As of: 10/28/2014

Price

COL
Rating

Date of
Update

COL
FV

Buy
Below

Outstanding
Shares (Mil)

Market Cap
(PhpMil)

2012

95.75
94.55
49.50
25.90
82.15
85.00
53.00
143.20
118.00

BUY
HOLD
HOLD
BUY
BUY
HOLD
N/A
BUY
HOLD

10/28/14
8/4/14
8/8/14
8/11/14
8/12/14
8/18/14
N/A
8/13/14
10/28/14

107.00
102.00
61.00
40.00
111.00
94.00
N/A
155.00
142.00

85.00
81.00
48.00
32.00
88.00
75.00
N/A
124.00
113.00

3,581
3,627
1,573
1,128
2,745
1,104
1,276
603
641

1,389,838
342,869
371,495
84,963
29,226
225,485
106,177
67,610
86,325
75,688

267,145
60,625
47,384
13,960
9,784
55,868
17,593
29,742
14,048
18,142

321,490
75,010
52,498
15,097
13,165
78,924
24,565
28,391
12,312
21,528

43.60
70.50
11.20
7.50
112.90
9.49
27.80
8.89
11.74

BUY
BUY
BUY
HOLD
HOLD
N/A
Under Review
N/A
N/A

8/14/14
9/10/14
8/18/14
9/1/14
8/8/14
N/A
1/6/14
N/A
N/A

44.60
90.00
13.70
6.71
121.50
N/A
N/A
N/A
N/A

35.00
72.00
10.90
5.30
97.00
N/A
N/A
N/A
N/A

872
599
1,036
3,361
2,034
5,824
2,047
2,400
9,375

672.50
49.50
24.45
7.43
15.14
86.55
1,014.00
58.45
14.54
4.79
772.00
73.40

BUY
N/A
BUY
BUY
Under Review
BUY
HOLD
HOLD
N/A
BUY
HOLD
N/A

8/18/14
N/A
9/25/14
8/18/14
10/16/14
8/18/14
8/18/14
8/18/14
N/A
10/10/14
8/8/14
N/A

816.00
N/A
31.60
11.50
N/A
139.80
970.00
59.53
N/A
5.91
770.00
N/A

652.00
N/A
25.00
9.20
N/A
111.00
776.00
47.00
N/A
4.70
616.00
N/A

599
5,522
10,115
7,405
13,277
608
174
7,017
10,821
26,026
796
2,377

CONCEPCION INDUSTRIAL CORPORATION

CENTURY PACIFIC FOOD INC
D&L INDUSTRIES INC
EMPERADOR INC
JOLLIBEE FOODS CORPORATION
PUREGOLD PRICE CLUB INC
PEPSI-COLA PRODUCTS PHILS. INC c
RFM CORPORATION c
ROBINSONS RETAIL HOLDINGS INC
UNIVERSAL ROBINA CORPORATION

40.00
16.02
13.52
10.58
190.50
32.55
4.68
5.07
63.90
182.80

BUY
BUY
HOLD
HOLD
HOLD
HOLD
N/A
N/A
BUY
HOLD

8/23/14
10/3/14
8/8/14
8/19/14
8/14/14
8/18/14
N/A
N/A
8/18/14
8/14/14

49.75
19.00
11.50
11.05
143.00
45.00
N/A
N/A
79.00
170.00

39.00
15.20
9.20
8.80
114.00
36.00
N/A
N/A
63.00
136.00

340
2,230
3,571
15,000
1,052
2,766
3,694
3,160
1,366
2,182

9,874,733
37,104
42,720
11,606
25,208
229,871
55,268
56,033
21,331
110,064
2,891,298
403,836
274,160
251,097
55,021
201,021
47,845
176,740
410,155
157,343
124,749
614,775
174,555
1,020,543
13,585
35,719
48,286
158,700
202,409
90,047
17,287
17,747
87,289
398,779

4,708,834
28,984
37,904
13,691
12,086
30,780
19,935
14,289
8,205
424,795
1,659,296
109,889
77,635
94,606
60,680
51,740
99,669
16,125
135,253
62,657
27,807
223,877
699,359
316,800
6,940
6,375
22,812
71,059
57,467
19,494
10,998
57,393
71,202

BELLE CORP
BLOOMBERY RESORTS CORP
LIESURE & RESORTS WORLD CORP c
MELCO CROWN PHILS RESORTS CORP
TRAVELLERS INTERNATIONAL HOTEL GROUP INC

5.10
15.02
9.46
13.60
8.92

BUY
BUY
N/A
HOLD
BUY

8/13/14
8/4/14
N/A
1/6/14
9/25/14

6.16
13.80
N/A
14.25
12.40

4.90
11.00
N/A
11.40
9.90

10,559
10,590
1,180
4,426
15,756

431,601
53,853
159,059
11,351
66,796
140,542

NICKEL ASIA CORP

PHILEX MINING CORP
SEMIRARA MINING

39.05
9.05
122.80

HOLD
HOLD
HOLD

9/25/14
8/5/14
8/20/14

41.00
10.85
140.00

32.00
8.60
112.00

2,519
4,937
1,069

ABOITIZ POWER CORP

PNOC ENERGY DEV CORP
FIRST GEN CORPORATION
MANILA ELECTRIC COMPANY

40.35
7.59
25.55
264.60

BUY
HOLD
BUY
HOLD

8/1/14
9/25/14
8/18/14
9/25/14

44.90
8.20
34.60
291.30

35.00
6.50
27.00
233.00

7,359
18,750
3,335
1,127

AYALA LAND INC

CENTURIES PROPERTIES GROUP
FILINVEST LAND INC
MEGAWORLD CORP
ROBINSONS LAND
SM PRIME HOLDINGS
VISTA LAND & LIFESCAPES INC

32.60
1.08
1.52
4.68
23.95
17.02
5.92

BUY
BUY
BUY
BUY
BUY
BUY
BUY

8/13/14
8/13/14
8/14/14
8/19/14
8/18/14
8/4/14
8/18/14

37.50
2.10
2.35
5.73
28.10
20.30
7.00

30.00
1.60
1.80
4.50
22.40
16.20
5.60

14,173
11,685
24,250
32,101
4,094
27,819
8,539

1,655.00
3,194.00

HOLD
HOLD

8/6/14
8/6/14

1,800.00
3,345.00

1,440.00
2,676.00

133
216

Ticker

Company Name

Banks and Financials

BDO
BPI
CHIB
EW
MBT
PNB
RCB
SECB
UBP

BANCO DE ORO
BANK OF PHILIPPINE ISLANDS
CHINA BANKING CORP
EASTWEST BANKING CORP
METROPOLITAN BANK & TRUST
PHILIPPINE NATIONAL BANK
RIZAL COMMERCIAL BANKING CORP c
SECURITY BANK CORP
UNION BANK OF PHILIPPINES

Commercial and Industrial

ABS
CEB
EEI
GMA7
ICT
LRI
MWC
MWIDE
PCOR

ABS-CBN BROADCASTING CORP

CEBU AIR INC
EEI CORPORATION
GMA NETWORK INC
INTL CONTAINER TERM SVCS
c
LAFARGE REPUBLIC INC
MANILA WATER COMPANY
MEGAWIDE CONSTRUCTION CORP c
c
PETRON CORP

Conglomerates
AC
AEV
AGI
COSCO
DMC
FPH
GTCAP
JGS
LTG
MPI
SM
SMC

AYALA CORPORATION
ABOITIZ EQUITY VENTURES INC c
ALLIANCE GLOBAL
COSCO CAPITAL INC
DMCI HOLDINGS INC
FIRST PHILIPPINE HLDGS
GT CAPITAL HLDGS
JG SUMMIT HLDGS
c
LT GROUP INC
METRO PACIFIC INVESTMENTS
SM INVESTMENTS CORP
c
SAN MIGUEL CORP

Consumer
CIC
CNPF
DNL
EMP
JFC
PGOLD
PIP
RFM
RRHI
URC

Gaming
BEL
BLOOM
LR
MCP
RWM

Mining
NIKL
PX
SCC

Power
AP
EDC
FGEN
MER

Property
ALI
CPG
FLI
MEG
RLC
SMPH
VLL

Telecoms
GLO
TEL

GLOBE TELECOM INC

PHILIPPINE LONG DISTANCE TEL

MARKET
PSEi
PSEi ex-TEL, GLO
*
c

Source: Bloomberg
Consensus Forecast

Revenue
2013
2014E

2015E

2012

Revenue Growth
2013
2014E

320,591
76,198
55,877
16,946
14,769
70,101
26,683
23,920
15,091
21,006

356,894
84,494
62,934
18,606
17,192
75,888
30,214
27,463
17,187
22,916

12%
11%
13%
10%
34%
14%
1%
10%
20%
10%

20%
24%
11%
8%
35%
41%
40%
-5%
-12%
19%

0%
2%
6%
12%
12%
-11%
9%
-16%
23%
-2%

11%
11%
13%
10%
16%
8%
13%
15%
14%
9%

5,433,158
33,378
41,004
10,524
12,951
36,188
23,212
15,280
10,880
463,638
1,907,024
136,941
89,570
113,206
77,180
55,971
93,308
105,547
147,633
55,792
30,863
253,293
747,720
375,042
7,588
19,023
10,766
29,865
80,283
73,177
22,462
10,240
67,254
80,995

6,024,225
32,984
51,017
11,552
11,895
45,011
25,473
17,076
11,565
493,526
2,077,357
154,309
91,546
118,612
90,154
56,976
94,818
123,135
200,986
58,258
34,661
271,278
782,624
425,516
9,433
21,843
11,655
29,888
87,257
86,070
25,040
11,996
80,075
93,534

6,730,690
36,687
57,047
12,994
13,104
49,677
28,592
18,977
13,784
567,823
2,279,781
171,498
99,906
131,454
101,024
69,638
104,471
141,503
228,974
64,612
38,844
290,342
837,515
482,547
10,819
24,319
12,523
33,681
94,524
96,335
28,557
13,200
93,996
109,730

1023%
13%
12%
56%
8%
7%
15%
19%
6%
55%
28%
27%
13%
70%
46%
8%
43%
125%
10%
92%
26%
12%
31%
17%
24%
82%
34%
14%
47%
14%
6%
19%
6%

15%
15%
8%
-23%
7%
18%
16%
7%
33%
9%
15%
25%
15%
20%
27%
8%
-6%
555%
9%
-11%
11%
13%
7%
18%
9%
69%
31%
13%
27%
15%
-7%
17%
14%

11%
-1%
24%
10%
-8%
24%
10%
12%
6%
6%
9%
13%
2%
5%
17%
2%
2%
17%
36%
4%
12%
7%
5%
13%
24%
15%
8%
0%
9%
18%
11%
17%
19%
15%

12%
11%
12%
12%
10%
10%
12%
11%
19%
15%
10%
11%
9%
11%
12%
22%
10%
15%
14%
11%
12%
7%
7%
13%
15%
11%
7%
13%
8%
12%
14%
10%
17%
17%

35,063
437
0
4,429
0
30,196

49,436
2,624
10,826
5,085
53
30,848

76,988
5,821
23,849
3,273
12,877
31,168

97,116
6,482
28,745
3,486
24,773
33,630

14%
-37%
15%
15%

41%
500%
15%
2%

56%
122%
120%
-36%
24218%
1%

26%
11%
21%
7%
92%
8%

274,671
98,718
44,711
131,243
823,410
296,920
142,313
85,948
298,230
1,284,564
462,583
12,613
36,860
150,431
98,047
473,482
50,549
909,733
219,651
690,082
18,625,720

44,455
11,607
8,698
24,150
205,916
62,153
28,369
64,471
50,923
184,891
54,705
8,804
10,685
23,630
13,515
57,215
16,336
249,479
86,446
163,033
7,627,424

48,243
11,110
9,802
27,331
235,646
72,055
25,656
81,284
56,651
219,583
76,337
9,304
10,478
27,740
15,904
59,794
20,025
254,552
90,500
164,052
8,795,932

66,565
26,023
11,089
29,452
240,647
70,751
27,949
86,144
55,803
250,848
89,829
10,985
12,759
32,558
17,414
63,639
23,664
264,782
99,015
165,767
9,680,952

88,990
37,677
12,467
38,846
266,741
78,296
35,488
95,196
57,760
284,787
102,894
12,890
14,432
36,951
19,126
70,786
27,707
280,251
110,045
170,206
10,778,806

-17%
-9%
-43%
-6%
11%
14%
16%
11%
5%
46%
33%
123%
26%
18%
6%
113%
21%
8%
6%
10%
173%

9%
-4%
13%
13%
14%
16%
-10%
26%
11%
19%
40%
6%
-2%
17%
18%
5%
23%
2%
5%
1%
15%

38%
134%
13%
8%
2%
-2%
9%
6%
-1%
14%
18%
18%
22%
17%
9%
6%
18%
4%
9%
1%
10%

34%
45%
12%
32%
11%
11%
27%
11%
4%
14%
15%
17%
13%
13%
10%
11%
17%
6%
11%
3%
11%

7,922,101

2,897,968

3,322,006

3,587,147

3,976,164

25%

15%

8%

11%

7,012,368

2,648,489

3,067,454

3,322,365

3,695,913

27%

16%

8%

11%

2015E

2012

Net Income
2013
2014E

2015E

2012

Net Income Growth

2013
2014E

2015E

2012

2013

EPS
2014E

2015E

2012

EPS Growth
2013
2014E

4.52
4.60
3.54
1.76
5.44
7.11
4.85
12.47
11.86

6.22
5.19
3.57
1.82
8.02
4.88
3.95
8.31
14.07

6.34
5.01
3.40
2.02
6.62
4.92
3.81
10.10
11.12

7.18
5.75
3.86
2.59
7.35
5.98
4.61
11.93
12.15

18%
16%
27%
1%
-30%
41%
1%
9%
12%
15%

12%
38%
13%
1%
3%
47%
-31%
-19%
-33%
19%

2.13
5.89
0.94
0.33
2.49
0.49
2.24
0.91
0.08

2.69
0.84
0.88
0.34
3.06
0.64
2.34
1.13
0.46

1.84
4.91
0.97
0.25
3.82
0.56
2.72
0.79
0.40

2.19
5.47
1.11
0.40
4.74
0.67
3.16
0.79
1.14

17.03
4.34
1.38
0.21
0.74
16.06
44.50
1.99
1.44
0.24
31.76
8.72

20.53
3.81
1.70
0.45
1.43
4.09
49.70
1.48
0.85
0.29
34.85
13.43

28.46
3.80
1.49
0.45
0.85
8.50
49.41
2.62
0.55
0.32
37.32
5.00

32.70
4.09
1.69
0.50
1.02
10.88
64.24
2.61
0.83
0.39
40.39
7.31

3.28
0.41
0.33
3.58
1.11
0.23
0.21
2.89
3.70

2.21
0.50
0.39
0.39
4.45
1.43
0.24
0.25
3.79
4.60

2.01
0.77
0.46
0.44
5.15
1.44
0.24
0.29
2.35
5.11

2.33
0.85
0.53
0.50
6.04
1.61
0.28
0.31
2.95
5.88

-12%
-32%
-1%
32%
-5%
-9%
15%
29%
34%
-90%
14%
17%
13%
17%
91%
2%
418%
67%
-38%
112%
7%
-8%
75%
50%
9%
2%
120%
14%
14%
188%
33%
149%
64%

0.05
(0.07)
0.28
(0.08)
0.42

0.35
(0.02)
0.22
(0.74)
0.17

0.19
0.56
0.70
(0.54)
0.37

0.38
0.69
1.11
0.17
0.43

0.88
0.04
17.85

0.82
0.07
21.11

4.10
0.26
19.24

6.71
0.31
26.93

3.32
0.48
1.90
15.19

2.52
0.25
0.98
15.55

2.15
0.45
1.26
15.87

2.43
0.59
1.76
18.33

0.68
0.21
0.14
0.28
1.04
0.58
0.52

0.84
0.19
0.16
0.31
1.09
0.59
0.59

0.99
0.21
0.17
0.29
1.15
0.69
0.71

1.15
0.23
0.20
0.32
1.36
0.78
0.78

77.10
169.70

87.17
179.00

97.75
183.11

104.75
187.71

322

339

361

416

78,850
14,483
16,352
5,018
1,817
15,399
4,709
5,949
7,516
7,607

95,547
22,608
18,811
5,103
2,056
22,488
5,124
5,321
5,012
9,025

93,065
23,058
19,477
5,400
2,285
18,636
6,056
4,929
6,090
7,134

106,861
26,044
22,583
6,138
2,918
20,655
7,467
6,068
7,190
7,798

23%
38%
28%
0%
5%
40%
1%
18%
12%
15%

21%
56%
15%
2%
13%
46%
9%
-11%
-33%
19%

-3%
2%
4%
6%
11%
-17%
18%
-7%
22%
-21%

15%
13%
16%
14%
28%
11%
23%
23%
18%
9%

420,564
1,581
3,572
979
1,617
6,042
2,807
5,490
1,012
1,701
159,102
10,504
23,965
13,910
1,525
9,736
9,175
6,590
13,553
12,757
5,907
24,674
26,806
22,945
426
1,012
5,000
3,727
2,719
849
676
1,200
7,763

475,674
2,146
512
916
1,667
7,318
3,647
5,752
1,396
5,247
176,114
12,778
21,027
17,218
3,332
18,937
2,350
8,640
10,098
8,669
7,565
27,446
38,053
30,341
511
744
1,399
5,831
4,672
3,959
903
788
2,745
10,045

471,885
1,528
2,976
1,010
1,206
8,657
4,009
6,719
1,429
4,189
155,427
17,054
20,959
15,182
3,332
11,263
4,766
8,612
18,420
5,936
8,341
29,705
11,858
33,784
683
1,582
1,639
6,544
5,414
3,971
892
972
3,214
11,138

579,252
1,812
3,317
1,153
1,943
9,588
4,794
7,809
1,899
11,151
180,828
19,595
22,603
17,143
3,720
13,571
6,106
11,196
18,317
8,942
10,169
32,148
17,318
39,209
790
1,898
1,878
7,522
6,354
4,460
1,036
1,100
4,030
12,829

1302%
-32%
-1%
32%
-5%
7%
14%
29%
35%
-80%
26%
12%
13%
64%
95%
1%
333%
98%
-37%
119%
17%
16%
53%
63%
9%
51%
117%
15%
76%
194%
33%
148%
67%

13%
36%
-86%
-6%
3%
21%
30%
5%
38%
208%
11%
22%
-12%
24%
118%
95%
-74%
31%
-25%
-32%
28%
11%
42%
32%
20%
38%
17%
25%
46%
6%
17%
129%
29%

-1%
-29%
481%
10%
-28%
18%
10%
17%
2%
-20%
-12%
33%
0%
-12%
0%
-41%
103%
0%
82%
-32%
10%
8%
-69%
11%
34%
113%
17%
12%
16%
0%
-1%
23%
17%
11%

23%
19%
11%
14%
61%
11%
20%
16%
33%
166%
16%
15%
8%
13%
12%
20%
28%
30%
-1%
51%
22%
8%
46%
16%
16%
20%
15%
15%
17%
12%
16%
13%
25%
15%

6,848
556
(688)
279
(33)
6,734

6,539
3,618
2,321
324
(2,463)
2,740

11,252
1,855
4,990
844
(2,371)
5,934

18,412
3,645
5,809
1,337
757
6,864

34%
177%
-868%
39%

-5%
551%
16%
-59%

72%
-49%
161%
117%

64%
96%
16%
58%
16%

8,775
2,207
209
6,359
58,557
24,426
9,002
8,012
17,117
46,444
9,038
1,849
3,431
7,299
4,239
16,203
4,386
46,940
10,275
36,665
840,249

9,915
2,054
342
7,520
45,540
18,577
4,740
5,013
17,211
52,283
11,742
1,845
3,918
8,971
4,470
16,275
5,063
50,334
11,617
38,717
932,373

18,486
10,348
1,285
6,853
47,731
15,804
8,365
5,991
17,570
59,876
14,018
2,052
4,203
9,391
4,972
19,137
6,103
52,638
13,028
39,610
925,657

28,100
16,954
1,552
9,593
56,942
17,880
11,081
7,691
20,290
67,572
16,227
2,248
4,782
10,410
5,534
21,638
6,733
54,564
13,960
40,603
1,103,639

-43%
-38%
-96%
5%
62%
13%
428%
29%
31%
27%
114%
17%
-9%
7%
79%
24%
17%
898%
-6%
139%

13%
-7%
64%
18%
-22%
-24%
-47%
-37%
1%
13%
30%
0%
14%
23%
5%
0%
15%
7%
13%
6%
11%

86%
404%
276%
-9%
5%
-15%
76%
20%
2%
15%
19%
11%
7%
5%
11%
18%
21%
5%
12%
2%
-1%

52%
64%
21%
40%
19%
13%
32%
28%
15%
13%
16%
10%
14%
11%
11%
13%
10%
4%
7%
3%
19%

362,023

409,135

398,913

462,475

22%

13%

-2%

16%

315,083

358,801

346,275

407,911

23%

14%

-3%

18%

2015E

PEG
2014E

P/BV
2014E

ROE
2014E

Div Yield
2014E

15.0
15.1
18.9
14.6
12.8
12.4
17.3
13.9
14.2
10.6

13.1
13.3
16.4
12.8
10.0
11.2
14.2
11.5
12.0
9.7

3.4
2.0
3.6
3.6
0.7
0.0
1.6
1.7
0.7
0.0

1.9
2.0
2.7
1.4
1.3
1.6
1.3
1.4
1.9
2.0

14.0
13.5
15.9
10.5
11.1
13.7
8.2
10.9
14.4
19.9

1.9%
2.2%
2.4%
2.2%
0.0%
1.2%
0.0%
1.9%
1.4%
3.7%

23.1
16.2
83.9
12.7
21.9
36.9
14.9
11.9
7.9
25.6
18.6
32.8
13.0
14.4
16.5
10.6
21.2
20.4
39.5
17.1
16.3
22.2
5.5
31.9
18.1
32.0
34.7
27.1
42.8
22.8
19.5
20.4
16.9
39.7

20.4
23.7
14.4
11.5
30.2
29.6
16.9
10.2
11.3
29.4
18.5
23.6
13.0
16.4
16.5
17.8
10.2
20.5
22.3
26.5
14.9
20.7
14.7
31.0
19.9
20.8
29.5
24.0
37.0
22.7
19.5
17.8
27.2
35.8

15.6
19.9
12.9
10.1
18.8
23.8
14.3
8.8
11.3
10.3
16.2
20.6
12.1
14.5
14.8
14.8
8.0
15.8
22.4
17.6
12.3
19.1
10.0
26.7
17.2
18.8
25.7
21.2
31.5
20.2
16.5
16.4
21.7
31.1

0.9
0.0
0.1
0.9
3.8
1.2
8.0
0.6
0.0
0.5
2.6
0.9
3.5
0.0
2.9
0.0
0.2
1.5
0.7
0.0
1.0
2.7
0.0
3.3
7.9
0.7
1.8
1.8
2.2
3.7
2.3
1.5
0.0
2.7

2.4
1.4
1.8
1.8
4.3
3.3
3.1
1.8
2.0
2.1
2.0
2.7
2.4
2.0
1.3
3.3
0.7
2.3
2.2
1.3
1.2
2.6
0.7
4.8
4.8
4.1
4.8
4.4
7.1
2.7
2.2
2.3
2.2
7.2

12.8
6.1
12.4
17.5
14.2
12.5
18.3
19.8
15.0
6.4
11.6
10.9
16.0
12.8
8.1
15.5
7.3
11.6
10.0
4.9
8.1
13.0
17.8
24.2
19.7
17.3
27.0
19.1
12.3
11.8
12.0
8.4
20.1

14.4%
1.8%
0.0%
1.8%
4.1%
0.6%
5.3%
2.9%
0.7%
0.7%
1.4%
0.7%
3.6%
1.6%
0.0%
3.2%
2.3%
0.0%
0.3%
1.1%
0.6%
1.7%
1.4%
1.3%
1.1%
0.0%
0.7%
2.1%
0.7%
0.9%
2.0%
1.3%
0.7%
1.6%

127.5
94.4
33.2
21.2

96.5
14.6
43.9
52.5

34.8
26.8
26.8
13.5
24.1

19.1
13.4
21.8
8.5
80.0
20.7

0.3
6.4
0.1
0.4

3.8
2.2
7.4
2.0
4.3
3.7

17.3
14.7
25.2
15.6
N/A
16.4

0.2%
0.4%
0.0%
2.0%
0.0%
0.0%

46%
64%
21%
40%
24%
13%
32%
40%
15%
14%
16%
9%
13%
11%
18%
13%
11%
3%
7%
3%
17%

12.7
44.4
215.5
6.9
14.4
12.2
15.8
13.4
17.4
27.1
47.9
5.1
10.9
16.7
23.0
29.1
11.3
19.1
21.5
18.8
20.6

10.9
47.6
131.2
5.8
21.0
16.0
30.1
26.2
17.0
24.5
38.8
5.6
9.5
15.2
22.0
29.0
10.0
18.0
19.0
17.8
19.5

8.7
9.5
34.8
6.4
17.9
18.8
17.0
20.4
16.7
21.9
32.9
5.1
8.7
16.1
20.8
24.7
8.4
17.4
16.9
17.4
18.7

6.0
5.8
28.8
4.6
14.4
16.6
12.8
14.5
14.4
19.2
28.3
4.7
7.8
14.5
17.6
21.8
7.6
16.9
15.8
17.0
16.0

0.2
0.1
0.3
0.5
0.9
0.0
0.3
0.6
1.9
1.7
1.9
0.5
0.8
7.2
1.8
1.6
0.6
5.4
1.8
7.3
1.8

2.2
3.4
1.9
1.9
2.5
3.1
3.3
1.1
3.6
2.4
4.3
0.8
0.7
1.4
1.9
2.7
1.0
4.9
5.1
4.9
2.5

19.5
35.4
5.6
32.0
17.0
16.2
19.1
7.4
21.3
11.3
13.6
0.2
8.4
9.6
9.8
11.0
0.1
28.7
30.6
28.4
15.5

2.4%
0.6%
0.2%
9.8%
2.2%
3.3%
1.0%
1.2%
3.6%
1.9%
1.1%
1.8%
1.9%
7.7%
1.6%
0.8%
3.0%
5.5%
5.0%
5.6%
2.1%

7%

15%

22.0

20.9

19.6

17.0

2.2

2.7

16.0

2.2%

3%

17%

22.7

20.5

20.0

17.0

2.0

2.5

13.9

1.7%

2015E

2012

2013

-5%
2%
-3%
-5%
11%
-17%
1%
-4%
22%
-21%

14%
13%
15%
14%
28%
11%
21%
21%
18%
9%

16.0
21.2
20.6
14.0
14.7
15.1
12.0
10.9
11.5
9.9

14.3
15.4
18.2
13.9
14.2
10.2
17.4
13.4
17.2
8.4

10%
26%
-86%
-6%
3%
23%
31%
4%
24%
473%
3%
21%
-12%
24%
114%
93%
-75%
12%
-26%
-41%
23%
10%
54%
22%
-32%
-5%
18%
24%
29%
4%
16%
31%
24%

13%
-32%
485%
10%
-28%
25%
-12%
16%
-30%
-13%
0%
39%
0%
-13%
0%
-41%
108%
-1%
77%
-36%
9%
7%
-63%
3%
-9%
54%
18%
13%
16%
0%
0%
14%
-38%
11%

31%
19%
11%
14%
61%
24%
19%
16%
0%
184%
14%
15%
8%
13%
12%
20%
28%
30%
-1%
51%
22%
8%
46%
16%
16%
11%
15%
14%
17%
12%
18%
9%
25%
15%

25.5
20.5
12.0
11.9
22.5
45.3
19.5
12.4
9.8
146.8
19.1
39.5
11.4
17.8
35.4
20.5
5.4
22.8
29.4
10.1
20.0
24.3
8.4
39.0
12.2
33.0
32.1
53.3
29.3
20.3
23.7
22.1
49.4

-13%
66%
-828%
40%

32%
548%
-24%
-60%

178%
-46%
225%
118%

82%
100%
23%
59%
16%

-27%
-50%
-96%
5%
118%
13%
493%
29%
5%
24%
108%
17%
-12%
-10%
-10%
25%
-15%
3%
-17%
11%

17%
-7%
64%
18%
-31%
-24%
-48%
-49%
2%
11%
24%
-9%
14%
10%
5%
0%
14%
6%
13%
5%
6%

25%
400%
277%
-9%
17%
-15%
77%
29%
2%
12%
18%
10%
9%
-6%
6%
18%
19%
3%
12%
2%
4%

14%

5%

13%

11%

P/E (x)
2014E