EQUITY RESEARCH | Reporte de Múltiplos viernes, 14 de Abril 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 6.60 1,488 1,000 10.26 7.78 6.05 5.15 1.75 3.3% 0.8% 3.8%
Grupo Bimbo SAB de CV BIMBOA México MXN 90.38 22,192 10,775 13.21 18.04 7.07 8.22 3.39 42.4% 13.7% 0.7%
Kimberly-Clark de Mexico SAB d KIMBERA México MXN 39.51 6,374 7,906 24.65 17.00 12.28 9.35 24.72 91.8% 9.6% 4.1%
Gruma SAB de CV GRUMAB México MXN 257.81 5,285 7,362 16.67 13.22 8.67 7.26 3.69 22.2% 7.7% 2.1%
Hypera SA HYPE3 Brasil BRL 37.40 4,802 32,310 13.87 10.31 11.63 8.70 2.38 16.6% 7.8% 3.3%
BRF SA BRFS3 Brasil BRL 6.17 1,354 30,531 n.d. 12.34 8.70 3.93 0.61 -32.1% -5.6% n.d.
Grupo Nutresa SA NUTRESA Colombia COP 60,980.00 6,327 455 31.61 24.24 16.82 14.70 2.84 9.0% 4.7% 1.6%
M Dias Branco SA MDIA3 Brasil BRL 27.13 1,864 9,388 19.09 8.12 12.32 6.39 1.47 7.0% 4.4% 0.7%
Grupo Lala SAB de CV LALAB México MXN n.d. n.d. 2 n.d. n.d. n.d. n.d. n.d. -11.2% -2.1% n.d.
Grupo Herdez SAB de CV HERDEZ* México MXN 45.10 886 356 20.42 10.02 7.15 5.94 1.01 11.4% 2.1% 2.7%
Mediana 4,802 7,634 17.88 12.34 8.70 7.26 2.38 10.2% 4.5% 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 32.75 3,561 1,090 104.05 12.63 8.75 7.35 2.85 16.1% 3.7% 2.1%
Wal-Mart de Mexico SAB de CV WALMEX* México MXN 70.51 68,187 57,512 25.09 20.84 14.35 11.82 6.57 25.2% 12.0% 3.5%
Falabella SA FALAB Chile CLP 1,795.00 5,652 9,370 49.93 10.68 9.45 6.82 0.74 1.6% 0.4% 4.8%
Importadora y Exportadora CENCOSUD Chile CLP 1,605.10 5,768 7,353 13.40 6.99 6.54 5.66 1.15 8.6% 2.7% 7.9%
Cia Brasileira de Distribuicao PCAR3 Brasil BRL 14.81 811 11,055 n.d. 11.15 8.00 3.63 n.d. -1.4% -0.4% 2.4%
Organizacion Soriana SAB de CV SORIANAB México MXN 31.00 3,090 43 11.12 10.28 5.46 5.06 0.90 6.9% 3.5% n.d.
Almacenes Exito SA EXITO Colombia COP 4,000.00 1,177 107 35.19 9.84 4.94 4.15 0.68 1.4% 0.6% 4.2%
Corp Favorita CA SLU Ecuador USD 2.07 1,760 91 7.57 n.d. 5.07 n.d. 0.91 n.d. n.d. n.d.
Grupo Comercial Chedraui SA de CHDRAUIB México MXN 107.19 5,710 1,857 17.10 13.71 7.12 6.01 2.83 16.7% 4.2% 0.5%
Importadora y Exportadora de l PATA Argentina ARS 118.75 276 2 15.35 n.d. 12.01 n.d. 0.82 10.3% 4.5% 0.8%
Mediana 3,326 1,473 17.10 10.92 7.56 5.84 0.91 8.6% 3.5% 2.9%

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 130.66 10,390 1,024 8.67 7.54 5.10 55.55 1.34 16.7% 1.9% 3.1%
Scotiabank Peru SAA SCOTIAC1 Perú PEN 18.00 3,822 199 10.22 n.d. 5.38 41.94 1.34 13.1% 1.8% 8.5%
Banco BBVA Peru SA BBVAC1 Perú PEN 1.79 3,496 193 10.22 n.d. 5.28 40.49 1.18 17.9% 1.9% 5.9%
Intercorp Financial Services I IFS Perú USD 23.74 2,740 224 6.23 5.94 6.00 47.21 0.97 17.0% 1.9% 7.4%
Itau Unibanco Holding SA ITUB4 Brasil BRL 26.01 47,664 185,746 8.58 7.23 3.01 54.92 1.42 18.5% 1.4% 4.9%
Banco Bradesco SA BBDC4 Brasil BRL 13.79 28,248 148,586 7.31 7.25 5.07 64.94 0.96 13.8% 1.2% 7.3%
Banco do Brasil SA BBAS3 Brasil BRL 43.43 25,228 122,494 4.00 3.55 4.83 54.47 0.82 20.5% 1.6% 9.9%
Grupo Financiero Banorte SAB d GFNORTEO México MXN 147.83 23,607 56,211 9.30 8.06 6.86 59.43 1.93 19.3% 2.3% 8.0%
Banco de Chile CHILE Chile CLP 78.50 9,952 13,444 5.73 7.78 2.81 32.30 1.74 30.8% 2.6% 10.9%
Banco Santander Chile BSAN Chile CLP 37.46 8,860 7,779 9.95 10.37 1.67 41.01 1.77 20.8% 1.2% 6.6%
Bancolombia SA BCOLO Colombia COP 39,170.00 7,825 2,013 4.51 5.71 6.11 44.58 0.95 19.0% 2.1% 8.2%
Banco de Bogota SA BOGOTA Colombia COP 34,200.00 2,754 152 6.73 n.d. 2.93 55.06 0.84 13.7% 1.5% 0.8%
Banco de Credito e Inversiones BCI Chile CLP 23,514.00 4,983 3,068 4.96 5.71 3.90 45.35 0.88 17.7% 1.1% 6.4%
Grupo Financiero Inbursa SAB d GFINBURO México MXN 38.98 13,214 4,701 10.62 9.12 6.97 44.61 1.32 13.3% 4.2% n.d.
Banco Davivienda SA PFDAVVND Colombia COP 22,200.00 2,273 448 5.35 5.22 5.87 47.33 0.66 12.7% 1.2% 4.7%
Itau CorpBanca Chile SA ITAUCORP Chile CLP 1.95 2,376 2,179 4.37 5.19 2.97 70.85 0.61 13.0% 1.1% 4.4%
Mediana 8,342 2,623 7.02 7.23 5.09 47.27 1.08 17.4% 1.7% 6.6%

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 0.62 196 88 n.d. n.d. 10.54 n.d. n.d. -40.1% -7.7% n.d.
Jacobs Solutions Inc J EEUU USD 115.01 14,573 73,593 16.07 13.74 12.89 11.26 n.d. 10.5% 4.3% 0.8%
Promotora y Operadora de Infra PINFRA* México MXN 187.38 4,273 4,674 15.23 11.27 8.19 6.83 1.55 11.2% 7.0% 4.2%
Besalco SA BESALCO Chile CLP 411.00 297 107 5.84 n.d. 4.24 n.d. 0.95 17.3% 4.1% 3.9%
Sterling Infrastructure Inc STRL EEUU USD 36.72 1,130 5,605 12.48 9.16 6.31 5.65 2.37 25.5% 8.0% n.d.
Salfacorp SA SALFACOR Chile CLP 333.33 196 259 4.23 n.d. 8.01 n.d. 0.39 8.6% 2.8% 6.0%
Construcciones El Condor SA ELCONDOR Colombia COP n.d. n.d. 80 n.d. n.d. n.d. n.d. n.d. -6.8% -2.9% n.d.
Constructora Conconcreto SA CONCONC Colombia COP 263.20 68 22 4.89 n.d. 9.03 n.d. 0.19 3.1% 1.6% 3.3%
Hill International Inc HIL EEUU USD n.d. n.d. 1,266 n.d. n.d. n.d. n.d. n.d. -2.1% -0.7% n.d.
Mediana 297 259 9.16 11.27 8.19 6.83 0.95 8.6% 2.8% 3.9%

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 1.62 779 166 5.41 5.14 4.27 4.27 0.55 10.4% 4.8% 5.6%
Cementos Pacasmayo CPACASC1 Perú PEN 3.85 469 105 9.39 7.86 6.66 5.90 1.50 14.8% 5.4% 10.9%
Holcim AG HOLN Suiza CHF 57.90 39,828 86,676 10.52 10.97 8.28 6.25 1.24 11.7% 5.6% 3.8%
Vulcan Materials Co VMC EEUU USD 169.08 22,497 125,325 33.78 23.33 16.64 13.21 3.24 8.5% 4.1% 1.0%
HeidelbergCement AG HEI Alemania EUR 69.26 14,681 31,654 8.11 7.67 5.85 5.09 0.78 10.0% 4.8% 3.5%
Cemex SAB de CV CEMEXCPO México MXN 10.79 9,046 15,167 16.07 9.19 8.04 5.97 0.83 8.4% 3.2% n.d.
Eagle Materials Inc EXP EEUU USD 143.74 5,182 38,702 12.42 11.76 8.90 8.37 4.45 36.5% 16.5% 0.7%
Corp Moctezuma SAB de CV CMOCTEZ* México MXN 60.00 2,940 252 11.95 n.d. 7.30 n.d. 5.12 40.1% 32.3% 6.7%
Cementos Argos SA CEMARGOS Colombia COP 3,180.00 955 401 26.94 9.84 5.93 5.08 0.38 1.4% 0.7% 7.4%
GCC SAB de CV GCC* México MXN 143.20 2,676 2,434 14.19 13.04 6.54 5.57 1.81 13.4% 8.0% 0.8%
CEMEX Latam Holdings SA CLH Colombia COP 4,198.00 550 87 n.d. 12.20 n.d. 3.78 0.53 -11.8% -6.4% n.d.
Cementos BIO BIO SA CEMENT Chile CLP 650.00 216 90 16.26 n.d. 5.56 n.d. 0.86 7.0% 3.7% n.d.
Mediana 2,808 1,417 12.42 10.40 6.66 5.74 1.05 10.2% 4.8% 3.8%
Fuente: Bloomberg

[Link] Reporte de Múltiplos 1

viernes, 14 de Abril 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 1.26 544 50 4.08 n.d. 5.78 6.87 0.79 12.5% 5.1% 12.0%
Empresa Siderúrgica del Perú SIDERC1 Perú PEN 1.56 289 20 4.96 n.d. 3.25 n.d. 1.11 21.3% 10.3% 28.3%
Gerdau SA GGBR4 Brasil BRL 26.15 8,888 65,807 4.08 7.39 2.68 4.66 1.02 25.8% 15.5% 13.9%
Ternium SA TX Luxemburgo USD 42.29 8,478 13,035 4.69 7.39 2.46 3.47 0.62 15.8% 10.2% 6.4%
Ternium Argentina SA TXAR Argentina ARS 280.50 5,891 780 15.21 n.d. 7.81 n.d. 1.24 13.0% 11.7% n.d.
CAP SA CAP Chile CLP 6,635.00 1,244 2,375 5.50 5.20 3.90 3.92 0.34 10.0% 3.4% 33.5%
Cia de Ferro Ligas da Bahia FE FESA4 Brasil BRL 54.14 998 2,377 4.34 n.d. 3.02 n.d. 1.74 39.3% 28.5% 9.9%
Cintac SA CINTAC Chile CLP 106.23 59 19 n.d. n.d. n.d. n.d. 0.36 -27.4% -6.5% 40.4%
Olympic Steel Inc ZEUS EEUU USD 52.14 580 3,460 6.63 12.18 4.74 8.54 1.12 19.3% 9.5% 0.8%
Metisa Metalurgica Timboense S MTSA4 Brasil BRL 40.00 101 17 3.82 n.d. 3.46 n.d. 1.40 26.3% 18.4% 6.6%
Mediana 789 1,577 4.69 7.39 3.46 4.66 1.06 17.6% 10.2% 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 2.23 558 276 5.06 5.15 4.72 4.56 0.85 17.3% 6.8% 11.6%
Toromont Industries Ltd TIH Canadá CAD 106.37 6,541 16,884 20.54 18.87 10.80 10.64 3.81 21.2% 11.7% 1.5%
Seven Group Holdings Ltd SVW Australia AUD 23.73 5,774 8,028 n.d. 11.47 42.08 8.38 1.91 -7.4% -1.9% 2.8%
Finning International Inc FTT Canadá CAD 34.80 3,913 17,825 10.64 10.31 6.63 6.52 2.15 21.1% 7.6% 2.7%
Barloworld Ltd BAW Sudáfrica ZAr 9,000.00 943 5,658 8.30 8.06 3.76 4.35 0.89 10.1% 3.8% 11.2%
H&E Equipment Services Inc HEES EEUU USD 41.98 1,527 8,893 12.67 8.88 5.16 4.20 3.81 37.5% 6.0% 2.6%
Randon SA Implementos e Partic RAPT4 Brasil BRL 7.76 510 4,503 5.42 3.80 4.02 3.39 0.71 17.9% 4.0% 11.1%
Titan Machinery Inc TITN EEUU USD 29.45 668 7,075 6.48 6.27 4.44 4.58 1.25 21.0% 9.5% n.d.
Wajax Corp WJX Canadá CAD 23.97 387 957 7.58 7.82 4.85 4.86 1.16 17.2% 6.2% 4.5%
Mediana 943 7,075 7.94 8.06 4.85 4.58 1.25 17.9% 6.2% 3.6%

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 9.20 205 32 8.36 n.d. 4.81 n.d. 0.82 7.7% 4.9% 7.9%
Cartavio SAA CARTAVC1 Perú PEN 42.00 257 7 7.57 n.d. 4.81 n.d. 2.91 24.7% 12.4% 15.7%
Empresa Agroindustrial Pomalca POMALCC1 Perú PEN 0.37 31 15 n.d. n.d. n.d. n.d. 0.20 -1.9% -0.9% n.d.
EID Parry India Ltd EID India INR 513.50 1,118 3,334 10.04 n.d. 4.61 n.d. 1.05 18.3% 6.2% 1.1%
Balrampur Chini Mills Ltd BRCM India INR 403.95 1,000 14,646 18.00 13.12 18.41 8.89 2.74 17.2% 10.2% 0.6%
Dhampur Sugar Mills Ltd DSM India INR 240.35 196 1,990 11.08 9.30 6.29 5.74 n.d. 11.8% 5.1% 2.5%
Bajaj Hindusthan Sugar Ltd BJH India INR 13.80 216 2,933 n.d. n.d. 85.56 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. 9.92 n.d. 0.34 0.2% 0.1% n.d.
Mediana 211 1,011 10.04 11.21 6.29 7.32 0.82 9.7% 5.0% 2.5%

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 2.40 218.24 7.70 3.82 n.d. 4.11 n.d. 0.74 17.4% 7.2% 9.2%
Austral Group SAA AUSTRAC1 Perú PEN 1.69 107.00 4.40 2.47 n.d. 1.50 n.d. 0.67 28.8% 15.2% 16.7%
Salmar ASA SALM Noruega NOK 448.30 6,254 13,980 16.37 14.57 15.65 8.70 2.54 20.3% 7.3% 4.5%
Leroy Seafood Group ASA LSG Noruega NOK 54.80 3,138 4,560 11.23 11.10 7.11 6.26 1.47 15.3% 8.2% 4.6%
Austevoll Seafood ASA AUSS Noruega NOK 95.75 1,866 2,341 9.36 7.60 5.63 5.10 0.65 14.4% 4.5% 4.7%
Nissui Corp 1332 Japón JPY 567.00 1,324 5,948 9.16 10.26 8.53 8.79 0.78 9.5% 3.5% 2.8%
Empresas AquaChile SA AQUACHIL Chile CLP 467.01 1,236 n.d. 16.60 n.d. 8.79 n.d. 0.83 5.1% 3.5% n.d.
Camanchaca SA CAMANCHA Chile CLP 55.50 289 106 7.57 n.d. 3.66 n.d. 0.65 10.5% 4.6% n.d.
Mediana 1,280 2,341 9.26 10.68 6.37 7.48 0.76 14.9% 5.9% 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 0.45 499 0.54 n.d. n.d. 3.06 n.d. 1.92 -85.2% -11.6% n.d.
America Movil SAB de CV AMXL México MXN n.d. n.d. n.d. n.d. n.d. n.d. n.d. n.d. 20.0% 4.6% n.d.
Telefonica Brasil SA VIVT3 Brasil BRL 40.44 13,638 20,240 16.53 12.65 4.37 3.92 1.05 5.9% 3.5% 5.7%
TIM SA/Brazil TIMS3 Brasil BRL 13.56 6,655 19,660 19.64 11.76 4.57 3.80 1.39 6.6% 3.1% 5.5%
Shenandoah Telecommunications SHEN EEUU USD 20.04 1,007 3,307 n.d. 501.00 15.74 11.01 1.58 -1.3% -0.9% 0.4%
Empresa Nacional de Telecomuni ENTEL Chile CLP 3,255.10 1,234 1,235 2.15 6.22 2.77 4.16 0.67 29.9% 8.3% 38.1%
Empresa de Telecomunicaciones ETB Colombia COP n.d. 90 5 8.10 n.d. 1.00 n.d. n.d. 2.3% 1.2% n.d.
Mediana 1,120 2,271 12.32 12.21 3.72 4.04 1.39 5.9% 3.1% 5.6%

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 4.10 1,896 165 9.18 n.d. 7.52 n.d. 3.64 32.2% 18.5% 13.5%
Engie Energía Perú ENGIEC1 Perú PEN 5.46 869 6 13.37 n.d. 7.10 n.d. 0.73 5.6% 2.8% 3.0%
Enel Americas SA ENELAM Chile CLP 109.20 14,703 6,916 n.d. 13.71 6.91 5.28 0.95 -0.3% -0.1% 0.9%
Centrais Eletricas Brasileiras ELET3 Brasil BRL 34.95 16,563 105,167 18.94 6.83 14.38 4.87 0.79 3.9% 1.6% 2.2%
Engie Brasil Energia SA EGIE3 Brasil BRL 41.04 6,788 13,917 12.57 8.87 8.02 6.56 4.25 32.5% 7.0% 5.4%
Equatorial Energia SA EQTL3 Brasil BRL 28.77 6,586 40,394 23.04 11.34 9.60 7.48 1.88 9.4% 1.8% 2.2%
Enel Generacion Chile SA ENELGXCHCI Chile CLP 216.50 2,229 97 2.97 n.d. 3.15 n.d. 0.91 33.5% 15.5% 2.8%
Cia Paranaense de Energia CPLE3 Brasil BRL 6.98 4,189 1,457 17.18 6.35 8.10 5.21 1.05 5.2% 2.2% 11.5%
Colbun SA Colbun Chile CLP 108.00 2,377 1,706 8.03 10.43 5.13 5.59 0.80 10.7% 4.5% 7.1%
Cia Energetica de Minas Gerais CMIG3 Brasil BRL 19.47 6,562 1,785 11.41 11.20 6.64 5.67 n.d. 19.8% 7.7% 7.4%
EDP - Energias do Brasil SA ENBR3 Brasil BRL 22.22 2,618 14,841 12.64 7.21 6.00 5.08 1.16 9.3% 2.9% 6.4%
AES Andes SA AESANDES Chile CLP 114.00 1,485 30 5.48 n.d. 5.68 n.d. 1.12 27.6% 5.6% 20.5%
Mediana 3,404 1,745 12.57 9.65 7.01 5.44 1.05 10.0% 3.7% 5.9%
Fuente: Bloomberg

[Link] Reporte de Múltiplos 2

viernes, 14 de Abril 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 14.50 1,868 12 11.04 n.d. 8.06 n.d. 1.90 17.2% 8.3% 7.9%
Enel Distribución Perú ENDISPC1 Perú PEN 16.55 2,796 247 22.04 n.d. 12.11 n.d. 3.45 16.3% 8.0% 1.6%
Pinnacle West Capital Corp PNW EEUU USD 78.48 8,888 62,329 18.38 16.48 10.69 10.24 1.44 8.1% 2.2% 4.4%
Energisa S/A ENGI11 Brasil BRL 44.28 4,082 19,067 38.70 9.86 6.28 6.17 1.73 22.4% 3.7% 4.4%
Enel Distribucion Chile SA ENELDXCHCI Chile CLP 501.05 724 5.9 26.06 n.d. 9.57 n.d. 0.90 3.2% 1.2% 1.7%
Pampa Energia SA PAMP Argentina ARS 604.25 3,887 1,033 12.87 1.92 10.00 4.82 1.70 22.1% 10.5% n.d.
CESC Ltd CESC India INR 68.25 1,110 2,191 6.66 5.90 8.62 5.74 0.78 13.4% 3.7% 6.6%
Cia Energetica do Ceara COCE5 Brasil BRL 48.15 760 320 5.85 n.d. 5.01 n.d. 1.02 17.2% 5.4% 4.0%
Mediana 2,332 676 15.62 7.88 9.09 5.95 1.57 16.8% 4.6% 4.4%

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 8.30 2,285 288 n.d. 7.05 n.d. 7.76 0.72 24.0% 14.2% 0.9%
Newmont Corp NEM EEUU USD 49.52 39,344 409,581 26.89 21.32 17.55 7.84 2.01 -2.1% -1.1% 4.1%
Barrick Gold Corp ABX Canadá CAD 26.29 34,473 166,870 22.17 19.22 11.60 6.75 1.10 1.9% 0.9% 3.3%
Newcrest Mining Ltd NCM Australia AUD 29.96 17,945 70,940 20.3 21.24 8.65 8.72 1.56 8.1% 5.5% 3.9%
Agnico Eagle Mines Ltd AEM Canadá CAD 78.01 26,689 114,238 34.10 27.24 10.80 8.57 1.64 25.1% 7.8% 2.7%
Polymetal International PLC POLY Rusia GBp 253.00 1,486 2,963 n.d. n.d. 34.88 n.d. 1.17 -13.0% -5.1% n.d.
Gold Fields Ltd GFI Sudáfrica ZAr 27,093.00 13,382 36,020 12.59 10.55 5.65 4.80 2.17 17.4% 9.7% 2.7%
Zhongjin Gold Corp Ltd 600489 China CNY 12.26 8,649 45,499 29.45 28.38 n.d. 12.89 0.69 8.1% 4.0% 1.8%
Yamana Gold Inc YRI Canadá CAD 8.09 5,813 22,542 n.d. 16.12 7.66 6.39 1.12 5.9% 3.1% 1.9%
Eldorado Gold Corp ELD Canadá CAD 15.45 2,133 5,817 47.09 26.47 8.49 5.15 0.67 -10.4% -7.5% n.d.
Mediana 11,015 40,759 26.89 21.24 9.72 7.76 1.14 7.0% 3.6% 2.7%

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 92.20 588 1,629 15.87 33.64 3.09 3.06 0.77 5.6% 2.8% 3.9%
Wheaton Precious Metals Corp WPM Canadá CAD 68.01 22,979 64,261 45.58 n.d. 29.92 23.52 3.42 10.3% 10.3% 1.2%
Fresnillo PLC FRES México GBp 785.80 7,183 7,928 26.46 22.62 9.84 6.80 1.83 7.4% 4.7% 2.8%
Pan American Silver Corp PAAS Canadá CAD 25.00 6,806 17,360 n.d. 26.12 626.81 6.73 3.09 -14.2% -10.1% 2.2%
Industrias Penoles SAB de CV PE&OLES* México MXN 279.29 6,148 4,367 33.70 11.93 8.68 5.32 1.16 4.6% 1.8% n.d.
SLM Corp SLM EEUU USD 14.32 3,454 36,627 8.42 5.20 3.52 5.83 2.00 27.3% 1.6% 3.1%
SSR Mining Inc SSRM EEUU CAD 21.09 3,257 10,744 28.75 19.94 9.46 7.00 0.79 5.5% 3.7% 1.8%
First Majestic Silver Corp FR Canadá CAD 9.87 2,024 10,859 n.d. 13.65 21.12 7.24 1.43 -8.1% -5.4% 0.3%
Hecla Mining Co HL EEUU USD 6.61 3,980 40,705 528.25 66.77 32.56 14.51 2.01 -2.0% -1.3% 0.3%
Fortuna Silver Mines Inc FVI Canadá CAD 5.32 1,154 4,552 106.83 27.79 22.93 4.93 0.90 -9.8% -6.6% n.d.
Mediana 3,717 10,801 31.23 22.62 15.48 6.76 1.63 5.0% 1.7% 2.0%

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 EEUU USD 80.54 62,266 286 22.19 18.90 12.56 10.37 7.64 32.5% 14.8% 4.3%
Soc. Minera Cerro Verde CVERDEC1 Perú USD 30.79 10,778 370 10.84 12.32 4.91 5.33 1.64 15.5% 12.6% 4.6%
Anglo American PLC AAL Reino Unido GBp 2,676.50 40,682 101,576 8.94 8.49 4.56 4.12 1.20 16.4% 6.8% 6.2%
Grupo Mexico SAB de CV GMEXICOB México MXN 91.43 39,420 31,647 12.08 10.46 6.25 5.22 1.99 19.6% 10.0% 4.6%
Freeport-McMoRan Inc FCX EEUU USD 43.16 61,749 570,975 17.90 19.76 8.12 6.86 2.48 23.5% 7.0% 1.4%
Antofagasta PLC ANTO Chile GBp 1,623.50 19,855 21,274 12.96 24.83 8.56 7.03 1.71 18.1% 8.6% 6.1%
First Quantum Minerals Ltd FM Canadá CAD 34.44 17,816 90,956 15.43 17.43 7.17 7.16 1.46 9.9% 4.1% 0.8%
Lundin Mining Corp LUN Canadá CAD 10.45 6,024 34,354 13.96 12.12 5.90 4.22 1.11 9.2% 5.4% 3.4%
Hudbay Minerals Inc HBM Canadá CAD 6.80 1,331 12,696 9.09 5.85 3.96 2.67 0.85 5.1% 1.8% 0.3%
Mediana 19,855 31,647 12.96 12.32 6.25 5.33 1.64 16.4% 7.0% 4.3%

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 0.520 984 252 n.d. 6.88 10.41 5.51 2.62 -19.6% -3.9% n.d.
Nexa Resources Perú NEXAPEC1 Perú PEN 1.60 541 13 4.04 0.77 1.17 0.78 0.81 22.2% 11.7% n.d.
Nexa Resources Atacocha SAA ATACOBC1 Perú PEN 0.072 18 2 n.d. 1.47 n.d. n.d. -0.88 n.d. -2.1% n.d.
BHP Group Ltd BHP Australia AUD 46.45 157,609 333,860 8.65 11.13 4.80 5.49 2.76 59.8% 28.8% 12.1%
Boliden AB BOL Suecia SEK 407.40 10,764 44,780 8.98 10.81 5.19 5.55 1.92 22.7% 14.0% 6.4%
Teck Resources Ltd TECK Canadá USD 45.22 23,462 169,993 7.29 11.64 4.42 5.30 1.20 13.7% 6.7% 1.6%
Nexa Resources SA NEXA Brasil USD 6.70 887 924 7.34 9.53 3.56 3.92 0.52 3.5% 1.0% 7.8%
Minmetals Land Ltd 230 Hong Kong HKD 0.50 211 10 n.d. n.d. n.d. n.d. 0.10 -14.1% -1.8% 4.0%
Mediana 936 588 7.34 9.53 4.61 5.39 1.00 13.7% 3.8% 6.4%

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 3.85 2,936 334 2.12 n.d. 3.31 n.d. 1.33 35.9% 11.0% 9.7%
Yunnan Tin Co Ltd 000960 China CNY 15.32 3,669 64,885 18.73 7.52 10.96 9.41 1.46 8.4% 3.5% 0.7%
Malaysia Smelting Corp Bhd SMELT Malasia MYR 1.94 185 699 8.29 6.93 6.20 5.36 1.05 15.1% 7.5% 3.6%
Metals X Ltd MLX Australia AUD 0.30 179 1,038 1.95 n.d. n.d. n.d. 0.84 56.9% 49.6% n.d.
Mediana 1,561 868 5.21 7.23 6.20 7.38 1.19 25.5% 9.2% 3.6%
Fuente: Bloomberg

[Link] Reporte de Múltiplos 3

viernes, 14 de Abril de 2023

KALLPA SECURITIES SOCIEDAD AGENTE DE BOLSA

GERENCIA GENERAL

Alberto Arispe
Gerente
(511) 630 7500
aarispe@[Link]

FINANZAS CORPORATIVAS OPER. ESPECIALES

Ricardo Carrión Miguel Rodriguez

Gerente Gerente
(51 1) 630 7500 (51 1) 630 7500
rcarrion@[Link] miguelrodriguezv@[Link]

EQUITY RESEARCH

Marco Contreras Anthony Hawkins Marco Mejía Yordin Lozano

Jefe de Research Analista Analista Analista
(51 1) 630 7528 (51 1) 630 7527 (51 1) 630 7522 (51 1) 630 7529
mcontreras@[Link] ahawkins@[Link] mmejia@[Link] ylozano@[Link]

SALES & TRADING

Eduardo Fernandini Hernando Pastor Hilmer Calderón Rosa Torres Belon Walter León
Gerente Sales Trader Sales Trader Sales Trader Sales Trader - Miraflores
(51 1) 630 7516 (51 1) 630 7511 (51 1) 243 8024 (51 1) 630 7520 (51 1) 243 8024
efernandini@[Link] hpastor@[Link] hcalderon@[Link] rtorresbelon@[Link] wleon@[Link]

Blanca Pajuelo Mishell Morales Giannina Pingo Maria Lopez Mayra Torrín
FX Sales FX Sales FX Sales FX Sales FX Sales
(51 1) 630 7515 (51 1) 243 8025 (51 1) 630 7518 (51 1) 630 7517 (51 1) 630 7513
bpajuelo@[Link] mmorales@[Link] gpingo@[Link] mlopez@[Link] mtorrin@[Link]

OPERACIONES, TI, MARKETING

Ramiro Misari Franklin Mujica Norelia Santana Daniel Aguirre Karen Villaroel
Jefe de Operaciones & TI Analista de TI Analista de Operaciones 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@[Link] kallpati@[Link] valores@[Link] liquidaciones@[Link] asistenteliquidaciones2@[Link]

Carlos Cornejo Viviana Villanueva

Liquidaciones FX Analista de Marketing
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asistenteliquidaciones3@[Link] marketing@[Link]

CONTROL INTERNO

Lissete Cuyuche
Funcionaria de Control Interno
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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.

[Link] Reporte de Múltiplos 4