StockGuide 13022012

HSBC STOCK GUIDE - BRASIL
So Paulo, 13 de Fevereiro de 2012
Instrues de Uso
Stock Guide
Dados Histricos
Raio X
Mltiplos Comparativos
Disclosure
Contatos:
Mesa de Operaes:
55 11 3371 8522
0800 701 3905
Mesa de HomeBroker:
55 11 4004 5947
0800 722 5947
Ouvidoria: 0800 701 3904 / SAC: 0800 729 5977/ SAC (Deficientes Auditivos): 0800 701 5934
Acesse:
www.hsbcinvestimentos.com.br
atendimento@hsbcinvestimentos.com.br
Definies e Metodologia
INSTRUES GERAIS DE USO (Pgina 1 / 2)

O HSBC Stock Guide - Brasil um produto elaborado pela equipe de
anlise do HSBC Research que reflete a situao atual do mercado
acionrio brasileiro, segundo informaes financeiras pblicas.
Fornece tambm preos alvo e classificaes baseadas em anlise
fundamentalista.
Classificao HSBC: Baseada na expectativa de retorno total

esperado para a ao, conforme segue:
Volume Mdio 3 Meses: Volume financeiro dirio mdio da ao nos

ltimos 3 meses.
i) Overweight: Expectativa de retorno total superior em 5% ou mais Receita Lquida: Expressa as vendas lquidas totais projetadas para
os anos de 2009 e 2010.
(10% ou mais para aes Volteis) ao Custo de Oportunidade.
ii) Underweight: Expectativa de retorno total inferior em 5% ou mais EBITDA: Lucro antes dos Juros, Imposto de Renda, Depreciao e
Amortizao. Representa uma aproximao da gerao operacional
(10% ou mais para aes Volteis) ao Custo de Oportunidade.
de caixa da companhia, sem levar em considerao os efeitos
financeiros e de impostos. Apresenta o valor projetados para os anos
iii) Neutral: Expectativa de retorno total entre as faixas de
de 2009 e 2010.
As informaes financeiras contidas neste produto tm como principal Overweight e Underweight.
fonte de dados histricos a Economtica.
Lucro lquido: Expressa o lucro lquido projetado para os anos de
Nossas classificaes so definidas e revistas nos relatrios de
2009 e 2010.
incio de cobertura, mudana de status de ao Voltil ou quando
Maiores informaes sobre a metodologia de elaborao deste
alteramos o preo alvo. Em funo de oscilaes dos preos de
produto e sobre a forma de definio das classificaes para as
P / RL: Preo dividido pela Receita Lquida por ao. Apresenta os
mercado, o Potencial de Valorizao projetado pode se situar fora
empresas cobertas pelo HSBC Research podem ser obtidas em
valores projetados para os anos de 2009 e 2010.
das faixas definidas acima at que sejam revistos.
contato direto com nossa mesa de operaes.
As projees so originadas do HSBC Research ou de dados de
consenso de mercado fornecidos pela Thomson Financial, conforme
indicado para cada empresa.
Setor: Setor (macro) no qual a empresa est inserida.
Classificao (V): O critrio (V) determina aes Volteis volatilidade maior que 40%,#REF!
listadas a
menos de 12 meses ou para
#REF!
as quais o analista espere volatilidade relevante. A volatilidade
histrica definida como a volatilidade mdia no ltimo ms da
mdia mvel de 365 dias da volatilidade diria da ao. Quando a
volatilidade ultrapassar a barreira de 40% em pelo menos 2,5% para
mais ou para menos, ser revista a classificao da ao em termos
da sua volatilidade.
ltima Cotao: Preo de fechamento do dia anterior, cotado na

Bovespa.
Custo de Oportunidade: atualmente em 14,0% para o mercado

brasileiro.
Os valores apresentados no relatrio para cada empresa so

descritos a seguir:
Empresa: Nome da empresa.
Cdigo: Cdigo de negociao na Bovespa.
Variao: Desempenho da ao no ltimo ms (1M) e nos ltimos

Preo Alvo HSBC: Preo calculado por anlise fundamentalista
(FCD, mltiplos e outros) pelo HBSC Research para um perodo de 12 12 meses (12M).
meses, de acordo com a data de publicao do relatrio de cada
12 Meses: Cotao mxima (MAX) e mnima (MIN) da ao nos
empresa.
ltimos 12 meses.
Consenso de Mercado: Preo alvo de consenso de mercado,
Valor de Mercado: obtido multiplicando-se o nmero total de
compilado e fornecido pela Thomson Financial.
aes da companhia pelo preo de fechamento de sua ao.
Potencial de Valorizao: diferencial em porcentagem entre o Preo
Alvo (HSBC ou Consenso de Mercado) e o preo de fechamento do
dia anterior.
VF / EBITDA: Valor da Firma (VF = Valor de Mercado + Dvida

Lquida) dividido pelo EBITDA (veja definio acima).
P / L: Preo dividido pelo lucro por ao. o quociente da diviso do
Valor de Mercado da empresa pelo lucro lquido projetado para os
anos de 2009 e 2010.
Dividend Yield: Diviso do valor projetado do pagamento de
dividendos pelo preo atual da ao. Valores projetados para os anos
de 2009 e 2010.
Para facilitar a utilizao do Stock Guide, disponibilizamos, em alguns
indicadores especficos, a opo de classific-los em ordem
ascendente (
) ou descendente (
).
Alm disso, o investidor poder escolher a melhor forma de visualizar
o Stock Guide em sua tela, atravs da opo de exibio em Tela
Cheia ou Tela Normal, conforme figura abaixo.
Definies e Metodologia
INSTRUES GERAIS DE USO (Pgina 2 / 2)

O Stock Guide
um relatrio elaborado pela equipe de research da
Grficos
- Mltiplos
HSBC CTVM que analisa o mercado acionrio brasileiro, segundo
informaes
pblicas.
Forneceastambm
preos-alvo
e sobre a mesma:
Ao
selecionar financeiras
uma companhia,
so exibidas
seguintes
informaes
recomendaes baseadas em anlise fundamentalista.
1) P / RL para os anos de 2009 e 2010. Se esse mltiplo relativo for menor que a mdia de mercado
As informaes
no Stock
tm em
como
(1,0),
significa quefinanceiras
a ao estcontidas
mais descontada
queGuide
a amostra
questo;
principal fonte os dados histricos da Economtica, e so, em
resumo,
abordadas
seguir:
2)
VF/EBITDA
paraaos
anos de 2009 e 2010. Se esse mltiplo relativo for menor que a mdia de
mercado (1,0), significa que a ao est mais descontada que a amostra em questo;
Empresa: Nome da empresa. Cdigo: Cdigo na Bovespa.
3) P/L para os anos de 2009 e 2010. Se esse mltiplo relativo for menor que a mdia de mercado
ltimasignifica
Cotao:
na Bovespa.
(1,0),
queltimo
a aopreo
est cotado
mais descontada
que a amostra em questo;
Preo
Alvo HSBC:
Preo
por anlise
4)
Dividend
Yield para
os calculado
anos de 2009
e 2010.fundamentalista.
Se esse mltiplo relativo for maior que a mdia de
mercado (1,0), significa que a ao est mais descontada que a amostra em questo;
Consenso de Mercado: Preo alvo mdio dos analistas consultados
pela
Financial
5)
P Thomson
/ VPA: Preo
dividido pelo Valor Patrimonial por Ao. Se esse mltiplo relativo for menor que a
mdia de mercado (1,0), significa que a ao est mais descontada que a amostra em questo.
Potencial de Valorizao: diferencial em porcentagem entre o Preo
Alvo ou oAbsolutos:
Consenso So
de Mercdo
ltimo fechamento
da selecionada,
ao
Mltiplos
exibidos eosomltiplos
da companhia
de seu setor e da mdia
(conforme
data
do relatrio).
do
mercado
brasileiro.
1
Recomendao
HSBC
: Atribuda
na expectativa
de em
retorno
Mltiplos
Relativos:
So
exibidos baseada
os mltiplos
da companhia
comparao mdia de seu setor e
totalmercado
esperado
para a ao,
conforme
segue:
do
brasileiro,
que so
ilustrados
nos grficos "Mltiplos Comparativos" para 2009 e 2010.
i) Comprar:
de retorno
em 5%for
oudemais
Por
exemplo, Expectativa
para uma companhia
X, total
se o superior
mltiplo relativo
0,6 versus o do setor, isso significa
(10%esse
paramltiplo
aes Volteis)
ao Custo
demltiplo
Oportunidade.
que
representa
60% do
mdio de seu setor, ou seja, o mltiplo da companhia
est 40% abaixo da mdia de seu setor.
ii) Vender: Expectativa de retorno total inferior em 5% ou mais (10%
para aes Volteis) ao Custo de Oportunidade.
OBSERVAO: Para visualizar os dados, selecione a empresa clicando na seta ao lado do nome
iii) Manter:figura
Expectativa
(conforme
abaixo).de retorno total entre as faixas de Comprar e
Vender.
Recomendao (V): O critrio (V) determina aes Volteis volatilidade maior que 40%, listadas a menos de 12 meses ou para as
quais o analista espere volatilidade relevante.
Custo de Oportunidade: atualmente em 14,3%.
Raio X
Ao selecionar uma companhia so exibidas informaes resumidas referentes mesma, que esto
disponveis no Stock Guide.
Nosso Ranking leva em considerao uma amostra de aproximadamente 150 empresas. Cada
indicador selecionado dividido em 5 nveis, sendo que o primeiro nvel (1 ponto) representa os 20%
menores da amostra, enquanto o ltimo nvel (5 pontos) representa os 20% maiores da amostra.
Abaixo seguem os indicadores que compem o Ranking:
1) Dividend Yield: Apresenta o dividend yield esperado para 2009 e sua posio em relao
amostra total. Para esse indicador quanto maior sua pontuao, melhor ser seu dividend yield
comparado amostra.
2) Potencial de Valorizao: Apresenta o potencial de valorizao da ao no perodo de 12 meses e
sua posio em relao amostra total. Para esse indicador quanto maior sua pontuao, melhor
ser sua expectativa de valorizao comparada amostra.
3) Preo / Lucro: Apresenta o mltiplo Preo / Lucro esperado para 2009 e sua posio em relao
amostra total. Para esse indicador quanto menor sua pontuao, melhor ser seu ndice comparado
amostra.
4) Retorno sobre Patrimnio Lquido (ROE): Apresenta o ROE esperado para 2009 e sua posio em
relao amostra total. Para esse indicador quanto maior sua pontuao, melhor ser seu retorno
comparado amostra.
OBSERVAO: Para visualizar os dados, selecione a empresa clicando na seta ao lado do nome
(conforme figura anterior).
Contatos adicionais
Carlos Nunes
11 3371 8187
carlos.r.nunes@hsbc.com.br
DADOS HISTRICOS
Empresa
Cdigo
Setor
Exibir Tela:
Variao (%)
ltima
Cotao
(R$)
1 Dia
1 Semana
1 Ms
3 Meses
12 meses (R$)
12 Meses
Ms
Ano
Min
Mx
Abc Brasil PN
ABCB4
Servios Financeiros
13.25
2.8
2.6
6.0
19.5
10.9
5.4
7.6
8.17
13.40
AES Tiet PN
GETI4
Energia Eltrica e Saneamento
24.55
0.6
-1.4
-5.6
2.3
17.4
-1.8
-8.7
20.47
27.50
Aliansce ON *
ALSC3
Construo Civil e Materiais
15.20
-0.3
1.1
8.2
12.2
23.4
4.1
6.7
11.10
15.48
ALL Amrica Lat Log ON
ALLL3
Aviao e Transportes
10.11
-1.5
-2.1
4.7
21.8
-11.2
0.6
8.7
7.58
14.49
Alpargatas PN *
ALPA4
Consumo e Varejo
14.35
-0.7
1.1
12.4
30.2
49.2
2.1
15.7
9.10
14.64
Ambev PN
AMBV4
Alimentos, Bebidas e Fumo
64.10
-0.1
-1.5
0.9
11.5
57.2
0.2
-4.8
40.61
68.01
Amil ON
AMIL3
Educao, Farmacuticos e Sade
18.05
-0.4
-1.9
10.5
13.9
13.4
3.2
9.9
14.95
20.74
Anhanguera ON
AEDU3
23.49
-1.1
-0.9
11.6
17.7
-31.9
0.0
16.9
15.20
41.11
Arezzo ON
ARZZ3
Consumo e Varejo
29.48
2.0
-0.9
17.9
34.0
48.7
0.8
27.7
16.93
30.70
B2W Global ON
BTOW3
Consumo e Varejo
10.35
-2.6
-4.8
10.1
-14.9
-60.0
-0.7
15.0
8.72
27.20
Banco do Brasil ON
BBAS3
Servios Financeiros
26.08
-2.7
-5.1
9.2
8.5
-0.8
-4.1
10.0
20.34
29.80
Banrisul PNB *
BRSR6
Servios Financeiros
20.25
-2.4
-1.7
5.7
11.7
31.2
0.7
1.3
12.66
21.58
Bematech ON *
BEMA3
Telecom, Mdia e Tecnologia
3.97
-2.9
-7.0
-3.4
3.4
-50.5
-7.0
1.5
3.72
8.10
Bicbanco PN
BICB4
Servios Financeiros
7.72
-2.5
-3.5
-3.6
6.5
-28.4
-1.0
2.3
6.56
12.21
BM&F Bovespa ON
BVMF3
Servios Financeiros
11.60
-2.4
0.5
10.4
15.8
5.3
5.6
18.4
7.31
12.14
BR Brokers ON
BBRK3
6.84
-1.3
-1.3
7.0
10.0
-8.0
0.3
22.6
5.18
8.92
BR Malls Part ON *
BRML3
20.35
-0.7
4.4
11.8
5.4
37.6
6.7
12.3
14.51
20.84
BR Properties ON *
BRPR3
20.05
2.8
4.5
11.1
9.4
31.4
5.3
8.4
14.51
20.10
Bradesco PN
BBDC4
Servios Financeiros
30.91
-1.9
-1.3
-2.6
4.9
7.4
-1.5
0.6
24.53
33.13
Bradespar PN *
BRAP4
Minerao e Siderurgia
36.03
-0.3
1.4
10.0
4.2
-12.3
2.5
13.7
29.79
43.22
Brasil Agro ON
AGRO3
Agronegcios, Papel e Celulose
10.20
0.0
-2.4
9.3
13.2
2.1
0.0
5.6
8.25
11.50
Brasil Insurance ON
BRIN3
Servios Financeiros
19.50
3.7
-1.8
6.9
19.6
3.9
-1.5
14.7
14.68
22.00
Braskem PNA *
BRKM5
Petrleo, Gs e Qumicos
15.20
-3.9
-4.1
17.7
4.1
-21.9
-2.8
18.8
12.66
25.05
BRF Foods ON
BRFS3
33.85
1.5
-4.3
-1.9
-0.7
30.4
-2.2
-7.1
23.20
37.49
Brookfield ON *
BISA3
6.19
-3.0
-4.0
8.2
3.2
-14.8
0.8
25.1
4.86
8.97
Camargo Correa DI ON *
CCIM3
3.58
-1.7
-10.5
-17.7
-2.7
-47.8
-10.3
-11.2
3.00
7.07
CCR Rodovias ON
CCRO3
Aviao e Transportes
12.80
-1.2
-0.2
5.7
8.9
18.9
5.3
4.8
9.72
13.59
Celesc PN *
CLSC4
35.29
-0.9
-2.8
5.4
3.9
-9.0
3.6
3.8
29.85
42.24
Cemig PN
CMIG4
37.30
1.9
5.2
14.6
34.1
56.9
5.5
12.1
23.41
37.59
Cesp PNB
CESP6
36.75
2.6
10.8
14.8
20.9
36.9
12.0
11.2
25.93
38.00
Cetip ON
CTIP3
Servios Financeiros
29.23
-1.4
6.8
12.1
24.7
24.9
8.5
8.5
19.66
29.88
Cielo ON
CIEL3
Servios Financeiros
55.00
-1.8
5.6
14.2
15.8
105.7
5.7
14.1
26.53
58.16
Coelce PNA *
COCE5
34.50
0.7
2.2
-1.0
5.9
34.9
1.7
0.2
25.80
35.75
Comgs PNA *
CGAS5
42.07
-1.2
-1.0
2.0
27.6
3.0
1.1
-4.0
30.75
47.49
Contax PN *
CTAX4
22.44
-0.5
-2.4
-2.4
14.7
-19.2
-1.6
7.4
16.61
27.96
Copasa ON *
CSMG3
39.95
-0.9
2.4
12.1
22.6
48.0
3.3
19.6
25.06
42.60
Copel PNB
CPLE6
41.00
0.0
2.5
7.9
21.1
6.9
1.1
5.4
31.82
44.80
Cosan ON
CSAN3
29.17
-0.6
1.0
5.1
9.3
24.6
3.2
8.0
18.84
29.75
CPFL Energia ON
CPFE3
26.47
-0.3
2.9
4.2
19.9
41.1
2.6
1.7
18.67
26.73
Fonte: Economtica
Obs: Fechamento em 10/2/2012
4 / 26
DADOS HISTRICOS
Empresa
Cdigo
Setor
Exibir Tela:
Variao (%)
ltima
Cotao
(R$)
1 Dia
1 Semana
1 Ms
3 Meses
12 meses (R$)
12 Meses
Ms
Ano
Min
Mx
Cremer ON *
CREM3
16.60
-3.1
5.4
6.6
23.4
6.8
5.7
11.4
12.54
17.60
Cruzeiro do Sul PN
CZRS4
Servios Financeiros
13.61
-1.0
-0.6
-0.7
0.0
-9.4
-0.6
-1.0
13.36
15.26
CSN ON
CSNA3
17.88
-3.1
-3.5
8.7
13.3
-30.1
-2.0
19.4
12.80
26.67
CSU Cardsystem ON *
CARD3
Servios Financeiros
4.17
-3.0
-5.2
-5.2
-3.1
-23.1
-5.0
-9.4
3.67
5.50
Cyrela Realty ON
CYRE3
16.74
-3.0
-1.5
7.0
16.1
-1.7
3.5
12.8
11.05
18.96
Dasa ON
DASA3
16.50
-0.9
-4.8
6.2
16.6
-11.9
-1.8
6.5
12.75
23.84
Daycoval PN
DAYC4
Servios Financeiros
10.69
4.6
10.0
13.6
19.7
-2.7
9.8
13.7
7.21
12.01
Duratex ON *
DTEX3
9.67
-0.3
-4.5
8.1
17.5
-22.6
-0.6
9.1
7.78
14.48
Ecorodovias ON *
ECOR3
Aviao e Transportes
13.67
0.7
8.5
2.9
3.6
11.4
11.1
-2.0
11.08
14.49
Eletrobrs ON
ELET3
18.99
4.1
6.8
6.3
8.7
-12.0
5.8
6.5
15.23
24.51
Eletrobrs PNB
ELET6
26.86
3.7
6.0
0.9
11.0
5.9
4.9
0.0
20.11
29.81
Eletropaulo PN
ELPL4
36.76
1.0
0.2
-1.0
20.6
43.5
1.5
0.7
25.23
37.35
Embraer ON *
EMBR3
Aviao e Transportes
12.21
1.6
-1.7
3.9
5.9
-8.6
1.2
3.8
8.22
14.06
Energias do Brasil ON
ENBR3
39.75
0.2
-0.6
-3.4
13.2
18.2
-2.3
-4.2
32.97
42.22
Equatorial Energia ON
EQTL3
12.22
0.6
-0.2
-4.0
4.4
18.5
-0.7
-3.6
9.70
12.92
Estcio ON
ESTC3
20.00
0.0
-2.9
13.3
11.7
-6.4
0.7
11.2
14.55
27.20
Even ON *
EVEN3
7.21
-2.8
-5.1
10.6
12.8
2.9
0.1
16.7
5.02
8.91
EZTEC ON *
EZTC3
19.03
-0.1
2.9
14.2
28.7
52.6
7.3
20.5
11.92
19.24
Fertilizantes Heringer ON *
FHER3
11.95
0.7
3.5
8.8
19.5
33.5
4.4
7.7
7.82
11.96
Fibria ON *
FIBR3
15.53
-1.8
8.5
5.3
10.9
-33.5
9.0
12.0
12.53
26.54
Fleury ON
FLRY3
21.65
0.7
-5.0
-0.6
-1.7
-6.4
-5.3
1.2
17.82
26.41
Gafisa ON
GFSA3
4.95
-3.3
-2.0
8.1
-17.5
-47.8
3.8
20.2
4.10
11.18
General Shopping ON *
GSHP3
13.80
1.1
5.3
18.2
16.1
26.0
6.7
21.6
9.61
14.20
Gerdau Metalrgica ON
GOAU3
17.00
-4.0
-1.7
2.1
3.8
-23.3
0.6
10.8
12.23
23.05
Gerdau Metalrgica PN
GOAU4
21.92
-4.0
-0.4
7.7
17.9
-15.8
4.4
22.4
13.57
27.66
Gerdau ON
GGBR3
14.24
-3.7
0.3
6.7
12.0
-15.1
3.2
16.2
9.15
17.92
Gerdau PN
GGBR4
17.60
-4.1
1.2
7.7
17.4
-20.6
5.7
21.4
10.54
23.64
Gol PN
GOLL4
Aviao e Transportes
12.38
-2.6
2.6
0.1
-9.2
-44.5
3.0
-0.5
8.86
23.68
Guararapes ON
GUAR3
Consumo e Varejo
80.50
0.0
3.5
8.2
-3.0
4.9
4.8
-3.0
66.10
93.49
Hering ON
HGTX3
Consumo e Varejo
41.65
-0.3
-1.8
10.0
9.3
75.1
-0.8
28.3
23.12
43.40
HRT Participaes ON *
HRTP3
525.00
5.2
10.5
35.3
-19.2
-68.5
14.6
-7.6
372.00
2,220.00
Hypermarcas ON
HYPE3
Consumo e Varejo
11.94
-0.7
10.3
11.8
49.1
-34.7
12.4
40.5
7.41
21.84
Iguatemi ON *
IGTA3
39.30
0.3
4.8
8.6
18.3
19.5
5.6
13.4
28.28
42.42
Indstrias Romi ON *
ROMI3
Conglomerados e Indstrias
5.89
2.6
-10.2
-12.1
-4.9
-38.9
-10.4
-12.6
5.16
11.26
Iochp Maxion ON *
MYPK3
29.89
0.8
-0.4
9.7
34.3
59.1
1.3
18.4
15.31
30.83
Ita Unibanco PN
ITUB4
Servios Financeiros
36.30
-1.8
1.7
2.0
16.7
7.9
3.4
6.9
24.64
38.61
Itasa PN *
ITSA4
Servios Financeiros
11.88
-1.4
1.9
1.0
16.0
8.5
3.9
5.3
7.92
12.68
JBS ON
JBSS3
7.13
2.0
7.5
21.9
47.6
22.9
11.6
17.3
3.42
7.29
JHSF Part ON *
JHSF3
5.77
0.4
1.1
5.6
47.2
89.1
1.8
7.9
2.82
5.90
Fonte: Economtica
5 / 26
DADOS HISTRICOS
Empresa
Cdigo
Setor
Exibir Tela:
Variao (%)
ltima
Cotao
(R$)
1 Dia
1 Semana
1 Ms
3 Meses
12 meses (R$)
12 Meses
Ms
Ano
Min
Mx
Julio Simes ON *
JSLG3
Aviao e Transportes
8.15
5.6
4.5
-1.5
2.1
-25.3
11.0
-12.7
7.29
Klabin PN *
KLBN4
8.04
0.8
0.8
-0.6
23.7
56.6
-0.7
0.5
4.46
8.33
Kroton Unit
KROT11
21.40
-0.5
1.9
20.4
19.6
6.3
3.9
16.4
14.27
22.25
Le Lis Blanc ON *
LLIS3
Consumo e Varejo
30.50
0.7
6.3
12.7
21.8
106.0
6.7
12.4
14.70
30.90
Light ON
LIGT3
26.81
-0.6
-1.8
-12.4
3.9
15.4
-2.3
-6.9
22.70
31.12
LLX Logstica ON *
LLXL3
Aviao e Transportes
3.61
-1.4
-3.0
6.2
0.3
-6.5
1.1
7.1
2.95
5.40
Localiza ON *
RENT3
Aviao e Transportes
30.00
0.2
1.7
12.9
23.0
31.2
4.6
17.5
21.88
30.94
Log-In ON *
LOGN3
Aviao e Transportes
6.37
-3.8
-14.8
-8.0
8.9
-33.3
-15.3
-7.1
4.83
9.55
Lojas Americanas PN
LAME4
Consumo e Varejo
17.30
0.4
1.4
12.9
17.7
37.4
2.4
21.1
12.38
17.60
Lojas Renner ON
LREN3
Consumo e Varejo
59.83
0.7
1.9
9.0
17.9
24.1
1.4
23.6
43.59
65.59
Lopes Brasil ON
Lupatech ON
LPSB3
LUPA3

34.00
4.91
0.9
-4.7
4.6
16.9
19.7
9.4
21.4
-28.3
6.4
-70.2
5.7
16.9
30.8
10.3
23.61
3.38
43.30
17.60
M Dias Branco ON *
MDIA3
46.80
0.5
0.7
-1.5
10.7
31.1
1.1
-1.9
31.15
49.20
Magazine Luisa ON *
MGLU3
Consumo e Varejo
9.99
0.9
-3.0
9.8
-21.3
-0.3
4.7
8.92
17.76
Magnesita ON *
MAGG3
6.58
-1.9
0.5
12.7
7.7
-24.5
4.1
14.0
5.19
8.87
Marcopolo PN *
POMO4
8.59
1.5
2.9
16.2
14.1
58.7
8.5
21.2
4.93
8.61
Marfrig ON
MRFG3
8.53
-0.4
2.8
-3.1
35.4
-37.7
6.4
-0.1
5.59
17.15
Marisa ON
AMAR3
Consumo e Varejo
20.70
-0.2
-2.1
17.4
4.6
2.6
3.5
21.1
16.54
29.65
Mills ON *
MILS3
21.50
-1.5
-1.8
21.5
20.3
19.2
-0.8
21.5
14.47
23.51
Minerva ON
BEEF3
6.06
0.8
15.2
20.0
20.0
-6.1
15.0
14.3
4.55
7.12
MMX Minerao ON *
MMXM3
8.30
-4.1
-3.5
20.8
23.5
-9.8
1.1
24.4
5.81
11.48
MPX Energia
MPXE3
47.69
-1.9
1.3
-2.7
22.6
55.6
1.7
2.6
30.29
51.50
MRV ON
MRVE3
13.52
0.0
-1.8
8.0
22.4
6.6
0.5
26.4
8.70
15.35
Multiplan ON *
MULT3
40.00
1.3
-0.5
10.5
16.2
38.0
0.0
4.5
27.92
42.55
Multiplus ON
MPLU3
Consumo e Varejo
31.10
1.0
-2.6
-7.8
4.8
28.1
1.2
-3.6
21.73
35.10
Natura ON *
NATU3
Consumo e Varejo
40.70
-0.6
5.4
9.3
16.0
4.0
8.8
12.2
30.12
46.65
Odontoprev ON
ODPV3
29.11
-0.7
-1.3
4.4
21.2
47.1
-0.3
9.4
19.62
30.42
OGX Participaes ON
OGXP3
16.82
-2.8
-3.8
20.3
22.4
-5.8
1.6
23.5
9.09
20.90
OHL Brasil ON
OHLB3
Aviao e Transportes
68.50
-0.7
8.1
13.6
21.3
27.6
8.8
12.3
51.74
69.97
OSX ON
OSXB3
14.50
-2.0
1.1
28.9
11.8
-13.5
7.9
26.1
10.80
21.60
Po de Acar PN
PCAR4
Consumo e Varejo
74.00
0.0
-1.1
8.4
16.5
24.1
1.4
10.5
54.22
81.88
Paran Banco PN
PRBC4
Servios Financeiros
11.75
0.4
1.4
11.4
24.1
-2.6
4.0
11.3
8.64
12.29
PDG Realty ON
PDGR3
7.35
-2.8
-2.3
10.9
3.5
-15.5
3.8
24.6
5.59
10.03
Petrobras ON
PETR3
25.25
-8.3
-7.2
1.7
9.3
-10.6
-6.2
10.7
19.11
32.55
Petrobras PN
PETR4
23.50
-7.8
-5.8
2.6
11.3
-6.4
-4.4
10.4
17.57
27.95
Pine PN
PINE4
Servios Financeiros
12.65
-1.2
-2.2
-1.2
14.2
1.4
-3.8
-1.0
7.93
13.30
Porto Seguro ON *
PSSA3
Servios Financeiros
22.10
-0.9
3.8
4.9
15.3
-5.1
6.4
3.8
16.13
27.84
Positivo Informtica ON
POSI3
6.37
1.3
7.2
13.1
16.9
-31.4
9.5
10.2
4.73
10.10
Profarma ON *
PFRM3
11.55
0.0
10.0
10.0
-14.7
-2.9
7.4
8.15
16.19
Fonte: Economtica
6 / 26
11.80
DADOS HISTRICOS
Empresa
Cdigo
Setor
Exibir Tela:
Variao (%)
ltima
Cotao
(R$)
1 Dia
1 Semana
1 Ms
3 Meses
12 meses (R$)
12 Meses
Ms
Ano
Min
Mx
Queiroz Galvo Part ON *
QGEP3
14.09
0.6
0.6
-6.1
-14.6
-25.8
-1.1
-14.6
12.10
25.00
RaiaDrogasil ON *
RADL3
15.00
-0.8
1.6
13.6
36.8
30.9
3.5
15.7
9.96
15.61
Randon Part PN *
RAPT4
9.96
0.6
4.3
11.4
1.3
-9.2
7.0
16.9
8.29
12.62
Redecard ON
RDCD3
Servios Financeiros
36.10
0.0
15.0
24.7
21.1
110.2
14.6
23.7
16.94
36.74
Rodobens Imob. ON *
RDNI3
10.52
-1.6
0.2
-8.1
5.2
-32.4
-1.7
-5.5
9.00
16.21
Rossi Residencial ON
RSID3
9.93
-3.4
-3.2
10.3
-0.1
-16.9
5.2
24.1
8.00
15.18
Sabesp ON *
SBSP3
59.58
-1.8
2.7
11.1
24.1
47.9
2.1
14.5
39.00
61.62
Santander BR Unit
SANB11
Servios Financeiros
17.49
-1.0
5.4
11.7
21.7
-2.8
8.0
16.9
12.34
19.74
Santos BRP Unit *
STBP11
Aviao e Transportes
29.94
1.8
6.2
12.7
26.2
35.0
11.7
22.2
20.02
30.85
So Martinho ON
SMTO3
20.70
2.0
-2.6
22.2
0.5
-8.5
2.7
23.6
16.45
25.69
SierraBrasil ON *
SSBR3
24.30
-1.1
1.3
3.9
5.7
21.1
1.7
1.3
19.40
26.75
SLC Agrcola ON
SLCE3
16.24
-3.9
-3.0
7.6
-4.4
-16.9
1.5
4.8
13.80
23.30
Sofisa PN
SFSA4
Servios Financeiros
3.33
1.8
0.9
-4.7
-8.3
-26.1
-0.6
-12.1
2.63
4.78
Souza Cruz ON *
CRUZ3
23.17
0.1
-2.9
2.0
8.5
61.4
1.9
1.1
14.36
24.40
Sul Amrica Unit *
SULA11
Servios Financeiros
17.52
-1.4
-0.5
16.8
30.7
9.5
-0.5
16.0
12.32
20.48
Suzano Papel PNA *
SUZB5
8.13
0.1
6.0
18.5
9.4
-38.3
9.9
20.6
6.13
15.29
TAM PN
TAMM4
Aviao e Transportes
38.24
-0.6
1.3
8.4
10.5
12.1
2.3
7.1
22.14
40.99
Tecnisa ON *
TCSA3
9.50
-0.7
0.0
-5.5
-5.2
2.4
2.2
-5.5
8.81
13.71
Tegma ON *
TGMA3
Aviao e Transportes
28.24
0.3
5.7
8.6
24.1
46.7
6.7
10.1
17.84
28.49
Telefnica Brasil ON
VIVT3
42.99
0.5
-1.5
-5.3
-2.7
26.3
-1.4
-9.1
33.71
47.50
Telefnica Brasil PN
VIVT4
47.89
0.5
-0.4
-5.5
0.4
37.8
-1.6
-6.7
34.04
52.64
Telemar Norte Leste PNA
TMAR5
41.50
-0.5
-5.5
-17.0
-24.1
-14.6
-7.8
-7.3
35.06
61.66
Telemar ON
TNLP3
20.10
-0.8
1.2
-9.3
-5.3
-41.7
1.0
-6.3
18.09
38.26
Telemar PN
TNLP4
16.90
-1.2
1.0
-6.6
-5.9
-33.1
0.6
-3.8
15.90
30.52
Tempo Part ON *
TEMP3
Servios Financeiros
4.07
1.8
-6.4
8.8
19.7
2.3
-3.1
-1.9
2.86
4.44
Tereos ON
TERI3
2.77
-1.4
-5.5
2.2
18.4
-12.8
3.0
1.8
2.20
3.45
Tim Part ON
TIMP3
9.39
0.6
-1.0
-5.2
10.0
33.6
-3.2
1.6
6.95
10.07
Totvs ON *
TOTS3
32.44
-0.9
4.4
6.7
10.0
13.2
8.0
-2.5
23.87
34.27
Tractebel ON
TBLE3
29.88
0.8
0.1
-2.1
8.9
27.8
-1.5
-0.3
22.74
31.88
Transmisso Paulista PN *
TRPL4
54.05
1.6
-2.2
-6.5
13.4
21.7
-2.2
-4.3
39.78
59.47
Usiminas ON
USIM3
16.02
-4.4
-3.5
-7.4
-29.4
-39.3
-5.4
-6.6
15.25
32.48
Usiminas PNA
USIM5
11.85
-4.4
0.5
8.3
-1.0
-37.5
1.1
16.8
9.71
21.64
Vale ON
VALE3
44.33
-1.7
-2.8
7.1
-0.8
-15.2
-0.8
12.4
37.81
55.06
Vale PNA
VALE5
42.63
-1.7
-2.1
7.9
2.5
-7.3
-0.1
12.7
34.64
47.68
Valid ON *
VLID3
Servios Financeiros
23.83
-0.3
6.2
7.6
15.6
38.2
10.8
9.3
15.56
24.37
Viver ON
VIVR3
2.30
-0.4
7.5
16.8
1.3
-27.9
10.1
15.0
1.82
3.36
Weg ON *
WEGE3
19.25
-1.8
-1.1
1.3
3.7
-0.9
-1.2
2.5
14.38
21.81
Fonte: Economtica
7 / 26
MLTIPLOS COMPARATIVOS
Exibir Tela:
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Mltiplos Comparativos - 2012
Mltiplos Comparativos - 2011
10
10
Empresa x Total
Cielo ON
Empresa x Setor
Empresa x Total
Empresa x Setor
Mltiplos Absolutos
Cielo ON
Servios Financeiros
Total ()
P/RL 11 (x)
6.3
3.6
15.8
P/RL 12 (x)
5.4
3.1
3.0
VF/EBITDA 11 (x)
10.1
12.1
73.6
VF/EBITDA 12 (x)
8.2
9.2
11.7
P/L 11 (x)
16.7
12.8
18.6
P/L 12 (x)
13.5
9.8
15.2
Yield 11 (%)
6.1
3.8
2.7
Yield 12 (%)
4.2
4.2
3.0
P/VPA (x)
3.3
3.3
2.9
Mltiplos Relativos
Empresa x Setor
Empresa x Total
P/RL 11 (x)
1.7
0.4
P/RL 12 (x)
1.8
1.8
VF/EBITDA 11 (x)
0.8
0.1
VF/EBITDA 12 (x)
0.8
0.7
P/L 11 (x)
1.3
0.9
P/L 12 (x)
1.4
0.9
Yield 11 (%)
1.6
2.3
Yield 12 (%)
1.0
1.4
P/VPA (x)
1.0
1.1
(*) Dados de consenso de mercado da Thomson Financial para empresas no cobertas pelo HSBC Research
() Fonte: Thomson Financial e HSBC Research, baseado na mdia de um universo de aproximadamente 160 aes.
NA: No Aplicvel; ND: No Disponvel; neg: Negativo
STOCK GUIDE
Exibir Tela:
Empresa
Cdigo
Setor
ltima
Cotao
(R$)
Preo Alvo
HSBC (R$)
Consenso de
Mercado (R$)
18.00
Potencial de
Valorizao
(%)
Classificao
HSBC
266.6% Overweight (V)
Variao (%)
12 meses (R$)
1M
Min
Lupatech ON
LUPA3
4.91
HRTP3
525.00
Gafisa ON
GFSA3
OSX ON
OSXB3
PDG Realty ON
PDGR3
ALLL3
Aviao e Transportes
CSU Cardsystem ON *
CARD3
Servios Financeiros
4.17
7.50
79.9%
Tecnisa ON *
TCSA3
9.50
17.00
78.9%
-5.5
Magazine Luiza ON *
MGLU3
Consumo e Varejo
9.99
17.64
BR Brokers ON *
BBRK3
6.84
Viver ON
VIVR3
RSID3
QGEP3
Brookfield ON *
BISA3
Petrobras ON
PETR3
Indstrias Romi ON *
ROMI3
Petrobras PN
PETR4
Bematech ON *
BEMA3
Brasil Agro ON
AGRO3
Log-In ON *
LOGN3
Aviao e Transportes
6.37
Gol PN
GOLL4
Aviao e Transportes
12.38
Julio Simes ON *
JSLG3
Aviao e Transportes
8.15
Tereos ON
TERI3
2.77
4.20
51.6%
POSI3
6.37
9.60
50.7%
Duratex ON *
DTEX3
9.67
14.50
LLX Logstica ON *
LLXL3
Aviao e Transportes
3.61
5.40
Anhanguera ON
AEDU3
Magnesita ON *
MAGG3
Even ON *
EVEN3
Marisa ON
AMAR3
Consumo e Varejo
20.70
30.00
Amil ON
AMIL3
18.05
25.50
Randon Part PN *
RAPT4
9.96
14.00
CCIM3
3.58
5.00
Lopes Brasil ON
LPSB3
34.00
Rodobens Imob. ON *
RDNI3
10.52
Estcio ON
ESTC3
20.00
Bradespar PN *
BRAP4
36.03
SLC Agrcola ON
SLCE3
16.24
22.00
Brasil Insurance ON
BRIN3
Servios Financeiros
19.50
26.30
Contax PN *
CTAX4
22.44
30.00
33.7%
SierraBrasil ON *
SSBR3
24.30
32.40
33.3%
MMX Minerao ON *
MMXM3
8.30
11.00
Hering ON
HGTX3
Consumo e Varejo
41.65
OGX Participaes ON
OGXP3
16.82
Lojas Renner ON
LREN3
Consumo e Varejo
Banco do Brasil ON
BBAS3
Alpargatas PN *
1,350.00
157.1%
Neutral (V)
12M
Mx
9.4
-70.2
3.38
35.3
-68.5
8.1
-47.8
4.10
11.18
Valor de
Mercado
(R$M)
Vol. Mdio
3 meses
(R$ mil)
17.60
234
5,844
372.00 2,220.00
3,074
31,088
2,141
78,125
Receita Lquida (R$MM)

2011E
2012E
652
EBITDA (R$MM)
2011E
Lucro Lquido (R$MM)
2012E
2011E
P/RL (x)
2012E
2011E
VF/EBITDA (x)
2012E
2011E
P/L (x)
2012E
2011E
Dividend Yield (%)
2012E
788
98
179
-56
-4
0.4
0.3
14.1
8.0
neg
neg
13
292
-330
-156
-181
-108
234.4
10.5
neg
neg
neg
3,882
4,688
587
830
393
616
0.6
0.5
7.2
5.0
5.4
2011E
2012E
0.0
0.0
neg
na
0.0
3.5
0.0
0.0
4.95
10.00
102.0%
14.50
29.00
28.9
-13.5
10.80
21.60
4,068
8,311
184
112
152
-7
560.4
22.1
750.1
74.2
26.8
neg
0.0
0.0
7.35
14.00
10.9
-15.5
5.59
10.03
8,259
133,051
7,511
8,052
1,480
1,688
1,148
1,370
1.1
1.0
8.7
7.2
7.2
6.0
0.0
0.0
10.11
19.00
4.7
-11.2
7.58
14.49
6,967
25,205
3,089
3,498
1,525
1,750
363
480
2.3
2.0
7.4
6.6
19.2
14.5
1.3
1.7
-5.2
-23.1
3.67
5.50
194
287
398
432
63
75
27
33
0.5
0.4
3.8
3.2
7.2
5.9
na
na
2.4
8.81
13.71
1,760
7,190
1,663
2,180
389
518
251
310
1.1
0.8
8.0
6.3
7.0
5.7
na
4.4
76.6%
9.8
8.92
17.76
1,863
8,624
6,543
7,959
367
498
85
176
0.3
0.2
6.8
5.3
22.0
10.6
na
2.4
12.00
7.0
-8.0
5.18
8.92
1,319
6,891
413
456
180
205
129
158
3.2
2.9
6.2
4.8
10.2
8.4
0.0
0.0
2.30
4.00
16.8
-27.9
1.82
3.36
656
1,570
795
869
87
98
72
89
0.8
0.8
7.7
5.8
9.1
7.4
0.0
0.0
9.93
17.00
71.2%
10.3
-16.9
8.00
15.18
2,665
31,026
3,097
4,273
520
767
483
697
0.9
0.6
9.1
5.8
5.5
3.8
0.0
0.0
Neutral (V)
14.09
24.00
70.3%
-6.1
-25.8
12.10
25.00
3,745
9,723
306
435
183
303
171
259
12.2
8.6
15.5
9.7
21.9
14.5
na
0.0
6.19
10.15
64.0%
8.2
-14.8
4.86
8.97
2,756
17,929
3,767
4,138
735
862
349
438
0.7
0.7
7.1
6.3
7.9
6.3
na
3.6
25.25
41.00
5.89
23.50
37.00
3.97
10.20
23.49
62.4%
9.50
57.4%
6.25
16.00
9.80
Overweight
53.8%
35.00
1.7
-10.6
19.11
32.55
329,374
142,581
230,155
258,980
80,562
99,809
40,402
48,826
1.4
1.3
4.7
3.9
8.2
6.7
3.9
3.3
-12.1
-38.9
5.16
11.26
440
318
661
720
43
71
27
34
0.7
0.6
26.5
6.8
16.3
12.9
na
2.9
2.6
-6.4
17.57
27.95
306,546
510,108
230,155
258,980
80,562
99,809
40,402
48,826
1.3
1.2
4.5
3.7
7.6
6.3
4.2
3.5
-3.4
-50.5
3.72
8.10
205
418
288
319
33
45
-22
15
0.7
0.6
5.0
3.6
neg
13.3
na
na
9.3
2.1
8.25
11.50
596
666
67
140
22
-6
8.9
4.3
68.6
27.6
neg
68.6
0.0
0.0
-8.0
neg
-33.3
4.83
9.55
584
634
677
719
75
118
-4
0.9
0.8
15.7
10.4
64.9
na
0.6
0.1
-44.5
8.86
23.68
3,514
21,827
7,186
7,936
121
771
-742
-8
0.5
0.4
76.3
13.2
neg
neg
0.0
0.0
-1.5
-25.3
7.29
11.80
1,641
1,767
2,366
2,777
413
509
54
77
0.7
0.6
7.3
6.3
30.4
21.2
na
0.9
Overweight
2.2
-12.8
2.20
3.45
1,871
560
5,688
6,403
854
971
188
125
0.3
0.3
4.7
3.5
10.0
14.9
4.5
2.5
Neutral (V)
13.1
-31.4
4.73
10.10
559
1,470
2,334
2,332
143
86
95
29
0.2
0.2
2.5
1.3
5.9
19.3
4.2
3.9
49.9%
8.1
-22.6
7.78
14.48
5,319
12,137
2,993
3,352
875
957
384
403
1.8
1.6
7.5
6.9
13.9
13.2
na
2.3
49.6%
6.2
-6.5
2.95
5.40
2,503
12,834
59
-117
-58
-38
-64
500.6
42.8
neg
neg
neg
neg
na
0.0
11.6
-31.9
15.20
41.11
3,422
18,241
1,226
1,542
276
314
182
194
2.8
2.2
11.2
11.1
18.9
17.7
0.5
1.5
5.19
8.87
1,921
2,324
2,309
2,506
387
419
115
143
0.8
0.8
7.3
6.9
16.8
13.4
na
1.8

12.40
6.58
Overweight
57.4%
56.9%
19.00
Overweight
61.3%
52.1%
49.0%
Overweight
9.75
48.2%
12.7
-24.5
10.60
47.0%
10.6
2.9
5.02
8.91
1,682
10,435
1,828
1,947
340
382
236
258
0.9
0.9
9.5
8.6
7.1
6.5
na
4.0
17.4
2.6
16.54
29.65
3,820
4,942
2,479
2,801
392
556
192
290
1.5
1.4
10.5
7.2
19.9
13.2
0.5
3.8
41.3%
10.5
13.4
14.95
20.74
6,510
9,205
8,894
9,785
525
625
278
328
0.7
0.7
13.5
10.9
23.4
19.8
1.1
0.9
40.6%
11.4
-9.2
8.29
12.62
2,428
7,440
4,170
4,333
586
602
283
270
0.6
0.6
5.5
5.7
8.6
9.0
na
4.2
39.7%
-17.7
-47.8
3.00
7.07
405
269
980
1,030
11
147
-80
38
0.4
0.4
106.7
5.7
neg
10.8
na
1.1
19.7
6.4
23.61
43.30
1,923
5,737
444
496
223
248
129
152
4.3
3.9
6.5
4.9
14.9
12.7
0.0
0.0
-8.1
-32.4
9.00
16.21
511
480
753
902
133
167
82
101
0.7
0.6
7.8
6.0
6.2
5.1
na
6.7
13.3
-6.4
14.55
27.20
1,645
4,542
1,141
1,249
143
179
88
106
1.4
1.3
11.5
9.3
18.8
15.6
0.9
2.5
10.0
-12.3
29.79
43.22
12,594
27,839
--
2,311
--
2,268
--
2,084
na
5.5
na
6.0
6.0
5.4
5.4
7.6
-16.9
13.80
23.30
1,606
2,368
1,268
1,324
293
277
120
104
1.3
1.2
6.6
7.2
13.4
15.4
0.9
2.9
6.9
3.9
14.68
22.00
1,849
4,673
252
367
145
228
141
203
7.3
5.0
10.0
6.4
13.1
9.1
1.1
1.9
-2.4
-19.2
16.61
27.96
1,452
1,475
3,139
3,950
254
369
34
84
0.5
0.4
7.5
5.3
42.7
17.3
na
5.8
3.9
21.1
19.40
26.75
1,857
2,661
--
215
--
165
--
119
na
8.6
na
10.9
15.6
2.8
2.8
32.5%
20.8
-9.8
5.81
11.48
5,143
32,244
1,044
1,242
261
356
-12
119
4.9
4.1
23.6
21.4
neg
43.2
na
0.0
55.00
10.0
75.1
23.12
43.40
6,807
44,489
1,360
1,899
383
543
282
369
5.0
3.6
17.3
12.0
24.1
18.4
1.0
1.4
22.00
20.3
-5.8
9.09
20.90
54,392
230,583
81
1,009
586
-764
-398
671.4
53.9
7,523.5
100.8
neg
neg
0.0
0.0
59.83
78.00
9.0
24.1
43.59
65.59
7,348
47,901
3,239
3,706
575
646
337
402
2.3
2.0
12.4
10.8
21.8
18.3
3.4
4.5
Servios Financeiros
26.08
34.00
30.4%
9.2
-0.8
20.34
29.80
74,608
159,128
58,850
65,152
11,086
11,232
1.3
1.1
na
na
6.7
6.6
6.5
6.8
ALPA4
Consumo e Varejo
14.35
12.4
49.2
9.10
14.64
5,072
3,900
2,605
2,948
459
572
375
455
1.9
1.7
10.4
8.1
13.5
11.1
na
2.8
GOAU3
17.00
BR Properties ON *
BRPR3
20.05
Telemar PN
TNLP4
16.90
21.00
24.3%
BRF Foods ON
BRFS3
33.85
42.00
24.1%
Cremer ON *
CREM3
16.60
Embraer ON *
EMBR3
Aviao e Transportes
12.21
Pine PN
PINE4
Servios Financeiros
12.65
15.50
22.5%
Aliansce ON *
ALSC3
15.20
18.50
Po de Acar PN
PCAR4
Consumo e Varejo
74.00
90.00
FHER3
11.95
14.50
EZTEC ON *
EZTC3
19.03
23.00
Tractebel ON
TBLE3
29.88
Totvs ON *
TOTS3
32.44
Multiplan ON *
MULT3
40.00
48.00
Ita Unibanco PN
ITUB4
Servios Financeiros
36.30
43.50
19.8%
Overweight
Cyrela Realty ON
CYRE3
16.74
20.00
19.5%
Neutral (V)
Tempo Part ON *
TEMP3
Servios Financeiros
MRV ON
MRVE3
13.52
16.00
18.3%
BR Malls Part ON *
BRML3
20.35
24.00
GSHP3
13.80
Celesc PN *
CLSC4
35.29
7.21
47.00
27.50
Neutral (V)
37.8%
37.5%
49.00
Overweight
36.0%
35.5%
Neutral
18.16
21.50
Overweight
26.6%
26.5%
25.25
Neutral
2.1
-23.3
12.23
23.05
7,016
977
35,330
39,448
4,552
5,208
851
950
0.2
0.2
10.5
8.9
8.2
7.4
3.1
3.1
11.1
31.4
14.51
20.10
3,609
14,321
362
546
322
485
118
215
10.0
6.6
17.7
14.4
30.6
16.8
na
1.4
Underweight
-6.6
-33.1
15.90
30.52
8,056
17,709
27,966
27,737
8,930
8,741
736
782
0.3
0.3
3.5
3.4
10.9
10.3
3.1
7.1
Overweight
-1.9
30.4
23.20
37.49
29,533
70,404
25,901
25,767
3,235
3,653
1,823
2,012
1.1
1.1
10.4
8.8
16.2
14.7
2.1
2.9
6.6
6.8
12.54
17.60
535
342
459
598
71
97
22
39
1.2
0.9
10.3
7.3
23.9
13.8
na
2.2
1,155
1,243
655
698
1.0
0.9
7.8
7.1
13.8
13.0
na
1.7
135
179
2.0
1.5
na
na
8.1
6.1
6.1
8.4
25.9%
20.55
23.8%
15.00
22.9%
3.9
-8.6
8.22
14.06
9,041
15,834
9,346
10,365
-1.2
1.4
7.93
13.30
1,095
353
541
717
8.2
23.4
11.10
15.48
2,120
4,371
267
368
167
230
95
108
7.9
5.8
16.1
14.9
22.3
19.7
0.0
0.0
21.6%
8.4
24.1
54.22
81.88
19,256
32,096
46,595
53,287
2,909
3,971
578
1,068
0.4
0.4
7.9
5.6
33.3
18.0
0.7
1.3
21.3%
8.8
33.5
7.82
11.96
579
688
4,461
4,876
331
254
63
97
0.1
0.1
3.9
5.0
9.3
5.9
na
4.1
20.9%
14.2
52.6
11.92
19.24
2,792
7,115
738
953
277
343
313
368
3.8
2.9
9.1
7.6
8.9
7.6
na
3.9
-2.1
27.8
22.74
31.88
19,504
18,366
4,364
4,986
2,863
2,926
1,335
1,319
4.5
3.9
8.4
8.2
14.6
14.8
0.0
5.3
6.7
13.2
23.87
34.27
5,173
16,232
1,281
1,437
308
366
203
251
4.0
3.6
17.4
14.1
25.5
20.6
na
1.9
10.5
38.0
27.92
42.55
7,168
11,105
660
759
440
532
246
259
10.9
9.4
14.6
12.7
29.1
27.7
0.0
0.0
2.0
7.9
24.64
38.61
165,925
269,137
67,596
74,249
14,642
17,132
2.5
2.2
na
na
11.3
9.7
2.6
2.3
7.0
-1.7
11.05
18.96
7,081
63,693
5,681
6,417
899
1,193
581
784
1.2
1.1
12.9
9.4
12.2
9.0
0.0
0.0
8.8
2.3
2.86
4.44
636
380
1,055
1,204
47
74
32
48
0.6
0.5
11.7
6.9
19.9
13.2
na
2.2
8.0
6.6
8.70
15.35
6,526
66,156
3,900
4,485
919
1,090
811
958
1.7
1.5
9.2
7.2
8.0
6.8
0.0
0.0
11.8
37.6
14.51
20.84
9,147
40,996
871
1,146
663
893
412
486
10.5
8.0
16.3
13.4
22.2
18.8
0.0
0.0
16.25
17.8%
18.2
26.0
9.61
14.20
697
1,812
135
182
95
131
19
28
5.2
3.8
11.3
8.9
36.6
24.5
na
0.5
41.30
17.0%
5.4
-9.0
29.85
42.24
1,361
1,091
4,184
4,386
623
484
334
233
0.3
0.3
4.4
5.9
4.1
5.8
na
4.4
36.00
20.5%
39.00
4.07
Fonte: HSBC Research; Economtica; Thomson Financial

NA: No Aplicvel; ND: No Disponvel
38.2%
14.50
Overweight
4.85
Overweight
Overweight
Overweight
20.2%
19.2%
Neutral (V)
9 / 26
STOCK GUIDE
Exibir Tela:
Empresa
Cdigo
Setor
ltima
Cotao
(R$)
Preo Alvo
HSBC (R$)
11.88
Consenso de
Mercado (R$)
13.85
Potencial de
Valorizao
(%)
Classificao
HSBC
Itasa PN *
ITSA4
Servios Financeiros
Bicbanco PN
BICB4
Servios Financeiros
7.72
9.00
16.6%
Cosan ON
CSAN3
29.17
34.00
16.6%
Banrisul PNB *
BRSR6
Servios Financeiros
20.25
23.50
Santos BRP Unit *
STBP11
Aviao e Transportes
29.94
34.69
Arezzo ON
ARZZ3
Consumo e Varejo
29.48
34.00
Odontoprev ON
ODPV3
29.11
33.50
15.1%
Overweight
Copel PNB
CPLE6
41.00
47.00
14.6%
Telemar ON
TNLP3
20.10
23.00
14.4%
Profarma ON *
PFRM3
11.55
GOAU4
21.92
Localiza ON *
RENT3
Aviao e Transportes
30.00
CCR Rodovias ON
CCRO3
Aviao e Transportes
12.80
14.50
13.3%
Bradesco PN
BBDC4
Servios Financeiros
30.91
35.00
ENBR3
39.75
45.00
RaiaDrogasil ON *
RADL3
15.00
Gerdau ON
GGBR3
14.24
16.00
12.4%
Braskem PNA *
BRKM5
15.20
17.00
Tim Part ON
TIMP3
9.39
10.50
Guararapes ON
GUAR3
Consumo e Varejo
80.50
90.00
Ecorodovias ON *
ECOR3
Aviao e Transportes
13.67
15.25
11.6%
Valid ON *
So Martinho ON
VLID3
SMTO3
Servios Financeiros
23.83
20.70
26.50
11.2%
11.1%
M Dias Branco ON *
MDIA3
46.80
Multiplus ON
MPLU3
Consumo e Varejo
31.10
JHSF Part ON *
JHSF3
Cielo ON
CIEL3
Servios Financeiros
55.00
Porto Seguro ON *
PSSA3
Servios Financeiros
22.10
TMAR5
41.50
Tegma ON *
TGMA3
Aviao e Transportes
28.24
31.25
Fibria ON *
FIBR3
15.53
17.00
Abc Brasil PN
ABCB4
Servios Financeiros
13.25
14.50
Vale ON
VALE3
44.33
48.50
Weg ON *
WEGE3
19.25
Fleury ON
FLRY3
21.65
Sul Amrica Unit *
SULA11
Servios Financeiros
17.52
19.00
Natura ON *
NATU3
Consumo e Varejo
40.70
44.00
Redecard ON
RDCD3
Servios Financeiros
36.10
39.00
8.0%
Gerdau PN
GGBR4
17.60
19.00
8.0%
Mills ON *
MILS3
21.50
23.00
EQTL3
12.22
TRPL4
54.05
CSN ON
CSNA3
17.88
19.00
6.3%
Underweight
Cetip ON
CTIP3
Servios Financeiros
29.23
31.00
6.1%
Overweight
Comgs PNA *
CGAS5
42.07
Santander BR Unit
SANB11 Servios Financeiros
17.49
18.50
5.8%
Neutral
Usiminas PNA
USIM5
11.85
12.50
5.5%
JBS ON
JBSS3
7.13
7.50
5.2%
Suzano Papel PNA *
SUZB5
8.13
Sofisa PN
SFSA4
Servios Financeiros
3.33
Le Lis Blanc ON *
LLIS3
Consumo e Varejo
30.50
Telefnica Brasil ON
VIVT3
42.99
45.00
4.7%
Telefnica Brasil PN
VIVT4
47.89
50.00
4.4%
AES Tiet PN
GETI4
24.55
25.50
Ambev PN
AMBV4
64.10
66.00
TAM PN
TAMM4
Aviao e Transportes
38.24
39.00
Coelce PNA *
COCE5
34.50
Eletrobrs PNB
ELET6
26.86
Iochp Maxion ON *
MYPK3
29.89
BM&F Bovespa ON
BVMF3
Servios Financeiros
11.60
Sabesp ON *
SBSP3
59.58
Vale PNA
VALE5
42.63
42.50
-0.3%
Neutral (V)
Marfrig ON
MRFG3
8.53
8.50
-0.4%
Neutral (V)
Klabin PN *
KLBN4
8.04
OHL Brasil ON
OHLB3
Aviao e Transportes
68.50
68.00
Cemig PN
CMIG4
37.30
37.00
Marcopolo PN *
POMO4
Light ON
LIGT3
13.20
25.00
16.87
23.00
51.99
34.50
61.00
24.50
26.81

5.1
16.0%
15.9%
Mx
Valor de
Mercado
(R$M)
2011E
2012E
12.68
-28.4
6.56
12.21
1,952
972
1,434
1,560
24.6
18.84
29.75
11,878
29,654
18,063
5.7
31.2
12.66
21.58
8,282
8,293
12.7
35.0
20.02
30.85
3,957
17.9
48.7
16.93
30.70
4.4
47.1
19.62
30.42
Neutral
7.9
6.9
31.82
Underweight
-9.3
-41.7
10.0
Neutral
104,053
7.92
14.3%
52,456
Vol. Mdio
3 meses
(R$ mil)
4,756
5,446
EBITDA (R$MM)
2011E
Lucro Lquido (R$MM)
2012E
2011E
2012E
P/RL (x)
2011E
VF/EBITDA (x)
2012E
2011E
neg
P/L (x)
2012E
4,444
5,059
5,134
5,811
11.0
9.6
neg
257
299
1.4
1.3
na
na
24,487
2,671
2,000
1,008
467
0.7
0.5
6.5
6.9
3,417
4,007
1,389
1,603
904
996
2.4
2.1
na
na
3,850
1,108
1,233
456
511
212
237
3.6
3.2
9.4
2,610
2,200
699
854
127
165
97
124
3.7
3.1
5,155
11,692
831
968
203
241
157
177
6.2
5.3
44.80
11,220
25,064
7,036
7,453
2,151
2,223
1,383
1,423
1.6
18.09
38.26
9,581
4,124
27,966
27,737
8,930
8,741
736
782
-14.7
8.15
16.19
383
303
2,766
3,065
73
102
32
2011E
10.2
Dividend Yield (%)
2012E
2011E
2012E
9.0
na
3.8
7.6
6.5
4.6
5.4
11.8
25.4
0.0
0.0
9.2
8.3
na
4.8
8.1
18.7
16.7
na
2.8
20.4
15.4
26.8
21.1
1.9
2.1
24.5
20.5
32.9
29.2
3.2
3.3
1.5
5.4
5.0
8.1
7.9
2.3
3.1
0.3
0.3
3.7
3.7
13.0
12.2
2.6
6.0
50
0.1
0.1
6.6
5.0
11.8
7.6
na
3.5
7.7
-15.8
13.57
27.66
9,046
22,332
35,330
39,448
4,552
5,208
851
950
0.3
0.2
11.7
10.0
10.6
9.5
2.4
2.4
12.9
31.2
21.88
30.94
6,051
27,158
2,960
3,572
814
949
289
354
2.0
1.7
9.1
7.8
20.9
17.1
na
1.4
Neutral
5.7
18.9
9.72
13.59
22,600
47,585
5,147
5,467
2,987
3,541
916
1,423
4.4
4.1
9.7
8.2
24.7
15.9
0.0
5.0
13.2%
Neutral
-2.6
7.4
24.53
33.13
118,224
178,969
54,662
60,892
11,198
11,853
2.2
1.9
na
na
10.6
10.0
2.8
3.3
13.2%
Overweight
13.3%
-3.4
18.2
32.97
42.22
6,312
30,336
5,503
6,118
1,468
1,459
586
517
1.1
1.0
7.6
7.6
10.8
12.2
4.0
4.6
13.6
30.9
9.96
15.61
4,956
13,405
4,544
5,542
263
368
142
209
1.1
0.9
17.6
12.5
34.9
23.7
na
1.1
Neutral
6.7
-15.1
9.15
17.92
24,488
1,957
35,330
39,448
4,572
5,231
1,876
2,179
0.7
0.6
9.3
7.9
13.0
11.2
2.3
3.7
11.8%
Neutral
17.7
-21.9
12.66
25.05
12,185
20,156
33,937
31,296
4,189
3,243
1,020
1,067
0.4
0.4
5.3
6.8
11.9
11.4
0.0
0.0
11.8%
Overweight
-5.2
33.6
6.95
10.07
22,613
34,507
17,108
19,273
4,627
5,202
1,246
1,412
1.3
1.2
5.2
4.6
18.1
16.0
3.2
4.6
11.8%
Neutral (V)
8.2
4.9
66.10
93.49
5,023
963
3,021
3,377
589
786
325
399
1.7
1.5
8.7
6.4
15.4
12.6
1.8
2.2
2.9
11.4
11.08
14.49
7,637
21,193
1,834
2,055
1,028
1,198
394
495
4.2
3.7
10.1
8.8
19.4
15.4
na
3.1
7.6
22.2
38.2
-8.5
15.56
16.45
24.37
25.69
1,329
2,339
2,701
1,439
861
1,295
950
1,332
185
578
208
565
110
134
123
138
1.5
1.8
1.4
1.8
7.5
5.2
6.4
5.1
12.1
17.4
10.8
16.9
na
1.5
4.6
1.3
-1.5
31.1
31.15
49.20
5,309
4,459
2,898
3,238
493
602
350
416
1.8
1.6
11.1
8.7
15.2
12.8
na
1.8
-7.8
28.1
21.73
35.10
5,019
10,455
1,247
1,484
315
242
274
245
4.0
3.4
13.1
15.9
18.3
20.5
15.0
4.6
5.6
89.1
2.82
5.90
2,464
1,381
908
1,013
289
282
216
204
2.7
2.4
9.5
9.6
11.4
12.1
na
2.0
Overweight
14.2
105.7
26.53
58.16
30,025
88,064
4,748
5,513
2,939
3,620
1,796
2,222
6.3
5.4
10.1
8.2
16.7
13.5
6.1
4.9
-5.1
16.13
27.84
7,241
7,697
8,664
9,722
843
914
621
717
0.8
0.7
neg
neg
11.7
10.1
na
3.7
Underweight
-17.0
-14.6
35.06
61.66
14,297
3,738
28,434
29,268
9,387
9,567
1,390
1,827
0.5
0.5
3.0
2.9
10.3
7.8
13.5
15.2
10.7%
8.6
46.7
17.84
28.49
1,864
1,961
1,489
1,704
202
244
101
129
1.3
1.1
10.1
8.3
18.5
14.4
na
4.2
9.5%
5.3
-33.5
12.53
26.54
7,262
23,546
--
5,797
--
2,015
--
-280
na
1.3
na
7.9
neg
0.0
0.0
236
276
2.6
2.1
na
na
6.5
5.9
7.0
12.4%
Neutral
11.1%
Neutral (V)
10.9%
10.9%
Overweight
6.0
10.9
8.17
13.40
1,797
1,862
697
836
9.4%
Neutral (V)
7.1
-15.2
37.81
55.06
237,844
168,046
59,218
84,698
56,332
59,351
39,452
38,721
4.0
2.8
4.8
4.6
6.0
6.1
7.4
4.0
1.3
-0.9
14.38
21.81
11,943
4,735
5,105
5,748
875
1,114
604
736
2.3
2.1
14.0
10.6
19.8
16.2
na
3.0
-0.6
-6.4
17.82
26.41
3,382
4,697
1,138
1,600
216
347
135
165
3.0
2.1
16.7
10.1
25.0
20.5
1.1
1.1
8.4%
16.8
9.5
12.32
20.48
4,928
11,745
9,076
10,293
263
295
400
492
0.5
0.5
neg
neg
12.3
10.0
na
4.4
8.1%
9.3
4.0
30.12
46.65
17,551
36,500
5,618
6,336
1,357
1,533
794
881
3.1
2.8
13.3
11.8
22.1
19.9
na
4.2
Overweight
24.7
110.2
16.94
36.74
24,294
109,483
3,622
4,096
2,196
2,605
1,348
1,649
6.7
5.9
11.2
9.4
18.0
14.7
5.8
5.3
Neutral
7.7
-20.6
10.54
23.64
30,266
121,023
35,330
39,448
4,572
5,231
1,876
2,179
0.9
0.8
10.9
9.3
16.1
13.9
1.9
3.0
7.0%
21.5
19.2
14.47
23.51
2,700
6,082
672
911
234
352
92
147
4.0
3.0
13.2
8.8
29.3
18.3
na
1.1
13.00
6.4%
-4.0
18.5
9.70
12.92
1,335
2,697
1,871
1,977
476
520
172
212
0.7
0.7
8.2
7.9
7.8
6.3
na
13.3
57.50
6.4%
-6.5
21.7
39.78
59.47
8,206
8,993
2,125
2,257
1,440
1,585
857
935
3.9
3.6
9.6
8.8
na
10.5
8.7
-30.1
12.80
26.67
26,069
58,522
16,523
17,879
6,521
6,599
3,439
2,550
1.6
1.5
5.9
6.0
7.6
10.2
4.0
2.9
12.1
24.9
19.66
29.88
7,415
32,288
689
859
481
616
199
322
10.8
8.6
25.4
19.3
37.3
23.0
0.8
1.7
2.0
3.0
30.75
47.49
5,041
2,862
4,078
4,465
937
1,057
382
484
1.2
1.1
7.3
6.5
13.2
10.4
na
7.6
11.7
-2.8
12.34
19.74
66,469
40,653
36,592
38,447
7,754
8,078
1.8
1.7
na
na
8.6
8.2
5.8
6.0
Underweight
8.3
-37.5
9.71
21.64
12,013
59,101
11,816
13,151
1,285
1,610
211
332
1.0
0.9
12.0
9.9
57.0
36.1
0.7
1.0
Neutral (V)
21.9
22.9
3.42
7.29
21,828
24,998
61,730
71,685
3,175
4,603
439
1,172
0.4
0.3
11.4
7.7
49.7
18.6
0.0
1.4
18.5
-38.3
6.13
15.29
3,324
15,210
4,719
4,985
1,127
1,225
-86
-12
0.7
0.7
7.8
8.9
neg
neg
na
1.0
-4.7
-26.1
2.63
4.78
459
73
189
292
20
70
2.4
1.6
na
na
23.3
6.6
1.8
4.6
12.7
106.0
14.70
30.90
1,746
5,247
489
759
108
171
50
90
3.6
2.3
17.4
11.9
35.2
19.5
na
1.3
Neutral
-5.3
26.3
33.71
47.50
48,390
774
33,309
35,066
12,247
13,077
4,638
4,820
1.5
1.4
4.0
3.8
10.4
10.0
6.9
7.8
Neutral
-5.5
37.8
34.04
52.64
53,905
41,492
33,309
35,066
12,247
13,077
4,638
4,820
1.6
1.5
4.5
4.2
11.6
11.2
6.6
7.7
3.9%
Neutral
-5.6
17.4
20.47
27.50
9,360
10,754
1,871
1,976
1,463
1,547
828
903
5.0
4.7
6.6
6.2
11.3
10.4
8.8
9.6
3.0%
Overweight
0.9
57.2
40.61
68.01
199,845
80,378
26,840
29,170
12,842
14,162
8,455
9,608
7.4
6.9
15.5
13.8
23.6
20.8
2.7
2.8
2.0%
Neutral (V)
9.1%
8.5%
44.50
8.55
3.50
5.8%
5.2%
5.1%
32.00
35.00
27.00
11.60
1.4%
8.00
Neutral
0.0%
0.0%
59.41
Underweight
4.9%
0.5%
29.90
Neutral
Overweight
-0.3%
-0.5%
6.9
6.7
7.6
4.2
9.4%
23.50
26.50
-3.6
Overweight
10.8%
21.00
8.59
Overweight
10.9%
46.00
Min
12M
8.5
10.9%
6.40
12 meses (R$)
1M
1.0
14.1%
34.00
5.77
16.6%
Variao (%)
8.4
12.1
22.14
40.99
5,973
13,562
13,022
13,590
1,682
1,225
67
-42
0.5
0.4
7.3
11.5
89.5
neg
3.4
0.0
-1.0
34.9
25.80
35.75
2,686
1,808
2,635
2,553
727
544
423
271
1.0
1.1
4.7
6.3
6.3
9.9
na
6.9
0.9
5.9
20.11
29.81
36,332
16,578
5,128
3,821
1,832
405
3,592
2,453
7.1
9.5
30.9
140.9
10.1
14.8
6.1
6.1
9.7
59.1
15.31
30.83
2,835
10,831
2,828
2,982
413
435
222
228
1.0
1.0
8.0
7.8
12.8
12.4
na
2.8
10.4
5.3
7.31
12.14
22,968
130,613
1,859
2,140
1,219
1,464
1,596
1,731
12.4
10.7
17.4
13.9
14.4
13.3
3.7
3.9
11.1
47.9
39.00
61.62
13,575
14,577
9,561
10,104
3,172
3,470
1,324
1,498
1.4
1.3
6.8
6.2
10.3
9.1
na
3.1
7.9
-7.3
34.64
47.68
228,723
651,657
59,218
84,698
56,332
59,351
39,452
38,721
3.9
2.7
4.7
4.5
5.8
5.9
8.4
4.6
-3.1
-37.7
5.59
17.15
2,960
33,547
22,028
23,003
1,295
1,600
-369
-79
0.1
0.1
7.2
6.1
neg
neg
0.0
0.0
-0.6
56.6
4.46
8.33
7,378
21,837
3,877
4,140
996
1,205
100
446
1.9
1.8
9.8
8.0
73.6
16.6
na
1.2
7.0
6.5
10.9
8.3
1.6
2.3
-0.7%
Neutral (V)
13.6
27.6
51.74
69.97
4,719
5,577
2,679
3,145
988
1,179
433
571
1.8
1.5
37.00
-0.8%
Overweight
14.6
56.9
23.41
37.59
25,454
51,740
13,264
14,397
4,710
5,187
1,800
2,338
1.9
1.8
8.1
7.1
14.1
10.9
3.5
4.6
8.50
-1.0%
16.2
58.7
4.93
8.61
3,852
7,993
3,295
3,533
440
458
316
326
1.2
1.1
10.4
9.7
12.2
11.8
na
4.4
-12.4
15.4
22.70
31.12
5,467
26,706
6,141
6,548
1,341
1,462
501
579
0.9
0.8
6.4
5.9
10.9
9.4
4.9
5.6
-1.2%
Overweight
10 / 26
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Exibir Tela:
Empresa
Cdigo
Setor
ltima
Cotao
(R$)
Preo Alvo
HSBC (R$)
Consenso de
Mercado (R$)
Potencial de
Valorizao
(%)
Souza Cruz ON *
CRUZ3
23.17
Copasa ON *
CSMG3
39.95
Kroton Unit
KROT11 Educao, Farmacuticos e Sade
21.40
21.00
39.22
-1.8%
-1.9%
Neutral
MPX Energia
MPXE3
47.69
46.00
-3.5%
Eletrobrs ON
ELET3
18.99
18.30
Iguatemi ON *
IGTA3
39.30
Paran Banco PN
PRBC4
Servios Financeiros
11.75
Daycoval PN
DAYC4
Servios Financeiros
Lojas Americanas PN
LAME4
Hypermarcas ON
12 meses (R$)
1M
Min
12M
Mx
Valor de
Mercado
(R$M)
Vol. Mdio
3 meses
(R$ mil)

2011E
2012E
EBITDA (R$MM)
2011E
Lucro Lquido (R$MM)
2012E
2011E
2012E
P/RL (x)
2011E
VF/EBITDA (x)
2012E
2011E
24.40
35,414
25,560
5,521
5,836
2,390
2,593
1,568
1,814
6.4
6.1
12.1
48.0
25.06
42.60
4,606
9,164
3,213
3,406
1,096
1,170
484
529
1.4
1.4
6.3
6.0
9.5
20.4
6.3
14.27
22.25
2,582
6,554
705
805
89
146
29
79
3.7
3.2
26.1
15.6
89.4
Overweight
-2.7
55.6
30.29
51.50
6,520
24,944
123
958
-77
189
-77
210
53.2
6.8
neg
55.4
neg
-3.6%
Neutral
6.3
-12.0
15.23
24.51
25,687
15,986
5,128
3,821
1,832
405
3,592
2,453
5.0
6.7
25.1
114.6
37.00
-5.9%
Neutral (V)
8.6
19.5
28.28
42.42
3,115
5,144
322
423
187
265
146
187
9.7
7.4
17.4
11.00
-6.4%
Neutral
11.4
-2.6
8.64
12.29
1,029
364
405
423
120
137
2.5
2.4
na
10.69
10.00
-6.5%
Neutral
13.6
-2.7
7.21
12.01
2,313
2,666
1,070
1,261
314
321
2.2
1.8
Consumo e Varejo
17.30
16.00
-7.5%
Neutral (V)
12.9
37.4
12.38
17.60
13,407
32,758
10,506
11,955
1,561
1,800
384
395
1.3
HYPE3
Consumo e Varejo
11.94
11.00
-7.9%
Neutral (V)
11.8
-34.7
7.41
21.84
7,484
53,767
3,666
3,846
697
969
-2
396
Dasa ON
DASA3
16.50
15.00
-9.1%
Neutral
6.2
-11.9
12.75
23.84
5,145
33,367
2,200
2,465
527
616
188
Usiminas ON
USIM3
16.02
14.50
-9.5%
Underweight
-7.4
-39.3
15.25
32.48
16,241
8,616
11,816
13,151
1,285
1,610
211
Cesp PNB
CESP6
36.75
33.00
-10.2%
Neutral
14.8
36.9
25.93
38.00
12,036
16,205
2,890
2,985
1,924
1,934
Minerva ON
BEEF3
6.06
5.40
-10.9%
Neutral
20.0
-6.1
4.55
7.12
641
1,042
4,020
4,856
306
366
Eletropaulo PN
ELPL4
36.76
31.00
-15.7%
Underweight
-1.0
43.5
25.23
37.35
6,152
23,365
9,875
9,812
1,911
1,253
CPFL Energia ON
CPFE3
26.47
22.00
-16.9%
Neutral
4.2
41.1
18.67
26.73
25,471
14,166
12,024
12,266
3,308
3,777
Cruzeiro do Sul PN
CZRS4
Servios Financeiros
13.61
10.50
-22.9%
Underweight
-0.7
-9.4
13.36
15.26
1,861
1,390
1,105
1,323
Wilson Sons Unit *
WSON11 Aviao e Transportes
28.49
-27.8%
15.1
-0.9
22.01
32.98
2,027
653
700
760
159
B2W Global ON
BTOW3
10.35
-61.4% Underweight (V)
10.1
-60.0
8.72
27.20
1,654
12,420
4,277
4,619
456
4.00
11 / 26
13.2
2011E
14.36
20.57
14.4
P/L (x)
2012E
61.4

-1.4%
Variao (%)
2.0
Consumo e Varejo
22.85
Classificao
HSBC
22.6
Dividend Yield (%)
2012E
19.5
2011E
2012E
na
4.5
8.7
na
4.1
32.8
0.0
0.0
31.0
0.0
0.0
7.2
10.5
3.2
3.2
13.3
21.3
16.7
0.0
0.0
na
8.6
7.5
0.4
0.8
na
na
7.4
7.2
4.5
4.7
1.1
12.9
11.4
34.9
33.9
0.7
0.8
2.0
1.9
13.4
9.9
neg
18.9
0.0
1.1
283
2.3
2.1
11.4
9.6
27.3
18.2
0.9
1.3
332
1.4
1.2
15.3
12.5
77.1
48.8
0.4
0.7
185
380
4.2
4.0
7.9
7.6
65.1
31.7
2.6
3.8
-9
43
0.2
0.1
5.8
5.2
neg
15.0
0.9
1.2
834
311
0.6
0.6
5.1
8.1
7.4
19.8
23.1
4.9
1,560
1,584
2.1
2.1
10.5
9.1
16.3
16.1
3.0
6.2
164
206
1.7
1.4
na
na
11.4
9.0
2.2
2.7
176
46
63
2.9
2.7
14.4
14.2
44.5
32.0
na
0.7
546
-30
26
0.4
0.4
6.7
6.0
neg
63.2
0.0
0.3
View:
RAIO-X
Selecione a Empresa:
Cielo ON
Cdigo
CIEL3
Preo Atual (R$)

Preo Alvo (R$)
Potencial de Valorizao (%)
55.00
61.00
10.9%
Classificao HSBC
Overweight
Cielo ON
Variao (1M)
Variao (12M)
14.2%
105.7%
Preo Mnimo (R$)

Preo Mximo (R$)
26.53
58.16
Valor de Mercado (R$M)

Volume Mdio - 3M (R$M)
Estimativas (R$M)
Receita Lquida
EBITDA
Lucro Lquido
Dividend Yield
2011e
4,748
2,939
1,796
6.1%
2012e
5,513
3,620
2,222
4.2%
Multiples (x)
P/Sales
EV/EBITDA
P/E
2011e
6.3
10.1
16.7
2012e
5.4
8.2
13.5
30,025
88,064
RANKING
Dividend Yield (%)

Posio ()
Yield 11
42
4.2%
Pot. Valorizao (%)

Posio ()
Potencial (%)
94
10.9%
Dividend Yield
Potencial Valorizao
Preo/Lucro (X)
Posio ()
P/L 11
80
13.5 x
Preo / Lucro
Retorno sobre PL (%)

Posio ()
ROE
157.7%
ROE

NA: No Aplicvel; ND: No Disponvel; neg: Negativo
() Baseado em um universo de aproximadamente 160 aes
Disclosure e Iseno de Responsabilidade
Disclosure
Este documento consiste numa ferramenta de auxlio ao investidor baseada na compilao de dados do HSBC Research, disponveis em nossos relatrios de anlise (www.hsbcinvestimentos.com.br), alm de estimativas
de consenso de mercado, disponibilizadas pela Thomson Financial, e informaes histricas fornecidas pela Economtica.
CERTIFICAO DE ANALISTA
O(s) seguinte(s) analista(s), que (so) o(s) responsvel(is) principal(is) por este relatrio, certifica(m) que, exceto conforme previsto no pargrafo a seguir, os pontos de vista ou previses expressos neste documento
refletem de forma precisa sua(s) viso(es) pessoal(is) e que nenhuma parte de sua remunerao esteve, est ou estar relacionada direta ou indiretamente (s) recomendao(es) especfica(s) ou pontos de vista
contidos neste relatrio de pesquisa: Alexandre Gartner, Victor Galliano, Reginaldo Pereira, Richard Dineen, Francisco Chevez, Pedro Herrera, Lauren Torres, Anisa Redman, Paulo Ribeiro, Felipe Rodrigues,
Jonathan Brandt, Luciano Campos .
Na seo Stock Guide deste relatrio, as informaes referentes s empresas cobertas pelo HSBC Research foram compiladas dos relatrios de anlise de empresas, publicados e disponveis no site do HSBC
Investimentos (www.hsbcinvestimentos.com.br), os quais refletem de forma precisa as vises pessoais dos respectivos analistas.
Certificao de analista de acordo com a Instruo 483 da Comisso de Valores Mobilirios
Em conformidade com a Instruo CVM n. 483, de 6 de Julho de 2010, o HSBC obteve do(s) analista(s) acima listado(s) na seo "Certificao de Analista" e divulgou (conforme aplicvel), as declaraes determinadas
pelo artigo 17 e prestou (conforme aplicvel) as declaraes estabelecidas no artigo 18, na seo entitulada "Certificao de Analista" e " HSBC & Divulgao dos Analistas".
O(s) analista(s) adicionalmente certifica(m) que as recomendaes contidas neste relatrio foram preparadas de forma independente at mesmo em relao ao HSBC.
DIVULGAES IMPORTANTES
Classificao das aes e base para anlises financeiras
O HSBC acredita que os investidores utilizam diversas metodologias e horizontes de permanncia no investimento ao tomarem decises de investimento, que dependem amplamente de circunstncias individuais, tais
como os atuais investimentos detidos pelo investidor no momento da deciso, tolerncia ao risco e outras consideraes. Considerando estas diferenas, o HSBC tem dois objetivos principais em seus estudos/anlises de
aes: 1) identificar oportunidades de investimento de longo prazo com base em temas ou idias especficas que podem afetar os lucros ou fluxos de caixa futuros de empresas em um horizonte temporal de 12 meses; e
2) identificar periodicamente as oportunidades de investimento de curto prazo que derivam de tcnicas fundamentalistas, quantitativas, tcnicas ou motivadas por algum evento em um tempo de permanncia de 0 a 3
meses e que podem ser diferentes de nossa classificao de investimento de longo prazo. O HSBC atribuiu classificaes para as suas oportunidades de investimento de longo prazo como descrito abaixo.
Este relatrio visa apenas as oportunidades de investimento a longo prazo das empresas mencionadas no relatrio.
O HSBC acredita que a deciso de um investidor de comprar ou vender uma ao deve depender de circunstncias individuais, tais como os atuais investimentos detidos pelo investidor no momento da deciso e outras
consideraes. Diferentes empresas de valores/ investimentos mobilirios utilizam diversos termos de classificao e diferentes sistemas de classificao, para descrever as suas recomendaes. Os investidores devem
ler atentamente as definies das classificaes usadas em cada relatrio de pesquisa/ anlise. Alm disso, em virtude de os relatrios de pesquisa/ anlise conterem informaes mais completas relativas s opinies dos
analistas, os investidores devem ler atentamente todo o relatrio de pesquisa/ anlise e no devem concluir seu teor a partir da recomendao. Em qualquer caso, as recomendaes no devem ser usadas ou
consideradas como base, de forma isolada, como conselho de investimento.
Distribuio das classificaes para oportunidades de investimentos de longo prazo
Em 10 de Fevereiro de 2012, a distribuio de todas as classificaes publicadas globalmente pelo HSBC a seguinte:
Overweight (Compra) - 52% (26% para as quais o HSBC prestou servios de banco de investimento)
Neutral (Manuteno) - 36% (21% para as quais o HSBC prestou servios de banco de investimento)
Underweight (Venda) - 12% (14% para as quais o HSBC prestou servios de banco de investimento)
Obs: as porcentagens acima referem-se cobertura global de empresas em cada uma das categorias de classificao
Disclosure
HSBC E DIVULGAES DOS ANALISTAS
Disclosure(s)
Disclosure(s)
Companhia
Cdigo
Data
aplicvel(is) Companhia
Companhia
Cdigo
Data
Cdigo
Data
aplicvel(is)
Odontoprev ON
ODPV3
10/fev/12
ENBR3
10/fev/12
Abc Brasil PN
ABCB4
10/fev/12
11 Energias do Brasil ON
OGX Participaes ON
OGXP3
10/fev/12
EQTL3
10/fev/12
AES Tiet PN
GETI4
10/fev/12
5,2, Equatorial Energia ON
OHL Brasil ON
OHLB3
10/fev/12
Estcio ON
ESTC3
10/fev/12
Aliansce ON
ALSC3
10/fev/12
OSX Brasil ON
OSXB3
10/fev/12
EVEN3
10/fev/12
ALL Amrica Lat Log Unit
ALLL3
10/fev/12
2,7 Even ON
Po de Acar PN
PCAR4
10/fev/12
Eztec
ON
EZTC3
10/fev/12
Alpargatas PN
ALPA4
10/fev/12
PRBC4
10/fev/12
Fertilizantes Heringer ON
FHER3
10/fev/12
5,2 Paran Banco PN
Ambev PN
AMBV4
10/fev/12
PDGR3
10/fev/12
FIBR3
10/fev/12
11 PDG Realty ON
Amil ON
AMIL3
10/fev/12
1,5, Fibria ON
Petrobras
ON
PETR3
10/fev/12
Fleury
ON
FLRY3
10/fev/12
Anhanguera Unit
AEDU3
10/fev/12
Fosfrtil PN
FFTL4
10/fev/12
Petrobras PN
PETR4
10/fev/12
Arezzo ON
ARZZ3
10/fev/12
Gafisa ON
GFSA3
10/fev/12
4 Pine PN
PINE4
10/fev/12
B2W Global ON
BTOW3
10/fev/12
General
Shopping
ON
GSHP3
10/fev/12
Porto
Seguro
ON
PSSA3
10/fev/12
Banco do Brasil ON
BBAS3
10/fev/12
1,5,2,6,7,11
GOAU3
10/fev/12
POSI3
10/fev/12
Banrisul PNB
BRSR6
10/fev/12
Gerdau
Metalrgica
PN
GOAU4
10/fev/12
Profarma ON
PFRM3
10/fev/12
Bematech ON
BEMA3
10/fev/12
Gerdau
ON
GGBR3
10/fev/12
Queiroz
Galvo
ON
QGEP3
10/fev/12
BM&F Bovespa ON
BVMF3
10/fev/12
7,11
GGBR4
10/fev/12
RaiaDrogasil ON
RADL3
10/fev/12
BR Malls Part ON
BRML3
10/fev/12
4 Gerdau PN
Gol
PN
GOLL4
10/fev/12
4,5,2,7,
Randon Part PN
RAPT4
10/fev/12
Bradesco PN
BBDC4
10/fev/12
4,1,5,2,7,11
Guararapes ON
GUAR3
10/fev/12
Redecard ON
RDCD3
10/fev/12
Bradespar PN
BRAP4
10/fev/12
HRT Participaes ON
HRTP3
10/fev/12
7 Rodobens Imob. ON
Brasil Agro ON
AGRO3
10/fev/12
RDNI3
10/fev/12
Hypermarcas
ON
HYPE3
10/fev/12
1,5,
Brasil Brokers ON
BBRK3
10/fev/12
4,1,5,
RSID3
10/fev/12
IGTA3
10/fev/12
Brasil Insurance ON
BRIN3
10/fev/12
1,5 Iguatemi ON
Sabesp ON
SBSP3
10/fev/12
ROMI3
10/fev/12
Braskem PNA
BRKM5
10/fev/12
4,1,5,2,7,11 Indstrias Romi ON
Santander BR Unit
SANB11
10/fev/12
MYPK3
10/fev/12
BRF Foods ON
BRFS3
10/fev/12
4,2,7, Iochpe-Maxion PN
Santos BRP Unit
STBP11
10/fev/12
ITUB4
10/fev/12
4,2,6,7,9,11
Bicbanco PN
BICB4
10/fev/12
7 Ita Unibanco PN
So Martinho ON
SMTO3
10/fev/12
ITSA4
10/fev/12
Brookfield ON
BISA3
10/fev/12
1,5 Itasa PN
SierraBrasil ON
SSBR3
10/fev/12
JBS ON
JBSS3
10/fev/12
7,11
Camargo Correa DI ON
CCIM3
10/fev/12
SLC Agrcola ON
SLCE3
10/fev/12
JHSF3
10/fev/12
CCR Rodovias ON
CCRO3
10/fev/12
4,1,5,6,7, JHSF Part ON
Sofisa PN
SFSA4
10/fev/12
JSLG3
10/fev/12
1,5
Celesc PNB
CLSC6
10/fev/12
1,5,6,11 Julio Simes ON
Souza Cruz ON
CRUZ3
10/fev/12
KLBN4
10/fev/12
5,2,7
Cemig PN
CMIG4
10/fev/12
1,5,2,7, Klabin PN
Sul Amrica Unit
SULA11
10/fev/12
KROT11
10/fev/12
Cesp PNB
CESP6
10/fev/12
4,7,11 Kroton Unit
Suzano Papel PNA
SUZB5
10/fev/12
Le Lis Blanc ON
LLIS3
10/fev/12
Cetip ON
CTIP3
10/fev/12
TAM PN
TAMM4
10/fev/12
LIGT3
10/fev/12
Cia Hering ON
HGTX3
10/fev/12
4 Light ON
Tecnisa ON
TCSA3
10/fev/12
LLXL3
10/fev/12
Cielo ON
CIEL3
10/fev/12
6 LLX Logstica ON
Tegma ON
TGMA3
10/fev/12
Localiza ON
RENT3
10/fev/12
Coelce PNA
COCE5
10/fev/12
Telefnica Brasil ON
VIVT3
10/fev/12
Log-In ON
LOGN3
10/fev/12
Comgs PNA
CGAS5
10/fev/12
Telefnica
Brasil
PN
VIVT4
10/fev/12
Lojas Americanas PN
LAME4
10/fev/12
Contax PN
CTAX4
10/fev/12
TMAR5
10/fev/12
Lojas Renner ON
LREN3
10/fev/12
4 Telemar NL PNA
Copasa ON
CSMG3
10/fev/12
Telemar
ON
TNLP3
10/fev/12
LPSB3
10/fev/12
Copel PNB
CPLE6
10/fev/12
7 Lopes Brasil ON
Telemar
PN
TNLP4
10/fev/12
Lupatech
ON
LUPA3
10/fev/12
Cosan ON
CSAN3
10/fev/12
9,11
Tempo Participaes ON
TEMP3
10/fev/12
MDIA3
10/fev/12
CPFL Energia ON
CPFE3
10/fev/12
1,5,2,7, M Dias Branco ON
Tereos
ON
TERI3
10/fev/12
Magazine Luiza
MGLU3
10/fev/12
Cremer ON
CREM3
10/fev/12
Tim
Part
ON
TIMP3
10/fev/12
Magnesita
ON
MAGG3
10/fev/12
7
Cruzeiro do Sul PN
CZRS4
10/fev/12
7,11
Totvs ON
TOTS3
10/fev/12
POMO4
10/fev/12
CSN ON
CSNA3
10/fev/12
4,6,9,11 Marcopolo PN
Tractebel
ON
TBLE3
10/fev/12
Marfrig ON
MRFG3
10/fev/12
2,7,11
CSU CardSystem ON
CARD3
10/fev/12
Transmisso Paulista PN
TRPL4
10/fev/12
Marisa ON
AMAR3
10/fev/12
Cyrela Realty ON
CYRE3
10/fev/12
USIM3
10/fev/12
MILS3
10/fev/12
1,5 Usiminas ON
Dasa ON
DASA3
10/fev/12
4 Mils ON
Usiminas
PNA
USIM5
10/fev/12
BEEF3
10/fev/12
Daycoval PN
DAYC4
10/fev/12
4,7,11 Minerva ON
Vale
do
Rio
Doce
ON
VALE3
10/fev/12
MMX
Minerao
ON
MMXM3
10/fev/12
Duratex
ON
DTEX3
10/fev/12
1 O HSBC* estruturou ou gerenciou conjuntamente uma oferta pblica de valores mobilirios para essa empresa nos ltimos 12 meses.
MPX Energia ON
Vale do Rio Doce PNA
VALE5
10/fev/12
10/fev/12
2Ecorodovias
O HSBCON
espera receber ECOR3
ou pretender obter
remunerao por servios
de banco de investimentoMPXE3
paga por essa10/fev/12
empresa nos prximos 3 5meses.
MRV
ON
MRVE3
10/fev/12
4,1,5,
Valid
ON
VLID3
10/fev/12
ON
ELET3
10/fev/12
3Eletrobrs
No momento
da publicao
deste relatrio,
o HSBC Securities2,6,7
(USA) Inc. um Formador de Mercado nos valores mobilirios emitidos por essa empresa.
Multiplan ON
MULT3
10/fev/12
Viver ON
VIVR3
Eletrobrs
PNB
ELET6
10/fev/12
4 Em 10 de Fevereiro de 2012, o HSBC e/ou suas afiliadas (incluindo os fundos, carteiras e clubes de investimento em valores mobilirios administrados pelo HSBC) detm participao10/fev/12
acionria,
Multiplus ON
MPLU3
Eletropaulo PN
10/fev/12
Weg ON
WEGE3
10/fev/12
quaisquer
das companhiasELPL4
cujos valores mobilirios
foram alvo de anlise
neste relatrio, ou esto
envolvidos na10/fev/12
aquisio, alienao ou intermediao
de tais valores mobilirios
no mercado.
Natura ON
NATU3
10/fev/12
7 Wilson Sons Unit
WSON11
10/fev/12
Embraer ON
EMBR3
10/fev/12
Disclosure(s)
aplicvel(is)
4
1,5
1,5
4
4,5,
1,5,2,6,7
7,11
7
4
0,11
1,5,2,6,7,11
4
4,9,
4,7,
11
5,2,7
4,2,7,11
4,2,7,11
11
11
11
2,7,11
2,7,11
4,1,5,2,6,7,9,11
4,1,5,2,6,7,9,11
direta ou indiretamente, igual ou superior a 1% (um por cento) do capital social de
5 Em 10 de Fevereiro de 2012, essa empresa era cliente do HSBC e foi, durante o perodo de 12 meses anterior, cliente do HSBC e/ou pagou remunerao para o HSBC a respeito de servios de banco de investimento.
6 Em 10 de Fevereiro de 2012, essa empresa era cliente do HSBC ou foi, durante o perodo de 12 meses anterior, cliente do HSBC e/ou pagou uma remunerao para o HSBC a respeito de servios relacionados a valores mobilirios que no de banco de investimento.
7 Em 10 de Fevereiro de 2012, essa empresa era cliente do HSBC ou tinha sido durante o perodo de 12 meses anterior cliente do HSBC e/ou pagou uma remunerao para o HSBC a respeito de servios no relacionados a valores mobilirios.
8 Um analista(s) de Research recebeu(ram) remunerao dessa empresa nos ltimos 12 meses.
9 Um analista(s) de Research ou um membro de sua famlia, financeiramente dependente do analista, tem(tm) uma participao financeira nos valores mobilirios dessa empresa, conforme detalhado abaixo.
10 Um analista(s) de Research ou um membro de sua famlia, financeiramente dependente do analista, (so) diretor(es), conselheiro(s) ou membro(s) do conselho de superviso dessa empresa, conforme detalhado abaixo.
11 Na data de publicao deste relatrio, o HSBC um formador de mercado fora dos Estados Unidos dos ativos emitidos pela empresa analisada e/ou dos ativos referentes a esta empresa.
* As Empresas do HSBC esto relacionadas na Declarao de iseno de responsabilidade a seguir.
Disclosure
OUTRAS DIVULGAES
1 Este relatrio datado de 13 de Fevereiro de 2012.
2 Todos os dados histricos contidos neste relatrio so referentes ao fechamento das aes em 10 de Fevereiro de 2012, exceto quando indicado de outra forma no relatrio.
3 O HSBC tem procedimentos em vigor para identificar e administrar quaisquer conflitos de interesse em potencial que surgirem a respeito de suas atividades de Pesquisa (Research). Os analistas de Research do HSBC e outras equipes do HSBC que esto envolvidos na
elaborao e distribuio do relatrio operam e tm uma linha de subordinao gerencial independente das atividades de banco de Investimento do HSBC. Procedimentos de Chinese Wall esto em vigor entre as atividades de Banco de Investimento e Pesquisa (Research) para
garantir que quaisquer informaes confidenciais e/ou que possam influenciar o preo dos ativos sejam tratadas de uma forma adequada.
Declarao de Iseno de Responsabilidade
* Entidades legais na data de 22 de Outubro de 2008: 'UAE' HSBC Bank Middle East Limited, Dubai; 'HK' The Hongkong and Shanghai Banking Corporation Limited, Hong Kong; 'TW' HSBC Securities (Taiwan) Corporation Limited; 'CA' HSBC Securities (Canada) Inc, Toronto; HSBC
Bank, Paris branch; HSBC France; 'DE' HSBC Trinkaus & Burkhardt AG, Dusseldorf; 000 HSBC Bank (RR), Moscow; 'IN' HSBC Securities and Capital Markets (India) Private Limited, Mumbai; 'JP' HSBC Securities (Japan) Limited, Tokyo; 'EG' HSBC Securities Egypt S.A.E., Cairo;
'CN' HSBC Investment Bank Asia Limited, Beijing Representative Office; The Hongkong and Shanghai Banking Corporation Limited, Singapore branch; The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch; HSBC Securities (South Africa) (Pty) Ltd,
Johannesburg; 'GR' HSBC Pantelakis Securities S.A., Athens; HSBC Bank plc, London, Madrid, Milan, Stockholm, Tel Aviv, 'US' HSBC Securities (USA) Inc, New York; HSBC Yatirim Menkul Degerler A.S., Istanbul; HSBC Mxico, S.A., Institucin de Banca Mltiple, Grupo Financiero
HSBC, HSBC Bank Brasil S.A. - Banco Mltiplo, HSBC Bank Australia Limited.
Emissor do relatrio: HSBC Bank Brasil S.A. Banco Mltiplo
Av. Faria Lima, 3.064 4 andar - Itaim Bibi So Paulo SP Brasil - CEP 01451-000
Telefone: 55 11 3371 8184 / Fax: 55 11 3847 5669 / Website: www.hsbc.com.br
Este documento foi elaborado, produzido e aprovado pelo HSBC Bank Brasil S.A. Banco Mltiplo. Este documento no pode ser distribudo no todo ou em parte para qualquer destinatrio fora do Brasil em nenhuma circunstncia. Caso este relatrio de pesquisa/ anlise seja
recebido por um cliente de uma filial do HSBC, a sua aplicao ao destinatrio est sujeita aos termos comerciais em vigor entre o destinatrio e essa filial.
Este documento no , nem deve ser interpretado como uma oferta de venda ou uma solicitao de uma oferta para comprar ou subscrever qualquer investimento. O HSBC baseou este documento nas informaes obtidas a partir de fontes que cr serem confiveis, mas que no
verificou de modo independente; o HSBC no faz qualquer declarao no sentido de garantir e assegurar a exatido e integridade de tais informaes, bem como no aceita qualquer responsabilidade pelas mesmas. As opinies presentes no relatrio baseiam-se em informaes
que estavam disponveis para o pblico data da publicao e esto sujeitas a alteraes sem aviso.
Copyright. HSBC Bank Brasil S.A. - Banco Mltiplo. TODOS OS DIREITOS RESERVADOS.
Pontos
Pontos
Pontos
Pontos
Dividend Yield
ROE
Preo / Lucro
Potencial
Valorizao
Abc Brasil PN
ABCB4
AES Tiet PN
GETI4
ALLL3
Ambev PN
AMBV4
Amil ON
AMIL3
Anhanguera ON
AEDU3
B2W Global ON
BTOW3
Banco do Brasil ON
BBAS3
Bematech ON *
BEMA3
Bicbanco PN
BICB4
BM&F Bovespa ON
BVMF3
BR Brokers ON
BBRK3
BR Malls Part ON *
BRML3
Bradesco PN
BBDC4
Bradespar PN *
BRAP4
Brasil Agro ON
AGRO3
Brasil Insurance ON
BRIN3
Braskem PNA *
BRKM5
BRF Foods ON
BRFS3
Brookfield ON *
BISA3
CCIM3
CCR Rodovias ON
CCRO3
Celesc PN *
CLSC4
Cemig PN
CMIG4
Cesp PNB
CESP6
Cielo ON
CIEL3
Coelce PNA *
COCE5
Comgs PNA *
CGAS5
Magazine Luiza ON *
MGLU3
Contax PN *
CTAX4
Copasa ON *
CSMG3
Copel PNB
CPLE6
Cosan ON
CSAN3
CPFL Energia ON
CPFE3
Cremer ON *
CREM3
Cruzeiro do Sul PN
CZRS4
CSN ON
CSNA3
CSU Cardsystem ON *
CARD3
Cetip ON
CTIP3
Cyrela Realty ON
CYRE3
Dasa ON
DASA3
Daycoval PN
DAYC4
RaiaDrogasil ON *
RADL3
Duratex ON *
DTEX3
Ecorodovias ON *
ECOR3
Eletrobrs ON
ELET3
Empresa
Cdigo
16 / 26
Pontos
Pontos
Pontos
Pontos
Dividend Yield
ROE
Preo / Lucro
Potencial
Valorizao
Eletrobrs PNB
ELET6
Eletropaulo PN
ELPL4
Embraer ON *
EMBR3
ENBR3
EQTL3
Estcio ON
ESTC3
Even ON *
EVEN3
FHER3
Fibria ON *
FIBR3
Fleury ON
FLRY3
BR Properties ON *
BRPR3
Gafisa ON
GFSA3
GSHP3
GOAU3
GOAU4
Gerdau ON
GGBR3
Gerdau PN
GGBR4
Gol PN
GOLL4
Guararapes ON
GUAR3
Hering ON
HGTX3
Hypermarcas ON
HYPE3
Iguatemi ON *
IGTA3
Indstrias Romi ON *
ROMI3
Viver ON
VIVR3
Iochp Maxion ON *
MYPK3
Ita Unibanco PN
ITUB4
Itasa PN *
ITSA4
JBS ON
JBSS3
JHSF Part ON *
JHSF3
Julio Simes ON *
JSLG3
Klabin PN *
KLBN4
Kroton Unit
KROT11
Le Lis Blanc ON *
LLIS3
Light ON
LIGT3
LLX Logstica ON *
LLXL3
Localiza ON *
RENT3
Log-In ON *
LOGN3
Lojas Americanas PN
LAME4
Lojas Renner ON
LREN3
Lopes Brasil ON
LPSB3
Lupatech ON
M Dias Branco ON *
LUPA3
MDIA3
1
4
1
3
5
3
1
2
Magnesita ON *
MAGG3
Marcopolo PN *
POMO4
Marfrig ON
MRFG3
Marisa ON
AMAR3
Minerva ON
BEEF3
MMX Minerao ON *
MMXM3
Empresa
Cdigo
17 / 26
Pontos
Pontos
Pontos
Pontos
Dividend Yield
ROE
Preo / Lucro
Potencial
Valorizao
MPX Energia
MPXE3
MRV ON
MRVE3
Multiplan ON *
MULT3
Multiplus ON
Natura ON *
MPLU3
NATU3
5
5
1
1
3
2
5
4
Mills ON *
Odontoprev ON
MILS3
ODPV3
4
4
2
1
2
3
2
4
OGX Participaes ON
OGXP3
OHL Brasil ON
OHLB3
OSX ON
OSXB3
Po de Acar PN
PCAR4
Paran Banco PN
PRBC4
PDG Realty ON
PDGR3
Petrobras ON
PETR3
Petrobras PN
PETR4
Pine PN
PINE4
Porto Seguro ON *
PSSA3
POSI3
Profarma ON *
PFRM3
Aliansce ON *
ALSC3
Randon Part PN *
RAPT4
Redecard ON
RDCD3
Rodobens Imob. ON *
RDNI3
RSID3
Sabesp ON *
SBSP3
Santander BR Unit
SANB11
Santos BRP Unit *
STBP11
Sierra Brasil ON *
SSBR3
So Martinho ON
SMTO3
Alpargatas PN *
ALPA4
SLC Agrcola ON
SLCE3
Sofisa PN
SFSA4
Souza Cruz ON *
CRUZ3
Sul Amrica Unit *
SULA11
Suzano Papel PNA *
SUZB5
TAM PN
TAMM4
Tecnisa ON *
TCSA3
Tegma ON *
TGMA3
TMAR5
Telemar ON
TNLP3
Telemar PN
TNLP4
Telefnica Brasil ON
VIVT3
Telefnica Brasl PN
VIVT4
Tempo Part ON *
TEMP3
Tim Part ON
TIMP3
EZTEC ON *
EZTC3
HRTP3
Totvs ON *
TOTS3
Empresa
Cdigo
18 / 26
Pontos
Empresa
Tractebel ON
Cdigo
TBLE3
Pontos
Pontos
Pontos
ROE
Preo / Lucro
Potencial
Valorizao
Dividend Yield
19 / 26
Empresa
Cdigo
ROE
Preo / Lucro
Potencial Valorizao
Dividend Yield
ROE
Posio
P/L
Posio
Upside
Posio
Yield 2008
Posio
Abc Brasil PN
ABCB4
18.4%
58
6.5
16
9.4%
99
7.0%
10
AES Tiet PN
GETI4
45.9%
10
10.4
53
3.9%
121
9.6%
ALLL3
11.7%
92
14.5
85
87.9%
1.7%
96
Ambev PN
AMBV4
38.4%
15
20.8
126
3.0%
122
2.8%
75
Amil ON
AMIL3
21.6%
45
19.8
121
41.3%
30
0.9%
117
Anhanguera ON
AEDU3
9.7%
104
17.7
107
49.0%
26
1.5%
99
B2W Global ON
BTOW3
2.2%
140
63.2
143
-61.4%
154
0.3%
125
Banco do Brasil ON
BBAS3
19.5%
55
6.6
20
30.4%
45
6.8%
12
Bematech ON *
BEMA3
4.5%
134
13.3
78
57.4%
17
0.0%
155
Bicbanco PN
BICB4
15.0%
75
6.5
17
16.6%
69
5.4%
21
BM&F Bovespa ON
BVMF3
9.0%
109
13.3
77
0.0%
127
3.9%
49
BR Brokers ON
BBRK3
22.6%
44
8.4
34
75.4%
0.0%
155
BR Malls Part ON *
BRML3
7.6%
118
18.8
114
17.9%
65
0.0%
155
Bradesco PN
BBDC4
20.6%
49
10.0
47
13.2%
81
3.3%
60
Bradespar PN *
BRAP4
23.9%
37
6.0
10
36.0%
36
5.4%
20
Brasil Agro ON
AGRO3
1.6%
143
68.6
145
56.9%
18
0.0%
155
Brasil Insurance ON
BRIN3
45.9%
11
9.1
42
34.9%
38
1.9%
92
Braskem PNA *
BRKM5
10.7%
98
11.4
63
11.8%
85
0.0%
155
BRF Foods ON
BRFS3
14.2%
81
14.7
86
24.1%
50
2.9%
72
Brookfield ON *
BISA3
14.3%
80
6.3
15
64.0%
13
3.6%
57
CCIM3
5.5%
128
10.8
57
39.7%
32
1.1%
113
CCR Rodovias ON
CCRO3
48.9%
15.9
96
13.3%
80
5.0%
24
Celesc PN *
CLSC4
10.7%
99
5.8
17.0%
67
4.4%
38
Cemig PN
CMIG4
17.8%
62
10.9
59
-0.8%
133
4.6%
33
Cesp PNB
CESP6
3.6%
137
31.7
136
-10.2%
148
3.8%
52
Cetip ON
CTIP3
28.3%
26
23.0
129
6.1%
111
1.7%
98
Cielo ON
CIEL3
157.7%
13.5
80
10.9%
94
4.2%
42
Coelce PNA *
COCE5
18.7%
57
9.9
46
1.4%
124
6.9%
11
Comgs PNA *
CGAS5
38.9%
13
10.4
54
5.8%
112
7.6%
Magazine Luiza ON *
MGLU3
27.4%
30
10.6
56
76.6%
2.4%
83
Contax PN *
CTAX4
17.3%
66
17.3
106
33.7%
39
5.8%
18
Copasa ON *
CSMG3
11.9%
91
8.7
35
-1.8%
137
4.1%
46
Copel PNB
CPLE6
12.1%
88
7.9
30
14.6%
75
3.1%
67
Cosan ON
CSAN3
5.2%
131
25.4
132
16.6%
70
0.0%
155
CPFL Energia ON
CPFE3
23.5%
40
16.1
98
-16.9%
151
6.2%
14
Cremer ON *
CREM3
12.9%
84
13.8
81
23.8%
51
2.2%
88
Cruzeiro do Sul PN
CZRS4
16.9%
67
9.0
40
-22.9%
152
2.7%
79
CSN ON
CSNA3
30.7%
24
10.2
51
6.3%
110
2.9%
70
CSU Cardsystem ON *
CARD3
21.4%
46
5.9
79.9%
0.0%
155
Cyrela Realty ON
CYRE3
17.4%
65
9.0
39
19.5%
62
0.0%
155
Dasa ON
DASA3
11.2%
95
18.2
109
-9.1%
146
1.3%
106
Daycoval PN
DAYC4
16.8%
68
7.2
23
-6.5%
143
4.7%
27
RaiaDrogasil ON *
RADL3
33.0%
20
23.7
130
12.4%
83
1.1%
114
Duratex ON *
DTEX3
11.1%
96
13.2
75
49.9%
24
2.3%
85
Ecorodovias ON *
ECOR3
25.8%
32
15.4
93
11.6%
88
3.1%
65
20 / 26
Empresa
Cdigo
ROE
Preo / Lucro
Potencial Valorizao
Dividend Yield
Eletrobrs ON
ELET3
3.2%
139
10.5
55
-3.6%
140
3.2%
63
Eletrobrs PNB
ELET6
3.2%
139
14.8
89
0.5%
125
6.1%
15
Eletropaulo PN
ELPL4
8.9%
110
19.8
120
-15.7%
150
4.9%
25
Embraer ON *
EMBR3
12.1%
87
13.0
73
22.9%
52
1.7%
97
ENBR3
10.9%
97
12.2
66
13.2%
82
4.6%
30
EQTL3
22.9%
42
6.3
14
6.4%
109
13.3%
Estcio ON
ESTC3
16.7%
69
15.6
94
37.5%
35
2.5%
80
Even ON *
48
EVEN3
16.4%
71
6.5
18
47.0%
28
4.0%
Fertilizantes Heringer ON * FHER3
22.7%
43
5.9
21.3%
56
4.1%
45
Fibria ON *
FIBR3
-1.9%
150
neg
NA
9.5%
98
0.0%
155
Fleury ON
FLRY3
10.1%
102
20.5
124
8.5%
102
1.1%
112
BR Properties ON *
BRPR3
0.0%
145
16.8
103
25.9%
48
1.4%
101
Gafisa ON
GFSA3
16.1%
72
3.5
102.0%
0.0%
155
GSHP3
8.4%
116
24.5
131
17.8%
66
0.5%
124
GOAU3
10.4%
101
7.4
25
26.5%
47
3.1%
66
GOAU4
10.4%
101
9.5
44
14.1%
78
2.4%
82
Gerdau ON
GGBR3
8.7%
114
11.2
62
12.4%
84
3.7%
55
Gerdau PN
GGBR4
8.7%
114
13.9
82
8.0%
106
3.0%
68
Gol PN
GOLL4
-0.4%
148
neg
NA
53.5%
20
0.0%
155
Guararapes ON
GUAR3
18.4%
60
12.6
69
11.8%
87
2.2%
87
Hering ON
HGTX3
58.0%
18.4
112
32.1%
42
1.4%
103
HRTP3
-2.7%
152
neg
NA
157.1%
0.0%
155
Hypermarcas ON
HYPE3
6.0%
123
18.9
115
-7.9%
145
1.1%
111
Iguatemi ON *
IGTA3
11.9%
90
16.7
101
-5.9%
141
0.0%
155
Indstrias Romi ON *
ROMI3
5.0%
133
12.9
72
61.3%
15
2.9%
73
Viver ON
VIVR3
7.9%
117
7.4
24
73.9%
10
0.0%
155
Iochp Maxion ON *
MYPK3
23.8%
39
12.4
68
0.0%
126
2.8%
78
Ita Unibanco PN
ITUB4
24.1%
36
9.7
45
19.8%
61
2.3%
86
Itasa PN *
ITSA4
20.4%
51
9.0
38
16.6%
68
3.8%
54
JBS ON
JBSS3
5.6%
127
18.6
113
5.2%
115
1.4%
102
JHSF Part ON *
JHSF3
17.7%
63
12.1
65
10.9%
93
2.0%
91
Julio Simes ON *
JSLG3
9.3%
106
21.2
128
52.1%
21
0.9%
118
Klabin PN *
KLBN4
9.2%
107
16.6
100
-0.5%
131
1.2%
108
Kroton Unit
KROT11
6.4%
121
32.8
138
-1.9%
138
0.0%
126
Le Lis Blanc ON *
LLIS3
55.1%
19.5
117
4.9%
118
1.3%
104
Light ON
LIGT3
17.4%
64
9.4
43
-1.2%
135
5.6%
19
LLX Logstica ON *
LLXL3
-7.1%
155
neg
NA
49.6%
25
0.0%
155
Localiza ON *
RENT3
32.8%
21
17.1
105
13.3%
79
1.4%
100
Log-In ON *
LOGN3
1.5%
144
64.9
144
53.8%
19
0.6%
123
Lojas Americanas PN
LAME4
67.2%
33.9
139
-7.5%
144
0.8%
120
Lojas Renner ON
LREN3
34.8%
16
18.3
110
30.4%
44
4.5%
36
Lopes Brasil ON
LPSB3
38.6%
14
12.7
70
38.2%
33
0.0%
155
Lupatech ON
LUPA3
-6.1%
154
neg
NA
266.6%
0.0%
155
M Dias Branco ON *
MDIA3
21.0%
47
12.8
71
11.1%
91
1.8%
95
Magnesita ON *
Marcopolo PN *
MAGG3
POMO4
5.4%
30.4%
130
25
13.4
11.8
79
64
48.2%
-1.0%
27
134
1.8%
4.4%
94
37
Marfrig ON
MRFG3
-1.3%
149
neg
NA
-0.4%
130
0.0%
155
Marisa ON
AMAR3
34.0%
17
13.2
74
44.9%
29
3.8%
53
21 / 26
Empresa
Cdigo
ROE
Preo / Lucro
Potencial Valorizao
Dividend Yield
Minerva ON
BEEF3
6.0%
124
15.0
91
-10.9%
149
1.2%
109
MMX Minerao ON *
MMXM3
4.1%
136
43.2
141
32.5%
41
0.0%
155
MPX Energia
MPXE3
13.8%
83
31.0
135
-3.5%
139
0.0%
155
MRV ON
MRVE3
28.2%
27
6.8
22
18.3%
64
0.0%
155
Multiplan ON *
MULT3
8.4%
115
27.7
133
20.0%
60
0.0%
155
Multiplus ON
MPLU3
94.6%
20.5
123
10.9%
92
4.6%
29
Natura ON *
NATU3
92.2%
19.9
122
8.1%
104
4.2%
44
Mills ON *
Odontoprev ON
OGX Participaes ON
MILS3
ODPV3
OGXP3
21.0%
23.8%
-4.4%
48
38
153
18.3
29.2
neg
111
134
NA
7.0%
15.1%
30.8%
107
74
43
1.1%
3.3%
0.0%
110
61
155
OHL Brasil ON
OHLB3
41.2%
12
8.3
32
-0.7%
132
2.3%
84
OSX ON
OSXB3
-0.3%
147
neg
NA
100.0%
0.0%
155
Po de Acar PN
PCAR4
14.3%
79
18.0
108
21.6%
55
1.3%
105
Paran Banco PN
PRBC4
12.5%
86
7.5
26
-6.4%
142
0.8%
119
PDG Realty ON
PDGR3
20.6%
50
6.0
90.5%
0.0%
155
Petrobras ON
PETR3
14.8%
77
6.7
21
62.4%
14
3.3%
62
Petrobras PN
PETR4
14.8%
77
6.3
13
57.4%
16
3.5%
59
Pine PN
PINE4
18.4%
61
6.1
11
22.5%
53
8.4%
Porto Seguro ON *
PSSA3
15.3%
74
10.1
50
10.9%
95
3.7%
56
POSI3
5.1%
132
19.3
116
50.7%
23
3.9%
50
Profarma ON *
PFRM3
9.4%
105
7.6
27
14.3%
77
3.5%
58
Aliansce ON *
ALSC3
8.7%
111
19.7
119
21.7%
54
0.0%
155
Alpargatas PN *
ALPA4
31.6%
22
11.1
60
26.6%
46
2.8%
77
Randon Part PN *
RAPT4
19.8%
54
9.0
37
40.6%
31
4.2%
41
Redecard ON
RDCD3
104.3%
14.7
87
8.0%
105
5.3%
22
Rodobens Imob. ON *
RDNI3
14.2%
82
5.1
37.8%
34
6.7%
13
RSID3
25.1%
34
3.8
71.2%
11
0.0%
155
Sabesp ON *
SBSP3
14.5%
78
9.1
41
-0.3%
128
3.1%
64
Santander BR Unit
SANB11
10.0%
103
8.2
31
5.8%
113
6.0%
16
Santos BRP Unit *
STBP11
18.4%
59
16.7
102
15.9%
72
2.8%
74
SierraBrasil ON *
SSBR3
6.2%
122
15.6
95
33.3%
40
2.8%
76
So Martinho ON
SMTO3
6.9%
120
16.9
104
11.1%
90
1.3%
107
SLC Agrcola ON
SLCE3
5.4%
129
15.4
92
35.5%
37
2.9%
71
Sofisa PN
SFSA4
9.2%
108
6.6
19
5.1%
117
4.6%
34
Souza Cruz ON *
CRUZ3
105.9%
19.5
118
-1.4%
136
4.5%
35
Sul Amrica Unit *
SULA11
16.5%
70
10.0
48
8.4%
103
4.4%
39
Suzano Papel PNA *
SUZB5
-0.1%
146
neg
NA
5.2%
116
1.0%
116
TAM PN
TAMM4
-2.1%
151
neg
NA
2.0%
123
0.0%
155
Tecnisa ON *
TCSA3
19.4%
56
5.7
78.9%
4.4%
40
Tegma ON *
TGMA3
30.8%
23
14.4
83
10.7%
97
4.2%
43
Telemar Norte Leste PNA TMAR5
8.7%
112
7.8
29
10.8%
96
15.2%
Telemar ON
TNLP3
5.7%
126
12.2
67
14.4%
76
6.0%
17
Telemar PN
TNLP4
5.7%
126
10.3
52
24.3%
49
7.1%
Telefnica Brasil ON
VIVT3
11.3%
94
10.0
49
4.7%
119
7.8%
Telefnica Brasil PN
VIVT4
11.3%
94
11.2
61
4.4%
120
7.7%
Tempo Part ON *
TEMP3
15.9%
73
13.2
76
19.2%
63
2.2%
89
Tim Part ON
TIMP3
12.6%
85
16.0
97
11.8%
86
4.6%
28
EZTEC ON *
EZTC3
26.6%
31
7.6
28
20.9%
57
3.9%
51
Totvs ON *
TOTS3
33.5%
18
20.6
125
20.2%
59
1.9%
93
22 / 26
Empresa
Tractebel ON
Cdigo
ROE
Preo / Lucro
Potencial Valorizao
Dividend Yield
TBLE3
24.2%
35
14.8
88
20.5%
58
5.3%
Transmisso Paulista PN * TRPL4
20.3%
53
8.8
36
6.4%
109
10.5%
Banriosul PNB *
BRSR6
23.2%
41
8.3
--
16.0%
71
4.8%
26
Tereos ON
TERI3
4.4%
135
14.9
90
51.6%
22
2.5%
81
23 / 26
23
HSBC CTVM Research - Stock Guide

Empresa
Cdigo
Setor
ltima
Cotao
(R$)
Preo Alvo
HSBC (R$)
Consenso de
Mercado (R$)
Total ()
Potencial de
Valorizao
(%)
Recomendao
HSBC ()
Variao (%)
12 meses (R$)
1M
Min
12M
Mx
22.4%
Valor de
Mercado
(R$MM)
19,076.6
Vol. Mdio
3 meses
(R$ mil)
33,560.1

2011E
2012E
11,527.5
12,777.6
EBITDA (R$MM)
2011E
Lucro Lquido (R$MM)
2012E
3,387.3
2011E
3,784.5
P/RL (x)
2012E
1,915.0
2011E
2,082.8
VF/EBITDA (x)
2012E
2011E
2012E
P/L (x)
2011E
Dividend Yield (%)
2012E
2011E
2012E
15.8
3.0
73.6
11.7
18.6
15.2
2.7
3.0
2.0
1.3
14.1
8.9
22.6
23.4
1.1
1.5
2.5
2.3
10.8
9.1
25.5
16.9
1.1
2.1
37.6
4.7
14.7
9.0
28.2
21.2
1.3
1.7
1.2
1.1
12.9
8.1
13.9
12.5 #DIV/0!
3.5
3.7
3.1
14.8
8.5
14.8
11.8
0.2
1.4
Consumo e Varejo
2.2
1.8
12.2
9.8
24.0
21.4
2.5
2.3
2.3
1.9
14.9
11.2
30.6
19.9
1.1
1.7
5.3
2.9
9.4
23.0
13.1
13.2
5.1
5.5
Aviao e Transportes
1.8
1.8
10.5
9.0
21.8
17.7
3.6
2.7
164.8
11.0
1,040.6
26.7
14.9
9.9
1.4
1.6
Servios Financeiros
3.6
3.1
12.1
9.2
12.8
9.8
3.8
4.2
1.1
1.0
5.6
4.7
16.5
13.8
5.7
6.7
Brasil Agro ON
AGRO3
10.20
16.00
56.9%
Overweight
9.3
2.1
8.25
11.50
596
666
67
140
22
-6
8.9
4.3
68.6
27.6
neg
68.6
0.0
0.0
Cosan ON
CSAN3
29.17
34.00
16.6%
Overweight
5.1
24.6
18.84
29.75
11,878
29,654
18,063
24,487
2,671
2,000
1,008
467
0.7
0.5
6.5
6.9
11.8
25.4
0.0
0.0
FHER3
11.95
14.50
21.3%
8.8
33.5
7.82
11.96
579
688
4,461
4,876
331
254
63
97
0.1
0.1
3.9
5.0
9.3
5.9
nd
4.1
Fibria ON *
FIBR3
15.53
17.00
9.5%
5.3
-33.5
12.53
26.54
7,262
23,546
--
5,797
--
2,015
--
-280
nd
1.3
nd
7.9
neg
0.0
0.0
Klabin PN *
KLBN4
8.04
8.00
-0.5%
-0.6
56.6
4.46
8.33
7,378
21,837
3,877
4,140
996
1,205
100
446
1.9
1.8
9.8
8.0
73.6
16.6
nd
1.2
So Martinho ON
SMTO3
20.70
23.00
11.1%
Neutral
22.2
-8.5
16.45
25.69
2,339
1,439
1,295
1,332
578
565
134
138
1.8
1.8
5.2
5.1
17.4
16.9
1.5
1.3
SLC Agrcola ON
SLCE3
16.24
22.00
35.5%
Neutral
7.6
-16.9
13.80
23.30
1,606
2,368
1,268
1,324
293
277
120
104
1.3
1.2
6.6
7.2
13.4
15.4
0.9
2.9
Suzano Papel PNA *
SUZB5
8.13
18.5
-38.3
6.13
15.29
3,324
15,210
4,719
4,985
1,127
1,225
-86
-12
0.7
0.7
7.8
8.9
neg
neg
nd
1.0
Tereos ON
TERI3
2.77
4.20
51.6%
Overweight
2.2
-12.8
2.20
3.45
1,871
560
5,688
6,403
854
971
188
125
0.3
0.3
4.7
3.5
10.0
14.9
4.5
2.5
Ambev PN
AMBV4
64.10
66.00
3.0%
Overweight
0.9
57.2
40.61
68.01
199,845
80,378
26,840
29,170
12,842
14,162
8,455
9,608
7.4
6.9
15.5
13.8
23.6
20.8
2.7
2.8
BRF Foods ON
BRFS3
33.85
42.00
24.1%
Overweight
-1.9
30.4
23.20
37.49
29,533
70,404
25,901
25,767
3,235
3,653
1,823
2,012
1.1
1.1
10.4
8.8
16.2
14.7
2.1
2.9
JBS ON
JBSS3
7.13
7.50
5.2%
Neutral (V)
21.9
22.9
3.42
7.29
21,828
24,998
61,730
71,685
3,175
4,603
439
1,172
0.4
0.3
11.4
7.7
49.7
18.6
0.0
1.4
M Dias Branco ON *
MDIA3
46.80
-1.5
31.1
31.15
49.20
5,309
4,459
2,898
3,238
493
602
350
416
1.8
1.6
11.1
8.7
15.2
12.8
nd
1.8
Marfrig ON
MRFG3
8.53
8.50
Neutral (V)
-3.1
-37.7
5.59
17.15
2,960
33,547
22,028
23,003
1,295
1,600
-369
-79
0.1
0.1
7.2
6.1
neg
neg
0.0
0.0
Minerva ON
BEEF3
6.06
5.40
Neutral
Souza Cruz ON *
CRUZ3
23.17
ALLL3
Aviao e Transportes
10.11
CCR Rodovias ON
CCRO3
Aviao e Transportes
12.80
Ecorodovias ON *
ECOR3
Aviao e Transportes
13.67
Embraer ON *
EMBR3
Aviao e Transportes
12.21
Gol PN
GOLL4
Aviao e Transportes
12.38
Julio Simes ON *
JSLG3
Aviao e Transportes
8.15
12.40
LLX Logstica ON *
LLXL3
Aviao e Transportes
3.61
Localiza ON *
RENT3
Aviao e Transportes
Log-In ON *
LOGN3
Aviao e Transportes
OHL Brasil ON
OHLB3
Aviao e Transportes
68.50
Santos BRP Unit
STBP11
Aviao e Transportes
29.94
TAM PN
TAMM4
Aviao e Transportes
38.24
Tegma ON *
TGMA3
Aviao e Transportes
28.24
31.25
Wilson Sons Unit
WSON11 Aviao e Transportes
28.49
20.57
Indstrias Romi ON *
ROMI3
5.89
9.50
Iochp Maxion ON *
MYPK3
29.89
Marcopolo PN *
POMO4
Randon Part PN *
RAPT4
Weg ON *
WEGE3
Aliansce ON *
8.55
51.99
5.2%
11.1%
-0.4%
-10.9%
20.0
-6.1
4.55
7.12
641
1,042
4,020
4,856
306
366
-9
43
0.2
0.1
5.8
5.2
neg
15.0
0.9
1.2
-1.4%
2.0
61.4
14.36
24.40
35,414
25,560
5,521
5,836
2,390
2,593
1,568
1,814
6.4
6.1
14.4
13.2
22.6
19.5
nd
4.5
19.00
4.7
-11.2
7.58
14.49
6,967
25,205
3,089
3,498
1,525
1,750
363
480
2.3
2.0
7.4
6.6
19.2
14.5
1.3
1.7
14.50
13.3%
5.7
18.9
9.72
13.59
22,600
47,585
5,147
5,467
2,987
3,541
916
1,423
4.4
4.1
9.7
8.2
24.7
15.9
0.0
5.0
11.4
11.08
14.49
7,637
21,193
1,834
2,055
1,028
1,198
394
495
4.2
3.7
10.1
8.8
19.4
15.4
nd
3.1
22.85
Neutral
15.25
11.6%
2.9
15.00
22.9%
3.9
-8.6
8.22
14.06
9,041
15,834
9,346
10,365
1,155
1,243
655
698
1.0
0.9
7.8
7.1
13.8
13.0
nd
1.7
0.1
-44.5
8.86
23.68
3,514
21,827
7,186
7,936
121
771
-742
-8
0.5
0.4
76.3
13.2
neg
neg
0.0
0.0
52.1%
-1.5
-25.3
7.29
11.80
1,641
1,767
2,366
2,777
413
509
54
77
0.7
0.6
7.3
6.3
30.4
21.2
nd
0.9
5.40
49.6%
6.2
-6.5
2.95
5.40
2,503
12,834
59
-117
-58
-38
-64
500.6
42.8
neg
neg
neg
neg
nd
0.0
30.00
34.00
13.3%
12.9
31.2
21.88
30.94
6,051
27,158
2,960
3,572
814
949
289
354
2.0
1.7
9.1
7.8
20.9
17.1
nd
1.4
6.37
9.80
53.8%
-8.0
-33.3
4.83
9.55
584
634
677
719
75
118
-4
0.9
0.8
15.7
10.4
neg
64.9
nd
0.6
13.6
27.6
51.74
69.97
4,719
5,577
2,679
3,145
988
1,179
433
571
1.8
1.5
7.0
6.5
10.9
8.3
1.6
2.3
12.7
35.0
20.02
30.85
3,957
3,850
1,108
1,233
456
511
212
237
3.6
3.2
9.4
8.1
18.7
16.7
nd
2.8
8.4
12.1
22.14
40.99
5,973
13,562
13,022
13,590
1,682
1,225
67
-42
0.5
0.4
7.3
11.5
89.5
neg
3.4
0.0
10.7%
8.6
46.7
17.84
28.49
1,864
1,961
1,489
1,704
202
244
101
129
1.3
1.1
10.1
8.3
18.5
14.4
nd
4.2
-27.8%
15.1
-0.9
22.01
32.98
2,027
653
700
760
159
176
46
63
2.9
2.7
14.4
14.2
44.5
32.0
nd
0.7
61.3%
-12.1
-38.9
5.16
11.26
440
318
661
720
43
71
27
34
0.7
0.6
26.5
6.8
16.3
12.9
nd
2.9
29.90
0.0%
9.7
59.1
15.31
30.83
2,835
10,831
2,828
2,982
413
435
222
228
1.0
1.0
8.0
7.8
12.8
12.4
nd
2.8
8.59
8.50
-1.0%
16.2
58.7
4.93
8.61
3,852
7,993
3,295
3,533
440
458
316
326
1.2
1.1
10.4
9.7
12.2
11.8
nd
4.4
9.96
14.00
40.6%
11.4
-9.2
8.29
12.62
2,428
7,440
4,170
4,333
586
602
283
270
0.6
0.6
5.5
5.7
8.6
9.0
nd
4.2
19.25
21.00
9.1%
1.3
-0.9
14.38
21.81
11,943
4,735
5,105
5,748
875
1,114
604
736
2.3
2.1
14.0
10.6
19.8
16.2
nd
3.0
ALSC3
15.20
18.50
8.2
23.4
11.10
15.48
2,120
4,371
267
368
167
230
95
108
7.9
5.8
16.1
14.9
22.3
19.7
0.0
0.0
BR Brokers ON
BBRK3
6.84
12.00
7.0
-8.0
5.18
8.92
1,319
6,891
413
456
180
205
129
158
3.2
2.9
6.2
4.8
10.2
8.4
0.0
0.0
BR Malls Part ON *
BRML3
20.35
24.00
11.8
37.6
14.51
20.84
9,147
40,996
871
1,146
663
893
412
486
10.5
8.0
16.3
13.4
22.2
18.8
0.0
0.0
BR Properties ON *
BRPR3
20.05
25.25
25.9%
11.1
31.4
14.51
20.10
3,609
14,321
362
546
322
485
118
215
10.0
6.6
17.7
14.4
30.6
16.8
nd
1.4
Brookfield ON *
BISA3
6.19
10.15
64.0%
8.2
-14.8
4.86
8.97
2,756
17,929
3,767
4,138
735
862
349
438
0.7
0.7
7.1
6.3
7.9
6.3
nd
3.6
CCIM3
3.58
5.00
39.7%
-17.7
-47.8
3.00
7.07
405
269
980
1,030
11
147
-80
38
0.4
0.4
106.7
5.7
neg
10.8
nd
1.1
Cyrela Realty ON
CYRE3
16.74
7.0
-1.7
11.05
18.96
7,081
63,693
5,681
6,417
899
1,193
581
784
1.2
1.1
12.9
9.4
12.2
9.0
0.0
0.0
Duratex ON *
DTEX3
9.67
14.50
49.9%
8.1
-22.6
7.78
14.48
5,319
12,137
2,993
3,352
875
957
384
403
1.8
1.6
7.5
6.9
13.9
13.2
nd
2.3
Even ON *
EVEN3
7.21
10.60
47.0%
10.6
2.9
5.02
8.91
1,682
10,435
1,828
1,947
340
382
236
258
0.9
0.9
9.5
8.6
7.1
6.5
nd
4.0
EZTEC ON *
EZTC3
19.03
23.00
20.9%
14.2
52.6
11.92
19.24
2,792
7,115
738
953
277
343
313
368
3.8
2.9
9.1
7.6
8.9
7.6
nd
3.9
Gafisa ON
GFSA3
4.95
8.1
-47.8
4.10
11.18
2,141
78,125
3,882
4,688
587
830
393
616
0.6
0.5
7.2
5.0
5.4
3.5
0.0
0.0
GSHP3
13.80
18.2
26.0
9.61
14.20
697
1,812
135
182
95
131
19
28
5.2
3.8
11.3
8.9
36.6
24.5
nd
0.5
Iguatemi ON *
IGTA3
39.30
8.6
19.5
28.28
42.42
3,115
5,144
322
423
187
265
146
187
9.7
7.4
17.4
13.3
21.3
16.7
0.0
0.0
JHSF Part ON *
JHSF3
5.77
5.6
89.1
2.82
5.90
2,464
1,381
908
1,013
289
282
216
204
2.7
2.4
9.5
9.6
11.4
12.1
nd
2.0
Lopes Brasil ON
LPSB3
34.00
19.7
6.4
23.61
43.30
1,923
5,737
444
496
223
248
129
152
4.3
3.9
6.5
4.9
14.9
12.7
0.0
0.0
Mills ON *
MILS3
21.50
21.5
19.2
14.47
23.51
2,700
6,082
672
911
234
352
92
147
4.0
3.0
13.2
8.8
29.3
18.3
nd
1.1
MRV ON
MRVE3
13.52
16.00
18.3%
8.0
6.6
8.70
15.35
6,526
66,156
3,900
4,485
919
1,090
811
958
1.7
1.5
9.2
7.2
8.0
6.8
0.0
0.0
Multiplan ON *
MULT3
40.00
48.00
10.5
38.0
27.92
42.55
7,168
11,105
660
759
440
532
246
259
10.9
9.4
14.6
12.7
29.1
27.7
0.0
0.0
PDG Realty ON
PDGR3
7.35
14.00
10.9
-15.5
5.59
10.03
8,259
133,051
7,511
8,052
1,480
1,688
1,148
1,370
1.1
1.0
8.7
7.2
7.2
6.0
0.0
0.0
Rodobens Imob. ON *
RDNI3
10.52
37.8%
-8.1
-32.4
9.00
16.21
511
480
753
902
133
167
82
101
0.7
0.6
7.8
6.0
6.2
5.1
nd
6.7
RSID3
9.93
10.3
-16.9
8.00
15.18
2,665
31,026
3,097
4,273
520
767
483
697
0.9
0.6
9.1
5.8
5.5
3.8
0.0
0.0
SierraBrasil ON *
SSBR3
24.30
3.9
21.1
19.40
26.75
1,857
2,661
--
215
--
165
--
119
nd
8.6
nd
10.9
15.6
2.8
2.8
19.00
68.00
-0.7%
34.69
39.00
15.9%
2.0%
20.00
19.5%
10.00
102.0%
16.25
17.8%
6.40
10.9%
37.00
-5.9%
47.00
38.2%
23.00
14.50
17.00
Neutral (V)
Neutral (V)
Neutral (V)
Neutral (V)
Neutral (V)
7.0%
71.2%
32.40
Neutral (V)
33.3%
Neutral (V)
Neutral (V)
24 / 26

Empresa
Cdigo
Setor
ltima
Cotao
(R$)
Tecnisa ON *
TCSA3
9.50
Viver ON
VIVR3
2.30
Alpargatas PN *
ALPA4
Consumo e Varejo
14.35
Arezzo ON
ARZZ3
Consumo e Varejo
29.48
B2W Global ON
BTOW3
Consumo e Varejo
Guararapes ON
GUAR3
Consumo e Varejo
Hering ON
HGTX3
Hypermarcas ON
Preo Alvo
HSBC (R$)
Consenso de
Mercado (R$)
17.00
Potencial de
Valorizao
(%)
Recomendao
HSBC ()
Variao (%)
12 meses (R$)
1M
Min
12M
Mx
Valor de
Mercado
(R$MM)
Vol. Mdio
3 meses
(R$ mil)

2011E
2012E
EBITDA (R$MM)
2011E
Lucro Lquido (R$MM)
2012E
2011E
P/RL (x)
2012E
2011E
VF/EBITDA (x)
2012E
2011E
P/L (x)
2012E
2011E
Dividend Yield (%)
2012E
2011E
2012E
78.9%
-5.5
2.4
8.81
13.71
1,760
7,190
1,663
2,180
389
518
251
310
1.1
0.8
8.0
6.3
7.0
5.7
nd
4.4
16.8
-27.9
1.82
3.36
656
1,570
795
869
87
98
72
89
0.8
0.8
7.7
5.8
9.1
7.4
0.0
0.0
26.6%
12.4
49.2
9.10
14.64
5,072
3,900
2,605
2,948
459
572
375
455
1.9
1.7
10.4
8.1
13.5
11.1
nd
2.8
34.00
17.9
48.7
16.93
30.70
2,610
2,200
699
854
127
165
97
124
3.7
3.1
20.4
15.4
26.8
21.1
1.9
2.1
10.35
4.00
-61.4% Underweight (V)
10.1
-60.0
8.72
27.20
1,654
12,420
4,277
4,619
456
546
-30
26
0.4
0.4
6.7
6.0
neg
63.2
0.0
0.3
80.50
90.00
11.8%
8.2
4.9
66.10
93.49
5,023
963
3,021
3,377
589
786
325
399
1.7
1.5
8.7
6.4
15.4
12.6
1.8
2.2
Consumo e Varejo
41.65
55.00
10.0
75.1
23.12
43.40
6,807
44,489
1,360
1,899
383
543
282
369
5.0
3.6
17.3
12.0
24.1
18.4
1.0
1.4
HYPE3
Consumo e Varejo
11.94
11.00
-7.9%
11.8
-34.7
7.41
21.84
7,484
53,767
3,666
3,846
697
969
-2
396
2.0
1.9
13.4
9.9
neg
18.9
0.0
1.1
Le Lis Blanc ON *
LLIS3
Consumo e Varejo
30.50
12.7
106.0
14.70
30.90
1,746
5,247
489
759
108
171
50
90
3.6
2.3
17.4
11.9
35.2
19.5
nd
1.3
Lojas Americanas PN
LAME4
Consumo e Varejo
17.30
16.00
-7.5%
12.9
37.4
12.38
17.60
13,407
32,758
10,506
11,955
1,561
1,800
384
395
1.3
1.1
12.9
11.4
34.9
33.9
0.7
0.8
Lojas Renner ON
LREN3
Consumo e Varejo
59.83
78.00
9.0
24.1
43.59
65.59
7,348
47,901
3,239
3,706
575
646
337
402
2.3
2.0
12.4
10.8
21.8
18.3
3.4
4.5
Magazine Luiza On *
MGLU3
Consumo e Varejo
9.99
76.6%
9.8
8.92
17.76
1,863
8,624
6,543
7,959
367
498
85
176
0.3
0.2
6.8
5.3
22.0
10.6
nd
2.4
Marisa ON
AMAR3
Consumo e Varejo
20.70
30.00
17.4
2.6
16.54
29.65
3,820
4,942
2,479
2,801
392
556
192
290
1.5
1.4
10.5
7.2
19.9
13.2
0.5
3.8
Multiplus ON
MPLU3
Consumo e Varejo
31.10
34.50
10.9%
-7.8
28.1
21.73
35.10
5,019
10,455
1,247
1,484
315
242
274
245
4.0
3.4
13.1
15.9
18.3
20.5
15.0
4.6
Natura ON *
NATU3
Consumo e Varejo
40.70
9.3
4.0
30.12
46.65
17,551
36,500
5,618
6,336
1,357
1,533
794
881
3.1
2.8
13.3
11.8
22.1
19.9
nd
4.2
Po de Acar PN
PCAR4
Consumo e Varejo
74.00
90.00
21.6%
Overweight
8.4
24.1
54.22
81.88
19,256
32,096
46,595
53,287
2,909
3,971
578
1,068
0.4
0.4
7.9
5.6
33.3
18.0
0.7
1.3
Amil ON
AMIL3
18.05
25.50
41.3%
Overweight
10.5
13.4
14.95
20.74
6,510
9,205
8,894
9,785
525
625
278
328
0.7
0.7
13.5
10.9
23.4
19.8
1.1
0.9
Anhanguera ON
AEDU3
23.49
35.00
49.0%
Overweight
11.6
-31.9
15.20
41.11
3,422
18,241
1,226
1,542
276
314
182
194
2.8
2.2
11.2
11.1
18.9
17.7
0.5
1.5
Cremer ON *
CREM3
16.60
6.6
6.8
12.54
17.60
535
342
459
598
71
97
22
39
1.2
0.9
10.3
7.3
23.9
13.8
nd
2.2
Dasa ON
DASA3
16.50
15.00
-9.1%
Neutral
6.2
-11.9
12.75
23.84
5,145
33,367
2,200
2,465
527
616
188
283
2.3
2.1
11.4
9.6
27.3
18.2
0.9
1.3
Estcio ON
ESTC3
20.00
27.50
37.5%
Overweight
13.3
-6.4
14.55
27.20
1,645
4,542
1,141
1,249
143
179
88
106
1.4
1.3
11.5
9.3
18.8
15.6
0.9
2.5
Fleury ON
FLRY3
21.65
23.50
8.5%
Neutral
-0.6
-6.4
17.82
26.41
3,382
4,697
1,138
1,600
216
347
135
165
3.0
2.1
16.7
10.1
25.0
20.5
1.1
1.1
Kroton Unit
KROT11 Educao, Farmacuticos e Sade
21.40
21.00
-1.9%
Neutral
20.4
6.3
14.27
22.25
2,582
6,554
705
805
89
146
29
79
3.7
3.2
26.1
15.6
89.4
32.8
0.0
0.0
Odontoprev ON
ODPV3
29.11
33.50
15.1%
Overweight
4.4
47.1
19.62
30.42
5,155
11,692
831
968
203
241
157
177
6.2
5.3
24.5
20.5
32.9
29.2
3.2
3.3
Profarma ON *
PFRM3
11.55
13.20
14.3%
10.0
-14.7
8.15
16.19
383
303
2,766
3,065
73
102
32
50
0.1
0.1
6.6
5.0
11.8
7.6
nd
3.5
RaiaDrogasil ON *
RADL3
15.00
16.87
12.4%
13.6
30.9
9.96
15.61
4,956
13,405
4,544
5,542
263
368
142
209
1.1
0.9
17.6
12.5
34.9
23.7
nd
1.1
AES Tiet PN
GETI4
24.55
Neutral
-5.6
17.4
20.47
27.50
9,360
10,754
1,871
1,976
1,463
1,547
828
903
5.0
4.7
6.6
6.2
11.3
10.4
8.8
9.6
Celesc PN *
CLSC4
35.29
5.4
-9.0
29.85
42.24
1,361
1,091
4,184
4,386
623
484
334
233
0.3
0.3
4.4
5.9
4.1
5.8
nd
4.4
Cemig PN
CMIG4
37.30
37.00
Overweight
14.6
56.9
23.41
37.59
25,454
51,740
13,264
14,397
4,710
5,187
1,800
2,338
1.9
1.8
8.1
7.1
14.1
10.9
3.5
4.6
Cesp PNB
CESP6
36.75
33.00
Neutral
14.8
36.9
25.93
38.00
12,036
16,205
2,890
2,985
1,924
1,934
185
380
4.2
4.0
7.9
7.6
65.1
31.7
2.6
3.8
Coelce PNA *
COCE5
34.50
-1.0
34.9
25.80
35.75
2,686
1,808
2,635
2,553
727
544
423
271
1.0
1.1
4.7
6.3
6.3
9.9
nd
6.9
Copasa ON *
Copel PNB
CSMG3
CPLE6

39.95
41.00
CPFL Energia ON
CPFE3
Eletrobrs ON
ELET3
Eletrobrs PNB
Eletropaulo PN
4.00
18.16
32.00
17.64
44.00
20.55
25.50
Neutral (V)
Neutral (V)
4.9%
Neutral (V)
Neutral (V)
8.1%
23.8%
3.9%
41.30
17.0%
37.00
-0.8%
-10.2%
35.00
1.4%
39.22
47.00
-1.8%
14.6%
Neutral
12.1
7.9
48.0
6.9
25.06
31.82
42.60
44.80
4,606
11,220
9,164
25,064
3,213
7,036
3,406
7,453
1,096
2,151
1,170
2,223
484
1,383
529
1,423
1.4
1.6
1.4
1.5
6.3
5.4
6.0
5.0
9.5
8.1
8.7
7.9
nd
2.3
4.1
3.1
26.47
22.00
-16.9%
Neutral
4.2
41.1
18.67
26.73
25,471
14,166
12,024
12,266
3,308
3,777
1,560
1,584
2.1
2.1
10.5
9.1
16.3
16.1
3.0
6.2
18.99
18.30
-3.6%
Neutral
6.3
-12.0
15.23
24.51
25,687
15,986
5,128
3,821
1,832
405
3,592
2,453
5.0
6.7
25.1
114.6
7.2
10.5
3.2
3.2
ELET6
26.86
27.00
0.5%
Neutral
0.9
5.9
20.11
29.81
36,332
16,578
5,128
3,821
1,832
405
3,592
2,453
7.1
9.5
30.9
140.9
10.1
14.8
6.1
6.1
ELPL4
36.76
31.00
-15.7%
Underweight
-1.0
43.5
25.23
37.35
6,152
23,365
9,875
9,812
1,911
1,253
834
311
0.6
0.6
5.1
8.1
7.4
19.8
23.1
4.9
ENBR3
39.75
45.00
13.2%
Overweight
-3.4
18.2
32.97
42.22
6,312
30,336
5,503
6,118
1,468
1,459
586
517
1.1
1.0
7.6
7.6
10.8
12.2
4.0
4.6
Equatorial Energia ON *
EQTL3
12.22
-4.0
18.5
9.70
12.92
1,335
2,697
1,871
1,977
476
520
172
212
0.7
0.7
8.2
7.9
7.8
6.3
nd
13.3
Light ON
LIGT3
26.81
26.50
-12.4
6,141
6,548
1,341
1,462
MPX Energia ON
MPXE3
47.69
46.00
Sabesp ON *
SBSP3
59.58
Tractebel ON
TBLE3
29.88
TRPL4
54.05
Bradespar PN *
BRAP4
36.03
CSN ON
CSNA3
17.88
19.00
6.3%
Underweight
GOAU3
17.00
21.50
26.5%
Neutral
GOAU4
21.92
25.00
14.1%
Gerdau ON
GGBR3
14.24
16.00
Gerdau PN
GGBR4
17.60
19.00
Magnesita ON *
MAGG3
6.58
MMX Minerao ON *
MMXM3
8.30
0.00
Usiminas ON
USIM3
16.02
14.50
-9.5%
Usiminas PNA
USIM5
11.85
12.50
Vale ON
VALE3
44.33
Vale PNA
VALE5
42.63
Braskem PNA
BRKM5
15.20
Comgs PNA *
CGAS5
42.07
44.50
HRTP3
525.00
1,350.00
Lupatech ON
LUPA3
4.91
18.00
OGX Participaes ON
OGXP3
16.82
22.00
OSX ON
OSXB3
14.50
29.00
Petrobras ON
PETR3
25.25
41.00
Petrobras PN
PETR4
23.50
37.00
QGEP3
14.09
Abc Brasil PN
ABCB4
Servios Financeiros
13.25
14.50
9.4%
Banco do Brasil ON
BBAS3
Servios Financeiros
26.08
34.00
30.4%
Banrisul PNB *
BRSR6
Servios Financeiros
20.25
Bicbanco PN
BICB4
Servios Financeiros
7.72
9.00
16.6%
BM&F Bovespa ON
BVMF3
Servios Financeiros
11.60
11.60
0.0%
13.00
59.41
36.00
6.4%
-1.2%
Overweight
-3.5%
Overweight
15.4
22.70
31.12
5,467
26,706
579
0.9
0.8
6.4
5.9
10.9
9.4
4.9
5.6
-2.7
55.6
30.29
51.50
6,520
24,944
123
958
-77
189
-77
210
53.2
6.8
neg
55.4
neg
31.0
0.0
0.0
11.1
47.9
39.00
61.62
13,575
14,577
9,561
10,104
3,172
3,470
1,324
1,498
1.4
1.3
6.8
6.2
10.3
9.1
nd
3.1
-2.1
27.8
22.74
31.88
19,504
18,366
4,364
4,986
2,863
2,926
1,335
1,319
4.5
3.9
8.4
8.2
14.6
14.8
0.0
5.3
-6.5
21.7
39.78
59.47
8,206
8,993
2,125
2,257
1,440
1,585
857
935
3.9
3.6
6.9
6.7
9.6
8.8
nd
10.5
10.0
-12.3
29.79
43.22
12,594
27,839
--
2,311
--
2,268
--
2,084
nd
5.5
nd
6.0
6.0
5.4
5.4
8.7
-30.1
12.80
26.67
26,069
58,522
16,523
17,879
6,521
6,599
3,439
2,550
1.6
1.5
5.9
6.0
7.6
10.2
4.0
2.9
2.1
-23.3
12.23
23.05
7,016
977
35,330
39,448
4,552
5,208
851
950
0.2
0.2
10.5
8.9
8.2
7.4
3.1
3.1
Neutral
7.7
-15.8
13.57
27.66
9,046
22,332
35,330
39,448
4,552
5,208
851
950
0.3
0.2
11.7
10.0
10.6
9.5
2.4
2.4
12.4%
Neutral
6.7
-15.1
9.15
17.92
24,488
1,957
35,330
39,448
4,572
5,231
1,876
2,179
0.7
0.6
9.3
7.9
13.0
11.2
2.3
3.7
8.0%
Neutral
-0.3%
20.5%
57.50
6.4%
49.00
36.0%
Overweight
501
7.7
-20.6
10.54
23.64
30,266
121,023
35,330
39,448
4,572
5,231
1,876
2,179
0.9
0.8
10.9
9.3
16.1
13.9
1.9
3.0
9.75
48.2%
12.7
-24.5
5.19
8.87
1,921
2,324
2,309
2,506
387
419
115
143
0.8
0.8
7.3
6.9
16.8
13.4
nd
1.8
11.00
-100.0%
20.8
-9.8
5.81
11.48
5,143
32,244
1,044
1,242
261
356
-12
119
4.9
4.1
23.6
21.4
neg
43.2
nd
0.0
Underweight
-7.4
-39.3
15.25
32.48
16,241
8,616
11,816
13,151
1,285
1,610
211
332
1.4
1.2
15.3
12.5
77.1
48.8
0.4
0.7
5.5%
Underweight
8.3
-37.5
9.71
21.64
12,013
59,101
11,816
13,151
1,285
1,610
211
332
1.0
0.9
12.0
9.9
57.0
36.1
0.7
1.0
48.50
9.4%
Neutral (V)
7.1
-15.2
37.81
55.06
237,844
168,046
59,218
84,698
56,332
59,351
39,452
38,721
4.0
2.8
4.8
4.6
6.0
6.1
7.4
4.0
42.50
-0.3%
Neutral (V)
7.9
-7.3
34.64
47.68
228,723
651,657
59,218
84,698
56,332
59,351
39,452
38,721
3.9
2.7
4.7
4.5
5.8
5.9
8.4
4.6
17.00
11.8%
Neutral
17.7
-21.9
12.66
25.05
12,185
20,156
33,937
31,296
4,189
3,243
1,020
1,067
0.4
0.4
5.3
6.8
11.9
11.4
0.0
0.0
5.8%
2.0
3.0
30.75
47.49
5,041
2,862
4,078
4,465
937
1,057
382
484
1.2
1.1
7.3
6.5
13.2
10.4
nd
7.6
157.1%
35.3
-68.5
372.00 2,220.00
3,074
31,088
13
292
-330
-156
-181
-108
234.4
10.5
neg
neg
neg
neg
nd
0.0
9.4
-70.2
3.38
17.60
234
5,844
652
788
98
179
-56
-4
0.4
0.3
14.1
8.0
neg
neg
0.0
0.0
20.3
-5.8
9.09
20.90
54,392
230,583
81
1,009
586
-764
-398
671.4
53.9
7,523.5
100.8
neg
neg
0.0
0.0
28.9
-13.5
10.80
21.60
4,068
8,311
184
112
152
-7
560.4
22.1
750.1
74.2
26.8
neg
0.0
0.0
1.7
-10.6
19.11
32.55
329,374
142,581
230,155
258,980
80,562
99,809
40,402
48,826
1.4
1.3
4.7
3.9
8.2
6.7
3.9
3.3
24.00
23.50
62.4%
Overweight
57.4%
Overweight
2.6
-6.4
17.57
27.95
306,546
510,108
230,155
258,980
80,562
99,809
40,402
48,826
1.3
1.2
4.5
3.7
7.6
6.3
4.2
3.5
-6.1
-25.8
12.10
25.00
3,745
9,723
306
435
183
303
171
259
12.2
8.6
15.5
9.7
21.9
14.5
nd
0.0
Overweight
6.0
10.9
8.17
13.40
1,797
1,862
697
836
236
276
2.6
2.1
nd
nd
7.6
6.5
5.9
7.0
Overweight
9.2
-0.8
20.34
29.80
74,608
159,128
58,850
65,152
11,086
11,232
1.3
1.1
nd
nd
6.7
6.6
6.5
6.8
5.7
31.2
12.66
21.58
8,282
8,293
3,417
4,007
996
2.4
2.1
nd
nd
9.2
8.3
nd
4.8
Overweight
-3.6
-28.4
6.56
12.21
1,952
972
1,434
1,560
Overweight
10.4
5.3
7.31
12.14
22,968
130,613
1,859
2,140
70.3%
16.0%
25 / 26
1,389
1,603
904
257
299
1.4
1.3
nd
nd
7.6
6.5
4.6
5.4
1,219
1,464
1,596
1,731
12.4
10.7
17.4
13.9
14.4
13.3
3.7
3.9

Empresa
Cdigo
Setor
ltima
Cotao
(R$)
Preo Alvo
HSBC (R$)
Consenso de
Mercado (R$)
Potencial de
Valorizao
(%)
Recomendao
HSBC ()
Bradesco PN
BBDC4
Servios Financeiros
30.91
35.00
13.2%
Brasil Insurance ON
BRIN3
Servios Financeiros
19.50
26.30
Cetip ON
CTIP3
Servios Financeiros
29.23
31.00
6.1%
Cielo ON
CIEL3
Servios Financeiros
55.00
61.00
Cruzeiro do Sul PN
CZRS4
Servios Financeiros
13.61
10.50
CSU Cardsystem ON *
CARD3
Servios Financeiros
4.17
Daycoval PN
DAYC4
Servios Financeiros
10.69
10.00
Ita Unibanco PN
ITUB4
Servios Financeiros
36.30
43.50
Itasa PN *
ITSA4
Servios Financeiros
11.88
Paran Banco PN
PRBC4
Servios Financeiros
11.75
11.00
-6.4%
Pine PN
PINE4
Servios Financeiros
12.65
15.50
22.5%
Porto Seguro ON *
PSSA3
Servios Financeiros
22.10
Redecard ON
RDCD3
Servios Financeiros
36.10
39.00
8.0%
Santander BR Unit
SANB11 Servios Financeiros
17.49
18.50
Sofisa PN
SFSA4
Servios Financeiros
3.33
3.50
Sul Amrica Unit *
SULA11
Servios Financeiros
17.52
19.00
Tempo Part ON *
TEMP3
Servios Financeiros
4.07
Valid ON *
VLID3
Servios Financeiros
23.83
7.50
Neutral
Variao (%)
12 meses (R$)
1M
Min
12M
Mx
Valor de
Mercado
(R$MM)
Vol. Mdio
3 meses
(R$ mil)

2011E
2012E
EBITDA (R$MM)
2011E
-2.6
7.4
24.53
33.13
118,224
178,969
54,662
60,892
6.9
3.9
14.68
22.00
1,849
4,673
252
367
145
Overweight
12.1
24.9
19.66
29.88
7,415
32,288
689
859
10.9%
Overweight
14.2
105.7
26.53
58.16
30,025
88,064
4,748
5,513
-22.9%
Underweight
-0.7
-9.4
13.36
15.26
1,861
1,390
1,105
1,323
-5.2
-23.1
3.67
5.50
194
287
398
432
79.9%
Lucro Lquido (R$MM)
2012E
2011E
2012E
P/RL (x)
2011E
VF/EBITDA (x)
2012E
2011E
P/L (x)
2012E
2011E
Dividend Yield (%)
2012E
2011E
2012E
11,198
11,853
2.2
1.9
nd
nd
10.6
10.0
2.8
3.3
228
141
203
7.3
5.0
10.0
6.4
13.1
9.1
1.1
1.9
481
616
199
322
10.8
8.6
25.4
19.3
37.3
23.0
0.8
1.7
2,939
3,620
1,796
2,222
6.3
5.4
10.1
8.2
16.7
13.5
6.1
4.2
164
206
1.7
1.4
nd
nd
11.4
9.0
2.2
2.7
63
75
27
33
0.5
0.4
3.8
3.2
7.2
5.9
nd
nd
314
321
2.2
1.8
nd
nd
7.4
7.2
4.5
4.7
14,642
17,132
2.5
2.2
nd
nd
11.3
9.7
2.6
2.3
5,134
5,811
11.0
9.6
neg
neg
10.2
9.0
nd
3.8
-6.5%
Neutral
13.6
-2.7
7.21
12.01
2,313
2,666
1,070
1,261
19.8%
Overweight
2.0
7.9
24.64
38.61
165,925
269,137
67,596
74,249
1.0
8.5
7.92
12.68
52,456
104,053
4,756
5,446
Neutral
11.4
-2.6
8.64
12.29
1,029
364
405
423
120
137
2.5
2.4
nd
nd
8.6
7.5
0.4
0.8
Overweight
-1.2
1.4
7.93
13.30
1,095
353
541
717
135
179
2.0
1.5
nd
nd
8.1
6.1
6.1
8.4
4.9
-5.1
16.13
27.84
7,241
7,697
8,664
9,722
843
914
621
717
0.8
0.7
neg
neg
11.7
10.1
nd
3.7
Overweight
24.7
110.2
16.94
36.74
24,294
109,483
3,622
4,096
2,196
2,605
1,348
1,649
6.7
5.9
11.2
9.4
18.0
14.7
5.8
5.3
5.8%
Neutral
11.7
-2.8
12.34
19.74
66,469
40,653
36,592
38,447
7,754
8,078
1.8
1.7
nd
nd
8.6
8.2
5.8
6.0
5.1%
Underweight
-4.7
-26.1
2.63
4.78
459
73
189
292
20
70
2.4
1.6
nd
nd
23.3
6.6
1.8
4.6
8.4%
16.8
9.5
12.32
20.48
4,928
11,745
9,076
10,293
263
295
400
492
0.5
0.5
neg
neg
12.3
10.0
nd
4.4
4.85
19.2%
8.8
2.3
2.86
4.44
636
380
1,055
1,204
47
74
32
48
0.6
0.5
11.7
6.9
19.9
13.2
nd
2.2
26.50
11.2%
7.6
38.2
15.56
24.37
1,329
2,701
861
950
185
208
110
123
1.5
1.4
7.5
6.4
12.1
10.8
nd
4.6
13.85
24.50
16.6%
10.9%
26 / 26
4,444
5,059

StockGuide 13022012

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HSBC STOCK GUIDE - BRASIL

So Paulo, 13 de Fevereiro de 2012

INSTRUES GERAIS DE USO (Pgina 1 / 2)

Classificao HSBC: Baseada na expectativa de retorno total

Volume Mdio 3 Meses: Volume financeiro dirio mdio da ao nos

Setor: Setor (macro) no qual a empresa est inserida.

ltima Cotao: Preo de fechamento do dia anterior, cotado na

Custo de Oportunidade: atualmente em 14,0% para o mercado

Os valores apresentados no relatrio para cada empresa so

Variao: Desempenho da ao no ltimo ms (1M) e nos ltimos

VF / EBITDA: Valor da Firma (VF = Valor de Mercado + Dvida

INSTRUES GERAIS DE USO (Pgina 2 / 2)

Energia Eltrica e Saneamento

Construo Civil e Materiais

ALL Amrica Lat Log ON

Alimentos, Bebidas e Fumo

Educao, Farmacuticos e Sade

Educao, Farmacuticos e Sade

Telecom, Mdia e Tecnologia

Construo Civil e Materiais

Construo Civil e Materiais

Construo Civil e Materiais

Agronegcios, Papel e Celulose

Alimentos, Bebidas e Fumo

Construo Civil e Materiais

Construo Civil e Materiais

Energia Eltrica e Saneamento

Energia Eltrica e Saneamento

Energia Eltrica e Saneamento

Energia Eltrica e Saneamento

Telecom, Mdia e Tecnologia

Energia Eltrica e Saneamento

Energia Eltrica e Saneamento

Agronegcios, Papel e Celulose

Energia Eltrica e Saneamento

Educao, Farmacuticos e Sade

Construo Civil e Materiais

Educao, Farmacuticos e Sade

Construo Civil e Materiais

Energia Eltrica e Saneamento

Energia Eltrica e Saneamento

Energia Eltrica e Saneamento

Energia Eltrica e Saneamento

Energia Eltrica e Saneamento

Educao, Farmacuticos e Sade

Construo Civil e Materiais

Construo Civil e Materiais

Agronegcios, Papel e Celulose

Agronegcios, Papel e Celulose

Educao, Farmacuticos e Sade

Construo Civil e Materiais

Construo Civil e Materiais

Construo Civil e Materiais

Alimentos, Bebidas e Fumo

Construo Civil e Materiais

Agronegcios, Papel e Celulose

Educao, Farmacuticos e Sade

Energia Eltrica e Saneamento

Construo Civil e Materiais

Alimentos, Bebidas e Fumo

Alimentos, Bebidas e Fumo

Construo Civil e Materiais

Alimentos, Bebidas e Fumo