8/23/2019 Valores Fundamentales - BVL 31-12-12
1/153
Ing.
VALORES F
Precios A
8/23/2019 Valores Fundamentales - BVL 31-12-12
2/153
Luis Baba Nakao
UNDAMENTALES
tualizados al 30.11.12
8/23/2019 Valores Fundamentales - BVL 31-12-12
3/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
4/153
CORPORACIN ACEROS AREQUIPA S.A. CORAREC1 Industrial Siderurgica 1.23 0.85
2.41
SOUTHERN COPPER CORPORATION SCCO Minero Cuprfera 37.85 27.70
34.00
34.58
34.90
35.88
37.00
37.60
38.00
40.00
41.50
42.00
43.00
45.00
ALICORP ALICORC1 Diversas Consumo 8.30 6.90
7.15
7.65
7.80
8.30
8.60
8.60
9.00
GRAA Y MONTERO GRAMONC1 Diversas Infraestructura 9.70 8.09
8.80
9.44
TICKER SECTOR ACTIVIDADLAST PRICE
31-Dic-2012TARGET
RESUMEN DE UP AND DOWN G
EMPRESA
8/23/2019 Valores Fundamentales - BVL 31-12-12
5/153
9.74
10.30
10.90
SOCIEDAD MINERA CERRO VERDE CVERDEC1 Minero Polimetlica (cobre, oro) 38.00 32.00
35.55
37.00
42.00
44.00
47.30
47.69
CREDICORP LTD. BAP Financiero Holding Financiero 146.00 128.60
135.00
139.00
141.00
142.00
145.00
147.00
150.00
151.00
151.00
155.00
INTEGROUP FINANCIAL SERVICES IFS Financiero Entidad Financiera 35.80 32.00
37.00
38.00
47.00
LUZ DEL SUR S.A.A. LUSURC1 Servicios Distribucin Energa 8.60 8.23
8.97
CEMENTOS PACASMAYO S.A.A. CPACASC1 Industrial Construccin 6.80 6.53
7.09
8/23/2019 Valores Fundamentales - BVL 31-12-12
6/153
7.17
7.46
7.70
UNACEM S.A.A. UNACEMC1 Industrial Construccin 3.24 3.15
3.70
3.75
RIO ALTO MINING LTD. RIO Mineras Junior Exploracin - oro 5.04 4.99
5.28
5.89
6.28
6.30
6.43
6.88
7.98
7.98
BANCO CONTINENTAL CONTINC1 Financiero Banca Comercial 6.66 6.63
EDELNOR EDELNOC1 Servicios Generacin Energa 4.41 4.42
4.79
CASAGRANDE S.A.A. CASAGRC1 Agrar io Azucarera 14.45 14.66
15.19
18.42
ENERSUR ENERSUC1 Servicios Generacin Energa 20.00 20.43
21.00
21.97
EDEGEL EDEGELC1 Servicios Generacin Energa 2.25 2.31
2.59 VOLCAN COMPAA MINERA VOLCABC1 Minero Pol imetl ica 2.59 2.80
3.25
3.32
8/23/2019 Valores Fundamentales - BVL 31-12-12
7/153
3.50
3.52
3.56
3.66
3.69
3.80
3.80
SOCIEDAD MINERA EL BROCAL BROCALC1 Minero Polimetlica (zinc) 34.75 38.14
41.00
41.68
58.00
MINSUR S.A. MINSURI1 Minero Estao 2.35 2.60
3.05
3.77
3.88
FERREYROS S.A.A. FERREYC1 Diversas Distr. Maquinarias 2.20 2.60
2.60
2.93
3.00
3.00
3.12
3.20
COMPAA MINERA MILPO S.A.A. MILPOC1 Minero Polimetlica (zinc) 2.92 3.80
4.00
4.45
6.00
6.75
EMPRESA SIDERRGICA DEL PER S.A.A. SIDERC1 Industrial Siderrgica 0.37 0.49
1.89
8/23/2019 Valores Fundamentales - BVL 31-12-12
8/153
COMPAA DE MINAS BUENAVENTURA BVN Minero Aurfera 35.60 49.79
AUSTRAL GROUP S.A.A. AUSTRAC1 Diversas Pesquera 0.21 0.31
TREVALI MINING CORPORATION TV Mineras Junior Plomo y zinc 1.05 1.55
1.86
2.142.17
2.29
2.47
2.48
2.82
2.87
MINERA IRL LIMITED MIRL Minero Oro y Plata 0.83 1.25
1.48
1.51
1.76
1.76
1.76
1.76
1.83
2.07
2.31
3.01
REFINERA LA PAMPILLA RELAPAC1 Industrial Hidrocarburos 0.63 1.09
1.14
1.25
MAPLE ENERGY PLC MPLE Industrial Biocombustibles - Etanol 1.00 1.75
1.77
1.96
8/23/2019 Valores Fundamentales - BVL 31-12-12
9/153
PANORO MINERALS LTD. PML Mineras Junior Oro y Cobre 0.62 1.18
1.51
1.63
2.21
SULLIDEN GOLD CORPORATION LTD. SUE Mineras Junior Oro y Plata 0.88 1.77
1.98
2.00
2.002.00
2.26
2.30
2.40
CANDENTE COPPER CORP. DNT Mineras Junior Exploracin - Cobre 0.38 0.90
1.28
1.41
1.72
2.00
COMPAA MINERA ATACOCHA S.A.A. ATACOBC1 Minero Polimetlica (zinc) 0.24 0.58
0.96
GOLDFIELDS LACIMA S.A.A. LACIMAC1 Minera Aurfera 3.55
BANCO DE CRDITO DEL PER CREDITC1 Financiero Entidad Bancaria 5.90
VENA RESOURCES INC. VEM Mineras Junior Exploracin 0.19
AQM COPPER INC. AQM Mineras Junior Polimetlica N.A 1.46
AMERIGO RESOURCES LTD. ARG Minero Cobre N.A 0.90
1.00
COPEINCA COP Industrial Harina y Aceite de Pescado N.A 7.06
8.68
8.89
10.05
10.94
11.00
8/23/2019 Valores Fundamentales - BVL 31-12-12
10/153
12.28
BEAR CREEK MINING CORPORATION BCM Mineras Junior Polimetlica N.A 4.58
5.28
5.39
6.05
6.22
FORTUNA SILVER MINES FVI Minero Aurfera - 5.00
5.03
5.54
5.61
6.02
6.60
7.30
8.82
8/23/2019 Valores Fundamentales - BVL 31-12-12
11/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
12/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
13/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
14/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
15/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
16/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
17/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
18/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
19/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
20/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
21/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
22/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
23/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
24/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
25/153
BCP 5-Nov-12 Vender
BBVA Bancomer SA 27-Oct-10 Outperform
Dahlman Rose & Co 20-Aug-12 Vender
Barclays Capital 30-Jul-12 Underweight
Kallpa Securities SAB 14-Nov-12 Neutral
BBVA 4-Dec-12 Underperform
Inteligo SAB 25-Oct-12 Vender
Goldman Sachs 3-Aug-12 Neutral/ attractive
Grupo Santander 12-Dec-11 Comprar
Larrain Vial Corredores de Bolsa 13-Nov-12 Comprar
Itau BBA Securities 24-Oct-12 Outperform
JPMorgan 26-Nov-12 OverweightDeutsche Bank 24-Oct-12 Retener
Credit Suisse 29-Oct-12 Outperform
Banco BTG Pactual SA 14-Nov-12 Comprar
EVA Dimensions 26-Oct-12 Retener
BB&T Capital Markets 31-Jul-12 Retener
Larrain Vial Corredores de Bolsa 7-Aug-12 Hold
BBVA 15-May-12 Neutral
Kallpa Securities SAB 2-Nov-11 Neutral
Inteligo SAB 15-Nov-12 Retener
Banco de Credito del Peru 10-Oct-12 Comprar
Banco BTG Pactual SA 6-Nov-12 Comprar
Scotia Capital 31-Oct-12 Sector Outperform
HSBC 19-Oct-12 Overweight
EVA Dimensions 6-Nov-12 Retener
Inteligo SAB 15-Oct-12 Vender
Larrain Vial Corredores de Bolsa 6-Nov-12 Retener
Banco de Credito del Peru 10-Oct-12 Hold
LORES DE BVL
BANCO / SAB FECHA DE REPORTE RECOMENDACIN A FECHA DE REPORTE
8/23/2019 Valores Fundamentales - BVL 31-12-12
26/153
BBVA 5-Feb-12 Outperform
Scotia Capital 19-Nov-12 Sector Outperform
Banco BTG Pactual SA 6-Dec-12 Comprar
EVA Dimensions 26-May-12 Underweight
Larrain Vial Corredores de Bolsa 13-Nov-12 Vender
BCP 10-Oct-12 Vender
Kallpa Securities SAB 22-Nov-12 Neutral
Banco BTG Pactual SA 14-Nov-12 Neutral
Seminarios SAB 30-Mar-12 Retener
BBVA 16-Feb-12 Outperform
Celfin Capital 3-May-12 Comprar
EVA Dimensions 7-Nov-12 Comprar
Inteligo SAB 31-Oct-12 Retener
HSBC 19-Nov-12 Neutral
Kallpa Securities SAB 2-Aug-12 Comprar
Banco BTG Pactual SA 19-Nov-12 Overweight
Goldman Sachs 26-Nov-12 Neutral
Larrain Vial Corredores de Bolsa 9-Nov-12 Retener
JPMorgan 8-Nov-12 Outperform
Barclays Capital 14-Nov-12 Neutral
Inteligo SAB 2-May-12 Comprar
Itau BBA Securities 8-Nov-12 Comprar
Deutsche Bank 8-Nov-12 Outperform
Raymond James 17-Aug-12 Equalweight
Grupo Santander 13-Dec-11 Comprar
Banco BTG Pactual SA 6-Nov-12 Neutral
Credit Suisse 30-Jul-12 Neutral
Barclays Capital 17-Aug-12 Equalwt/Positive
EVA Dimensions 22-May-12 Retener
BCP 10-Oct-12 Retener
Inteligo SAB 30-Oct-12 Retener
EVA Dimensions 26-Nov-12 Overweight
BBVA Continental SAB 16-Jan-12 Market Outperform
Inteligo SAB 8-Nov-12 Buy
8/23/2019 Valores Fundamentales - BVL 31-12-12
27/153
Larrain Vial Corredores de Bolsa 6-Nov-12 Buy
BCP 10-Oct-12 Buy
HSBC 27-Nov-12
EVA Dimensions 8-Nov-12 Vender
Larrain Vial Corredores de Bolsa 2-Aug-12 Comprar
Banco de Credito del Peru 10-Oct-12 Comprar
Inteligo SAB 24-Oct-12 Comprar
EVA Dimensions 12-Apr-12 Vender
Desjardins Securities 14-Nov-12 Retener
Scotia Capital 5-Mar-12 Sector Outperform
Kallpa Securities SAB 14-Nov-12 Overweight
Dundee Securities Corp 15-Nov-12 Comprar
Clarus Securities 4-Dec-12 Comprar
Stonecap Securities 15-Nov-12 Outperform
Euro Pacific Capital Inc 15-Nov-12 Comprar
CIBC World Markets 14-Nov-12 Sector Outperform
GMP 14-Nov-12 Comprar
EVA Dimensions 19-Nov-12 Overweight
Seminario SAB 31-Jul-12 Comprar
EVA Dimensions 26-May-12 Overweight
BCP 10-Oct-12 Hold
Inteligo SAB 25-Oct-12 Hold
Inteligo SAB 15-Oct-12 Retener
Banco de Credito del Peru 10-Oct-12 Retener
BBVA Continental SAB 21-May-12 Outperform
EVA Dimensions 5-Mar-12 Comprar/Buy
Inteligo SAB 31-Oct-12 Vender
Larrain Vial Corredores de Bolsa 2-Aug-12 Comprar
BCP 10-Oct-12 Retener
BCP 10-Oct-12 Hold
Inteligo SAB 14-Nov-12 Comprar
Larrain Vial Corredores de Bolsa 13-Nov-12 Comprar
BCP 10-Oct-12 Comprar
Kallpa Securities SAB 7-Nov-12 Overweight
8/23/2019 Valores Fundamentales - BVL 31-12-12
28/153
Banco BTG Pactual SA 14-Nov-12 Comprar
Celfin Capital 3-May-12 Comprar
Seminarios SAB 30-Apr-12 Comprar
Inteligo SAB 2-Nov-12 Comprar / Buy
BBVA 18-Jun-12 Outperform
Grupo Santander 8-Nov-12 Comprar
Grupo Santander 5-Oct-12 Dropped coverage
EVA Dimensions 14-Aug-12 Retener
Kallpa Securities SAB 8-Aug-12 Neutral
Banco BTG Pactual SA 14-Nov-12 Neutral
BCP 10-Oct-12 Retener
Celfin Capital 25-Apr-12 Comprar
Inteligo SAB 19-Oct-12 Retener
EVA Dimensions 12-May-12 Vender
Banco BTG Pactual SA 14-Nov-12 neutral
BCP 10-Oct-12 Comprar
Inteligo SAB 5-Nov-12 Comprar
Celfin Capital 23-Apr-12 Comprar
Grupo Santander 12-Dec-11 Comprar
Larrain Vial Corredores de Bolsa 2-Aug-12 Comprar
Banco de Credito del Peru 10-Oct-12 Comprar
Kallpa Securities SAB 8-Nov-12 Overweight
Grupo Santander 5-Oct-12 Dropped coverage
BBVA 3-Jul-12 Outperform
Inteligo SAB 2-Nov-12 Comprar
EVA Dimensions 14-Aug-12 Retener
Banco BTG Pactual SA 14-Nov-12 Neutral
Larrain Vial Corredores de Bolsa 2-Aug-12 Vender
BCP 10-Oct-12 Comprar
Celfin Capital 9-Mar-12 Retener
Inteligo SAB 15-Oct-12 Comprar
EVA Dimensions 3-Dec-12 Vender
Banco de Credito del Peru 14-Nov-12 Vender
BBVA Bancomer SA 27-Oct-10 Underperform
8/23/2019 Valores Fundamentales - BVL 31-12-12
29/153
EVA Dimensions 3-Dec-12 Retener
Kallpa Securities SAB 14-Nov-12 Overweight
Inteligo SAB 31-Oct-12 Retener
BCP 10-Oct-12 Comprar
EVA Dimensions 26-May-12 Comprar
PI Financial Corp 20-Nov-12 Compra
Raymond James 6-Nov-12 Outperform
Fraser Mackenzie Limited 6-Sep-12 Compra Fuerte
Mackie Research Capital Corp. 28-Nov-12 Comprar
Paradigm Capital Inc 27-Sep-12 Comprar
Laurentian Bank Securities 13-Sep-12 Comprar
Kallpa Securities SAB 14-Nov-12 Overweight
Dundee Securities Corp 3-Dec-12 Comprar
M Partners Inc 28-Nov-12 Comprar
Fox-Davies Capital 30-Nov-12 Comprar
Ambrian Partners Ltd 21-Nov-12 Comprar
RBC Capital Markets 29-Nov-12 OutperformFinncap 3-Dec-12 Corporate
Desjardins Securities 3-Dec-12 Comprar
Haywood Securities Inc. 30-Nov-12 Sector Outperform
Jennings Capital 4-Dec-12 Comprar
Fraser Mackenzie Limited 6-Sep-12 Compra Fuerte
Canaccord Genuity Corp 22-Nov-12 Comprar
Kallpa Securities SAB 14-Nov-12 Overweight
Casimir Capital 21-Nov-12 Compra Especulativa
BCP 10-Oct-12 Comprar / Buy
Seminarios SAB 3-Mar-12 Comprar/Buy
Kallpa Securities SAB 14-Mar-12 Overweight
EVA Dimensions 4-Dec-12 Overweight
Inteligo SAB 29-Oct-12 Retener
BBVA 31-Jul-12 Outperform
Kallpa Securities SAB 9-Apr-12 Overweight
Seminarios SAB 15-Feb-12 Comprar
Mirabaud Securities 8-Mar-12 Neutral
8/23/2019 Valores Fundamentales - BVL 31-12-12
30/153
Laurentian Bank Securities 15-Oct-12 Compra Especulativa
Mackie Research Capital Corp. 3-Dec-12 Compra Especulativa
Kallpa Securities SAB 14-Nov-12 Overweight
M Partners Inc 3-Dec-12
Kallpa Securities SAB 15-Nov-12 Overweight
Cormark Securities Inc. 2-Oct-12 Comprar
Desjardins Securities 9-Nov-12 Comprar
Raymond James 8-Nov-12 Compra Fuerte
National Bank Financial 8-Nov-12 Outperform
Seminarios SAB 12-Oct-12 Compra Especulativa
Haywood Securities Inc. 12-Nov-12 Sector Outperform
GMP 9-Nov-12 Comprar
Fraser Mackenzie Limited 26-Sep-12 Under Review
Dundee Securities Corp 12-Nov-12Comprar
Laurentian Bank Securities 15-Oct-12 Compra Especulativa
Scotia Capital 24-Aug-12 Como sector
Raymond James 16-Oct-12 Outperform
Kallpa Securities SAB 14-Nov-12 Overweight
BCP-Rpte Minera 10-Oct-12 Comprar / Buy
Inteligo SAB 15-Oct-12 Comprar / Buy
EVA Dimensions 27-Nov-12 Underweight
BCP 6-Jan-11 Hold
Kallpa Securities SAB 18-Oct-10 Hold
Kallpa Securities SAB 10-Dec-10 Overweight
Clarus Securities 7-Jun-12 Comprar
Salman Partners 16-Nov-12 Comprar
Roth Capital Partners 12-Nov-12 Comprar
Grupo Santander 12-Dec-11 Comprar
Arctic Securities ASA 15-Nov-12 Comprar
DNB Markets 5-Nov-12 Comprar
SpareBank 1 Markets As 30-Nov-12 Comprar
SEB Enskilda 16-Aug-12 Comprar
Pareto Securities 19-Oct-11 Comprar
8/23/2019 Valores Fundamentales - BVL 31-12-12
31/153
Nordea Equity Research 31-Oct-12 Compra fuerte
EVA Dimensions 22-May-12 Comprar
Scotia Capital 18-Oct-12Como sector
BMO Capital Markets 3-Dec-12 Speculative outperform
Raymond James 27-Nov-12 Outperform
Canaccord Genuity Corp 6-Dec-12 Compra Especulativa
Paradigm Capital Inc 16-Nov-11 Compra Especulativa
Haywood Securities Inc. 12-Sep-12 Under Review
Scotia Capital 7-Nov-12 Como sector
BMO Capital Markets 3-Dec-12 Market Perform
Raymond James 27-Nov-12 Ma
Dundee Securities Corp 8-Nov-12 Comprar
Haywood Securities Inc. 19-Nov-12 Como sector
Euro Pacific Capital Inc 9-Nov-12 Comprar
Cormark Securities Inc. 23-Oct-12 Comprar
Canaccord Genuity Corp 6-Dec-12 Compra Especulativa
EVA Dimensions 13-Aug-12 Retener
8/23/2019 Valores Fundamentales - BVL 31-12-12
32/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
33/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
34/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
35/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
36/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
37/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
38/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
39/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
40/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
41/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
42/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
43/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
44/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
45/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
46/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
47/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
48/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
49/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
50/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
51/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
52/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
53/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
54/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
55/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
56/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
57/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
58/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
59/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
60/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
61/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
62/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
63/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
64/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
65/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
66/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
67/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
68/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
69/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
70/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
71/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
72/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
73/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
74/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
75/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
76/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
77/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
78/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
79/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
80/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
81/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
82/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
83/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
84/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
85/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
86/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
87/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
88/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
89/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
90/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
91/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
92/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
93/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
94/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
95/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
96/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
97/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
98/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
99/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
100/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
101/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
102/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
103/153
8/23/2019 Valores Fundamentales - BVL 31-12-12
104/153
Figure3:RioAltooldandnewEPS,CFPSandNAVPSestimates
2012 2013
EPS-Old $0.38 $0.04
EPS-New $0.47 $0.08
CFPS-Old $0.54 $0.39
-
8/23/2019 Valores Fundamentales - BVL 31-12-12
105/153
- . .
NAVPS-Old $3.06
NAVPS-New $4.65
Source:StonecapSecuritiesInc.
Conclusion
LaArenasincreasedresourcessupportRioAltosplannedth
2013andbeyond.Afterourrecentsitevisit,weareconfident
throughputlevel.Furthermore,theincreasedresourcesandt
expansion(demonstratedbyrecentdeepdrilling)havecatap
levelwhereseniorminingcompaniesarelikelytobeintereste
WearemaintainingourOutperformrating,butincreasingourta
Actualizacin
RioAltoMiningLimitedResumenFinanciero
Minera-MetalesPreciosos(RIO)
ProduccinEstimada 2011e 2012e 2013e ProduccinEstimada:xidos+SulfurosLaArenaA. xidos de Oro
Produccin Oro - K Oz(1) 52 124 149 xidosdeOro(oro)PrecioOro(US$/Oz) 1,570 1,650 1,700 Sulfuros de Cobre y Oro (c
Cash Cost - US$/Oz 419 520 526B. Sulfuros de Cobre y Oro
Produccin Cobre - Mill Lb.Produccin Oro - Miles Oz.Cash Cost - US$/Lb.
- - -- - -- - -
Au(KOz)160140120100
80Total
8/23/2019 Valores Fundamentales - BVL 31-12-12
106/153
2010
2011
2012
2013
2014
2015
2016
ValorFundamental
Total(A+B)Produccin Oro - Miles OzProduccin Cobre - Miles Oz
52 124 149- - -
604020
0
l
T l6
(1)NoIncluyededuccionesporelprepagoenonzasdeoroaRedKiteExplorer.
EstadodeResultados-Mill US$MinadexidosdeOroIngresos Netos
2011e 2012e 2013e76.37 182.91 219.78
Proyectos Etapa/Estadoxidos de Oro Mina en Produ
Costo de Ventas
Utilidad BrutaCorp Overhaul & OtrosRegalas & IEMEBITDADepreciacionUtilidad OperativaImpuestosUtilidadNeta
RatiosFinancieros
-21.59 -64.53 -78.37
54.77 118.38 141.41-2.00 -2.00 -2.00-1.49 -4.87 -6.2851.29 111.51 133.13
-29.53 -40.28 -41.1421.75 71.23 91.99-6.53 -21.37 -27.6015.23 49.86 64.39
2011e 2012e 2013e
Sulfuros de Oro y Cobre Desarrollo - C
La Florida Exploracin In Maria Angola Exploracin Te Agua Blanca Exploracin Te
(3) Corresponde a la produccin estimada, p
incluidos en el plan de minado.
EstimacionesdeRecursos-ReporteTcnicoNI
Margen BrutoMargen OperativoMargen EBITDA
72% 65% 64%28% 39% 42%67% 61% 61%
[email protected]/tAuIndicadasInferidas
Ton100.710.4
Margen Neto 20% 27% 29%PER 39.23 11.98 9.28 TonP/EBITDA 11.65 5.36 4.49 Indicadas 312.7
Inferidas 319.7Componentes Valorizacin RioAlto- Mill US$ ComponentesValorizacin RIOMina/Proyecto Metodologa Valors/Dcto Dcto Valord/Dcto xidos(Oro)1. xidos de Oro DCF2. Sulfuros de Cobre y Oro In SituTotal(1+2)ValorFundamental Equity
294.53 1.00x 294.5667.4 0.85x 567.3961.9 861.8
861.8
Sulfuros(Cobre In Situ)
34.18%
EstructuradeCapitalDeuda - Mill US$Equity - Mill US$Acciones en Circulacin - Mill
0% 20% 40%3.00
112.10 Valor Equity - Mill US$169.25 Acciones en Circulacin - Mill
Opciones en Circulacin - Mill (2) 13.85 WACC - %Acciones Fully Diluted - Mill 183.10(2)CifrasaserconfirmadasporlaGerenciadeRIO.
Precio de Mercado - US$Potencial Upside - %
PrincipalesAccionistas DirectoresyGerenciaNombre Posicin
9%8% 6%
40% PeruCanada/Europa
Klaus Zeitler Chairman & Direct Alex Black Director & COOAnthony Hawkshaw Director & CFO
37%
Gerencia/DirectoresJPMorganIAMGOLD
Drago Kisic DirectorVictor Gobbitz DirectorSidney Robinson DirectorRoger Norwich DirectorRam Ramachandran Director
OperacionesenelProyectodexidodeOro
Calaorco
Ethel
PlantadeLeachPad Procesamiento
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MorningAdvantageJ anuary6,2012
2014 2015
$0.08 $0.27
$0.16 $0.59
$0.53 $0.69
CompanyNameRioAltoMining(RIO-TSXV)
Amemberoftheresearchteamhasvisitedthesubjectcompany'so
DisclosureList1.Withinthelast12months,Stonecaporitsaffiliateshaveprovided
2.Withinthelast12months,adirector,officer,oranalystwithStone ortradingservices,tothesubjectissuer.3.Stonecaporitsaffiliatesisamarketmaker,orisassociatedwitht 4.Stonecaporitsaffiliatescollectivelybeneficiallyown1%5.Anemployee,officer,ordirectorofStonecapisamemberofthe
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. .
roughputexpansionto36ktpdinthecompanycanachievethishepotentialforfurtherresourceultedtheLaArenaprojecttothedintheproject.
rgetto$5.10from$3.90.
6.Thesubjectcompanypaidforapart,orall,oftheresear
InvestmentRatingGuidelines
Outperform:Thestock'sriskadjustedtotalreturnisexpectedtoma
SectorPerform:Thestock'sriskadjustedtotalreturnisexpectedtoUnderperform:Thestock'sriskadjustedtotalreturnisexpectedtoUnderReview:Thestockratingisunderreview,pending
RiskQualifierGuidelines
Average:Operationalandfinancialrisksareassessedas
AboveAverage:Operationalandfinancialrisksareassess Speculative:Operationalandfinancialrisksareassessed
AnalystCertification
EachanalystofStonecapSecuritiesInc.whosenameappearsint
opinionsexpressedintheresearchreportaccuratelyreflecttheres discussedhereinthatarewithintheanalystscoverageuniversean orindirectlyrelatedtotheprovisionofspecificrecommend
DistributionPolicy
StonecapSecuritiesInc.sresearchisdistributedtoourclientsand
filesorlinkstoourwebsite.Hardcopiesofourresearcharealsoav partyaggregatorssuchasBloomberg,ThomsonReuters,FirstCall ourclientsonourwebsiteatwww.stonecapsecurities.com.Torecei professional.
Disclaimer
ThisreporthasbeenpreparedbyStonecapSecuritiesInc
Opinions,estimatesandprojectionscontainedhereinareourown
informationcontainedhereinisforinformationpurposesonlyandth ofanoffertobuyanysecurities.Theinformationandopinionscont butnorepresentationorwarranty,expressedorimplied,ismadeasacceptsanyliabilitywhatsoeverforanylossarisingfroma
Stonecapand/oritsaffiliatesmayhaveactedasfinancialadvisera
receivedremunerationforsuchservices.Stonecap,itsaffiliatesan acquire,holdorsellpositionsinthesecuritiesmentioned
TheResearchAnalystwhopreparedthisreportreceivescompens
revenues.
U.S.Disclosure
ThefirmthatpreparedthisreportisnotsubjecttoU.S.ruleswithofanalysts.SCS(USA)Inc.isaU.S.registeredbroker-dealerandaffiliateofS contentsofthisresearchreport,subjecttothetermsandlimitati transactioninanysecuritydiscussedinthisreportshouldconta
SulfurosdeCobreyOro(oro)bre)
Total1.23 B Lbs Cu
Cu(MLbs)70605040
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2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Au g/t
l
tal51 K Au Oz
20100
ccinProduccinEstimada(3)
1.07M Au Ozursando Fact. 1.4 B Cu Lbs +
680.6K Au Oztermedia -mprana -mprana -
roveniente de parte de los recursos totales, que seran
I43-101Au g/t0.460.27
K Au Oz1,484
90
K Au Oz % Cu B Cu Lbs0.24 2,422 0.29 2.0
0.2 2.01 0.30 2.10
Sulfuros(Oro In Situ)
48.07% 17.75%
Valorizacin In Situ: 65.82%
60% 80% 100%5.09
861.82169.25
13.67%3.5344%
Experienciaor Finanzas y Minera
MineraFinanzasFinanzas y Gobierno Corp.Adm. Proyectos MinerosLegalGeologa y MineraLegal
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MorningAdvantageJ anuary6,2012
Disclosures1,6
perations:WevisitedtheLaArenamineinOctober2010andDecember2011.
investmentbankingand/orrelatedservicesforthesubjectissuer.caphasprovidedservicesforremuneration,otherthaninvestmentadvisory
hespecialistthatmakesamarketinthesecuritiesofthesubjectissuer.rmoreofanyclassoftheissuersequitysecurities.oardofDirectors,Officerof,oranadvisorto,thesubjectissuer.
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chanalyst'sorassociatestravelexpenses.
teriallyoutperformsectorpeerreturnsoverthenext12months.approximatesectorpeerreturnsoverthenext12months.ateriallyunderperformsectorpeerreturnsoverthenext12months.valuationofmaterialnewinformation.
einginlinewithsectorpeerlevels.
edasbeingsignificantlyabovesectorpeerlevels.sbeingexceptionallyhigh,lowpredictabilityoffinancialresults.
isresearchreportherebycertifiesthat(i)therecommendationsandearchanalystspersonalviewsaboutanyandallofthesecuritiesorissuersd(ii)nopartoftheresearchanalystscompensationwas,is,orwillbe,directationsorviewexpressedbytheresearchanalystintheresearchreport.
prospectiveclientsatthesametimeviaemail,whichcontainseither.pdfailableinlimitedquantities.Inaddition,ourresearchisavailableviathirdl,ResearchDirectandthemarkets.com.OurresearchlibraryisavailabletoveStonecapSecuritiesresearch,pleasecontactyourinstitutionalsales
.(Stonecap)softhedatehereofandaresubjecttochangewithoutnotice.Theisreportisnot,andisnottobeconstruedas,anoffertosellorasolicitationinedhereinhavebeencompiledorderivedfromsourcesbelievedreliable,totheiraccuracyorcompleteness.NeitherStonecapnoritsaffiliatesyuseofthisreportoritscontents.d/orunderwriterforcertainoftheissuersmentionedhereinandmayhave/otherrespectiveofficers,directorsandemployeesmayfromtimetotime
hereinasprincipaloragent.tionthatisbased,inpart,uponStonecapsoverallinvestmentbanking
regardtothepreparationofresearchreportsandtheindependence
tonecapSecuritiesInc.SCS(USA)Inc.acceptsresponsibilityforthenassetoutabove.U.S.domiciledinstitutionsseekingtoeffectataGeneralSecuritiesRepresentativeofSCS(USA)Inc.directly.
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