9.86 n.d. 3.03 n.d. 1.49 18.9% 7.7%
América Móvil AMXL México 78,151 99,002 11.28 10.29 5.12 5.21 4.01 32.7% 9.1%
Telefónica Brasil S.A. VIVT4 Brasil 28,231 29,741 13.81 13.28 n.d. 4.77 1.36 9.8% 6.4%
Embratel Participações SA EBTP3 Brasil 6,695 6 27.15 n.d. 4.01 n.d. 1.14 7.4% 3.2%
Empresa Nacional de Telecom. ENTEL Chile 4,773 6,240 14.86 14.11 5.13 5.38 2.69 18.4% 9.4%
Cia Anónima Nacional de Telefonía TDV/D Venezuela 2,752 9 7.68 n.d. 3.93 n.d. 2.38 32.7% 13.2%
Telefónica Chile SA CTCA Chile 1,444 47 11.66 n.d. 3.62 n.d. 1.15 9.5% 4.1%
Empresa de Telecom de Bogotá ETB Colombia 765 200 5.33 n.d. 2.28 1.98 0.51 9.9% 5.2%
Promedio 15,697 17,616 12.70 12.56 3.88 4.33 1.84 17.4% 7.3%
Fuente: Bloomberg
www.kallpasab.com 3
2.1%
6.5%
4.3%
6.7%
5.5%
Ticker País P/BV ROE ROA
Empresa Ticker País
EV/EBITDA
12M
Oil & Gas
Etanol
Empresa Ticker País
Cap. Bursátil
(US$ MM)
EV/EBITDA
12M
ROE
Dividend
Yield 12M
Dividend
Yield 12M
Dividend
Yield 12M
Electricidad - Distribución
Empresa Ticker
Telecomunicaciones
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
P/E
12M
P/E
2013
Empresa
Cap. Bursátil
(US$ MM)
País
Reporte de Múltiplos
5.8%
10.4%
EV/EBITDA
12M
EV/EBITDA
2013
ADTV 12M
(US$000)
P/E
12M
P/E
2013
P/BV ROE ROA
13.5%
n.d.
21.6%
4.4%
0.3%
3.3%
34.9%
2.6%
2.2%
n.d.
2.5%
n.d.
2.2%
1.1%
n.d.
7.4%
4.4%
4.3%
1.1%
5.7%
6.5%
0.8%
n.d.
P/E
12M
P/E
2013
P/E
12M
P/E
2013
EV/EBITDA
12M
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
ADTV 12M
(US$000)
EV/EBITDA
2013
EV/EBITDA
2013
Ticker País
Electricidad - Generación
ROAP/BV ROE
ROAP/BV
10 de mayo de 2013
EV/EBITDA
12M
EV/EBITDA
2013
EV/EBITDA
2013
P/BV
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
P/E
12M
P/E
2013
Empresa
0.1%
5.8%
1.1%
1.7%
6.6%
n.d.
1.6%
9.1%
3.7%
7.0%
0.7%
n.d.
5.0%
3.4%
4.4%
1.4%
11.9%
3.0%
ROE ROA
Dividend
Yield 12M
Dividend
Yield 12M
4. Cia de Minas Buenaventura BVN Perú 5,466 301 8.70 8.99 n.d. 8.81 1.35 16.5% 13.2%
Barrick Gold Corp ABX Canadá 20,927 171,227 6.33 6.60 5.10 5.47 0.93 -3.6% -1.7%
Newmont Mining Corp NEM EE.UU. 16,524 292,895 9.92 11.87 6.62 6.87 1.17 12.1% 5.6%
Newcrest Mining Ltd NCM Australia 13,371 101,833 17.13 14.39 9.67 7.45 1.13 5.2% 3.9%
Zijin Mining Group Co Ltd 2899 China 9,832 15,727 7.73 8.62 n.d. 8.64 1.43 17.7% 7.6%
Polyus Gold International PLZLY Reino Unido 9,400 1,714 9.84 n.d. 8.03 n.d. 2.41 27.4% 19.0%
Yamana Gold Inc YRI Canadá 9,060 81,142 22.30 15.57 8.27 7.26 1.15 4.8% 3.2%
Randgold Resources Ltd RRS EE.UU. 7,090 36,749 17.18 17.49 10.16 9.89 2.63 16.5% 14.6%
Zhongjin Gold Co Ltd 600489 China 5,918 59,387 23.79 21.00 n.d. 8.71 3.48 15.9% 7.5%
Agnico-Eagle Mines Ltd AEM Canadá 5,375 50,334 17.58 29.95 7.98 9.48 1.55 7.6% 5.0%
Eldorado Gold Corp ELD Canadá 5,413 52,244 25.25 17.46 8.92 8.89 0.93 3.3% 2.5%
Gold Fields Ltd GFI Sudáfrica 4,877 31,038 9.59 8.19 3.26 4.72 1.01 13.8% 7.8%
Polymetal International PLC POLY Rusia 4,176 8,738 10.40 8.24 6.32 5.57 3.44 20.8% 10.9%
Rio Alto Mining Ltd RIO Canadá 610 648 6.35 6.89 3.35 3.95 2.70 59.3% 38.6%
Promedio 8,431 64,570 13.72 13.48 7.06 7.36 1.81 15.5% 9.8%
Hochschild Mining Plc HOC Reino Unido 1,362 1,337 21.20 29.59 3.99 4.66 2.51 6.1% 3.5%
Industrias Penoles SAB de CV PE&OLES* México 15,428 9,648 21.27 14.50 8.30 9.02 5.55 21.2% 10.8%
Fresnillo Plc FRES México 13,039 18,596 17.24 19.89 9.83 9.98 9.63 35.9% 24.0%
SLM Corp SLM EE.UU. 9,400 60,498 7.90 8.55 32.65 n.d. 1.99 25.5% 0.6%
Silver Wheaton Corp SLW Canadá 8,634 75,724 14.76 15.54 11.27 10.21 4.11 20.3% 19.3%
Pan American Silver Corp PAA Canadá 1,970 7,965 11.51 13.27 4.18 3.73 1.05 4.1% 3.3%
First Majestic Silver Corp FR Canadá 1,368 12,809 14.80 13.93 9.52 6.09 3.97 18.8% 14.2%
Hecla Mining Co HL EE.UU. 921 24,485 26.92 15.16 8.05 3.49 0.81 1.3% 1.1%
Silver Standard Resources Inc SSO Canadá 566 3,884 25.97 n.d. 6.14 5.85 1.14 5.4% 4.2%
Silvercorp Metals Inc SVM Canadá 501 2,335 12.74 9.98 4.36 3.16 1.97 7.0% 5.2%
Fortuna Silver Mines Inc FVI Canadá 349 2,247 12.10 11.52 4.05 3.91 1.32 12.8% 10.7%
Silvercrest Mines Inc SVL Canadá 213 767 5.63 11.37 3.64 3.81 2.58 44.1% 30.7%
Promedio 6,515 26,383 16.95 16.30 10.97 6.74 3.70 16.6% 9.6%
Southern Copper Corp SCCO EE.UU. 28,165 175 14.14 14.71 8.35 8.50 5.57 38.0% 18.8%
Soc. Minera Cerro Verde CVERDEC1 Perú 9,802 506 14.45 9.44 7.24 5.49 2.71 20.8% 18.0%
Anglo American Plc AAL Reino Unido 34,059 105,570 n.d. 11.60 6.23 5.02 1.14 -3.9% -2.0%
Freeport-McMoran Copper FCX EE.UU. 30,914 585,166 11.03 8.87 5.34 3.86 1.72 17.2% 7.7%
Grupo Mexico SAB de CV GMEXICOB México 27,262 31,829 12.09 12.26 6.99 6.19 3.54 26.5% 12.6%
Antofagasta Plc ANTO Reino Unido 13,825 34,418 13.40 12.12 3.94 4.15 2.98 15.5% 8.4%
First Quantum Minerals FM Canadá 11,122 62,406 15.82 15.21 11.42 8.16 1.43 8.8% 4.7%
Inmet Mining Corp. IMN Canadá 4,642 30,522 13.53 13.43 7.72 7.50 1.25 9.8% 6.7%
Kazakhmys Plc KAZ Reino Unido 2,970 24,105 n.d. 7.36 2.93 3.94 1.08 -30.1% -20.9%
Promedio 18,085 97,189 13.49 11.67 6.68 5.87 2.38 11.4% 6.0%
Volcan Cia Minera SAA VOLCABC1 Perú 3,334 1,950 12.30 8.46 n.d. 5.56 1.57 12.5% 6.4%
Sociedad Minera El Brocal BROCALC1 Perú 981 75 41.17 10.48 20.35 6.96 2.63 3.4% 2.5%
Compañía Minera MILPO SA MILPOC1 Perú 768 203 35.90 5.10 4.00 3.30 1.69 4.7% 2.1%
Cia Minera Atacocha SA ATACOBC1 Perú 65 60 n.d. 16.65 2.64 1.66 0.49 -8.2% -4.2%
BHP Billiton BHP Australia 174,068 347,022 19.09 12.05 7.58 6.37 3.06 14.9% 7.6%
Teck Resources Ltd TCK Canadá 17,005 75,650 12.63 12.96 6.20 6.17 0.93 5.0% 2.7%
Boliden AB BOL Suecia 3,995 37,609 9.80 12.31 5.60 5.79 1.15 12.2% 7.0%
Nyrstar NYR Bélgica 875 5,398 n.d. n.d. 6.52 4.92 0.55 -7.5% -2.7%
Minmetals Land Ltd 230 Hong Kong 516 833 14.63 5.22 9.82 3.77 0.57 4.1% 1.6%
Promedio 22,401 52,089 20.79 10.40 7.84 4.95 1.41 4.6% 2.5%
Minsur SA MINSURI1 Perú 1,939 375 12.02 9.34 6.66 5.07 1.15 9.3% 5.7%
Yunnan Tin Co Ltd 000960 China 2,522 21,083 n.d. 46.19 n.d. 24.22 3.14 -3.9% -1.0%
Timah Persero Tbk TINS Indonesia 713 914 21.48 10.18 6.42 4.60 1.49 6.9% 5.2%
Metals X Limited MLX Australia 199 197 109.09 12.00 n.d. 8.69 0.71 1.1% 1.0%
Malaysia Smelting Corp SMELT Malasia 105 48 n.d. 5.81 n.d. 9.23 0.87 -21.3% -7.2%
Promedio 1,096 4,523 47.53 16.71 6.54 10.36 1.47 -1.6% 0.7%
Fuente: Bloomberg
www.kallpasab.com 4
3.9%
2.7%
4.0%
2.6%
2.8%
5.7%
4.6%
2.9%
4.1%
4.0%
0.8%
3.9%
3.8%
3.4%
6.9%
0.9%
0.3%
2.1%
Dividend
Yield 12M
0.8%
10 de mayo de 2013
1.3%
2.1%
0.6%
0.3%
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
6.5%
n.d.
6.2%
n.d.
n.d.
Minería - Estaño
Minería - Polimetálica
Minería - Cobre
Minería - Plata
Dividend
Yield 12M
Dividend
Yield 12M
Dividend
Yield 12M
Minería - Oro
EV/EBITDA
12M
EV/EBITDA
2013
P/BV ROE ROA
5.4%
5.2%
3.6%
2.5%
1.6%
Empresa Ticker País
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
P/E
12M
P/BV ROE ROA
ROE ROA
P/BV ROE ROA
Reporte de Múltiplos
Dividend
Yield 12M
2.6%
ROE ROA
P/BV
EV/EBITDA
12M
P/E
2013
EV/EBITDA
12M
EV/EBITDA
2013
Empresa Ticker País
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
P/E
12M
P/BV
EV/EBITDA
12M
EV/EBITDA
2013
P/E
2013
EV/EBITDA
2013
EV/EBITDA
12M
Empresa Ticker País
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
P/E
12M
P/E
2013
Empresa Ticker País
Cap. Bursátil
(US$ MM)
ADTV 12M
(US$000)
P/E
12M
P/E
2013
P/E
12M
P/E
2013
Empresa Ticker País
EV/EBITDA
2013
3.2%
0.5%
1.0%
n.d.
10.3%
n.d.
1.5%
2.5%
2.0%
n.d.
1.9%
n.d.
3.4%
n.d.
2.6%
1.7%
3.9%
3.8%
4.5%
2.1%
5. GERENCIA GENERAL
Alberto Arispe
Gerente
(511) 630 7500
aarispe@kallpasab.com
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
ehernandez@kallpasab.com efernandini@kallpasab.com jfrisancho@kallpasab.com jrodriguez@kallpasab.com
MERCADO DE CAPITALES
Ricardo Carrión
Gerente
(511) 630 7500
rcarrion@kallpasab.com
FINANZAS CORPORATIVAS
Andrés Robles
Gerente
(511) 630 7500
arobles@kallpasab.com
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
mcontreras@kallpasab.com ecastro@kallpasab.com hleon@kallpasab.com jlazo@kallpasab.com
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
ecueva@kallpasab.com anoa@kallpasab.com mbazan@kallpasab.com rmisari@kallpasab.com
OFICINA CHACARILLA OFICINA AREQUIPA
Hernando Pastor Daniel Berger Jesús Molina
Representante Representante Representante
(511) 626 8700 (511) 626 8700 (51 54) 272 937
hpastor@kallpasab.com dberger@kallpasab.com jmolina@kallpasab.com
OFICINA EL POLO OFICINA TACNA
Ana María Castro Gissella Gárate Gerson Del Pozo
Representante Asesora de Inversiones Representante
(511) 630 7532 (511) 630 7533 (51 52) 241 394
amcastro@kallpasab.com ggarate@kallpasab.com gdelpozo@kallpasab.com
www.kallpasab.com 5
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
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con valores mencionados y/o puede buscar hacer banca de inversión con ellos.
Reporte de Múltiplos
10 de mayo de 2013
KALLPA SECURITIES SOCIEDAD AGENTE DE BOLSA