DataBook - LarrainVial Chile · 2016-03-14 · Head of Research Felipe Jaque (562) 2519 8268...

DataBook

LVRSChile • Colombia • Peru

Disclosures and certifications are located in the "Important Disclosures" section in the last page of this research report

Head of ResearchFelipe Jaque (562) 2519 [email protected]

Food and Beverages Sergio Winter, Senior Equity Analyst (562) 2519 8436 [email protected]

Oil and Gas, AirlinesDaniel Guardiola, Senior Equity Analyst(571) 325 [email protected]

Cement and ConstructionLuis Ramos, Senior Equity Analyst (511) 611 [email protected]

FinancialsFlorencia Stefani, Senior Equity Analyst (562) 2339 8597 [email protected]

Natural ResourcesVicente Rodriguez, Senior Equity Analyst (562) 2616 [email protected]

RetailMiguel Moreno, Senior Equity Analyst (562) 2339 [email protected]

UtilitiesAlexander Varschavsky, Senior Equity Analyst (562) 2339 [email protected]

MiningRicardo Miranda, Equity Analyst (562) 2519 [email protected]

Food and BeveragesJorge Feliu, Equity Analyst (562) 2829 [email protected]

Food and BeveragesMarko Kraljevic, Equity Analyst (562) 2616 [email protected]

Regional EconomicsJavier Salinas, Senior Economist(562) 2339 [email protected]

Head of Corporate Credit ResearchVeronica Ayzaguer (562) 2519 [email protected]

Regional Corporate CreditCristian Campos, Credit Analyst(562) 2339 [email protected]

Regional Corporate CreditJuan Djivelekian, Credit Analyst (562) 2339 [email protected]

Regional Corporate CreditFelipe Lanza, Senior Credit Analyst (562) 2519 [email protected]

Head of Research Support Consuelo Solis(562) 2339 [email protected]

EditingMegan McDowell(562) 2616 [email protected]

DesignMeilin Gim Krumm(562) 2616 [email protected]

RESEARCH DEPARTMENT

Director of ResearchLeonardo Suarez(562) 2339 [email protected]

Go to our website www.larrainvialresearch.comto download other [email protected] - Chile

Fixed Income & Credit

Equity, Economics, Sovereign Bonds & Currencies

Production/Editorial

Disclosures and certifications are located in the "Important Disclosures" section in the last page of this research report

Recommendation Summary

CompanyMarket

Cap(USD mm)

ADTV (USD mm)

Currency ClosePriceTargetPrice

Upside(%)

DividendYield(%)

Recom.EV/EBITDA

(P/BV for Banks) (P/E)

2015e 2016e 2017e 2015 2016e 2017eUtilities

AES Gener 3,952 1.5 CLP 323 385 19.2 4.2 BUY 10.5 11.2 10.8 14.1 16.7 17.5Colbun 4,704 2.1 CLP 184 230 25.0 1.3 BUY 9.2 8.7 8.2 20.4 18.8 19.4E.CL 1,604 1.1 CLP 1,045 1,500 43.5 1.8 BUY 6.8 7.5 9.2 15.4 7.2 24.7Endesa 11,223 10.4 CLP 939 1,050 11.8 2.6 BUY 9.7 8.3 7.6 18.3 13.5 12.5Enersis 13,164 19.3 CLP 184 215 16.8 3.7 BUY 5.5 5.6 5.3 12.7 12.1 11.3Pehuenche 3,303 0.0 CLP 3,700 3,450 -6.8 6.0 SELL 14.2 10.6 10.7 19.2 14.6 15.0Isa 2,801 0.6 COP 7,585 7,600 0.2 4.0 HOLD 7.8 8.6 8.5 11.7 11.7 14.4EEB 5,627 1.8 COP 1,900 2,050 7.9 3.0 BUY 11.1 10.4 9.9 42.4 13.8 10.8Enersur 1,306 0.2 PEN 7.5 9.0 20.0 3.7 HOLD 7.3 7.7 7.9 7.9 9.6 12.4Natural ResourcesMining & MetalsCAP 517 1.6 CLP 1,940 2,200 13.4 0.4 HOLD 5.0 6.1 5.7 n/a n/a n/aSQM 5,720 16.1 CLP 12,537 14,000 11.7 2.9 HOLD 8.1 7.8 8 21.8 17.3 19.3Buenaventura 1,405 11.5 USD 5.67 6.5 14.6 0.0 BUY 4.6 7 6.3 n/a n/a n/aCerro Verde 6,476 0.1 USD 17.7 16.0 -9.6 0.0 HOLD 18 10.9 10.4 152.5 19.5 21.7Southern Copper 20,844 43.9 USD 26.1 28.0 7.3 0.8 HOLD 13.4 12.5 12.3 27.9 24.7 23.9Milpo 669 0.3 PEN 1.67 2.1 25.7 1.8 BUY 3 2.7 2.2 13.5 9.1 7.9Volcan 744 0.2 PEN 0.40 0.50 25.0 4.4 HOLD 6.3 6.0 5.5 n/a 6.8 5.5Pulp & PaperCMPC 5,752 3.3 CLP 1,589 1,850 16.4 1.8 BUY 8.3 6.7 6.8 -1783.3 18.1 17.8Copec 11,595 4.6 CLP 6,118 7,100 16.1 1.7 HOLD 8.9 9.9 9.1 23.2 19.7 17.2Oil & GasCanacol Energy 425 3.1 COP 8,630 10,575 22.5 0 BUY 11.5 2.8 2.2 -6.5 7.2 4.9Ecopetrol 17,022 20.0 COP 1,320 870 -34.1 0 SELL 4.9 10.7 5.0 -11.4 96.3 8.3Pacific E&P 289 19.9 COP 2,800 227 -91.9 0 SELL 4.3 10.1 4.6 -0.2 -1.5 1.0Terpel 500 0.2 COP 8,800 12,500 42.0 3.7 HOLD 5.7 5.6 5.2 16.5 16.1 13.5Cement & ConstructionBesalco 185 0.1 CLP 228 253.0 11.0 4.4 HOLD 7.0 6.6 6.5 7.8 7.9 8.2Salfacorp 244 0.1 CLP 379 480.0 26.6 3.0 BUY 9.9 9.3 7.8 7.5 7.0 6.5Socovesa 222 0.1 CLP 124 135 8.9 4.7 BUY 9.9 10.1 10.2 6.3 6.7 6.5Cementos Argos 4,438 2.4 COP 10,540 10,973 4.1 1.4 HOLD 11.5 9.9 8.8 26.1 25.9 21.5CLH 1,988 7.4 COP 11,460 12,217 6.6 0.0 HOLD 6.3 6.4 5.9 18.7 17.9 15.9C. Pacasmayo 729 0.6 PEN 4.6 5.5 19.6 4.6 BUY 9.9 8.3 7.6 13.5 11.7 10.9Graña y Montero 473 1.1 PEN 2.5 2.8 12.0 3.6 HOLD 5.0 5.8 5.9 14.4 9.4 9.6UNACEM 823 0.3 PEN 1.7 1.9 8.8 1.1 HOLD 6.4 5.7 5.6 43.8 12.9 6.5

Recommendation Summary

CompanyMarket

Cap(USD mm)

ADTV (USD mm) Currency

ClosePrice

TargetPrice

Upside(%)

DividendYield(%)

Recom.EV/EBITDA

(P/BV for Banks) (P/E)

2015 2016e 2017e 2015 2016e 2017eFinancialBanco de Chile 10,184 7.4 CLP 72.65 78.0 7.4 7.1 BUY 2.5 2.5 2.4 12.4 12.1 10.9Banco Santander 8,743 11.7 CLP 31.8 34.0 6.9 4.0 HOLD 2.2 2.0 1.9 13.3 12.5 11.3BCI 4,582 1.6 CLP 28,359 30,500 7.5 3.4 HOLD 1.5 1.4 1.2 9.0 9.8 8.6SM-Chile-B 3,070 1.0 CLP 192 241 25.5 2.7 BUY n/a n/a n/a n/a n/a n/aBancolombia 7,739 19.6 COP 25,700 28,000 8.9 3.8 BUY 1.1 1.2 1.1 8.3 10.4 9.6Davivienda 3,572 1.5 COP 25,700 28,000 8.9 3.6 HOLD 1.4 1.3 1.2 8.6 9.8 9.0Grupo Aval 8,159 2.4 COP 1,170 1,100 -6.0 4.0 SELL 1.8 1.8 1.7 12.9 12.4 11.7Credicorp 10,186 43.2 USD 127.7 152 19.0 2.7 BUY 1.6 1.9 1.6 8.6 10.6 9.1IFS 2,884 0.7 USD 25.5 34 33.3 6.3 HOLD 2.0 2.2 1.8 7.1 8.7 7.2RetailCencosud 6,344 6.2 CLP 1,525 1,820 19.3 1.6 BUY 9.3 9.3 8.5 17.3 18.1 15.3Falabella 16,253 9.1 CLP 4,562 4,860 6.5 2.0 HOLD 13.3 12.6 11.3 21.0 21.2 18.2Forus 615 0.8 CLP 1,690 2,050 21.3 2.2 HOLD 9.0 7.2 6.1 14.0 12.5 11.5Parque Arauco 1,345 1.4 CLP 1,150 1,300 13.0 2.5 BUY 16.3 15.7 13.6 15.4 20.8 17.3Ripley 791 0.8 CLP 290 330 13.8 0 BUY 9.8 8.8 7.6 n/a 12.2 9.3InRetail 1,463 0.6 USD 14.2 16.5 16.2 0 BUY 10.3 9.7 8.3 34.1 19.1 14.3Food & BeveragesAndina-B 2,652 1.1 CLP 2,060 2,100 1.9 2.7 SELL 8.1 8.9 8.0 21.9 24.9 21.3CCU 3,834 2.0 CLP 7,151 7,900 10.5 2.9 HOLD 10.5 9.3 8.6 24.0 17.8 16.4Concha y Toro 1,268 2.4 CLP 1,150 1,250 8.7 2.3 BUY 10.6 9.6 8.9 16.7 15.4 14.9Embonor-B 759 0.2 CLP 1,074 1,200 11.7 4.8 BUY 7.4 7.1 7.0 19.8 15.7 14.7Alicorp 1,327 0.6 PEN 5.6 7.7 37.0 0.6 BUY 9.6 10.2 9.0 32.3 21.7 18.8OthersLATAM Airlines 3,590 10.2 CLP 4,454 2,700 -39.4 0 SELL 7.2 7.6 7.4 -19.8 -201.1 31.5Avianca Hodings 627 3.0 COP 1,985 2,500 25.9 8.0 BUY 7.5 6.4 5.7 -3.8 7.5 5.1Ferreycorp 375 0.4 PEN 1.3 1.4 8.5 4.3 HOLD 4.6 4.6 4.6 8.5 7.3 4.6

Source: Bloomberg and LarrainVial Research Department

Andean markets valuation ratios & EBITDA growth

(*) Includes the 100% consolidation of CBD in Exito

2014 2015 2016e

EV/EBITDA (x)

Chile 9.6 9.1 8.4

Peru 9.7 7.8 9.8

Colombia 7.3 7.0 7.4

P/E (x)

Chile 17.2 16.2 14.6

Peru 15.9 11.2 15.5

Colombia 12.5 25.9 11.9

Table 1: Andean markets valuation ratios

Chart 1: Chile’s EBITDA variation (measured in local currency, % YoY)

Chart 2: Colombia’s EBITDA variation (measured in local currency, % YoY)

Chart 3: Peru’s EBITDA variation (measured in local currency, % YoY)

Andean markets valuation ratios & EBITDA growth

Utilities

■ AES Gener Equity, Credit

■ Colbun Equity, Credit

■ E-CL Equity, Credit

■ Endesa Equity, Credit

■ Angamos Credit

■ Enersis Equity

■ Guacolda Credit

■ Pehuenche Equity

■ ISA Equity

■ TGI Credit

■ EEB Equity, Credit

■ Enersur Equity

■ Calidda Credit

■ TGP Credit

■ Transmantaro Credit

Natural Resources

■ CAP Equity

■ CELARA Credit

■ CMPC Equity, Credit

■ Copec Equity

■ GEOPARK Credit

■ SQM-B, Equity, Credit

■ MASISA Credit

■ Canacol Equity

■ Ecopetrol Equity, Credit

■ Pacific E&P Equity, Credit

■ Terpel Equity

■ Buenaventura Equity

■ Cerro Verde Equity

■ Hochschild Credit

■ Milpo Equity, Credit

■ MINSUR Credit

■ Southern Copper Equity

■ Volcan Equity, Credit

Cement & Construction

■ Besalco Equity

■ Salfacorp Equity

■ Socovesa Equity

■ Cementos Argos Equity

■ Cemex Equity

■ Graña y Montero Equity

■ Cementos Pacasmayo Equity, Credit

■ Ferreycorp Equity, Credit

■ Unacem Equity, Credit

Financial

■ Banco de Chile Equity

■ Banco Estado Credit

■ Banco Santander Equity, Credit

■ BCI Equity, Credit

■ SM Chile-B Equity

■ TANNER Credit

■ Banco de Bogota Credit

■ BBVA Colombia Credit

■ GNB SUDAMERIS Credit

■ Banco Davivienda Equity, Credit

■ Bancolombia Equity, Credit

■ Grupo Aval Equity, Credit

■ BBVA Continental Credit

■ BCP Credit

■ COFIDE Credit

■ Credicorp Equity

■ IFS Equity

■ INTERBANK Credit

■ MIVIVIENDA Credit

■ Scotiabank Peru Credit

Retail

■ Cencosud Equity, Credit

■ Falabella Equity, Credit

■ Forus Equity

■ Parque Arauco Equity

■ Ripley Equity

■ InRetail Equity, Credit

Food & Beverages

■ Embotelladora Andina Equity, Credit

■ CCU Equity

■ Concha y Toro Equity

■ Embonor- B Equity

■ AJECORP Credit

■ Alicorp Equity

■ Corporacion Lindley Credit

■ San Miguel Industria PET Credit

■ CAMPOSOL Credit

■ COAZUCAR Credit

■ PESEXA Credit

Transport & Others

■ Automotores Gildemeister Credit

■ Inversiones Alsacia Credit

■ LATAM Airlines Equity, Credit

■ Avianca Equity, Credit

Telecom

■ Entel Credit

■ Telefonica Chile Credit

■ VTR Credit

■ COLTEL Credit

By Industry

INDEX

■ AES Gener Equity, Credit

■ AJECORP Credit

■ Alicorp Equity

■ Angamos Credit

■ Automotores Gildemeister Credit

■ Avianca Equity, Credit

■ Banco Davivienda Equity, Credit

■ Banco de Bogota Credit

■ Banco de Chile Equity

■ Banco Estado Credit

■ Banco Santander Equity, Credit

■ Bancolombia Equity, Credit

■ BBVA Colombia Credit

■ BBVA Continental Credit

■ BCI Equity, Credit

■ BCP Credit

■ Besalco Equity

■ Buenaventura Equity

■ Calidda Credit

■ CAMPOSOL Credit

■ Canacol Equity

■ CAP Equity

■ CCU Equity

■ CELARA Credit

■ Cementos Argos Equity

■ Cementos Pacasmayo Equity, Credit

■ Cemex Equity

■ Cencosud Equity, Credit

■ Cerro Verde Equity

■ CMPC Equity, Credit

■ COAZUCAR Credit

■ COFIDE Credit

■ Colbun Equity, Credit

■ COLTEL Credit

■ Concha y Toro Equity

■ Copec Equity

■ Corporacion Lindley Credit

■ Credicorp Equity

■ E-CL Equity, Credit

■ Ecopetrol Equity, Credit

■ EEB Equity, Credit

■ Embonor- B Equity

■ Embotelladora Andina Equity, Credit

■ Endesa Equity, Credit

■ Enersis Equity

■ Enersur Equity

■ Entel Credit

■ Falabella Equity, Credit

■ Ferreycorp Equity, Credit

■ Forus Equity

■ GEOPARK Credit

■ GNB SUDAMERIS Credit

■ Graña y Montero Equity

■ Grupo Aval Equity, Credit

■ Guacolda Credit

■ Hochschild Credit

■ IFS Equity

■ InRetail Equity, Credit

■ INTERBANK Credit

■ Inversiones Alsacia Credit

■ ISA Equity

■ LATAM Airlines Equity, Credit

■ MASISA Credit

■ Milpo Equity, Credit

■ MINSUR Credit

■ MIVIVIENDA Credit

■ Pacific E&P Equity, Credit

■ Parque Arauco Equity

■ Pehuenche Equity

■ PESEXA Credit

■ Ripley Equity

■ Salfacorp Equity

■ San Miguel Industria PET Credit

■ Scotiabank Peru Credit

■ SM Chile-B Equity

■ Socovesa Equity

■ Southern Copper Equity

■ SQM-B Equity, Credit

■ TANNER Credit

■ Telefonica Chile Credit

■ Terpel Equity

■ TGI Credit

■ TGP Credit

■ Transmantaro Credit

■ Unacem Equity, Credit

■ Volcan Equity, Credit

■ VTR Credit

In alphabetical order

INDEX

Utilities

AES Gener is the second-largest electricity generation group in Chile, with installed capacity of 3,438 MW, composed of 3,167 MW of thermoelectric and 271 MW of hydroelectric capacity. AES Gener also owns a 1,000 MW dam-based hydroelectric plant in Colombia, and a gas–fired combined cycle plant in Argentina with installed capacity of 643 MW.

Chairman of the Board: Andres GluskiCEO: Felipe CeronCFO: Ricardo FaluIR: Constanza LopezIR email: [email protected]: 1,174www.aesgener.cl

Management Team (Dec-2015)Ownership Structure (Dec-2015)Company Description

Comparables 2016e (by Market Cap)

Share Price Evolution (Jan-14=100)

EBITDA by Business Unit (USD mn)

Sector Utilities Recommendation BuyClose Price (CLP/share) 323 Target Price (CLP/share) 385 # Shares (millions) 8,400ADR Ratio n/aMarket Cap. (USD mn) 3,952

Valuation Method %

DCF ( WACC: 9.1% nominal) 100

52w High-Low (CLP/share) 380-291 Date Mar-3-16Avg. Daily Volume (USD mn) 1.5 Bloomberg Ticker (Local) AESGENER CIFree Float (%) 33.3 Bloomberg Ticker (ADR) n/a

Year 2014 2015e 2016e 2017e 2018e

Operating DataHydro Capacity (MW) 1,271 1,271 1,291 1,291 1,821 Thermal Capacity (MW) 3,218 3,218 3,750 3,750 3,750 Energy Generation (GWh) 23,348 22,354 23,895 25,251 26,347

Profit & Loss (USD mn)Total Sales 2,328 2,165 1,987 2,119 2,232Var (%) 3.7 -7.0 -8.2 6.7 5.3EBIT 443 478 444 462 509EBIT (%) 19.0 22.1 22.3 21.8 22.8EBITDA 671 691 706 751 804Var (%) 7.7 3.0 2.1 6.4 7.1EBITDA Margin 28.8 31.9 35.5 35.4 36.0Net Income 184 265 237 226 262Var (%) -8.8 44.2 -10.5 -4.7 15.9Net Margin (%) 7.9 12.2 11.9 10.7 11.7Balance Statement (USD mn) Current Assets 803 854 704 706 711Fixed Assets 5,432 5,796 6,297 6,526 6,751Total Assets 6,837 7,286 7,643 7,873 8,103Current Liabilities 711 553 480 501 513Long Term Liabilities 3,762 4,400 4,766 4,908 5,048Equity 2,364 2,332 2,397 2,465 2,543Total Liabilities & Equity 6,837 7,286 7,643 7,873 8,103Free Cash Flow (USD mn) Taxes -66 -94 -118 -114 -131Changes in Working Capital 71 -210 13 -10 -14Cash Flow from operations 676 387 601 626 659Capex -829 -747 -757 -510 -513Debt Service -2,036 -570 -163 -303 -303Free Cash Flow -2,420 -1,165 -484 -344 -340

Credit Metrics (x)Liabilities/Equity 1.9 2.1 2.2 2.2 2.2EBITDA / Interest expenses 4.4 4.7 4.4 4.4 4.8Debt/EBITDA 4.4 5.2 5.6 5.5 5.3Net Debt / EBITDA 4.1 4.8 5.4 5.3 5.1

ValuationClose Price (CLP / Share) 323 314 323 323 323EPS (CLP) 13.0 20.6 19.7 18.3 21.0P/E (x) 24.3 14.1 16.7 17.5 15.1EV/EBITDA (x) 10.9 10.5 11.2 10.8 10.3P/BV (x) 1.9 1.7 1.7 1.7 1.6Div. Yield (%) 5.2 6.3 4.2 4.0 4.6P/S (x) 1.92 1.72 1.99 1.86 1.77FCF Yield (%) -6.7 -13.0 -7.7 -1.3 -0.5ROA (%) 4.2 5.0 4.3 4.1 4.4ROE (%) 7.9 11.9 10.4 9.6 10.8ROCE (%) 6.1 5.9 4.6 4.7 5.0

AES Corp67%

Others14%

AFPs19%

0100200300400500600700800900

SADI Argentina SIN ColombiaSING Chile SIC Chile

AES GENERCompany

Equity - Chile

Equity - Chile Alexander Varschavsky, [email protected]

AES GENERCompany

Credit - Chile

Credit - Chile

Credit Metrics - Comparables 2015 (by EBITDA) Z-Spread Evolution (bps)

USD-Denominated Corporates

Bond Amount (USDmn)Coupon

TypeRating

Moody's/ S&P/ FitchIndicative

Price YTW (%)Z-spread

(bps)Mod Duration

(years)AESGEN 5.25% 21' Sr Unsecured 402 Fixed Baa3/BBB-/BBB- 102.3 4.8 351 4.7AESGEN 5% 25' Sr Unsecured 425 Fixed Baa3/BBB-/BBB- 96.8 5.5 387 7.3AESGEN 8.375% 73' Jr Subordinated 450 Fixed Ba2/BB/BB 92.6 5.6 403 7.2

Sector Utilities Date Mar-3-16

Alexander Varschavsky, [email protected]

COLBUNCompany

Equity - Chile


Colbun has 3,278 MW of installed capacity in Chile (52% thermal and 48% hydraulic), spread over 23 plants. In Peru, Colbun has 570 MW through Fenix Power, a CCGT facility. Colbun sells energy and capacity to regulated customers (distribution companies) and to non-regulated customers (industrial companies), and its surplus is sold to other generators on the spot market.

Chairman of the Board: Bernardo LarrainCEO: Thomas KellerCFO: Sebastian MoragaIR: Maria Elena PalmaIR email: [email protected]: 949www.colbun.cl



Generation by Source (GWh/Yr)

Sector Utilities Recommendation BuyClose Price (CLP/share) 184 Target Price (CLP/share) 230 # Shares (millions) 17,536ADR Ratio n/aMarket Cap. (USD mn) 4,704

Valuation Method %


52w High-Low (CLP/share) 194-155 Date Mar-3-16Avg. Daily Volume (USD mn) 2.1 Bloomberg Ticker (Local) COLBUN CIFree Float (%) 41.3 Bloomberg Ticker (ADR) n/a

Year 2014 2015 2016e 2017e 2018eOperating DataHydro Capacity (MW) 1,590 1,590 1,590 1,624 1,624 Thermal Capacity (MW) 1,717 2,287 2,287 2,287 2,287 Energy Generation (GWh) 12,835 12,646 12,750 12,697 11,793

Profit & Loss (USD mn)Total Sales 1,502 1,308 1,548 1,583 1,545Var (%) -11.5 -13.0 18.4 2.3 -2.4Operating Income 353 391 447 441 460Op. Margin (%) 23.5 29.9 28.9 27.8 29.8EBITDA 532 585 671 671 695Var (%) 50.2 9.9 14.7 0.1 3.6EBITDA Margin (%) 35.4 44.7 43.3 42.4 45.0Net Income 79 205 251 243 246Var (%) 21.7 159.8 22.5 -3.1 1.4Net Margin (%) 5.2 15.7 16.2 15.4 15.9Balance Statement (USD mn) Current Assets 1,270 1,366 1,654 1,945 2,141Fixed Assets 5,042 5,694 5,606 5,457 5,306Total Assets 6,382 7,153 7,353 7,496 7,541Current Liabilities 258 708 753 762 746Long Term Liabilities 2,763 2,778 2,717 2,656 2,516Equity 3,361 3,667 3,883 4,078 4,279Total Liabilities & Equity 6,382 7,153 7,353 7,496 7,541Free Cash Flow (USD mn) Taxes -21 -59 -79 -83 -91Changes in Working Capital 75 119 -6 0 -4Cash Flow from operations 586 644 586 589 600Capex -116 -88 -109 -55 -56Debt Service -513 -113 -174 -142 -468Free Cash Flow -60 390 241 308 -13

Credit Metrics (x)Liabilities/Equity 0.6 0.6 0.6 0.5 0.5EBITDA / Interest expenses 7.0 6.5 5.9 6.0 6.3Debt/EBITDA 3.6 3.8 3.2 3.1 2.8Net Debt / EBITDA 2.0 2.0 1.3 0.8 0.3ValuationClose Price (CLP / Share) 162 169 184 184 184EPS (CLP) 2.6 7.6 10.0 9.4 9.5P/E (x) 59.2 20.4 18.8 19.4 19.1EV/EBITDA (x) 10.8 9.2 8.7 8.2 7.4P/BV (x) 1.4 1.1 1.3 1.2 1.2Div. Yield (%) 0.4 1.3 1.3 1.6 1.6P/S (x) 3.11 3.20 3.04 2.97 3.04FCF Yield (%) 8.5 11.1 7.3 8.5 8.8ROA (%) 2.2 4.0 4.8 4.5 4.6ROE (%) 2.3 5.6 6.8 6.3 6.0ROCE (%) 5.3 5.1 5.6 5.3 5.4

Management Team (Dec-2015)Ownership Structure (Sep-2015)Company Description

MatteGroup49%

Others23%

AFPs18%

Antarchile10%

Diesel LNG Coal Hydro

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

COLBUNCompany

Credit - Chile

Credit - Chile




TypeRating



(bps)Mod Duration

(years)COLBUN 6% 20' Sr Unsecured 500 Fixed N.A/BBB-/BBB 109.4 3.4 229 3.4COLBUN 4.5% 24' Sr Unsecured 500 Fixed N.A/BBB-/BBB 108.8 4.4 287 6.8



E.CLCompany

Equity - Chile


E.CL is engaged in the generation, transmission and supply of electricity, and the transportation of natural gas, in the north of Chile. E.CL is the fourth-largest electricity generation company in Chile and the largest electricity generation company in the SING, Chile’s second-largest power grid. E.CL primarily supplies electricity to large mining, industrial, and residential customers.

Chairman of the Board: Philip de CnuddeCEO: Axel LevequeCFO: Carlos FreitasIR: Marcela MuñozIR email: [email protected]: 917www.e-cl.cl



Generation by Fuel (GWh)

Sector Utilities Recommendation BuyClose Price (CLP/share) 1,045 Target Price (CLP/share) 1,500 # Shares (millions) 1,053ADR Ratio n/aMarket Cap. (USD mn) 1,604

Valuation Method %


52w High-Low (CLP/share) 1,056-832 Date Mar-3-16Avg. Daily Volume (USD mn) 1.1 Bloomberg Ticker (Local) ECL CIFree Float (%) 47.2 Bloomberg Ticker (ADR) n/a

Year 2014 2015 2016e 2017e 2018e

Operating DataTotal Capacity (MW) 2,133 2,135 2,135 2,135 2,135 Gross Electricity Generation (GWh) 9,020 9,073 8,982 8,922 10,552 Electricity Sales (GWh) 8,951 8,983 9,020 8,703 10,366

Profit & Loss (USD mn)Total Sales 1,241 1,143 1,018 1,020 1,275Var (%) 4.7 -7.9 -10.9 0.2 24.9Operating Income 172 175 162 133 192Op. Margin (%) 13.9 15.3 15.9 13.1 15.1EBITDA 306 313 303 277 339Var (%) 21.7 2.2 -3.2 -8.5 22.4EBITDA Margin (%) 24.7 27.4 29.8 27.2 26.6Net Income 88 94 224 65 105Var (%) 125.0 6.0 139.0 -71.1 61.5Net Margin (%) 7.1 8.2 22.0 6.4 8.2

Balance Statement (USD mn) Current Assets 680 759 834 724 754Fixed Assets 1,882 1,956 2,161 2,441 2,530Total Assets 2,966 3,119 3,399 3,570 3,689Current Liabilities 210 274 256 261 294Long Term Liabilities 975 1,012 1,112 1,282 1,282Equity 1,781 1,825 2,031 2,027 2,113Total Liabilities & Equity 2,966 3,119 3,399 3,570 3,689

Free Cash Flow (USD mn) Taxes -22 -25 -67 -22 -35Changes in Working Capital -39 18 10 -1 -35Cash Flow from operations 245 306 246 254 270Capex -117 -213 -482 -544 -236Debt Service -54 -37 -38 -38 -38Free Cash Flow 8 29 -303 -396 -24Credit Metrics (x)Liabilities/Equity 0.7 0.7 0.7 0.8 0.7EBITDA / Interest expenses 5.7 8.4 7.9 7.2 8.9Debt/EBITDA 2.4 2.4 2.8 3.7 3.0Net Debt / EBITDA 1.5 2.0 1.9 3.1 2.7

ValuationClose Price (CLP / Share) 885 971 1,045 1,045 1,045EPS (CLP) 47.9 58.2 148.7 41.9 66.9P/E (x) 17.4 15.4 7.2 24.7 15.3EV/EBITDA (x) 6.8 6.8 7.5 9.2 7.6P/BV (x) 0.91 0.83 0.83 0.83 0.80Div. Yield (%) 4.3 1.8 1.8 4.2 1.2P/S (x) 1.24 1.26 1.58 1.57 1.26FCF Yield (%) 4.6 3.7 -16.3 -19.5 -0.3ROA (%) 4.7 4.1 7.6 2.9 3.9ROE (%) 5.3 5.4 11.6 3.4 5.2ROCE (%) 5.5 5.3 4.3 3.3 4.6


Engie53%

Others25%

AFPs22%

0

2,000

4,000

6,000

8,000

10,000

12,000

Others Gas Coal

E.CLCompany

Credit - Chile

Credit - Chile




TypeRating



(bps)Mod Duration

(years)ECLCL 5.625% 21' Sr Unsecured 400 Fixed N.A/BBB/BBB 109.8 3.4 221 4.2ECLCL 4.5% 25' Sr Unsecured 350 Fixed N.A/BBB/BBB 102.2 4.2 267 7.2



ENDESACompany

Equity - Chile


Endesa Chile is the country’s largest generation company and one of the leading private electricity operators in the region. In Argentina the company operates through Endesa Costanera and Hidroelectrica El Chocon, in Colombia with Emgesa, and in Peru with Edegel. The company is in the Brazilian market through Endesa Brasil. Endesa has 15.1 TW of installed capacity.

Chairman of the Board: Enrico VialeCEO: Valter MoroCFO: Ramiro AlfonsinIR: Susana ReyIR email: [email protected]: 2,363www.endesa.cl



Attributable EBITDA by Country (CLP bn)

Sector Utilities Recommendation Buy

# Shares (millions) 8,202ADR Ratio 30Market Cap. (USD mn) 11,223

Valuation Method %


52w High-Low (CLP/share) 975-779 Date Mar-3-16Avg. Daily Volume (USD mn) 10.4 Bloomberg Ticker (Local) ENDESA CIFree Float (%) 40.0 Bloomberg Ticker (ADR) EOC US

Year 2014 2015e 2016e 2017e 2018e

Operating DataTotal Capacity (MW) 14,550 15,095 15,095 15,095 15,095 Gross Electricity Generation (GWh) 50,517 53,599 57,593 59,992 59,992

Profit & Loss (CLP bn)Total Sales 2,447 2,847 2,735 2,822 2,861Var (%) 20.7 16.4 -3.9 3.2 1.4EBIT 877 963 1,178 1,282 1,295EBIT (%) 35.8 33.8 43.1 45.4 45.3EBITDA 1,095 1,192 1,430 1,531 1,547Var (%) 11.8 8.8 20.0 7.0 1.1EBITDA Margin 44.8 41.9 52.3 54.2 54.1Net Income 336 393 571 617 627Var (%) -5.1 17.0 45.4 8.0 1.6Net Margin (%) 13.7 13.8 20.9 21.9 21.9

Balance Statement (CLP bn) Current Assets 1,038 918 1,078 1,363 1,618Fixed Assets 5,356 5,494 5,626 5,695 5,763Total Assets 7,238 7,254 7,547 7,900 8,223Current Liabilities 1,393 1,325 1,185 1,179 1,187Long Term Liabilities 2,321 2,354 2,412 2,469 2,526Equity 3,524 3,575 3,950 4,253 4,509Total Liabilities & Equity 7,238 7,254 7,547 7,900 8,223

Free Cash Flow (CLP bn) Taxes -130 -164 -281 -308 -314Changes in Working Capital 72 -218 -116 -25 0Cash Flow from operations 1,037 810 1,034 1,198 1,232Capex -421 -525 -385 -317 -320Debt Service -341 -612 -542 -281 -266Free Cash Flow 98 -494 -89 285 276


ValuationClose Price (CLP / Share) 922 871 939 939 939EPS (CLP) 41.0 47.9 69.7 75.3 76.5P/E (x) 22.5 18.3 13.5 12.5 12.3EV/EBITDA (x) 10.6 9.7 8.3 7.6 7.4P/BV (x) 2.8 2.7 2.6 2.4 2.2Div. Yield (%) 2.3 2.3 2.6 4.1 4.8P/S (x) 3.09 2.53 2.82 2.73 2.69FCF Yield (%) 4.9 1.4 4.8 7.1 7.4ROA (%) 9.9 10.2 11.9 12.1 12.0ROE (%) 12.4 14.7 19.0 18.9 18.0ROCE (%) 11.2 12.1 13.0 13.3 12.8


Enersis60%

Others25%

AFPs15%

0

200

400

600

800

1,000

1,200

Argentina Peru Colombia Chile

Close Price (CLP/share) 939 Target Price (USD/ADR) 45.8 Target Price (CLP/share) 1,050

ENDESACompany

Credit - Chile

Credit - Chile




TypeRating



(bps)Mod Duration

(years)ENDESA 4.25% 24’ Sr Unsecured 400 Fixed Baa2/BBB+/BBB+ 102.6 3.9 237 6.5



ANGAMOSCompany

Credit - Chile

Credit - Chile

Empresa Electrica Angamos S.A. engages in the generation, transmission, and supply of electricity in northern Chile. The company owns and operates two coal-fired power units, Angamos I and Angamos II, with an aggregate gross capacity of 545 MW, located on the Pacific coast of northern Chile near the town of Mejillones. It sells electric power primarily to large mining companies through long-term power purchase agreements; and to power generation companies in the spot market.

Chairman of the Board: Daniel StadelmanCEO: Javier GiorgioCFO: Ricardo FaluIR: Constanza LopezIR email: [email protected]: 104www.aesgener.cl


Credit Metrics - Comparables 2015 (by EBITDA)

Z-Spread Evolution (bps)

Contract by Clients (GWh) Year 2014 2015e 2016e 2017e 2018e

Operating DataInstalled Capacity (MW) 545 545 545 545 545 Gross Generation (GWh) 3,955 3,871 4,069 4,058 4,058

Profit & Loss (USD mn)Total Sales 298 284 285 287 306Var (%) -3.0 -4.5 0.2 0.8 6.5Gross profit 74 68 53 59 72Gross Margin (%) 25.0 23.8 18.7 20.7 23.7EBIT 67 54 46 52 65EBIT Margin (%) 22.6 19.1 16.2 18.1 21.3EBITDA 112 111 104 111 125Var (%) -7.0 -0.8 -6.5 6.9 12.8EBITDA Margin 37 39 36 39 41

Balance Statement (USD mn) Current Assets 106 97 97 98 89Fixed Assets 982 941 897 855 811Total Assets 1,281 1,295 1,301 1,310 1,257Current Liabilities 49.4 55.9 55.9 55.9 55.9Long Term Liabilities 853 853 853 853 784Equity 378 385 392 401 418Total Liabilities & Equity 1,281 1,295 1,301 1,310 1,257

Free Cash Flow (USD mn) Taxes 0 -3 -2 -4 -7Changes in Working Capital 15 2 1 -1 -3Cash Flow from operations 126 109 103 106 115Capex -11 -15 -14 -16 -16Debt Service -38 -39 -39 -39 -108Free Cash Flow -7 -10 0 1 -9

Credit Metrics (x)Liabilities/Equity 2.4 2.4 2.3 2.3 2.0EBITDA/Interest expenses 3.0 2.8 2.7 2.8 3.3Debt/EBITDA 7.1 7.1 7.6 7.1 5.7Net Debt/EBITDA 6.8 6.8 7.3 6.8 5.5


TypeRating



(bps)Mod Duration

(years)

AESGEN 4.875% 29’ 1st Lien 800 Fixed Baa3/N.A/BBB- 89.8 6.7 516 5.8



AES GENER


ENERSISCompany

Equity - Chile


Enersis is one of LatAm’s largest private multinational electricity companies, and operates in the generation, transmission and distribution businesses. It has a presence in five countries: Argentina, Brazil, Chile, Colombia, and Peru. Generation companies in Enersis have an installed capacity of over 15 TW, and distribution companies supply electricity to more than 15mn customers.

Chairman of the Board: Francisco De Borja AchaCEO: Luca D’AgneseCFO: Javier GalanIR: Pedro CañameroIR email: [email protected]: 12,291www.enersis.cl



Adjusted EBITDA by Country (CLP bn)

Sector Utilities Recommendation Buy

# Shares (millions) 49,093ADR Ratio 50Market Cap. (USD mn) 13,164

Valuation Method %


52w High-Low (CLP/share) 223-152 Date Mar-3-16Avg. Daily Volume (USD mn) 19.3 Bloomberg Ticker (Local) ENERSIS CIFree Float (%) 39.4 Bloomberg Ticker (ADR) ENI US

Year 2014 2015 2016e 2017e 2018e

Operating DataCustomers (mn) 14.8 15.2 15.6 16.1 16.6 Energy Sales (TWh) 73.1 74.1 74.6 76.0 78.3 Installed Capacity (MW) 16,740 17,285 17,285 17,285 17,285

Profit & Loss (CLP bn)Customers (mn) 14.8 15.2 15.6 16.1 16.6 Energy Sales (TWh) 73.1 74.1 74.6 76.0 78.3 Installed Capacity (MW) 16,740 17,285 17,285 17,285 17,285 Op. Margin (%) 24.4 23.5 27.2 28.5 28.1EBITDA 2,300 2,294 2,602 2,776 2,889Var (%) 2.2 -0.2 13.4 6.7 4.1EBITDA Margin (%) 31.7 30.3 34.0 35.1 34.6Net Income 610 602 742 798 837Var (%) -7.3 -1.3 23.1 7.7 4.9Net Margin (%) 8.4 7.9 9.7 10.1 10.0

Balance Statement (CLP bn) Current Assets 3,931 2,590 2,455 2,390 2,329Fixed Assets 8,234 8,996 9,704 10,292 10,878Total Assets 15,921 15,449 16,027 16,553 17,082Current Liabilities 3,195 4,505 4,623 4,666 4,769Long Term Liabilities 4,447 2,754 2,813 2,870 2,929Equity 8,279 8,190 8,590 8,961 9,326Total Liabilities & Equity 15,921 15,449 16,027 16,553 17,082

Free Cash Flow (CLP bn) Taxes -325 -340 -374 -403 -420Changes in Working Capital 193 -189 -490 -25 2Cash Flow from operations 2,168 1,760 1,715 2,318 2,422Capex -1,086 -1,356 -1,225 -1,104 -1,113Debt Service -1,114 -1,062 -945 -708 -655Free Cash Flow -362 -963 -785 96 175


ValuationClose Price (CLP / Share) 199 170 184 184 184EPS (CLP) 12.4 13.5 15.2 16.2 16.9P/E (x) 16.0 12.7 12.1 11.3 10.9EV/EBITDA (x) 6.5 5.5 5.6 5.3 5.2P/BV (x) 1.6 1.4 1.4 1.4 1.3Div. Yield (%) 3.4 3.6 3.7 4.5 5.3P/S (x) 1.35 1.09 1.19 1.16 1.11FCF Yield (%) 4.5 -0.4 1.5 7.4 8.1ROA (%) 8.5 9.3 8.8 9.1 9.1ROE (%) 9.8 11.0 11.8 12.0 12.0ROCE (%) 9.6 11.0 12.3 12.7 12.7

Management Team (Dec-2015)Ownership Structure (D-2015)Company Description

-500

0

500

1,000

1,500

2,000

Argentina Peru Colombia Brasil Chile

Enel61%

Others27%

AFPs12%

Close Price (CLP/share) 184 Target Price (USD/ADR) 15.6 Target Price (CLP/share) 215

GUACOLDACompany

Credit - Chile

Credit - Chile

Empresa Electrica Guacolda S.A. engages in the generation, transmission, buying, and sale of electricity in Chile. It supplies electrical power to the northern sector of the Chilean main grid. The company also offers port services. It serves regulated, non-regulated, and spot market clients in the Huasco valley region of Atacama. The company was founded in 1992 and is headquartered in Las Condes, Chile. Empresa Electrica Guacolda S.A. is a subsidiary of AES Gener S.A.

Chairman of the Board: Felipe CeronCEO: Javier GiorgioCFO: Ricardo FaluIR: Constanza LopezIR email: [email protected]: 197www.aesgener.cl




Sales by Clientes (GWh) Year 2014 2015e 2016e 2017e 2018e

Operating DataInstalled Capacity (MW) 608 760 760 760 760 Gross Generation (GWh) 4,889 4,548 4,406 4,394 5,526

Profit & Loss (USD mn)Total Sales 515 438 462 474 499Var (%) -7.0 -15.1 5.6 2.6 5.3Gross profit 46 49 65 66 67Gross Margin (%) 8.9 11.2 14.0 13.9 13.5EBIT 83 73 69 68 88EBIT Margin (%) 16.2 16.8 15.0 14.4 17.7EBITDA 129 122 134 134 156Var (%) -21.8 -5.3 9.9 -0.1 16.2EBITDA Margin 25 28 29 28 31

Balance Statement (USD mn) Current Assets 183 186 155 148 145Fixed Assets 1,502 1,650 1,703 1,726 1,750Total Assets 1,687 1,837 1,859 1,882 1,916Current Liabilities 212 144 144 144 144Long Term Liabilities 768 870 813 755 698Equity 708 824 903 983 1,075Total Liabilities & Equity 1,687 1,837 1,859 1,882 1,916

Free Cash Flow (USD mn) Taxes -12 -4 -5 -5 -11Changes in Working Capital -11 9 -2 -1 -6Cash Flow from operations 106 127 127 128 140Capex -342 -148 -53 -23 -24Debt Service -18 -29 -105 -105 -105Free Cash Flow -254 -50 -31 -7 -2



TypeRating



(bps)Mod Duration

(years)

AESGEN 4.56% 25’ Sr Unsecured 500 Fixed NR/BBB-/BBB- 92.6 5.6 403 7.2



AES GENER

Global InfrastructurePartners

50%

50%


PEHUENCHECompany

Equity - Chile


Pehuenche is a generation company operating in Chile’s SIC. It has three hydro power plants: Pehuenche, Curilinque, and Loma Alta, and has a total installed capacity of 699MW.

Chairman of the Board: Ramiro AlfonsinCEO: Carlo CarvalloCFO: Claudio ToledoIR: n/aIR: n/aEmployees: 3www.pehuenche.endesa.cl



Sales Breakdown by (GWh)

Sector Utilities Recommendation SellClose Price (CLP/share) 3,700 Target Price (CLP/share) 3,450 # Shares (millions) 613ADR Ratio n/aMarket Cap. (USD mn) 3,303

Valuation Method %


52w High-Low (CLP/share) 4304-3599 Date Mar-3-16Avg. Daily Volume (USD mn) 0.0 Bloomberg Ticker (Local) PEHUEN CIFree Float (%) 7.3 Bloomberg Ticker (ADR) n/a

Year 2014 2015 2016e 2017e 2018e

Operating DataHydro Capacity (MW) 699 699 699 699 699 Energy Generation (GWh) 3,007 2,984 3,220 3,220 3,220

Profit & Loss (CLP bn)Total Sales 228 193 238 236 238Var (%) 18.2 -15.2 23.4 -0.9 0.9Operating Income 181 151 205 203 204Op. Margin (%) 79.2 78.0 86.0 85.9 85.8EBITDA 189 159 214 212 214Var (%) 23.8 -15.7 34.3 -0.9 0.9EBITDA Margin (%) 82.9 82.4 89.8 89.7 89.7Net Income 143 118 155 151 149Var (%) 25.0 -17.6 31.8 -3.1 -1.2Net Margin (%) 62.8 61.1 65.2 63.8 62.5

Balance Statement (CLP bn) Current Assets 75 64 68 74 82Fixed Assets 209 201 193 185 176Total Assets 284 265 261 258 258Current Liabilities 59 65 42 42 42Long Term Liabilities 54 52 52 52 52Equity 171 148 167 165 164Total Liabilities & Equity 284 265 261 258 258

Free Cash Flow (CLP bn) Taxes -39 -34 -49 -52 -55Changes in Working Capital -16 26 -37 0 0Cash Flow from operations 134 151 128 161 159Capex -1 -1 -1 -1 -1Debt Service 0 0 0 0 0Free Cash Flow 21 23 -10 6 7

Credit Metrics (x)Liabilities/Equity 0 0 0 0.0 0.0EBITDA / Interest expenses 1,068 33,176 484 480 484Debt/EBITDA 0 0 0 0 0Net Debt / EBITDA 0 0 0 0 0

ValuationClose Price (CLP / Share) 4,000 3,657 3,700 3,700 3,700EPS (CLP) 234 193 254 246 243P/E (x) 17.1 19.2 14.6 15.0 15.2EV/EBITDA (x) 13.0 14.2 10.6 10.7 10.6P/BV (x) 14.3 15.3 13.6 13.8 13.8Div. Yield (%) 4.6 5.6 6.0 6.8 6.6P/S (x) 10.8 11.7 9.5 9.6 9.5FCF Yield (%) 5.4 6.6 5.6 7.0 6.9ROA (%) 50.4 44.5 59.7 58.5 57.9ROE (%) 83.5 79.6 93.1 91.5 90.9ROCE (%) 82.9 78.7 93.3 91.7 91.1


Endesa93%

Others4%

Tricahue3%

0500

1,0001,5002,0002,5003,0003,500

Spot Endesa (at spot price)Other Clients Endesa (at contractual price)

Equity - Colombia

Grupo Energía de Bogotá is dedicated to the energy sector, with their main activities being transportation and energy distribution (gas and electricity). It holds major stakes throughout the sector, notably in the Colombian generation company Emgesa (51%) and the electricity distribution firm Codensa (51%). Geographically, 90%+ of the group’s total EBITDA is generated in Colombia, the remainder in Peru and Guatemala.

Chairman of the Board: Enrique Peñalosa LondoñoCEO: Ricardo RoaCFO: Felipe CastillaIR: Fabián Sanchez / Rafael SalamancaIR email: [email protected]; [email protected]: 324www.eeb.com.co

Management Team (Dec 2015)Ownership Structure (Dec 2015)Company Description


EBITDA Breakdown by Business

Year 2014 2015e 2016e 2017e 2018e

Revenues per Segment (COP bn)Gas Transportation 960 1,207 1,368 1,250 1,344Gas Distribution 910 1,522 2,092 2,326 2,731Other 1,945 1,468 1,676 1,937 2,062

Profit & Loss (COP bn)Total Sales 3,816 4,197 5,136 5,513 6,138Var (%) 34.9 10.0 22.4 7.3 11.3EBIT 2,066 1,737 2,021 2,051 2,297EBIT Margin (%) 54.1 41.4 39.3 37.2 37.4EBITDA 2,572 2,314 2,699 2,795 3,052Var (%) 44.8 -10.0 16.6 3.6 9.2EBITDA Margin (%) 67.4 55.1 52.6 50.7 49.7Net Income 981 372 1,266 1,615 1,545 Var (%) 16.3 -62.1 240.3 27.5 -4.3Net Margin (%) 25.7 8.9 24.6 29.3 25.2

Balance Sheet (COP bn) Current Assets 3,394 2,576 3,601 3,591 4,264Fixed Assets 15,524 20,190 21,417 22,021 22,630Total Assets 18,918 22,766 25,019 25,612 26,894Current Liabilities 1,704 3,301 3,635 3,748 3,860Long Term Liabilities 8,102 10,301 11,407 10,744 10,892Equity 9,112 9,164 9,977 11,119 12,141Total Liabilities&Equity 18,918 22,766 25,019 25,612 26,894

Free Cash Flow (COP bn) Taxes -163 -359 -338 -294 -373Changes in Working Capital -121 -54 -340 -94 -234Cash Flow from Operations 1,703 1,902 2,020 2,408 2,444CAPEX -2,248 -1,764 -1,230 -1,178 -861Debt Service -286 -605 -755 -961 -631Free Cash Flow -1,421 -970 -493 -284 321

Credit Metrics (x)Liabilities/Equity 1.08 1.48 1.51 1.30 1.22EBITDA / Interests Expenses 9.0 4.1 4.2 4.9 5.8Debt / EBITDA 2.9 4.3 4.1 3.8 3.5Net Debt / EBITDA 2.4 3.8 3.5 3.3 2.9

ValuationClose Price (COP/Share) 1,700 1,720 1,900 1,900 1,900EPS (COP) 107 41 138 176 168P/E (x) 15.9 42.4 13.8 10.8 11.3EV/EBITDA (x) 8.8 11.1 10.4 9.9 9.0P/BV (x) 1.7 1.7 1.7 1.6 1.4Div. Yield (%) 3.8 3.2 3.0 3.2 3.6P/S (x) 4.1 3.8 3.4 3.2 2.8FCF Yield (%) -4.4 -1.9 0.6 2.6 3.9ROA (%) 5.2 1.6 5.1 6.3 5.7ROE (%) 11.4 4.3 13.5 15.5 13.6ROIC (%) 11.6 5.1 8.1 8.5 8.8

# Shares (millions) 9,181.2ADR Ratio n.a.Market Cap. (USD M) 5,627

Valuation Method %

DCF @ WACC 8.6% nominal 100

52w High-Low COP/share 1,900-1,560 Date Mar-3-16Avg. Daily Volume (USD m) 1.8 Bloomberg Ticker (Colombia) EEB CB EquityShare Free Float (%) 17.1

Sector Utilities Recommendation BuyClose Price (COP/share) 1,900 Target Price (COP/share) 2,050



Bogotá D.C76%

Others17%

Corficolombiana4%

Ecopetrol3%

0500

1,0001,5002,0002,5003,0003,500

COP Bn

Others Electricity GenerationGas Distribution Gas TransportationElectricity Distribution Electricity Transmission

60708090

100110120130

Jan-

14Ma

r-14

May-1

4Ju

l-14

Sep-

14No

v-14

Jan-

15Ma

r-15

May-1

5Ju

l-15

Sep-

15No

v-15

Jan-

16Ma

r-16

EEB

ENERSIS

TRACTEBEL

CPFL

CEMIGCESP

ENDESA

EEB

456789

101112

EV/E

BITD

A

P/E

EEBCompany

Equity - Colombia

EEBCompany

Credit - Colombia



Main Financial Covenants



TypeRating



(bps)Mod Duration

(years)EEBCB 6.125% 21' Sr Unsecured 749 Fixed Baa3/BBB-/BBB 102.5 5.4 445 3.2

Issuer Type Ratio & Limitation 2014 2015 2016e 2017eEEBCB21 Incurrence Net Debt/Adjusted EBITDA < 4.5x 2.0 4.0 3.5 3.3EEBCB21 Incurrence Adjusted EBITDA/ Int. Exp 2.25x 11.8 4.1 4.2 4.9

0

100

200

300

400

500

600

Feb-

14

Apr-1

4

Jun-

14

Aug-

14

Oct-1

4

Dec-1

4

Feb-

15

Apr-1

5

Jun-

15

Aug-

15

Oct-1

5

Dec-1

5

Feb-

16

EEBCB21

Equity - Colombia Alexander Varschavsky, [email protected]

ISACompany

Equity - Colombia


ISA is one of the main transmission companies in LatAm, with 41,650kms of high-voltage transmission circuit operating, and 4,837kms under construction. Its transformation capacity is 77,710 MVA, with 11,125 MVA in development. ISA’s other businesses include the concession of toll roads in Chile, telecommunications, and real-time systems management.

Chairman of the Board: Santiago MontenegroCEO: Bernardo Vargas GibsoneCFO: Carlos Alberto RodriguezIR: Gloria VelasquezIR email: [email protected]: 3,869www.isa.co



EBITDA Breakdown by Country

Sector Utilities Recommendation HoldClose Price (COP/share) 7,585 Target Price (COP/share) 7,600# Shares (millions) 1,108Market Cap. (USD M) 2,801

Valuation Method %

DCF @ WACC 8.6% nominal 100

52w High-Low COP/share 5,420-8,710 Date Mar-3-16Avg. Daily Volume (USD mn) 0.6 Bloomberg Ticker (Local) ISA CBShare Free Float (%) 31.2 Bloomberg Ticker (ADR) n/a


ColombianState51% EEB

2%

Float31%

Ecopetrol5% EPM

10%

0500

1,0001,5002,0002,5003,0003,5004,000COP bn

Colombia BrazilChile Peru & Others

Year 2014 2015 2016e 2017e 2018e

Main Business Lines Revenues (COP bn)Transmission 2,735 3,818 4,120 3,928 3,965Toll Roads 843 1,095 1,125 1,036 962Others 343 357 392 524 588

Profit & Loss (COP bn)Total Revenues 3,921 5,271 5,637 5,488 5,515Var (%) 12.9 34.4 0.2 0.0 0.0Operating Income 1,879 2,405 2,484 2,685 2,823Op. Margin (%) 47.9 45.6 0.4 0.5 0.5EBITDA 2,275 2,872 3,014 3,261 3,457Var (%) 13.1 26.2 0.1 0.1 0.1EBITDA Margin (%) 58.0 54.5 0.5 0.6 0.6Net Income 593 702 717 584 540 Var (%) 37.0 18.3 0.1 -0.2 -0.1Net Margin (%) 15.1 13.3 0.1 0.1 0.1

Balance Sheet (COP bn) Current Assets 4,635 4,346 5,084 4,988 5,073Fixed Assets 20,979 23,767 27,549 30,241 30,566Total Assets 25,614 28,113 32,633 35,229 35,639Current Liabilities 2,815 3,227 3,722 4,045 4,137Long Term Liabilities 12,353 13,493 16,132 17,216 16,368Equity 10,447 11,393 12,779 13,969 15,134Total Liabilities&Equity 25,614 28,113 32,633 35,229 35,639

Free Cash Flow (COP bn) Investments -1,188 -2,203 -4,116 -3,237 -926Taxes -380 -441 -861 -530 -546Changes in Working Capital -363 156 68 -44 -111Free Cash Flow 344 384 -1,896 -551 1,874

Credit Metrics (x)Liabilities / Equity 0.99 0.99 1.04 1.06 0.93EBITDA / Interest expenses 3.7 2.5 2.3 2.2 2.1Net. Debt / EBITDA 4.0 3.6 3.7 3.9 3.5

ValuationClose Price (COP) 8,630 7,380 7,585 7,585 7,585EPS (COP/Share) 535.4 633.4 647.1 527.3 487.9P/E (x) 16.1 11.7 11.7 14.4 15.5EV/EBITDA (x) 11.1 7.8 8.6 8.5 7.9P/BV (x) 1.4 1.0 1.1 1.0 0.9Div. Yield (%) 2.5 3.6 4.0 4.3 4.4P/S (x) 2.4 1.6 1.5 1.5 1.5FCF Yield (%) 1.3 1.4 -22.6 -6.6 22.3ROA (%) 3.6 3.7 6.0 3.2 3.1ROE (%) 6.8 8.9 9.0 6.8 5.8ROIC (%) 7.0 5.7 6.8 6.9 7.3

Transportadora de Gas International - TGI S.A. E.S.P. is a company that provides gas transportation service through a network of 3,957 kilometers of gas pipelines extended from La Guajira to the Valle del Cauca providing services to homes, industries and businesses.

Chairman of the Board: Gloria Álvarez MartínezCEO: Julian Garcia SalcedoCFO: Antonio AngaritaIR: Rafael SalamancaIR email: [email protected]: 314www.tgi.com.co



Business Segment (USD mn)

Credit - Colombia

Year 2014 2015e 2016e 2017e 2018e

Operating Data (USD mn)Capacity revenues 235 254 265 220 234 AOM revenues 167 141 129 138 153 Volume Revenues 52 54 57 49 60 Others -13.1 13.8 12.3 12.6 13.3

Profit & Loss (USD mn)Total Sales 441 464 463 420 461Var (%) -4% 5% 0% -9% 10%Gross profit 381 405 408 361 395Gross Margin (%) 86% 87% 88% 86% 86%EBIT 272 271 279 234 270EBIT Margin (%) 62% 58% 60% 56% 59%EBITDA 360 368 376 329 364Var (%) 13% 2% 2% -12% 10%EBITDA Margin 82% 79% 81% 78% 79%

Balance Statement (USD mn) Current Assets 306 490 635 713 884Fixed Assets 577 314 368 458 708Total Assets 2,344 3,112 3,369 3,646 4,104Current Liabilities 45 56 63 63 63Long Term Liabilities 1,334 1,767 2,123 2,123 2,167Equity 964 1,290 1,183 1,460 1,874Total Liabilities & Equity 2,344 3,112 3,369 3,646 4,104

Free Cash Flow (USD mn) Taxes -110 -134 -114 -96 -111Changes in Working Capital 23 177 49 38 42Cash Flow from operations 227 57 212 195 211Capex -38 -34 -57 -110 -37Debt Service -74 -64 -50 -52 -52Free Cash Flow -122 -47 105 34 122




TypeRating



(bps)Mod Duration

(years)

EEBCB 5.7% 22' Sr Unsecured 750 Fixed Baa3/BBB-/BBB 99.9 5.7 451 3.5



Issuer Type Ratio & Limitation 2013 2014 2015e 2016e 2017eEEBCB22 Incurrence -additional debt Net Senior DEBT/EBITDA < 4.8x 1.3x 1.8x 1.8x 1.9x 1.7x


Juan Djivelekian, [email protected]

EEB99.9%

Others0.1%

Capacity revenues AOM revenuesVolume Revenues Others

-100

0

100

200

300

400

500

EEB 220

100200300400500600700800

Apr-1

4Ju

n-14

Aug-

14Oc

t-14

Dec-1

4Fe

b-15

Apr-1

5Ju

n-15

Aug-

15Oc

t-15

Dec-1

5Fe

b-16

TGICompany

Credit - Colombia

Promigas

TGI

TGP

23456789

10

EBIT

DA C

over

age (

x)

Debt/EBITDA (x)

Cálidda, Natural Gas and Lima Callao S.A. He is responsible for the gas distribution service natural. Operations are centralized in Peru, specifically in the department of Lima and the Province Constitutional Callao

Chairman of the Board: Gloria Álvarez MartínezCEO: Adolfo HeerenCFO: Isaac SingerIR: Rafael SalamancaIR email: [email protected]: 362www.calidda.com.pe



Business Segment (USD mn)

Credit - Peru

Year 2014 2015e 2016e 2017e 2018e

Operating Data (USD mn)Distribution and related 425 460 573 623 807 Expansion of main pipeline 81 108 95 118 95 Others 6 6 7 8 10

Profit & Loss (USD mn)Total Sales 512 574 675 749 912Var (%) 11% 12% 18% 11% 22%Gross profit 106 112 142 151 201Gross Margin (%) 21% 20% 21% 20% 22%EBIT 71 74 92 94 128EBIT Margin (%) 14% 13% 14% 13% 14%EBITDA 91 101 126 131 169Var (%) 26% 10% 25% 4% 29%EBITDA Margin 18% 18% 19% 17% 19%

Balance Statement (USD mn) Current Assets 193 163 178 187 206Fixed Assets 9 9 9 10 11Total Assets 696 721 778 833 913Current Liabilities 87 114 119 124 129Long Term Liabilities 330 354 374 394 414Equity 280 253 285 315 370Total Liabilities & Equity 696 721 778 833 913

Free Cash Flow (USD mn) Taxes -7 -7 -19 -19 -28Changes in Working Capital 11 -7 -9 -7 -6Cash Flow from operations 73 105 116 118 147Capex -83 -71 -74 -82 -100Debt Service -15 -17 -21 -23 -23Free Cash Flow -24 -13 1 -7 4


Sector Gas Distribution Date Mar-3-16


TypeRating



(bps)Mod Duration

(years)

CALLAO 4.375% 23' Sr Unsecured 320 Fixed Baa3/BBB-/BBB- 96.1 5.0 361 5.9



Issuer Type Ratio & Limitation 2013 2014 2015e 2016e 2017eCitibank loan 2020 Incurrence -additional debt Senior Debt/EBITDA < 3.0x 4.4x 3.5x 3.0x 2.7x 2.5x



EEBPeruHolding60%

Promigas40%

0100200300400500600700800900

1,000

Distribution and relatedExpansion of main pipelineOthers

CALLAO 23

Apr-1

4Ju

n-14

Aug-

14Oc

t-14

Dec-1

4Fe

b-15

Apr-1

5Ju

n-15

Aug-

15Oc

t-15

Dec-1

5Fe

b-16

050

100150200250300350400450500

CALIDDACompany

Credit - Peru

Promigas

TGI

TGP

23456789

10

EBIT

DA C

over

age (

x)

Debt/EBITDA (x)

ENERSURCompany

Equity - Peru

Equity - Peru Alexander Varschavsky, [email protected]

Enersur is the second-largest private power generation company in Peru, and is part of the Engie Group, one of the world’s premier suppliers of energy and environmental services. With 17 years of operation in Peru, it currently has a generation capacity of 1,932 MW.

Chairman of the Board: Manilo AlessiCEO: Michel J.G. GantoisCFO: Eduardo MilliganIR: Eduardo MilliganIR email: [email protected]: 377www.enersur.com.pe



Generation by Fuel (GWh)

Sector Utilities Recommendation HoldClose Price (PEN/share) 7.5 Target Price (PEN/share) 9.0 # Shares (millions) 601ADR Ratio naMarket Cap. (USD mn) 1,306

Valuation Method %


52w High-Low (PEN/share) 9.6-6.9 Date Mar-3-16Avg. Daily Volume (USD mn) 0.2 Bloomberg Ticker (Local) ENERSUC1 PEFree Float (%) 38.2 Bloomberg Ticker (ADR) n/a

Year 2014 2015 2016e 2017e 2018e

Operating DataThermal Capacity (MW) 1,686 1,686 1,799 2,299 2,299 Hydro Capacity 134 246 246 246 246 Electricity Generation (GWh) 7,099 7,175 7,974 8,349 8,349

Profit & Loss (USD mn)Total Sales 619 714 713 680 674Var (%) 1.5 15.3 -0.1 -4.7 -0.9EBIT 238 269 245 202 194EBIT (%) 38.5 37.7 34.3 29.8 28.7EBITDA 287 321 318 290 283Var (%) 6.3 11.9 -1.2 -8.8 -2.4EBITDA Margin 46.4 45.0 44.5 42.6 42.0Net Income 138 181 148 115 115Var (%) 8.0 31.9 -18.3 -22.2 -0.5Net Margin (%) 22.2 25.4 20.8 17.0 17.0

Balance Statement (USD mn) Current Assets 197 221 210 185 159Fixed Assets 1,380 1,673 1,617 1,561 1,512Total Assets 1,724 2,055 1,988 1,908 1,832Current Liabilities 262 337 378 379 378Long Term Liabilities 726 847 917 756 600Equity 736 871 693 773 854Total Liabilities & Equity 1,724 2,055 1,988 1,908 1,832

Free Cash Flow (USD mn) Taxes -59 -78 -64 -49 -49Changes in Working Capital 24 25 0 5 1Cash Flow from operations 252 269 254 245 235Capex -166 -111 -251 -31 -38Debt Service -152 -116 -169 -248 -225Free Cash Flow -108 -7 -219 -76 -63


ValuationClose Price (PEN / Share) 10.3 8.1 7.5 7.5 7.5EPS (PEN) 1.7 1.0 0.8 0.7 0.7P/E (x) 15.1 7.9 9.6 12.4 12.4EV/EBITDA (x) 10.0 7.3 7.7 7.9 7.7P/BV (x) 2.8 1.6 2.1 1.8 1.7Div. Yield (%) 2.0 3.5 3.7 2.9 2.4P/S (x) 3.36 2.00 2.00 2.10 2.12FCF Yield (%) 2.4 9.0 -2.8 11.7 11.0ROA (%) 9.5 9.9 9.0 7.8 7.8ROE (%) 18.7 20.8 21.4 14.9 13.4ROCE (%) 10.8 10.2 9.9 8.5 8.5


Engie62%

Others38%

01,0002,0003,0004,0005,0006,0007,0008,0009,000

Diesel Coal Gas Hydro

TgP is the concessionaire responsible for natural gas and liquid natural gas transportation from the Camisea fields to the Peruvian coast: Pisco in the case of NGL and Lurín in the case of NG. On 6 December 2000, the Ministry of Energy and Mining granted TgP both concessions for a 33-year period, which can be extended to a maximum of 60 years.

Chairman of the Board: Alfredo ErgasCEO: Adolfo HeerenCFO: Tomas DelgadoIR: Angel GonzalesIR email: [email protected]: 18www.tgp.com.pe

Management Team (Dec-2015)Ownership Structure (Sept-2015)Company Description


Revenue by contract (USD mn)

Credit - Peru

Year 2014 2015 2016e 2017e 2018e

Operating Data (USD mn)Natural Gas Transport 355 355 375 384 389 Natural Gas Liquids Transport 183 188 191 194 197

Profit & Loss (USD mn)Total Sales 538 543 565 577 585Var (%) 6% 1% 4% 2% 1%Gross profit 319 306 327 337 344Gross Margin (%) 59% 56% 58% 58% 59%EBIT 299 286 307 318 324EBIT Margin (%) 56% 53% 54% 55% 55%EBITDA 369 355 379 391 399Var (%) 4% -4% 7% 3% 2%EBITDA Margin 69% 65% 67% 68% 68%

Balance Statement (USD mn) Current Assets 341 227 272 338 377Fixed Assets 1,244 1,267 1,337 1,408 1,462Total Assets 1,767 1,693 1,727 1,779 1,815Current Liabilities 104 78 85 88 94Long Term Liabilities 1,210 1,187 1,208 1,208 1,223Equity 453 427 434 483 499Total Liabilities & Equity 1,767 1,693 1,727 1,779 1,815

Free Cash Flow (USD mn) Taxes -35 -90 -46 -48 -49Changes in Working Capital -31 4 -1 -1 -1Cash Flow from operations 254 269 332 342 348Capex -116 -169 -141 -144 -146Debt Service -75 -73 -74 -74 -74Free Cash Flow -137 -33 56 64 68


Sector Gas Transmission Date Mar-3-16


TypeRating



(bps)Mod Duration

(years)

TGPERU 4.25% 28' Sr Unsecured 850 Fixed Baa1/BBB+/BBB+ 94.8 4.9 328 7.9




Enagás IntlS.L.U.24%

TecgasCamisea INC

24%

Others17%

Carmen Corp14%

Sipco PeruPipelines Corp.

21%

TGP 28

Apr-1

4Ju

n-14

Aug-

14Oc

t-14

Dec-1

4Fe

b-15

Apr-1

5Ju

n-15

Aug-

15Oc

t-15

Dec-1

5Fe

b-16

050

100150200250300350400450500

Gas TransportNatural Gas Liquids TransportOthers

0100200300400500600700

TGPCompany

Credit - Peru

Promigas

TGI

TGP

23456789

10

EBIT

DA C

over

age (

x)

Debt/EBITDA (x)

Consorcio Transmantaro S.A. is engaged in electricity transmission in Peru. The company is involved in the construction, operation, and maintenance of power transmission networks. It operates the Mantaro-Socabaya transmission line, and is engaged in systems development and telecommunications activities. Consorcio Transmantaro S.A. is based in Lima, Peru.

Chairman of the Board: Luis Fernando AlarconCEO: Carlos Mario CaroCFO: Jose Miguel AcostaIR: IR email: [email protected]: 2 www.rep.com.pe/transmantaro/



Revenue by contract (USD mn)

Credit - Peru

Year 2014 2015 2016e 2017e 2018e

Operating DataConcession Contracts 94 106 128 170 181 Private Contracts (Revenues) 2.8 2.1 2.8 2.9 3.0 Private Contracts (Interest Income) 9.4 9.8 10.1 10.3 10.5

Profit & Loss (USD mn)Total Sales 99 108 131 173 184Var (%) -41.7 9.4 21.0 32.0 6.2Gross profit 54 59 71 94 100Gross Margin (%) 54.9 54.3 54.3 54.3 54.3EBIT 54 58 70 93 98EBIT Margin (%) 54.3 53.5 53.5 53.5 53.5EBITDA 90 99 117 151 159Var (%) -0.5 10.3 18.6 28.5 5.6EBITDA Margin 90.7 91.4 89.6 87.2 86.7

Balance Statement (USD mn) Current Assets 69 88 90 163 256Fixed Assets 7 15 18 23 24Total Assets 952 1,085 1,309 1,381 1,476Current Liabilities 28 62 24 29 31Long Term Liabilities 609 667 909 915 915Equity 315 356 377 437 531Total Liabilities & Equity 952 1,085 1,309 1,381 1,476

Free Cash Flow (USD mn) Taxes 11 10 7 12 13Changes in Working Capital 2 2 23 9 2Cash Flow from operations 44 75 74 117 131Capex -99 -154 -250 -50 -50Debt Service 97 134 53 36 36Free Cash Flow -153 -213 -229 31 45




TypeRating



(bps)Mod Duration

(years)

TRANSM 4.375% 23' Sr Unsecured 450 Fixed Baa3/N.A/BBB- 96.1 5.0 359 6.0



Cristián Campos, [email protected]

ISA60%

EEB40%

0

50

100

150

200

250

Private Contracts Concession Contracts

Transelec

Transmantaro

ISA

REP

EEB*

0

2

4

6

8

10

12

14

EBIT

DA C

over

age (

x)

Debt/EBITDA (x)

TRANSM230

50100150200250300350400450

Jan-

14Ma

r-14

May-1

4Ju

l-14

Sep-

14No

v-14

Jan-

15Ma

r-15

May-1

5Ju

l-15

Sep-

15No

v-15

Jan-

16

TRANSMANTAROCompany

Credit - Peru

Natural Resources

Company

CAP

Equity - Chile

Equity - Chile

CAP is a producer of iron ore, with vertical integrated steel production and steel processing operations. Likewise, the company is involved in the water desalinization, power transmission and port businesses through its infraestructure subsidiaries. Its iron ore sales are primarily directed to the international market, with Asia being the main destination.

Chairman of the Board: Roberto de AndracaCEO: Fernando ReitichCFO: Raul GamonalIR: Javiera MercadoIR email: [email protected]: 4,733www.cap.cl





Year 2014 2015 2016e 2017e 2018e

Operating DataCSH Steel Sales ('000 ton) 701 719 700 705 705CMP Iron Ore Sales ('000 ton) 13,916 14,955 14,931 14,960 14,949Iron Ore Price (CFR China in USD/MT) 95 57 47 50 55Profit & Loss (USD m)Total Sales 1,790 1,475 1,341 1,361 1,446Var (%) -22.1 -17.6 -9.1 1.5 6.3Gross Margin (%) 17.7 9.9 4.1 5.0 7.0EBIT 168 82 2 11 42EBIT Margin (%) 9.4 5.6 0.1 0.8 2.9EBITDA 381 287 243 247 277Var (%) -46.2 -24.6 -15.6 2.0 11.9EBITDA Margin (%) 21.3 19.5 18.1 18.2 19.2Net Income 56 2 -38 -30 -13Var (%) -69.8 -96.1 n/a n/a n/aNet Margin (%) 3.1 0.1 -2.8 -2.2 -0.9Balance Statement (USD m) Current Assets 1,160 1,098 1,161 1,253 1,258Fixed Assets 3,698 3,557 3,413 3,273 3,136Total Assets 5,745 5,514 5,445 5,411 5,290Current Liabilities 927 843 825 832 921Long Term Liabilities 1,659 1,514 1,514 1,514 1,314Equity 3,160 3,157 3,106 3,064 3,054Total Liabilities & Equity 5,745 5,514 5,445 5,411 5,290Free Cash Flow (USD m) Taxes 37 50 0 0 0Changes in Working Capital 106 -115 15 1 22Cash Flow from operations 524 222 258 249 299Capex -450 -60 -82 -82 -81Debt Service -198 -214 -128 -80 -252Free Cash Flow -229 -91 46 83 -39Credit Metrics (x)Liabilities/Equity 0.82 0.75 0.75 0.77 0.73EBITDA/Interest expenses 5.5 4.8 3.5 3.5 4.0Debt/EBITDA 3.3 4.5 5.3 5.2 3.9Net Fin. Debt / EBITDA 2.4 3.0 3.1 2.7 1.9ValuationClose Price (CLP / Share) 2,682 1,646 1,940 1,940 1,940EPS (CLP) 225 10 -176 -134 -59P/E (x) 11.9 n/a n/a n/a n/aEV/EBITDA (x) 5.4 5.0 6.1 5.7 4.6P/BV (x) 0.36 0.19 0.23 0.25 0.25Div. Yield (%) 15.9 11.0 0.4 0.6 0.4P/S (x) 0.4 0.2 0.3 0.3 0.3FCF Yield (%) 0.4 17.1 14.6 12.9 19.9ROA (%) 2.7 1.3 0.5 0.7 1.1ROE (%) 3.0 0.1 -2.1 -1.7 -0.8ROIC (%) 3.4 1.7 0.0 0.2 0.9

# Shares (millions) 149.4ADR Ratio n/aMarket Cap. (USD m) 517

Valuation Method %

DCF ( WACC: 10,4% nominal) 100

Sector Mining Recommendation HoldClose Price (CLP/share) 1,940 Target Price (CLP/share) 2,200

52w High-Low (CLP/share) 2,691 - 1,455 Date Mar-10-16Avg. Daily Volume (USD m) 1.6 Bloomberg Ticker (Local) CAP CIFree Float (%) 48 Bloomberg Ticker (ADR) n/a

Vicente Rodríguez, [email protected]

IPSACAP CI

020406080

100120

Jan-

14

Mar-1

4 Ma

y-14

Jul-1

4 Se

p-14

No

v-14

Jan-

15

Mar-1

5 Ma

y-15

Jul-1

5 Se

p-15

No

v-15

Jan-

16

VALE

FMG

USIM

GERDAU

BHP

CAP

4

5

6

7

8

9

10

11

EV/E

BITD

A

P/BV

050

100150200250300350400450

MUS$

Others Steel ProcessingSteel Making Mining

Mitsubishi19%

Invercap &Fundacion CAP33%

Others48%

Company

CELARA

Arauco is the forestry branch of Empresas Copec, operating in Chile, USA, Uruguay, Brazil, and Argentina. Through subsidiaries, Arauco participates in Pulp, Panels, Sawn timber, and Forestry businesses. They own more over 1mn hectares in Chile, and have significant land holdings in Brazil and Uruguay (through a JV with Stora Enso).

(*) Adjusted by the non-cash fair value changes in biological assets (**) Includes non-current biological assets

Chairman of the Board: Matías DomeykoCEO: Cristián InfanteCFO: Gianfranco TruffelloHIR: José Luis RossoIR email: [email protected]: 13,576www.arauco.cl




EBITDA by Business Segment (USD mn)

Credit - Chile

Year 2014 2015e 2016e 2017e 2018e

Operating DataPulp Production (th. tons) 3,259 3,609 3,627 3,711 3,711 Panels Production (th. m3) 5,280 5,568 5,604 5,683 5,871 Sawntimber Production (th. m3) 2,791 2,834 2,849 2,966 2,966

Profit & Loss (USD mn)Total Sales 5,329 5,207 5,102 5,377 5,578Var (%) 3.6 -2.3 -2.0 5.4 3.8Gross profit 1,675 1,635 1,555 1,689 1,833Gross Margin (%) 31.4 31.4 30.5 31.4 32.9EBIT 811 714 654 808 908EBIT Margin (%) 15.2 13.7 12.8 15.0 16.3Adjusted EBITDA (*) 1,250 1,293 1,172 1,350 1,472Var (%) 9.3 3.4 -9.4 15.2 9.1EBITDA Margin 23.5 24.8 23.0 25.1 26.4

Balance Statement (USD mn) Current Assets 3,141 2,683 2,760 2,856 2,871Fixed Assets (**) 10,658 10,391 10,514 10,585 10,653Total Assets 14,747 13,894 14,093 14,260 14,344Current Liabilities 1,547 1,155 1,146 1,167 1,178Long Term Liabilities 6,386 5,968 5,781 5,469 5,038Equity 6,815 6,770 7,166 7,624 8,128Total Liabilities & Equity 14,747 13,894 14,093 14,260 14,344

Free Cash Flow (USD mn) Adjusted EBITDA 1,250 1,293 1,172 1,350 1,472Taxes -156 -89 -140 -186 -216Changes in Working Capital -14 -16 10 -37 -17Cash Flow from operations 1,080 1,188 1,041 1,127 1,239Capex -612 -505 -484 -490 -499Debt Service -1,116 -1,207 -375 -702 -621Free Cash Flow -789 -624 81 -162 -12



TypeRating



(bps)Mod Duration

(years)CELARA 7.25% 19’ Sr Unsecured 500 Fixed Baa3/BBB-/BBB 109.6 3.3 223 3.2CELARA 5% 21’ Sr Unsecured 395 Fixed Baa3/BBB-/BBB 105.8 3.7 248 4.3CELARA 4.75% 22’ Sr Unsecured 500 Fixed Baa3/BBB-/BBB 103.9 4.0 268 4.9CELARA 4.5% 24’ Sr Unsecured 500 Fixed Baa3/BBB-/BBB 101.1 4.3 229 6.7



Credit - ChileSector Pulp&Paper Date Mar-03-16

Copec99.9%

Others0.1%

-2000

200400600800

1,0001,2001,4001,600

Others Sawtimber Panels Pulp

MASISA

CMPC

SONAE I.SUZANO

DURATEX

FIBRIA

ARAUCO

-202468

101214

EBIT

DA C

over

age (

x)

Debt/EBITDA (x)

Issuer Type Ratio & Limitation 2013 2014 2015e 2016e 2017eLocal bonds Maintainance Net Debt/Equity = 2.0x 4.42x 5.07x 5.13x 5.14x 5.77xSyndicated loans Maintainance Net Debt/Equity

Company

CMPC

Equity - Chile

Equity - Chile

CMPC is a Pulp&Paper company with operations in Chile, Brazil, Argentina, Uruguay, Mexico, Ecuador, Colombia and Peru. The company sells locally and exports forestry products, market pulp, paper products and tissue to over 50 countries.

Chairman of the Board: Eliodoro Matte CEO: Hernán Rodríguez CFO: Ignacio Goldsack IR: Colomba Henríquez IR email: [email protected] Employees: 16,693 www.cmpc.cl




Year 2014 2015e 2016e 2017e 2018e

Operating DataSawn Timber and Panels (th. m3) 3,780 4,420 4,580 4,710 4,842Pulp Volume (th. Ton) 2,129 2,427 3,387 3,452 3,485Tissue volume (th. Ton) 604 620 647 662 679

Profit & Loss (USD m)Total Sales 4,837 4,841 5,233 5,316 5,487Var (%) -2.8 0.1 8.1 1.6 3.2EBIT 533 675 767 763 816EBIT Margin (%) 11.0 14.0 14.7 14.3 14.9EBITDA 986 1,099 1,343 1,356 1,418Var (%) 2.3 11.4 22.2 1.0 4.5EBITDA Margin (%) 20.4 22.7 25.7 25.5 25.8Net Income 138 -3 317 331 363Var (%) -13.7 -102.3 n/a 4.4 9.8Net Margin (%) 2.8 -0.1 6.1 6.2 6.6

Balance Statement (USD m) Current Assets 3,537 3,169 3,628 3,980 4,434Fixed Assets 7,808 7,931 8,084 8,163 8,243Total Assets 15,190 14,890 15,434 15,793 16,149Current Liabilities 1,286 1,168 1,327 1,340 1,355Long Term Liabilities 5,700 5,792 5,933 5,978 6,102Equity 8,204 7,930 8,175 8,475 8,693Total Liabilities & Equity 15,190 14,890 15,434 15,793 16,149

Free Cash Flow (USD m) Taxes -74 -139 -132 -137 -151Changes in Working Capital 486 -94 -103 -147 -36Cash Flow from operations 1,398 866 1,109 1,072 1,231Capex -1,569 -789 -554 -492 -496Debt Service -391 -616 -342 -365 -768Free Cash Flow -603 -595 111 83 -178


ValuationClose Price (CLP / Share) 1,519 1,589 1,589 1,589 1,589EPS (CLP) 33.7 -0.9 88.0 89.2 99.0P/E (x) 45.1 n/a 18.1 17.8 16.1EV/EBITDA (x) 9.6 8.3 6.7 6.8 6.2P/BV (x) 0.76 0.70 0.70 0.70 0.67Div. Yield (%) 0.7 1.0 1.8 2.2 2.5P/S (x) 1.3 1.1 1.1 1.1 1.1FCF Yield (%) -6.3 -3.9 2.2 2.8 5.0ROA (%) 1.9 1.5 4.1 4.0 4.2ROE (%) 1.7 0.0 3.9 3.9 4.2ROIC (%) 5.1 6.6 7.2 6.7 6.9

# Shares (millions) 2,483.1ADR Ratio n/aMarket Cap. (USD m) 5,752

Valuation Method %


52w High-Low (CLP/share) 1,892 - 1,415 Date Mar-03-16Avg. Daily Volume (USD m) 3.3 Bloomberg Ticker (Local) CMPC CIFree Float (%) 34 Bloomberg Ticker (ADR) n/a

Sector Pulp & Paper Recommendation BuyClose Price (CLP/share) 1,589 Target Price (CLP/share) 1,850

0200400600800

1,0001,2001,4001,600Mn USD

Forest Paper Tissue Pulp

IPSACMPC CI

Jan-

14

Mar-1

4 Ma

y-14

Jul-1

4 Se

p-14

No

v-14

Jan-

15

Mar-1

5 Ma

y-15

Jul-1

5 Se

p-15

No

v-15

Jan-

16 -10

1030507090

110130150

Others34% Matte

Family55%

AFPs11%



Int. Paper

Suzano

CMPCFibria

COPEC

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

EV/E

BITD

A

P/E

Company

CMPC

Credit - Chile

Credit - Chile




Sector Pulp & Paper Date Mar-03-16


TypeRating



(bps)Mod Duration

(years)CMPCCI 4.75% 18’ Sr Unsecured 500 Fixed Baa3/BBB-/BBB+ 103.6 2.5 148 1.5CMPCCI 6.125% 19’ Sr Unsecured 500 Fixed Baa3/BBB-/BBB+ 109.6 3.3 223 3.2CMPCCI 4.5% 22’ Sr Unsecured 500 Fixed Baa3/BBB-/BBB+ 102.3 4.1 274 5.2CMPCCI 4.375% 23’ Unsecured 500 Fixed NA/BBB-/BBB+ 99.4 4.5 304 6.0CMPCCI 4.75% 24’ Sr Unsecured 500 Fixed Baa3/BBB-/BBB+ 100.3 4.7 318 6.8

Issuer Type Ratio & Limitation 2014 2015e 2016e 2017eBanco BNDES Brazil Maintenance 3rd parties financial debt/Equity < 0.8x 0.53x 0.52x 0.52x 0.53xBanco BNDES Brazil Maintenance EBITDA coverage >= 3.25x 5.53x 5.20x 5.83x 8.83x

MASISA

CMPC

SONAE I.SUZANO

DURATEX

FIBRIA

ARAUCO

-2

0

2

4

6

8

10

12

14

EBIT

DA C

over

age (

x)

Debt/EBITDA (x)

CMPC 24CMPC 23CMPC 22

100

150

200

250

300

350

400Oc

t-14

Nov-1

4De

c-14

Jan-

15Fe

b-15

Mar-1

5Ap

r-15

May-1

5Ju

n-15

Jul-1

5Au

g-15

Sep-

15Oc

t-15

Nov-1

5De

c-15

Jan-

16Fe

b-16


Company

COPEC

Equity - Chile

Equity - Chile

Copec has interests in the forestry sector through its subsidiary Arauco (pulp, panels and related products), in the fuel business (Copec in Chile and Terpel in Colombia) and in fishery (Corpesca/SPK). Additionally, the company has some small assets in mining sector (copper and thermal coal).

Chairman of the Board: Roberto AngeliniCEO: Eduardo NavarroCFO: Rodrigo HuidobroHIR: Cristián PalaciosHIR email: [email protected]: 19,200www.ec.cl





Year 2014 2015e 2016e 2017e 2018e

Operating DataPulp (th. tons) 3,259 3,609 3,627 3,711 3,711Woods (Sawn Timber and Panels) (th. m3) 8,071 8,403 8,454 8,649 8,837Fuel (th. m3) 16,327 16,748 17,569 18,306 18,978

Profit & Loss (USD m)Total Sales 23,841 18,510 18,275 19,821 19,866Var (%) -2.0 -22.4 -1.3 8.5 0.2EBIT 1,115 1,073 938 1,092 1,189EBIT Margin (%) 4.7 5.8 5.1 5.5 6.0EBITDA 2,023 1,965 1,833 2,014 2,139Var (%) 0.3 -2.9 -6.7 9.9 6.3EBITDA Margin (%) 8.5 10.6 10.0 10.2 10.8Net Income 810 483 584 692 770Var (%) 9.9 -40.4 21.0 18.5 11.2Net Margin (%) 3.4 2.6 3.2 3.5 3.9

Balance Statement (USD m) Current Assets 6,106 5,141 4,929 5,114 5,321Fixed Assets 9,819 9,322 9,557 9,785 9,965Total Assets 21,891 20,005 19,923 20,225 20,490Current Liabilities 2,914 2,688 2,882 2,882 2,851Long Term Liabilities 8,641 8,535 8,471 8,471 8,471Equity 10,336 8,782 8,570 8,872 9,169Total Liabilities & Equity 21,891 20,005 19,923 20,225 20,490

Free Cash Flow (USD m) Taxes -256 -161 -195 -231 -257Changes in Working Capital -13 11 -13 -42 -14Free Cash Flow 1,755 1,815 1,625 1,741 1,869Capex -923 -801 -868 -985 -938Debt Service -2,125 -1,688 -889 -891 -839Free Cash Flow -1,644 -1,016 -325 -368 -185

Credit Metrics (x)Liabilities/Equity 1.1 1.3 1.3 1.3 1.2EBITDA/Interest expenses 5.8 5.6 5.5 6.5 7.0Debt/EBITDA 3.5 3.6 3.9 3.5 3.2Net Fin. Debt / EBITDA (x) 2.5 2.8 3.2 2.7 2.4

ValuationClose Price (CLP / Share) 6,849 6,118 6,118 6,118 6,118EPS (CLP) 378.2 263.2 310.1 356.7 400.6P/E (x) 18.1 23.2 19.7 17.2 15.3EV/EBITDA (x) 10.2 8.9 9.9 9.1 8.3P/BV (x) 1.51 1.37 1.45 1.43 1.37Div. Yield (%) 2.4 3.0 1.7 2.0 2.4P/S (x) 0.6 0.6 0.6 0.6 0.6FCF Yield (%) 2.9 5.1 3.4 3.6 5.0ROA (%) 5.1 3.8 4.3 4.7 5.0ROE (%) 8.3 5.9 7.3 8.4 9.0ROIC (%) 4.6 4.8 4.2 4.7 5.1

# Shares (millions) 1,299.9ADR Ratio 1.0Market Cap. (USD m) 11,595

Valuation Method %

DCF ( WACC: 9,4% nominal) 100

Sector Pulp & Paper Recommendation HoldClose Price (CLP/share) 6,118 Target Price (CLP/share) 7,100

52w High-Low (CLP/share) 7,363-5,860 Date Mar-03-16Avg. Daily Volume (USD m) 4.6 Bloomberg Ticker (Local) COPEC CIFree Float (%) 39.0 Bloomberg Ticker (ADR) n/a

Abastible TerpelCopec Fuel Distribution Arauco

0

500

1,000

1,500

2,000

2,500Mn USD

Antarchle61%

AFPs4%

Others35%

Jan-

14

Mar-1

4 Ma

y-14

Jul-1

4 Se

p-14

No

v-14

Jan-

15

Mar-1

5 Ma

y-15

Jul-1

5 Se

p-15

No

v-15 60

70

80

90

100

110

120

IPSACOPEC CI

Int. Paper

Suzano

CMPCFibria

COPEC

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

EV/E

BITD

A

P/E


Company

GeoPark Limited engages in the exploration, development, and production of oil and gas reserves in Chile, Colombia, Brazil, and Argentina. As of Dec-14, the company had working and/or economic interests in 29 hydrocarbon blocks, as well as shallow offshore concessions in Brazil (including the Manati Field). GeoPark Ltd. was founded in 2002 and is based in Santiago, Chile.

Chairman of the Board: Gerald O’ShaughnessyCEO: James ParkCFO: Andres OcampoIR: Dolores SantamarinaIR email: [email protected]: 443www.geo-park.com



Revenue by Country (USD mn)

Credit - Chile

Year 2014 2015e 2016e 2017e 2018e

Operating DataTotal Net Production 19,604 20,362 23,350 25,750 28,500 Oil Price Brent (USD/bbl) 100 54 46 51 60 Cash Cost (USD/bbl) 19.3 12.3 9.3 9.9 9.7

Profit & Loss (USD mn)Total Sales 429 214 200 259 350Var (%) 26.7 -50.1 -6.6 29.4 35.4Gross profit 300 126 123 169 252Gross Margin (%) 70.0 58.9 61.6 65.2 71.9EBIT 114 -42 -46 -17 44EBIT Margin (%) 26.6 -19.8 -23.2 -6.7 12.5EBITDA 220 72 57 96 170Var (%) 24.3 -67.3 -20.2 67.3 76.5EBITDA Margin 51.3 33.6 28.8 37.2 48.4

Balance Statement (USD mn) Current Assets 201 34 87 113 147Fixed Assets 799 713 656 624 626Total Assets 1,039 803 795 779 810Current Liabilities 124 71 67 109 71Long Term Liabilities 436 448 446 387 378Equity 479 284 281 284 362Total Liabilities & Equity 1,039 803 795 779 810

Free Cash Flow (USD mn) Taxes 5 -34 -64 -71 -77Changes in Working Capital -9 3 3 9 -10Cash Flow from operations 231 51 119 158 257Capex -238 -57 -60 -90 -140Debt Service 50 33 29 43 79Free Cash Flow -57 -40 30 25 38


Sector Oil & Gas Date Mar-03-16


TypeRating



(bps)Mod Duration

(years)

GPKLN 7.5% 20' Sr Unsecured 300 Fixed N.A/B-/B 60.4 23.5 2,240 2.9



GEOPARK Credit - Chile

Issuer Type Ratio & Limitation 2013 2014 2015e 2016e 2017eGPKLN20 Incurrence Debt/EBITDA < 2.5x 1.81 1.63 5.15 6.44 3.69 GPKLN20 Incurrence EBITDA/Int. Expenses > 3.5x 6.91 8.35 2.39 1.99 3.48



CarticaManagement16.8%

Frontier WealthManagement35.0%

Others48.2%

Brasil Chile Colombia

050

100150200250300350400450

GeoparkEcopetrol

Pacific

Petrobras

Canacol

Petroamerica Oil

012345678

EBIT

DA C

over

age (

x)

Debt/EBITDA (x)

GPKLN20

0500

1,0001,5002,0002,5003,000

Feb-

13Ma

y-13

Aug-

13No

v-13

Feb-

14Ma

y-14

Aug-

14No

v-14

Feb-

15Ma

y-15

Aug-

15No

v-15

Feb-

16

Company

SQM-B

SQM is the world leader in the speciality fertilizers, iodine and lithium businesses, with a dominant position and sustainable competitive advantages due to its unique assets. It sells to more than 100 countries, thanks to an extensive distribution network and series of strategic alliances.

Chairman of the Board: Juan Antonio GuzmánCEO: Patricio de SolminihacCFO: Ricardo RamosIR: Kelly O’BrienIR email: [email protected]: 5,145www.sqm.com





Equity - Chile

Equity - Chile

Year 2014 2015 2016e 2017e 2018e

Operating DataSPN Sales (th Tons) 878 920 914 912 911Potash Sales (th Tons) 1,556 1,326 1,402 1,476 1,489Iodine Sales (th Tons) 8.7 9.7 10.4 10.4 10.9

Profit & Loss (USD m)Total Sales 2,014 1,728 1,745 1,790 1,813Var (%) -8.6 -14.2 1.0 2.6 1.3EBIT 458 361 446 417 435EBIT Margin (%) 22.7 20.9 25.6 23.3 24.0EBITDA 737 723 741 714 735Var (%) -11.4 -2.0 2.5 -3.6 2.9EBITDA Margin (%) 36.6 41.8 42.5 39.9 40.5Net Income 296 213 277 256 261Var (%) -36.6 -28.1 30.0 -7.7 2.0Net Margin (%) 14.7 12.3 15.9 14.3 14.4

Balance Statement (USD m) Current Assets 2,512 2,880 3,151 3,209 3,434Fixed Assets 1,888 1,675 1,550 1,422 1,283Total Assets 4,664 4,817 4,962 4,892 4,979Current Liabilities 524 800 796 754 743Long Term Liabilities 1,840 1,592 1,600 1,443 1,405Equity 2,300 2,425 2,566 2,696 2,831Total Liabilities & Equity 4,664 4,817 4,962 4,892 4,979

Free Cash Flow (USD m) Taxes -150 -96 -73 -102 -94Changes in Working Capital 4 100 -83 -48 -10Cash Flow from operations 591 727 584 564 632Capex -105 -140 -144 -146 -136Debt Service -277 -218 -263 -143 -49Free Cash Flow -170 89 36 146 316


ValuationClose Price (CLP / Share) 14,743 12,537 12,537 12,537 12,537EPS (CLP) 683.4 574.0 726.7 651.2 670.4P/E (x) 21.6 21.8 17.3 19.3 18.7EV/EBITDA (x) 10.8 8.1 7.8 8.0 7.4P/BV (x) 2.85 1.96 1.90 1.87 1.76Div. Yield (%) 5.9 6.0 2.9 2.6 2.7P/S (x) 3.2 2.7 2.7 2.8 2.7FCF Yield (%) 6.2 9.2 6.4 6.0 7.4ROA (%) 7.5 5.6 6.7 6.2 6.2ROE (%) 13.2 9.0 11.0 9.7 9.4ROIC (%) 8.8 6.7 7.9 7.3 7.3

# Shares (millions) 263.2ADR Ratio 1.0Market Cap. (USD m) 5,720

Valuation Method %


52w High-Low (CLP/share) 16,047 - 8,689 Date Mar-03-16Avg. Daily Volume (USD m) 16.1 Bloomberg Ticker (Local) SQM/B CIFree Float (%) 68 Bloomberg Ticker (ADR) SQM US


0100200300400500600700800

Mn USD

Others LithiumSPN Potash

Ind. ChemicalsIodine

Jan-

14

Mar-1

4 Ma

y-14

Jul-1

4 Se

p-14

No

v-14

Jan-

15

Mar-1

5 Ma

y-15

Jul-1

5 Se

p-15

No

v-15

Jan-

16

IPSASQM/B CI

020406080

100120140160

JulioPonce32%

Potash Corp32%

Others68%

Sector Mining Recommendation HoldClose Price (CLP/share) 12,537 Taget Price (USD/ADR) 20.0 Target Price (CLP/share) 14,000

POTAGU

FMC

ICL SQM

MOS5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5

10.0

EV/E

BITD

A

Company

Credit - Chile

SQM-B Credit - Chile




Sector Mining Date Mar-03-16


TypeRating



(bps)Mod Duration

(years)SQM 6.125% 16' Sr Unsecured 200 Fixed Baa1/BBB/N.A. 100.3 3.6 317 0.1SQM 6.125% 20' Sr Unsecured 250 Fixed Baa1/BBB/N.A. 102.3 4.8 369 3.6SQM 3.625% 23' Sr Unsecured 300 Fixed Baa1/BBB/N.A. 90.25 5.3 387 6.0SQM 4.375% 25' Sr Unsecured 250 Fixed Baa1/BBB/N.A. 91.0 5.7 412 7.1

Issuer Type Ratio & Limitation 2014 2015e 2016e 2017eLocal Bonds & Local / Int.Banks Maintenance Minumun Equity > USD 1,000mn 2,300mn 2,425mn 2,566mn 2,696mnLocal Bonds & Local / Int.Banks Maintenance Net Debt/EBITDA < 3.0x 1.96x 1.52x 1.21x 0.96xLocal Bonds & Local / Int.Banks Maintenance Liabilities/Equity < 1.2x 1.03x 0.99x 0.93x 0.81x

Agrium

SQM

Potash

Mosaic

FMC

ICL

02468

1012141618

EBIT

DA C

over

age (

x)

Debt/EBITDA (x)

SQM25SQM23SQM20

100150200250300350400450500

Jan-

14

Mar-1

4

May-1

4

Jul-1

4

Sep-

14

Nov-1

4

Jan-

15

Mar-1

5

May-1

5

Jul-1

5

Sep-

15

Nov-1

5

Jan-

16


Company

Masisa is a panel producer and has a capacity of 3.4 million cubic meters of PB, MDP and MDF per year, and 487,000 cubic meters of sawn timber. Masisa also has 198,000 hectares of forest plantations in Chile, Argentina, Brazil and Venezuela, along with business operations in Peru, Ecuador and Colombia. Grupo Nueva is the controlling group shareholder with 67% ownership.

Chairman of the Board: Roberto Salas GuzmanCEO: Marcos C. BicudoCFO: Eugenio Juan Arteaga InfanteIR: Carolina GalvezIR email:[email protected]: 1,586www.masisa.com




Business Segment (Units mn)

Credit - Chile

Year 2014 2015e 2016e 2017e 2018e

Operating Data (EBITDA per country)Chile 42.2 49.0 54.5 62.1 66.1 Argentina 52.0 47.0 53.0 58.7 60.7 Venezuela 55.9 25.0 10.6 11.0 10.7 Others 42.5 31.0 33.3 38.8 41.6

Profit & Loss (USD mn)Total Sales 1,545 1,035 1,044 1,066 1,085Var (%) 13% -33% 1% 2% 2%Gross profit 301 215 204 213 222Gross Margin (%) 19% 21% 20% 20% 21%EBIT 87 52 78 85 92EBIT Margin (%) 6% 5% 8% 8% 9%EBITDA 193 152 151 171 179Var (%) -20% -21% 0% 13% 5%EBITDA Margin 12% 15% 15% 16% 17%

Balance Statement (USD mn) Current Assets 721 367 366 340 316Fixed Assets 1,140 944 941 946 949Total Assets 2,425 1,877 1,953 1,992 2,032Current Liabilities 326 313 313 317 320Long Term Liabilities 714 622 702 789 789Equity 1,179 748 744 693 730Total Liabilities & Equity 2,425 1,877 1,953 1,992 2,032

Free Cash Flow (USD mn) Taxes -7 -20 -20 -18 -18Changes in Working Capital 15 -10 -9 -5 -1Cash Flow from operations 177 163 141 158 162Capex -136 -135 -70 -90 -90Debt Service -51 -71 -104 -96 -110Free Cash Flow 22 -65 -45 -53 -63


Sector Pulp & Paper Date Mar-03-16


TypeRating



(bps)Mod Duration

(years)MASISA 9.5% 19' Sr Unse

DataBook - LarrainVial Chile · 2016-03-14 · Head of Research Felipe Jaque (562) 2519 8268...

Documents

Transcript of DataBook - LarrainVial Chile · 2016-03-14 · Head of Research Felipe Jaque (562) 2519 8268...