Escolar Documentos
Profissional Documentos
Cultura Documentos
20 de fevereiro de 2015
Cdigo da Ao
USIM5
Recomendao
Underperform
Nossa opinio: A Usiminas informou resultados melhores do que o esperado no 4T14. O EBITDA veio
em R$ 302 milhes (+23% em relao nossa estimativa e -15% em termos trimestrais), devido aos
custos-caixa por tonelada menores do que o esperado para o minrio de ferro e para o ao, e a uma
venda de ativo no recorrente no valor de R$ 25 milhes na Solues Usiminas. Ajustando a este efeito
isolado, o EBITDA teria chegado a R$ 277 milhes (+13% em relao nossa projeo). A companhia
registrou uma perda lquida de R$ 143 milhes (em relao a uma perda lquida de R$ 26 milhes no
3T14), devido a nmeros operacionais sequencialmente mais fracos. Nossa expectativa a de uma
reao marginalmente positiva aos resultados informados, porm permanecemos pessimistas em relao
companhia (classificao de underperform), em vista do panorama no animador para os resultados
operacionais da empresa em 2015, gerados por preos internacionais mais baixos do ao e do minrio de
ferro e pela demanda de ao pressionada no Brasil.
ltimo Preo
BRL
Preo Alvo
BRL
6,0
m BRL
33,6
(%)
60,0
3,8
2015
2016
P/L
19,0
16,6
EV/EBITDA
6,9
6,7
Os resultados: Apesar do efeito positivo do BRL mais fraco (+12% em termos trimestrais, em mdia), a
receita lquida da Usiminas declinou 11% no 4T14 (para R$ 2,59 bilhes), devido aos embarques mais
fracos de ao (-11% em termos trimestrais), volumes menores de minrio de ferro (-6% em termos
trimestrais) e preos mais baixos do minrio de ferro (-15% em termos trimestrais). Pelo lado dos custos,
os custos-caixa e as despesas operacionais por toneladas de ao da Usiminas aumentaram 5% em
termos trimestrais, para R$ 1.755, aps: i) uma diminuio na receita da venda de energia (-R$ 47 milhes
em termos trimestrais); ii) um aumento coletivo de salrio de 6,3%, tanto em Ipatinga quanto na sede da
companhia; ii) custos mais elevados das matrias-primas; e iv) BRL desvalorizado. Na unidade de minrio
de ferro, os custos-caixa e as despesas operacionais declinaram em R$ 23 / ton (-30%), puxadas pelas
vendas maiores de energia (+R$ 13 milhes em termos trimestrais) e pelas iniciativas de cortes nos
custos. O EBITDA e a margem EBITDA diminuram para R$ 302 milhes e 11,7% (-15% e -60 pontosbase em termos trimestrais), respectivamente, em decorrncia do faturamento mais baixo e de menores
vendas de energia. O EBITDA foi afetado positivamente pela venda de um ativo no montante de R$ 25
milhes na Solues Usiminas, como parte da estratgia de otimizao de ativos da companhia.
Ajustando os resultados do 4T14 ao ganho no recorrente, o EBITDA declinaria 23%, para R$ 277
milhes. A companhia registrou uma perda liquida de R$ 143 milhes no 4T14 (em comparao com uma
perda lquida de R$ 26 milhes no 3T14), devido aos nmeros operacionais mais fracos.
O panorama para 2015 no muito animador Embora a expectativa seja a de que os resultados
operacionais sejam afetados positivamente por um BRL mais fraco em 2015 (o BRL mais fraco reduz a
competitividade das importaes de ao e aumenta a lucratividade das exportaes de ao e de minrio
de ferro), estes resultados devem provavelmente sofrer com o consumo domstico mais fraco de ao,
preos internacionais mais baixos para o ao e para o minrio de ferro e preos menores da energia (a
receita com energia foi responsvel por R$ 379 milhes em 2014, e diminuir com a queda nos preos).
Acreditamos que o EBITDA pode diminuir de R$ 1,9 bilho para um nmero abaixo de R$ 1,0 bilho em
2015, implicando em mtricas de valuation de curto prazo no atrativas para a companhia.
Favor consultar a pgina 13 deste relatrio para divulgaes importantes, certificaes dos analistas e outras informaes. A Ita Corretora se encontra envolvida e procura realizar negcios com as empresas
monitoradas em seus relatrios de pesquisa e acompanhamento. Assim, os investidores devem estar cientes de que a Empresa pode apresentar um conflito de interesse que pode vir a afetar a objetividade
deste relatrio. Os investidores devem considerar o presente relatrio somente como um dentre vrios fatores ao realizarem sua deciso de investimento.
A Ita Corretora de Valores S.A. uma diviso do Grupo Ita Unibanco. Ita BBA uma marca registrada usada pela Ita Corretora de Valores S.A.
Cdigo da Ao
VALE.P
Recomendao
Market Perform
Minrio de ferro: a produo recorde no ano fiscal de 2014 e a queda dos estoques sugerem boas
vendas no 4T14. A Vale apresentou nmero slidos de produo de minrio de ferro no 4T14, de 83
milhes de toneladas, ou 2% a mais do que um ano antes. Os estoques de minrio de ferro diminuram
em 5 milhes de toneladas, indicando embarques robustos no 4T14, que calculamos em 83 milhes de
toneladas (5 milhes de toneladas a mais do que as 78 milhes registradas no 3T14). No ano fiscal de
2014, a produo de minrio de ferro atingiu 319 milhes de toneladas, ou 7 milhes de toneladas acima
da projeo oficial (guidance) da companhia. O volume de pelotas chegou a 43 milhes de toneladas no
ano fiscal de 2014, praticamente em linha com o guidance de 43,8 milhes. Os resultados refletem o bom
trabalho da administrao da Vale na entrega do crescimento dos volumes de minrio de ferro.
ltimo Preo
USD
6,9
Preo-Alvo
USD
10,0
mUSD
91,6
Pot. Valorizao
(%)
44,3
2015
2016
P/L
9,0
8,0
EV/EBITDA
5,8
6,0
Volumes de nquel e cobre melhoraram, mas ficaram abaixo do guidance. No caso do nquel, a
produo no 4T14 chegou a 74 mil toneladas ou 8% a mais do que um ano antes. A produo de nquel
foi forte apesar dos problemas operacionais em Sudbury no 4T14. A produo no ano fiscal de 2014
somou 275 mil toneladas (+6% na comparao anual), a maior desde 2008, porm ainda abaixo do
guidance de 289 mil toneladas. Esse desempenho foi auxiliado pelo aumento na compra de concentrado
de nquel de terceiros (+12 mil toneladas na comparao anual). No caso do cobre, o volume no 4T14
ficou em 105 mil toneladas, 11% a mais do que no 4T13. O aumento de volume se deve principalmente
acelerao das operaes de Salobo 2. No ano fiscal de 2014, os volumes somaram 380 mil toneladas,
3% a mais do que no ano anterior, porm 25 mil toneladas abaixo do guidance de 405 mil toneladas. A
diferena em relao ao guidance provavelmente foi causada pela paralisao necessria de Salobo 1
(para a segunda fase do projeto poder entrar em operao), pela menor produo em Sudbury e pelas
paradas no programadas em Sossego.
Carvo: queda de volumes na Austrlia. A produo de carvo ficou em 2,3 milhes de toneladas no
4T14 (1% a menos do que no trimestre anterior, mas com alta de 2% na comparao anual), medida
que volumes maiores em Moatize compensaram a piora de volumes na Austrlia (Carborough Downs), a
reduo da qualidade e a mina de Integra, colocada sob procedimentos de cuidado e manuteno. No ano
fiscal de 2014, o volume atingiu 8,6 milhes de toneladas, sem variao em relao ao ano anterior e
abaixo do guidance de 10,7 milhes de toneladas. Os principais motivos para a diferena em relao ao
guidance foram a produo abaixo do esperado na unidade Carborough Downs, na Austrlia, e a
paralisao da mina de carvo de Integra. No ano fiscal de 2015, esperamos crescimento limitado do
volume de carvo, uma vez que outra mina foi colocada em cuidado e manuteno na Austrlia (Isaac
Plains, que produziu 1,1 milho de toneladas no ano fiscal de 2014). Alm disso, a acelerao dos
volumes de Moatize vai depender da entrada em operao do corredor de logstica (ferrovia e porto).
Reiteramos a recomendao de market perform (desempenho em linha com o mercado) para a
Vale, com preo-alvo no fim de 2015 de USD 10/ADR. Apesar do potencial de valorizao atraente do
ponto de vista do fluxo de caixa descontado, achamos que a ao no conta com fatores capazes de
desencadear movimentao no curto prazo, devido a: i) um cenrio de preos vista ainda deprimidos
para o minrio de ferro, que se sobrepe aos benefcios do crescimento da produo da Vale e continuar
limitando a gerao de fluxo de caixa livre operacional nos prximos dois anos; ii) a probabilidade de
revises para baixo nas estimativas de consenso para os lucros da empresa; e iii) fluxo de caixa livre de
curto prazo limitado pelos preos ainda baixos das commodities e pelos investimentos ainda altos. Com
base em nossas estimativas, a Vale negociada em EV/EBITDA 2015e e 2016e de 5,8x e 6,0x,
respectivamente, que consideramos mltiplos justos.
Ita BBA 2
Brasil
Cdigo
Em presa
Rec
Moeda
Preo
atual
Preo
Alvo
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2014
2015
2016
2014
2015
2016
2015
2016
2015
2016
2015
2016
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
Agribusiness
ALLL3
ON
OP
BRL
5.3
7.5
41.5
13,851
n/a
n/a
n/a
n/a
n.m.
n.m.
32.7
11.1
9.7
7.6
n/a
0.2
2.3
2.3
0.4
0.1
31.3
22.7
-15.6
-9.7
FHER3
Fer Heringer
ON
MP
BRL
3.8
9.0
138.7
203
n/a
n/a
n/a
n/a
7.0
5.6
20.1
3.5
3.3
4.2
n/a
n/a
0.3
0.3
4.5
1.2
0.2
-20.3
-39.8
-48.5
OFSA3
Ouro Fino
ON
OP
BRL
29.0
35.0
20.7
1,564
n/a
n/a
n/a
n/a
29.7
21.9
16.5
18.0
14.2
11.0
n/a
2.0
3.9
3.5
0.8
3.4
1.4
8.5
1.2
n/a
SLCE3
SLC Agricola
ON
MP
BRL
14.1
17.0
20.8
1,391
n/a
n/a
n/a
n/a
18.3
15.0
15.8
7.8
7.5
7.2
7.4
0.7
0.7
0.6
1.4
1.7
1.9
0.6
-7.9
-13.6
SMTO3
Sao Martinho
Mdia ponderada do setor
ON
OP
BRL
36.2
48.0
32.6
4,091
n/a
n/a
n/a
n/a
15.0
13.0
11.3
11.8
8.8
6.7
5.7
4.6
4.1
7.3
10.2
1.6
1.4
2.7
4.0
6.6
10.3
-4.0
38.3
PN
OP
BRL
11.9
18.3
54.2
5.6
5.0
4.3
n/a
n/a
n/a
n/a
n/a
0.7
0.6
5.0
5.8
2.5
1.7
-4.8
9.4
BBAS3
Banco do Brasil
ON
OP
BRL
24.4
37.8
55.2
68,153
n/a
n/a
n/a
n/a
6.4
5.6
5.0
n/a
n/a
n/a
n/a
n/a
0.9
0.8
7.1
6.0
145.5
7.4
-6.6
28.1
BBDC4
Bradesco
PN
OP
BRL
36.9
44.2
19.8
154,894
BBD
12.9
17.7
37.5
10.1
9.0
7.9
n/a
n/a
n/a
n/a
n/a
1.7
1.5
3.8
4.3
294.4
5.3
3.8
45.3
BBSE3
BB Seguridade
ON
OP
BRL
31.7
39.9
25.8
63,440
n/a
n/a
n/a
n/a
19.7
16.3
14.0
n/a
n/a
n/a
n/a
n/a
7.7
7.0
4.9
5.7
148.0
3.2
-3.4
36.0
BICB4
Bicbanco
PN
UR
BRL
5.6
UR
UR
1,365
n/a
n/a
n/a
n/a
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
0.9
0.4
-5.5
-24.4
BRSR6
Banrisul
PNB
OP
BRL
12.6
18.5
46.7
5,149
n/a
n/a
n/a
n/a
6.9
6.0
5.2
n/a
n/a
n/a
n/a
n/a
0.9
0.8
6.3
7.3
12.3
-3.6
-7.8
25.5
BVMF3
BMF Bovespa
ON
MP
BRL
9.7
12.0
23.7
17,732
n/a
n/a
n/a
n/a
17.6
15.7
13.8
9.5
9.1
8.0
8.9
10.1
0.9
0.9
6.4
7.2
135.0
1.6
-2.5
7.9
CIEL3
Cielo
ON
MP
BRL
43.2
48.0
11.1
67,936
n/a
n/a
n/a
n/a
20.9
18.2
16.1
18.1
16.8
14.9
3.7
4.2
12.7
10.1
3.7
4.2
166.1
11.3
3.3
37.7
CTIP3
DAYC4
Cetip
Daycoval
ON
PN
OP
MP
BRL
BRL
34.4
8.2
39.0
11.5
13.4
41.1
9,004
2,029
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
19.7
7.0
16.8
5.9
15.0
5.2
13.1
n.m.
11.4
n.m.
10.1
n.m.
4.6
n/a
4.7
n/a
5.2
0.7
5.2
0.7
5.6
8.4
6.3
9.6
54.9
0.5
0.2
-9.5
6.2
-14.0
47.0
4.5
GPIV33
GP Investimentos
5.3 RestrictedRestricted
List
List 733
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
2.0
-6.3
1.0
17.2
MPLU3
Multiplus
ON
OP
BRL
34.5
40.5
17.4
5,595
n/a
n/a
n/a
n/a
16.7
13.5
12.5
13.8
11.3
10.4
8.8
5.6
25.0
25.0
7.4
8.0
8.8
-4.4
0.1
39.7
SANB11
Santander
UNIT
UR
BRL
14.3
UR
UR
54,027
BSBR
5.0
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
14.9
8.4
2.0
28.9
SMLE3
Smiles
ON
OP
BRL
44.2
54.0
22.2
5,400
n/a
n/a
n/a
n/a
18.9
17.8
12.6
19.6
15.1
10.5
6.1
17.7
28.2
28.2
5.6
8.0
25.5
-7.3
-3.2
37.1
VLID3
Valid
ON
OP
BRL
40.8
49.0
20.0
2,276
n/a
n/a
n/a
n/a
18.9
14.0
11.9
9.7
7.7
6.9
4.1
6.3
3.4
3.1
4.2
5.8
12.8
3.5
9.5
51.4
12.6
11.1
9.7
1,744
n/a
n/a
ON
MP
BRL
15.1
16.7
10.7
2,808
n/a
n/a
n/a
n/a
n.m.
19.5
16.4
9.6
6.8
6.1
6.8
4.9
2.2
2.1
1.3
2.4
2.4
5.4
-0.7
7.7
PN
ON
MP
UP
OP
BRL
USD
BRL
8.4
5.6
25.5
11.2
8.0
33.4
33.3
43.8
30.8
3,952
1,168
2,264
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
13.1
n.m.
18.1
10.4
14.1
15.9
8.4
12.1
13.5
7.7
9.1
12.9
6.8
6.2
10.8
5.5
5.7
9.0
5.8
n/a
4.0
7.1
n/a
4.7
1.8
1.4
3.5
1.6
1.2
3.1
4.2
0.0
3.2
5.8
2.1
3.7
5.3
3.0
3.7
18.9
7.8
4.1
6.2
-11.0
-3.2
-23.9
-35.1
0.9
ON
ON
MP
MP
BRL
BRL
0.9
20.9
3.1
27.0
240.7
28.9
330
5,346
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n.m.
n.m.
n.m.
n.m.
n.m.
46.0
n.m.
10.6
13.2
7.5
6.7
5.8
n/a
1.7
4.3
3.1
0.3
1.7
0.3
1.7
0.0
0.2
0.0
0.5
1.5
10.6
-25.9
3.5
-71.1
-28.2
-78.1
6.3
ON
ON
ON
UP
OP
OP
BRL
BRL
BRL
23.4
14.7
75.7
21.8
21.0
123.0
-6.9
43.3
62.5
35,781
1,926
4,724
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
21.1
15.1
9.9
19.8
11.2
9.0
18.9
8.8
7.9
13.7
5.9
6.1
13.2
4.6
5.6
12.5
3.8
4.8
3.9
10.0
1.2
4.9
10.5
4.2
14.4
3.3
1.3
14.4
2.5
1.2
5.1
2.2
3.3
4.9
2.8
3.7
26.8
3.0
2.5
8.3
3.4
-5.1
17.1
1.1
-6.2
22.3
15.4
-15.4
ON
ON
ON
OP
OP
OP
BRL
BRL
BRL
17.3
18.6
7.5
27.3
21.5
23.0
58.0
15.8
206.7
2,860
12,270
634
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
8.7
29.0
n.m.
8.2
22.6
n.m.
7.4
18.1
23.5
6.6
11.8
6.0
6.0
10.7
5.0
5.3
9.3
4.1
8.8
4.1
1.8
10.0
6.0
8.8
2.4
1.6
0.6
2.3
1.5
0.6
8.6
1.1
0.0
10.9
4.4
0.5
27.5
42.4
6.0
-9.1
6.4
-18.1
-28.7
12.5
-46.3
-26.5
23.1
-52.5
PN
MP
BRL
ON Restricted List BRL
16.7
18.5
10.8
20,294
7.1 RestrictedRestricted
List
List 1,249
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
7.7
0.9
2.7
33.8
4.3 Restricted
Restricted
List
List 1.5
-2.6
-0.8
1.0
-19.7
48.3
24.2
Lojas Renner
Magazine Luiza
Natura
ON
ON
ON
OP
MP
MP
BRL
BRL
BRL
81.0
6.3
28.0
81.0
10.3
42.6
0.0
63.0
52.1
10,208
1,179
12,075
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
22.0
9.4
14.2
20.0
7.8
13.2
16.9
6.1
12.3
11.9
6.3
8.7
10.6
5.6
8.1
9.3
4.8
7.5
1.8
n/a
4.8
2.5
1.5
5.8
4.9
1.3
11.1
4.2
1.1
11.1
2.0
3.2
7.6
2.4
4.1
8.2
59.2
3.1
33.8
5.5
-16.7
-7.7
9.0
-23.2
-15.8
49.2
-19.2
-15.3
PCAR4
RADL3
TECN3
P.Acucar-CBD
RaiaDrogasil
Technos
PN
ON
ON
MP
MP
OP
BRL
BRL
BRL
92.5
27.6
4.9
119.0
25.0
12.3
28.7
-9.5
152.0
24,527
9,122
383
CBD
n/a
n/a
32.2
n/a
n/a
0.0
n/a
n/a
-100.0
n/a
n/a
12.7
34.7
8.1
10.8
27.2
6.2
9.2
22.6
4.8
8.8
18.6
4.9
7.7
15.1
4.5
6.9
12.3
4.0
5.3
0.2
14.0
3.7
1.5
18.3
1.5
3.5
0.7
1.4
3.2
0.7
4.3
1.3
3.0
5.8
1.8
9.4
62.6
21.7
1.6
3.0
1.8
-24.1
-13.3
12.5
-38.1
-2.4
95.3
-61.3
UCAS3
VVAR11
Unicasa
Via Varejo
ON
UNIT
UR
OP
BRL
BRL
1.9
17.8
UR
31.0
UR
74.6
122
7,637
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
UR
8.6
UR
7.4
UR
6.3
UR
6.1
UR
5.4
UR
4.9
UR
8.0
UR
6.4
UR
1.5
UR
1.4
UR
7.8
UR
9.7
0.2
15.1
-25.1
-6.8
-29.6
-23.5
-58.8
-26.6
5.5
5.0
4.2
ON
OP
BRL
18.2
19.0
4.2
285,692
ABEV
6.4
7.2
13.4
22.8
20.4
18.0
15.2
14.0
12.5
4.9
5.5
6.7
6.7
4.9
5.5
192.4
BEEF3
BRFS3
JBSS3
Minerva
BRF Foods
JBS
8.5 RestrictedRestricted
List
List 1,623
66.0
71.0
7.6
57,466
12.1 RestrictedRestricted
List
List 34,726
n/a
BRFS
n/a
n/a
23.1
n/a
n/a
0.0
n/a
MDIA3
MRFG3
M. Diasbranco
Marfrig
ON
ON
OP
MP
BRL
BRL
83.9
4.9
100.0
7.5
19.3
54.0
9,513
2,963
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
UNIT
OP
BRL
11.8
14.0
18.6
3,093
n/a
n/a
n/a
n/a
ALPA4
ARCO
ARZZ3
Alpargatas
Arcos Dorados
Arezzo
BPHA3
BTOW3
Brasil Pharma
B2W Varejo
CRUZ3
CVCB3
GUAR3
Souza Cruz
CVC
Guararapes
HGTX3
HYPE3
IMCH3
Cia Hering
Hypermarcas
International Meal
LAME4
LLIS3
Lojas Americ
Le Lis Blanc
LREN3
MGLU3
NATU3
44.6
30.5
23.3
11.8
9.5
7.8
n/a
n/a
9.0
Restricted
Restricted
List Restricted
List
Restricted
List
Restricted
List Restricted
List
Restricted
List
Restricted
List
List 5.0
n/a Restricted
Restricted
List Restricted
List
Restricted
List
Restricted
List Restricted
List
Restricted
List
Restricted
List
List 3.8
-100.0
26.0
20.6
17.7
13.1
11.7
11.0
7.2
4.7
3.2
n/a Restricted
Restricted
List Restricted
List
Restricted
List
Restricted
List Restricted
List
Restricted
List
Restricted
List
List 1.5
16.0
n.m.
13.1
n.m.
10.0
n.m.
17.5
14.4
12.3
17.7
13.9
11.3
12.4
6.8
10.1
6.1
8.0
5.6
4.4
n/a
7.8
n/a
2.4
1.8
9.4
7.8
6.6
5.8
7.4
1.7
18.2
-22.9
0.0
5.2
-19.2
64.7
62.8
2.0
1.9
1.6
0.0
1.9
0.0
9.5
11.5
-3.4
-11.0
-12.4
-13.7
-0.6
33.1
1.6
1.8
3.1
6.5
Ita BBA 3
14.7
5.2
n/a
-19.3
-2.0
2.9
-39.8
2.9
-30.6
4.9
-28.2
-1.2
1.3
1.6
1.2
1.5
1.1
5.0
1.5
6.9
2.4
268.6
1.1
-18.2
-5.9
-36.8
-15.3
15.4
8.0
2.6
8.0
2.5
4.5
2.1
5.2
3.2
18.0
63.1
1.0
-8.1
7.9
-1.4
20.7
27.8
11.4
11.2
1.6
1.6
1.3
1.5
5.2
9.2
6.3
10.1
28.9
1.8
-17.0
-4.3
-34.7
-5.9
-26.2
-8.2
6.6
19.9
13.2
15.7
1.0
0.1
1.0
0.1
2.7
0.0
3.6
0.0
44.6
4.0
8.0
74.5
-6.4
-32.2
-8.3
-48.6
23.6
n/a
5.1
15.0
n/a
3.4
0.4
0.7
3.9
0.4
0.6
3.6
4.1
0.0
3.0
4.8
0.0
3.7
630.8
2.3
71.9
7.2
21.1
14.4
-18.7
-21.2
8.9
-23.7
-15.8
14.7
Anima
Dasa
Estacio
20.9 RestrictedRestricted
List
List 1,728
10.6
UR
UR
3,305
19.8
33.8
71.1
6,181
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FLRY3
KROT3
Fleury
Kroton
ON
ON
OP
OP
BRL
BRL
14.4
12.0
18.5
23.0
28.2
92.0
2,251
19,331
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
23.3
14.1
16.2
10.7
12.7
8.0
8.4
12.0
7.0
8.8
5.9
6.8
6.3
14.1
7.8
10.7
ON
ON
MP
OP
BRL
BRL
10.2
23.9
10.5
33.0
2.9
37.9
5,419
6,492
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
25.4
37.8
1.8
22.3
21.2
1.8
19.3
14.7
9.4
17.3
9.3
15.1
8.5
13.0
6.9
4.6
9.4
5.1
11.6
PNA
PNA
OP
MP
BRL
BRL
12.4
43.7
25.9
62.9
108.8
44.1
9,886
5,230
BAK
n/a
8.7
n/a
18.5
n/a
111.8
n/a
10.1
7.8
4.8
8.7
3.9
7.9
6.0
4.6
5.1
5.1
4.5
4.8
13.4
8.8
CSAN3
HRTP3
Cosan
HRT
ON
ON
OP
MP
BRL
BRL
27.6
5.5
46.2
13.0
67.4
135.1
11,239
176
CZZ
n/a
7.7
n/a
17.4
n/a
126.1
n/a
16.3
1.7
12.7
0.6
10.8
1.2
5.5
n.m.
5.3
n.m.
5.0
n.m.
PETR4
QGEP3
UGPA3
Petrobras
QGEP
Ultrapar
PN
ON
ON
MP
OP
OP
BRL
BRL
BRL
9.8
6.7
57.8
16.5
18.0
76.5
68.8
168.7
32.3
127,183
1,781
32,397
PBR/A
n/a
n/a
6.8
n/a
n/a
11.8
n/a
n/a
73.9
n/a
n/a
7.5
13.5
25.0
8.0
9.9
21.3
5.2
4.8
17.6
6.5
4.1
11.7
7.0
3.6
10.5
6.4
2.1
9.5
9.0
8.8
6.0
14.4
-14.8
1.9
6.5
1.8 Restricted
Restricted
List
List12.8
UR
UR
UR
0.2
2.5
3.4
10.0
110.9
ANIM3
DASA3
ESTC3
ODPV3
Odontoprev
QUAL3
Qualicorp
Mdia ponderada do setor
8.0
2.8 Restricted
Restricted
List
List 7.3
3.0
2.4
2.8
156.4
1.4 Restricted
Restricted
List
List68.3
Restricted
Restricted
List Restricted
List
Restricted
List
Restricted
List Restricted
List
Restricted
List
Restricted
List
List 2.2
UR
UR
UR
UR
UR
UR
UR
UR
UR
14.7
10.0
8.1
12.1
7.7
6.3
6.9
9.2
2.6
Guia de Aes
Cdigo
Real Estate
ALSC3
Em presa
Aliansce
BHGR3
BHG
BRCR11
ON
ADR - USD
P/L(x)
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
MP
BRL
15.9
21.5
35.6
2,521
n/a
n/a
n/a
n/a
17.5 RestrictedRestricted
List
List 1,086
n/a
n/a
n/a
n/a
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
2014
2015
2016
2014
2015
2016
2015
2016
2015
2016
2015
2016
35.4
21.0
18.0
11.1
10.1
9.4
0.1
2.1
1.4
1.4
1.2
2.8
Restricted
Restricted
List Restricted
List
Restricted
List
Restricted
List Restricted
List
Restricted
List
Restricted
List
List 0.9
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
5.7
-6.0
-2.2
-0.8
0.9 Restricted
Restricted
List
List 1.4
0.3
-2.5
36.8
2.1
UNIT
OP
BRL
107.5
154.0
43.3
2,067
n/a
n/a
n/a
n/a
15.3
6.2
4.7
9.5
9.4
8.9
7.9
10.1
0.6
0.6
11.5
11.4
3.2
-3.3
6.9
BRML3
BR Malls Par
ON
OP
BRL
15.7
25.0
59.7
7,192
n/a
n/a
n/a
n/a
15.2
12.4
9.6
10.4
9.5
8.0
4.0
8.4
0.7
0.7
2.0
5.2
43.9
-8.0
-8.1
0.6
BRPR3
CYRE3
BR Properties
Cyrela Realty
ON
ON
OP
MP
BRL
BRL
10.4
11.5
17.8
15.8
71.8
38.0
3,083
4,512
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
15.9
6.5
13.9
5.7
10.2
5.0
8.6
5.7
9.7
5.2
8.2
4.6
6.3
12.9
9.0
18.3
0.5
0.7
0.5
0.7
1.8
8.7
4.9
10.1
24.9
25.0
-2.2
5.4
-6.7
-2.5
-8.1
-11.1
DIRR3
EVEN3
Direcional
Even
ON
ON
OP
OP
BRL
BRL
6.4
4.4
13.0
7.5
102.2
68.9
971
1,028
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
4.2
4.4
3.4
3.7
3.7
3.7
3.8
6.3
3.0
4.7
3.5
4.0
27.9
39.6
2.7
48.2
0.6
0.5
0.5
0.4
14.7
13.3
13.5
13.7
4.7
11.6
-7.8
-3.2
-29.8
-18.6
-29.3
-32.0
EZTC3
GFSA3
Eztec
Gafisa
ON
ON
OP
MP
BRL
BRL
16.9
2.1
27.6
3.9
63.3
82.2
2,480
866
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
5.2
n.m.
5.0
14.7
4.1
6.5
5.4
8.1
3.8
6.6
2.2
5.4
31.7
7.8
34.7
18.3
1.0
0.3
0.9
0.3
10.0
3.4
12.2
7.7
10.1
11.3
-14.0
10.7
-18.7
-2.7
-28.1
-24.4
IGTA3
HGRE11
Iguatemi
CSHG Real Estate
ON
UNIT
OP
OP
BRL
BRL
25.9
1263.0
30.6
1590.0
18.2
25.9
4,548
932
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
21.4
13.8
18.0
9.2
15.7
5.6
12.9
10.7
11.2
9.9
10.3
9.7
2.3
10.9
2.4
11.1
1.7
0.8
1.7
0.7
1.4
10.9
3.2
10.5
10.8
0.9
-0.9
-4.5
7.4
3.9
33.0
12.5
HGLG11
CSHG Logistica
UNIT
MP
BRL
1040.0
1200.0
15.4
354
n/a
n/a
n/a
n/a
8.9
8.1
6.6
9.5
10.8
10.1
7.8
10.4
0.9
0.8
14.3
9.9
0.3
-4.4
3.7
20.8
JHSF3
KNRI11
JHSF Part
Kinea Renda Imobiliria
ON
UNIT
MP
OP
BRL
BRL
2.1
109.0
4.4
152.0
114.6
39.5
885
1,504
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
25.9
14.5
15.7
7.1
11.9
4.8
14.7
11.5
9.5
11.8
7.9
11.0
n/a
9.6
n/a
10.1
0.4
0.7
0.4
0.6
1.6
9.6
2.1
9.6
1.0
1.7
-11.2
0.3
-29.9
3.1
-50.0
7.2
LPSB3
Lopes Brasil
ON
UP
BRL
6.5
11.5
77.2
742
n/a
n/a
n/a
n/a
21.6
11.3
7.9
8.6
5.7
3.9
8.3
12.6
1.1
1.0
1.3
3.0
1.6
6.7
-17.2
-47.4
MRVE3
MRV
ON
MP
BRL
7.4
10.4
40.2
3,369
n/a
n/a
n/a
n/a
7.5
6.4
5.9
7.4
6.0
5.4
15.2
15.9
0.7
0.7
7.8
8.5
16.3
3.6
-5.5
-1.9
MULT3
PDGR3
Multiplan
PDG Realt
ON
ON
MP
UP
BRL
BRL
52.9
0.5
62.3
1.4
17.8
180.0
9,938
662
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
27.4
n.m.
25.6
n.m.
21.7
10.9
15.2
11.4
13.8
8.2
12.2
7.2
0.4
n/a
0.8
n/a
2.3
0.2
2.2
0.2
1.0
0.0
2.3
9.1
47.2
12.8
3.3
-39.8
8.3
-51.5
25.3
-67.3
RSID3
SCAR3
Rossi Resid
Sao Carlos
ON
ON
UP
MP
BRL
BRL
2.9
32.5
UR
41.1
UR
26.5
241
1,859
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
UR
17.7
UR
16.0
UR
11.4
UR
11.6
UR
10.0
UR
7.9
UR
6.3
UR
9.8
UR
1.5
UR
1.4
UR
1.6
UR
4.4
9.3
0.4
23.7
-1.8
-22.9
6.0
-66.6
0.7
SSBR3
Sonae Sierra
ON
MP
BRL
15.9
21.2
33.5
1,214
n/a
n/a
n/a
n/a
11.6
10.5
7.4
8.6
7.8
6.1
9.6
15.0
1.0
0.9
2.4
6.7
0.9
-6.5
-13.2
-8.3
TBOF11
TCSA3
TB Office
Tecnisa
UNIT
ON
OP
OP
BRL
BRL
57.0
3.8
85.0
7.2
49.1
89.5
573
682
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
39.1
3.2
8.0
2.3
4.9
2.1
9.4
6.2
13.2
4.5
9.7
3.7
7.8
n/a
10.6
n/a
0.6
0.4
0.6
0.4
7.9
10.7
10.3
23.6
0.3
2.9
0.4
8.0
-3.4
-20.3
6.9
-47.3
12.9
9.8
7.8
-2.3
22.3
-21.2
16.9
-49.7
42.6
CSN
FIBRIA
ON
ON
UP
OP
BRL
BRL
5.1
37.2
6.0
38.0
18.8
2.2
7,007
20,581
SID
FBR
1.8
13.0
2.0
14.0
12.7
7.9
n.m.
n.m.
n.m.
28.4
19.5
18.2
5.2
10.3
6.3
8.5
6.0
7.3
n/a
5.6
n/a
7.2
1.0
1.4
1.0
1.3
7.1
0.0
7.1
0.9
35.2
42.6
GGBR4
KLBN11
Gerdau
Klabin S/A
PN
PN
OP
OP
BRL
BRL
10.2
15.0
13.0
19.0
27.8
26.4
17,334
15,814
GGB
n/a
3.5
n/a
6.0
n/a
69.5
n/a
16.1
25.5
13.6
n.m.
12.1
25.9
6.7
12.3
6.4
12.5
6.1
9.5
2.7
4.4
4.9
3.6
0.5
2.2
0.5
2.1
2.3
1.3
2.6
1.6
68.4
40.0
10.0
8.4
-0.5
15.9
-29.6
27.6
MAGG3
Magnesita SA
ON
MP
BRL
1.8
2.6
42.9
518
n/a
n/a
n/a
n/a
n.m.
8.2
5.0
5.2
4.7
4.3
4.6
8.4
0.2
0.2
3.1
5.0
0.8
-10.4
-37.9
-65.0
SUZB5
Suzano Papel
PNA
OP
BRL
11.9
14.0
17.3
12,974
n/a
n/a
n/a
n/a
n.m.
11.6
9.0
9.2
7.0
6.3
6.4
9.4
1.1
1.0
2.2
2.8
49.8
12.8
5.8
34.4
USIM5
VALE.P
Usiminas
VALE
PNA
ADR
UP
MP
BRL
USD
3.8
6.7
6.0
10.0
59.2
50.2
3,723
34,321
n/a
VALE.P
n/a
6.7
n/a
10.0
n/a
50.2
n.m.
6.0
n.m.
9.2
19.7
8.8
5.0
4.2
6.9
5.7
6.7
5.8
n/a
n/a
n/a
n/a
0.2
0.5
0.2
0.5
0.3
8.7
0.5
8.7
33.4
90.3
-11.6
-7.9
-25.1
-5.5
-62.7
-42.0
VALE5
Vale R Doce
PNA
MP
BRL
19.1
27.0
41.7
98,223
n/a
n/a
n/a
n/a
4.2
5.7
5.8
n/a
n/a
0.5
0.5
8.8
8.8
310.1
1.7
3.8
-31.3
4.2
20.8
3.9
15.3
3.5
12.2
n/a
4.5
2.9
5.4
1.3
3.3
1.2
3.0
0.0
1.7
2.5
2.1
n/a
8.8
n/a
-3.9
n/a
-3.0
n/a
19.8
46.4
-44.2
-81.8
Atento
Linx
OIBR4
OI
ON
OP
OP
USD
BRL
11.4
48.9
16.5
60.0
45.0
22.8
840
2,273
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
6.0
9.2
8.8
16.0
20.0
16.1
10.2
33.6
7.7
23.9
7.0
18.8
7.1 RestrictedRestricted
List
List 60,096
OIBR
TIMP3
ON
MP
BRL
12.8
9.0
-29.9
31,047
TSU
22.5
17.6
-21.8
20.1
22.9
19.9
5.9
6.1
5.7
0.7
1.6
2.0
1.9
2.4
2.8
31.3
7.8
0.7
7.0
VIVT4
TOTS3
Telefonica Brasil
Totvs
PN
ON
OP
MP
BRL
BRL
54.1
36.6
55.5
41.0
2.6
12.0
60,940
5,969
VIV
n/a
18.9
n/a
2.5 RestrictedRestricted
List
List
Restricted
Restricted
List Restricted
List
Restricted
List
Restricted
List Restricted
List
Restricted
List
Restricted
List
List 2.2
19.5
n/a
2.9
n/a
11.6
22.7
13.3
18.2
11.0
15.5
5.5
13.5
4.8
11.5
4.4
10.1
6.7
6.1
7.9
5.2
n/a
4.8
n/a
4.3
6.7
1.2
9.3
1.7
45.6
20.5
14.3
7.2
16.0
7.5
39.5
13.9
22.4
25.3
21.2
2.2 Restricted
Restricted
List
List36.3
OP
BRL
11.2
15.0
34.1
3,854
n/a
n/a
n/a
n/a
8.5
11.3
14.8
5.7
6.3
6.1
n/a
5.1
1.6
1.5
2.2
1.7
5.8
-16.5
-21.9
-30.1
CCRO3
ECOR3
CCR
Ecorodovias
ON
ON
OP
MP
BRL
BRL
16.5
10.4
20.0
12.5
21.7
19.6
29,044
5,822
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
22.4
11.7
21.5
15.4
17.3
12.3
10.6
6.0
9.6
6.6
8.1
5.9
3.2
4.2
11.6
11.4
8.1
2.6
7.4
2.3
3.7
0.8
4.6
1.1
84.8
18.8
-0.8
-5.0
2.0
12.2
14.5
-3.3
ERJ
GOLL4
Embraer
Gol
ON
PN
OP
MP
USD
BRL
36.2
10.8
41.0
16.5
13.2
52.4
6,643
3,012
EMBR3
GOL
25.9
3.8
28.0
6.0
8.0
59.4
14.0
n.m.
13.1
n.m.
12.2
40.2
8.7
6.7
8.0
5.9
7.5
5.5
3.9
6.7
4.7
8.1
1.5
7.1
1.4
6.1
1.5
0.0
2.0
0.0
34.7
23.4
11.4
-24.1
-3.8
-11.8
12.9
2.3
LCAM3
Locamerica
ON
MP
BRL
3.6
4.0
10.2
234
n/a
n/a
n/a
n/a
9.7
10.5
8.9
4.6
3.7
3.5
32.4
13.1
0.7
0.7
2.4
2.8
0.4
5.0
-4.5
-9.6
LEVE3
Metal Leve
ON
UP
BRL
21.3
21.5
1.0
2,733
n/a
n/a
n/a
n/a
13.8
13.0
12.1
7.3
7.0
6.6
8.0
6.7
2.2
2.1
7.3
7.9
2.7
1.6
-5.4
4.1
MILS3
MILLS
ON
MP
BRL
6.2
10.0
61.7
788
n/a
n/a
n/a
n/a
10.6
23.1
10.2
3.8
4.0
3.2
2.9
0.2
0.7
0.7
1.1
3.9
8.5
-21.2
-45.6
-76.6
MYPK3
POMO4
Iochpe-Maxion
Marcopolo
ON
PN
OP
UP
BRL
BRL
11.6
2.5
17.0
4.0
46.8
58.0
1,100
2,260
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
32.1
10.2
13.8
7.9
8.4
7.7
6.6
8.1
5.5
6.5
4.9
5.4
3.7
6.9
15.2
8.5
0.7
1.4
0.7
1.3
2.7
6.3
4.4
6.5
5.3
12.2
4.8
-25.9
-19.0
-41.5
-48.5
-48.4
RAPT4
RENT3
Randon Part
Localiza
PN
ON
OP
OP
BRL
BRL
4.3
34.3
6.7
42.0
56.3
22.4
1,301
7,144
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
6.6
17.6
9.7
16.9
7.2
15.3
5.8
8.5
7.0
7.8
5.9
6.8
6.3
6.6
4.8
4.7
0.9
3.6
0.8
3.0
3.1
1.4
4.1
1.6
5.3
31.4
-6.1
-5.0
-20.5
2.2
-34.6
9.2
ROMI3
STBP11
Inds Romi
Santos Brasil
ON
UNIT
UP
MP
BRL
BRL
1.8
12.1
3.0
15.0
71.4
23.7
126
1,616
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
12.2
17.1
6.6
28.6
4.8
23.1
5.1
5.6
4.0
7.2
3.3
6.8
12.4
7.2
12.7
8.6
0.2
1.1
0.2
1.1
3.8
2.4
5.2
3.0
0.3
1.3
-20.9
-16.8
-47.0
-20.0
-58.8
-13.9
TGMA3
TUPY3
Tegma
Tupy
ON
ON
OP
MP
BRL
BRL
15.2
14.9
21.0
19.5
38.4
30.9
1,003
2,148
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
11.6
20.1
11.9
12.0
11.1
9.6
6.9
6.3
6.5
5.2
6.0
4.2
6.5
10.2
6.4
15.4
3.1
1.0
3.1
1.0
8.4
4.2
9.0
5.2
2.4
3.2
12.2
-5.7
-11.9
-15.2
-22.9
-14.0
WEGE3
Weg
ON
MP
BRL
32.7
30.0
-8.3
26,370
n/a
n/a
n/a
n/a
28.0
24.0
19.0
19.3
15.4
12.4
4.1
5.7
5.1
4.7
2.1
3.7
19.7
4.5
8.1
45.8
21.3
18.2
15.3
Guia de Aes
Ita BBA 4
Cdigo
Em presa
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
ADR - USD
P/L(x)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2014
2015
VE/LAJIDA(x)
FCFE Yield
2016
2014
2015
2016
2015
P/BV
Dividend Yield
2016
2015
2016
2015
2016
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
Utilities
ALUP11
Alupar
UNIT
UR
BRL
18.6
UR
UR
3,864
n/a
n/a
n/a
n/a
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
2.5
3.9
-0.6
24.6
CESP6
CMIG4
Cesp
Cemig
PNB
PN
UP
MP
BRL
BRL
24.7
12.3
26.2
14.6
6.3
18.4
8,073
15,522
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
4.6
4.1
8.9
9.9
21.9
8.7
3.0
4.2
4.7
8.2
9.9
7.8
n/a
7.3
15.3
10.5
1.0
1.5
1.0
1.4
0.0
8.6
3.7
9.8
24.3
50.5
-6.0
0.0
-7.8
-0.3
27.9
22.3
CPRE3
CPFE3
CPLE6
CPFL
CPFL Energia
Copel
ON
ON
PNB
OP
OP
MP
BRL
BRL
BRL
12.5
18.6
32.7
15.5
22.0
39.5
24.5
18.6
20.8
6,266
17,850
8,949
n/a
CPL
n/a
n/a
12.9
n/a
n/a
0.0
n/a
n/a
-100.0
n/a
n.m.
19.1
7.0
n.m.
14.9
7.6
47.0
11.7
5.4
16.5
9.7
6.1
12.1
8.5
6.5
9.6
8.0
4.5
n/a
9.3
12.3
4.0
10.2
5.3
1.5
2.5
0.6
1.5
2.5
0.6
0.0
6.4
6.6
2.1
8.1
9.3
n/a
22.0
16.9
n/a
-2.5
-3.5
n/a
2.4
1.9
n/a
25.7
50.1
ELPL4
ENBR3
EQTL3
Eletropaulo
Energias do Brasil
Equatorial
PN
ON
ON
UP
MP
UR
BRL
BRL
BRL
8.3
8.8
27.0
4.0
10.0
UR
-51.5
13.4
UR
1,381
4,202
2,949
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n.m.
32.5
UR
15.1
11.4
UR
n.m.
9.5
UR
21.0
7.2
UR
6.4
4.5
UR
7.7
4.0
UR
n/a
n/a
UR
n/a
n/a
UR
0.4
0.9
UR
0.5
0.9
UR
1.7
8.8
UR
0.0
10.5
UR
8.2
16.7
25.2
-6.0
-4.0
3.6
9.5
-2.2
7.0
8.8
12.9
47.2
PN
UP
BRL
17.8
18.2
2.5
10.3
10.0
8.9
6.1
6.1
5.4
8.3
11.8
3.5
3.5
10.5
11.8
GETI4
AES Tiete
LIGT3
RNEW11
Light S/A
Renova
ON
OP
BRL
UNIT Restricted List BRL
TBLE3
Tractebel
TRPL4
ISA Cteep
Mdia ponderada do setor
ON
PN
OP
UR
BRL
BRL
6,767
n/a
n/a
n/a
n/a
14.8
24.1
62.4
3,026
33.9 RestrictedRestricted
List
List 3,586
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
32.6
41.7
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
42.7
UR
31.0
UR
21,279
6,361
11.2
6.6
6.3
7.2
5.9
6.1
14.5
16.9
0.8
Restricted
Restricted
List Restricted
List
Restricted
List
Restricted
List Restricted
List
Restricted
List
Restricted
List
List UR
20.4
UR
8.5
13.8
UR
10.1
9.0
UR
8.7
15.1
14.1
18.8
11.5
11.0
9.3
UR
7.1
UR
5.4
UR
9.4
UR
20.7
UR
3.5
UR
10.7
-1.7
-2.8
23.7
0.8
12.1
12.7
12.9
UR Restricted
Restricted
List
List 0.3
-7.5
-5.7
-27.8
-8.2
5.9
-9.0
3.2
UR
-4.0
2.6
-0.8
11.9
3.2
77.7
3.6
UR
8.4
UR
23.9
15.9
Mxico
Cdigo
Rec
Moeda
Preo
atual
BMV
Santander Mexico
OP
MP
MXN
MXN
GF Banorte
OP
MXN
ADR
MP
V
B
B
Em presa
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Preo
Alvo
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2014
2015
2016
2014
2015
2016
2015
2016
2015
2016
2015
2016
25.5
32.8
31.5
42.0
23.5
28.2
15,121
222,662
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
20.8
15.1
19.4
13.7
17.5
11.7
12.8
n.m.
11.8
n.m.
10.8
n.m.
4.5
n/a
5.1
n/a
2.5
2.0
2.4
1.9
4.3
3.6
4.9
4.3
80.7
109.6
35.7
223,951
n/a
n/a
n/a
n/a
14.4
12.0
9.7
n.m.
n.m.
n.m.
n/a
n/a
1.6
1.4
1.7
2.1
USD
9.9
12.0
20.8
12,088
CX
9.9
12.0
20.8
n.m.
n.m.
39.9
10.3
9.6
8.3
3.9
6.3
1.2
1.2
0.0
0.0
OP
UP
UP
UP
OP
UP
OP
UP
UP
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
42.7
22.9
47.4
31.6
21.8
167.5
35.4
34.8
43.6
54.0
22.0
44.0
34.0
38.0
170.0
35.0
41.0
45.0
26.4
-4.0
-7.1
7.7
74.2
1.5
-1.2
17.7
3.2
35,824
53,953
51,455
98
22,873
224,764
623,762
62,694
42,027
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n.m.
19.3
24.7
0.0
12.6
28.9
22.7
16.1
24.0
35.3
16.8
22.9
0.0
10.8
25.0
25.3
17.3
21.1
26.9
15.9
20.9
0.0
9.6
22.0
22.6
15.9
19.5
17.1
9.0
12.6
1.0
8.3
17.8
14.9
8.6
9.6
12.0
8.5
11.2
1.0
7.0
15.8
13.5
7.9
8.9
10.1
8.2
10.4
0.9
5.8
13.9
12.2
7.4
8.3
0.8
0.8
5.2
n/a
5.8
0.8
3.8
3.8
n/a
2.2
0.5
2.9
n/a
7.4
0.6
3.7
1.6
n/a
2.5
1.7
1.6
0.0
1.8
3.2
4.4
1.3
1.6
2.2
1.6
1.5
0.0
1.5
2.8
4.2
1.2
1.5
OP
UP
OP
MXN
MXN
MXN
93.2
132.0
128.0
100.0
137.0
152.0
7.3
3.8
18.8
150,121
472,219
265,331
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
25.4
27.8
22.0
21.6
23.3
21.2
19.6
20.7
18.6
12.5
12.4
9.8
10.9
10.8
9.3
9.9
9.6
8.5
4.2
3.3
n/a
4.6
3.9
n/a
3.1
2.4
2.2
2.9
2.1
2.1
2.2
2.8
2.3
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
33.1
110.8
1.8
16.1
-9.6
6.7
1.9
12.7
655.2
2.0
3.5
-8.1
152.8
4.8
-20.5
-22.7
79.0
12.3
39.0
n/a
99.6
n/a
685.9
8.7
18.0
7.2
3.1
-2.2
n/a
2.1
n/a
20.0
-0.6
5.9
3.1
5.9
-7.9
n/a
-26.8
n/a
17.8
-14.6
-2.9
2.2
-3.7
-6.3
n/a
-35.7
n/a
18.8
-11.5
17.6
2.4
3.1
2.4
91.5
299.6
103.0
4.0
4.2
-0.9
6.3
-1.0
-8.4
27.1
9.1
-10.5
Cemex
Alsea
Grupo Sanborns
Comercial Mexicana
Kimberly Clark
Genomma Labs
Liverpool
Walmex
Soriana
Chedraui
Arca Continental
FEMSA
Coca Cola FEMSA
0.5
0.9
3.5
3.5
1.2
1.3
4654.8 4887.6
0.0
0.0
0.5
0.6
3.1
2.8
0.0
0.0
0.5
0.5
Infrastructure
ICA
IDEALB1
ICA
ORD
OP
MXN
13.2
23.0
74.5
ICAUS
3.5
6.6
89.4
n.m.
0.0
0.0
7.8
8.3
7.8
n/a
n/a
0.0
0.0
0.0
0.0
65.5
-26.8
-39.6
-50.1
IDEAL
B1
UP
MXN
37.0
41.0
10.8
111,006
n/a
n/a
n/a
n/a
n.m.
n.m.
n.m.
26.0
25.3
21.8
n/a
1.0
14.0
12.9
0.0
0.0
n/a
n/a
n/a
n/a
MP
OP
MXN
MXN
16.1
42.7
26.0
70.0
61.7
64.1
34,060
89,586
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
20.2
20.6
19.5
12.6
10.0
10.0
7.0
7.9
6.3
6.8
5.7
5.7
15.7
0.0
4.7
0.0
1.3
1.6
1.2
1.5
3.6
4.0
5.0
5.0
25.5
131.5
2.0
-2.7
-29.5
-15.6
-33.7
-12.7
#N/D
OP
#N/D
MXN
#N/D
25.3
#N/D
34.2
#N/D
35.4
#N/D
20
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
UR
0.0
UR
0.0
UR
0.0
UR
4.4
UR
7.2
UR
6.6
UR
n/a
UR
n/a
UR
0.0
UR
0.0
n/a
50.5
#N/D
0.4
#N/D
3.5
#N/D
13.6
OP
#N/D
MXN
#N/D
44.1
#N/D
58.0
#N/D
31.7
#N/D
126,736
#N/D
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
28.2
UR
15.2
UR
12.6
UR
23.9
UR
18.1
UR
14.8
UR
n/a
UR
n/a
UR
1.2
UR
1.2
UR
6.6
n/a
8.0
n/a
232.7
n/a
0.6
#N/D
-4.4
#N/D
7.9
#N/D
OP
MXN
31.7
36.7
15.8
19,087
n/a
n/a
n/a
n/a
19.5
13.5
11.6
17.4
17.3
14.6
n/a
n/a
1.1
1.1
6.8
7.8
64.1
-0.8
6.7
34.2
28.6 RestrictedRestricted
List
List 14,523
n/a
n/a
n/a
n/a
Restricted
Restricted
List Restricted
List
Restricted
List
Restricted
List Restricted
List
Restricted
List
Restricted
List
Restricted
List
Restricted
List
Restricted
List
Restricted
List
List60.0
6.0
-1.0
19.5
Consorcio Ara
Fibra Macquarie
FUNO11
SAREB
Fibra Uno
Sare
TERRA13
Terrafina
VESTA
ORD
Vesta
n/a
n/a
7447.4 8712.5
Gmexico
Ternium
B
ADR
OP
OP
MXN
USD
46.1
18.0
UP
UP
MXN
MXN
16.4
4.0
TLEVICPO
CPO
MP
MXN
98.9
Televisa
49.0
27.0
6.3
50.3
358,733
3,528
n/a
TX
n/a
18.0
n/a
27.0
n/a
50.3
15.4
7.0
17.1
6.8
14.7
6.2
7.4
4.3
8.0
3.8
6.9
3.6
8.7
n/a
9.3
n/a
2.1
0.6
2.0
0.5
2.3
4.4
3.4
4.8
417.6
3.2
14.9
19.7
1.3
4.5
8.5
-28.4
16.5
3.8
0.7
-3.3
1,154,381
6
AMX
n/a
21.8
n/a
25.0
n/a
14.8
n/a
16.7
n.m.
13.1
n.m.
110.0
11.2
280,158
TV
33.0
42.0
27.3
n.m.
23.5
11.9
n.m.
6.5
2.8
6.1
2.8
5.8
2.6
5.3
n/a
7.3
n/a
4.2
0.0
3.4
0.0
0.6
0.0
0.6
0.0
959.0
15.2
-1.4
23.6
2.3
15.1
20.2
-21.5
21.8
10.4
9.3
8.5
4.3
4.9
3.3
2.9
0.4
0.4
297.4
6.2
2.0
31.8
Ita BBA 5
OP
MXN
23.9
28.0
17.0
17,085
n/a
n/a
n/a
n/a
n.m.
19.4
12.7
7.4
6.5
6.1
8.3
15.7
1.8
1.6
290.9
352.0
10.1
17.4
17.7
25.5
ASURB
GAPB
A. Del Sureste
A. Del Pacfico
Aeromexico
B
B
#N/D
#N/D
#N/D
#N/D
#N/D
#N/D
#N/D
#N/D
#N/D
#N/D
#N/D
#N/D
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
n/a
n/a
n/a
n/a
n/a
n/a
#N/D
#N/D
#N/D
#N/D
#N/D
#N/D
OMAB
PINFRA
VLRS
A. Del Centro
Pinfra
Volaris
OP
MP
OP
MXN
MXN
USD
70.7
172.5
9.1
70.0
205.0
11.5
-0.9
18.9
26.1
28,260
74,096
9,218
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
28.9
37.1
n.m.
27.9
26.1
11.6
23.2
25.9
8.4
16.0
17.8
3.9
14.8
16.6
2.5
13.0
14.8
2.1
3.3
n/a
6.6
5.6
0.9
11.3
4.8
3.5
1.9
4.8
3.1
1.6
4.2
0.0
0.0
4.2
0.1
0.0
38.2
111.3
1.6
3.2
0.4
-4.8
10.5
0.5
13.5
75.8
1.2
-20.8
Utilities
IENOVA
Ienova
OP
MXN
75.4
89.9
19.3
86,978
n/a
n/a
n/a
n/a
29.9
23.3
22.7
18.9
13.9
12.8
0.3
1.2
2.4
2.3
3.1
3.2
80.2
2.6
-5.7
29.8
Guia de Aes
Argentina
Cdigo
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
Bunge
MP
USD
82.6
100.0
21.1094 11988.751
Adecoagro
OP
USD
8.1
11.0
OP
USD
29.1
48.6
OP
USD
26.6
40.0
50.4
10,462
OP
USD
16.7
19.0
13.5
969
OP
USD
22.2
26.0
17.2
Rec
Moeda
Preo
atual
Preo
Alvo
Em presa
Valor de
Mercado
ADR - USD
P/L(x)
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2014
2015
BG
82.6
0.0
-100.0
11.1
n/a
n/a
n/a
n/a
n.m.
n/a
n/a
n/a
n/a
YPF
26.6
0.0
-100.0
IRS
16.7
19.0
4,416
TEO
22.2
26.3
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Volum e
3M
m ilhes
2016
2014
2015
2016
2015
2016
2015
2016
2015
2016
10.1
9.5
7.7
7.4
7.0
n/a
0.1
0.9
0.9
4.7
5.0
91.2
9.2
13.4
8.3
7.1
6.1
n/a
4.5
1.1
1.0
0.0
0.0
1.6
11.5
11.8
9.8
6.3
5.9
5.3
2.4
4.7
1.2
1.2
2.1
5.1
7.3
13.6
7.2
2.6
3.4
3.2
n/a
n/a
0.9
0.8
0.9
0.5
13.5
n.m.
n.m.
30.0
7.9
8.3
7.7
12.1
10.0
4.4
4.6
0.0
18.6
9.2
11.4
10.5
4.6
5.8
5.9
13.1
10.9
3.6
3.6
2.4
Preo
Alvo
Upside
(%)
2014
2015
2016
2014
2015
2016
2015
2016
2015
2016
2015
2016
Apreciao
U1M
U3M
U12M
-9.5
-7.6
7.5
1.3
-12.4
2.8
65.8
10.3
-15.3
-33
45.2
13.2
-17.5
-1.9
0.0
1.0
10.8
5.0
62.5
4.6
2.8
12.4
-1.3
35.3
Agribusiness
BG
AGRO
36.6
984
Tenaris
YPF
YPF
ADR
ADR
66.7954 17198.946
Real Estate
IRS
IRSA
Chile
Cdigo
Agribusiness
SQM
Em presa
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
SQM
ADR
MP
USD
26.3
29.0
10.2
6,042
SQM
26.3
29.0
10.2
19.1
15.6
14.0
9.2
8.0
7.1
7.8
5.1
2.4
2.2
3.2
3.6
10.5
13.4
5.0
0.3
Latam Airlines
ADR
MP
USD
10.6
12.5
18.2
5,852
n/a
n/a
n/a
n/a
n.m.
17.4
13.0
8.3
7.2
6.7
3.5
7.9
1.1
1.0
0.0
0.0
6.2
-4.5
-8.9
-30.0
31.1
41.8
34.3
5,858,790
BSAC
20.0
26.3
31.5
10.7
11.0
5.5
BCI
Airlines
LFL
MP
CLP
10.4
n/a
n/a
n/a
n/a
n/a
2.1
1.9
5.6
5.4
2,857.0
-7.2
10.3
BCI
MP
CLP
n/a
n/a
n/a
n/a
9.4
9.5
8.9
n/a
n/a
n/a
n/a
n/a
1.6
1.5
4.8
5.3
3,137.2
-11
-2.7
Banco Chile
MP
CLP
71.6
89.2
24.5636
6671330
BCH
69.7
84.3
20.9
11.3
10.9
10.0
n/a
n/a
n/a
n/a
n/a
2.4
2.2
5.3
5.5
2,699.0
3.6
-4.5
8.4
ILC
OP
CLP
7798.0
8500.0
9.0
779,800
n/a
n/a
n/a
n/a
9.3
3.3
8.9
n/a
n/a
n/a
n/a
n/a
1.2
1.1
9.5
6.0
402.1
4.7
-0.4
18.9
UP
CLP
1586.0
1700.0
7.18789
4486.794
n/a
n/a
n/a
n/a
0.0
0.0
0.0
4.9
3.3
3.2
n/a
n/a
0.0
0.0
3572.3
19
-1.4
-2.4
FALAB
Falabella
OP
CLP
4477.0
5500.0
22.9
10,868,365
n/a
n/a
n/a
n/a
24.1
20.3
17.4
15.8
14.1
12.7
0.0
0.0
2.3
2.0
1.2
1.5
2948.7
16.2
2.1
-0.8
MP
CLP
1800.0
2020.0
12.2222 1703841.7
n/a
n/a
n/a
n/a
26.5
22.1
22.2
8.0
8.1
7.8
5.1
6.2
1.8
1.8
3.0
2.8
485.4
3.7
-1.9
-12.3
CCU
MP
CLP
5727.6
6230.0
8.77156 2116359.7
CCU US
18.5
19.6
5.9
17.9
20.5
18.6
8.7
9.4
8.7
1.5
0.7
1.9
1.8
2.8
2.4
903.6
0.6
-7.9
-0.4
Concha y Toro
OP
CLP
1270.0
1360.0
7.1
948,698
n/a
n/a
n/a
n/a
22.2
17.5
16.0
15.2
12.5
11.3
4.4
4.9
2.0
1.9
2.1
2.3
734.2
10.6
8.9
22.6
OP
USD
4.4
13.2
200.0
268
n/a
n/a
n/a
n/a
4.0
2.4
2.4
2.5
1.6
1.1
38.1
n/a
0.5
0.4
0.0
0.0
n/a
n/a
n/a
n/a
5.3
1,001,740
n/a
n/a
n/a
n/a
23.1
19.2
18.7
17.8
16.4
15.7
6.1
7.1
1.5
1.4
2.2
2.6
845.2
5.7
0.4
34.7
7.83217 9293956.1
CHILE
ILC
1559.7 2159.3
Real Estate
PARAUCO
OP
CLP
1225.0
1290.0
Parque Arauco
MP
CLP
7150.0
7710.0
CMPC
OP
CLP
1634.1
1870.0
OP
MP
CLP
CLP
6350.1
1595.2
CMPC
n/a
n/a
n/a
n/a
15.8
16.2
15.7
9.9
9.3
8.9
6.2
6.4
1.4
1.4
2.3
2.5
2779.1
6.6
1.3
-0.3
4,085,250
n/a
n/a
n/a
n/a
42.7
29.2
20.2
10.1
9.9
8.4
n/a
6.8
0.8
0.8
1.0
1.8
1763.8
9.0
11.0
22.5
7250.0
1500.0
14.1714 1501949.1
-6.0
1,399,150
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
19.7
22.4
12.2
19.3
11.5
18.0
6.5
11.2
6.3
9.5
6.2
8.8
n/a
n/a
n/a
2.4
1.5
2.5
1.4
2.4
3.9
2.5
4.1
2.8
1266.0
1323.7
3.5
14.9
-4.5
2.6
-3.2
43.4
14.4
Entel
Sonda
Utilities
Ita BBA 6
COLBUN
Colbun
OP
CLP
179.0
195.0
8.93855
n/a
n/a
n/a
n/a
n.m.
19.0
17.3
12.2
9.6
8.9
4.4
5.4
1.4
1.3
0.5
1.6
1855.0
12.9
13.7
38.7
IAM
AGUAS-A
ECL
IAM
Aguas
ECL
OP
OP
MP
CLP
CLP
CLP
984.0
368.5
1014.0
1050.0
390.0
1100.0
6.70732
984000
5.83446 2254838.6
8.48126 1068056.1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
16.8
18.1
20.8
15.0
16.9
20.5
13.9
15.4
17.8
7.6
11.3
7.9
7.4
10.9
8.3
7.2
10.5
8.5
3.3
2.8
n/a
7.9
6.9
3.1
1.6
3.5
1.0
1.6
3.4
1.0
6.3
5.6
3.5
6.7
5.9
2.6
727.9
1182.9
877.8
3.7
4.1
8.6
10.5
5.4
18.2
14.7
11.7
41.8
ENERSIS
ENDESA
Enersis
Endesa
OP
MP
CLP
CLP
202.2
930.0
238.0
1020.0
17.7052 9926558.6
9.67624 7627713.8
ENI
EOC
16.3
45.1
19.0
50.9
16.9
12.9
18.4
22.8
12.4
16.4
11.1
12.2
6.7
9.6
5.4
8.8
5.0
7.5
7.7
6.3
7.9
6.3
1.5
2.4
1.4
2.2
0.0
2.2
0.0
3.1
4532.5
3052.6
5
1.6
4.6
2
31
23.4
MP
CLP
338.0
350.0
n/a
n/a
n/a
n/a
26.1
23.8
21.8
12.3
13.8
14.2
2.6
2.5
1.7
1.7
4.2
4.4
791.1
6.0
6.0
28.8
AESGENER
AESGener
PREF
PREF
3.6
3138974
2,839,308
Guia de Aes
Colmbia
Cdigo
Em presa
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
Valor de
Mercado
ADR - USD
Cdigo
Preo
atual
Preo
Alvo
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Upside
(%)
2014
2015
2016
2014
2015
2016
2015
2016
2015
2016
2015
2016
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
13.3
Banking
GRUPOSUR
Grupo Sura
MP
COP
n/a
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n/a
n/a
n/a
n/a
n/a
n/a
3.2
-11.2
PFGRUPSU
Grupo Sura
MP
COP
n/a
n/a
n/a
n/a
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
n/a
n/a
n/a
n/a
n/a
n/a
4,909.9
3.3
-10.5
8.4
PFBCOLO
PFDAVVNDA
Bancolombia
Davivienda
OP
OP
COP
COP
16650814
CIB
n/a
n/a
43.6
n/a
n/a
62.8
n/a
n/a
44.1
n/a
12.5
11.3
10.9
10.0
8.8
8.8
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1.4
1.5
1.2
1.3
2.9
3.3
3.6
3.7
19,023.3
4285.2
8,270.3
-1.4
-0.1
-10.2
-14.3
19.6
12.1
Almacenes Exito
OP
COP
25000.0 29000.0
16.0
11,200,000
n/a
n/a
n/a
n/a
14.7
27.1
23.3
12.7
10.8
9.6
n/a
n/a
0.5
0.5
4.5
5.1
6867.8
-1.7
-12.5
-6.4
Nutresa
MP
COP
25400.0 30000.0
18.1
11,687,124
n/a
n/a
n/a
n/a
36.4
35.6
28.2
16.1
13.7
11.7
n/a
4.5
1.3
1.3
1.4
1.4
4233.7
-3.5
-8.2
-0.8
Cementos Argos
OP
COP
Cemex LATAM
OP
COP
MP
USD
9300.0
13000.0 39.7849
15000.0 19500.0
12656092
n/a
n/a
n/a
n/a
n.m.
n.m.
n.m.
n.m.
n.m.
n.m.
0.0
0.0
n/a
n/a
0.0
0.0
3724.2
1.3
-7.2
1.5
30.0
8,340,000
n/a
n/a
n/a
n/a
6.1
5.8
5.2
4.5
4.1
3.5
14.5
16.0
0.8
0.7
0.0
0.0
7375.6
-3.9
-12.6
-7.2
39.9
35,555
n/a
n/a
n/a
n/a
7.5
11.6
10.7
4.3
5.6
5.3
n/a
14.2
1.3
1.2
4.2
4.6
19.2
12.7
-27.3
-46.5
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
16.6
0.3
2.1
1.2
Ecopetrol
ADR
17.6
24.6
Pacific Rubiales
4.3 RestrictedRestricted
List
List 1,382
Restricted
Restricted
List Restricted
List
Restricted
List
Restricted
List Restricted
List
Restricted
List
Restricted
List
Restricted
List
Restricted
List
Restricted
List
Restricted
List
List n/a
Isagen
UP
COP
2920.0
2870.0
-1.7
7,960,130
n/a
n/a
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2014
OP
USD
115.5
135.0
16.9
5,128
n/a
n/a
n/a
n/a
11.1
Rec
Moeda
Preo
atual
Preo
Alvo
Upside
(%)
Valor de
Mercado
Cdigo
Preo
atual
Preo
Alvo
Upside
(%)
2014
OP
USD
148.8
190.0
27.8
11,865
n/a
n/a
n/a
n/a
MP
USD
30.2
30.0
-0.5
24,810
n/a
n/a
n/a
OP
USD
8.8
6.5
-26.1
5,121
CPAC
8.8
11.0
Utilities
ISAGEN
20.2
20.0
10.2
8.4
7.7
2.5
2015
2016
2014
11.3
10.7
8.3
2015
2016
2014
15.1
12.6
10.8
n/a
16.9
20.4
25.0
3.5
4.2
3.1
0.9
0.9
2.5
3.0
2015
2016
2015
2016
2015
2016
2015
2016
8.7
7.4
1.3
8.2
2.5
2.1
0.7
0.1
2015
2016
2015
2016
2015
2016
2015
2016
n/a
n/a
n/a
n/a
n/a
2.3
2.0
2.0
2.6
17.9
10.4
11.4
9.9
5.8
6.2
3.5
3.2
2.0
3.7
3.1
3.5
2.9
28.3
30.0
0.7
0.7
9.5
2612.0
Panama
Cdigo
Em presa
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
n/a
n/a
n/a
Airlines
CPA
Copa Airlines
n/a
Peru
Cdigo
Banking
BAP
Em presa
Credicorp
ADR - USD
P/L(x)
VE/LAJIDA(x)
FCFE Yield
P/BV
Dividend Yield
Volum e
3M
m ilhes
Apreciao
U1M
U3M
U12M
n/a
n/a
n/a
n/a
2.8
59.7
13.8
1.7
-3.3
13.5
0.3
8.8
-0.3
-0.2
Southern Copper
COM
Pacasmayo
Guia de Aes
Ita BBA 7
Brasil
Receita Lquida
Cdigo
Em presa
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2014
2015
2016
2014
2015
2016
2014
2015
2016
2014
2015
2016
2014
2015
2016
Receita
Lquida
EBITDA
Lucro
Lquido
Agribusiness
ALLL3
ON
BRL
3,817
5,015
6,286
1,881
2,245
2,906
126
53
424
7,005
7,850
8,201
1,285
1,109
1,130
16.6
13.6
119.6
FHER3
OFSA3
Fer Heringer
Ouro Fino
ON
ON
BRL
BRL
5,961
424
6,982
530
7,902
648
321
93
322
121
268
158
29
53
37
71
10
95
913
112
849
153
924
175
74
55
70
68
99
29
12.7
19.7
4.2
24.3
n.m.
23.2
SLCE3
SLC Agricola
ON
BRL
1,526
1,489
1,584
310
315
334
76
93
88
1,030
982
1,013
215
154
189
10.5
10.4
10.2
SMTO3
Sao Martinho
ON
BRL
2,243
2,734
2,873
1,057
1,275
1,357
273
363
465
1,926
1,737
1,483
762
672
713
11.7
18.2
39.7
PN
BRL
888
1,003
1,135
n/a
n/a
n/a
310
352
404
n/a
n/a
n/a
n/a
n/a
n/a
12.2
12.7
14.9
BBAS3
Banco do Brasil
ON
BRL
79,041
88,312
98,472
n/a
n/a
n/a
10,623
12,092
13,571
n/a
n/a
n/a
n/a
n/a
n/a
10.8
11.2
11.7
BBSE3
BB Seguridade
ON
BRL
4,284
5,220
6,085
n/a
n/a
n/a
3,217
3,901
4,545
n/a
n/a
n/a
n/a
n/a
n/a
20.9
n/a
21.6
BBDC4
BICB4
Bradesco
Bicbanco
PN
PN
BRL
BRL
75,431
UR
82,116
UR
89,903
UR
n/a
UR
n/a
UR
n/a
UR
15,359
UR
17,131
UR
19,602
UR
n/a
UR
n/a
UR
n/a
UR
n/a
UR
n/a
UR
n/a
UR
10.0
UR
10.1
UR
16.3
UR
BRSR6
Banrisul
PNB
BRL
4,904
5,556
6,237
n/a
n/a
n/a
742
853
989
n/a
n/a
n/a
n/a
n/a
n/a
10.9
9.9
10.8
BVMF3
BMF Bovespa
ON
BRL
2,014
2,065
2,231
1,350
1,368
1,505
1,005
1,130
1,284
-938
-1,259
-1,708
244
220
176
4.4
4.5
11.5
CIEL3
Cielo
ON
BRL
7,676
8,588
9,475
3,884
4,196
4,733
3,255
3,731
4,214
2,312
2,509
2,636
413
463
533
11.6
11.3
15.6
CTIP3
DAYC4
Cetip
Daycoval
ON
PN
BRL
BRL
1,011
1,593
1,140
1,804
1,264
2,014
702
n/a
799
n/a
896
n/a
458
291
535
343
601
388
201
n/a
117
n/a
78
n/a
54
n/a
59
n/a
61
n/a
11.3
13.1
12.3
13.4
13.7
16.7
SMLE3
Smiles
ON
BRL
811
1,068
1,310
275
356
512
285
303
429
-20
-18
-26
23.5
27.8
20.2
MPLU3
VLID3
Multiplus
Valid
ON
ON
BRL
BRL
1,822
1,281
2,026
1,523
2,177
1,689
386
260
464
320
514
353
336
120
414
163
449
192
-288
254
-368
194
-234
150
61
98
41
48
42
51
8.6
10.9
17.5
13.4
18.5
21.2
SANB11
Santander
UNIT
BRL
UR
UR
UR
n/a
n/a
n/a
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
0.0
UR
AMAR3
ALPA4
Marisa
Alpargatas
ON
PN
BRL
BRL
2,661
3,746
2,862
4,140
3,071
4,589
384
480
518
539
563
657
52
302
144
379
171
472
884
-250
701
-296
627
-341
172
190
100
201
231
213
7.2
10.3
11.8
12.1
19.9
15.7
ARCO
ARZZ3
Arcos Dorados
Arezzo
ON
BRL
BRL
3,752
1,053
3,736
1,180
3,864
1,318
202
169
299
198
325
233
-28
125
83
143
96
168
671
-87
683
-121
698
-159
179
44
185
31
196
31
1.6
10.9
0.3
15.3
14.1
15.0
BPHA3
BTOW3
CRUZ3
Brasil Pharma
B2W Varejo
Souza Cruz
ON
ON
ON
BRL
BRL
BRL
3,647
7,952
6,252
4,202
10,255
6,628
4,559
13,005
7,030
-262
587
2,594
85
863
2,727
168
1,157
2,881
-451
-168
1,692
-66
37
1,812
-23
116
1,890
605
849
-199
844
1,124
225
833
1,397
225
89
750
174
63
300
176
80
325
183
10.1
24.3
4.8
11.2
31.7
4.7
n.m.
n.m.
5.2
CVCB3
GUAR3
CVC
Guararapes
ON
ON
BRL
BRL
692
3,703
782
4,097
873
4,592
353
848
405
948
455
1,086
128
478
171
523
218
596
231
470
47
550
-101
508
26
466
27
489
32
532
12.0
11.1
12.3
12.2
26.6
10.7
HGTX3
HYPE3
IMCH3
Cia Hering
Hypermarcas
International Meal
ON
ON
ON
BRL
BRL
BRL
1,683
4,584
1,695
1,798
4,973
1,867
1,950
5,435
2,092
403
1,101
175
431
1,181
201
480
1,337
230
328
423
-3
350
543
12
388
679
27
-211
2,596
413
-278
2,229
375
-310
2,036
304
129
175
255
74
165
86
74
150
87
6.3
8.2
13.4
6.2
10.3
12.2
8.1
29.2
78.7
LAME4
LREN3
Lojas Americ
Lojas Renner
PN
ON
BRL
BRL
16,198
4,458
19,805
5,073
23,907
5,784
2,207
984
2,771
1,113
3,396
1,273
455
465
664
510
873
603
3,408
1,299
3,615
1,331
3,977
1,324
669
509
708
434
780
452
18.9
14.9
20.2
16.3
23.7
15.6
MGLU3
NATU3
PCAR4
Magazine Luiza
Natura
P.Acucar-CBD
ON
ON
PN
BRL
BRL
BRL
9,655
7,689
64,450
10,681
8,402
71,370
11,736
9,094
80,006
554
1,652
5,127
618
1,817
5,815
699
2,001
6,580
126
850
1,930
152
915
2,265
195
984
2,680
1,977
2,237
12,693
1,960
2,572
12,462
1,914
2,861
13,017
120
515
1,942
143
504
2,022
152
500
2,142
11.3
9.1
11.3
14.3
8.5
16.6
29.4
7.1
20.2
RADL3
TECN3
RaiaDrogasil
Technos
ON
ON
BRL
BRL
7,374
421
8,708
438
10,189
469
486
103
600
103
728
107
263
48
335
62
404
81
86
123
105
81
39
47
254
21
319
11
330
11
17.0
4.5
22.3
5.2
23.9
27.4
UCAS3
VVAR11
Unicasa
Via Varejo
ON
UNIT
BRL
BRL
UR
23,066
UR
25,147
UR
27,570
UR
2,113
UR
2,362
UR
2,622
UR
887
UR
1,039
UR
1,207
UR
5,215
UR
5,145
UR
5,336
UR
511
UR
530
UR
587
UR
8.4
UR
12.1
UR
4.4
Consumer Goods
Ambev
ON
BRL
37,710
39,937
43,894
18,298
19,951
22,272
12,505
14,023
15,903
-8,100
-8,100
-8,100
3,400
2,896
3,164
8.1
8.8
11.6
BRF Foods
M. Diasbranco
Marfrig
ON
ON
ON
BRL
BRL
BRL
31,646
4,551
20,535
31,914
5,444
23,663
34,122
6,245
25,859
4,680
765
1,603
5,033
915
1,900
5,238
1,082
2,145
2,211
596
-770
2,791
728
-447
3,245
947
-161
4,268
-7
7,952
1,531
-275
8,577
454
-832
8,972
1,500
331
635
1,580
277
710
1,674
199
827
6.6
13.0
10.6
15.4
16.0
13.5
32.3
19.0
n.m.
ABRE3
DASA3
ESTC3
Abril Educao
Dasa
Estacio
UNIT
ON
ON
BRL
BRL
BRL
1,400
UR
2,177
1,459
UR
2,769
1,639
UR
3,240
420
UR
481
491
UR
726
558
UR
894
175
UR
421
223
UR
620
273
UR
766
835
UR
-367
711
UR
-584
578
UR
-534
92
UR
469
90
UR
186
102
UR
219
12.5
UR
19.4
15.3
UR
31.3
20.9
UR
33.4
FLRY3
KROT3
Fleury
Kroton
ON
ON
BRL
BRL
1,685
4,724
1,857
5,269
2,037
6,140
325
1,680
373
2,083
420
2,579
96
1,374
139
1,806
177
2,420
488
807
370
-956
230
-1,688
148
318
139
369
147
430
7.7
16.0
13.1
27.9
33.2
37.2
ODPV3
QUAL3
Odontoprev
Qualicorp
ON
ON
BRL
BRL
1,196
1,494
1,363
1,837
1,578
2,132
297
703
340
727
396
842
214
172
243
306
281
441
-264
10
-278
-333
-282
-698
18
83
20
81
24
64
14.8
17.9
14.8
19.4
15.1
n.m.
PNA
BRL
45,415
43,138
50,152
5,793
6,913
7,908
976
2,069
2,509
24,727
25,491
25,776
5,775
3,556
3,209
7.2
11.6
40.7
CGAS5
CSAN3
HRTP3
Comgas
Cosan
HRT
PNA
ON
ON
BRL
BRL
BRL
6,440
41,736
544
6,191
44,424
973
6,373
48,038
811
1,606
4,133
214
1,472
4,338
442
1,597
4,725
258
667
690
104
600
888
271
658
1,044
146
2,220
11,629
-365
2,275
11,712
-570
2,432
12,224
-833
650
2,506
0
650
2,387
226
689
2,300
0
2.6
8.1
n.m.
6.1
15.7
n.m.
5.1
37.2
n.m.
PETR4
QGEP3
Petrobras
QGEP
PN
ON
BRL
BRL
329,220
499
324,994
488
351,973
734
66,704
215
72,232
269
88,672
503
16,966
132
15,824
180
24,576
372
306,190
-904
379,300
-817
435,487
-725
96,793
302
98,499
369
100,386
577
8.1
21.0
14.7
35.5
15.6
30.9
UGPA3
Ultrapar
ON
BRL
69,618
78,673
84,867
3,171
3,656
4,031
1,294
1,520
1,841
4,667
5,827
5,929
1,402
1,272
1,197
9.6
10.7
13.8
BRFS3
MDIA3
MRFG3
Healthcare + Education
Guia de Aes
Ita BBA 8
Receita Lquida
Cdigo
Real Estate
ALSC3
Em presa
Moeda
2014
2015
EBITDA
2016
2014
2015
Lucro Lquido
2016
Divda Liquida
Investim entos
5 anos CAGR
2014
2015
2016
2014
2015
2016
2014
2015
2016
Receita
Lquida
EBITDA
Lucro
Lquido
Aliansce
ON
BRL
525
573
628
385
437
483
71
120
140
1,671
1,847
1,955
174
333
279
12.9
15.5
26.9
UNIT
ON
BRL
BRL
275
1,448
285
1,579
312
1,805
215
1,161
222
1,279
235
1,471
135
473
332
579
440
748
-104
4,165
-52
4,261
-51
3,854
44
352
53
487
13
160
6.7
10.4
6.5
10.6
10.4
16.2
BRPR3
BR Properties
ON
BRL
802
705
789
710
615
700
194
221
302
2,947
2,837
2,614
1,174
31
25
n.m.
n.m.
7.2
CYRE3
Cyrela Realty
ON
BRL
5,397
5,335
5,579
1,307
1,385
1,480
699
787
911
2,284
2,011
1,694
97
100
100
2.4
3.6
6.3
DIRR3
Direcional
ON
BRL
1,780
1,879
1,642
343
388
362
231
285
263
197
41
158
44
20
20
1.4
5.8
6.1
EVEN3
Even
ON
BRL
2,216
2,434
2,430
391
461
449
232
274
282
1,132
841
482
19
22
22
3.9
4.2
6.1
EZTC3
Eztec
ON
BRL
916
1,125
1,518
475
537
642
474
493
603
100
-450
-1,063
10
10
5.5
n.m.
n.m.
BRCR11
BRML3
GFSA3
Gafisa
ON
BRL
2,184
2,249
2,386
310
367
428
-2
59
133
1,605
1,537
1,408
76
60
60
n.m.
n.m.
52.8
HGRE11
UNIT
BRL
101
109
111
82
88
89
68
102
166
-61
-61
-66
32
5.0
2.4
16.8
HGLG11
CSHG Logistica
UNIT
BRL
35
33
35
32
30
32
40
44
54
-51
-28
-30
97
5.2
n.m.
n.m.
JHSF3
JHSF Part
ON
BRL
585
731
726
159
229
266
34
56
74
1,457
1,287
1,217
33
37
28
3.7
10.7
n.m.
IGTA3
Iguatemi
ON
BRL
610
702
794
450
530
596
212
252
290
1,253
1,389
1,558
106
389
450
18.6
20.6
18.3
KNRI11
UNIT
BRL
170
167
176
137
132
139
104
213
312
81
57
26
112
9.8
10.9
16.8
LPSB3
MRVE3
Lopes Brasil
MRV
ON
ON
BRL
BRL
345
4,118
390
4,345
416
4,402
81
648
114
769
149
810
34
447
66
529
94
575
-135
1,169
-174
1,013
-239
741
21
24
16
36
12
36
1.3
4.9
1.8
7.9
5.9
16.8
MULT3
PDGR3
Multiplan
PDG Realt
ON
ON
BRL
BRL
1,152
3,948
1,287
3,443
1,458
3,047
786
729
901
761
1,057
691
363
-225
388
-81
457
61
1,989
7,024
2,492
4,963
3,000
3,669
492
294
935
40
1,018
40
17.5
n.m.
20.6
3.0
21.6
n.m.
RSID3
Rossi Resid
ON
BRL
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
SCAR3
Sao Carlos
ON
BRL
270
346
399
221
289
345
105
116
163
693
1,028
875
38
453
13
10.6
10.6
17.6
SSBR3
Sonae Sierra
ON
BRL
270
346
399
221
289
345
105
116
163
693
1,028
875
38
453
13
10.6
10.6
17.6
TBOF11
TCSA3
TB Office
Tecnisa
UNIT
ON
BRL
BRL
56
1,727
57
1,775
70
1,779
62
455
44
554
60
584
15
210
72
293
117
322
8
1,953
8
1,617
9
1,312
0
17
0
28
0
28
42.1
3.1
14.2
5.2
33.7
9.7
CSN
FIBRIA
ON
ON
BRL
BRL
14,188
7,051
15,502
8,037
17,080
8,767
4,551
2,721
4,014
3,263
4,506
3,688
53
-64
-81
725
360
1,128
20,009
7,444
21,750
6,972
23,177
6,169
1,869
1,532
1,472
1,930
1,570
1,737
2.8
7.3
n.m.
8.2
8.4
n.m.
GGBR4
KLBN11
Gerdau
Klabin S/A
PN
PN
BRL
BRL
41,756
4,838
46,699
5,720
50,252
7,661
4,612
1,692
5,000
1,950
5,319
2,692
1,078
620
1,279
-79
1,427
610
12,909
4,957
13,863
8,640
14,274
9,714
2,411
3,328
2,647
4,101
2,692
2,171
8.2
17.3
6.6
19.1
7.6
30.0
MAGG3
SUZB5
Magnesita SA
Suzano Papel
ON
PNA
BRL
BRL
2,908
7,294
3,255
8,704
3,517
9,326
407
2,495
466
3,272
513
3,556
-35
-16
63
1,118
104
1,447
1,575
10,100
1,637
9,993
1,656
9,387
152
1,616
162
1,482
148
1,440
8.3
13.1
7.3
16.3
20.0
n.m.
USIM5
VALE5
Usiminas
Vale R Doce
PNA
PNA
BRL
USD
11,981
37,992
13,301
35,155
14,351
37,329
1,824
15,218
1,531
11,342
1,690
11,544
37
5,743
51
3,730
189
3,902
4,103
28,234
4,481
28,750
4,846
31,178
1,085
12,000
1,087
9,961
1,169
9,821
5.1
n.m.
2.1
n.m.
n.m.
56.1
VALE.P
VALE
ADR
USD
37,992
35,155
37,329
15,218
11,342
11,544
5,743
3,730
3,902
28,234
28,750
31,178
12,000
9,961
9,821
n.m.
n.m.
56.1
Atento
Linx
ON
USD
BRL
2,319
369
2,360
445
2,462
524
302
104
315
129
336
156
83
68
109
95
121
121
444
-98
402
-304
335
-371
119
37
125
29
146
32
3.3
18.7
5.5
19.8
12.3
22.9
TIMP3
VIVT4
ON
PN
BRL
BRL
19,498
40,559
19,679
42,005
20,336
44,149
5,538
12,542
5,586
13,604
5,968
14,824
1,546
5,258
1,357
4,566
1,557
5,526
1,521
8,308
2,757
3,696
2,989
4,180
6,854
9,605
3,955
7,945
3,972
8,546
1.7
7.5
5.1
10.2
5.3
13.4
TOTS3
Totvs
ON
BRL
1,772
1,984
2,171
437
482
540
263
328
384
-68
-435
-532
133
86
132
9.9
10.5
17.2
ON
BRL
3,548
2,408
2,624
1,460
1,589
1,743
456
342
260
4,430
6,106
6,837
1,825
2,496
1,429
n.m.
6.1
n.m.
CCRO3
ECOR3
CCR
Ecorodovias
ON
ON
BRL
BRL
5,581
2,217
6,026
2,420
6,886
2,641
3,564
1,545
4,003
1,419
4,661
1,588
1,296
496
1,353
378
1,679
473
8,618
3,387
9,293
3,483
8,670
3,490
1,744
1,044
1,905
687
1,627
672
10.5
3.5
11.6
8.4
14.4
11.4
ERJ
GOLL4
Embraer
Gol
ON
PN
BRL
BRL
6,415
10,097
7,001
10,345
7,542
11,351
880
1,866
960
2,290
1,039
2,533
473
-640
508
30
545
75
994
9,487
1,068
10,451
1,187
11,012
248
400
253
450
240
500
8.2
n/a
4.9
n/a
3.8
n/a
LCAM3
LEVE3
MILS3
Locamerica
Metal Leve
MILLS
ON
ON
ON
BRL
BRL
BRL
622
2,303
797
707
2,380
708
820
2,543
819
197
391
353
239
407
289
249
438
330
24
198
74
22
209
34
26
226
77
668
120
549
639
103
375
650
135
255
488
151
189
431
119
35
528
127
106
10.4
3.6
0.7
11.6
2.5
n.m.
17.6
5.6
n.m.
MYPK3
Iochpe-Maxion
ON
BRL
5,817
6,445
6,937
626
763
856
34
80
132
2,335
2,352
2,299
240
243
267
5.7
7.7
3.6
POMO4
Marcopolo
PN
BRL
3,401
3,555
4,043
317
395
479
222
285
292
281
280
302
120
124
101
6.4
6.8
5.4
RAPT4
RENT3
Randon Part
Localiza
PN
ON
BRL
BRL
3,755
3,875
3,549
4,222
3,956
4,555
482
977
392
1,006
464
1,108
196
407
134
422
180
466
976
1,125
943
693
915
352
99
246
137
142
143
308
1.5
9.1
1.4
7.8
4.4
9.7
ROMI3
STBP11
Inds Romi
Santos Brasil
ON
UNIT
BRL
BRL
644
1,029
651
947
685
1,037
49
305
57
243
64
296
10
94
19
57
26
70
120
99
101
131
83
382
31
29
25
150
25
440
3.3
n.m.
3.9
n.m.
9.5
n.m.
TGMA3
Tegma
ON
BRL
1,395
1,399
1,488
177
179
190
87
84
91
221
167
141
26
29
31
n.m.
9.0
16.6
TUPY3
Tupy
ON
BRL
3,121
3,441
3,745
439
507
580
107
179
224
628
487
268
198
180
160
6.7
8.1
28.4
WEGE3
Weg
ON
USD
7,844
9,390
10,984
1,361
1,681
2,044
941
1,101
1,385
-165
-427
-1,005
454
512
323
16.4
18.4
19.2
Guia de Aes
Ita BBA 9
Brasil
Receita Lquida
Cdigo
Em presa
Moeda
2014
2015
EBITDA
2016
2014
2015
Lucro Lquido
2016
2014
2015
Divda Liquida
2016
2014
2015
Investim entos
2016
2014
2015
5 anos CAGR
2016
Receita
Lquida
EBITDA
Lucro
Lquido
Utilities
ALUP11
Alupar
UNIT
BRL
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
CESP6
CMIG4
CPRE3
Cesp
Cemig
CPFL
PNB
PN
ON
BRL
BRL
BRL
5,518
18,399
1,213
3,454
16,092
1,404
1,453
16,557
1,690
3,418
5,813
652
1,951
2,924
898
899
3,043
1,168
1,737
3,790
-73
909
1,563
56
369
1,790
133
2,088
9,148
4,471
1,125
8,572
4,613
841
8,257
4,936
78
727
265
74
720
700
70
752
858
n.m.
4.0
15.4
1.2
n.m.
20.7
n.m.
n.m.
n.m.
CPFE3
CPLE6
ELPL4
CPFL Energia
Copel
Eletropaulo
ON
PNB
PN
BRL
BRL
BRL
16,437
12,229
9,883
18,094
11,672
11,125
19,041
12,331
11,244
3,243
2,045
185
3,860
1,994
797
4,281
2,724
762
936
1,281
-133
1,202
1,185
92
1,525
1,673
-212
13,452
3,453
2,506
14,947
4,059
3,761
16,328
3,395
4,520
1,492
2,179
588
2,350
1,272
986
2,459
1,220
492
7.5
8.3
8.5
7.4
9.1
15.9
10.8
10.5
16.5
ENBR3
EQTL3
Energias do Brasil
Equatorial
ON
ON
BRL
BRL
8,140
UR
8,676
UR
8,734
UR
982
UR
1,588
UR
1,771
UR
129
UR
369
UR
443
UR
2,757
UR
2,746
UR
2,511
UR
939
UR
948
UR
760
UR
5.7
UR
n.m.
UR
n.m.
UR
GETI4
LIGT3
TBLE3
AES Tiete
Light S/A
Tractebel
PN
ON
ON
BRL
BRL
BRL
2,641
7,883
6,645
2,364
8,797
6,005
1,971
9,389
6,345
1,196
1,253
2,479
1,216
1,588
3,095
1,363
1,604
4,385
656
270
1,046
674
456
1,536
763
481
2,373
523
5,979
1,663
599
6,298
543
547
6,741
2,202
186
926
265
161
763
228
75
786
84
n.m.
7.2
4.4
n.m.
1.1
10.8
n.m.
n.m.
16.9
TRPL4
ISA Cteep
PN
BRL
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
2016
2014
2015
2016
2014
2016
2014
2015
2016
2014
2015
2016
Receita
Lquida
UR
Mxico
Receita Lquida
Cdigo
Em presa
Moeda
2014
2015
EBITDA
Lucro Lquido
2015
Divda Liquida
Investim entos
5 anos CAGR
EBITDA
Lucro
Lquido
6.6
BMV
MXN
2,377
2,458
2,625
1,094
1,184
1,292
727
779
865
-1,082
-1,112
-1,140
1,116
120
124
5.7
7.8
Santander Mexico
MXN
56,387
63,424
72,438
n/a
n/a
n/a
14,701
16,218
19,088
n/a
n/a
n/a
n/a
n/a
n/a
11.1
11.4
8.5
GF Banorte
MXN
56,681
63,234
72,828
n/a
n/a
n/a
15,555
18,618
23,174
n/a
n/a
n/a
n/a
n/a
n/a
12.6
13.5
19.0
USD
16,045
16,587
17,558
2,730
2,927
3,321
-314
303
15,668
15,700
15,217
605
888
915
4.9
8.2
n.m.
Alsea
Grupo Sanborns
Comercial Mexicana
MXN
MXN
MXN
22,577
41,323
47,975
30,081
44,453
49,998
33,563
47,954
52,787
2,688
5,391
4,092
3,814
5,929
4,394
4,467
6,350
4,677
584
2,797
2,082
1,015
3,214
2,250
1,331
3,395
2,467
9,760
-6,958
-234
9,476
-5,434
-2,252
8,801
-3,790
-3,037
7,087
2,648
1,150
2,265
3,322
1,673
2,352
3,606
3,220
22.0
6.6
5.3
25.9
5.0
7.1
29.1
3.8
n.m.
Kimberly Clark
Genomma Labs
Liverpool
MXN
MXN
MXN
29,496
12,720
80,727
31,299
14,269
89,825
33,165
15,810
100,547
8,193
3,273
13,316
9,117
3,673
15,052
9,792
4,113
17,114
4,127
1,817
7,787
4,670
2,115
8,976
5,093
2,384
10,215
8,379
4,010
12,588
8,823
2,617
12,504
8,771
873
12,978
1,971
842
6,500
n/a
92
6,677
n/a
92
8,018
4.6
10.6
11.5
4.9
10.2
12.2
5.2
10.1
12.0
GFNORTEO
Cement and Construction
CX
Cemex
ADR
Walmex
Soriana
V
B
MXN
MXN
443,844
101,183
474,564
105,782
510,567
111,964
41,481
7,026
46,011
7,351
50,690
7,772
27,475
3,885
24,623
3,624
27,585
3,937
-4,714
-2,166
-4,700
-4,474
-5,556
-5,319
9,650
3,200
14,647
3,898
17,469
6,271
6.9
4.5
8.8
3.9
8.2
8.2
CHDRAUIB
Chedraui
MXN
70,993
75,324
80,783
4,734
5,170
5,593
1,751
1,987
2,151
3,360
4,030
4,414
1,654
3,499
3,989
7.3
8.3
8.9
Arca Continental
FEMSA
MXN
MXN
59,361
283,495
62,399
308,110
65,526
336,612
12,545
46,076
14,018
51,629
15,104
57,029
5,907
16,981
6,951
20,232
7,677
22,818
3,619
40,847
623
36,255
-2,694
30,217
4,037
18,399
4,056
19,735
4,259
21,433
4.1
10.0
5.9
12.7
9.0
13.4
MXN
166,484
167,903
176,307
32,387
33,494
35,952
12,047
12,505
14,237
48,030
42,760
36,091
11,154
10,914
11,460
5.7
8.4
8.3
ICA
ORD
MXN
33,879
36,940
37,728
6,050
6,411
6,958
-1,033
684
1,239
41,886
47,424
47,904
5,897
6,086
1,301
6.3
11.0
31.4
IDEAL
B1
MXN
9,489
10,398
11,935
6,610
7,098
8,110
305
704
1,631
60,093
66,680
63,681
5,088
8,721
1,270
11.5
11.8
36.1
MXM
USD
80,642
5,675
74,922
7,227
83,726
7,751
6,640
946
7,426
1,249
7,983
1,512
1,684
290
1,749
473
3,412
596
8,792
1,129
9,083
2,476
7,773
2,671
0
915
0
1,553
1,331
745
1.3
11.1
3.6
15.6
51.5
56.3
Real Estate
FIBRAMQ12
Fibra Macquarie
USD
2,184
2,698
3,373
1,693
2,061
2,659
1,161
1,639
1,927
7,349
14,831
17,597
24
7,690
2,932
15.5
19.3
23.7
Fibra Uno
Terrafina
USD
MXN
7,535
1,972
12,053
2,208
15,660
2,920
5,808
1,387
9,945
1,698
13,098
2,261
4,495
978
8,364
1,418
10,087
1,646
11,809
5,062
53,028
10,295
67,486
13,921
20,784
26
45,317
5,439
18,062
3,783
36.2
18.6
39.2
28.7
32.6
59.5
IDEALB1
FUNO11
TERRA13
Ternium
USD
9,384
9,510
10,684
3,893
3,688
4,194
1,550
1,399
1,628
3,576
3,715
2,874
2,255
1,276
5.7
3.9
2.9
ADR
USD
8,741
8,985
9,195
1,450
1,550
1,633
507
521
566
2,134
1,745
1,520
500
508
745
2.2
2.9
5.9
CPO
CPO
CPO
MXN
MXN
MXN
838,505
10,568
80,879
880,117
10,283
86,369
880,081
10,566
91,762
268,232
2,948
30,333
281,741
2,948
32,983
288,584
3,063
35,163
69,316
-1,728
5,074
88,423
-728
11,931
96,645
-447
12,867
536,255
8,348
24,651
518,530
8,373
13,657
475,205
7,951
1,004
144,806
2,587
13,715
151,291
2,700
13,044
132,674
2,384
10,291
2.5
n.m.
6.9
1.1
n.m.
7.0
5.4
n.m.
17.3
America Movil
Axtel
Televisa
Ita BBA 10
MXN
42,706
45,645
51,742
7,696
9,623
10,925
328
883
1,350
39,893
45,104
49,592
3,706
6,362
6,385
n/a
n/a
n/a
ASURB
A. Del Sureste
MXN
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
GAPB
A. Del Pacfico
MXN
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
OMAB
VLRS
A. Del Centro
Volaris
MXN
MXN
3,416
13,937
3,849
16,165
4,401
18,124
1,897
2,799
2,094
4,427
2,399
5,190
976
113
1,014
796
1,216
1,094
2,152
1,604
2,726
1,965
3,029
1,749
833
1,069
782
1,168
740
1,154
12.3
n/a
12.6
n/a
7.6
n/a
Pinfra
MXN
6,293
6,741
7,597
4,030
4,342
4,757
1,999
2,835
2,862
-2,204
-1,943
-3,506
2,358
3,700
1,800
10.0
10.0
13.1
Ienova
MXN
811
837
867
333
463
493
194
249
256
510
634
489
193
351
260
7.5
17.6
15.5
PINFRA
Aeromexico
Utilities
IENOVA
Guia de Aes
Argentina
Receita Lquida
Cdigo
Em presa
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2014
2015
2016
2014
2015
2016
2014
2015
2016
2014
2015
2016
2014
2015
2016
Receita
Lquida
EBITDA
Lucro
Lquido
USD
USD
62,034
672
66,076
755
70,417
823
2,175
198
2,387
230
2,612
256
1,085
-16
1,185
107
1,260
73
4,349
654
5,214
637
5,837
560
1,255
328
1,385
160
1,530
111
5.5
8.1
10.4
12.7
41.7
n.m.
Agribusiness
BG
AGRO
Bunge
Adecoagro
Tenaris
ADR
USD
10,205
10,766
11,811
2,635
2,796
3,095
1,492
1,457
1,760
-670
-988
-876
714
1,020
1,220
4.6
4.4
4.9
YPF
ADR
USD
18,412
14,508
15,424
5,838
4,932
5,717
1,428
769
1,443
4,600
6,110
7,594
6,287
6,247
5,535
4.4
13.7
20.7
USD
394
351
360
202
173
178
-35
-15
32
577
424
365
20
17
18
n.m.
n.m.
n.m.
YPF
Real Estate
IRS
IRSA
Telecom Argentina
ADR
USD
4,493
4,125
3,972
1,009
796
742
481
386
420
218
230
-14
1,216
742
715
1.1
n.m.
4.0
Pampa Energia
ADR
USD
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
UR
Chile
Receita Lquida
Cdigo
Em presa
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2014
2015
2016
2014
2015
2016
2014
2015
2016
2014
2015
2016
2014
2015
2016
Receita
Lquida
EBITDA
Lucro
Lquido
Agribusiness
SQM
Airlines
LFL
SQM
ADR
USD
1,984
2,094
2,364
716
796
882
316
388
431
514
246
161
120
122
215
4.0
1.3
n.m.
Latam Airlines
ADR
USD
12,635
11,895
12,752
1,980
2,423
2,867
-154
337
448
10,677
11,657
13,442
2,345
1,950
1,962
n/a
n/a
n/a
Santander Chile
CLP
1,659,797
1,743,178
1,877,712
n/a
n/a
n/a
545,660
530,687
565,068
n/a
n/a
n/a
n/a
n/a
n/a
9.0
9.8
12.2
BCI
CHILE
BCI
Banco Chile
CLP
CLP
1,076,832
1,605,708
1,132,654
1,706,188
1,199,588
1,855,348
n/a
n/a
n/a
n/a
n/a
n/a
334,050
592,168
329,980
609,637
351,707
664,348
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
7.3
9.1
7.5
10.5
6.9
9.0
ILC
CLP
n/a
n/a
n/a
n/a
n/a
n/a
83,877
233,767
87,217
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
3.0
Cencosud
Falabella
CLP
CLP
599,795
1,002,593
698,442
1,173,238
762,334
1,320,737
233,273
451,436
322,949
536,275
368,034
626,209
2,962,097
4,196,710
2,291,215
4,863,918
2,456,373
4,945,268
254,847
527,324
609,744
546,307
474,090
494,249
5.9
12.3
7.1
14.5
14.3
11.1
CLP
1,823,506
1,892,817
1,935,605
290,846
293,899
304,622
64,348
77,065
76,692
593,669
646,858
645,062
118,255
158,288
146,222
6.5
6.0
3.6
CCU
CLP
1,317,700
1,432,784
1,518,044
254,634
245,843
273,849
118,358
103,216
113,757
1,359
64,434
121,060
217,404
173,846
211,575
8.4
5.0
n.m.
Concha y Toro
CLP
570,933
666,217
727,399
81,538
101,452
113,190
42,759
54,210
59,219
286,236
316,492
326,072
29,658
39,511
43,162
11.9
18.5
15.0
Geopark
USD
480.0
566.0
592.6
252
330
349.1
67.3
113.6839703
111.3
251.8
170.99373
19.4
502.2
153.67049
119.0
10.935244
18.2
43.5
Parque Arauco
USD
124,932
140,231
150,266
84,364
95,559
103,382
43,428
52,276
53,502
337,695
378,509
405,790
108,398
103,898
82,176
11.8
12.3
5.5
ILC
Consumer Goods & Retail
CENCOSUD
FALAB
Food & Beverage
ANDINAB
CCU
CONCHATORO
Copec
CLP
24,064
23,472
24,664
2,108
2,245
2,318
951
931
961
5,265
5,083
4,956
885
600
606
3.0
4.7
5.4
CMPC
CMPC
CLP
4,927
5,355
6,072
1,005
1,067
1,271
155
226
328
3,507
3,990
4,053
1,592
1,035
600
5.6
7.7
17.7
Ita BBA 11
ENTEL
Entel
CLP
1,702,950
1,759,656
1,861,934
409,716
462,325
499,609
76,234
123,323
130,285
1,162,406
1,393,652
1,580,821
487,152
332,030
313,750
4.8
3.5
n.m.
SONDA
Sonda
CLP
882,584
1,054,077
1,140,063
130,398
158,838
172,644
62,356
72,346
77,835
51,738
94,997
106,735
149,481
106,875
91,097
13.5
10.9
5.0
Utilities
COLBUN
IAM
Colbun
IAM
CLP
CLP
863,659
438,542
927,966
456,882
964,940
477,573
310,273
268,201
384,998
277,467
399,962
287,829
41,262
58,468
165,164
65,449
181,571
70,703
640,058
708,565
574,786
706,676
432,438
701,553
73,444
83,465
110,235
85,134
99,932
87,688
2.2
4.9
16.8
4.6
41.0
5.5
AGUAS-A
Aguas
CLP
438,539
456,882
477,573
267,687
278,571
289,749
124,240
133,410
145,987
695,708
705,311
709,598
83,465
85,134
87,688
5.0
4.6
5.9
ECL
CLP
720,605
763,385
786,749
179,295
190,929
205,785
51,253
52,017
59,953
282,141
444,374
622,374
57,147
245,110
280,960
6.4
10.4
30.0
Enersis
Endesa
AESGener
CLP
CLP
CLP
7,078,961
2,446,534
1,357,374
7,838,075
2,591,595
1,412,291
7,894,332
2,587,114
1,449,807
2,158,673
1,094,981
374,384
2,652,013
1,163,361
387,362
2,849,238
1,328,067
393,689
538,996
334,557
108,736
800,050
466,204
119,407
897,033
623,493
130,386
2,342,939
1,839,906
1,505,349
1,872,140
1,455,444
1,952,414
1,546,504
1,110,836
2,067,505
983,213
440,051
619,292
484,486
218,469
775,271
607,061
172,731
487,741
6.9
6.3
7.4
6.8
7.0
9.2
9.0
16.6
10.7
ECL
ENERSIS
ENDESA
AESGENER
PREF
PREF
Guia de Aes
Colmbia
Receita Lquida
Cdigo
Em presa
Moeda
2014
EBITDA
Lucro Lquido
2015
2016
2014
2015
2016
n/a
n/a
2014
2015
Divda Liquida
Investim entos
5 anos CAGR
2016
2014
2015
2016
2014
2015
2016
Receita
Lquida
EBITDA
Lucro
Lquido
Banking
GRUPOSUR
Grupo Sura
COP
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
PFGRUPSU
PFBCOLO
Grupo Sura
Bancolombia
COP
COP
n/a
8,799,316
n/a
n/a
9,844,932 11,120,440
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1,957,681
n/a
2,244,300
n/a
2,765,726
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
13.0
n/a
14.4
n/a
18.3
PFDAVVNDA
Davivienda
COP
4,746,590
5,357,616
6,056,628
n/a
n/a
n/a
1,014,570
1,146,459
1,304,224
n/a
n/a
n/a
11.8
13.1
13.9
Almacenes Exito
COP
11,420
13,504
14,356
956
1,135
1,223
459
467
521
-2,862
-3,098
-3,240
518
648
681
8.8
8.8
7.1
Nutresa
COP
6,303,998
7,002,230
7,467,214
859,246
979,438
1,115,475
320,872
328,224
413,814
2,106,901
1,760,697
1,393,531
350,000
910,067
224,016
7.4
8.9
7.1
USD
3,464
3,467
3,692
1,239
1,254
1,341
556
587
655
2,165
1,741
1,311
203
338
380
3.9
3.6
7.8
CEMARGOS
COP
6,469
7,075
7,740
1,350
1,588
1,806
554
538
718
3,383
2,891
2,343
2,036
336
363
12.9
17.5
41.5
USD
34,683
27,948
31,586
11,974
8,941
10,273
4,752
3,055
3,310
13,658
12,613
17,314
4,313
7,000
7,000
n.m.
n.m.
n.m.
COP
2,353,030
2,438,784
2,182,668
782,582
952,367
1,039,790
479,818
394,394
397,413
1,564
1,525
1,474
187,062
307,707
249,242
3.5
11.4
1.9
Cementos Argos
Ecopetrol
ADR
Utilities
ISAGEN
Isagen
Panama
Receita Lquida
Cdigo
Em presa
Moeda
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2014
2015
2016
2014
2015
2016
2014
2015
2016
2014
2015
2016
2014
2015
2016
Receita
Lquida
EBITDA
Lucro
Lquido
2,704
2,662
3,003
749
753
870
463
453
479
1,090
1,443
1,317
216
134
208
7.7
9.1
5.0
Airlines
CPA
Copa Airlines
USD
Peru
Receita Lquida
Cdigo
Em presa
Banking
BAP
Moeda
Credicorp
EBITDA
Lucro Lquido
Divda Liquida
Investim entos
5 anos CAGR
2014
2015
2016
2014
2015
2016
2014
2015
2016
2014
2015
2016
2014
2015
2016
Receita
Lquida
EBITDA
Lucro
Lquido
USD
9,937
11,084
12,491
n/a
n/a
n/a
2,425
2,915
3,402
n/a
n/a
n/a
n/a
n/a
n/a
13.2
15.0
22.7
USD
5,696
5,616
6,482
2,668
2,483
2,843
1,468
1,216
1,385
2,993
3,549
3,181
1,684
1,882
910
5.6
2.7
1.5
USD
5,696
5,616
6,482
2,668
2,483
2,843
1,468
1,216
1,385
2,993
3,549
3,181
1,684
1,882
910
5.6
2.7
1.5
Southern Copper
COM
Pacasmayo
Guia de Aes
Ita BBA 12
EXONERAO DE RESPONSABILIDADE
Ita BBA uma marca usada pela Ita Corretora de Valores S.A.
Classificaes: Definies, Disperso e Relaes Bancrias
Classificaes (1)
Definio (2)
Cobertura (3)
Relao Bancria
Outperform
54%
53%
Market Perform
34%
33%
Underperform
12%
12%
Perform
Underperform)
(4)
correspondem
2. As classificaes refletem a avaliao do analista sobre o desempenho da cotao da ao no mdio prazo comparado
com a mdia do mercado. As recomendaes continuaro vlidas at o analista alterar a classificao, o que poder
acontecer como resultado de novas informaes, ou simplesmente devido alterao na cotao da ao (no existe um
perodo de tempo pr-determinado). As empresas esto agrupadas em setores de acordo com as suas semelhanas. Os
setores so: (i) Bancos e Servios Financeiros; (ii) Bens de Consumo & Varejo + Alimentos e Bebidas (iii) Sade +
Educao; (iv) Siderurgia & Minerao + Papel & Celulose; (v) Petrleo, Gs & Petroqumica + Agronegcio; (vi) Setor
Imobilirio & Construo; (vii) Telecomunicaes, Mdia e Tecnologia; (viii) Transportes, Indstrias e Logstica; (ix) Servios
de Utilidade Pblica; (x) Estratgia.
3. Percentual de empresas cobertas pela Ita Corretora de Valores S.A. nessa categoria de classificao.
4. Percentual de empresas includas nessa categoria de classificao, para as quais foram prestados servios de banco de
investimento, pelo Ita Unibanco S.A. ou por uma de suas empresas coligadas, nos ltimos 12 (doze) meses, ou podero
ser prestados nos prximos 3 (trs) meses.
Informaes Relevantes
1.
2.
3.
4.
5.
6.
7.
Este relatrio foi elaborado pela Ita Corretora de Valores S.A. ("Ita BBA"), uma subsidiria do Ita Unibanco S.A., regulada pela Comisso
de Valores Mobilirios (CVM), e distribudo pelo Ita BBA ou por uma de suas afiliadas (denominada conjuntamente "Grupo Ita Unibanco".
Ita BBA uma marca usada pela Ita Corretora de Valores S.A., por suas afiliadas e por outras empresas do Grupo Ita Unibanco.
Este relatrio tem como objetivo nico fornecer informaes, e no constitui e nem deve ser interpretado como sendo uma oferta de compra
ou venda ou como uma solicitao de uma oferta de compra ou venda de qualquer instrumento financeiro, ou de participao em uma
determinada estratgia de negcios em qualquer jurisdio. As informaes contidas neste relatrio foram consideradas razoveis na data em
que o relatrio foi divulgado e foram obtidas de fontes pblicas consideradas confiveis. O Grupo Ita Unibanco no d nenhuma segurana
ou garantia, seja de forma expressa ou implcita, sobre a integridade, confiabilidade ou exatido dessas informaes. Este relatrio tambm
no tem a inteno de ser uma relao completa ou resumida das estratgias de investimentos, mercados ou desdobramentos nele
abordados. As opinies, estimativas e projees expressas neste relatrio refletem a opinio atual do analista responsvel pelo contedo
deste relatrio na data de sua divulgao e esto, portanto, sujeitas a alteraes sem aviso prvio. Os preos e disponibilidades dos
instrumentos financeiros so meramente indicativos e sujeitos a alteraes sem aviso prvio. O Grupo Ita Unibanco no tem obrigao de
atualizar, modificar ou alterar este relatrio e de informar o leitor, salvo quando do encerramento da cobertura dos emitentes dos ttulos
mobilirios abordados neste relatrio.
O analista responsvel pela elaborao deste relatrio, destacado em negrito, certifica, por meio desta que as opinies expressas neste
relatrio refletem, de forma precisa, nica e exclusiva, suas vises e opinies pessoais a respeito de todos os emitentes ou valores mobilirios
analisados, e foram produzidas de forma independente e autnoma, inclusive em relao ao Ita BBA, ao Banco Ita BBA S.A. e demais
empresas do Grupo. Uma vez que as opinies pessoais dos analistas de investimento podem ser divergentes entre si, o Ita BBA e suas
subsidirias e afiliadas podem ter publicado ou vir a publicar outros relatrios que no apresentem uniformidade e/ou cheguem a concluses
diferentes das informaes fornecidas neste relatrio. O analista responsvel pela elaborao deste relatrio no est registrado e/ou no
qualificado como analista de pesquisas junto NYSE ou FINRA, tampouco sendo associado Ita USA Securities, Inc., portanto, ele pode
no estar sujeito s restries da Norma 2711 sobre comunicaes com uma empresa objeto de anlise, aparies pblicas e transaes
com valores mobilirios mantidos em uma conta de analista de pesquisas.
A remunerao de um analista determinada com base no total das receitas do Ita BBA, uma parcela das quais oriunda da prestao de
servios de banco de investimento. Como todos os funcionrios do Ita BBA e de suas subsidiria e afiliadas, os analistas recebem uma
remunerao que est atrelada ao resultado global. Sendo assim, a remunerao de um analista pode ser considerada indiretamente
relacionada a este relatrio. Entretanto, o analista responsvel pelo contedo deste relatrio certifica, por meio deste, que nenhuma parcela
de sua remunerao esteve, est ou estar, direta ou indiretamente, relacionada a quaisquer recomendaes ou opinies especficas
contidas neste relatrio, ou vinculada precificao de qualquer um dos valores mobilirios discutidos neste relatrio. O Grupo Ita Unibanco
e os fundos, carteiras e clubes de investimentos administrados pelo Grupo Ita Unibanco podem ter uma participao direta ou indireta
equivalente a no mais que 1% (um por cento) do capital social das empresas, e podem ter estado envolvidos na aquisio, venda ou
negociao dessas aes no mercado.
Os instrumentos financeiros discutidos neste relatrio podem no ser adequados para todos os investidores. Este relatrio no leva em
considerao os objetivos de investimento, a situao financeira ou as necessidades especficas de um determinado investidor. Os
investidores que desejem adquirir ou negociar os ttulos mobilirios cobertos neste relatrio devem obter documentos pertinentes relativos aos
instrumentos financeiros e s bolsas e confirmar o seu contedo. Os investidores devem obter orientao financeira independente, com base
em suas caractersticas pessoais, antes de tomar uma deciso de investimento baseada nas informaes contidas neste relatrio. A deciso
final em relao aos investimentos deve ser tomada por cada investidor, levando em considerao os vrios riscos, tarifas e comisses. Caso
um instrumento financeiro seja expresso em uma moeda que no a do investidor, uma alterao nas taxas de cmbio pode impactar
adversamente seu preo, valor ou rentabilidade, e o leitor deste relatrio assume quaisquer riscos de cmbio. Os rendimentos dos
instrumentos financeiros podem apresentar variaes e, consequentemente, o preo ou valor dos instrumentos financeiros pode aumentar ou
diminuir, direta ou indiretamente. Rentabilidade passada no necessariamente indicativa de resultados futuros, e nenhuma segurana ou
garantia, de forma expressa ou implcita, dada neste relatrio em relao a desempenhos futuros. O Grupo Ita Unibanco se exime de toda
e qualquer responsabilidade por eventuais prejuzos, diretos ou indiretos, que venham a decorrer da utilizao deste relatrio ou de seu
contedo e ao utilizar tal relatrio o investidor obriga-se, de forma irrevogvel e irretratvel, a manter o Grupo Ita indene em relao a
quaisquer pleitos, reclamaes e/ou pedidos.
Este relatrio no pode ser reproduzido ou redistribudo para qualquer outra pessoa, no todo ou em parte, qualquer que seja o propsito, sem
o prvio consentimento por escrito do Ita BBA. Informaes adicionais sobre os instrumentos financeiros discutidos neste relatrio se
encontram disponveis mediante solicitao.
Conforme exigido pelas regras da Comisso de Valores Mobilirios o(s) analista(s) responsvel(eis) pela elaborao do presente relatrio
indica(m) no quadro abaixo "Informaes Relevantes" situaes de potencial conflito.
Observao Adicional nos relatrios distribudos no (i) Reino Unido e Europa: : (i) Reino Unido e Europa: Itau BBA International plc: Este
material distribudo e autorizado pelo Itau BBA International plc (Itau BBA UK) em conformidade com o Artigo 21 do Financial Services and
Markets Act 2000. O material que descreve os servios e produtos oferecidos pelo Ita Unibanco S.A. (Ita) foi elaborado por aquela entidade.
IBBA UK uma subsidiria do Ita. Ita uma instituio financeira validamente existente sob as leis do Brasil e membro do Grupo Ita
Unibanco. Ita BBA International plc est sediado em The Broadgate Tower, level 20, 20 Primrose Street, London, United Kingdom, EC2A
2EW e est autorizado pela Prudential Regulation Authority e regulado pela Autoridade de Conduta Financeira e do Prudential Regulation
Authority (FRN 575225). Ita BBA International plc Sucursal Lisboa regulado pelo Banco de Portugal para a realizao de negcios. Ita
BBA International plc tem escritrios de representao na Frana, Colmbia, Alemanha e Espanha que esto autorizados a realizar atividades
limitadas e as atividades de negcios realizados so regulados pelo Banque de France, Superintendencia Financiera de Colombia,
Ita BBA 13
1.
2.
3.
4.
5.
Disclosure Items
1
Alejandra Aranda
Alexandre Spada
Andr Pinheiro
Antonio Barreto
Ariel Amar
Arthur Pereira
Arturo Langa
Barbara Angerstein
Carlos Constantini
Diego Mendes
Enrico Trotta
Felipe Cruz
Giovana Arajo
Giovanni Vescovi
Giuliano Ajeje
Gregorio Tomassi
Gustavo Fingeret
Joaquin Ley
Marcos Assumpo
Martha Shelton
Paula Kovarsky
Pedro Maia
Rachel Rodrigues
Rafael Oliveira
Renata Faber
Renato Salomone
Ricardo Cavanagh
Roberto Barba
Susana Salaru
Thais Cascello
Thiago Macruz
X
X
X
X
O(s) analista(s) de investimentos, envolvidos na elaborao deste relatrio, tem vnculo com pessoa natural que trabalha para o emissor
objeto do relatrio de anlise. A natureza do vnculo consiste em...
O(s) analista(s) de investimentos, seus cnjuges ou companheiros, detm, direta ou indiretamente, em nome prprio ou de terceiros,
aes e/ou outros valores mobilirios de emisso das companhias objeto de sua anlise.
Os analistas de investimento, seus cnjuges ou companheiros, esto direta ou indiretamente envolvidos na aquisio, alienao ou
intermediao dos valores mobilirios objeto deste relatrio.
Os analistas de investimento, seus cnjuges ou companheiros, possuem, direta ou indiretamente, qualquer interesse financeiro em relao
companhia emissora dos valores mobilirios analisados neste relatrio.
Os analistas de investimento, seus cnjuges ou companheiros, negociam com cotas de fundos de investimento que concentram seus
investimentos na companhia analisada ou em seu setor da economia,ou em cuja administrao ou gesto podem influenciar, direta ou
indiretamente.
Ita BBA 14
Contatos
www.itautrade.com.br
Ouvidoria Corporativa Ita (0800 570 0011), em dias teis, das 9 s 18 horas, ou Caixa Postal 67.600, CEP 03162-971
Ita BBA 15