Share's Fair Value: US$ 2 - Kallpa SAB · include a mall, a corporate center, a logistic center and...

AIH's General Information

In order to value AIH, we separated the company in 3 groups:

Companies

Cosmos

Neptunia

Triton and other companies

Terrano

Oporsa

Term. Port. Euroandinos (TPE)

Aerop. And. del Perú (AAP)

Penta Tanks

Total

1. Ongoing Companies

EQUITY RESEARCH DIVISION

Alberto Arispe Ricardo Carrión

[email protected] [email protected]

Phone: 511 627-5225 Phone: 511 627-5226

Source: KALLPA SAB

Kallpa Securities Sociedad Agente de Bolsa (KALLPA SAB) has estimated AIH’s fair value in S/. 607

million, equivalent to US$ 225 million or US$ 2.26 per share. To obtain AIH’s fair value, we valued

the sum of parts of each single business unit separately.

100.0%

B. Neptunia

Port Logistic Operator – Market Share: 20%

100% owned by AIH

Neptunia’s main port services are import / export services and container depot, which indicates that

its business is directly related to international trade. The higher the Peruvian GDP growth, higher

imports. In addition, the higher the global economy growth, higher exports which influence the

growth of these companies.

AIH's Valuation - Sum of Parts

Contribution to FV

100%

100%

100%

75%

100%

50%

50%

1. Ongoing Companies

2. Land

3. Infrastructure Projects

8.4%

36.4%

8.5%

11.1%

28.0%

1.4%

3.6%

2.6%

A. Cosmos

100% owned by AIH

Maritime Agency Services – Market share: 18%

AIH Business Units' Evolution

Triton Transports provides inland freight services. Triton provides inland freight services to and from

the port of Callao, inland freight services to and from Neptunia’s Terminals, as well as inland freight

services for mining, construction and other industries. It should be noted that Triton has a fleet of 93

trucks.

Business Unit

100%

Share's Fair Value: US$ 2.26

Cosmos was founded in 1972. 70% of its business is originated by maritime agency services where

the company leads the industry with a market share of 18%. In the shipping industry, the company

attends container vessels (FCL and LCL), break-bulk carrier vessels, passenger vessels and

refrigerated cargo.

Cosmos also provides stowage and stevedoring services that represent 18% of its income, and

launches and boats services that represent 7% of its income. In 2010 and 2011 the income from

stowage and stevedoring services decreased significantly since new private operators were

responsible of these services. It should be noted that Cosmos has one of the largest fleet of

launches and boats of the country.

Neptunia was founded in 1980 and it is the leader port logistic operator with a market share of

20%. Neptunia operates in the ports of Callao, Matarani, Chiclayo and Paita. Neptunia’s main branch

is located 2 kilometers from the port of Callao. 82% of Neptunia’s income relies in port services, 14%

in logistic services and the remaining 4% in other services.

The Board is composed by eight directors, six executives that represent AIH’s shareholder families

and two independent directors with extensive experience in the Peruvian business industry. They

are Carlos del Solar Simpson, Hunt Oil Company of Peru’s former CEO; and Miguel Aramburu,

Hochschild Mining PLC’s former CEO. Its current CEO is Carlos Vargas Loret de Mola, who holds the

position since 2005, the year of AIH's foundation as a holding (some of the group’s companies have

more than 40 years of existence).

Most notable companies are Cosmos and Neptunia. We expect that these two companies represent

70% of 2011’s EBITDA generated by AIH. It should be noted that this ratio was 85% in 2009.

AIH’s shareholders are four families of investors that have worked together since the creation of

Cosmos, the group’s first company, in 1972. The holding maintains stakes in 17 companies and has

been growing steadily over the last 30 years.

C. Triton TransportsInland freight services and cargo

100% owned by AIH

Andino Investment Holding (AIH) is a group owner of companies that provides logistics and

maritime agency services, with large projects of infrastructure and an interesting portfolio of land

for development.

In 2010, AIH had income for S/. 434 million, a net profit of S/. 12.7 million, and assets for S/. 507

million. Its last year’s return on equity (ROE) was 2.5%. It should be noted that 100% of its income is

generated in Peru.

Stake

23%

23%

4%

50%

Jan C. Matthies Estenssoro

Wolf D. Kreft Berthold

Claus Krumdiek Majewski

Vargas Loret de Mola Family

Shareholders' structure

Source: AIH

(%) del valor total en mil lones US$

58% 17%

25%

2011

68%

29%

3% 2009

Logistics

Maritine services

Infrastructure

Source: AIH

Valuation (US$ million)

Equity's Fair Value (US$)

Shares Outstanding

Share's Fair Value (US$)

2011

225

99.665

2.26

Financial Indicators

Fair Value/EBITDA 8.89

Fair Value/Net Profit 26.13

Fair Value/Equity 2.07

ROE 4.13% 11.13%

2012e 2013e

6.93

8.16

1.63

2011e

9.01

146.6

2.04

0.70%

53%

39%

8%

AIH Valuation: US$ 225mn. - Sum of parts

Ongoing enterprises

Land

Infrastructure projects

Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m

Boat Monitoring "Piquero"

Source: AIH

Land US$ million Contribution

Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

mailto:[email protected]


http://www.puertopaita.com/index.php

Ongoing Companies' Valuation: Cosmos, Neptunia and others

Fuente: Neptunia

2. Land

-

-

Commercial lands’ Valuation: Terrano & Oporsa

AIH Group's Structure

AIH's Direct Subsidiaries AIH's Indirect Subsidiaries

Andino Investment Holding (AIH)

Cosmos and Neptunia provide maritime and logistic services. In accordance to KALLPA SAB’s

estimations the correlation between the traffic of containers and the Peruvian GDP was located in

the range of 0.90x and 1.2x between 2005-2010. We estimate that the volume of these companies

will grow approximately 5% per year within the next 5 years and the prices of given services will

remain relatively constant. We assume economies of scale as income grows, therefore we expect

average operative margins of 10% for Neptunia and 9.5% for Cosmos between 2011 and 2016. In

addition, we estimate that EBITDA will have a CAGR of 12% between 2012– 2016 for both

companies. In the long term, we assume that the free cash flows of these companies will grow 5%

per year in a constant basis. The estimated annual CAPEX is US$ 2 million per company.

It should be noted that AIH has a debt of approximately US$ 100 million. Of this debt, 60% is

registered in Cosmos’ accounting books and the remaining 40% in those of Neptunia.

Thus, we estimate that Neptunia is worth US$ 81.7 million, Cosmos is worth US$ 18.8 million, Triton

is worth US$ 15 million and the other ongoing companies are worth US$ 4 million. The whole

ongoing companies are worth US$ 120 million which represents 53% of AIH’s fair value.

In Terrano (140,890 m2), E.g., AIH plans to implement a logistic development project that will

include a mall, a corporate center, a logistic center and a hotel. The land has 14 hectares

adjacent to Jorge Chavez airport.

Oporsa (678.681 m2) has as main asset land in the industrial zone of Ventanilla. AIH plans to

develop a private port specialized in storage and load/release services for break-bulk cargo of all

kinds.

Initial Coverage

We assume that Terrano and Oporsa’s commercial lands have a commercial value of US$ 88 million,

39% of AIH’s fair value. This value was obtained from real estate appraisals conducted by the

company, to which KALLPA SAB considers prudent the application of a 20% discount. The value of

the remaining land is not considered into the valuation since KALLPA SAB assumes that ongoing

companies use their lands to generate cash flows that are already estimated in this report.

AIH is owner of 1,248,696 square meters (m2) in the provinces of Lima and Callao. The land where

ongoing companies operate, such as Cosmos, Neptunia, Almafin, Servicio de Archivos and Nautilius,

represent 43% of its total; while the remaining 57% belong to companies such as Terrano and

Oporsa, where long term projects will be carried out.

KALLPA SAB values AIH’s ongoing companies using the methodology of discounted cash flow to the

firm with a discount rate in the range of 11% - 12%, depending on each single business unit.


68.3% 15.7%

12.6%

3.4%

Valuation - Ongoing Companies (%)

Neptunia

Cosmos

Triton

Other

Source: AIH

Source: AIH

Source: AIH

Source: AIH

Andino Investment Holding (AIH)

Nautilus S.A. Triton Maritime

Service S.A. Crecimiento

Inmobiliario S.A. Penta Tanks S.A.

Svitzer Andino S.A.C.

Neptunia S.A.

Cosmos Agencia Marítima S.A.C.

Aeropuertos Andinos del Perú S.A.

Terminales Portuarios Euro Andinos

AFARSAC

File Service S.A. Inmobiliaria Terrano S.A.

Operadora Portuaria S.A.

Almacenes Financieros S.A.

Triton Transports S.A.

Multitainer S.A. Inversiones

Portuarias S.A.

50% 100% 100% 50% 100% 50% 50%

50% 100% 100%

100% 100% 63% 100% 100% 100%

75%

Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

www.kallpasab.com 2


Andino Investment Holding (AIH)Initial Coverage


Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

3. Infrastructure Projects

1.-

2.-

3.-

A. Terminales Portuarios Euroandinos (TPE)

Strategic Partnership – 50%/50% AIH with Grupo Mota – Engil

Background.-

Shipping Terminal

During this current year, TPE culminated an Environmental Impact Assessment. In 2011, KALLPA SAB

expects that the EBITDA of 50% of TPE represents 17% of AIH’s EBITDA.

The consortium composed by Tertir Terminals and Translei (both owned by Grupo Mota – Engil)

and Peruvian company Cosmos (AIH), were the only group that presented a technical and economic

final proposal in the bidding process. Tertir Terminals is Portugal’s greatest construction company

and it belongs to Grupo Mota – Engil. Mota – Engil, a Portuguese group with operations since 1946

and with presence in 19 countries, is an experienced port operator (through Tertir and other

subsidiaries) with annual sales over US$ 2 billion. Its shares are listed in Euronext – Lisbon and they

are part of the Index PSI-20.

In addition to the US$ 127 million stipulated in the bidding process’ rules, the consortium offered to

invest an additional US$ 101 million in the port, which totals an investment of US$ 228 million. This

investment would be executed during the years of the concession.

Valuation - Infrastructure Projects

Terminales Portuarios Euroandinos (TPE)

Investment.-

These 3 projects have been valued using the discounted cash flows to equity methodology using a

discount rate of 14%. Being still companies with a very short operations record, we have focused in

the net present value (NPV) concept. In the case of TPE and AAP, they are long term concessions (30

and 25 years, respectively) and the financing sources they will use are not yet defined.

Pier Division

Aeropuertos Andinos del Perú (AAP)

Penta Tanks

To KALLPA SAB, these projects represent the main upside source within the company’s value. It

should be noted that the valuation of these projects has been estimated taking very conservative

assumptions.

Valuation Methodology:

The valuation result under the VPN concept has been incorporated to the company’s total value.

Other consortiums pre-qualified in the bidding process were APM Terminals Paita, composed by

Dutch APM Terminals and Peruvian Uniport; and Zona Norte - Consorcio Portuario, composed by

Panamanian Manzanillo International Terminal, SSA Marine and Peruvian Inversiones Breca.

Within the activities regarding infrastructure projects, AIH is developing a diversity of projects, most

notable:

In April 2009, ProInversion granted Terminales Portuarios Euroandinos (TPE), composed by the

consortium AIH & Grupo Mota – Engil, a 30 years concession to extend and operate the port of

Paita. This is the second largest port of the country by container traffic after the port of Callao. TPE

assumed the control of the port in October 8th 2009 and has been operating the port ever since.

This investment will be executed for the improvement of current infrastructure and for the

acquisition of modern equipment that will position the Port of Paita as a terminal specialized in

containerized cargo handling.

Port of Paita’s concession contemplates the modernization of the terminal under the modality of

DBFOT contract, in which the concessionaire designs, builds, finances, operates and finally transfers

the concession, all of this during a 30 years period.

34.2%

47.0%

18.8%

Terminales Portuarios Euroandinos

Aeropuertos Andinos del Perú

Penta Tanks


-40

-20

0

20

40

60

80

100

120

140

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39

Cash Flow e - TPE (US$) Million

years

Final cash flow

US$ 17.3 MM

TPE

US$5.8MM

AAP

US$8.3MM

Penta Tanks

US$3.2MM

Total value in US$ million

Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

Source: AIH

Source: Kallpa SAB

www.kallpasab.com 3





Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

TPE: Project's Development Stages

Stage 1

Stage 2

Stage 3

2.- Aeropuertos Andinos del Peru (AAP)

The estimated total investment for the redesign and extension of the port is US$ 228 million. Of this total, US$ 127 million must be executed obligatorily within the first four years

of the concession and the remaining amount during the course of the concession. In return, the Peruvian Government will grant an Ingreso Minimo Anual Garantizado – IMAG

(Annual Minimal Guaranteed Income – AMGI) that is equivalent to approximately US$ 22 million per year for the first 15 years from the start up of operations of the new

containers pier that belongs to the first stage. The AMGI extends in case that investments for stage 2 and stage 3 are carried out. The Peruvian State will pay the concessionaire the

necessary amount to reach the AMGI in case its income is lesser than the stipulated, amount that will be included in the Ley de Presupuesto General de la Republica del Peru

(General Budget Law of the Republic of Peru) for the following year’s budgeting. The disbursement will be carried out no longer than February 15th of the following year of

calculations.

Term expected: 2012 - 2013

Strategic Partnership 50%/50% AIH with Corporacion America S.A. de Argentina (CASA)

The concessionaire obliges the company to execute investments for US$ 57 million during the first 3

years, and more than US$ 214 million during the remaining term of the concession. These

investments are related to the design, construction, financing, improvements, maintenance and

operation of these airports. These investments are considered public works and they must be

previously approved by the grantor in order to be subsequently reimbursed to AAP.

This stage contemplates the construction of the new containers terminal that consist in a new pier

of three hundred meters long and a new containers courtyard of 12.5 hectares.

This new terminal will be equipped with one dockside gantry crane and two RTG gantry courtyard

cranes. In addition, it will have a 13 meters draught.

The project for the modernization of the Port of Paita has been divided in 3 stages:

The current terminal consists in a breakwater pier of 365 meters long and 36 meters wide. In

addition, it has a port area adjacent to the ground for temporary cargo storage and other port

activities.

Having increased the containers demand to 180,000 Twenty-foot Equivalent Units (TEUS), the

containers terminal will be equipped with an additional dockside gantry crane and two additional

RTG gantry courtyard cranes. A TEU is the load capacity of one 20 feet standard container.

In September 2010, AAP adjudged the 25 years concession, granted by Ministerio de Transportes y

Comunicaciones – MTC (Peruvian Ministry of Transport and Communications), to operate and

redesign the airports of southern Peru (Arequipa, Ayacucho, Juliaca, Puerto Maldonado and Tacna).

AAP exceeded the economic offers presented by Consorcio de Aeropuertos del Sur, composed by

GBH Investment, Graña y Montero and Aeropuertos de Portugal; and by Consorcio Operador

Aeroportuario del Sur, composed by Obras de Ingenieria (Obrainsa), CAH Colombia and Transportes

Cruz del Sur.

When the container demand increases to 300,000 TEUS, the current breakwater pier will be

reinforced with two mobile cranes.


Aeropuertos Andinos del Perú

Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

Source: AIH

Source: AIH

www.kallpasab.com 4





Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

3.- Penta TanksLiquid Cargo Terminals Operator

100% owned by AIH

Source: Maple Energy - Ethanol Plant

Penta Tanks is a company that develops and operates liquid cargo terminals. Penta Tanks is

implementing its first terminal in Paita where it will offer services to Maple Etanol, a company that

produces ethanol. Penta Tanks signed a 20 years contract with Maple Etanol. The total investment is

US$ 11 million.

The concession does not include aeronautical navigation services. When regulated income is lesser

than Pago Anual por Operacion y Mantenimiento – PAMO (Annual Payment for Operation and

Maintenance - APOM), the Peruvian State covers the difference between this concept and APOM.

APOM is the minimal guaranteed income for regulated services and consists in a firm guarantee by

the Peruvian State.

ProInversion granted Consorcio de Aeropuertos Andinos del Peru, composed by Corporacion

America de Argentina and Andean Investment Holding, the concession of the Second Group of

Regional Airports that is composed of six air terminals in southern Peru. This second group is

composed by the airports of Andahuaylas (Apurimac), Ayacucho, Juliaca (Puno), Puerto Maldonado

(Madre de Dios), Arequipa and Tacna.

The Ethanol will be transported in tanker trucks, from Maple’s production plant, located 33

kilometers from Sullana, to Penta Tanks’ facilities in Paita. The annual activity will be 130,000 m3 of

anhydrous ethanol. The vessels’ traffic will be 8 shipments per year in vessels with storage up to

20,000 DWT (deadweight tonnage).

While airports redesign and their operations are businesses with a modest profitability, the potential

additional businesses that can be developed in these airports are higher.

KALLPA SAB assumes that Maple Energy will start up ethanol production in 2012’s first quarter,

therefore we expect that Penta Tanks will start up operations in the same period.

Maple will transport its production in tanker trucks to Penta Tanks’ facilities, where it will be stored

in tanks for subsequent transportation, through pipelines, to the vessels at sea.

The project has a storage capacity of 45,000 cubic meters (m3) and includes maritime and ground

facilities. In the maritime zone, the company will install an underwater line and a multiple buoy

mooring. In the ground zone the company will install facilities for the reception, storage and

dispatch of anhydrous ethanol.

The economic offer presented by Consorcio Andino de Aeropuertos del Peru was US$ 76.3 million

as contributions that the Peruvian State will have to pay for concepts of APOM and Pago por Obras

Obligatorias – PPO (Payment for Obligatory Works – POW).


-5,000

-4,000

-3,000

-2,000

-1,000

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Cash Flowe - Aeropuertos Andinos

(US$) Thousand

years

Cash flow generated by airports' operations and services.

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-200

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400

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Cash Flowe - Penta Tanks (US$) Thousand

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Final cash flow

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Cash Flowe - Aeropuertos Andinos (US$) Thousand

years

Cash flow generated by airports' construction and redisign

Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

www.kallpasab.com 5





Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

AIH's Debt

AIH's Valuation

KALLPA SAB has valued AIH by the sum of its single parts:AIH's Valuation: Sum of Parts

As of 2011’s second semester, AIH had a long term debt of US$ 103 million. The most notable

liability is a US$ 85 million debt with Goldman Sachs obtained in early 2011.

Penta Tanks is one of the projects that soon will start up operations. It is linked directly to

Maple’s operations and for the valuation of its cash flow we used estimations of ethanol supply

from Maple’s plant. Its present value is one of the most stable (in comparison with the other 2

projects) along the validity of the contract with Maple (20 years). The present value of its cash

flow is US$ 3.2 million. It should be noted that Penta Tanks is 100% owned by AIH.

AIH' Strengths

AAP’s airport concessions generate incomes basically from two sources: (i) the terminals’ normal

operations, which include in addition of the regular services, other kind of income such as the

rent of commercial establishments and parking lots among others, and; (ii) the income from the

construction and extension of the airports themselves. The model contemplates a present value

for the first stage of approximately US$ 7.5 million and US$ 9.1 million regarding its

construction. Both concepts total US$ 16.6 million from which only 50% corresponds to AIH (the

other 50% belongs to Argentinean group CASA, which is AIH’s strategic partner in this operation).

In the case of projects, we must highlight that TPE is currently generating cash flows. Since the

extensions accorded with the Peruvian State have not been carried out yet, current operations

have allowed TPE to generate an EBITDA of approximately US$ 8 million during 2011. TPE’s

valuation generates discounted free cash flows of approximately US$ 11.6 million, but we must

note that this concession is a 50%/50% partnership between Portuguese group Mota and AIH.

Therefore, TPE’s contribution to AIH’s value is US$ 5.8 million.

Oporsa and Terrano’s commercial lands have been valued per square meter using real estate

appraisals given by AIH, to which we considered relevant the application of a 20% discount due

to lack of liquidity and to a conservative position. The commercial value of these lands has been

included in the valuation because we have not valued the projects that AIH plans to develop on

these lands. These projects do not count with sufficient information and data in order to value

them using the discounted cash flow methodology.

Ongoing companies such as Cosmos, Neptunia, Triton, among others, related to logistic and

maritime services, have been valued using free cash flows to the firm. The commercial value of

these companies’ lands has not been added to the cash flows, since KALLPA SAB considers that

the usage of these lands is considered as an input to generate cash flows that are already taken

into account in this valuation.

In the short term, AIH plans to conduct a public offer of shares of approximately US$ 60 million.

50% of this placement, with a maximum of US$ 25 million, would be used to reduce its debt with

Goldman Sachs, 40% would be invested in TPE and the remaining 10% would be invested in other

companies. After the public offer of shares, AIH plans to restructure its existing debt with corporate

bonds.


Experiencia

Posición estratégica

Potencial de

crecimiento

Plan estratégico financiero

Oportunidad de

diversificación

Sólido respaldo

Otros

50%

40%

10%

Public Offering - US$ 60 million

Goldman Sach's debt reduction TPE Investment

Investment in other firms

Source: AIH

Source: AIH

Source: AIH

Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m


Ongoing Enterprises

Land

Projects

Experience

Strategic Position

Potential Growth

Strategic Financial

Plan

Solid Support

Diversification Opportunities


Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

www.kallpasab.com 6





Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

Conclusions

Ongoing CompaniesNeptuniaCosmosTritonOthersTotal

ProjectsTerminales Portuarios EuroandinosAeropuertos Andinos del PerúPenta TanksTotal

LandOporsaTerranoTotal 100%87.98

US$ million

US$ million

Contribution (%)

3.20 34.2%47.0%

119.70

53% of AIH’s fair value corresponds to ongoing companies, 39% corresponds to the commercial value of Oporsa and Terrano’s lands and 8% corresponds to projects such

as Penta Tanks, Aeropuertos Andinos del Peru (AAP) and Terminales Portuarios Euroandinos (TPE).

Andino Holging Investment’s (AIH) fair value, according to our estimations, is US$ 225 million.

12.6%3.4%

81.7518.8515.09

4.02

US$ million Contribution (%)

3).

1).

2).

17.02

62.96 71.6%25.02 28.4%

100%

100%

KALLPA SAB has been conservative in its estimations. We consider that there is an appraisal potential in the share’s fair value in three scenarios:

That projects to be carried out in Terrano and Oropesa’s lands generate discounted cash flows that are considerably higher than the commercial value of the lands

themselves nowadays, or that price per square meter in Lima/Callao grows significantly.

AIH's Valuation Summary

8.00

68.3%15.7%

That projects such as TPE and AAP are much more profitable than the conservative estimations assumed in this report. This will be determined in a few years.

That International trade and Peruvian GDP astonish us in an upward tendency and ongoing companies do not grow 5% per year, but 6% - 7% per year. In this case,

Neptunia, Cosmos and Triton’s fair values are up to 30% higher than those presented in this report.

Total AIH

Contribution (%)

US$ 224.70 million

5.82 18.8%


Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

www.kallpasab.com 7





Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

KALLPA SECURITIES SOCIEDAD AGENTE DE BOLSA

Management Position Phone Email

Alberto Arispe General Manager (511) 627 5225 [email protected]

Trading

Enrique Hernández Head Trader (511) 627 5221 [email protected]

Eduardo Fernandini Trader (511) 627 5223 [email protected]

Javier Frisancho Trader (511) 627 5222 [email protected]

Hernando Pastor Representative (511) 627 5224 [email protected]

Jose Antonio Avendaño Representative (511) 652 6452 [email protected]

Daniel Berger Representative (511) 652 6453 [email protected]

Corporate Finance

Ricardo Carrión Manager (511) 627 5226 [email protected]

Equity Research

María Belén Vega Senior Analyst (511) 627 5226 [email protected]

Dalmi Rivera Analyst (511) 627 5226 [email protected]

Ricardo Barrera Assistant (511) 627 5226 [email protected]

Operations

Elizabeth Cueva Manager (511) 627 5227 [email protected]

Alex Rodriguez Analyst - Securities (511) 627 5227 [email protected]

Alan Noa Analyst - Treasury (511) 627 5227 [email protected]

This document is for informative purposes only. Under no circumstances it should be used/be considered as an offering of sale or an application of purchase of shares or

other securities mentioned in this document. The information herein has been obtained from sources which are believed to be reliable, but KALLPA SAB does not

guarantee the trustfulness or accuracy of the content of this report, or the future market values of shares or other securities mentioned in this document. The views and

opinions expressed in this document constitute our opinion at the time of this report and are subject to change without notice. KALLPA SAB does not guarantee analysis

updates before any change in the circumstances of the market. This document accurately reflects the Investment Analyst’s points of view and no part of his/her salary

compensation was, is or will be related directly or indirectly to the recommendations and opinions expressed in this document. The products referred in this document

may not be available for purchase in some countries. KALLPA SAB may have positions and perform investment banking with securities mentioned in this document.


Berth Length Depth

1A 200 m 10 m

1B 200 m 10 m

1C 165 m 7.6 m

1D 165 m 8.8 m



Oporsa 62.96 71.6%

Terrano 25.02 28.4%

Total 87.98 100.0%

www.kallpasab.com 8
















Share's Fair Value: US$ 2 - Kallpa SAB · include a mall, a corporate center, a logistic center and...

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