Alicorp SA ALICORC1 Perú 3,339 664 31.32 24.12 17.14 13.37 4.19 17.5% 9.4%BRF - Brasil Foods SA BRFS3 Brasil 21,087 43,751...
Unión Andina de Cementos UNACEMC1 Perú 2,476 492 12.76 17.17 11.25 11.00 1.99 12.7% 5.5%Cementos Pacasmayo CPACASC1 Perú 1...
Maple Energy PLC MPLE Perú 115 61 n.d. 10.00 18.99 6.79 0.84 -15.5% -6.2%Tereos Internacional SA TERI3 Brasil 1,322 190 15...
Cia de Minas Buenaventura BVN Perú 5,408 302 8.60 7.25 9.81 7.45 1.38 23.4% 18.9%Barrick Gold Corp ABX Canadá 20,015 171,5...
GERENCIA GENERALAlberto ArispeGerente(511) 630 7500aarispe@kallpasab.comTRADINGEnrique Hernández Eduardo Fernandini Javier...
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Kallpa sab reporte de múltiplos . 3 mayo 2013

  1. 1. Alicorp SA ALICORC1 Perú 3,339 664 31.32 24.12 17.14 13.37 4.19 17.5% 9.4%BRF - Brasil Foods SA BRFS3 Brasil 21,087 43,751 41.50 23.83 18.51 12.78 2.82 7.0% 3.4%Grupo Bimbo SAB BIMBOA México 15,268 5,632 93.19 34.20 15.38 13.35 4.38 4.5% 1.5%Kimberly Clark de México KIMBERA México 10,885 8,953 30.13 27.57 16.29 15.39 23.62 77.1% 15.0%Grupo Nutresa SA NUTRESA Colombia 6,368 2,045 33.80 31.53 n.d. 15.82 1.74 4.9% 4.0%M Dias Branco SA MDIA3 Brasil 4,963 6,411 21.21 18.35 16.39 14.80 4.14 21.3% 14.5%Hypermarcas SA HYPE3 Brasil 4,962 25,187 43.60 24.42 14.04 12.68 1.45 3.0% 1.6%Gruma SAB GRUMAB México 2,793 3,516 18.68 16.96 9.74 8.92 2.48 10.3% 2.8%Grupo Herdez SAB HERDEZ* México 1,545 895 22.78 19.17 12.86 11.01 4.33 20.6% 7.2%Molinos Rio de la Plata SA MOLI Argentina 1,354 71 234.89 n.d. 20.34 n.d. 5.33 2.2% 0.4%Promedio 7,692 10,718 59.97 24.50 15.44 13.09 5.59 16.8% 5.6%Inretail Perú Corp. INRETC1 Perú 2,339 1,231 23.32 31.22 14.46 12.18 2.12 9.4% 4.1%S.A.C.I. Falabella FALAB Chile 27,926 10,722 35.56 25.70 22.54 17.69 4.58 13.2% 4.5%Cencosud SA CENCOSUD Chile 15,803 20,726 23.82 20.38 n.d. 12.64 1.97 8.6% 3.1%Cia Brasileira de Distribuiçao PCAR4 Brasil 14,628 31,958 26.11 23.65 9.64 8.82 3.36 13.6% 3.4%Almacenes Éxito EXITO Colombia 7,475 3,652 29.08 26.50 n.d. 11.14 1.83 6.5% 4.8%Organización Soriana S.A.B. SORIANAB México 7,438 1,556 24.60 21.33 12.31 11.10 2.18 9.3% 5.0%Walmart Chile SA WMTCL Chile 3,769 16 15.34 n.d. 8.76 n.d. 2.46 17.0% 5.7%Grupo Comercial Chedraui CHDRAUIB México 3,706 2,117 28.48 22.92 11.84 10.54 2.17 7.8% 3.7%Corp. Favorita SLU Ecuador 1,357 154 13.09 n.d. 9.39 n.d. n.d. 16.1% 11.4%Import. y Export Patagonia PATA Argentina 500 9 18.40 n.d. 7.50 n.d. 25.26 19.0% 7.6%Promedio 8,494 7,214 23.78 24.53 12.06 12.02 5.10 12.0% 5.3%Credicorp Ltd. BAP Perú 11,861 634 14.94 13.64 4.96 60.41 2.85 20.9% 2.2%BBVA Banco Continental SA CONTINC1 Perú 5,907 518 12.43 11.24 7.81 34.97 3.67 31.4% 2.7%Scotiabank Perú SCOTIAC1 Perú 3,871 108 12.38 n.d. 10.64 45.66 2.20 18.9% 2.5%Intercorp Financial Services IFS Perú 3,309 942 11.28 11.48 10.62 50.74 2.81 28.5% 2.9%ITAU Unibanco Holding SA ITUB4 Brasil 76,793 n.d. 11.86 9.97 6.26 55.66 1.98 17.0% 1.4%Banco Do Brasil S.A. BBAS3 Brasil 35,333 79,252 5.81 6.67 4.31 64.53 1.08 19.8% 1.1%Grupo Financiero Banorte GFNORTEO México 17,446 31,854 18.21 15.28 4.47 67.44 2.50 14.7% 1.3%Banco de Chile CHILE Chile 14,496 5,032 14.12 13.98 n.d. 47.16 3.19 23.8% 2.0%Bancolombia SA BCOLO Colombia 13,986 2,536 14.98 13.58 6.19 58.33 2.20 16.5% 1.9%Banco Santander Chile BSAN Chile 12,846 9,405 17.25 13.78 5.14 42.76 2.83 18.8% 1.6%Banco de Bogotá BOGOTA Colombia 10,011 627 20.79 n.d. n.d. 58.48 2.48 13.3% 2.3%Banco de Crédito e Inversión BCI Chile 7,713 2,674 13.37 12.15 4.12 49.55 2.56 20.5% 1.6%Banco Davivienda SA PFDAVVND Colombia 6,156 2,687 14.67 11.86 7.50 50.78 2.07 14.9% 2.0%Sociedad Matriz Banco de Chile SMCHILEB Chile 5,352 1,790 29.94 37.45 4.60 43.98 2.72 9.1% 0.3%CorpBanca CORPBANC Chile 4,712 4,872 14.83 13.03 2.88 56.69 2.05 14.4% 1.1%Promedio 15,319 10,209 15.12 14.16 6.11 52.48 2.48 18.8% 1.8%ConstrucciónGraña y Montero GRAMONC1 Perú 2,593 846 22.92 17.73 9.04 8.30 4.68 21.8% 6.7%Promotora y Oper de Infraestructura PINFRA* México 3,453 3,605 20.74 25.62 15.25 13.67 6.06 36.7% 12.5%Mills Estruturas e Serviços MILS3 Brasil 2,114 5,261 27.94 20.07 13.02 10.01 4.94 19.0% 10.3%Empresas ICA S.A.B ICA* México 1,736 7,635 26.59 17.92 16.36 9.83 1.27 3.1% 0.5%Besalco SA BESALCO Chile 1,028 1,130 30.02 17.31 12.17 n.d. 2.82 15.6% 5.7%Grupo Odinsa SA ODINSA Colombia 892 484 11.42 n.d. 35.21 n.d. 2.47 23.1% 14.6%Salfacorp SA SALFACOR Chile 837 1,776 16.99 13.00 13.22 11.06 1.40 8.5% 2.6%Conconcreto SA CONCONC Colombia 663 208 24.13 n.d. 11.23 7.49 1.33 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 1,531 2,351 22.59 18.61 15.69 10.06 2.96 16.2% 7.1%Fuente: Bloombergwww.kallpasab.com 1n.d.0.8%1.0%Reporte de MúltiplosDividendYield 12MDividendYield 12MROE ROAADTV 12M(US$000)DividendYield 12MServicios FinancierosP/BVRatio deEficienciaMargenFinancieroEV/EBITDA12MEV/EBITDA2013P/BV ROE ROAEmpresa Ticker PaísCap. Bursátil(US$ MM)Empresa TickerP/E20131.3%ADTV 12M(US$000)P/E12Mn.d.1.0%n.d.2.2%2.2%1.2%1.5%TickerEQUITY RESEARCH | Reporte de Múltiplos 3 de mayo de 2013P/BV ROE ROAP/BV ROE ROAEV/EBITDA2013EV/EBITDA12MEV/EBITDA2013EV/EBITDA12MEmpresaP/E12MP/E2013PaísCap. Bursátil(US$ MM)Empresa TickerADTV 12M(US$000)P/E12MCap. Bursátil(US$ MM)Bienes de ConsumoRetailP/E2013P/E12MPaísCap. Bursátil(US$ MM)ADTV 12M(US$000)P/E2013País0.4%2.9%1.4%1.5%2.4%3.9%3.0%2.5%2.2%DividendYield 12M1.7%4.0%8.6%4.5%0.6%1.9%0.5%2.5%1.2%3.4%6.9%0.6%4.6%1.1%1.2%n.d.2.0%0.3%1.2%1.6%3.5%1.4%1.8%2.7%1.3%0.9%2.3%1.5%
  2. 2. Unión Andina de Cementos UNACEMC1 Perú 2,476 492 12.76 17.17 11.25 11.00 1.99 12.7% 5.5%Cementos Pacasmayo CPACASC1 Perú 1,645 425 26.89 22.15 14.44 12.50 2.19 9.0% 5.9%Cemex SAB CEMEXCPO México 13,545 34,652 n.d. n.d. 13.19 10.01 1.19 -10.6% -3.1%Cementos Argos SA CEMARGOS Colombia 5,162 3,004 24.42 32.71 15.71 13.12 1.66 4.5% 2.9%Cemex Latam Holdings SA CLH España 4,005 5,269 14.54 15.02 n.d. 5.94 2.78 n.d. n.d.Corp. Moctezuma CMOCTEZ* México 2,771 270 17.06 14.50 10.33 n.d. 3.77 21.0% 17.1%Grupo Cementos Chihuahua GCC* México 1,250 37 58.70 26.70 13.50 n.d. 1.27 2.1% 1.2%Cementos BIO BIO S.A. CEMENT Chile 359 115 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 297 2 n.d. n.d. 11.42 n.d. 0.51 1.6% 1.1%Promedio 3,184 4,432 24.70 21.37 13.28 10.51 1.99 5.2% 3.6%Corp. Aceros Arequipa CORAREI1 Perú 372 155 19.59 n.d. 14.74 10.40 0.47 2.5% 1.3%Empresa Siderúrgica del Perú SIDERC1 Perú 73 72 n.d. n.d. n.d. 56.45 0.20 -9.9% -4.7%Gerdau SA GGBR4 Brasil 12,731 57,057 18.53 14.85 9.43 7.68 0.97 5.5% 2.8%CAP SA CAP Chile 4,753 7,068 20.60 16.93 8.92 8.49 2.59 13.0% 4.6%Ternium SA TX EEUU 4,564 10,618 42.27 8.66 5.72 5.06 0.81 8.8% 4.7%Industrias CH S.A.B. ICHB México 3,419 3,898 24.38 18.23 10.35 8.97 1.61 6.5% 4.3%Grupo Simec S.A. SIMECB México 2,322 1,303 13.56 12.21 7.12 5.45 1.18 8.8% 6.3%Siderar ERAR Argentina 2,243 322 22.56 n.d. 8.12 n.d. 0.98 4.8% 3.2%Cintac S.A. CINTAC Chile 196 111 13.42 n.d. 11.19 n.d. 1.11 8.4% 3.9%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 112 30 10.05 n.d. 6.13 n.d. 1.26 12.9% 8.1%Promedio 2,812 7,332 18.94 14.18 9.08 14.64 1.03 6.0% 3.4%Ferreycorp SAA FERREYC1 Perú 731 1,156 8.83 7.97 7.91 6.31 1.35 17.7% 5.9%Finning International Inc FTT Canadá 3,815 15,327 11.41 10.21 7.76 6.87 2.45 23.2% 7.3%Seven Group Holdings Ltd SVW Australia 2,747 4,372 7.78 8.17 8.22 6.72 1.11 15.2% 6.7%Barloworld Ltd BAW Sudáfrica 2,476 9,372 14.05 12.58 6.34 5.94 1.71 12.3% 4.7%Toromont Industries Ltd. TIH Canadá 1,687 3,889 14.05 14.73 8.33 8.46 3.56 27.4% 13.0%Randon Participações SA RAPT4 Brasil 1,492 6,748 74.64 17.60 15.16 8.86 2.32 3.1% 1.0%H&E Equipment Services Inc HEES EE.UU. 718 4,203 19.82 16.77 6.22 5.38 13.20 18.4% 3.3%Wajax Corp WJX Canadá 582 4,690 9.00 10.12 6.79 7.25 2.42 28.1% 10.5%Titan Machinery Inc TITN EE.UU. 477 12,756 11.31 9.34 10.74 9.23 1.20 11.6% 3.4%PT Hexindo Adiperkasa Tbk HEXA Indonesia 369 586 5.29 5.29 4.92 4.73 1.82 39.7% 18.0%Rocky Mountain Dealerships Inc RME Canadá 245 394 8.52 7.51 4.91 4.85 1.69 17.6% 4.4%Promedio 1,394 5,772 16.79 10.94 7.94 6.78 2.99 19.5% 7.1%Casa Grande SAA CASAGRC1 Perú 289 141 31.80 8.18 3.95 4.98 0.60 18.2% 13.1%Cartavio SAA CARTAVC1 Perú 161 7 n.d. n.d. n.d. n.d. n.d. 8.4% 5.5%Empresa Agroindustrial Pomalca POMALCC1 Perú 41 109 5.84 n.d. n.d. n.d. 0.25 3.8% 1.8%Illovo Sugar Ltd ILV Sudáfrica 1,823 982 20.72 14.50 n.d. 7.69 2.67 10.3% 4.8%EID Parry India Ltd EID India 481 321 12.51 5.78 7.72 5.22 1.06 8.5% 1.8%Shree Renuka Sugars Ltd SHRS India 301 5,108 n.d. 7.12 n.d. 4.23 0.78 -13.7% -2.2%Empresas Iansa SA IANSA Chile 266 816 8.10 9.59 9.78 7.61 0.74 8.7% 5.2%Bajaj Hindusthan Ltd BJH India 241 1,567 n.d. n.d. 18.74 22.68 0.32 -9.3% -2.2%Balrampur Chini Mills Ltd BRCM India 229 1,810 n.d. 10.57 13.48 8.09 1.02 n.d. n.d.Promedio 426 1,207 15.79 9.29 10.73 8.64 0.93 4.4% 3.5%Copeinca ASA COP Perú 720 874 11.87 12.05 10.71 9.21 1.46 12.6% 6.5%Austral Group SAA AUSTRAC1 Perú 237 78 7.06 6.86 3.47 3.66 0.99 14.1% 8.3%Pesquera Exalmar S.A.A. EXALMC1 Perú 170 78 11.87 8.16 6.39 6.17 0.74 6.3% 3.1%Leroey Seafood Group ASA LSG Noruega 1,726 805 20.84 10.06 16.64 7.38 1.87 9.1% 4.1%Salmar ASA SALM Noruega 1,191 987 14.45 9.03 19.21 7.70 2.41 19.1% 6.7%AquaChile SA AQUACHIL Chile 824 411 n.d. 16.20 n.d. 10.48 2.12 -10.3% -5.1%Cia Pesquera Camanchaca SA CAMANCHA Chile 238 88 n.d. n.d. 74.37 11.12 0.90 -9.0% -3.8%Havfisk ASA HFISK Noruega 80 18 10.98 16.42 6.12 7.93 0.54 6.3% 2.4%Promedio 648 417 12.85 11.25 19.56 7.96 1.38 6.0% 2.8%Fuente: Bloombergwww.kallpasab.com 2DividendYield 12M3.8%n.d.n.d.n.d.n.d.2.5%6.6%2.4%3.3%n.d.1.4%n.d.6.0%12.5%9.9%9.4%11.6%ROE ROAROATicker PaísP/BVCap. Bursátil(US$ MM)Maquinaria - Distribución3 de mayo de 2013AzúcarEmpresa Ticker PaísCap. Bursátil(US$ MM)ADTV 12M(US$000)P/E12MP/E2013EV/EBITDA12MEV/EBITDA2013CementoEV/EBITDA12MEV/EBITDA12M2.2%0.5%34.3%Cap. Bursátil(US$ MM)P/BV ROEEV/EBITDA20133.7%2.5%DividendYield 12MDividendYield 12M1.2%EV/EBITDA12Mn.d.1.5%4.7%2.8%n.d.n.d.3.1%3.8%n.d.4.5%9.3%2.2%4.1%n.d.5.0%0.5%EV/EBITDA2013P/BV ROE ROAEmpresa TickerEmpresa Ticker PaísCap. Bursátil(US$ MM)ADTV 12M(US$000)P/E12MP/E2013EV/EBITDA12MEmpresaEV/EBITDA2013P/BV ROE ROAP/E12MP/E2013ADTV 12M(US$000)P/E12MPaísAceroPescaP/E2013Empresa Ticker PaísCap. Bursátil(US$ MM)ADTV 12M(US$000)P/E12MP/E2013ADTV 12M(US$000)n.d.n.d.DividendYield 12MDividendYield 12Mn.d.8.7%2.1%n.d.1.7%n.d.7.9%n.d.Reporte de MúltiplosEV/EBITDA2013P/BV ROE ROA8.0%5.5%7.1%3.4%3.2%
  3. 3. Maple Energy PLC MPLE Perú 115 61 n.d. 10.00 18.99 6.79 0.84 -15.5% -6.2%Tereos Internacional SA TERI3 Brasil 1,322 190 15.92 10.59 7.75 5.41 0.77 0.8% 0.3%Andersons Inc/The ANDE EE.UU. 1,027 5,363 12.95 13.11 8.57 7.48 1.72 14.2% 4.1%CropEnergies AG CE2 Alemania 671 201 9.71 13.44 5.37 6.35 1.31 14.0% 8.4%Green Plains Renewable Energy GPRE EE.UU. 402 2,272 n.d. 21.71 11.49 7.30 0.81 2.4% 0.9%REX American Resources Corp REX EE.UU. 155 576 n.d. 8.44 12.53 n.d. 0.63 -0.9% -0.5%Promedio 615 1,444 12.86 12.88 10.78 6.67 1.01 2.5% 1.1%Refinería La Pampilla SA RELAPAC1 Perú 182 200 102.88 n.d. n.d. n.d. 0.29 0.5% 0.2%Ecopetrol SA ECOPETL Colombia 96,861 21,113 12.02 12.23 6.06 5.86 2.74 24.7% 14.3%YPF SA YPFD Argentina 9,461 1,244 12.60 7.21 3.80 2.90 1.57 14.3% 5.5%OGX Petróleo e Gas Participações OGXP3 Brasil 2,946 123,476 n.d. n.d. n.d. n.d. 0.77 -13.8% -7.2%Petrobras Argentina SAB PESA Argentina 1,725 229 14.40 8.46 3.48 2.78 0.89 6.0% 3.4%Refinaria de Petróleos Manguinhos RPMG3 Brasil 110 503 n.d. n.d. n.d. n.d. n.d. n.d. -44.0%Promedio 18,547 24,461 35.47 9.30 4.45 3.85 1.25 6.4% -4.6%Edegel SA EDEGELC1 Perú 2,375 244 16.70 n.d. 9.04 n.d. 2.48 15.1% 8.2%Enersur SA ENERSUC1 Perú 2,139 170 19.77 22.98 14.55 9.63 3.89 23.0% 9.2%Enersis SA ENERSIS Chile 18,808 11,310 18.11 12.54 6.67 5.77 2.99 7.3% 2.6%Empresa Nacional de Electricidad ENDESA Chile 14,599 8,589 29.70 15.62 11.14 8.76 2.67 9.0% 3.6%Tractebel Energias SA TBLE3 Brasil 11,474 12,085 14.46 14.02 7.93 7.74 4.31 30.1% 13.1%Cia Energética de Minas Gerais CMIG3 Brasil 10,318 2,421 4.71 7.18 6.78 5.53 1.74 35.9% 11.0%AES Gener SA AESGENER Chile 5,854 2,637 24.18 20.17 11.93 11.43 2.36 8.1% 3.5%Colbun SA Colbun Chile 5,541 2,787 86.57 28.75 23.37 14.74 1.56 1.8% 1.1%Cia Paranense de Energia CPLE3 Brasil 4,335 346 11.13 7.33 6.44 5.10 0.64 5.8% 3.5%Centrais Eletricas Brasileiras ELET3 Brasil 3,849 9,938 n.d. 13.73 14.24 20.86 0.10 -9.6% -4.1%Isagen SA ISAGEN Colombia 3,820 1,816 15.20 15.09 14.79 14.17 1.93 13.2% 7.3%Cia Electricidade da Bahia CEEB3 Brasil 3,693 53 9.26 n.d. 7.82 n.d. 2.81 32.5% 12.3%Cia Energetica do Sao Paulo CESP3 Brasil 3,282 42 25.67 5.81 4.94 3.42 0.58 1.5% 0.9%Edp - Energias do Brasil ENBR3 Brasil 2,891 11,424 23.49 10.91 8.67 6.97 1.30 7.5% 2.4%Equatorial Energia SA EQTL3 Brasil 2,084 5,070 11.49 17.00 9.36 9.46 1.55 7.4% 2.2%Promedio 6,337 4,595 22.17 14.70 10.51 9.51 2.06 12.6% 5.1%Luz del Sur LUSURC1 Perú 1,761 225 17.02 5.62 9.88 9.77 3.33 22.9% 11.3%Edelnor EDELNOC1 Perú 1,245 145 16.16 13.84 8.19 7.83 3.05 19.5% 7.2%Chilectra SA CHILECTR Chile 4,095 21 11.68 n.d. 12.06 n.d. 1.81 15.4% 12.7%Cia Energética do Ceará COCE5 Brasil 1,891 1,695 8.95 7.56 6.91 5.59 2.41 27.7% 12.2%CGE Distribucion SA CGEDISTR Chile 1,417 7 68.29 n.d. 19.86 n.d. 1.64 2.9% 1.3%Eletropaulo Metropolitana ELPL4 Brasil 893 10,997 12.25 12.40 5.77 4.81 0.37 2.8% 1.0%Cia Energética do Maranhão ENMA3B Brasil 882 12 4.61 n.d. 5.19 n.d. 1.45 35.1% 11.7%Cia Energética de Pernambuco CEPE5 Brasil 748 9 93.76 n.d. 11.11 n.d. 0.91 1.0% 0.4%Promedio 1,616 1,639 29.09 9.85 9.87 7.00 1.87 15.9% 7.2%Telefónica del Perú TELEFBC1 Perú 2,548 5,704 9.17 n.d. 2.87 n.d. 1.39 18.9% 7.7%América Móvil AMXL México 81,299 99,185 11.69 10.83 5.27 5.31 4.16 32.7% 9.1%Telefónica Brasil S.A. VIVT4 Brasil 29,130 29,742 13.65 13.28 4.66 4.88 1.36 10.1% 6.6%Embratel Participações SA EBTP3 Brasil 6,695 6 28.21 n.d. 3.99 n.d. 1.18 7.4% 3.2%Empresa Nacional de Telecom. ENTEL Chile 4,567 6,239 12.85 13.05 4.76 4.87 2.64 21.1% 10.3%Cia Anónima Nacional de Telefonía TDV/D Venezuela 2,627 9 7.33 n.d. 3.71 n.d. 2.27 32.7% 13.2%Telefónica Chile SA CTCA Chile 1,414 47 11.34 n.d. 3.56 n.d. 1.12 9.5% 4.1%Empresa de Telecom de Bogotá ETB Colombia 763 201 5.32 6.13 2.27 1.78 0.51 9.9% 5.2%Promedio 16,130 17,642 12.44 10.82 3.88 4.21 1.83 17.8% 7.4%Fuente: Bloombergwww.kallpasab.com 31.5%6.5%3.0%6.7%0.6%n.d.5.1%4.0%4.4%1.4%12.2%0.1%5.7%1.2%3.0%6.7%n.d.Cap. Bursátil(US$ MM)ADTV 12M(US$000)P/E12MP/E2013EmpresaEV/EBITDA2013P/BV3 de mayo de 2013EV/EBITDA12MEV/EBITDA2013EV/EBITDA2013EV/EBITDA2013Ticker PaísElectricidad - GeneraciónROAP/BV ROEROAP/BVP/E12MP/E2013P/E12MP/E2013EV/EBITDA12M4.3%4.3%1.1%6.8%6.4%0.8%n.d.P/BV ROE ROA13.9%n.d.21.5%4.2%0.2%3.3%33.5%2.6%2.2%n.d.2.4%n.d.2.2%1.1%n.d.7.3%Cap. Bursátil(US$ MM)PaísReporte de Múltiplos6.1%10.9%EV/EBITDA12MEV/EBITDA2013ADTV 12M(US$000)P/E12MP/E2013Cap. Bursátil(US$ MM)ADTV 12M(US$000)Electricidad - DistribuciónEmpresa TickerTelecomunicacionesCap. Bursátil(US$ MM)ADTV 12M(US$000)P/E12MP/E2013Empresa3.0%ADTV 12M(US$000)ROE ROADividendYield 12MDividendYield 12MDividendYield 12MDividendYield 12MDividendYield 12MTicker País P/BV ROE ROAEmpresa Ticker PaísEV/EBITDA12MOil & GasEtanolEmpresa Ticker PaísCap. Bursátil(US$ MM)EV/EBITDA12MROE6.6%4.0%6.7%5.5%2.1%
  4. 4. Cia de Minas Buenaventura BVN Perú 5,408 302 8.60 7.25 9.81 7.45 1.38 23.4% 18.9%Barrick Gold Corp ABX Canadá 20,015 171,573 6.06 6.25 4.97 5.36 0.89 -3.6% -1.7%Newmont Mining Corp NEM EE.UU. 16,464 293,391 9.88 11.45 6.60 6.80 1.17 12.1% 5.6%Newcrest Mining Ltd NCM Australia 12,669 102,028 15.77 13.12 9.06 6.90 1.13 5.2% 3.9%Zijin Mining Group Co Ltd 2899 China 9,740 15,747 7.65 8.53 7.56 8.27 1.41 19.6% 8.7%Polyus Gold International PLZLY Reino Unido 9,442 1,721 9.88 n.d. 8.06 n.d. 2.41 27.4% 19.0%Yamana Gold Inc YRI Canadá 9,055 81,297 22.29 15.08 8.26 7.11 1.15 4.8% 3.2%Randgold Resources Ltd RRS EE.UU. 7,325 36,776 17.75 16.41 10.50 9.22 2.72 16.5% 14.6%Zhongjin Gold Co Ltd 600489 China 5,900 59,497 23.77 20.33 n.d. 8.70 3.48 15.9% 7.5%Agnico-Eagle Mines Ltd AEM Canadá 5,448 50,492 17.82 29.87 8.08 9.41 1.57 7.6% 5.0%Eldorado Gold Corp ELD Canadá 5,374 52,314 25.07 16.64 9.30 7.99 0.91 6.6% 5.1%Gold Fields Ltd GFI Sudáfrica 5,312 31,063 7.84 11.12 4.21 4.08 0.91 11.5% 6.3%Polymetal International PLC POLY Rusia 4,449 8,744 11.09 8.78 6.66 5.88 3.44 20.8% 10.9%Rio Alto Mining Ltd RIO Canadá 644 650 6.69 6.71 3.54 3.76 2.85 59.3% 38.6%Promedio 8,375 64,685 13.58 13.19 7.43 7.00 1.82 16.2% 10.4%Hochschild Mining Plc HOC Reino Unido 1,349 1,340 21.00 29.32 3.95 4.61 2.51 6.1% 3.5%Industrias Penoles SAB de CV PE&OLES* México 16,150 9,673 22.24 15.16 8.66 9.41 5.55 21.2% 10.8%Fresnillo Plc FRES México 13,794 18,616 18.24 20.62 10.41 10.43 9.63 35.9% 24.0%SLM Corp SLM EE.UU. 9,311 60,606 7.82 8.51 34.27 n.d. 1.99 25.5% 0.6%Silver Wheaton Corp SLW Canadá 8,718 75,906 14.90 15.53 11.39 9.62 4.11 20.3% 19.3%Pan American Silver Corp PAA Canadá 1,997 7,983 11.67 13.43 4.26 3.80 1.05 4.1% 3.3%First Majestic Silver Corp FR Canadá 1,422 12,760 15.38 14.50 9.92 6.34 3.97 18.8% 14.2%Hecla Mining Co HL EE.UU. 981 24,528 49.14 15.78 8.69 3.77 0.86 1.3% 1.1%Silver Standard Resources Inc SSO Canadá 564 3,895 24.09 n.d. 6.10 5.14 1.14 5.4% 4.2%Silvercorp Metals Inc SVM Canadá 500 2,341 12.73 9.99 4.35 3.16 1.97 7.0% 5.2%Fortuna Silver Mines Inc FVI Canadá 382 2,254 11.28 13.07 4.52 3.97 1.44 12.8% 10.7%Silvercrest Mines Inc SVL Canadá 232 769 6.15 12.44 4.08 4.26 2.58 44.1% 30.7%Promedio 6,715 26,426 20.05 16.61 11.44 6.85 3.71 16.6% 9.6%ASouthern Copper Corp SCCO EE.UU. 28,994 176 14.56 14.88 8.58 8.68 5.73 38.0% 18.8%Soc. Minera Cerro Verde CVERDEC1 Perú 8,576 508 12.64 8.26 5.44 4.67 2.60 28.8% 24.0%Anglo American Plc AAL Reino Unido 35,497 105,447 n.d. 12.04 6.42 5.17 1.14 -3.9% -2.0%Freeport-McMoran Copper FCX EE.UU. 29,559 585,750 10.55 8.44 5.13 3.67 1.65 17.2% 7.7%Grupo Mexico SAB de CV GMEXICOB México 28,181 31,876 12.50 12.71 7.19 6.37 3.54 26.5% 12.6%Antofagasta Plc ANTO Reino Unido 15,092 34,324 14.62 13.26 4.32 4.54 2.98 15.5% 8.4%First Quantum Minerals FM Canadá 10,055 62,495 8.45 13.12 9.36 6.37 1.56 39.4% 27.6%Inmet Mining Corp. IMN Canadá 4,652 30,572 13.56 13.48 7.74 7.52 1.25 9.8% 6.7%Kazakhmys Plc KAZ Reino Unido 3,038 24,077 n.d. 7.26 2.98 3.99 1.08 -30.1% -20.9%Promedio 18,183 97,247 12.41 11.50 6.35 5.66 2.39 15.7% 9.2%Volcan Cia Minera SAA VOLCABC1 Perú 3,310 1,957 12.26 7.71 n.d. 5.81 1.56 12.5% 6.4%Sociedad Minera El Brocal BROCALC1 Perú 1,006 75 42.15 10.73 20.84 7.13 2.69 3.4% 2.5%Compañía Minera MILPO SA MILPOC1 Perú 765 204 35.76 5.08 3.99 3.29 1.68 4.7% 2.1%Cia Minera Atacocha SA ATACOBC1 Perú 61 60 n.d. 13.96 2.48 1.56 0.41 -8.2% -4.2%BHP Billiton BHP Australia 166,676 347,477 18.07 11.37 7.31 6.12 3.06 14.9% 7.6%Teck Resources Ltd TCK Canadá 15,955 75,733 11.87 12.20 5.89 5.86 0.87 5.0% 2.7%Boliden AB BOL Suecia 4,330 37,561 10.47 12.11 5.92 6.01 1.23 12.2% 7.0%Nyrstar NYR Bélgica 841 5,414 n.d. n.d. 6.36 4.77 0.53 -7.5% -2.7%Minmetals Land Ltd 230 Hong Kong 490 835 13.90 4.96 9.56 3.67 0.54 4.1% 1.6%Promedio 21,493 52,146 20.64 9.76 7.79 4.91 1.40 4.6% 2.5%Minsur SA MINSURI1 Perú 1,877 376 11.64 9.04 6.50 4.95 1.11 9.3% 5.7%Yunnan Tin Co Ltd 000960 China 2,434 21,115 n.d. 44.68 n.d. 23.84 3.04 -3.9% -1.0%Timah Persero Tbk TINS Indonesia 703 916 21.17 10.03 6.03 4.66 1.50 9.4% 6.8%Metals X Limited MLX Australia 187 197 100.00 11.00 n.d. 7.67 0.65 1.1% 1.0%Malaysia Smelting Corp SMELT Malasia 95 48 n.d. 5.31 n.d. 8.77 0.83 -15.9% -5.3%Promedio 1,059 4,531 44.27 16.01 6.27 9.98 1.43 0.0% 1.4%Fuente: Bloombergwww.kallpasab.com 42.0%n.d.1.7%n.d.3.4%n.d.2.6%1.7%3.7%EV/EBITDA20133.2%0.5%1.0%n.d.11.0%n.d.1.5%2.5%Empresa Ticker PaísCap. Bursátil(US$ MM)ADTV 12M(US$000)P/E12MP/E2013Empresa Ticker PaísCap. Bursátil(US$ MM)ADTV 12M(US$000)P/E12MP/E2013P/E12MP/E2013Empresa Ticker PaísEV/EBITDA2013P/E2013EV/EBITDA2013EV/EBITDA12MP/E2013EV/EBITDA12MEV/EBITDA2013Empresa Ticker PaísCap. Bursátil(US$ MM)ADTV 12M(US$000)P/E12MP/BVEV/EBITDA12MP/BV ROE ROAROE ROAP/BV ROE ROAReporte de MúltiplosDividendYield 12M2.6%ROE ROAP/BVEV/EBITDA12MEmpresa Ticker PaísCap. Bursátil(US$ MM)ADTV 12M(US$000)P/E12M4.0%4.5%2.3%EV/EBITDA2013P/BV ROE ROA3.3%5.3%3.5%2.5%1.6%Minería - OroEV/EBITDA12MMinería - EstañoMinería - PolimetálicaMinería - CobreMinería - PlataDividendYield 12MDividendYield 12MDividendYield 12M1.3%2.1%0.5%0.3%Cap. Bursátil(US$ MM)ADTV 12M(US$000)6.6%n.d.3 de mayo de 20134.1%2.7%3.5%2.3%2.8%6.3%5.0%3.1%3.9%4.2%0.9%3.8%4.0%3.3%2.8%1.0%0.3%2.1%DividendYield 12M0.8%5.9%n.d.n.d.
  5. 5. GERENCIA GENERALAlberto ArispeGerente(511) 630 7500aarispe@kallpasab.comTRADINGEnrique Hernández Eduardo Fernandini Javier Frisancho Jorge RodríguezGerente Head Trader Trader Trader(511) 630 7515 (511) 630 7516 (511) 630 7517 (511) 630 7518ehernandez@kallpasab.com efernandini@kallpasab.com jfrisancho@kallpasab.com jrodriguez@kallpasab.comMERCADO DE CAPITALESRicardo CarriónGerente(511) 630 7500rcarrion@kallpasab.comFINANZAS CORPORATIVASAndrés RoblesGerente(511) 630 7500arobles@kallpasab.comEQUITY RESEARCHMarco Contreras Edder Castro Humberto León Juan Franco LazoAnalista Analista Analista Asistente(511) 630 7528 (511) 630 7529 (511) 630 7527 (511) 630 7500mcontreras@kallpasab.com ecastro@kallpasab.com hleon@kallpasab.com jlazo@kallpasab.comOPERACIONESElizabeth Cueva Alan Noa Mariano Bazán Ramiro MisariGerente Jefe de Operaciones Analista - Tesorería Jefe de Sistemas(511) 630 7521 (511) 630 7523 (511) 630 7522 (511) 630 7500ecueva@kallpasab.com anoa@kallpasab.com mbazan@kallpasab.com rmisari@kallpasab.comOFICINA CHACARILLA OFICINA AREQUIPAHernando Pastor Daniel Berger Jesús MolinaRepresentante Representante Representante(511) 626 8700 (511) 626 8700 (51 54) 272 937hpastor@kallpasab.com dberger@kallpasab.com jmolina@kallpasab.comOFICINA EL POLO OFICINA TACNAAna María Castro Gissella Gárate Gerson Del PozoRepresentante Asesora de Inversiones Representante(511) 630 7532 (511) 630 7533 (51 52) 241 394amcastro@kallpasab.com ggarate@kallpasab.com gdelpozo@kallpasab.comwww.kallpasab.com 53 de mayo de 2013KALLPA SECURITIES SOCIEDAD AGENTE DE BOLSAEste documento es exclusivamente para fines informativos. Bajo ninguna circunstancia deber ser usado o considerado como una oferta de venta o solicitud de compra deacciones u otros valores mencionados en él. La información en este documento ha sido obtenida de fuentes que se creen confiables, pero Kallpa Securities SAB nogarantiza la veracidad o certeza del contenido de este reporte, o de los futuros valores de mercado de las acciones u otros valores mencionados. Los productosmencionados en este documento podrían no estar disponibles para su compra en algunos países. Kallpa Securities SAB puede tener posiciones y efectuar transaccionescon valores mencionados y/o puede buscar hacer banca de inversión con ellos.Reporte de Múltiplos

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