Post on 10-Jan-2016
description
abcd
Brazil Equity StrategyPart 1
Marcelo Mesquitamarcelo.mesquita@ubsw.com5521 2555 3333
Marcio Britomarcio.brito@ubsw.com
5521 2555 3031
Companies mentioned and disclosures on page 25
April 11, 2003
abcd 2
Summary UBSW Market view:
— Short-term (until May) Positive: Lula building credibility and a majority in Congress; details of structural reforms. (Our view: 15,000 Ibovespa; FX less volatile around 3.3)
— Medium-term (May to Dec.) Neutral/Positive: Implementation risks (Congress and State controlled companies hard to manage?). Two scenarios: 15,000 to 20,000 range Ibovespa at 3.3 FX (if reforms approved) or 10,000 at 4.0 (no reforms and non-market oriented management).
— Long-term (next 2 to 4 years): Drivers are “2004 Municipal elections” and “Twin Deficit performance” (primary fiscal surplus and current account). That will set parameter for Lula’s actions and ability to control Congress (approving reforms).Bull case (25,000 at 3.3). Bear case (10,000 at 4.5)
Best stocks (“domestic plays”, “winners of stronger Real”, “higher betas with low debt”): Petrobras, Sabesp, Brasil Telecom, Telemar, Eletrobras, Unibanco, Ambev, Gerdau, CCR.
Avoid: high financial leverage and low pricing power.
abcd 3
Already in the official agenda: (1) Social
Security (fiscal+efficiency) (2) Tax
Reform (boost exports+efficiency+maybe fiscal) (3) Central Bank
independence (expectations) (4) New Labour law
(incentive to hire officially) (5) New bankrupcy
law (reduce banking spreads)
To be included later in the agenda ? (6) FTAA
(Mexico convergence case, fiscal+trade) (7) Judiciary
reform (efficiency + costs). (8) Political Reform
(better representation=efficiency) (9) Privatisation
(gencos + water, fiscal, FDI)
The necessary agenda of Structural Reforms:
abcd 4
Toward equilibrium, not collapse…
The good news:
(1) Congress and institutions are now a strong
anchor; (2) The floating exchange rate is working and is a consensus; (3) Companies and individuals in Brazil have low leverage; (4) The Fiscal Responsibility Law works
(5) The IMF agreement (Primary fiscal
surplus targets) (6) The PT wants to be re-elected.
Main risks:
(1) The world should remain hostile for how long?
(2) The new economic team is crucial(3) Implementation risk at “micro”
level (4) Debt dynamics still hard to handle without structural reforms
abcd 5
60% chance “slowly in the correct direction” (inflation?)
30% chance “happy ending” (Lula better than Cardoso)
10% chance “default” (if capital controls necessary)
(60% x 16,000) + (30% x 25,000) + (10% x 10,000) = 18,100?
Global: (1) When the US recovery starts (timing of War)? (2) impact on commodity prices (Oil) and volumes
exported, (3) impact on FDI, global credit and global equity risk premium.
Local: (1) How far can selic rates fall (with and without Structural Reforms)? (2) Where the real exchange rate must be to generate at least US$ 15 billion trade surplus?
Our scenarios and the difficult questions:
abcd 6
“Normal times” = 600 to 800 bp Brazil Risk
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2,600
Dez/
98
Fev/
99
Abr/9
9
Jun/
99
Ago/
99
Out
/99
Dez/
99
Fev/
00
Abr/0
0
Jun/
00
Ago/
00
Out
/00
Dez/
00
Fev/
01
Abr/0
1
Jun/
01
Ago/
01
Out
/01
Dez/
01
Fev/
02
Abr/0
2
Jun/
02
Ago/
02
Out
/02
Dez/
02
Fev/
03
Poin
ts
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Embi Ibovespa
abcd 7
IBOVESPA CURRENT PRICE: 11, 626Upside Potential: 36.6%
Bottom-up approach: 15,882 points (12m) possible
Source:Broadcast, UBS Warburg
prices as March 27, 2003
10.0% upside used for Restricted or Not Rated companies
Company Rating UBSW TargetPotential Upside /
DownsideStake Latest Price UBSW Coverage
IBOVESPA 15,882.69 36.6% 11,626.00
Telecom 42.33% 40.44%
Telemar PN Neutral 2 41.0 42.4% 14.29% 28.80 14.29%
Globocabo PN NR 0.6 83.3% 1.39% 0.30 0.00%
Embratel PN Reduce 2 2.6 -29.5% 4.55% 3.69 4.55%
Telesp Celular Part PN Buy 2 7.4 67.8% 4.86% 4.41 4.86%
Brasil Telecom Par. PN Buy 2 36.0 86.5% 2.76% 19.30 2.76%
Embratel ON Reduce 2 2.6 -41.3% 0.90% 4.43 0.90%
Telemar ON Neutral 2 41.0 100.8% 1.08% 20.42 1.08%
Tele Centro Oeste Cel PNBuy 2 9.4 70.0% 2.25% 5.53 2.25%
Brasil Telecom Par. ON Buy 2 36.0 140.8% 0.55% 14.95 0.55%
Telepar PN Buy 2 26.7 140.3% 2.23% 11.11 2.23%
Tele Celular Sul PN Neutral 2 (under review) 3.2 10.0% 0.92% 2.30 0.92%
Tele Nordeste Cel PN Neutral 2 (under review) 3.3 42.9% 1.08% 2.31 1.08%
Telemar N L Buy 2 68.0 70.9% 1.81% 39.80 1.81%
Telemig Celular Part PN Neutral 2 (under review) 3.8 44.4% 1.21% 2.66 1.21%
Tele Leste Celular PN NR 0.5 10.0% 0.50% 0.44 0.00%
Tele Celular Sul ON Neutral 2 (under review) 3.2 10.0% 0.44% 2.49 0.44%
CRT Celular PNA Neutral 2 (under review) 470.0 45.7% 0.67% 322.50 0.67%
Telesp PN Neutral 2 41.0 29.3% 0.84% 31.70 0.84%
Utilities 12.51% 6.31%
Eletrobras PNB NR 24.9 10.0% 3.48% 22.66 0.00%
Cemig PN Buy 2 (under review) 35.0 27.7% 2.92% 27.36 2.92%
Eletrobras ON NR 22.1 10.0% 1.02% 20.10 0.00%
Copel PNB Buy 2 14.4 68.1% 1.26% 8.56 1.26%
Celesc PNB NR 0.5 10.0% 0.44% 0.45 0.00%
Cesp PN NR 6.9 10.0% 0.43% 6.25 0.00%
Sabesp ON Buy 2 126.0 41.3% 1.16% 89.15 1.16%
Light ON Reduce 2 (under review) 33.0 27.0% 0.11% 25.97 0.11%
Transmissao Paulista PN NR 6.8 10.0% 0.48% 6.18 0.00%
Eletropaulo PN Buy 2 37.5 61.4% 0.74% 23.24 0.74%
Tractebel ON NR 4.4 1.4% 0.35% 4.30 0.00%
Cemig ON Buy 2 (under review) 35.0 65.6% 0.12% 21.11 0.12%
Oil 12.69% 12.51%
Petrobras PN Buy 2 67.0 44.7% 9.52% 46.31 9.52%
Petrobras ON Buy 2 67.0 32.8% 2.99% 50.46 2.99%
Ipiranga Petroleo PN NR 8.0 10.0% 0.19% 7.25 0.00%
Mining 3.46% 2.40%
CVRD PNA Buy 2 142.0 60.8% 2.40% 88.30 2.40%
CVRD ON NR 100.7 10.0% 1.06% 91.50 0.00%
Steel 6.74% 6.05%
Acesita PN NR 1.3 10.0% 0.69% 1.20 0.00%
Usiminas PNA Neutral 2 (under review) 8.5 -5.9% 1.89% 9.03 1.89%
CST PN Buy 2 59.0 28.3% 0.73% 46.00 0.73%
CSN ON Neutral 2 75.0 13.1% 2.16% 66.31 2.16%
Gerdau PN Neutral 2 36.0 17.6% 1.26% 30.60 1.26%
Forest Products 1.57% 1.22%
Aracruz PNB Neutral 1 (under review) 9.0 36.2% 0.66% 6.61 0.66%
Klabin PN NR 1.2 -37.8% 0.35% 1.93 0.00%
VCP PN Buy 2 175.0 10.0% 0.56% 120.49 0.56%
Chemicals 0.29% 0.00%
Braskem PNA NR 259.6 10.0% 0.29% 236.00 0.00%
Banks 13.28% 8.51%
Bradesco PN Neutral 2 13.0 14.0% 6.29% 11.40 6.29%
Itaubanco PN NR 232.0 27.7% 4.16% 181.70 0.00%
Bradespar PN NR 0.7 10.0% 0.61% 0.65 0.00%
Banco do Brasil ON Neutral 2 (under review) 12.0 4.4% 2.21% 11.49 2.21%
Industrial (Diversified) 2.50% 2.50%
Embraer ON Neutral 2 13.0 44.4% 0.53% 9.00 0.53%
Embraer PN Neutral 2 13.0 21.8% 1.97% 10.67 1.97%
Conglomerates 1.78% 0.00%
Itausa PN NR 2.4 10.0% 1.78% 2.16 0.00%
Beverages 1.78% 1.78%
Ambev PN Buy 2 962.0 72.1% 1.78% 559.00 1.78%
Tobacco 0.82% 0.82%
Souza Cruz ON Neutral 2 21.0 13.2% 0.82% 18.55 0.82%
Gas 0.26% 0.00%
Comgas PNA NR 57.2 10.0% 0.26% 52.00 0.00%
Total 100.00% 82.53%
abcd 8
Brazil vs. Global (valuation and profitability)
Source:UBS Warburg; (1) As of March 21, 2003; (2) Based on 2003 estimated figures.
Valuation Profitability and GrowthP/E (x)
P/CF (x)
EV/EBIT (x)EV/OpFCF (x)
EV/EBTIDA (x)
Brazil LATAM Emerging Global
ROE (%)
ROIC (%)
EBIT margin (%)EPS Growth (%)
FCF Yield (%)
Brazil LATAM Emerging Global
P/E (x) P/CF (x) EV/EBIT (x) EV/OpFCF (x) EV/EBTIDA (x)Brazil 5.80 3.40 4.50 3.90 3.20 LATAM 8.10 4.20 6.10 5.20 4.20 Emerging 8.70 4.70 6.90 5.90 4.50 Global 14.30 7.80 11.50 9.90 7.00 Discount to Global (%) 59.4% 56.4% 60.9% 60.6% 54.3%
ROE (%) ROIC (%) EBIT margin (%) EPS Growth (%) FCF Yield (%)Brazil 18.00 23.00 26.80 207.00 20.30 LATAM 15.90 20.10 23.60 110.50 14.00 Emerging 13.80 17.90 17.20 34.40 7.90 Global 12.60 13.70 10.30 29.80 5.20 Premium to Global (%) 42.9% 67.9% 160.2% 594.6% 290.4%
abcd 9
Equity is now “cheap” relative to debtEMBI BR Spread x Ibovespa
(Constant Prices IGP-DI)
Source: Tendências, Economatica and UBS Warburg; (1) Figures as of March 27, 2003.
Assuming current country risk is “correct”, the
Ibovespa should be around 19,224 points
At 750 bp: Ibovespa target at 22,192
At current levels, each 100bp change in country
risk implies in some 1,468 points for Ibovespa; but
At 700bp, each 100bp change in country risk
implies in some 1,955 points for Ibovespa
EMBI BR Spread x Ibovespa (Constant Prices IPCA)
Assuming current country risk is “correct”,
Ibovespa should be around 16,338 points.
At 750 bp: Ibovespa target at 18,686
At current levels, each 100bp change in country
risk implies in some 1,160 points for Ibovespa; but
at 700bp, each 100bp change in country risk
implies in some 1,547 points for Ibovespa
y = -13665Ln(x) + 112656
R2 = 0.7481
-
5,000
10,000
15,000
20,000
25,000
30,000
- 500 1,000 1,500 2,000 2,500 3,000
Last point:Ibovespa = 11,778SoT = 932
y = -10809Ln(x) + 90241
R2 = 0.7677
-
5,000
10,000
15,000
20,000
25,000
30,000
- 500 1,000 1,500 2,000 2,500 3,000
Last point:Ibovespa = 11,778SoT = 932
abcd 10
“Yield Gap” implying no growth of earnings
P/E vs. EMBI Spread EV/EBITDA vs. EMBI Spread
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%05
-Oct
-00
05-D
ec-0
0
05-F
eb-0
1
05-A
pr-0
1
05-J
un-0
1
05-A
ug-0
1
05-O
ct-0
1
05-D
ec-0
1
05-F
eb-0
2
05-A
pr-0
2
05-J
un-0
2
05-A
ug-0
2
05-O
ct-0
2
05-D
ec-0
2
05-F
eb-0
3
Earnings Yield G27 Yield
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
05-O
ct-0
0
05-N
ov-0
0
05-D
ec-0
0
05-J
an-0
1
05-F
eb-0
1
05-M
ar-0
1
05-A
pr-0
1
05-M
ay-0
1
05-J
un-0
1
05-J
ul-0
1
05-A
ug-0
1
05-S
ep-0
1
05-O
ct-0
1
05-N
ov-0
1
05-D
ec-0
1
05-J
an-0
2
05-F
eb-0
2
05-M
ar-0
2
05-A
pr-0
2
05-M
ay-0
2
05-J
un-0
2
05-J
ul-0
2
05-A
ug-0
2
05-S
ep-0
2
05-O
ct-0
2
05-N
ov-0
2
05-D
ec-0
2
05-J
an-0
3
05-F
eb-0
3
Debt Yield (Global 27) vs. Earnings
Yield
Necessary Growth Rates to Justify Equity Risk Premium of 4.5%
Source: Tendências, MCM, Economatica and UBS Warburg; (1) Figures as of February 20, 2003.
y = -5.8838Ln(x) + 50.21
R2 = 0.4809
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
- 500 1,000 1,500 2,000 2,500 3,000
Last point:P/E =5.17xSoT = 958
y = -3.0307Ln(x) + 25.495
R2 = 0.7625
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
- 500 1,000 1,500 2,000 2,500 3,000
Last point:EV/EBITDA = 3.39SoT = 958
abcd 11
Bond vs. Earnings Yields: now favouring equities
Source: (1) Hurdle rate calculated assuming a required equity risk premium of 5%; (2) Using Earnings and OpFCF in US$ estimated for 2003; (3) Using average prices (bid, ask) to calculated bond yields; (4) Price and Market Cap. figures in US$ as of March 20, 2003.
Company Bond BondYield
Earnings
Yield
OpFCF
Yield
EY
Dif.
OpFCF Y
Dif.
Value Creation (1)
(Earnings)
Value Creation (1)
(OpFCF)
BRAZIL Brazil 04 11.625% 10.08% 16% 27% 6% 17% 1% 12%
BRAZIL Brazil 10 12% 14.26% 16% 27% 2% 13% -3% 8%
Petrobras Petrobras 06 10% 8.31% 43% 33% 34% 25% 29% 20%
Eletrobras Eletrobras 05 12% 13.59% 35% 30% 21% 16% 16% 11%
CSN CSN 04 9.5% 9.22% 27% 17% 17% 8% 12% 3%
Banco do Brasil Brasil 07 9.375% 11.19% 25% 25% 14% 14% 9% 9%
Unibanco Unibanco 04 6% 4.83% 18% 18% 13% 13% 8% 8%
CVRD CVRD 04 10% 4.68% 13% 18% 9% 14% 4% 9%
Bradesco Bradesco 04 5.875% 5.32% 14% 14% 8% 8% 3% 3%
Itau Itau 05 6.75% 6.75% 14% 14% 7% 7% 2% 2%
Sabesp Sabesp 05 10% 14.65% 16% 21% 1% 6% -4% 1%
Ambev Ambev 11 8.73% PRI 10.49% 11% 15% 0% 4% -5% -1%
Ambev 11 8.73% PRI
Sabesp 05 10%Itau 05 6.75%Bradesco 04 5.875%
CVRD 04 10%
Unibanco 04 6%
Brasil 07 9.375%CSN 04 9.5%
Eletrobras 05 12%
Petrobras 06 10%
Brazil 10 12%Brazil 04 11.625%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00%
Bond Yield
Ear
nin
gs
Yie
ld
Hurdle Rate
Ambev 11 8.73% PRI
Sabesp 05 10%
Itau 05 6.75%Bradesco 04 5.875%
CVRD 04 10%
Unibanco 04 6%
Brasil 07 9.375%
CSN 04 9.5%
Eletrobras 05 12%
Petrobras 06 10%
Brazil 10 12%Brazil 04 11.625%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00%
Bond Yield
Op
FC
F Y
ield
Hurdle Rate
abcd 12
4Q02 Earnings Wrap-up: worse than expected...
Source:Company Balance Sheets, UBS Warburg; (1) Figures in R$ million.
Sector Market Cap.EBITDA
4Q02 to 3Q02EBITDA 4Q02A
EBITDA 4Q02E
EBITDA 4Q01A
EBITDA 3Q02A
A/E (%)
YoY (%)
QoQ (%)
Aerospace 6,164 Better 951 817 327 675 16.4 190.9 40.9 Banks, Ex-S&L 50,363 - - - - - - - - Building Materials 639 In Line 61 65 50 58 (6.2) 20.9 5.2 Chemicals, Commodity 1,590 Worse 140.0 157.0 90.4 160.1 (10.8) 54.9 (12.6) Distillers & Brewers 21,271 Better 1,122 1,062 742 671 5.6 51.2 67.1 Electric Utilities 13,113 Worse (11.8) 2,665.8 4,190.6 2,630.3 (100.4) (100.3) (100.5) Fixed-Line Communications 49,252 In Line 5,988 6,199 4,484 6,204 (3.4) 33.5 (3.5) Food Products 1,255 Worse 179.0 218.0 271.4 209.0 (17.9) (34.1) (14.4) Food Retailers & Wholesalers 5,150 Better 212 235 178 175 (9.8) 19.3 21.3 I ndustrial Services 624 In Line 128.0 128.0 167.0 125.6 - (23.4) 1.9 Mining 1,674 Better 248 217 148 200 14.3 67.4 23.7 Oil Companies, Secondary 53,958 Worse 4,526.0 7,566.0 3,195.0 5,714.0 (40.2) 41.7 (20.8) Paper Products 15,836 Better 1,387 1,268 621 1,098 9.4 123.6 26.4 Steel 5,684 In Line 1,082.4 629.0 393.4 1,103.7 72.1 175.1 (1.9) Tobacco 5,686 Better 350 331 200 285 5.7 74.9 22.8 Water Utilities 2,324 In Line 463.0 512.0 499.1 480.6 (9.6) (7.2) (3.7) Wireless Communications 10,916 In Line 1,036.6 963.1 815.6 1,014.1 7.6 27.1 2.2
Brazil 245,500 Worse 17,862 23,033 16,373 20,804 (22.5) 9.1 (14.1)
Brazil ex- Petrobras and Eletrobras 181,486 In Line 13,349 13,348 10,557 12,913 0.0 26.5 3.4
Sector Market Cap.Net Income
4Q02 to 3Q02Net Income
4Q02ANet Income
4Q02ENet Income
4Q01ANet Income
3Q02AA/E (%)
YoY (%)
QoQ (%)
Aerospace 6,164 Better 649 620 291 189 4.7 122.8 242.9 Banks, Ex-S&L 50,363 In Line 2,280.7 1,882.7 1,424.8 2,250.6 21.1 60.1 1.3 Building Materials 639 Worse 20 26 (3) 25 (23.1) (863.9) (19.4) Chemicals, Commodity 1,590 Better 108.0 90.0 24.9 47.6 20.0 333.7 126.9 Distillers & Brewers 21,271 Worse 431 230 179 497 87.4 141.2 (13.4) Electric Utilities 13,113 Worse (3,078.4) 550.8 1,013.6 2,679.1 (658.8) (403.7) (214.9) Fixed-Line Communications 49,252 Worse 1,162 1,701 1,115 (385) (31.7) 4.2 (401.7) Food Products 1,255 Better 98.0 110.0 126.1 71.8 (10.9) (22.3) 36.4 Food Retailers & Wholesalers 5,150 Better 102 99 116 36 3.0 (11.8) 181.5 I ndustrial Services 624 Worse 89.0 50.0 66.5 (151.1) 78.0 33.8 (158.9) Mining 1,674 Better (292) 171 21 (1) (270.8) (1,470.1) 26,041.5 Oil Companies, Secondary 53,958 Better 2,828.0 5,402.0 2,823.0 2,368.0 (47.6) 0.2 19.4 Paper Products 15,836 Worse 1,059 720 266 (597) 47.0 297.8 (277.2) Steel 5,684 Better 370.7 312.0 204.7 262.3 18.8 81.1 41.3 Tobacco 5,686 Worse 187 254 66 358 (26.4) 181.5 (47.7) Water Utilities 2,324 Worse 231.0 231.0 518.5 (663.6) - (55.4) (134.8) Wireless Communications 10,916 Worse (342) 174 (350) 56 (296.4) (2.4) (709.0)
Brazil 245,500 Worse 5,903 12,623 7,904 7,043 (53.2) (25.3) (16.2)
Brazil ex- Petrobras and Eletrobras 181,486 Better 5,987 7,006 5,238 1,309 (14.5) 14.3 357.4
abcd 13
US$ Ibovespa: a history of Political Cycles
US$ 3,692
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
WTC Attack
Electricity rationing starts
Thailand crisis
Asia crisis
Russia crisis
Real devaluationArminio Fraga
Selic rates fall and locals go to equities
Collor FHC 1 FHC 2ItamarSarney Lula
abcd 14
Historical Multiples (52w forward EV/EBITDA)
Source:Bloomberg, UBS Warburg; Updated as of April 9, 2003
(1) These multiples were calculated using figures in Dollars (US$)
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
Jan-
98
Apr-
98
Jul-9
8
Oct
-98
Dec
-98
Apr-
99
Jul-9
9
Sep-
99
Dec
-99
Mar
-00
Jun-
00
Sep-
00
Dec
-00
Mar
-01
Jun-
01
Sep-
01
Dec
-01
Mar
-02
Jun-
02
Sep-
02
Dec
-02
Mar
-03
Jan99
Floating of the Real
Sep 2001
WTC Attacks
Jun 2001
Electricity Crisis
Russia crisis
Arminio Fraga assumes
the Central Bank
Selic rates felll
and locals go to equities
abcd 15
Historical and relative EV/EBITDA by Sector
Historic EV/EBITDA by Sector
Source: UBS Warburg; (1) Multiples based in figures in Reais (R$); (2) Calculated using 52 weeks forward estimates.
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Utilities Energy Telecom UBSW Universe Consumer Basic Materials Industrial
EV/E
BIT
DA
(x)
AverageCurrent
Current EV/EBITDA (52w fwd) by Sector Minimum, Maximum, Average and Current EV/EBITDA
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2-Ja
n-97
2-Ap
r-97
2-Ju
l-97
2-O
ct-97
2-Ja
n-98
2-Ap
r-98
2-Ju
l-98
2-O
ct-98
2-Ja
n-99
2-Ap
r-99
2-Ju
l-99
2-O
ct-99
2-Ja
n-00
2-Ap
r-00
2-Ju
l-00
2-O
ct-00
2-Ja
n-01
2-Ap
r-01
2-Ju
l-01
2-O
ct-01
2-Ja
n-02
2-Ap
r-02
2-Ju
l-02
2-O
ct-02
2-Ja
n-03
EV/E
BITD
A (x
)
UBSW Universe Basic Materials Consumer Energy Industrial Telecom Utilities
5.1
3.8
3.2
3.0
2.7
0.0 1.0 2.0 3.0 4.0 5.0 6.0
Consumer
Utilities
Brazil
Basic Materials
Telecommunications
abcd
For part 2, please Continuation please find on next icon