Panorama Do Mercado 20140402

Panorama do Mercado
2 de abril de 2014
EMPRESAS: NOTCIAS E COMENTRIOS

Petrobras Produo de Fevereiro Ainda Estvel
Brasil Publicado em 1 de Abril de 2014
Cdigo da Ao
PETR4
Recomendao
Market Perform
Paula Kovarsky, CNPI - Diego Mendes, CNPI & Ricardo Paranhos, CNPI
A produo domstica de petrleo veio em 1.923 kbpd, virtualmente estvel sequencialmente e

quando comparada com fevereiro de 2013. A produo foi afetada por: i) retirada de servio do FPSO
Brasil, que ser realocado e ter os seus poos de produo religados P52 e P54; ii) a paralisao. da
P-20 para reparo dos danos provocados pelo fogo, o que impactou negativamente a produo em 22 kbpd;
e iii) as paralisaes para manuteno no PCE-1 e no FPSO Cidade de Anchieta. Estes reveses foram
compensados pela conexo de trs poos, que adicionaram at 33,6 kbpd e pelo declnio menor no
potencial de produo de Baleia Azul e Jubarte. A produo de gs natural veio em 64,1 m m/d (2,5% em
termos mensais; 1,9% em termos anuais).
ltimo Preo
BRL
Preo Alvo
BRL
22,5
m BRL
440,9
(%)
42,6
Vol. Negoc. Dirio

Pot. de Valorizao
2014
2015
P/L
7,0
6,9
EV/EBITDA
6,1
6,2
O crescimento da produo improvvel no 1T14. Durante a nossa reunio com a companhia na

semana passada, a administrao deixou bastante claro que no h a expectativa de que o primeiro
trimestre apresente crescimento da produo, uma vez que a Petrobras ainda est realizando manutenes
em algumas de suas plataformas. Isto foi levado em considerao no guidance (7,5% +/-1%), e no o
compromete. A produo domstica de petrleo deve se recuperar no 2T14, com a conexo dos boies
(trs sero instalados no 1S14, permitindo a conexo de oito poos do pr-sal at o final do 3T14) e com os
novos poos de produo nos sistemas antigos.
A Petrobras reiterou seu panorama positivo para 2014. A P-55 (180 kbpd) j se encontra no campo, e
os poos de produo esto sendo interligados. A P-58 (180 kbpd) iniciou a sua produo em maro, e o
primeiro poo vem produzindo 20 kbpd. A expectativa a de que novos poos sejam conectados nos
prximos meses. Tambm em maro, o poo JUB-45 foi conectado ao FPSO Capixaba, com um potencial
de produo de 18,5 kbpd, e a P-63 comeou a injetar gua no campo de Papa-Terra para aumentar a
presso no reservatrio. Ainda no 1S14, a Petrobras planeja iniciar as operaes na P-62 (180 kbpd) e na
P-61 (140 kbpd). Estes ativos, combinados com o ramp-up das unidades de produo recentemente
instaladas, devem supostamente sustentar o forte crescimento da produo projetado para este ano.
Estimamos um crescimento da produo domstica de 6% em 2014.
Mantemos a nossa recomendao de market-perform (desempenho em linha com a mdia do mercado) e
o valor justo para o final de 2014 de R$ 22,50 / PETR4 (US$ 18,00 / PBRA). Acreditamos que as eleies
continuam a representar o principal catalisador para o desempenho da Petrobras no curto prazo, enquanto
a relao risco retorno oferecida pelo seu FCD com vis no logo prazo no atrativa o suficiente (108%
de nosso valor justo esto na perpetuidade).
Petrobras Produo de
Fevereiro Ainda Estvel
Favor consultar a pgina 12 deste relatrio para divulgaes importantes, certificaes dos analistas e outras informaes. A Ita Corretora se encontra envolvida e procura realizar negcios
com as empresas monitoradas em seus relatrios de pesquisa e acompanhamento. Assim, os investidores devem estar cientes de que a Empresa pode apresentar um conflito de interesse que
pode vir a afetar a objetividade deste relatrio. Os investidores devem considerar o presente relatrio somente como um dentre vrios fatores ao realizarem sua deciso de investimento.
A Ita Corretora de Valores S.A. uma diviso do Grupo Ita Unibanco. Ita BBA uma marca registrada usada pela Ita Corretora de Valores S.A.
15,8
Brasil
Cdigo
Em presa
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
ADR - USD
P/L(x)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2013
2014
VE/LAJIDA(x)
2015
2013
FCFE Yield
P/BV
Dividend Yield
Apreciao
2014
2015
2014
2015
2014
2015
2014
2015
Volum e
3M
m ilhes
U1M
U3M
U12M
Agribusiness
FHER3
Fer Heringer
ON
OP
BRL
6.2
12.0
94.8
299
n/a
n/a
n/a
n/a
40.8
5.4
6.6
4.3
4.5
4.9
n/a
n/a
0.6
0.5
4.6
3.8
0.4
-6.1
-7.9
-46.3
SLCE3
SLC Agricola
ON
OP
BRL
18.1
30.0
65.7
1,780
n/a
n/a
n/a
n/a
19.4
21.5
12.7
9.5
10.0
8.9
n/a
n/a
0.9
0.8
1.3
1.2
2.7
-2.5
-13.8
-4.8
52.9
38.1
28.2
Mdia ponderada do setor

Banking & Financial Services
ABCB4
Abc Brasil
PN
OP
BRL
12.6
17.8
41.3
1,824
n/a
n/a
n/a
n/a
7.1
5.7
5.1
n/a
n/a
n/a
n/a
n/a
0.8
0.8
5.0
5.6
3.5
12.4
3.2
-18.1
BBAS3
BBDC4
Banco do Brasil
Bradesco
ON
PN
OP
OP
BRL
BRL
22.8
31.5
25.3
35.5
11.2
12.6
64,672
132,398
n/a
BBD
n/a
13.9
n/a
13.9
n/a
0.5
6.2
10.9
6.3
8.9
5.4
7.8
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
0.9
1.6
0.8
1.4
6.3
3.8
5.6
4.4
151.1
225.8
11.9
14.3
-4.4
8.3
-8.0
-5.3
BBSE3
BICB4
BB Seguridade
Bicbanco
ON
PN
OP
UR
BRL
BRL
25.3
7.9
31.2
UR
23.3
UR
50,600
1,953
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
23.2
UR
16.8
UR
13.3
UR
n/a
UR
n/a
UR
n/a
UR
n/a
UR
n/a
UR
7.7
UR
6.9
UR
4.8
UR
6.0
UR
131.1
0.4
7.8
8.9
5.0
7.3
n/a
35.2
BRSR6
BVMF3
CIEL3
Banrisul
BMF Bovespa
Cielo
PNB
ON
ON
OP
MP
MP
BRL
BRL
BRL
12.8
10.9
36.4
15.6
11.0
70.0
21.6
1.3
92.3
5,243
20,682
28,615
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
6.6
19.1
10.6
6.3
19.4
9.1
5.7
17.0
8.0
n/a
10.4
8.5
n/a
10.2
7.4
n/a
9.1
6.6
n/a
7.9
8.1
n/a
8.5
10.3
0.9
1.1
6.1
0.8
1.1
5.0
6.0
5.1
7.5
6.6
5.9
9.1
8.7
123.8
113.8
15.1
11.7
16.0
5.7
1.7
12.2
-21.2
-13.6
51.3
CTIP3
DAYC4
Cetip
Daycoval
ON
PN
OP
MP
BRL
BRL
27.4
9.0
33.0
11.5
20.4
28.2
7,121
2,319
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
18.0
8.4
15.5
6.5
13.5
5.9
11.5
n.m.
10.0
n.m.
8.8
n.m.
3.6
n/a
4.5
n/a
3.8
0.9
3.8
0.8
3.6
9.3
6.6
10.2
48.1
1.4
10.3
11.3
14.0
14.2
17.3
-21.1
MPLU3
SANB11
Multiplus
Santander
ON
UNIT
OP
UP
BRL
BRL
25.0
12.5
33.0
13.3
32.0
6.4
4,049
47,468
n/a
BSBR
n/a
5.6
n/a
5.2
n/a
-5.9
17.4
11.1
13.3
10.1
11.7
8.9
13.4
n/a
11.4
n/a
10.3
n/a
n/a
n/a
n/a
n/a
21.8
0.9
21.8
0.9
7.5
18.3
8.5
6.4
13.8
45.3
-0.8
10.3
-14.9
3.6
-11.4
1.2
ON
ON
OP
OP
BRL
BRL
37.3
34.9
45.0
44.0
20.8
26.2
4,551
1,943
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
21.9
19.3
10.5
16.3
14.4
9.3
16.9
11.8
8.0
n.m.
10.1
n.m.
7.9
n.m.
6.8
n/a
4.8
n/a
6.5
12.9
3.2
12.9
2.9
27.4
4.0
5.8
5.8
22.3
10.8
-0.7
18.6
11.6
9.8
n/a
-6.8
Consumer Goods & Retail

AMAR3
Marisa
ON
MP
BRL
15.2
18.0
18.3
2,832
n/a
n/a
n/a
n/a
33.1
17.1
13.4
9.0
6.7
5.9
n/a
1.8
2.3
2.0
1.5
1.9
4.7
10.0
-17.2
-48.6
ARCO
ARZZ3
Arcos Dorados
Arezzo
ON
OP
OP
USD
BRL
10.2
27.5
13.0
32.5
27.5
18.2
2,141
2,443
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
37.0
21.9
30.2
19.0
21.2
16.1
8.7
14.9
9.4
12.9
8.1
10.9
n/a
2.7
n/a
3.9
2.8
4.3
2.8
3.8
2.3
1.6
2.3
2.0
12.5
7.0
15.4
-0.5
-16.3
-7.6
-22.0
-31.3
BPHA3
BTOW3
CRUZ3
Brasil Pharma
B2W Varejo
Souza Cruz
ON
ON
ON
MP
MP
UP
BRL
BRL
BRL
3.6
27.0
20.6
9.2
16.0
22.8
151.7
-40.8
10.7
939
4,272
31,471
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
33.8
n.m.
18.0
17.1
n.m.
16.7
12.1
n.m.
15.1
7.7
19.1
11.6
5.7
13.7
11.4
4.5
10.9
10.5
4.4
n/a
4.4
1.0
n/a
6.5
0.6
6.9
10.9
0.5
9.1
10.7
1.1
0.0
4.3
2.0
0.0
6.4
4.4
9.4
32.1
-26.7
19.0
4.0
-43.0
81.3
-12.2
-73.0
85.8
-27.0
CVCB3
GUAR3
CVC
Guararapes
ON
ON
OP
OP
BRL
BRL
15.1
93.0
21.0
135.0
39.1
45.2
1,959
5,803
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
16.5
14.2
14.1
12.7
10.5
11.2
6.7
7.6
5.7
6.9
4.5
6.2
8.1
n/a
10.5
n/a
4.3
1.9
3.2
1.7
1.7
2.4
2.4
2.6
4.8
2.5
5.9
2.1
-0.9
-11.4
n/a
-12.5
HGTX3
HYPE3
Cia Hering
Hypermarcas
ON
ON
OP
OP
BRL
BRL
26.0
16.1
40.3
20.0
55.0
24.4
4,295
10,549
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
13.0
n.m.
11.9
22.7
10.5
17.1
9.0
n.m.
8.2
n.m.
7.1
n.m.
6.4
6.4
7.9
9.8
4.5
1.5
4.1
1.4
6.3
1.1
7.6
1.5
33.9
39.8
10.0
12.9
-8.4
-7.0
-21.5
4.3
IMCH3
LAME4
LLIS3
International Meal
Lojas Americ
Le Lis Blanc
ON
PN
ON
OP
MP
MP
BRL
BRL
BRL
17.5
16.7
6.1
32.0
17.0
6.8
82.9
1.9
11.5
1,461
16,558
1,073
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n.m.
36.2
n.m.
43.6
29.7
n.m.
33.9
22.9
27.1
9.4
13.2
12.1
7.5
11.0
9.9
6.5
9.2
8.2
n/a
0.1
3.5
n/a
1.0
2.3
1.4
9.0
4.9
1.2
7.8
4.3
0.2
1.2
0.4
0.6
2.4
0.9
4.2
27.2
1.3
14.0
16.2
-2.7
-5.6
7.0
1.3
-32.5
-3.1
-34.8
LREN3
MGLU3
Lojas Renner
Magazine Luiza
ON
ON
OP
OP
BRL
BRL
63.6
6.6
71.0
11.2
11.7
70.0
8,090
1,229
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
21.1
11.9
18.2
9.9
15.3
6.5
10.4
6.9
9.1
4.9
7.8
4.0
0.9
3.7
3.0
10.4
4.6
1.5
4.0
1.3
2.8
2.5
3.3
3.8
51.9
7.3
11.6
-8.0
5.5
-13.4
-12.6
-28.6
NATU3
PCAR4
Natura
P.Acucar-CBD
ON
PN
MP
MP
BRL
BRL
36.8
100.0
46.5
104.0
26.3
4.1
15,878
26,432
n/a
CBD
n/a
44.0
n/a
50.8
n/a
15.6
19.1
25.5
16.7
18.3
15.7
16.2
10.4
13.2
9.6
11.6
8.9
10.0
3.7
0.6
4.5
2.8
10.1
2.8
9.2
2.6
5.1
1.1
5.4
1.3
57.1
63.4
10.5
0.9
-4.8
-4.9
-18.7
-5.7
RADL3
TECN3
UCAS3
RaiaDrogasil
Technos
Unicasa
ON
ON
ON
OP
OP
UR
BRL
BRL
BRL
19.4
14.7
4.0
19.0
20.5
UR
-1.9
39.6
UR
6,396
1,137
264
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
35.2
29.2
UR
27.2
13.2
UR
21.5
10.6
UR
17.5
16.3
UR
13.8
12.2
UR
10.9
10.1
UR
0.6
2.4
UR
n/a
6.0
UR
2.6
2.8
UR
2.4
2.8
UR
1.1
1.9
UR
1.4
2.4
UR
24.8
2.2
0.6
18.9
4.1
-17.2
33.0
-7.4
-32.7
-8.2
-43.1
-57.8
UNIT
OP
BRL
23.6
31.0
31.6
10,132
n/a
n/a
n/a
n/a
14.7
5.6
11.2
5.9
9.4
5.3
8.5
6.7
5.9
4.7
5.3
2.6
2.4
2.6
6.4
16.5
0.8
-5.6
n/a
Ambev
ON
MP
BRL
17.1
16.4
-4.1
267,811
n/a
n/a
n/a
n/a
23.4
20.4
19.3
15.7
13.9
13.2
4.8
5.2
9.5
9.6
4.8
5.3
159.1
0.4
-0.7
4.8
Minerva
JBS
M. Diasbranco
ON
ON
ON
MP
MP
MP
BRL
BRL
BRL
9.9
7.6
92.7
12.0
9.0
102.0
21.8
19.2
10.1
1,764
21,476
10,512
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n.m.
11.5
18.1
9.1
10.1
16.2
12.4
8.7
14.1
5.6
6.7
14.0
5.2
6.1
12.2
6.0
5.5
10.7
9.3
10.4
5.9
6.5
10.8
6.7
1.6
0.9
3.2
1.4
0.8
2.7
2.7
2.5
1.5
2.0
2.9
1.8
11.3
33.5
11.9
-4.3
3.5
11.6
-12.2
-11.5
-8.6
-22.9
15.3
15.8
ON
MP
BRL
4.4
8.5
91.9
2,696
n/a
n/a
n/a
n/a
47.9
16.8
27.5
14.0
23.9
12.6
5.9
5.4
5.4
7.8
8.3
0.4
0.4
0.9
1.0
12.0
7.1
9.7
-48.0
Anima
ON
OP
BRL
21.3
29.6
38.7
1,767
n/a
n/a
n/a
n/a
41.5
14.6
12.8
14.6
10.5
8.5
6.2
6.7
3.2
2.7
0.6
1.7
3.7
7.4
1.4
n/a
Dasa
Estacio
Odontoprev
ON
ON
ON
MP
OP
MP
BRL
BRL
BRL
15.0
22.8
9.2
12.8
23.9
9.3
-15.0
4.9
1.6
4,683
6,607
4,861
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
44.5
24.2
25.8
38.3
17.1
22.8
24.1
14.0
20.0
13.0
17.7
16.9
10.9
12.8
15.5
9.5
10.4
13.5
2.8
3.7
4.8
4.2
5.4
5.2
1.7
3.5
7.2
1.6
3.1
7.2
0.6
1.5
4.8
1.6
3.6
5.0
19.8
56.7
12.2
0.6
3.4
5.4
4.1
12.0
-8.1
30.3
57.1
1.3
36.0
0.5
21.2
12.5
14.8
11.3
8.7
4.6
9.2
2.7
2.5
0.0
0.6
38.0
8.1
2.0
13.0
SMLE3
Smiles
VLID3
Valid
VVAR11
Via Varejo
Food & Beverage
ABEV3
BEEF3
JBSS3
MDIA3
MRFG3
Marfrig
Healthcare + Education
ANIM3
DASA3
ESTC3
ODPV3
QUAL3
Qualicorp
Ita BBA 2
ON
OP
BRL
23.0
28.1
22.3
6,121
n/a
n/a
n/a
n/a
n.m.
0.7
Oil, Gas & Petrochemicals

BRKM5
Braskem
PNA
OP
BRL
17.3
27.6
59.6
13,854
BAK
15.1
21.7
43.3
23.0
8.8
6.7
6.2
5.2
4.8
5.9
1.4
1.8
1.5
2.8
3.7
34.3
10.2
-15.3
30.3
CGAS5
HRTP3
PETR4
Comgas
HRT
Petrobras
PNA
ON
PN
UP
UP
MP
BRL
BRL
BRL
49.9
1.0
15.8
55.7
1.1
22.5
11.7
15.8
42.3
5,974
302
206,232
n/a
n/a
PBR/A
n/a
n/a
13.9
n/a
n/a
18.0
n/a
n/a
29.2
10.4
n.m.
9.5
10.0
n.m.
7.0
9.9
3.5
6.9
6.2
n.m.
6.9
5.9
n.m.
6.1
6.1
5.7
6.2
5.1
n/a
8.6
7.2
n/a
4.9
2.1
0.2
0.6
2.0
0.2
0.6
5.0
0.0
3.6
8.1
0.0
3.6
2.2
10.2
445.2
-1.6
-13.1
16.1
-15.2
2.2
-7.6
-10.2
-72.1
-10.6
QGEP3
UGPA3
QGEP
Ultrapar
ON
ON
OP
OP
BRL
BRL
8.2
55.7
20.0
72.0
145.4
29.4
2,166
31,193
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
8.9
25.8
8.4
20.8
3.3
18.1
4.4
12.1
5.1
10.7
1.7
9.7
n/a
2.5
n/a
4.7
0.8
4.4
0.6
4.0
0.0
2.5
0.0
3.3
9.5
65.8
-2.2
5.3
-17.0
-0.5
-32.3
10.3
10.7
7.8
7.4
Panorama do Mercado 2 de abril de 2014
Guia de Aes
Cdigo
Real Estate
ALSC3
Em presa
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2013
2014
2015
2013
2014
2015
2014
2015
2014
2015
2014
2015
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
Aliansce
ON
MP
BRL
17.6
22.7
29.3
2,792
n/a
n/a
n/a
n/a
28.6
22.5
17.2
13.3
11.5
9.7
n/a
2.0
1.6
1.6
1.1
2.9
7.0
1.2
-2.3
-24.4
BHG
BTG Corporate Offices
BR Malls Par
ON
UNIT
ON
OP
OP
OP
BRL
BRL
BRL
14.9
126.8
19.0
18.6
155.0
23.5
25.1
22.2
23.4
925
2,438
8,682
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n.m.
7.9
19.7
18.3
10.5
15.1
13.3
9.3
12.2
15.2
11.7
13.6
9.6
10.5
11.4
7.1
9.5
9.9
n/a
8.4
2.9
5.0
10.0
6.5
0.8
0.7
1.0
0.8
0.7
0.9
0.0
9.6
1.7
0.0
10.7
4.1
2.9
4.2
52.9
11.4
2.4
9.0
9.8
-1.9
14.8
-27.7
-6.6
-20.6
BRPR3
CYRE3
BR Properties
Cyrela Realty
ON
ON
OP
OP
BRL
BRL
18.6
13.6
24.1
20.5
29.6
50.8
5,815
5,633
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
17.4
7.7
13.9
7.0
11.3
6.7
12.4
6.5
10.8
5.6
9.4
5.2
6.1
22.2
8.2
27.0
0.7
1.1
0.7
1.1
1.3
14.2
1.8
14.9
41.5
51.0
9.6
4.6
0.2
-5.1
-14.9
-18.9
DIRR3
EVEN3
Direcional
Even
ON
ON
OP
OP
BRL
BRL
10.0
7.6
18.7
12.5
87.9
64.5
1,520
1,773
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
6.3
6.5
4.7
5.7
4.0
4.7
5.6
7.0
4.2
6.0
3.8
5.0
14.7
9.7
13.2
13.1
0.9
0.8
0.8
0.8
10.7
8.7
12.6
21.5
6.0
16.1
-2.8
6.4
-16.6
-6.7
-29.3
-20.2
BHGR3
BRCR11
BRML3
EZTC3
GFSA3
Eztec
Gafisa
ON
ON
OP
OP
BRL
BRL
28.2
3.5
37.3
5.2
32.1
47.3
4,143
1,499
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
7.4
n.m.
7.3
8.9
7.2
8.7
7.5
11.0
7.2
8.3
5.7
7.4
6.8
n/a
21.6
40.7
1.7
0.5
1.5
0.5
3.4
11.2
6.9
11.5
11.2
28.4
8.6
8.2
-3.4
1.1
5.9
-3.7
IGTA3
HGRE11
Iguatemi
CSHG Real Estate
ON
UNIT
OP
MP
BRL
BRL
21.7
1402.0
31.1
1610.0
43.5
14.8
3,813
1,035
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
20.9
15.6
15.5
11.6
13.3
10.2
13.2
12.6
10.5
12.6
9.1
11.2
0.7
9.2
2.9
9.8
1.6
0.9
1.5
0.9
1.6
9.9
3.8
9.4
11.1
1.1
1.8
2.2
-2.4
2.2
-13.2
-11.0
HGLG11
JHSF3
CSHG Logistica
JHSF Part
UNIT
ON
MP
OP
BRL
BRL
1127.0
4.0
1220.0
7.5
8.3
88.0
383
1,722
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
34.2
27.3
9.8
16.0
9.6
13.9
12.0
14.0
10.3
9.4
10.0
8.9
9.5
n/a
10.5
n/a
0.9
1.2
0.9
1.2
9.6
1.6
9.9
1.8
0.6
2.0
4.5
-8.5
7.2
-6.6
-4.3
-47.0
KNRI11
LPSB3
Kinea Renda Imobiliria

Lopes Brasil
UNIT
ON
OP
OP
BRL
BRL
1181.0
13.5
1560.0
18.7
32.1
39.0
1,629
1,538
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
4.6
16.4
9.5
14.4
8.8
12.3
15.7
8.9
9.8
7.2
8.7
6.1
5.2
5.6
11.3
7.4
0.7
2.3
0.7
2.0
9.9
0.6
10.7
2.4
2.5
5.3
-2.1
7.1
-3.6
-10.7
-25.8
-26.9
MRVE3
MULT3
PDGR3
MRV
Multiplan
PDG Realt
ON
ON
ON
MP
OP
MP
BRL
BRL
BRL
8.0
48.0
1.4
12.8
61.4
2.5
60.6
27.8
74.8
3,776
9,030
1,892
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
10.2
26.0
n.m.
7.2
19.6
n.m.
7.0
17.4
18.7
7.9
14.9
30.0
6.3
12.0
9.8
6.3
11.1
9.0
15.7
3.0
n/a
13.6
1.4
n/a
0.9
2.1
0.4
0.9
2.0
0.4
13.8
1.3
0.5
14.3
2.9
5.4
35.2
27.7
40.4
-0.4
5.0
-4.6
-4.0
-3.0
-20.4
0.2
-15.3
-53.7
RSID3
SCAR3
Rossi Resid
Sao Carlos
ON
ON
MP
MP
BRL
BRL
1.8
32.7
2.6
49.4
42.1
51.1
768
1,870
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
15.7
19.3
9.8
14.7
6.3
12.0
6.4
11.2
6.2
10.9
4.9
8.3
n/a
4.7
n/a
9.4
0.3
1.7
0.3
1.6
2.6
1.7
16.0
4.2
14.4
1.2
5.8
-10.7
-11.3
-10.8
-41.2
-28.0
SSBR3
TCSA3
Sonae Sierra
Tecnisa
ON
ON
OP
OP
BRL
BRL
18.6
7.9
27.8
13.2
49.5
66.5
1,421
1,438
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
13.5
6.4
11.0
4.8
8.2
4.1
11.8
6.9
10.0
5.2
7.8
4.3
2.5
26.3
8.8
30.5
0.6
0.8
0.6
0.8
2.3
5.3
6.1
12.1
2.2
6.0
20.4
5.4
3.5
-11.3
-31.4
-5.9

Steel & Mining + Pulp & Paper
14.5
11.0
9.5
CSNA3
FIBR3
CSN
FIBRIA
ON
ON
UP
OP
BRL
BRL
9.7
25.1
14.0
36.0
44.5
43.4
14,128
13,895
SID
FBR
4.3
11.1
6.0
15.0
39.5
35.0
9.1
n.m.
6.5
49.9
8.1
19.4
4.9
7.8
4.4
7.0
5.0
6.3
12.5
7.2
8.6
9.0
1.4
0.9
1.3
0.9
7.7
0.0
6.2
0.5
73.2
31.8
-1.0
1.7
-29.6
-8.8
22.6
3.4
GGBR4
KLBN4
Gerdau
Klabin S/A
PN
PN
OP
OP
BRL
BRL
14.1
2.4
18.0
19.0
27.8
701.7
24,012
12,464
GGB
n/a
6.2
n/a
7.0
n/a
12.4
n/a
15.2
n.m.
13.9
20.9
11.8
n.m.
8.0
10.5
6.9
9.9
6.2
10.5
8.5
4.6
8.8
3.1
0.7
1.7
0.7
1.6
2.3
2.2
2.7
0.8
105.9
21.9
1.0
1.3
-20.4
-4.1
-5.0
-8.7
MAGG3
SUZB5
Magnesita SA
Suzano Papel
ON
PNA
MP
OP
BRL
BRL
5.0
8.4
6.2
12.0
23.8
42.9
1,456
9,112
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
26.2
n.m.
17.0
17.6
13.5
9.8
7.4
9.7
6.5
8.1
6.3
6.5
4.7
6.4
5.5
6.8
0.5
0.8
0.5
0.8
1.5
3.7
1.9
2.6
1.4
45.6
-7.9
-5.6
-14.9
-9.3
-29.7
9.6
USIM5
VALE.P
VALE5
Usiminas
VALE
Vale R Doce
PNA
ADR
PNA
OP
OP
OP
BRL
USD
BRL
9.9
12.4
28.3
17.0
16.0
38.0
71.0
29.2
34.5
9,813
63,799
145,634
n/a
VALE.P
n/a
n/a
12.4
n/a
n/a
16.0
n/a
n/a
29.2
n/a
n.m.
n.m.
n.m.
10.9
4.9
4.9
7.6
6.4
6.4
8.3
4.3
4.3
5.6
4.5
4.5
4.6
4.7
4.7
10.0
4.7
4.7
11.9
5.2
5.1
0.6
0.9
0.9
0.5
0.8
0.8
0.1
6.7
6.6
3.2
6.6
6.5
80.3
89.4
456.2
4.7
-0.3
-2.5
-28.0
-11.1
-13.4
-5.5
-20.3
-9.7

Telecommunications, Media & Technology
84.0
9.1
10.9
LINX3
TIMP3
Linx
Tim Part S/A
ON
ON
MP
OP
BRL
BRL
46.7
11.8
39.4
10.1
-15.6
-14.8
2,172
28,584
n/a
TSU
n/a
26.0
n/a
20.1
n/a
-22.7
37.5
19.1
29.9
17.6
25.3
16.1
23.5
6.0
19.4
5.5
15.8
5.2
3.7
3.4
4.2
4.2
3.6
1.9
3.4
1.8
1.7
2.8
2.0
3.1
7.5
58.8
6.2
3.4
-6.1
-3.9
43.0
37.9
VIVT4
TOTS3
Telefonica Brasil
Totvs
PN
ON
OP
OP
BRL
BRL
47.0
35.7
53.0
41.3
12.9
15.7
52,858
5,835
VIV
n/a
20.9
n/a
21.6
n/a
3.4
n/a
14.2
26.2
13.3
20.5
12.3
17.5
5.2
14.2
5.0
12.5
4.8
10.5
5.7
4.8
6.4
5.9
1.2
5.1
1.2
4.7
7.2
3.4
7.8
4.3
56.3
24.1
14.2
12.5
11.2
-1.5
-2.0
-11.6
16.9
15.6
14.3
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
14.4
21.1
10.6
17.5
7.8
15.1
7.8
10.7
5.2
9.1
4.5
8.1
16.8
7.9
15.9
9.3
1.7
7.9
1.7
6.8
2.3
1.1
3.2
1.3
1.4
78.5
2.2
8.3
-7.5
-2.0
-20.5
-11.6

Transportation & Logistics + Capital Goods
AUTM3
CCRO3
Autometal
CCR
ON
ON
MP
OP
BRL
BRL
15.9
17.0
19.0
18.5
19.8
8.9
1,996
29,927
ECOR3
ERJ
Ecorodovias
Embraer
ON
ON
OP
MP
BRL
USD
13.4
35.8
17.0
35.0
27.2
-2.3
7,470
6,548
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
16.9
23.1
12.8
18.1
10.6
15.2
7.6
8.4
6.9
8.6
5.9
7.8
3.4
1.6
3.8
3.3
3.0
1.7
2.6
1.6
3.9
1.5
4.7
1.5
18.3
35.4
10.4
-0.9
-7.8
10.6
-17.6
0.9
GOLL4
LCAM3
LEVE3
Gol
Locamerica
Metal Leve
PN
ON
ON
MP
MP
OP
BRL
BRL
BRL
11.0
3.3
23.7
11.7
8.0
31.0
6.2
142.4
30.8
3,047
214
3,041
GOL
n/a
n/a
4.9
n/a
n/a
0.0
n/a
n/a
-100.0
n/a
n/a
n.m.
13.1
13.5
n.m.
8.1
11.8
n.m.
7.2
11.2
7.4
4.4
7.0
6.5
3.9
6.8
5.5
3.5
6.4
16.5
n/a
6.5
n/a
16.7
7.1
3.0
0.7
2.2
2.9
0.6
2.2
0.0
3.1
8.4
0.0
3.5
8.9
12.3
0.6
4.7
-1.3
0.1
0.0
4.4
-49.9
-13.1
-7.3
-71.0
-11.0
MILS3
MYPK3
MILLS
Iochpe-Maxion
ON
ON
OP
OP
BRL
BRL
28.1
22.5
30.5
30.5
8.6
35.7
3,575
2,134
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
21.9
19.0
16.9
11.3
14.3
9.5
10.0
6.7
7.5
5.4
6.5
4.7
5.2
5.3
5.5
10.5
3.1
1.8
2.7
1.6
1.5
3.3
1.7
3.9
15.8
8.4
8.9
-4.3
-15.2
-12.9
-13.2
-12.3
ARTR3
POMO4
Arteris
Marcopolo
ON
PN
MP
OP
BRL
BRL
18.5
4.5
21.0
6.0
13.4
33.9
6,386
4,018
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
14.2
13.9
13.3
13.0
11.3
11.2
6.8
9.3
6.4
8.9
5.8
7.7
n/a
2.6
n/a
6.1
2.9
2.5
2.6
2.3
3.8
1.1
4.4
1.2
6.3
12.0
5.0
-1.3
-4.4
-9.0
-17.6
-34.7
RAPT4
RENT3
Randon Part
Localiza
PN
ON
OP
OP
BRL
BRL
8.5
32.5
11.5
38.0
35.8
16.9
2,065
6,883
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
8.8
18.1
11.2
17.7
8.7
15.9
5.4
9.0
6.0
8.2
5.1
7.4
7.6
5.1
7.7
3.8
1.4
3.6
1.2
3.1
2.2
1.4
2.9
1.5
11.7
49.1
3.0
6.5
-26.1
0.0
-31.2
0.6
ROMI3
STBP11
Inds Romi
Santos Brasil
ON
UNIT
OP
MP
BRL
BRL
5.1
17.1
7.2
20.0
41.1
17.3
366
2,274
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
29.8
10.4
9.7
11.9
8.8
11.1
9.2
4.7
5.2
4.9
4.5
4.4
8.4
16.6
10.2
19.4
0.6
1.6
0.5
1.5
2.6
6.7
2.8
7.2
0.4
3.7
-1.9
11.7
-14.2
-10.0
-5.8
-39.6
TGMA3
TUPY3
Tegma
Tupy
ON
ON
OP
OP
BRL
BRL
18.5
18.2
21.5
23.0
16.2
26.1
1,221
2,637
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
18.8
30.5
10.0
13.4
8.4
12.2
9.1
7.4
6.0
5.9
5.0
5.3
n/a
1.6
n/a
n/a
2.4
1.4
2.1
1.3
5.0
3.0
6.0
3.3
2.7
2.7
2.9
-1.2
6.1
-13.0
-38.1
-23.0
WEGE3
Weg
ON
MP
BRL
31.7
32.5
2.5
19,667
n/a
n/a
n/a
n/a
23.8
20.3
16.9
15.8
13.0
10.9
2.3
2.4
4.2
3.7
2.5
3.0
15.4
3.9
2.9
25.0
22.3
16.5
13.7
Guia de Aes
Ita BBA 3
Cdigo
Em presa
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2013
2014
2015
2013
2014
2015
2014
2015
2014
2015
2014
2015
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
Utilities
ALUP11
CESP6
CMIG4
Alupar
Cesp
Cemig
UNIT
PNB
PN
UR
UP
MP
BRL
BRL
BRL
17.8
26.4
15.0
UR
21.0
17.0
UR
-20.5
13.0
3,716
8,646
18,933
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
UR
9.3
5.7
UR
5.8
8.1
UR
n.m.
7.8
UR
4.4
4.4
UR
3.3
6.1
UR
4.6
5.9
UR
13.7
10.8
UR
19.9
11.8
UR
0.9
1.5
UR
1.0
1.4
UR
17.4
9.9
UR
17.6
9.6
3.8
21.4
72.1
1.6
18.4
13.6
10.3
18.9
8.9
n/a
40.0
3.9
CPRE3
CPFE3
CPLE6
CPFL
CPFL Energia
Copel
ON
ON
PNB
UR
UR
MP
BRL
BRL
BRL
13.5
18.4
29.7
UR
UR
37.0
UR
UR
24.8
5,935
17,744
8,114
n/a
CPL
n/a
n/a
16.1
n/a
n/a
UR
n/a
n/a
UR
n/a
UR
UR
7.2
UR
UR
6.6
UR
UR
6.0
UR
UR
6.4
UR
UR
5.6
UR
UR
5.9
UR
UR
9.4
UR
UR
18.3
UR
UR
0.6
UR
UR
0.6
UR
UR
7.6
UR
UR
8.4
n/a
26.1
17.6
n/a
10.7
18.1
n/a
-2.6
-2.4
n/a
-8.1
1.6
ELPL4
ENBR3
Eletropaulo
Energias do Brasil
PN
ON
UP
UP
BRL
BRL
8.5
10.0
7.3
12.0
-14.5
19.6
1,429
4,778
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
5.9
9.7
n.m.
6.9
8.5
7.4
5.2
4.6
12.0
5.5
6.6
4.8
43.1
23.0
n/a
7.4
0.6
1.0
0.6
1.0
0.0
12.2
3.0
7.2
11.2
24.7
6.5
15.3
-8.7
-9.3
-13.5
-14.6
EQTL3
Equatorial
ON
UR
BRL
20.2
UR
UR
2,211
n/a
n/a
n/a
n/a
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
17.9
3.1
-11.7
1.5
GETI4
LIGT3
AES Tiete
Light S/A
PN
ON
MP
OP
BRL
BRL
18.0
18.5
20.0
32.0
11.1
73.0
6,863
3,773
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
7.7
6.1
7.5
8.6
7.2
5.8
4.8
4.5
4.7
5.8
4.6
5.2
14.2
20.6
13.5
18.8
3.8
1.2
3.8
1.1
14.0
9.3
14.6
13.7
11.8
20.9
3.7
13.6
-5.5
-15.2
1.1
-1.6
TBLE3
Tractebel
ON
OP
BRL
34.8
43.0
23.6
22,715
n/a
n/a
n/a
n/a
15.2
13.5
10.2
7.9
8.0
6.4
15.2
12.9
3.5
3.4
3.7
9.3
30.6
5.7
-2.3
5.5
TRPL4
ISA Cteep
PN
UR
BRL
24.5
UR
UR
3,745
n/a
n/a
n/a
n/a
UR
6.2
UR
6.6
UR
6.7
UR
UR
UR
UR
UR
UR
UR
UR
UR
8.6
-3.0
-8.5
-22.8
16.3
11.1
10.5
18.8
11.0
Mdia ponderada do universo de cobertura

P/L Ibovespa
Mxico
Cdigo
Rec
Moeda
Preo
atual
BMV
MP
MXN
GF Banorte
OP
MXN
ADR
OP
V
B
B
Em presa
Preo
Alvo
Upside
(%)
25.7
29.0
85.7
105.1
USD
12.7
UP
UP
UP
UP
UP
MP
UP
UP
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
UP
MP
UP
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2013
2014
2015
2013
2014
2015
2014
2015
2014
2015
2014
2015
13.1
15,210
n/a
n/a
n/a
n/a
19.8
19.6
17.9
12.3
11.5
10.5
4.8
5.2
2.6
2.5
4.3
4.6
22.7
237,626
n/a
n/a
n/a
n/a
17.6
14.6
11.4
n.m.
n.m.
n.m.
n/a
n/a
2.0
1.7
1.4
1.8
14.0
10.3
14,854
CX
12.7
14.0
10.3
n.m.
40.9
19.3
11.8
9.6
8.1
3.7
5.6
1.4
1.3
0.0
0.0
22.5
54.3
35.0
33.2
140.5
30.6
39.8
38.4
25.0
41.0
36.0
38.0
155.0
31.0
46.0
38.0
10.9
-24.5
2.9
14.6
10.3
1.3
15.7
-1.0
53,082
59,013
109,698
34,909
188,565
543,221
71,550
37,005
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
15.7
30.0
23.9
19.7
24.4
23.9
18.6
22.0
14.6
28.2
20.8
16.3
22.0
22.0
16.8
21.4
13.6
24.4
19.9
14.2
19.6
20.3
15.0
20.1
7.9
14.9
13.4
12.2
16.0
13.3
9.4
9.5
7.4
13.8
12.0
10.0
14.6
12.1
8.3
9.1
7.1
12.4
11.5
8.4
13.2
11.1
7.2
8.6
1.3
1.1
4.3
3.6
n/a
5.2
3.0
n/a
1.6
n/a
5.2
4.4
0.4
4.3
4.1
n/a
1.6
2.0
12.3
3.1
3.0
3.9
1.5
1.5
1.5
1.9
12.4
2.5
2.7
3.7
1.4
1.4
3.6
1.0
4.2
0.0
0.6
4.5
0.0
0.6
MXN
MXN
MXN
76.4
121.2
136.3
84.0
140.0
169.0
9.9
15.5
24.0
123,046
433,538
282,611
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
20.3
23.8
22.3
20.8
20.9
19.1
17.7
18.2
16.0
10.7
13.6
11.7
10.3
12.3
10.5
9.0
10.8
9.1
7.0
3.2
3.4
5.1
4.1
4.4
2.7
2.7
2.4
2.5
2.6
2.2
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
58.8
7.5
-14.0
-24.9
564.8
2.1
-3.9
-10.2
191.6
-3.4
6.8
7.6
3.6
1.1
4.6
0.0
0.7
3.2
0.0
0.6
20.2
69.2
n/a
162.4
n/a
685.8
19.5
38.1
-5.9
2.5
n/a
7.2
n/a
10.3
4.7
-1.1
-19.0
-2.9
n/a
-8.3
n/a
-9.6
-13.6
-17.2
-17.8
20.5
n/a
11.1
n/a
-21.4
-16.8
-7.6
1.9
1.7
2.0
2.7
1.9
2.3
99.1
364.6
102.4
12.2
7.2
7.0
-4.5
-3.8
-13.0
-12.9
-12.2
-30.2

BOLSAA
GFNORTEO
Cement and Construction

CX
Cemex

GSANBOB1
COMERUBC
KIMBERA
LABB
LIVEPOLC
WALMEXV
SORIANAB
CHDRAUIB
Food & Beverage
AC
FEMSAUBD
KOFL
Grupo Sanborns
Comercial Mexicana
Kimberly Clark
Genomma Labs
Liverpool
Walmex
Soriana
Chedraui
Arca Continental
FEMSA
Coca Cola FEMSA
Infrastructure
ASURB
ICA
A. Del Sureste
ICA
B
ORD
UR
UR
MXN
MXN
164.4
21.8
UR
UR
UR
UR
49,308
13,240
ASR
ICAUS
125.7
6.7
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
76.7
102.6
8.3
0.3
-1.9
-19.4
0.7
-47.3
IDEALB1
GAPB
OMAB
IDEAL
A. Del Pacfico
A. Del Centro
B1
B
B
UR
UR
UR
MXN
MXN
MXN
31.0
76.1
47.8
UR
UR
UR
UR
UR
UR
93,005
42,664
19,093
n/a
PAC
OMABUS
n/a
58.3
29.4
n/a
UR
UR
n/a
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
n/a
70.4
29.2
n/a
7.2
15.9
n/a
9.2
8.4
n/a
8.3
1.8
OP
MXN
46.6
64.0
37.5
97,755
n/a
n/a
n/a
n/a
n.m.
20.2
15.0
9.5
8.2
6.9
n/a
n/a
2.1
2.0
2.5
3.3
225.4
7.0
-14.1
-27.4
UR
OP
MXN
MXN
5.7
24.0
UR
29.2
UR
21.8
7,470
14,502
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
UR
16.1
UR
11.6
UR
11.9
UR
19.2
UR
15.0
UR
15.1
UR
n/a
UR
7.7
UR
1.0
UR
1.0
UR
7.9
UR
7.7
8.6
44.4
16.8
6.4
14.5
-5.1
16.1
-9.6
OP
MXN
42.1
51.7
22.9
80,069
n/a
n/a
n/a
n/a
28.2
15.8
14.8
25.7
16.7
15.2
n/a
6.7
1.2
1.2
5.3
6.8
239.7
0.6
1.6
6.4
UR
UR
MXN
MXN
3.2
0.4
UR
UR
UR
UR
1,058
253
HXM
n/a
1.3
n/a
UR
n/a
UR
n/a
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
12.4
1.4
n/a
3.1
n/a
4.8
n/a
-38.6
OP
OP
MXN
MXN
25.5
26.6
29.0
27.1
13.8
1.8
9,708
13,503
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
32.5
n.m.
11.4
n.m.
11.7
n.m.
30.7
n.m.
15.8
n.m.
16.1
n.m.
n/a
n/a
7.4
n/a
0.9
17.3
0.9
16.9
7.0
0.1
8.1
0.2
36.4
36.3
-1.7
8.7
11.1
16.3
-2.3
-1.3
B
ADR
OP
OP
MXN
USD
40.8
30.3
48.0
37.0
17.6
22.2
317,628
5,946
n/a
TX
n/a
30.3
n/a
37.0
n/a
22.2
13.6
11.2
14.1
9.9
12.2
8.6
8.7
5.4
8.8
4.7
7.6
4.1
2.2
9.2
7.0
12.7
2.3
1.0
2.1
0.9
2.8
2.6
4.1
2.6
425.3
9.1
1.2
-0.1
-4.1
-5.5
-15.5
49.5

AMXL
America Movil
CPO
UP
MXN
13.3
14.5
9.2
1,016,354
AMX
20.3
22.0
8.2
13.6
11.2
11.6
5.7
5.7
5.9
7.8
5.5
4.0
3.3
0.7
0.7
907.2
0.8
-15.0
0.5
AXTELCPO
TLEVICPO
UP
UP
MXN
MXN
4.5
88.1
4.6
79.0
1.8
-10.3
6,292
249,507
n/a
TV
n/a
33.7
n/a
31.0
n/a
-7.9
2.4
30.9
n.m.
26.1
n.m.
22.9
2.1
10.3
4.0
9.6
3.6
8.7
11.1
2.8
5.4
4.7
0.8
3.3
0.9
2.9
0.0
0.4
0.0
0.4
16.7
318.7
-4.9
11.8
-4.7
10.6
18.9
34.2

AEROMEX
Aeromexico
MP
MXN
20.9
22.0
5.1
14,956
n/a
n/a
n/a
n/a
17.1
13.3
12.5
6.6
5.8
5.7
7.6
13.5
1.6
1.4
0.0
0.0
19.6
7.4
16.7
14.6
PINFRA
MP
MXN
178.5
159.0
-10.9
67,852
n/a
n/a
n/a
n/a
35.5
31.2
30.9
20.6
18.9
17.8
n/a
0.6
6.4
5.3
0.0
0.0
150.8
3.0
12.9
76.4

MEXCHEM
Mexichem
Real Estate
ARA
FIBRAMQ12
Consorcio Ara
Fibra Macquarie
FUNO11
Fibra Uno
HOMEX
SAREB
Homex
Sare
TERRA13
VESTA
ORD
ORD
B
Terrafina
Vesta

GMEXICOB
TX
Gmexico
Ternium
Axtel
Televisa
Ita BBA 4
Pinfra
CPO
CPO
Guia de Aes
Argentina
Cdigo
Em presa
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
MP
OP
USD
USD
79.6
8.1
88.0
11.2
OP
MP
USD
USD
44.6
31.0
52.9
15.0
UR
USD
10.7
UR
UR
Valor de
Mercado
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2013
2014
2015
2013
2014
2015
2014
2015
2014
2015
2014
2015
10.6083 11659.993
37.8
994
BG
n/a
79.6
n/a
88.0
n/a
10.6
n/a
10.8
n.m.
10.7
n.m.
9.8
9.8
7.8
8.4
7.6
7.7
7.3
6.5
0.6
n/a
n/a
n/a
0.9
1.0
0.9
0.9
2.2
0.0
4.8
0.0
18.6099 26325.953
-51.5
12,201
n/a
YPF
n/a
31.0
n/a
15.0
n/a
-51.6
15.7
6.9
14.6
4.7
12.9
3.5
9.1
4.2
8.2
3.8
7.5
2.8
1.3
n/a
7.4
3.7
2.0
1.6
2.0
1.4
1.7
0.0
620
IRS
10.7
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
75.6
1.6
-0.1
4.1
-2.8
0.9
9.4
6.1
7.8
0.0
55.7
47.3
6
15.8
1.3
-5.5
10.7
119.9
UR
UR
0.3
-4.9
-12.6
17.0
Agribusiness
BG
AGRO
Bunge
Adecoagro

TS
YPF
Tenaris
YPF
ADR
ADR
Real Estate
IRS
IRSA

TEO
Utilities
PAM
Telecom Argentina
ADR
UP
USD
18.4
15.0
-18.5
3,627
TEO
18.4
15.0
-18.5
5.4
5.5
5.7
1.9
1.8
1.9
14.7
13.4
1.5
1.6
6.0
5.8
3.3
12.6
10.6
37.6
Pampa Energia
ADR
UR
USD
UR
UR
304
PAM
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
0.647
19.5
11.3
45
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2013
2014
2015
2013
2014
2015
2014
2015
2014
2015
2014
2015
Chile
Cdigo
Agribusiness
SQM
Airlines
LFL
Em presa
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
SQM
ADR
UP
USD
31.4
28.0
-10.9
8,270
SQM
31.4
28.0
-10.9
19.3
24.1
21.4
11.2
12.9
11.4
3.1
3.2
3.3
3.2
2.1
3.5
28.4
3.1
22.6
-40.6
Latam Airlines
ADR
OP
USD
15.1
21.0
39.5
8,210
n/a
n/a
n/a
n/a
n.m.
18.8
16.1
8.9
7.2
6.8
n/a
5.9
1.3
1.2
0.0
0.0
9.6
-2.3
-7.7
-30.7
BSAC
n/a
23.4
n/a
26.9
n/a
14.8
n/a
16.5
12.7
14.8
11.3
14.0
10.4
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2.6
2.0
2.5
1.8
3.6
2.4
4.1
2.6
2,510.4
1,355.3
6.3
7.6
5.4
12.6
-0.2
-5.2
BCH
n/a
75.9
n/a
95.4
n/a
25.8
n/a
12.8
9.2
11.7
11.4
10.4
11.2
n/a
10.9
n/a
10.3
n/a
10.3
n/a
9.3
n/a
7.3
2.6
1.6
2.4
1.5
5.1
7.3
5.6
5.3
14,213.7
362.0
1.8
-0.1
-4.9
0.8
-0.4
-14.3

BSAN
BCI
Santander Chile
BCI
OP
MP
CLP
CLP
CHILE
ILC
Banco Chile
ILC
MP
OP
CLP
CLP
69.8
7305.0
83.5
8000.0

CENCOSUD
Cencosud
UP
CLP
1811.2
1899.9
4.8988
5084038.4
n/a
n/a
n/a
n/a
23.1
16.6
14.5
11.6
10.1
9.1
5.1
5.1
1.1
1.1
1.3
1.8
5136.4
6.7
-4.1
-37.4
FALAB
Falabella
OP
CLP
4895.6
5499.7
12.3
11,779
n/a
n/a
n/a
n/a
26.8
23.2
20.6
18.0
16.4
15.0
n/a
n/a
2.8
2.5
1.2
1.4
4740.7
3.8
2.4
-13.8
Coca Cola Andina
MP
CLP
2033.4
2740.0
34.7497 1924773.2
n/a
n/a
n/a
n/a
19.4
15.6
15.4
9.5
8.2
8.0
n/a
1.7
2.3
2.2
5.3
4.9
n/a
n/a
n/a
n/a
CCU
Concha y Toro
MP
OP
CLP
CLP
6054.4
1114.8
6630.0
1270.0
9.50714 2220881.1
13.9
832,946
CCU US
n/a
21.9
n/a
24.6
n/a
12.2
n/a
18.1
25.1
16.1
17.6
15.3
14.7
8.6
19.3
8.4
12.7
8.0
10.5
n/a
2.5
n/a
3.6
2.1
1.8
1.9
1.7
2.8
1.6
3.1
2.3
1605.8
716.3
-2.6
3.2
-1.3
14.9
-18.3
20.8
Cruz Blanca
OP
CLP
450.0
490.0
n/a
n/a
n/a
n/a
21.8
20.7
20.6
11.7
11.2
11.5
n/a
n/a
1.5
1.4
1.8
1.5
6478.7
0.8
-0.3
-20.8
MP
MP
CLP
CLP
7257.1
1259.8
7270.0
1500.0
0.17776 9433170.5
19.1
2,992,025
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
18.7
27.5
17.9
20.9
20.0
n.m.
11.2
8.6
10.6
9.1
9.4
9.0
5.8
n/a
6.8
n/a
1.6
0.6
1.5
0.6
2.2
1.9
2.1
1.7
3289.9
2095.0
-3.9
-6.6
1.8
-2.2
5.8
-25.3
OP
OP
CLP
CLP
6716.7 7850.0 16.8729 1588658.7

1321.0 1350.0
2.2
1,158,649
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
10.6
17.4
12.4
20.0
10.2
17.3
4.9
9.5
5.2
10.2
5.0
8.3
2.3
n/a
2.8
4.1
1.6
2.4
1.4
2.2
1.5
3.2
1.5
2.7
2126.8
1369.0
4
21.0
-6
5.5
-29.8
-17.3
Food & Beverage

ANDINAB
CCU
CONCHATORO
32.3
35.3
9.4
6,083,041
31203.0 33644.0 7.82298 3344164.4
19.5528 6505478.5
9.5
730,500
Healthcare
CRUZBLAN
8.9
286,943

COPEC
CMPC
Copec
CMPC

ENTEL
SONDA
Entel
Sonda
Utilities
COLBUN
Colbun
OP
CLP
137.3
155.0
12.9079 2407365.1
n/a
n/a
n/a
n/a
n.m.
22.9
25.7
17.1
11.9
9.1
8.9
13.4
1.2
1.2
0.4
2.7
1096.3
3.5
12.7
-6.1
IAM
AGUAS-A
IAM
Aguas
OP
OP
CLP
CLP
905.0
343.4
1014.0
375.0
12.0442
905000
9.18938 2101497.3
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
14.5
17.3
13.4
16.0
14.6
17.3
8.2
11.9
7.7
11.3
7.6
11.1
6.3
5.4
6.0
5.2
1.5
3.3
1.4
3.3
7.1
5.8
7.5
6.3
551.1
1487.2
-0.4
-0.6
1.8
1.9
-4.9
-5.6
ECL
ENERSIS
ECL
Enersis
UP
OP
CLP
CLP
720.4
172.0
760.0
192.0
5.5028 758762.23
11.6344 8443465.9
n/a
ENI
n/a
15.6
n/a
19.8
n/a
27.0
38.2
19.3
27.9
15.2
25.5
13.6
8.5
6.1
7.8
5.6
7.3
5.3
0.0
5.4
0.0
6.5
0.9
1.2
0.8
1.2
1.3
2.6
1.8
3.3
811.2
4056.7
-0.6
6.5
8.6
9.1
-24.8
-4.1
ENDESA
Endesa
UR
CLP
802.7
UR
UR
6583384.4
EOC
43.5
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
3104.0
4.6
1.8
-3.1
MP
CLP
298.4
335.0
12.3
2,408,240
n/a
n/a
n/a
n/a
18.1
19.1
19.2
10.9
11.3
11.2
n/a
0.1
2.0
2.0
5.6
5.3
1035.2
7.1
7.6
1.0
AESGENER
AESGener
PREF
PREF
Guia de Aes
Ita BBA 5
Colmbia
Cdigo
Em presa
Rec
Moeda
MP
OP
COP
COP
Almacenes Exito
OP
Nutresa
Preo
atual
Preo
Alvo
Upside
(%)
Valor de
Mercado
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2013
2014
2015
2013
2014
2015
2014
2015
2014
2015
2014
2015
27460.0 28329.9 3.16791 6602942.4

25500.0 31447.0
23.3
11,327,457
CIB
n/a
56.2
n/a
56.7
n/a
0.8
n/a
4.4
13.3
3.3
11.8
2.8
9.9
n/a
n.m.
n/a
n.m.
n/a
n.m.
n/a
n/a
n/a
n/a
0.4
1.7
0.4
1.5
7.0
2.5
11.5
3.1
COP
29700.0 30999.5
4.4
13,305,600
n/a
n/a
n/a
n/a
14.7
27.1
23.3
12.7
10.8
9.6
n/a
n/a
0.8
0.7
3.2
MP
COP
27000.0 24628.9
-8.8
12,423,321
n/a
n/a
n/a
n/a
37.0
31.5
27.9
17.8
15.8
14.4
3.2
3.5
1.8
1.7
Cementos Argos
OP
COP
10180.0 11300.0
11.002
13853658
n/a
n/a
n/a
n/a
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
0.0
0.0
n/a
Cemex LATAM
OP
COP
16500.0 19000.0
15.2
9,174,000
n/a
n/a
n/a
n/a
16.5
15.2
13.5
9.6
8.8
8.0
6.2
4.9
2.4
MP
USD
40.8
50.0
22.4
82,645
n/a
n/a
n/a
n/a
11.7
13.7
15.9
6.1
6.3
7.0
8.0
3.4
MP
COP
3290.0
3260.0
-0.9
8,968,777
n/a
n/a
n/a
n/a
21.4
18.9
17.9
16.4
11.8
10.0
4.7
7.7
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2013
2014
2015
2013
2014
2015
2014
2015
2014
2015
2014
2015
MP
USD
145.5
175.0
20.3
6,461
n/a
n/a
n/a
n/a
15.2
12.7
11.2
9.8
8.5
7.4
7.3
7.0
2.9
2.5
0.7
0.8
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2013
2014
2015
2013
2014
2015
2014
2015
2014
2015
2014
2015
OP
USD
137.4
174.1
26.7
10,958
n/a
n/a
n/a
n/a
15.7
11.9
10.2
n.m.
n.m.
n.m.
n/a
n/a
2.2
1.9
1.9
2.5
OP
USD
29.6
35.0
18.2
25,037
n/a
n/a
n/a
n/a
15.2
16.0
14.3
9.3
9.5
8.3
0.9
3.5
3.7
3.2
2.2
2.8
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
24,163.7
4280.7
7.8
5.7
17.1
7.7
-5.4
-2.0
3.7
6245.0
17.7
-0.6
-8.6
1.4
1.5
4225.1
12.9
3.2
4.9
n/a
0.0
0.0
7098.7
9.6
3.3
17.8
2.0
0.0
0.0
5390.1
0.7
10.9
19.7
2.2
2.1
5.1
3.1
22.6
18.8
6.1
-20.5
2.2
2.0
1.9
2.7
5498.4
9.1
-0.6
30.0
Banking
PFBCOLO
PFDAVVNDA
Bancolombia
Davivienda

EXITO
Food & Beverage
NUTRESA

CEMARGOS
CLH

EC
Ecopetrol
Utilities
ISAGEN
ADR
Isagen
Panama
Cdigo
Airlines
CPA
Em presa
Copa Airlines
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Volum e
3M
m ilhes
n/a
Apreciao
U1M
U3M
U12M
n/a
n/a
n/a
Peru
Cdigo
Em presa
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
n/a
n/a
n/a
n/a
65.0
-4.6
1.8
-21.1
Banking
BAP
Credicorp

SCCO
Southern Copper
COM
Guia de Aes
Ita BBA 6
Brasil
Receita Lquida
Cdigo
Em presa
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
Receita
Lquida
EBITDA
Lucro
Lquido
Agribusiness
FHER3
SLCE3
Fer Heringer
SLC Agricola
ON
ON
BRL
BRL
5,841
1,136
6,521
1,273
7,118
1,507
254
272
249
302
233
380
7
92
55
83
45
140
785
675
820
876
840
1,084
-58
-218
-89
-440
-76
-497
9.1
11.5
1.6
16.5
n.m.
38.7
PN
ON
ON
BRL
BRL
BRL
625
46,413
3,108
753
48,729
4,210
840
55,859
5,263
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
258
10,353
2,179
318
10,217
3,011
360
12,016
3,802
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
12.8
9.1
23.9
n/a
n/a
n/a
15.5
7.0
23.9

ABCB4
BBAS3
BBSE3
Abc Brasil
Banco do Brasil
BB Seguridade
BBDC4
BICB4
Bradesco
Bicbanco
PN
PN
BRL
BRL
43,286
UR
47,023
UR
51,978
UR
n/a
UR
n/a
UR
n/a
UR
12,202
UR
14,847
UR
17,030
UR
n/a
UR
n/a
UR
n/a
UR
n/a
UR
n/a
UR
n/a
UR
7.8
UR
n/a
UR
14.4
UR
BRSR6
BVMF3
Banrisul
BMF Bovespa
PNB
ON
BRL
BRL
3,697
2,132
4,037
2,119
4,496
2,271
n/a
1,454
n/a
1,432
n/a
1,551
794
1,080
826
1,064
913
1,216
n/a
-1,329
n/a
-1,817
n/a
-2,350
n/a
449
n/a
246
n/a
213
8.1
5.2
n/a
6.0
6.8
9.6
CIEL3
CTIP3
Cielo
Cetip
ON
ON
BRL
BRL
6,728
903
7,607
1,001
8,440
1,111
3,623
632
4,155
705
4,654
789
2,698
396
3,156
459
3,578
526
2,142
249
2,087
-5
1,889
-108
347
42
406
60
468
66
13.4
11.6
13.5
12.4
14.1
16.5
DAYC4
SMLE3
MPLU3
Daycoval
Smiles
Multiplus
PN
ON
ON
BRL
BRL
BRL
1,223
573
1,651
1,336
836
1,755
1,440
1,071
1,957
n/a
180
285
n/a
198
339
n/a
263
372
274
208
232
357
280
305
392
269
345
n/a
n/a
-214
n/a
n/a
-198
n/a
n/a
-201
n/a
0
45
n/a
6
47
n/a
6
32
6.1
n/a
11.2
n/a
n/a
16.1
5.4
n/a
15.4
VLID3
SANB11
Valid
Santander
ON
UNIT
BRL
BRL
1,169
29,827
1,359
28,955
1,529
31,892
219
n/a
275
n/a
314
n/a
101
4,290
135
4,684
165
5,358
278
n/a
238
n/a
192
n/a
47
n/a
54
n/a
50
n/a
13.6
3.7
11.7
n/a
15.0
8.9
AMAR3
ARCO
Marisa
Arcos Dorados
ON
BRL
BRL
2,515
3,945
2,798
4,195
3,105
4,647
371
312
510
301
576
361
85
58
165
71
212
101
523
567
610
684
588
776
266
270
214
276
259
287
10.3
8.3
9.0
7.5
5.8
6.8
ARZZ3
BPHA3
Arezzo
Brasil Pharma
ON
ON
BRL
BRL
973
3,269
1,090
3,807
1,233
4,459
156
169
179
224
210
290
111
28
128
55
152
78
-126
527
-135
501
-161
515
-43
124
-39
125
-36
124
12.7
15.2
15.6
14.9
15.4
12.0
BTOW3
B2W Varejo
ON
BRL
5,960
7,309
8,830
349
514
688
-181
-181
-149
2,406
2,760
3,221
-500
-350
-350
21.5
36.9
n.m.
CRUZ3
Souza Cruz
ON
BRL
6,297
6,579
7,057
2,728
2,753
3,010
1,747
1,882
2,084
59
47
47
-98
-115
-147
4.6
4.7
6.1
CVCB3
CVC
ON
BRL
639
721
815
331
372
427
118
139
186
357
238
44
-84
-27
-29
10.7
10.9
69.9
GUAR3
HGTX3
Guararapes
Cia Hering
ON
ON
BRL
BRL
3,284
1,683
3,864
1,875
4,502
2,102
793
454
892
501
1,020
572
410
330
456
362
520
410
217
-197
387
-201
553
-212
-417
81
-452
97
-506
81
16.1
11.5
13.7
12.4
12.0
10.6
HYPE3
Hypermarcas
ON
BRL
4,243
4,697
5,164
958
1,114
1,259
139
465
615
2,697
2,137
1,256
-180
-120
-127
10.1
12.9
38.2
IMCH3
LAME4
International Meal
Lojas Americ
ON
PN
BRL
BRL
1,391
13,242
1,705
15,620
2,057
18,214
181
1,808
232
2,175
274
2,625
12
458
33
557
43
722
234
4,452
281
4,580
320
4,748
140
-1,128
194
-869
208
-855
20.7
16.7
22.5
19.1
42.2
22.5
LLIS3
LREN3
Le Lis Blanc
Lojas Renner
ON
ON
BRL
BRL
716
3,906
782
4,573
875
5,317
124
800
145
939
170
1,091
-3
384
19
445
40
530
417
259
364
420
330
456
67
458
31
455
56
460
10.5
15.1
14.3
16.1
42.9
17.5
MGLU3
9,234
-153
11.3
22.7
78.6
Consumer Goods
Magazine Luiza
ON
BRL
10,509
430
551
646
124
189
1,718
1,479
1,371
NATU3
Natura
ON
BRL
6,944
7,599
8,256
1,623
1,773
1,924
832
951
1,010
955
1,132
1,225
550
494
495
8.0
7.0
4.4
PCAR4
RADL3
P.Acucar-CBD
RaiaDrogasil
PN
ON
BRL
BRL
35,984
6,266
7,983
40,247
7,419
45,728
8,774
2,627
359
3,326
453
3,838
576
1,038
182
103
1,448
235
1,630
298
6,238
48
6,695
10
6,555
61
-1,449
-247
-146
-1,543
-269
-130
-1,614
-324
13.1
17.2
15.9
20.2
22.4
21.0
TECN3
Technos
ON
BRL
458
551
621
82
108
127
39
86
107
190
184
142
204
21
15
20.2
20.2
20.2
UCAS3
VVAR11
Unicasa
Via Varejo
ON
UNIT
BRL
BRL
UR
21,744
UR
23,319
UR
25,942
UR
1,744
UR
2,195
UR
2,509
UR
689
UR
905
UR
1,076
UR
4,705
UR
4,496
UR
4,595
UR
-485
UR
-511
UR
-530
UR
10.2
UR
19.7
UR
33.8
ABEV3
Ambev
ON
BRL
34,817
38,562
40,291
16,999
19,211
20,227
11,465
13,137
13,895
-1,206
-1,206
-1,206
2,186
2,347
2,015
9.0
10.3
10.6
BEEF3
Minerva
ON
BRL
5,172
5,524
5,800
596
614
521
-52
193
142
1,480
1,365
1,285
100
106
112
8.9
4.1
n.m.
JBSS3
MDIA3
MRFG3
JBS
M. Diasbranco
Marfrig
ON
ON
ON
BRL
BRL
BRL
85,342
3,800
27,132
89,239
3,909
28,754
94,609
4,038
30,680
5,587
752
2,070
5,831
824
2,255
6,159
895
2,265
1,866
580
56
2,118
650
98
2,457
745
113
14,652
-6
9,437
12,950
-461
9,390
11,246
-975
9,334
1,693
211
900
1,522
144
880
1,613
158
853
6.7
5.1
8.3
9.2
9.2
8.1
28.7
12.1
n.m.
Anima
Dasa
ON
ON
BRL
BRL
455
2,460
551
2,726
655
3,001
98
431
129
505
150
571
43
105
121
122
138
194
-368
939
-445
836
-532
716
-45
203
-34
182
-51
199
21.7
10.3
32.3
12.7
55.8
30.6
ESTC3
Estacio
ON
BRL
1,764
2,082
2,379
346
466
563
273
385
472
-491
-640
-761
163
167
155
16.3
29.1
41.8
ODPV3
Odontoprev
ON
BRL
1,070
1,196
1,363
273
297
340
188
214
243
-257
-264
-278
11
18
20
14.0
15.4
17.7
QUAL3
Qualicorp
ON
BRL
1,181
1,421
1,685
430
531
639
51
170
289
253
-137
-577
42
71
67
19.4
21.9
91.1
BRKM5
CGAS5
Braskem
Comgas
PNA
PNA
BRL
BRL
39,917
6,420
45,061
6,573
47,539
6,335
4,769
1,394
6,078
1,460
6,595
1,448
602
577
1,567
599
2,064
603
15,661
2,631
17,662
2,689
17,594
2,845
4,320
662
4,335
702
2,781
744
7.4
6.4
10.4
12.5
n.m.
14.8
HRTP3
PETR4
HRT
Petrobras
ON
PN
BRL
BRL
0
300,941
188
339,564
496
350,078
-156
61,857
-3
80,870
243
86,549
-132
21,769
-54
29,573
86
29,780
11
220,694
635
282,332
1,075
329,242
550
116,380
812
113,783
777
103,030
n/a
7.6
n.m.
17.0
n.m.
17.1
QGEP3
QGEP
ON
BRL
490
557
1,022
297
345
794
243
259
665
-847
-410
-810
827
791
358
25.5
40.6
40.5
UGPA3
Ultrapar
ON
BRL
61,631
70,866
77,764
2,899
3,348
3,773
1,208
1,500
1,723
3,989
4,715
5,556
1,217
1,441
1,363
11.3
12.8
15.9
Food & Beverage
Healthcare + Education
ANIM3
DASA3
Guia de Aes
Ita BBA 7
Receita Lquida
Cdigo
Em presa
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
Receita
Lquida
EBITDA
Lucro
Lquido
Real Estate
ALSC3
Aliansce
ON
BRL
457
532
634
333
407
491
97
124
162
1,567
1,796
1,914
195
377
304
17.3
19.4
23.7
BHG
BTG Corporate Offices
BR Malls Par
ON
UNIT
ON
BRL
BRL
BRL
252
256
1,263
459
285
1,486
595
318
1,663
67
203
1,003
132
224
1,211
174
247
1,355
2
308
441
50
232
576
70
261
712
76
-144
4,306
332
-161
4,435
298
-180
4,088
161
250
669
250
0
572
12
0
187
26.3
11.9
11.4
29.2
11.2
11.8
n.m.
n.m.
19.3
BRPR3
CYRE3
BR Properties
Cyrela Realty
ON
ON
BRL
BRL
933
5,548
1,043
5,749
1,147
5,522
847
1,305
951
1,452
1,050
1,402
333
730
417
802
516
838
4,521
2,129
4,279
1,670
3,903
866
120
63
98
120
36
120
15.3
0.3
16.3
5.1
33.9
6.6
DIRR3
EVEN3
Direcional
Even
ON
ON
BRL
BRL
1,800
2,400
2,218
2,508
2,168
2,819
349
465
430
524
468
606
243
272
324
310
383
381
309
1,151
146
1,047
107
970
44
17
16
6
16
6
4.3
6.9
5.3
8.4
2.1
7.7
EZTC3
GFSA3
Eztec
Gafisa
ON
ON
BRL
BRL
1,108
2,430
1,082
2,183
1,328
2,039
559
273
556
378
572
366
561
-11
569
168
573
172
19
1,445
-121
1,591
-874
1,149
3
14
6
38
6
38
11.6
n.m.
6.7
n.m.
10.2
n.m.
HGRE11
CSHG Real Estate
96
101
112
89
102
HGLG11
BHGR3
BRCR11
BRML3
UNIT
BRL
88
66
-45
179
12.4
9.6
n.m.
CSHG Logistica
UNIT
BRL
35
39
41
32
37
38
11
39
40
-4
-3
-5
-17
-6
10.0
10.6
n.m.
JHSF3
JHSF Part
ON
BRL
750
897
933
234
79
360
79
389
63
108
124
1,540
-35
1,649
-40
1,739
66
252
-15
216
7.2
12.6
n.m.
IGTA3
Iguatemi
ON
BRL
484
612
739
339
450
547
182
246
287
670
914
1,174
243
464
512
17.3
19.0
17.5
KNRI11
LPSB3
Kinea Renda Imobiliria

Lopes Brasil
UNIT
ON
BRL
BRL
124
459
187
507
201
550
96
171
162
205
180
229
351
94
171
107
185
125
-122
-127
-47
-177
-57
-249
1,179
29
86
35
0
26
35.8
8.7
43.2
13.6
20.4
13.9
MRVE3
MULT3
PDGR3
MRV
Multiplan
PDG Realt
ON
ON
ON
BRL
BRL
BRL
3,995
1,010
4,797
4,088
1,203
4,273
4,091
1,339
3,682
676
693
321
788
860
831
792
970
752
369
347
-417
522
461
9
539
519
101
1,295
1,275
7,234
936
1,335
5,766
944
1,791
4,351
-4
660
-9
26
532
40
26
966
40
1.1
13.9
n.m.
2.2
17.3
n.m.
3.9
11.1
n.m.
RSID3
SCAR3
Rossi Resid
Sao Carlos
ON
ON
BRL
BRL
2,175
279
2,172
334
1,957
413
515
237
465
281
428
351
49
97
79
127
123
156
2,460
776
2,018
1,196
1,259
1,052
-9
95
6
553
6
13
n.m.
13.5
1.7
14.3
n.m.
21.2
SSBR3
Sonae Sierra
ON
BRL
283
338
421
213
258
324
105
130
174
439
518
444
149
143
44
12.9
13.3
14.6
TCSA3
Tecnisa
ON
BRL
1,777
1,875
1,934
509
608
650
225
303
348
1,874
1,551
1,188
26
26
10.2
163.8
n.m.
CSN
FIBRIA
ON
ON
BRL
BRL
17,415
7,032
19,838
7,365
21,315
7,862
5,436
2,800
6,377
2,900
5,971
3,145
1,548
-661
2,168
279
1,742
717
15,289
7,974
16,993
6,395
18,763
5,965
2,011
1,250
2,421
1,560
2,582
1,517
7.2
7.8
5.1
10.5
n.m.
n.m.
GGBR4
KLBN4
Gerdau
Klabin S/A
PN
PN
BRL
BRL
39,863
4,555
43,827
5,138
46,821
5,635
4,784
1,554
5,501
1,756
6,110
1,935
1,584
129
1,723
596
2,040
228
12,484
3,933
12,535
4,882
12,370
7,775
0
936
2,900
3,398
2,864
3,744
7.0
17.4
12.0
20.9
15.5
8.6
MAGG3
SUZB5
Magnesita SA
Suzano Papel
ON
PNA
BRL
BRL
2,656
5,571
2,923
7,153
3,128
8,565
395
1,828
460
2,266
493
2,788
55
-359
86
517
108
930
1,453
8,537
1,525
9,143
1,595
8,910
205
2,500
216
1,616
222
1,154
8.0
13.5
9.8
20.8
15.1
n.m.
USIM5
VALE5
Usiminas
Vale R Doce
PNA
PNA
BRL
USD
12,896
48,050
14,811
44,073
16,320
45,351
1,874
22,679
2,702
21,342
3,257
20,850
42
584
903
13,049
1,293
9,988
3,348
31,380
2,606
30,917
2,085
31,386
1,002
14,233
1,081
13,849
1,295
11,080
7.8
n.m.
32.0
0.5
n.m.
n.m.
VALE.P
VALE
ADR
USD
48,050
44,073
45,351
22,679
21,342
20,850
584
13,049
9,988
31,380
30,917
31,386
14,233
13,849
11,080
n.m.
0.5
n.m.
40.7

CSNA3
FIBR3

LINX3
Linx
ON
BRL
290
340
397
114
58
73
86
-299
-328
-370
-73
-28
-34
17.8
21.1
TIMP3
Tim Part S/A
ON
BRL
20,282
21,528
22,238
5,070
5,467
5,751
1,498
1,626
1,774
1,789
1,607
1,229
3,720
3,600
3,600
5.2
5.8
8.0
VIVT4
TOTS3
Telefonica Brasil
Totvs
PN
ON
BRL
BRL
34,722
1,612
35,481
1,802
36,491
2,001
10,576
402
80
10,993
447
95
11,511
506
3,718
223
3,979
284
4,314
334
2,210
-136
2,288
-253
2,851
-526
6,033
218
6,800
54
6,700
60
3.4
11.4
0.8
11.0
3.5
16.4

AUTM3
Autometal
ON
BRL
2,360
4,577
5,121
370
618
718
139
188
254
913
1,291
1,342
470
275
307
30.4
27.2
15.4
CCRO3
CCR
ON
BRL
5,231
5,837
6,343
3,462
4,003
4,389
1,417
1,711
1,977
6,952
6,301
5,533
972
737
738
11.5
14.4
18.3
ECOR3
ERJ
Ecorodovias
Embraer
ON
ON
BRL
BRL
2,483
6,068
2,360
6,136
2,625
6,778
1,286
804
1,460
781
1,687
884
442
283
583
361
702
429
2,340
172
2,546
184
2,525
339
705
232
785
237
635
242
7.2
4.1
10.3
3.1
13.0
6.6
GOLL4
Gol
PN
BRL
8,776
9,851
10,462
1,434
1,736
1,987
-720
-133
42
7,579
8,155
7,981
774
300
400
n/a
n/a
n/a
LCAM3
Locamerica
ON
BRL
538
636
668
163
198
221
16
27
30
503
560
566
100
434
352
12.1
12.9
74.1
LEVE3
Metal Leve
ON
BRL
2,404
2,588
2,728
452
477
508
225
257
272
129
191
206
104
116
123
6.6
9.0
11.9
MILS3
MYPK3
MILLS
Iochpe-Maxion
ON
ON
BRL
BRL
883
6,036
1,043
6,750
1,154
7,099
406
632
521
759
586
849
163
112
212
189
250
225
474
2,142
340
2,025
211
1,874
504
190
231
236
247
248
9.7
6.7
14.6
16.9
16.6
34.8
ARTR3
Arteris
ON
BRL
2,138
2,345
2,572
1,385
1,564
1,771
451
481
566
2,982
3,581
3,917
1,300
1,694
1,235
0.7
12.9
15.5
POMO4
Marcopolo
PN
BRL
4,197
4,400
4,831
465
493
562
288
309
358
296
345
273
199
154
106
8.6
9.9
8.3
RAPT4
RENT3
Randon Part
Localiza
PN
ON
BRL
BRL
4,253
3,440
4,215
3,744
4,506
4,009
556
915
491
961
558
1,024
235
381
184
390
238
432
1,022
1,390
927
1,032
818
710
288
284
140
211
146
297
8.4
8.1
18.7
6.8
50.2
18.1
ROMI3
STBP11
Inds Romi
Santos Brasil
ON
UNIT
BRL
BRL
657
1,325
768
1,307
817
1,379
51
498
85
450
92
460
12
220
38
190
42
205
101
72
75
-88
45
-229
27
63
28
54
30
55
9.6
5.5
n.m.
0.9
n.m.
2.0
TGMA3
TUPY3
Tegma
Tupy
ON
ON
BRL
BRL
1,753
3,079
1,884
3,430
2,028
3,622
140
452
202
539
239
569
65
86
122
196
146
217
73
724
13
570
-7
402
51
185
70
258
75
199
5.6
9.2
13.4
14.1
27.8
32.6
WEGE3
Weg
ON
USD
6,734
8,066
9,347
1,228
1,477
1,758
827
970
1,166
-272
-399
-470
250
422
459
15.9
20.7
21.6
Guia de Aes
Ita BBA 8
Brasil
Receita Lquida
Cdigo
Em presa
Moeda
2013
2014
EBITDA
2015
2013
2014
Lucro Lquido
2015
2013
2014
Divda Liquida
2015
2013
2014
Investim entos
2015
2013
2014
5 anos CAGR
2015
Receita
Lquida
EBITDA
Lucro
Lquido
Utilities
ALUP11
Alupar
UNIT
BRL
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
CESP6
CMIG4
Cesp
Cemig
PNB
PN
BRL
BRL
3,871
14,822
4,346
14,719
2,689
15,639
2,492
5,271
3,145
3,780
1,698
3,896
926
3,315
1,501
2,350
95
2,419
2,343
4,448
1,671
4,221
-806
4,002
-90
-954
-63
-865
-22
-920
n.m.
2.1
n.m.
n.m.
n.m.
n.m.
CPRE3
CPFL
ON
BRL
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
CPFE3
CPLE6
CPFL Energia
Copel
ON
PNB
BRL
BRL
UR
9,176
UR
9,755
UR
10,632
UR
1,765
UR
2,170
UR
2,333
UR
1,133
UR
1,230
UR
1,357
UR
3,204
UR
3,897
UR
5,544
UR
-2,571
UR
-2,300
UR
-2,128
UR
8.5
UR
14.2
UR
21.6
ELPL4
ENBR3
Eletropaulo
Energias do Brasil
PN
ON
BRL
BRL
8,922
7,181
10,133
7,516
11,433
8,441
800
1,724
380
1,412
810
1,759
242
492
-149
692
169
643
2,698
3,045
3,144
2,897
3,930
3,441
-701
-951
-599
-608
-655
-1,176
6.5
7.6
9.4
7.1
19.0
n.m.
EQTL3
Equatorial
ON
BRL
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
GETI4
LIGT3
AES Tiete
Light S/A
PN
ON
BRL
BRL
2,373
7,578
2,416
8,177
2,330
8,905
1,536
1,791
1,564
1,455
1,619
1,701
891
615
915
440
954
647
558
4,329
558
4,638
603
5,005
-202
-711
-186
-721
-161
-742
n.m.
6.5
n.m.
7.4
n.m.
17.3
TBLE3
Tractebel
ON
BRL
5,522
5,341
5,599
3,139
3,310
4,032
1,493
1,680
2,234
2,190
3,604
3,217
-738
-265
-228
2.6
5.5
9.7
TRPL4
ISA Cteep
PN
BRL
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
2015
2013
2014
2015
2013
2015
2013
2014
2015
2013
2014
2015
Receita
Lquida
EBITDA
Mxico
Receita Lquida
Cdigo
Em presa
Moeda
2013
2014
EBITDA
Lucro Lquido
2014
Divda Liquida
Investim entos
5 anos CAGR
Lucro
Lquido

BOLSAA
GFNORTEO
BMV
MXN
2,275
2,380
2,545
1,065
1,127
1,223
768
774
849
-2,092
-2,173
-2,266
104
100
104
7.3
9.3
8.9
GF Banorte
MXN
42,081
48,427
56,258
n/a
n/a
n/a
13,508
16,276
20,907
n/a
n/a
n/a
n/a
n/a
n/a
16.0
n/a
24.6
3,610
-622
363
771
15,680
14,964
13,939
-702
-779
-839
5.2
11.1
n.m.
n/a
n.m.

CX
USD
15,113
16,211
17,349
2,598
3,137

GSANBOB1
Grupo Sanborns
COMERUBC
Comercial Mexicana
MXN
MXN
43,076
47,362
46,340
50,149
49,939
55,251
5,857
4,084
6,450
4,376
6,932
4,956
3,373
1,966
3,635
2,092
3,897
2,422
-8,429
1,500
-7,160
1,406
-6,057
2,111
2,877
2,720
3,524
3,195
3,619
4,072
7.4
8.3
7.6
11.8
KIMBERA
Kimberly Clark
MXN
29,761
31,229
32,789
8,787
9,783
10,227
4,599
5,275
5,515
7,830
8,166
7,922
-1,944
n/a
n/a
4.7
7.0
8.6
Genomma Labs
MXN
11,675
13,715
15,645
3,068
3,626
4,137
1,776
2,144
2,456
2,512
1,207
-384
141
124
120
14.7
14.9
14.3
Liverpool
Walmex
MXN
MXN
72,908
425,161
79,941
453,731
87,890
486,615
12,559
40,221
13,885
44,342
15,426
48,161
7,744
22,717
8,584
24,722
9,603
26,753
12,316
-7,883
14,384
-7,550
14,514
-9,649
8,300
13,520
8,198
11,250
6,890
16,963
9.6
6.8
9.7
12.0
10.9
7.4
SORIANAB
Soriana
MXN
108,907
116,772
126,732
7,688
8,464
9,310
3,852
4,269
4,757
815
-1,306
-4,199
-4,100
-5,000
-5,500
8.1
9.4
11.7
CHDRAUIB
Chedraui
MXN
66,104
69,602
76,067
4,489
4,859
5,302
1,684
1,731
1,845
5,607
6,889
8,211
2,386
4,388
4,937
7.6
8.2
7.8
Arca Continental
FEMSA
MXN
MXN
60,497
252,789
59,361
276,299
62,399
297,503
12,694
39,667
12,545
44,208
14,018
50,501
6,049
18,178
5,907
20,780
6,951
23,848
9,820
45,519
3,619
45,791
623
43,926
4,200
56,877
4,037
17,652
4,056
18,658
4.2
7.9
7.2
10.1
10.4
7.2
Coca Cola FEMSA
MXN
153,476
164,753
171,914
28,560
31,337
35,456
12,686
14,827
17,671
47,654
42,628
35,554
51,129
11,296
11,768
5.6
8.2
9.0
LABB
Cemex
LIVEPOLC
WALMEXV
ADR
Food & Beverage

AC
FEMSAUBD
KOFL
Infrastructure
ASURB
ICA
A. Del Sureste
ICA
B
ORD
MXN
MXN
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
IDEALB1
GAPB
IDEAL
A. Del Pacfico
B1
B
MXN
MXN
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
OMAB
A. Del Centro
MXN
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
USD
5169.7
5316.2
5868.5
891
1,047
1,267.6
85.7
370.3499479
498.0
1109.1
1088.6263
1274.2
-684.0
-391
-607.6
6.6349816
9.8
17.2

MEXCHEM
Mexichem
Real Estate
ARA
FIBRAMQ12
FUNO11
HOMEX
SAREB
TERRA13
VESTA
Consorcio Ara
Fibra Macquarie
Fibra Uno
ORD
MXN
USD
USD
UR
1,641
3,775
UR
2,203
7,835
UR
2,232
8,575
UR
1,299
2,954
UR
1,758
6,782
UR
1,749
7,432
UR
900
2,835
UR
1,247
5,082
UR
1,215
5,427
UR
10,430
-4,204
UR
11,840
33,254
UR
11,848
33,060
UR
5,926
10
UR
1,572
52,351
UR
101
80
UR
n/a
n/a
UR
n/a
n/a
UR
n/a
n/a
Homex
Sare
ORD
B
MXN
MXN
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
Terrafina
MXN
1,256
1,800
1,756
664
1,270
1,242
299
851
830
10,716
10,301
10,346
28
623
110
n/a
n/a
n/a
Vesta
MXN
58
73
84
48
64
74
18
38
47
83
137
291
168
79
172
n/a
n/a
n/a

GMEXICOB
Gmexico
TX
Ternium
USD
9,370
9,944
11,559
4,048
4,138
4,737
1,788
1,724
1,992
3,192
3,344
2,640
3,117
2,314
1,513
7.4
2.9
1.6
ADR
USD
8,412
8,769
9,114
1,471
1,651
1,832
531
603
691
1,515
1,269
672
857
616
476
2.3
9.0
41.1
Ita BBA 9
AMXL
AXTELCPO
America Movil
Axtel
CPO
CPO
MXN
MXN
786,101
9,556
788,263
9,917
788,138
10,510
255,699
5,982
250,559
2,868
240,286
2,976
74,625
2,569
90,933
-250
87,771
-275
442,156
6,073
402,336
5,311
386,587
4,388
124,098
2,059
128,302
2,108
130,489
2,039
1.0
3.1
n.m.
6.4
0.7
n.m.
TLEVICPO
Televisa
CPO
MXN
73,124
77,112
82,547
28,514
30,187
32,346
8,087
9,553
10,896
34,868
29,374
19,750
16,762
13,857
12,821
6.2
6.9
9.5
MXN
MXN
39,900
5,542
44,293
5,687
47,545
5,737
7,360
3,589
8,571
3,886
8,892
4,060
875
1,914
1,126
2,174
1,199
2,195
33,296
6,179
34,789
5,470
35,398
4,333
3,932
1,910
3,829
1,920
3,260
1,560
n/a
8.5
n/a
10.0
n/a
11.3

AEROMEX
PINFRA
Aeromexico
Pinfra
Guia de Aes
Argentina
Receita Lquida
Cdigo
Em presa
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
Receita
Lquida
EBITDA
Lucro
Lquido
USD
USD
60,983
672
62,034
705
66,076
799
2,081
168
2,175
185
2,387
222
1,075
-10
1,085
8
1,185
101
4,130
419
4,349
439
5,214
459
1,000
-136
1,255
-205
1,385
-221
4.2
10.5
19.1
14.6
28.3
104.0
USD
USD
11,177
14,622
11,740
17,283
12,690
18,988
2,889
3,721
3,108
4,177
3,479
5,477
1,674
1,771
1,801
2,601
2,041
3,518
104
3,423
-837
3,650
-71
3,262
575
5,551
1,020
6,887
1,041
7,207
5.9
n/a
6.1
n/a
6.2
n/a
USD
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
Agribusiness
BG
AGRO
Bunge
Adecoagro
Oil, Gas & Petrochemicals + Agribusiness

TS
YPF
Tenaris
YPF
Real Estate
IRS
ADR
ADR
IRSA

TEO
Utilities
PAM
Telecom Argentina
ADR
USD
4,969
5,006
4,828
1,398
1,384
1,307
667
658
636
-1,002
-1,120
-1,157
-895
-851
-821
n/a
n/a
n/a
Pampa Energia
ADR
USD
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
Chile
Receita Lquida
Cdigo
Em presa
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
Receita
Lquida
EBITDA
Lucro
Lquido
Agribusiness
SQM
Airlines
LFL
SQM
ADR
USD
2,242
2,046
2,252
818
701
795
429
343
386
831
746
772
400
350
250
4.0
n.m.
n.m.
Latam Airlines
ADR
USD
13,295
13,632
13,980
2,159
2,609
2,843
-143
438
510
10,905
10,609
11,016
1,056
1,117
1,227
n/a
n/a
n/a
Santander Chile
BCI
Banco Chile
CLP
CLP
CLP
1,176,162
742,328
1,130,771
1,261,348
799,382
1,232,492
1,345,415
863,043
1,352,287
0
0
0
0
0
0
0
0
0
368,196
263,599
509,218
411,792
294,899
555,970
435,646
320,999
624,408
0
0
0
0
0
0
0
0
0
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
6.9
7.4
9.4
n/a
n/a
n/a
6.0
7.4
10.3
ILC
CLP
707,173
1,109,772
1,102,288
106,835
115,380
117,543
79,400
63,867
65,486
216,692
210,320
202,028
107,050
17,577
18,306
12.4
0.1
n.m.

BSAN
BCI
CHILE
ILC

CENCOSUD
Cencosud
CLP
650,247
731,538
814,950
219,718
305,844
349,557
2,468,994
2,315,758
2,318,533
372,750
223,799
382,555
7.8
8.7
8.6
FALAB
Falabella
CLP
6,556
7,197
7,915
884
986
1,103
440
507
572
3,415
3,611
3,847
516
476
518
10.9
13.0
13.8
Coca Cola Andina
CLP
1,549,810
1,750,614
1,747,616
261,567
308,361
315,598
99,168
123,707
125,163
544,527
596,492
578,059
195,456
176,143
117,224
8.9
10.2
8.7
CCU
Concha y Toro
CLP
CLP
1,197,227
475,622
1,258,398
532,156
1,318,030
577,536
252,512
55,385
264,781
82,417
283,568
98,525
123,036
33,174
138,205
47,243
145,137
56,601
-150,071
232,497
-105,761
216,088
-65,010
196,008
122,451
27,659
153,975
28,260
194,473
30,060
6.4
7.5
6.3
14.0
6.5
13.5
Cruz Blanca
USD
533,469
587,387
612,324
34,342
40,386
43,581
13,180
13,871
13,957
98,340
149,727
194,038
51,558
66,376
59,382
9.9
9.4
1.0
CLP
CLP
24,639
4,973
25,211
5,099
27,592
5,413
2,110
957
2,197
966
2,458
1,028
917
198
955
259
857
52
5,691
2,773
5,474
3,385
5,148
3,766
923
847
600
1,100
600
900
7.4
6.3
11.9
7.8
24.6
15.7

ENTEL
Entel
CLP
1,645,742
1,855,492
1,986,459
483,358
473,691
521,188
150,534
127,884
155,762
799,349
897,295
1,005,185
457,282
384,076
401,902
9.9
3.5
5.9
SONDA
Sonda
CLP
672,287
791,065
992,591
114,046
119,149
150,175
66,432
57,883
66,906
-83,790
52,440
77,891
-67,196
-146,531
-92,297
11.7
9.7
13.3
Utilities
COLBUN
Colbun
CLP
888,259
797,753
834,633
184,582
262,559
343,895
32,979
104,963
93,762
752,637
709,833
709,325
205,287
120,079
68,689
4.9
21.4
48.7
IAM
AGUAS-A
IAM
Aguas
CLP
CLP
398,029
398,029
415,587
415,587
423,792
423,792
241,359
242,192
255,149
255,999
258,917
260,707
62,514
121,496
67,486
131,391
61,891
121,761
695,002
706,014
692,706
710,816
693,069
728,350
118,000
118,000
82,600
82,600
78,470
78,470
3.6
3.6
3.0
3.1
3.8
3.3
ECL
ENERSIS
ENDESA
ECL
Enersis
Endesa
CLP
CLP
CLP
604,287
6,266,231
UR
627,701
6,578,576
UR
636,724
6,950,386
UR
134,805
1,894,452
UR
143,322
2,051,576
UR
145,075
2,170,683
UR
19,855
437,948
UR
27,229
556,287
UR
29,714
622,410
UR
329,241
823,432
UR
293,776
595,892
UR
243,095
321,765
UR
95,591
561,376
UR
42,896
559,327
UR
40,602
567,835
UR
2.3
3.5
UR
2.9
4.0
UR
3.1
20.6
UR
CLP
762,662
731,593
739,511
311,327
317,078
330,975
133,311
126,098
125,535
999,525
1,168,456
1,306,467
231,334
241,543
232,908
3.2
4.4
9.6
10,370,362 10,943,342 11,482,172
Food & Beverage

ANDINAB
CCU
CONCHATORO
Healthcare
CRUZBLAN

COPEC
CMPC
AESGENER
Copec
CMPC
AESGener
PREF
PREF
Guia de Aes
Ita BBA 10
Colmbia
Receita Lquida
Cdigo
Em presa
Banking
PFBCOLO
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
Receita
Lquida
EBITDA
Lucro
Lquido
Bancolombia
COP
5,162,066
6,379,788
7,210,012
1,515,127
2,009,545
2,375,503
n/a
n/a
n/a
12.7
n/a
13.5
Davivienda
COP
3,082,694
3,629,900
4,158,919
851,106
961,676
1,149,817
n/a
n/a
n/a
n/a
n/a
n/a
Almacenes Exito
COP
11,357
12,244
13,251
974
1,079
1,194
476
555
648
-2,776
-3,139
-3,546
425
468
511
7.8
9.3
n/a
Nutresa
COP
5,647,163
6,125,450
6,637,292
716,417
797,766
864,807
335,340
394,331
446,073
329,225
209,018
59,795
225,887
183,763
199,119
8.4
8.2
9.5
Cemex LATAM
USD
1,679
1,717
1,792
624
644
676
284
309
346
1,328
1,003
748
-94
-50
-152
4.5
6.3
9.1
Cementos Argos
COP
4,890
5,568
6,034
971
1,262
1,486
281
483
636
1,833
1,664
1,195
945
456
285
10.1
17.3
17.8
USD
38,111
39,473
37,804
15,041
14,904
13,640
7,092
6,054
5,209
6,064
9,418
10,273
7,184
7,996
8,000
2.1
n.m.
n.m.
COP
1,945,246
2,133,534
2,304,448
695,865
953,820
1,105,885
419,962
475,603
501,292
2,452,061
2,265,612
2,072,868
913,546
195,613
28,425
7.2
14.3
5.3
PFDAVVNDA
EXITO
Food & Beverage
NUTRESA
CLH
CEMARGOS

EC
Ecopetrol
ADR
Utilities
ISAGEN
Isagen
Panama
Receita Lquida
Cdigo
Em presa
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
Receita
Lquida
EBITDA
Lucro
Lquido
2,574
2,862
3,194
714
800
901
426
509
579
521
319
186
177
139
231
10.1
13.0
15.8
Airlines
CPA
Copa Airlines
USD
Peru
Receita Lquida
Cdigo
Em presa
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
2013
2014
2015
Receita
Lquida
EBITDA
Lucro
Lquido
USD
2,114
2,460
2,806
696
923
1,078
n/a
n/a
n/a
13.0
n/a
12.6
USD
5,765
5,962
7,093
2,887
2,850
3,233
1,650
1,564
1,754
1,707
2,031
1,852
1,499
1,758
1,249
7.6
1.6
0.9
Banking
BAP
Credicorp

SCCO
Southern Copper
COM
Guia de Aes
Ita BBA 11
EXONERAO DE RESPONSABILIDADE
Ita BBA uma marca usada pela Ita Corretora de Valores S.A.
Classificaes: Definies, Disperso e Relaes Bancrias
Classificaes (1)
Definio (2)
Cobertura (3)
Relao Bancria
Outperform
A expectativa do analista para a ao de um

desempenho acima da mdia do mercado.
56%
49%
Market Perform

desempenho em linha com a mdia do mercado.
31%
27%
Underperform

desempenho abaixo da mdia do mercado.
13%
12%
1. As classificaes usadas neste documento (Outperform, Market

aproximadamente a Compra, Manuteno e Venda, respectivamente.
Perform
Underperform)
(4)
correspondem
2. As classificaes refletem a avaliao do analista sobre o desempenho da cotao da ao no mdio prazo comparado
com a mdia do mercado. As recomendaes continuaro vlidas at o analista alterar a classificao, o que poder
acontecer como resultado de novas informaes, ou simplesmente devido alterao na cotao da ao (no existe um
perodo de tempo pr-determinado). As empresas esto agrupadas em setores de acordo com as suas semelhanas. Os
setores so: (i) Bancos e Servios Financeiros; (ii) Bens de Consumo & Varejo + Alimentos e Bebidas (iii) Sade +
Educao; (iv) Siderurgia & Minerao + Papel & Celulose; (v) Petrleo, Gs & Petroqumica + Agronegcio; (vi) Setor
Imobilirio & Construo; (vii) Telecomunicaes, Mdia e Tecnologia; (viii) Transportes, Indstrias e Logstica; (ix) Servios
de Utilidade Pblica; (x) Estratgia.
3. Percentual de empresas cobertas pela Ita Corretora de Valores S.A. nessa categoria de classificao.
4. Percentual de empresas includas nessa categoria de classificao, para as quais foram prestados servios de banco de
investimento, pelo Ita Unibanco S.A. ou por uma de suas empresas coligadas, nos ltimos 12 (doze) meses, ou podero
ser prestados nos prximos 3 (trs) meses.
Informaes Relevantes
1.
2.
3.
4.
5.
6.
7.
Este relatrio foi elaborado pela Ita Corretora de Valores S.A. ("Ita BBA"), uma subsidiria do Ita Unibanco S.A., regulada pela Comisso de Valores
Mobilirios (CVM), e distribudo pelo Ita BBA ou por uma de suas afiliadas (denominada conjuntamente "Grupo Ita Unibanco". Ita BBA uma marca
usada pela Ita Corretora de Valores S.A., por suas afiliadas e por outras empresas do Grupo Ita Unibanco.
Este relatrio tem como objetivo nico fornecer informaes, e no constitui e nem deve ser interpretado como sendo uma oferta de compra ou venda ou
como uma solicitao de uma oferta de compra ou venda de qualquer instrumento financeiro, ou de participao em uma determinada estratgia de
negcios em qualquer jurisdio. As informaes contidas neste relatrio foram consideradas razoveis na data em que o relatrio foi divulgado e foram
obtidas de fontes pblicas consideradas confiveis. O Grupo Ita Unibanco no d nenhuma segurana ou garantia, seja de forma expressa ou implcita,
sobre a integridade, confiabilidade ou exatido dessas informaes. Este relatrio tambm no tem a inteno de ser uma relao completa ou resumida
das estratgias de investimentos, mercados ou desdobramentos nele abordados. As opinies, estimativas e projees expressas neste relatrio refletem a
opinio atual do analista responsvel pelo contedo deste relatrio na data de sua divulgao e esto, portanto, sujeitas a alteraes sem aviso prvio. Os
preos e disponibilidades dos instrumentos financeiros so meramente indicativos e sujeitos a alteraes sem aviso prvio. O Grupo Ita Unibanco no
tem obrigao de atualizar, modificar ou alterar este relatrio e de informar o leitor, salvo quando do encerramento da cobertura dos emitentes dos ttulos
mobilirios abordados neste relatrio.
O analista responsvel pela elaborao deste relatrio, destacado em negrito, certifica, por meio desta que as opinies expressas neste relatrio refletem,
de forma precisa, nica e exclusiva, suas vises e opinies pessoais a respeito de todos os emitentes ou valores mobilirios analisados, e foram
produzidas de forma independente e autnoma, inclusive em relao ao Ita BBA, ao Banco Ita BBA S.A. e demais empresas do Grupo. Uma vez que as
opinies pessoais dos analistas de investimento podem ser divergentes entre si, o Ita BBA e suas subsidirias e afiliadas podem ter publicado ou vir a
publicar outros relatrios que no apresentem uniformidade e/ou cheguem a concluses diferentes das informaes fornecidas neste relatrio. O analista
responsvel pela elaborao deste relatrio no est registrado e/ou no qualificado como analista de pesquisas junto NYSE ou FINRA, tampouco
sendo associado Ita USA Securities, Inc., portanto, ele pode no estar sujeito s restries da Norma 2711 sobre comunicaes com uma empresa
objeto de anlise, aparies pblicas e transaes com valores mobilirios mantidos em uma conta de analista de pesquisas.
A remunerao de um analista determinada com base no total das receitas do Ita BBA, uma parcela das quais oriunda da prestao de servios de
banco de investimento. Como todos os funcionrios do Ita BBA e de suas subsidiria e afiliadas, os analistas recebem uma remunerao que est
atrelada ao resultado global. Sendo assim, a remunerao de um analista pode ser considerada indiretamente relacionada a este relatrio. Entretanto, o
analista responsvel pelo contedo deste relatrio certifica, por meio deste, que nenhuma parcela de sua remunerao esteve, est ou estar, direta ou
indiretamente, relacionada a quaisquer recomendaes ou opinies especficas contidas neste relatrio, ou vinculada precificao de qualquer um dos
valores mobilirios discutidos neste relatrio. O Grupo Ita Unibanco e os fundos, carteiras e clubes de investimentos administrados pelo Grupo Ita
Unibanco podem ter uma participao direta ou indireta equivalente a no mais que 1% (um por cento) do capital social das empresas, e podem ter estado
envolvidos na aquisio, venda ou negociao dessas aes no mercado.
Os instrumentos financeiros discutidos neste relatrio podem no ser adequados para todos os investidores. Este relatrio no leva em considerao os
objetivos de investimento, a situao financeira ou as necessidades especficas de um determinado investidor. Os investidores que desejem adquirir ou
negociar os ttulos mobilirios cobertos neste relatrio devem obter documentos pertinentes relativos aos instrumentos financeiros e s bolsas e confirmar
o seu contedo. Os investidores devem obter orientao financeira independente, com base em suas caractersticas pessoais, antes de tomar uma
deciso de investimento baseada nas informaes contidas neste relatrio. A deciso final em relao aos investimentos deve ser tomada por cada
investidor, levando em considerao os vrios riscos, tarifas e comisses. Caso um instrumento financeiro seja expresso em uma moeda que no a do
investidor, uma alterao nas taxas de cmbio pode impactar adversamente seu preo, valor ou rentabilidade, e o leitor deste relatrio assume quaisquer
riscos de cmbio. Os rendimentos dos instrumentos financeiros podem apresentar variaes e, consequentemente, o preo ou valor dos instrumentos
financeiros pode aumentar ou diminuir, direta ou indiretamente. Rentabilidade passada no necessariamente indicativa de resultados futuros, e
nenhuma segurana ou garantia, de forma expressa ou implcita, dada neste relatrio em relao a desempenhos futuros. O Grupo Ita Unibanco se
exime de toda e qualquer responsabilidade por eventuais prejuzos, diretos ou indiretos, que venham a decorrer da utilizao deste relatrio ou de seu
contedo e ao utilizar tal relatrio o investidor obriga-se, de forma irrevogvel e irretratvel, a manter o Grupo Ita indene em relao a quaisquer pleitos,
reclamaes e/ou pedidos.
Este relatrio no pode ser reproduzido ou redistribudo para qualquer outra pessoa, no todo ou em parte, qualquer que seja o propsito, sem o prvio
consentimento por escrito do Ita BBA. Informaes adicionais sobre os instrumentos financeiros discutidos neste relatrio se encontram disponveis
mediante solicitao.
Conforme exigido pelas regras da Comisso de Valores Mobilirios o(s) analista(s) responsvel(eis) pela elaborao do presente relatrio indica(m) no
quadro abaixo "Informaes Relevantes" situaes de potencial conflito.
Observao Adicional nos relatrios distribudos no (i) Reino Unido e Europa: Itau BBA International plc: Este material distribudo e autorizado pelo
Itau BBA International plc (Itau BBA UK) em conformidade com o Artigo 21 do Financial Services and Markets Act 2000. O material que descreve os servios
e produtos oferecidos pelo Ita Unibanco SA (Ita) foi elaborado por aquela entidade. IBBA UK uma filial do Ita. Ita uma instituio financeira
validamente existente sob as leis do Brasil e membro do Grupo Ita Unibanco. Ita BBA International plc sede 20 andar, 20 de Primrose Street, London,
Reino Unido, EC2A 2EW e est autorizado pela Prudential Regulation Authority e regulado pela Autoridade de Conduta Financeira e do Prudential
Regulation Authority (FRN 575225). Ita BBA International plc Sucursal Lisboa regulado pelo Banco de Portugal para a realizao de negcios. Ita BBA
International plc tem escritrios de representao na Frana, Alemanha e Espanha, que esto autorizados a realizar atividades limitadas e as atividades de
negcios realizados so regulados pelo Banque de France, Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) e Banco de Espaa, respectivamente .
Nenhum dos escritrios e filiais lida com clientes de varejo. Para qualquer dvida entre em contato com o seu gerente de relacionamento. Para mais
informaes acesse: www.itaubba.co.uk; (ii) EUA: A Ita BBA USA Securities Inc., uma empresa membro da FINRA/SIPC, est distribuindo este relatrio e
aceita a responsabilidade pelo contedo do mesmo. O investidor americano que receber este relatrio e desejar realizar uma operao com um dos valores
mobilirios analisados neste relatrio, dever faz-lo atravs da Ita USA Securities Inc., localizada na 767 Fifth Avenue, 50th Floor, New York, NY 10153;
(iii) sia: Este relatrio distribudo em Hong Kong pela Ita Asia Securities Limited, autorizada a operar em Hong Kong nas atividades reguladas do Tipo 1
(operaes com ttulos e valores mobilirios) pela Securities and Futures Commission. A Ita Asia Securities Limited aceita toda a responsabilidade legal
pelo contedo deste relatrio. Em Hong Kong, um investidor que desejar adquirir ou negociar os valores mobilirios abrangidos por este relatrio dever
entrar em contato com a Ita Asia Securities Limited, no endereo 29th Floor, Two IFC, 8 Finance Street - Central, Hong Kong; (iv) Japo: Este relatrio
distribudo no Japo pela Ita Asia Securities Limited - Filial de Tquio, Nmero de Registro (FIEO) 2154, Diretor, Kanto Local Finance Bureau, Associao:
Associao dos Operadores de Ttulos Mobilirios do Japo; (v) Oriente Mdio: Este relatrio foi distribudo pela Ita Middle East Limited. A Ita Middle East
Limited regulada pela Dubai Financial Services Authority e localizada no endereo Al Fattan Currency House, Suite 305, Level 3, Dubai International
Financial Centre, PO Box 482034, Dubai, Emirados rabes Unidos. Esse material destinado apenas para Clientes Profissionais (conforme definido pelo
mdulo de Conduta de Negcios da DFSA), outras pessoas no devero utiliz-lo; (vi) Brasil: A Ita Corretora de Valores S.A., uma subsidiaria do Ita
Unibanco S.A., autorizada pelo Banco Central do Brasil e aprovada pela Comisso de Valores Mobilirios brasileira, est distribuindo este relatrio. Caso
Ita BBA 12
haja necessidade, entre em contato com o Servio de Atendimento a Clientes, telefones n. 4004-3131* (capital e reas metropolitanas) ou 0800-722-3131
(outras localidades) durante o expediente comercial, das 09h00 s 20h00. Se desejar reavaliar a soluo apresentada, aps a utilizao destes canais, ligue
para a Ouvidoria Corporativa Ita, telefone n. 0800 570 0011 (em dias teis das 9h00 s 18h00), ou entre em contato por meio da Caixa Postal 67.600, So
Paulo-SP, CEP 03162-971. * Custo de uma Chamada Local
Informaes Relevantes Analistas

Analistas
Itens de Divulgao
1
Alejandra Aranda
Alexandre Spada
Andr Pinheiro
Antonio Barreto
Ariel Amar
Arturo Langa
Barbara Angerstein
Carlos Constantini
David Lawant
Diego Mendes
Enrico Trotta
Felipe Cruz
Gabriel Laera
Giovana Arajo
Gregorio Tomassi
Gustavo Fingeret
Joaquin Ley
Marcos Assumpo
Martha Shelton
Paula Kovarsky
Pedro Maia
Rachel Rodrigues
Regina Longo Sanchez
Renata Faber
Renato Salomone
Ricardo Cavanagh
Roberto Barba
Susana Salaru
Thais Cascello
Thiago Bovolenta Batista
Thiago Macruz
Vitor Paschoal
1.
O(s) analista(s) de investimentos, envolvidos na elaborao deste relatrio, tem vnculo com pessoa natural que trabalha
para o emissor objeto do relatrio de anlise. A natureza do vnculo consiste em...
2.
O(s) analista(s) de investimentos, seus cnjuges ou companheiros, detm, direta ou indiretamente, em nome prprio ou
de terceiros, aes e/ou outros valores mobilirios de emisso das companhias objeto de sua anlise.
3.
Os analistas de investimento, seus cnjuges ou companheiros, esto direta ou indiretamente envolvidos na aquisio,
alienao ou intermediao dos valores mobilirios objeto deste relatrio.
4.
Os analistas de investimento, seus cnjuges ou companheiros, possuem, direta ou indiretamente, qualquer interesse
financeiro em relao companhia emissora dos valores mobilirios analisados neste relatrio.
5.
Os analistas de investimento, seus cnjuges ou companheiros, negociam com cotas de fundos de investimento que
concentram seus investimentos na companhia analisada ou em seu setor da economia,ou em cuja administrao ou gesto
podem influenciar, direta ou indiretamente.
Ita BBA 13
Contatos
www.itautrade.com.br
CAPITAS E REGIES METROPILITANAS

4004-3131
DEMAIS LOCALIDADES
0800 722 3131
Em dias teis, das 9 s 20 horas
Claudio Sanches - Diretor
Roberto Fonseca - Superintendente
MESA DE INVESTIDORES INDIVIDUAIS

Marcio Y. Kimura - Head
Marcella Silveira
Assessores:
Cristiano Melo, Luciana Teofila, Renan Mendelsohn, Felipe Leite L Rodrigues, Gabriel Albuquerque e Thalis Andrade
Gustavo Carratu, Alex Arimura, Jorge Penteado, Nestor Torre Jr, Mariana Negri e Eduardo Finotti Sampaio
Joao Vargas, Fernanda Buratto, Marcelo Boragini, Eduardo Oliveira Barros, Pedro Goulard e Fernando Funes
Rodrigo Antunes, Remerson Quintiliano, Rafael Ayres, Pedro Ricco, William Silva e Adilson Schelbauer
Carlos Constantini - Diretor
PRIVATE BANKING DESK

Private Banking - Sales Traders
Felipe Beltrami - Head
Marcelo Ferri
Caio Felipe Zanardo Val
Guilherme Rudge V. Simes
Marco Antonio Fernandes Gomes
Patrick Felipe Kalim
Robinson Minetto
Fabio Pinheiro Molina
Ouvidoria Corporativa Ita (0800 570 0011), em dias teis, das 9 s 18 horas, ou Caixa Postal 67.600, CEP 03162-971
Ita BBA 14

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