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Panorama do Mercado

26 de agosto de 2016

EMPRESAS: NOTCIAS E COMENTRIOS


Cdigo da Ao RENT3

Localiza Nada Precificado Alm de uma Perspectiva Recomendao Market Perform

Favorvel Cu de Brigadeiro; Introduo do Preo-Alvo Para


ltimo Preo BRL 40,4
o Final de 2017 Preo Alvo BRL 42,0

Brasil Publicado em 25 de Agosto de 2016 Vol. Negoc. Dirio m BRL 35,6


Pot. Valorizao (%) 3,9
Renato Salomone, CNPI - Renata Faber, CNPI - Thais Cascello, CNPI - Thais Piovesan

Estamos atualizando o nosso modelo da Localiza para uma classificao de market-perform, a fim de
2016 2017
incorporar um panorama macro mais favorvel e um custo do capital menor, estendendo o nosso preo-alvo
ao final de 2017 para R$ 42,00 por ao. P/L 21,5 18,4
EV/EBITDA 10,1 9,0
A Localiza apresentou slidos resultados, apesar da situao fortemente desfavorvel, e a ao merece
ser negociada a um prmio na medida em que o ciclo mude a seu favor.

O panorama macro mais positivo parece ter sido descontado pelo mercado, havendo baixa possibilidade
de um aumento nas nossas estimativas.

A depreciao e a concorrncia so riscos que foram colocados de lado no momento, mas que no
devem ser ignorados.

Efetivamente, uma campe. Conforme mencionamos em nosso relatrio de um ano atrs intitulado Ainda
Uma Campe (19 de julho de 2015), mesmo que a Localiza estivesse sendo pressionada por um ambiente
competitivo mais difcil naquela poca, o modelo de negcios da companhia permaneceu forte e difcil de
replicar, o que recentemente se tornou evidente. A companhia apresentou resultados alm do esperado nos
dois ltimos trimestres, apesar das condies vigentes desfavorveis, justificando uma impressionante
reclassificao da ao, que est sendo negociada a 20,1x os resultados futuros de doze meses (18,4x o P/L
para 2017), em comparao com o mltiplo futuro mdio de dez anos de 17,1x. A distribuio do ROE da
Localiza (apresentada pgina 2 do relatrio) demonstra que uma recuperao no giro dos ativos deve
representar o principal fator por trs de uma recuperao no ROE da companhia para 22,2% em 2018 (a partir
de uma estimativa geral de 18,9% em 2016), o que tambm est refletido na taxa composta de crescimento
anual (CAGR) do LPA de 21,0% no perodo de 2016/18 assumida em nosso modelo.

Todas as boas notcias esto sendo descontadas pelo mercado... No apenas os ganhos da Localiza so
sensveis taxa Selic, mas com aproximadamente 80% do valor presente de seu fluxo de caixa declarados
para 2023 e alm, um achatamento da curva dos rendimentos soberanos apresenta um impacto significativo
sobre o seu valor patrimonial. Mais especificamente, nosso modelo sugere que uma contrao de 1,0 pp no
custo mdio ponderado do capital da companhia impulsiona o valor patrimonial da Localiza em 19% um
relacionamento que explica amplamente o forte desempenho da Localiza no acumulado do ano. Todavia, o
ritmo do fechamento da curva dos ganhos durante as ltimas semanas desacelerou, porm o desempenho da
ao da Localiza ganhou momentum (conforme indicado pgina 3 deste relatrio), sugerindo um otimismo
excessivo em relao ao.

...e os riscos foram colocados de lado por enquanto. A depreciao e a concorrncia foram
superestimadas h um ano, porm o mercado agora parece estar minimizando estes riscos. Com relao ao
primeiro, com o preo dos automveis novos no sendo mais atualizado de acordo com a inflao, a
Localiza Nada Precificado
depreciao mdia anualizada por veculo da Localiza na diviso de locao (RAC) saltou de R$ 406 no 2T15 Alm de uma Perspectiva
para R$ 997 no 2T16; enquanto a depreciao por veculo permanece abaixo dos nveis histricos, Favorvel Cu de Brigadeiro;
Introduo do Preo-Alvo Para
projetamos que esta ir continuar acelerando para R$ 1.254 na diviso RAC e para R$ 4.241 na diviso de o Final de 2017
Frotas em 2017. No que se refere concorrncia, a consolidao comeou a ocorrer em virtude das
dificuldades das pequenas companhias de locao de automveis, porm a Unidas e a Movida tambm se
beneficiaram desta tendncia, e provavelmente devem registrar um crescimento mais rpido no final do ano,
na medida em que melhorem as fontes e os custos dos financiamentos.

Na pgina 13 do presente relatrio podem ser encontradas divulgaes importantes, certificaes dos analistas e informaes adicionais. O Ita BBA efetua e procura efetuar negcios com as Empresas
cobertas no presente relatrio de pesquisa. Conseqentemente, os investidores devem estar cientes de que pode haver conflito de interesse capaz de afetar a objetividade deste relatrio. Os investidores no
devem considerar este relatrio como fator nico ao tomarem suas decises de investimento. A Ita Corretora de Valores S.A. uma diviso do Grupo Ita Unibanco. Ita BBA uma marca registrada
usada pela Ita Corretora de Valores S.A.
Panorama do Mercado 26 de agosto de 2016

Introduzindo um preo-alvo para o final de 2017 de R$ 42,00 por ao. A principal alterao em nosso
modelo foi uma reduo no custo mdio ponderado do capital (WACC, na sigla em ingls) para 12,3%, em
relao aos 14,1% anteriores. Ao nvel operacional, incorporamos o panorama mais otimista da nossa equipe
macroeconmica (incluindo um crescimento do PIB de 4,0% e uma taxa Selic ao final do ano de 8,5% em
2018), o que foi compensado parcialmente por uma perspectiva mais conservadora em relao depreciao.
A Localiza deve recuperar a lucratividade e apresentar um forte crescimento dos lucros por ao nos prximos
anos, na medida em que o panorama para o setor de locao de veculos no Brasil se torne mais brilhante,
porm acreditamos que o mercado j descontou amplamente as boas notcias em torno da tese de
investimento da Localiza, justificando a nossa classificao de market perform (desempenho em linha com a
mdia do mercado).

Ita BBA
2
Panorama do Mercado 26 de agosto de 2016
Guia de Aes
Brasil
Volum e
Preo Upside Valor de
Cdigo Em presa Rec Moeda Preo Alvo ADR - USD P/L(x) VE/LAJIDA(x) FCFE Yield P/BV Dividend Yield 3M Apreciao
atual (%) Mercado
m ilhes
Preo Upside
Cdigo Preo Alvo 2015 2016 2017 2015 2016 2017 2016 2017 2016 2017 2016 2017 U1M U3M U12M
atual (%)
Agribusiness
RUMO3 Rumo Log MP BRL 7.2 7.5 3.9 9,668 n/a n/a n/a n/a n.m. n.m. n.m. 10.4 8.2 7.5 n/a n/a 1.6 1.6 0.0 0.0 63.2 21.7 79.4 -1.5
FHER3 Fer Heringer ON MP BRL 2.4 1.5 -37.5 129 n/a n/a n/a n/a n.m. 11.9 1.1 8.4 6.2 5.6 n/a n/a 0.5 0.4 2.1 22.4 0.3 2.2 32.0 32.8
OFSA3 Ouro Fino ON n/a BRL 38.5 42.0 9.1 2,077 n/a n/a n/a n/a 30.0 25.8 16.6 19.1 15.2 10.8 0.0 n/a 4.7 3.8 0.8 1.0 0.2 -10.5 -14.4 15.8
SLCE3 SLC Agricola ON OP BRL 14.5 23.0 58.9 1,405 n/a n/a n/a n/a 17.6 9.8 6.5 7.8 6.3 5.0 4.4 5.7 0.6 0.6 1.4 3.0 4.0 -7.9 -4.5 -11.4
SMTO3 Sao Martinho ON OP BRL 48.6 60.0 23.6 5,489 n/a n/a n/a n/a 20.2 17.0 14.9 5.6 4.8 4.0 9.3 12.3 2.0 1.7 1.7 2.4 13.1 -3.2 -5.8 70.3
Mdia ponderada do setor 16.7 31.4 9.9
Banking & Financial Services
ABCB4 Abc Brasil PN OP BRL 13.5 13.5 0.3 2,149 n/a n/a n/a n/a 5.8 5.7 5.2 n/a n/a n/a n/a n/a 0.8 0.7 4.4 4.8 2.3 -2.5 14.7 70.5
BBAS3 Banco do Brasil ON OP BRL 22.4 26.0 15.9 62,672 n/a n/a n/a n/a 5.4 7.3 6.4 n/a n/a n/a n/a n/a 0.7 0.6 3.8 3.9 187.3 9.1 41.9 34.2
BBDC4 Bradesco PN OP BRL 28.3 36.4 28.8 156,279 BBD 8.7 10.4 19.4 8.7 9.1 8.0 n/a n/a n/a n/a n/a 1.5 1.4 3.3 3.7 270.8 -3.0 15.8 44.2
BBSE3 BB Seguridade ON OP BRL 29.0 34.0 17.2 58,040 n/a n/a n/a n/a 14.7 13.9 13.6 n/a n/a n/a n/a n/a 6.3 5.8 5.7 5.9 117.0 -1.0 7.8 5.0
BRSR6 Banrisul PNB MP BRL 10.6 9.1 -14.4 4,351 n/a n/a n/a n/a 6.2 6.6 5.5 n/a n/a n/a n/a n/a 0.7 0.6 6.1 7.3 9.3 3.5 30.8 58.5
CIEL3 Cielo ON MP BRL 33.9 40.5 19.6 76,637 n/a n/a n/a n/a 20.9 18.1 16.5 16.9 14.8 13.2 2.1 3.5 5.9 4.8 1.6 1.8 137.7 -6.4 8.0 7.8
GPIV33 GP Investimentos UR BRL 6.9 UR UR 833 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.1 11.5 0.0 15.1
MPLU3 Multiplus ON MP BRL 42.0 50.0 19.0 6,814 n/a n/a n/a n/a 14.3 12.9 14.1 12.2 10.7 11.5 7.8 7.4 27.7 27.7 7.7 7.1 10.0 -0.5 17.2 18.6
PARC3 Par Corretora ON OP BRL 12.8 18.0 40.6 2,047 n/a n/a n/a n/a 20.5 14.8 12.9 10.4 9.7 8.3 6.5 7.5 17.6 17.6 6.8 7.7 3.2 4.1 16.9 1.1
SANB11 Santander UNIT UP BRL 22.5 16.5 -26.7 84,703 BSBR 6.9 3.9 -44.0 15.6 14.4 12.2 n/a n/a n/a n/a n/a 1.5 1.4 3.2 5.1 19.4 12.8 25.9 80.2
SMLE3 Smiles ON OP BRL 49.6 68.0 37.0 6,117 n/a n/a n/a n/a 16.5 12.0 11.3 13.8 9.8 8.8 3.8 14.2 6.9 6.7 8.4 8.9 29.3 -10.4 17.7 8.5
VLID3 Valid ON OP BRL 30.6 39.0 27.3 1,983 n/a n/a n/a n/a 14.9 18.7 12.0 8.2 7.7 6.4 4.4 8.0 1.8 1.7 3.0 5.6 12.0 1.2 1.9 -27.9
Mdia ponderada do setor 10.4 10.9 9.7
Consumer Goods & Retail
ALPA4 Alpargatas PN MP BRL 10.2 10.0 -1.5 4,775 n/a n/a n/a n/a 17.5 9.5 8.0 9.0 6.7 5.6 6.5 9.9 2.0 1.8 5.3 7.8 6.6 -10.2 5.1 46.2
AMAR3 Marisa ON MP BRL 9.1 10.0 9.9 1,857 n/a n/a n/a n/a n.m. n.m. n.m. 8.4 7.4 5.9 n/a n/a 1.6 1.5 0.0 0.5 0.8 11.0 16.8 14.4
ARCO Arcos Dorados OP USD 5.4 7.5 37.9 1,146 n/a n/a n/a n/a n.m. 30.8 40.9 7.3 7.9 7.0 n/a n/a 3.6 3.3 0.0 0.0 2.8 -5.2 20.1 67.7
ARZZ3 Arezzo ON OP BRL 25.8 26.1 1.1 2,290 n/a n/a n/a n/a 19.1 17.7 16.3 13.7 12.2 10.5 5.3 4.4 3.4 3.3 3.4 4.9 4.2 -6.1 2.1 27.3
BTOW3 B2W Varejo ON MP BRL 16.3 11.0 -32.4 4,156 n/a n/a n/a n/a n.m. n.m. n.m. 10.4 11.4 9.3 n/a n/a 1.3 1.4 0.0 0.0 13.9 20.4 54.4 4.3
GUAR3 Guararapes ON MP BRL 71.4 80.0 12.0 4,456 n/a n/a n/a n/a 8.3 17.9 11.9 7.5 8.9 7.0 n/a 5.3 1.3 1.3 4.2 4.2 1.4 8.3 49.2 56.0
HGTX3 Cia Hering ON MP BRL 17.7 19.6 10.5 2,852 n/a n/a n/a n/a 10.1 11.6 10.7 10.4 8.8 7.0 9.0 7.5 2.1 1.9 3.9 4.2 7.5 -4.1 32.0 32.6
HYPE3 Hypermarcas ON MP BRL 26.1 27.5 5.5 16,466 n/a n/a n/a n/a 29.4 20.6 17.4 15.1 12.7 11.0 n/a 5.4 1.5 1.4 0.0 3.9 88.7 3.9 -8.4 62.1
LAME4 Lojas Americ PN OP BRL 18.8 18.1 -3.7 26,518 n/a n/a n/a n/a n.m. n.m. 43.7 12.5 11.4 9.7 n/a 1.8 8.8 8.1 0.0 1.5 37.4 6.1 23.3 55.0
LLIS3 Le Lis Blanc ON UR BRL 4.2 UR UR 1,378 n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR UR UR 0.5 7.7 17.6 5.0
LREN3 Lojas Renner ON MP BRL 25.7 30.3 18.1 497,839 n/a n/a n/a n/a n.m. n.m. n.m. n.m. n.m. n.m. 0.1 0.1 n/a n/a 0.0 0.1 71.9 -8.0 16.4 32.4
MGLU3 Magazine Luiza ON MP BRL 61.8 9.3 -84.9 1,383 n/a n/a n/a n/a n.m. n.m. 40.0 8.8 8.9 8.4 n/a n/a 2.2 2.1 0.0 0.6 7.7 46.2 82.0 188.0
NATU3 Natura ON UP BRL 32.5 21.1 -35.2 14,024 n/a n/a n/a n/a 24.1 23.2 19.0 11.5 11.3 10.2 3.8 3.5 14.7 12.7 4.1 4.2 31.0 18.3 51.9 46.2
PCAR4 P.Acucar-CBD PN MP BRL 53.1 49.2 -7.3 14,084 CBD 16.4 0.0 -100.0 n.m. 31.5 18.4 10.4 8.0 6.7 n/a 4.7 0.9 0.9 2.0 3.1 40.9 -3.4 27.2 -12.1
RADL3 RaiaDrogasil ON OP BRL 60.2 58.0 -3.7 19,889 n/a n/a n/a n/a n.m. 39.7 31.4 27.4 21.0 16.8 0.3 0.9 7.0 6.2 1.1 1.4 59.4 -8.6 3.2 56.8
VVAR11 Via Varejo UNIT MP BRL 6.6 8.2 23.7 2,853 n/a n/a n/a n/a n.m. 13.6 9.3 4.1 4.7 4.8 n/a n/a 0.6 0.6 1.8 2.7 8.4 -18.7 4.4 11.4
Mdia ponderada do setor 166.1 143.8 98.4
Food & Beverage
ABEV3 Ambev ON MP BRL 19.3 20.0 3.6 302,451 ABEV 6.0 4.4 -25.5 24.3 22.0 18.1 13.2 13.1 11.8 4.9 5.4 6.4 6.3 4.9 5.4 233.1 1.0 5.5 12.3
BEEF3 Minerva ON OP BRL 9.3 16.0 71.3 2,240 n/a n/a n/a n/a n.m. 47.0 8.5 6.4 5.0 4.5 7.9 18.0 4.8 3.1 0.0 0.5 8.4 -1.8 -3.6 -12.7
BRFS3 BRF Foods ON MP BRL 53.9 56.0 4.0 43,633 BRFS 16.8 0.0 -100.0 14.9 27.7 17.7 9.6 10.9 9.3 n/a 2.9 2.9 2.7 1.8 2.8 114.3 4.2 19.8 -16.5
JBSS3 JBS ON OP BRL 12.1 18.0 49.1 33,897 n/a n/a n/a n/a 7.3 8.5 5.8 6.1 5.0 4.5 8.1 10.1 1.3 1.1 3.4 2.9 75.4 15.1 15.2 -10.4
MDIA3 M. Diasbranco ON MP BRL 119.6 115.0 -3.8 13,513 n/a n/a n/a n/a 22.4 25.4 20.9 20.3 20.3 16.3 1.8 2.8 3.3 2.9 1.1 1.0 16.8 8.7 32.7 92.4
MRFG3 Marfrig ON OP BRL 5.2 11.0 112.8 3,201 n/a n/a n/a n/a n.m. n.m. 7.0 5.9 5.0 4.7 n/a 11.2 4.2 1.0 0.0 0.0 12.7 -8.5 -19.2 -15.9
Mdia ponderada do setor 17.8 16.5 12.2
Healthcare + Education
ANIM3 Anima ON MP BRL 14.5 13.0 -10.5 1,205 n/a n/a n/a n/a 11.1 9.6 9.6 7.4 6.6 5.9 10.9 9.4 1.5 1.3 0.0 0.0 2.3 -5.7 42.1 15.7
FLRY3 Fleury ON OP BRL 37.3 44.1 18.5 5,822 n/a n/a n/a n/a n.m. 47.6 29.9 17.3 17.2 13.5 1.6 2.6 3.3 3.0 0.4 0.5 18.1 22.5 40.3 116.9
ODPV3 Odontoprev ON UP BRL 12.6 11.0 -12.7 6,694 n/a n/a n/a n/a 30.0 13.8 19.6 19.1 17.4 13.4 4.0 5.1 10.2 9.4 6.9 4.3 19.0 -5.8 13.3 39.2
QUAL3 Qualicorp ON MP BRL 22.0 17.6 -19.7 6,021 n/a n/a n/a n/a 26.5 15.1 17.1 9.7 8.7 7.5 7.3 9.3 2.7 2.5 2.1 1.5 39.6 5.7 40.5 49.6
Mdia ponderada do setor -0.6 1.0 20.9
Oil, Gas & Petrochemicals
BRKM5 Braskem PNA OP BRL 21.7 27.5 26.5 17,333 BAK 13.5 15.7 16.5 6.0 4.2 3.6 5.3 3.9 3.4 n/a 13.5 3.5 2.4 8.9 6.9 25.8 15.3 7.6 91.2
CGAS5 Comgas PNA OP BRL 52.7 49.0 -6.9 6,309 n/a n/a n/a n/a 9.0 9.7 11.6 5.4 6.2 6.7 26.3 9.0 2.9 2.8 26.2 6.9 3.9 1.9 21.2 83.6
CSAN3 Cosan ON OP BRL 36.1 32.3 -10.6 14,705 CZZ 7.0 14.2 104.0 41.4 10.6 9.7 n.m. 5.7 5.2 0.0 0.0 1.1 1.0 2.7 2.7 30.9 5.1 7.1 115.3
PETR4 Petrobras PN OP BRL 12.5 14.0 11.7 163,447 PBR/A 7.7 8.6 11.4 n.m. 14.3 12.1 n.m. 7.3 6.8 30.8 16.8 0.6 0.6 1.7 2.1 535.3 3.9 45.4 59.8
PRIO3 Petrorio ON UP BRL 14.6 2.9 -80.1 433 n/a n/a n/a n/a n.m. 4.8 13.4 n.m. 1.4 1.7 25.3 n/a 0.6 0.6 0.0 0.0 0.2 -4.2 -3.2 6.8
QGEP3 QGEP ON OP BRL 5.6 7.3 29.7 1,496 n/a n/a n/a n/a n.m. 8.5 4.7 n.m. 3.0 2.0 4.3 26.1 0.5 0.5 0.0 15.0 5.2 26.4 49.5 -0.9
UGPA3 Ultrapar ON OP BRL 74.3 86.4 16.3 41,650 n/a n/a n/a n/a 27.5 26.6 22.3 11.9 11.5 10.7 3.7 1.4 5.0 4.6 2.3 2.7 89.8 3.3 7.2 28.3
Mdia ponderada do setor -8.3 12.6 10.9
Ita BBA
3
Panorama do Mercado 26 de agosto de 2016
Guia de Aes
Volum e
Preo Upside Valor de
Cdigo Em presa Rec Moeda Preo Alvo ADR - USD P/L(x) VE/LAJIDA(x) FCFE Yield P/BV Dividend Yield 3M Apreciao
atual (%) Mercado
m ilhes
Preo Upside
Cdigo Preo Alvo 2015 2016 2017 2015 2016 2017 2016 2017 2016 2017 2016 2017 U1M U3M U12M
atual (%)
Real Estate
BRCR11 BTG Corporate Office UNIT MP BRL 94.0 94.0 0.0 1,808 n/a n/a n/a n/a n.m. 43.8 8.9 10.7 11.8 14.5 29.5 5.7 0.8 0.7 31.4 7.4 3.1 -1.3 12.6 23.0
BRML3 BR Malls Par ON OP BRL 12.2 14.4 17.7 7,409 n/a n/a n/a n/a 17.6 19.0 14.4 11.1 11.2 10.7 3.0 5.7 0.8 0.7 1.3 1.7 55.7 -11.7 3.2 45.2
BRPR3 BR Properties ON MP BRL 8.5 8.8 3.0 2,547 n/a n/a n/a n/a 32.6 38.7 22.5 8.4 11.1 10.1 3.3 4.7 0.5 0.5 1.7 1.1 4.7 -5.6 3.0 2.8
CYRE3 Cyrela Realty ON OP BRL 10.3 12.5 21.8 3,909 n/a n/a n/a n/a 8.7 13.4 10.5 6.8 8.4 8.3 12.9 8.9 0.6 0.6 1.9 2.4 26.5 -5.7 4.0 31.4
DIRR3 Direcional ON MP BRL 5.8 6.4 10.3 849 n/a n/a n/a n/a 6.9 6.6 6.3 5.5 5.4 5.9 11.2 n/a 0.5 0.5 3.8 4.0 3.5 -9.6 10.2 85.2
EVEN3 Even ON MP BRL 4.5 4.6 3.4 972 n/a n/a n/a n/a 9.6 11.9 10.5 9.1 11.1 11.8 11.5 n/a 0.4 0.4 2.1 2.4 3.8 -2.0 9.9 53.0
EZTC3 Eztec ON OP BRL 16.6 19.2 16.0 2,599 n/a n/a n/a n/a 5.9 8.5 5.6 5.9 9.4 4.0 6.8 29.0 0.9 0.8 2.9 4.5 10.2 -6.9 10.5 46.6
GFSA3 Gafisa ON MP BRL 2.4 2.7 12.5 882 n/a n/a n/a n/a 11.8 n.m. 11.0 7.0 8.7 6.5 n/a 1.4 0.3 0.3 0.0 2.3 13.0 15.4 42.2 20.7
HGLG11 CSHG Logistica UNIT MP BRL 1170.0 1200.0 2.6 398 n/a n/a n/a n/a 9.1 7.4 7.0 12.2 11.4 10.7 9.3 9.8 1.0 0.9 8.8 9.3 0.4 2.0 12.0 16.8
HGRE11 CSHG Real Estate UNIT MP BRL 1299.0 1050.0 -19.2 959 n/a n/a n/a n/a n.m. 15.4 16.9 11.0 12.6 13.0 7.8 7.8 0.9 0.9 9.3 9.3 0.8 0.8 8.6 6.0
IGTA3 Iguatemi ON MP BRL 29.6 30.2 2.0 5,223 n/a n/a n/a n/a 27.1 31.9 24.5 13.7 13.1 11.8 3.4 4.9 1.9 1.8 0.8 1.0 15.0 -1.8 10.6 43.4
KNRI11 Kinea Renda Imobiliria UNIT OP BRL 132.2 135.0 2.1 1,825 n/a n/a n/a n/a 11.7 13.1 12.6 13.1 11.9 11.3 8.8 9.2 0.8 0.8 9.0 9.3 1.9 -1.5 3.6 20.5
LPSB3 Lopes Brasil ON UR BRL 4.1 UR UR 474 n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR UR UR 0.5 -14.7 30.2 13.6
MRVE3 MRV ON MP BRL 12.2 12.8 5.0 5,378 n/a n/a n/a n/a 9.8 9.0 8.0 9.2 7.7 6.4 17.2 14.0 1.0 0.9 2.8 3.1 27.7 -6.2 19.3 100.7
MULT3 Multiplan ON MP BRL 60.5 56.6 -6.4 11,362 n/a n/a n/a n/a 30.5 31.4 25.9 16.6 15.0 13.7 3.0 4.0 2.6 2.4 0.8 1.0 35.2 -5.2 7.4 46.1
SCAR3 Sao Carlos ON MP BRL 26.3 26.5 0.9 1,475 n/a n/a n/a n/a 30.8 36.1 22.5 n.m. 11.7 9.9 14.0 7.4 1.2 1.1 1.4 2.2 0.9 -4.4 5.0 7.8
TBOF11 TB Office UNIT OP BRL 61.3 85.0 38.8 616 n/a n/a n/a n/a 8.6 5.3 4.5 14.1 10.4 8.0 9.9 12.8 0.6 0.6 9.6 12.5 1.4 -2.4 -1.6 26.6
TCSA3 Tecnisa ON UR BRL 2.4 UR UR 436 n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR UR UR 2.0 -1.4 19.7 1.8
Mdia ponderada do setor 12.6 14.0 10.5
Steel & Mining + Pulp & Paper
CSNA3 CSN ON UP BRL 8.8 4.0 -54.7 12,252 SID 2.7 1.0 -62.2 7.6 n.m. n.m. n.m. 12.8 10.0 n/a 1.6 4.7 6.2 0.0 0.0 77.2 -19.8 27.4 208.5
FIBR3 FIBRIA ON MP BRL 20.8 24.0 15.3 11,520 FBR 6.5 7.4 14.0 33.6 4.5 24.8 4.2 5.8 5.7 16.4 16.4 0.8 0.8 2.6 3.6 60.1 3.4 -29.4 -49.7
GGBR4 Gerdau PN OP BRL 9.1 9.0 -1.4 15,399 GGB 2.8 2.6 -7.8 n.m. 44.1 17.0 7.7 6.8 6.1 11.7 12.8 0.5 0.5 0.7 1.8 104.2 25.4 60.6 95.0
KLBN11 Klabin S/A PN OP BRL 16.7 20.0 20.1 17,521 n/a n/a n/a n/a n.m. 14.8 25.4 14.8 10.5 7.4 1.4 3.5 2.8 2.6 2.0 1.2 51.1 -1.6 -6.0 -11.4
MAGG3 Magnesita SA ON MP BRL 16.5 15.0 -8.9 933 n/a n/a n/a n/a n.m. n.m. 10.4 6.1 5.9 5.3 n/a 8.4 0.4 0.4 0.0 2.4 1.0 -0.7 17.5 23.2
SUZB5 Suzano Papel PNA MP BRL 9.9 14.0 41.6 10,782 n/a n/a n/a n/a n.m. 4.9 6.6 5.1 5.0 4.6 18.7 20.4 1.0 0.9 4.1 3.0 64.8 -9.2 -29.1 -35.8
USIM5 Usiminas PNA UP BRL 3.4 1.5 -55.4 3,318 n/a n/a n/a n/a n.m. n.m. n.m. n.m. 21.2 15.9 5.1 n/a 0.3 0.3 0.0 0.0 87.9 22.1 101.8 26.9
VALE.P VALE ADR MP USD 4.8 5.0 5.3 24,479 VALE.P 4.8 5.0 5.3 n.m. 6.1 12.6 7.6 6.7 6.3 9.7 10.5 0.4 0.4 0.0 2.0 34.5 10.8 49.8 40.2
VALE5 VALE PNA MP BRL 15.4 17.0 10.3 79,414 n/a n/a n/a n/a n.m. 6.1 12.6 0 7.6 6.7 6.3 9.7 10.5 0.4 0.4 0.0 2.0 303.9 9.8 34.8 26.7
Mdia ponderada do setor -5.5 0.0 22.9
Telecommunications, Media & Technology
ATTO Atento OP USD 9.9 9.5 -3.8 729 n/a n/a n/a n/a 9.5 12.3 11.0 4.5 5.5 5.1 2.9 4.9 1.8 1.7 0.0 1.0 n/a n/a n/a n/a
LINX3 Linx ON MP BRL 16.7 17.0 1.5 2,349 n/a n/a n/a n/a 36.8 37.5 28.6 19.1 18.3 15.2 2.5 3.2 3.4 3.2 1.4 1.4 5.0 1.9 10.3 24.3
OIBR3 OI ON UR BRL 3.0 UR UR 2,025 OIBR 0.0 UR UR UR UR UR UR UR UR UR UR UR UR UR UR 19.9 -3.8 270.4 10.3
TIMP3 Tim Part S/A ON MP BRL 8.3 9.5 14.7 20,021 TSU 12.8 13.6 6.0 9.6 33.8 n.m. 4.2 5.1 5.0 n/a n/a 1.2 1.2 0.7 0.4 17.6 4.4 20.4 3.7
TOTS3 Totvs ON MP BRL 30.2 33.0 9.3 5,002 n/a n/a n/a n/a 23.0 22.6 20.6 11.7 11.6 10.7 3.7 4.9 3.8 3.5 2.7 2.9 16.4 -9.6 4.3 0.7
VIVT4 Telefonica Brasil PN OP BRL 48.6 54.5 12.1 82,182 VIV 15.0 15.6 4.3 24.7 18.7 14.7 6.8 6.3 5.8 4.5 6.2 1.2 1.2 5.7 6.5 93.2 0.7 14.4 31.9
Mdia ponderada do setor 19.4 21.0 17.7
Transportation & Logistics + Capital Goods
CCRO3 CCR ON MP BRL 17.7 19.0 7.6 31,163 n/a n/a n/a n/a 35.6 32.1 23.0 11.7 10.7 9.6 9.2 7.3 7.1 7.2 2.5 3.5 79.5 -0.4 14.3 36.2
ERJ Embraer ADR MP USD 17.5 28.0 60.2 3,186 ERJ 17.5 28.0 60.2 11.7 9.4 9.0 6.1 5.1 4.8 n/a n/a 0.8 0.8 1.8 2.6 26.3 -16.9 -16.8 -27.3
GOLL4 Gol PN OP BRL 6.2 5.5 -11.7 2,150 GOL 19.3 17.0 -12.1 n.m. n.m. n.m. 14.1 8.8 8.7 1.5 n/a n/a n/a 0.0 0.0 20.8 11.4 149.0 54.9
LCAM3 Locamerica ON MP BRL 5.0 4.5 -10.6 325 n/a n/a n/a n/a 15.9 12.8 10.4 4.7 4.4 4.2 n/a n/a 0.9 0.9 1.9 2.4 0.2 -3.2 -2.0 66.2
LEVE3 Metal Leve ON OP BRL 24.2 27.0 11.4 3,108 n/a n/a n/a n/a 15.5 14.9 13.3 9.2 7.9 7.0 3.2 5.6 2.4 2.4 6.6 7.4 6.2 -7.3 4.9 27.3
MILS3 MILLS ON UP BRL 5.1 5.0 -2.9 649 n/a n/a n/a n/a n.m. n.m. 43.3 n.m. 5.7 4.0 16.5 22.8 0.7 0.7 0.0 0.9 4.6 -18.6 17.0 0.8
MYPK3 Iochpe-Maxion ON OP BRL 17.2 18.0 4.5 1,634 n/a n/a n/a n/a 33.1 n.m. 15.6 7.2 6.3 6.1 2.9 1.7 0.7 0.7 0.4 2.4 8.0 0.8 15.7 26.8
POMO4 Marcopolo PN UP BRL 3.2 2.5 -22.9 2,906 n/a n/a n/a n/a 32.6 19.5 12.6 15.8 14.0 9.2 n/a 2.1 1.5 1.4 2.3 3.6 12.0 9.4 41.6 77.4
RAPT4 Randon Part PN OP BRL 4.3 4.2 -4.1 1,510 n/a n/a n/a n/a n.m. 32.8 17.0 23.0 11.1 7.3 26.0 6.5 0.9 0.9 0.9 1.8 8.9 -4.3 44.9 57.9
RENT3 Localiza ON MP BRL 39.8 42.0 5.7 8,279 n/a n/a n/a n/a 20.6 22.8 18.6 10.6 10.2 9.2 1.2 4.6 3.7 3.4 1.2 2.3 35.7 4.2 20.2 76.1
ROMI3 Inds Romi ON UP BRL 3.3 2.2 -32.9 235 n/a n/a n/a n/a 31.9 n.m. 17.9 n.m. 10.6 4.9 19.5 7.6 0.4 0.4 0.0 1.4 0.5 29.6 55.5 37.1
STBP3 Santos BRP ON MP BRL 2.5 3.2 27.2 1,679 n/a n/a n/a n/a n.m. n.m. n.m. 12.2 9.8 8.1 10.8 11.7 1.2 1.2 0.4 1.3 n/a n/a n/a n/a
TGMA3 Tegma ON OP BRL 8.4 6.0 -28.1 551 n/a n/a n/a n/a n.m. 29.5 19.0 n.m. 8.1 7.2 0.9 1.3 1.5 1.4 1.7 2.6 1.3 1.1 69.9 33.8
TUPY3 Tupy ON OP BRL 13.8 20.0 45.7 1,984 n/a n/a n/a n/a 9.0 16.0 15.4 4.9 4.8 4.0 16.3 13.2 0.8 0.8 3.1 3.2 6.8 -1.7 6.8 -10.7
Mdia ponderada do setor
Ita BBA
4
Panorama do Mercado 26 de agosto de 2016
Guia de Aes
Volum e
Preo Upside Valor de
Cdigo Em presa Rec Moeda Preo Alvo ADR - USD P/L(x) VE/LAJIDA(x) FCFE Yield P/BV Dividend Yield 3M Apreciao
atual (%) Mercado
m ilhes
Preo Upside
Cdigo Preo Alvo 2015 2016 2017 2015 2016 2017 2016 2017 2016 2017 2016 2017 U1M U3M U12M
atual (%)
Utilities
ALUP11 Alupar UNIT OP BRL 15.9 17.0 6.9 3,312 n/a n/a n/a n/a 15.8 5.7 4.3 7.5 6.6 5.8 15.3 15.5 1.4 1.3 4.4 6.1 6.7 0.7 29.5 31.5
CESP6 Cesp PNB UP BRL 13.9 16.0 14.9 4,559 n/a n/a n/a n/a n.m. 6.5 9.6 5.6 3.7 5.9 11.1 20.8 0.6 0.6 3.2 14.3 19.6 -7.4 18.7 -9.3
CMIG4 Cemig PN MP BRL 8.9 10.0 12.9 11,153 n/a n/a n/a n/a 4.5 20.8 8.7 2.4 9.3 7.9 n/a 1.8 0.8 0.7 1.3 2.5 62.3 -2.4 63.3 20.7
CPFE3 CPFL Energia ON OP BRL 23.0 20.0 -13.1 22,859 CPL 14.2 0.0 -100.0 26.1 26.2 18.1 11.2 10.8 9.5 7.9 0.8 3.0 2.9 1.3 3.7 41.4 1.1 24.5 51.1
CPLE6 Copel PNB OP BRL 34.5 34.0 -1.3 9,427 n/a n/a n/a n/a 7.5 9.2 8.8 6.3 6.6 5.9 10.4 9.9 0.7 0.6 5.1 5.5 20.2 -1.0 44.8 19.3
CPRE3 CPFL ON MP BRL 11.0 13.0 18.4 5,526 n/a n/a n/a n/a n.m. n.m. 24.7 10.7 8.8 7.6 n/a 6.5 1.3 1.2 0.0 0.0 n/a n/a n/a n/a
CSMG3 Copasa ON MP BRL 31.6 34.0 7.8 3,776 n/a n/a n/a n/a n.m. 15.0 8.5 7.8 5.7 4.6 n/a 2.0 0.7 0.6 1.3 2.7 8.2 -2.4 32.1 279.4
ELPL4 Eletropaulo PN MP BRL 11.2 10.0 -11.0 1,881 n/a n/a n/a n/a 18.6 n.m. n.m. 4.7 5.4 14.0 15.9 n/a 0.7 0.8 1.3 0.0 12.3 -18.3 72.5 2.0
ENBR3 Energias do Brasil ON OP BRL 14.3 18.0 25.9 8,678 n/a n/a n/a n/a 6.9 16.8 17.3 5.2 7.5 6.4 13.9 6.5 1.6 1.6 5.3 5.2 34.1 -2.7 18.7 34.4
EQTL3 Equatorial ON MP BRL 51.2 39.0 -23.8 10,162 n/a n/a n/a n/a 12.6 17.6 13.2 10.9 9.9 8.0 9.5 8.2 2.6 2.4 2.0 4.8 56.7 -1.4 11.6 54.5
TIET11 AES Tiete PN UP BRL 16.8 15.0 -10.7 6,401 n/a n/a n/a n/a 8.8 13.6 12.5 5.1 7.6 7.3 10.2 9.5 5.2 5.1 n/a n/a 19.7 10.8 21.7 n/a
LIGT3 Light S/A ON OP BRL 14.9 18.0 21.2 3,015 n/a n/a n/a n/a n.m. 13.1 7.4 11.4 6.2 5.1 23.1 n/a 0.8 0.8 2.5 6.6 20.1 1.8 79.5 38.0
SBSP3 Sabesp ON OP BRL 28.9 35.0 21.1 19,753 n/a n/a n/a n/a 35.8 9.6 9.0 12.1 7.8 6.4 4.4 7.7 1.3 1.2 4.2 4.5 53.0 -8.0 11.0 101.7
EGIE3 Engie UP BRL 39.5 36.0 -8.9 25,783 n/a n/a n/a n/a 21.5 13.4 12.3 8.9 7.0 6.5 6.4 9.0 3.5 3.1 3.8 4.5 32.1 -3.0 12.0 27.6
TRPL4 ISA Cteep PN OP BRL 66.2 72.0 8.8 10,106 n/a n/a n/a n/a 19.3 29.3 26.0 16.3 21.1 20.0 0.4 1.8 1.9 1.9 2.7 2.8 25.4 -3.0 7.6 75.4
Mdia ponderada do setor 19.9 19.5 17.0

Mdia ponderada do universo de cobertura #N/D #N/D #N/D


P/L Ibovespa 18.8 11.0

Mexico
Volum e
Preo Upside Valor de
Cdigo Em presa Rec Moeda Preo Alvo ADR - USD P/L(x) VE/LAJIDA(x) FCFE Yield P/BV Dividend Yield 3M Apreciao
atual (%) Mercado
m ilhes
Preo Upside
Cdigo Preo Alvo 2015 2016 2017 2015 2016 2017 2016 2017 2016 2017 2016 2017 U1M U3M U12M
atual (%)
Banking & Financial Services
BOLSAA BMV MP MXN 34.4 36.5 6.1 20,393 n/a n/a n/a n/a 29.8 21.9 20.3 14.2 12.4 11.3 3.2 3.6 3.4 3.3 3.2 3.6 33.4 6.6 22.3 41.0
SANMEXB Santander Mexico MP MXN 35.4 34.0 -3.8 239,899 n/a n/a n/a n/a 16.9 16.3 14.0 n.m. n.m. n.m. n/a n/a 2.0 1.9 3.1 3.6 125.1 1.6 9.8 43.4
GFNORTEO GF Banorte MP MXN 104.0 101.0 -2.9 288,576 n/a n/a n/a n/a 16.9 15.3 13.1 n.m. n.m. n.m. n/a n/a 1.9 1.7 1.4 1.6 516.9 2.0 8.3 37.7

Capital Goods
NEMAKA Nemak MP MXN 21.0 25.0 19.1 64,603 n/a n/a n/a n/a 12.1 12.1 11.5 6.2 5.7 5.2 5.3 6.6 3.2 2.7 2.5 2.6 89.8 -3.8 -9.7 8.9

Cement and Construction


CX Cemex ADR OP USD 8.1 10.0 23.0 10,934 CX 8.1 10.0 23.0 n.m. 35.4 18.3 19.0 17.8 15.7 6.5 7.1 1.3 1.2 0.0 0.0 87.8 20.7 28.0 21.8

Consumer Goods & Retail


ALSEA Alsea OP MXN 68.2 72.0 5.6 57,083 n/a n/a n/a n/a n.m. 47.8 31.3 16.2 14.2 11.7 0.5 3.3 5.2 4.7 0.7 0.7 115.3 -2.3 -4.0 41.4
CHDRAUIB Chedraui B UP MXN 45.6 49.0 7.6 43,916 n/a n/a n/a n/a 25.2 20.9 18.5 9.7 8.2 7.7 2.5 1.5 1.7 1.6 0.5 0.5 21.5 6.0 -1.9 14.4
GSANBOB1 Grupo Sanborns OP MXN 22.6 31.0 37.4 52,304 n/a n/a n/a n/a 16.9 15.4 14.8 8.7 8.0 7.8 3.5 3.9 1.7 1.6 4.1 4.5 9.7 -4.2 -6.6 -9.2
KIMBERA Kimberly Clark OP MXN 45.9 49.0 6.7 142,148 n/a n/a n/a n/a 32.8 27.9 24.9 17.4 15.3 14.3 1.6 2.8 20.1 19.3 3.3 3.5 n/a n/a n/a n/a
LABB Genomma Lab UP MXN 21.6 23.0 6.6 22,621 n/a n/a n/a n/a 27.0 19.9 17.9 15.3 11.5 10.0 4.6 3.7 1.9 1.7 0.0 0.0 34.5 -0.7 18.6 70.6
LACOMUBC La Comer OP MXN 17.3 22.0 27.1 19 n/a n/a n/a n/a 0.0 0.0 0.0 n.m. n.m. n.m. n/a n/a 0.0 0.0 2045.6 1307.6 n/a n/a n/a n/a
LIVEPOLC Liverpool UP MXN 204.9 205.0 0.1 275,003 n/a n/a n/a n/a 29.9 26.7 23.8 18.9 16.8 15.0 1.2 1.2 3.4 3.0 0.5 0.6 n/a n/a n/a n/a
SORIANAB Soriana B OP MXN 47.1 60.0 27.4 84,798 n/a n/a n/a n/a 22.8 20.7 19.1 10.6 9.6 8.6 n/a 10.6 1.6 1.4 0.0 0.0 7.8 4.0 11.1 48.0
WALMEX Walmex V OP MXN 44.0 47.0 6.9 767,429 n/a n/a n/a n/a 29.1 26.5 24.2 16.8 14.7 13.4 3.6 4.1 5.1 5.1 3.4 3.6 595.7 -4.4 1.1 16.4

Food & Beverage


AC Arca Continental MP MXN 118.5 139.0 17.3 198,662 n/a n/a n/a n/a 27.4 21.1 18.7 14.8 11.0 10.0 3.2 4.3 3.1 2.8 1.6 2.1 170.6 -8.5 -4.2 34.2
BIMBOA Bimbo MP MXN 55.0 54.0 -1.9 258,770 n/a n/a n/a n/a n.m. 30.1 24.4 13.9 12.4 11.1 2.1 3.0 3.9 3.5 0.4 0.5 133.0 -6.2 -1.6 41.8
FEMSAUBD FEMSA MP MXN 176.0 195.0 10.8 629,875 n/a n/a n/a n/a 32.0 29.8 26.9 16.4 14.5 13.3 2.7 3.1 3.0 2.7 2.1 2.4 426.8 1.0 8.1 35.9
KOFL Coca Cola FEMSA OP MXN 145.3 167.0 14.9 301,213 n/a n/a n/a n/a 29.4 24.2 21.9 11.4 11.3 10.4 3.3 3.3 2.9 2.7 2.3 2.7 103.2 -4.4 1.2 30.3
LALAB Grupo Lala MP MXN 40.5 46.0 13.7 100,116 n/a n/a n/a n/a 25.7 22.0 20.0 13.3 12.1 10.6 n/a n/a 3.6 3.2 1.3 1.5 106.2 -4.4 -7.9 19.2

Oil, Gas & Petrochemicals


ALPEKA Alpek MP MXN 32.5 38.0 17.0 68,915 n/a n/a n/a n/a 25.1 16.1 13.2 8.6 7.8 7.1 7.5 6.6 2.2 2.1 1.6 5.7 81.9 1.0 20.4 67.0
MEXCHEM Mexichem OP MXN 44.0 54.5 23.8 92,484 n/a n/a n/a n/a 37.2 27.3 24.0 8.3 9.0 7.7 6.4 9.6 1.6 1.6 0.9 1.0 118.5 11.1 9.4 8.9

Real Estate
FIBRAMQ Fibra Macquarie MP MXN 24.6 26.6 8.2 19,951 n/a n/a n/a n/a 14.3 12.0 11.7 n.m. 14.5 14.2 n/a 5.6 0.9 0.9 8.3 8.5 n/a n/a n/a n/a
FINN13 Fibra MP MXN 12.0 14.8 23.4 5,276 n/a n/a n/a n/a 15.9 14.9 9.6 n.m. 10.8 8.3 4.4 9.8 0.8 0.8 9.6 13.6 n/a n/a n/a n/a
FIHO12 Fiho MP MXN 13.9 16.2 16.3 6,957 n/a n/a n/a n/a 29.4 n.m. 43.2 17.6 18.5 12.1 6.7 5.7 0.8 0.8 5.0 8.2 n/a n/a n/a n/a
HCITY Hoteles OP MXN 18.3 23.7 29.3 7,054 n/a n/a n/a n/a 41.7 n.m. 36.3 11.9 13.7 11.2 n/a n/a 0.9 0.9 0.0 0.0 n/a n/a n/a n/a
FUNO11 Fibra Uno OP MXN 36.8 48.4 31.6 118,497 n/a n/a n/a n/a 21.6 17.6 15.2 n.m. 17.1 15.7 0.6 3.6 1.1 1.1 5.7 6.6 233.6 -5.0 -5.7 10.8
TERRA13 Terrafina OP MXN 30.9 38.8 25.6 18,760 n/a n/a n/a n/a 22.7 11.7 10.8 n.m. 14.8 14.1 n/a 0.8 1.0 1.0 8.6 9.2 47.8 1.4 1.6 7.4
VESTA Vesta OP MXN 27.0 32.5 20.3 17,047 n/a n/a n/a n/a 19.6 16.1 15.0 n.m. 17.0 16.1 n/a 0.4 0.9 0.9 3.8 6.2 32.0 -5.2 -1.2 6.7

Steel & Mining + Pulp & Paper


GMEXICOB Gmexico B MP MXN 46.9 47.0 0.1 365,350 n/a n/a n/a n/a 15.6 22.0 17.3 8.8 9.5 8.0 6.7 8.3 1.9 1.9 2.7 3.5 391.5 6.2 14.6 21.0
TX Ternium ADR MP USD 20.9 20.0 -4.2 4,097 TX 20.9 20.0 -4.2 36.7 13.9 11.6 5.6 5.6 5.0 13.7 11.2 1.0 1.0 4.4 4.9 7.6 -1.5 14.8 60.8

Telecommunications, Media & Technology


AMXL America Movil CPO MP MXN 11.1 12.5 13.0 746,838 AMX 12.0 14.0 16.5 21.3 10.0 9.3 5.2 5.2 5.1 9.0 5.8 4.8 3.6 2.4 2.6 807.1 -6.5 -6.1 -25.1
AXTELCPO Axtel CPO MP MXN 5.1 8.8 72.5 14,010 n/a n/a n/a n/a n.m. n.m. n.m. 7.3 6.9 6.7 0.3 3.1 4.0 3.4 0.0 0.0 20.0 -12.6 -27.1 -21.3
MEGACPO Megacable CPO UP MXN 73.5 78.0 6.1 63,137 n/a n/a n/a n/a 21.0 18.0 17.3 11.0 9.2 8.3 1.5 2.5 2.7 2.4 1.4 1.7 67.3 -3.0 -6.2 31.0
TLEVICPO Televisa CPO OP MXN 101.9 110.0 8.0 294,757 TV 27.8 31.0 11.7 27.0 35.5 30.2 11.0 10.9 10.0 n/a n/a 3.3 3.0 0.3 0.3 283.1 0.9 2.3 2.1

Transportation & Logistics + Capital Goods


AEROMEX Aeromexico OP MXN 37.2 45.0 21.0 26,453 n/a n/a n/a n/a 22.9 16.4 13.6 6.7 6.2 5.9 n/a n/a 2.1 1.8 202.2 154.4 13.0 0.5 -4.7 47.9
ASURB A. Del Sureste B OP MXN 291.2 325.0 11.6 87,357 n/a n/a n/a n/a 30.0 26.9 24.0 19.6 17.4 15.5 2.3 3.7 4.0 3.7 1.9 2.1 107.3 -1.6 5.3 25.4
OMAB A. Del Centro B MP MXN 118 107 -10 47,364 n/a n/a n/a n/a 38.4 30.7 27.9 20.2 16.5 14.9 4.5 4.8 7.8 7.2 3.0 3 106 1 12 49
PINFRA Pinfra OP MXN 225.5 235.0 4.2 96,260 n/a n/a n/a n/a 22.7 20.8 18.5 17.5 14.7 12.9 n/a 5.8 3.5 3.5 0.0 1.4 123.4 4.2 5.7 30.7
Ita BBA

VLRS Volaris OP USD 17.7 27.0 53.0 17,860 n/a n/a n/a n/a 7.3 9.8 9.2 6.0 6.0 5.4 10.6 11.1 2.1 1.7 0.0 0.0 5.3 -8.9 -8.8 37.7

Utilities
5

IENOVA Ienova OP MXN 73.5 96.4 31.1 107,113 n/a n/a n/a n/a 41.6 27.3 18.0 16.6 14.6 11.0 n/a 4.2 1.4 1.3 3.0 3.2 93.8 -7.7 0.5 -3.3
Panorama do Mercado 26 de agosto de 2016
Guia de Aes
Argentina
Volum e
Preo Upside Valor de
Cdigo Em presa Rec Moeda Preo Alvo ADR - USD P/L(x) VE/LAJIDA(x) FCFE Yield P/BV Dividend Yield 3M Apreciao
atual (%) Mercado
m ilhes
Preo Upside
Cdigo Preo Alvo 2015 2016 2017 2015 2016 2017 2016 2017 2016 2017 2016 2017 U1M U3M U12M
atual (%)
Agribusiness
AGRO Adecoagro OP USD 9.6 14.0 45.4 1,177 n/a n/a n/a n/a 32.7 16.2 11.8 8.9 7.3 5.5 6.6 7.0 1.8 1.5 0.0 0.0 4.9 -13.8 -10.3 26.3

Banking
BMA Banco Macro ADR MP USD 80.7 n/a NA 4,638 BMA 80.7 69.0 -14.5 11.0 11.2 10.7 n.m. n.m. n.m. n/a n/a 3.6 3.5 1.4 2.6 8.7 4.6 34.1 100.6
GGAL Grupo Financiero Galicia ADR MP USD 46.2 n/a NA 6,001 GGAL 30.8 23.0 -25.3 11.4 11.4 9.4 n.m. n.m. n.m. n/a n/a 4.3 3.8 0.2 2.2 8.8 1.4 15.2 78.8

Oil, Gas & Petrochemicals


TS Tenaris ADR MP USD 28.3 29.0 2.6 16,681 n/a n/a n/a n/a n.m. 42.1 23.4 n.m. 13.3 9.9 0.9 3.2 1.4 1.4 0.6 3.2 68.2 5.1 10.5 28.3
YPF YPF ADR OP USD 17.4 30.0 72.3 6,848 YPF 17.4 30.0 72.3 6.8 12.7 4.8 2.6 2.8 2.7 15.4 8.4 0.6 0.5 0.9 0.5 18.5 -6.6 -15.4 -10.5

Real Estate
IRS IRSA MP USD 18.2 19.0 4.2 1,055 IRS 18.2 19.0 4.2 n.m. 32.6 17.3 8.8 8.2 7.3 9.2 8.4 5.0 5.0 0.0 2.3 1.0 -1.6 22.1 27.3

Telecommunications, Media & Technology


TEO Telecom Argentina ADR OP USD 18.1 23.0 26.9 3,608 TEO 18.1 23.0 26.9 9.0 7.9 5.9 4.2 4.3 4.2 8.1 15.5 2.7 2.5 3.2 5.7 1.5 -5.0 1.5 22.1

Utilities
PAM Pampa Energia ADR OP USD 26.2 33.5 28.1 1,774 PAM 26.2 33.5 28.1 5.6 12.1 9.4 6.1 4.9 4.1 8.8 8.7 3.7 3.1 0.0 0.0 7.2 -4.3 22.2 79.3

Chile
Volum e
Preo Upside Valor de
Cdigo Em presa Rec Moeda Preo Alvo ADR - USD P/L(x) VE/LAJIDA(x) FCFE Yield P/BV Dividend Yield 3M Apreciao
atual (%) Mercado
m ilhes
Preo Upside
Cdigo Preo Alvo 2015 2016 2017 2015 2016 2017 2016 2017 2016 2017 2016 2017 U1M U3M U12M
atual (%)
Agribusiness

Airlines
LFL Latam Airlines ADR OP USD 8.2 9.5 15.4 4,490 n/a n/a n/a n/a n.m. n.m. n.m. 8.6 8.8 8.2 n/a n/a 1.4 1.4 0.0 0.0 5.1 -8.1 32.4 60.4

Banking & Financial Services


BSAN Santander Chile MP CLP 35.6 38.6 8.4 6,716,220 BSAC 21.6 21.6 0.3 15.0 12.8 11.5 n/a n/a n/a n/a n/a 2.3 2.1 4.1 4.7 2159.6 6.6 12.7 18.7
BCI BCI MP CLP 30507.0 31249.6 2.4 3,269,571 n/a n/a n/a n/a 9.9 9.3 9.1 n/a n/a n/a n/a n/a 1.5 1.4 5.1 5.3 1569.6 3.5 10.1 12.4
CHILE Banco Chile MP CLP 74.8 78.8 5.3 7,191,421 BCH 67.8 66.1 -2.5 12.9 12.0 10.9 n/a n/a n/a n/a n/a 2.4 2.2 4.8 5.0 2465.4 2.6 6.4 13.2
ILC ILC OP CLP 6993.1 7800.0 11.5 699,310 n/a n/a n/a n/a 9.6 1.8 10.2 n/a n/a n/a n/a n/a 0.9 0.9 16.8 5.8 335.0 -10.0 -9.6 6.3

Consumer Goods & Retail


CENCOSUD Cencosud UP CLP 2094.5 1900.0 -9.3 5,946,286 n/a n/a n/a n/a 19.1 17.5 15.9 11.3 11.0 10.1 3.9 3.9 1.4 1.4 1.6 1.7 9647.6 13.4 17.2 70.1
FALAB Falabella OP CLP 4877.9 5400.0 10.7 11,841,590 n/a n/a n/a n/a 22.8 22.3 19.8 16.2 15.4 14.3 n/a n/a 2.4 2.2 1.1 1.3 9171.4 0.1 0.2 20.9

Food & Beverage


ANDINAB Coca Cola Andina MP CLP 2526.6 2200.0 -12.9 2,391,626 n/a n/a n/a n/a 2.7 3.0 671.7 0.3 14.1 26.4
CCU CCU UP CLP 7333.7 7300.0 -0.5 2,709,817 CCU US 22.0 20.6 -6.5 21.5 19.6 17.1 9.6 9.4 8.5 0.8 2.2 2.3 2.1 2.5 2.6 1404.5 -0.1 -1.8 6.4
CONCHATORO Concha y Toro OP CLP 1147.2 1300.0 13.3 856,965 n/a n/a n/a n/a 17.2 13.4 12.7 11.8 9.7 9.1 7.3 7.6 1.7 1.6 2.5 3.0 928.3 6.6 2.4 9.8

Oil, Gas & Petrochemicals


GPRK Geopark MP USD 3.5 3.6 2.9 213 n/a n/a n/a n/a n.m. n.m. 5.5 n.m. 6.4 3.5 11.6 36.5 1.7 1.4 0.0 4.5 n/a n/a n/a n/a

Real Estate
PARAUCO Parque Arauco OP CLP 1486.8 1290.0 -13.2 1,215,826 n/a n/a n/a n/a 23.3 22.7 19.5 18.7 17.7 15.4 5.9 5.8 1.7 1.7 2.1 2.2 1170.1 3.7 16.0 30.3

Steel & Mining + Pulp & Paper


COPEC Copec OP CLP 6007.4 7200.0 19.9 7,808,742 n/a n/a n/a n/a 21.8 16.8 16.0 8.5 8.0 7.6 7.2 7.5 1.1 1.1 2.3 2.4 2770.2 0.5 0.4 -0.9
CMPC CMPC MP CLP 1357.3 1950.0 43.7 3,393,250 n/a n/a n/a n/a n.m. 16.0 13.8 7.9 6.9 6.3 9.1 11.8 0.6 0.6 2.0 2.6 2120.5 -3.0 -8.2 -18.5

Telecommunications, Media & Technology


ENTEL Entel UP CLP 6509.4 6500.0 -0.1 1,539,627 n/a n/a n/a n/a n.m. 12.9 11.9 8.0 6.6 6.0211 n/a 5.4598 1.5 1.4107 2.5 2.7 2048.5 -1.0 13.7 6.8
SONDA Sonda MP CLP 1207.0 1200.0 -0.6 1,058,660 n/a n/a n/a n/a 24.7 17.7 17.4 8.6 8.2 7.7 6.0 10.2 2.1 2.0 2.2 3.1 2035.8 -0.3 0.2 20.4

Utilities
AESGENER AESGener PREF UP CLP 272.3 345.0 26.7 2,287,071 n/a n/a n/a n/a 13.0 14.2 13.5 10.0 10.6 9.6 4.1 5.3 1.5 1.5 6.0 7.3 1073.2 -15.5 -13.4 -7.4
AGUAS-A Aguas OP CLP 412.2 405.0 -1.8 2,522,421 n/a n/a n/a n/a 19.6 17.9 17.1 11.8 11.0 10.6 6.2 6.1 3.9 3.9 5.3 5.6 1531.1 2.6 9.5 22.4
COLBUN Colbun PREF UP CLP 149.3 175.0 17.2 2,618,501 n/a n/a n/a n/a 49.3 15.5 14.8 n.m. 7.6 7.2 6.5 6.6 1.1 1.0 1.9 2.0 1461.8 -10.2 -14.1 -11.7
ECL ECL MP CLP 1161.0 1400.0 20.6 1,222,893 n/a n/a n/a n/a 19.6 9.0 17.7 8.1 6.0 9.8 4.3 3.3 1.0 1.0 3.5 3.5 1042.1 -4.8 4.0 34.2
IAM IAM OP CLP 1179.2 1110.0 -5.9 1,179,200 n/a n/a n/a n/a 18.6 17.0 16.6 5.5 5.1 4.9 6.6 6.5 1.9 1.9 5.7 5.9 526.6 6.7 13.7 32.0
Ita BBA
6
Panorama do Mercado 26 de agosto de 2016
Guia de Aes
Colombia
Volum e
Preo Upside Valor de
Cdigo Em presa Rec Moeda Preo Alvo ADR - USD P/L(x) VE/LAJIDA(x) FCFE Yield P/BV Dividend Yield 3M Apreciao
atual (%) Mercado
m ilhes
Preo Upside
Cdigo Preo Alvo 2015 2016 2017 2015 2016 2017 2016 2017 2016 2017 2016 2017 U1M U3M U12M
atual (%)
Banking
GRUPOSUR Grupo Sura OP COP 38700.0 42437.0 9.7 18,151,732 n/a n/a n/a n/a n.m. n.m. n.m. n.m. n.m. n.m. n/a n/a n/a n/a n/a n/a 7193.2 -1.9 4.0 22.1
PFBCOLO Bancolombia MP COP 28360.0 28826.8 1.6 27,277,414 CIB 39.2 37.8 -3.6 10.8 10.9 9.2 n/a n/a n/a n/a n/a 1.4 1.2 3.1 2.7 19084.6 8.8 6.9 21.1
PFDAVVNDA Davivienda OP COP 29000.0 29700.0 2.4 12,882,212 n/a n/a n/a n/a 8.9 9.4 8.6 n/a n/a n/a n/a n/a 1.4 1.2 4.2 3.9 11560.0 6.2 13.4 31.7
PFGRUPSU Grupo Sura OP COP 38300.0 45058.0 17.6 4,072,631 n/a n/a n/a n/a n.m. n.m. n.m. n.m. n.m. n.m. n/a n/a n/a n/a n/a n/a 3609.9 -0.8 4.1 22.4

Consumer Goods & Retail


EXITO Almacenes Exito OP COP 14100.0 16000.0 13.5 6,311,221 n/a n/a n/a n/a 14.7 27.1 23.3 12.7 10.8 9.6 n/a n/a 0.0 0.0 12387.1 9750.2 13709.8 -3.7 -6.9 -4.5

Food & Beverage


NUTRESA Nutresa OP COP 26100.0 25262.0 -3.2 12,009,210 n/a n/a n/a n/a 28.0 23.3 19.8 15.3 13.0 11.9 4.6 5.1 1.4 1.3 1.7 2.3 4478.2 1.7 4.1 35.0

Cement and Construction


CEMARGOS Cementos Argos MP COP 11880.0 13000.0 9.4 16,167,138 n/a n/a n/a n/a 32.9 23.7 20.8 13.4 10.4 9.2 4.3 5.2 1.9 1.8 2.1 2.4 5064.8 0.7 -0.2 37.9
CLH Cemex LATAM MP COP 13400.0 14000.0 4.5 7,451,210 n/a n/a n/a n/a 26.9 21.8 19.3 8.0 8.2 7.3 6.7 7.2 1.8 1.6 0.0 0.0 3753.9 6.5 0.6 25.7

Oil, Gas & Petrochemicals


EC Ecopetrol ADR UP USD 9.2 7.4 -18.7 18,516 n/a n/a n/a n/a n.m. n.m. 19.2 n.m. 9.2 6.8 n/a 16.1 1.2 1.2 0.4 3.6 8.9 -2.8 -0.6 1.5

Utilities
ISAGEN Isagen UP COP 4070.0 2870.0 -29.5 11,095,113 n/a n/a n/a n/a 29.4 27.9 25.4 10.5 10.7 9.7 2.2 3.5 1.3 1.3 2.1 2.7 149.4 -8.5 2.4 49.6

Panama
Volum e
Preo Upside Valor de
Cdigo Em presa Rec Moeda Preo Alvo ADR - USD P/L(x) VE/LAJIDA(x) FCFE Yield P/BV Dividend Yield 3M Apreciao
atual (%) Mercado
m ilhes
Preo Upside
Cdigo Preo Alvo 2015 2016 2017 2015 2016 2017 2016 2017 2016 2017 2016 2017 U1M U3M U12M
atual (%)
Airlines
CPA Copa Airlines OP USD 81.0 85.0 5.0 3,410 n/a n/a n/a n/a n.m. 15.5 13.7 9.3 9.6 7.9 4.9 7.9 2.0 1.8 0.6 0.6 n/a n/a n/a n/a

Peru
Volum e
Preo Upside Valor de
Cdigo Em presa Rec Moeda Preo Alvo ADR - USD P/L(x) VE/LAJIDA(x) FCFE Yield P/BV Dividend Yield 3M Apreciao
atual (%) Mercado
m ilhes
Preo Upside
Cdigo Preo Alvo 2015 2016 2017 2015 2016 2017 2016 2017 2016 2017 2016 2017 U1M U3M U12M
atual (%)
Banking
BAP Credicorp OP USD 160.4 166.0 3.5 12,792 BAP 160.4 166.0 3.5 13.9 12.3 10.7 n/a n/a n/a n/a n/a 2.3 2.0 1.8 2.0 n/a n/a n/a n/a

Steel & Mining + Pulp & Paper


SCCO Southern Copper COM UP USD 26.0 26.0 0.0 20,124 n/a n/a n/a n/a 27.3 32.3 22.9 13.3 14.9 11.9 3.9 5.1 3.6 3.3 1.6 2.2 34.2 -1.8 -2.6 4.1

Cement and Construction


CPAC Pacasmayo MP USD 9.6 10.0 4.7 5,558 n/a n/a n/a n/a 25.8 23.5 21.8 16.7 14.5 13.6 4.4 4.4 2.8 2.7 3.2 3.4 0.2 3.4 4.8 77.8
UNACEMC1 Unacem MP PEN 2.9 3.1 7.3 4,758 n/a n/a n/a n/a n.m. 10.8 8.3 8.1 7.3 6.6 17.0 17.2 1.1 1.0 1.8 1.8 0.7 4.8 10.4 70.5
Ita BBA
7
Panorama do Mercado 26 de agosto de 2016
Guia de Aes
Brasil
Cdigo Em presa Moeda Receita Lquida EBITDA Lucro Lquido Divda Liquida Investim entos 5 anos CAGR

2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 Receita Lquida EBITDA Lucro Lquido
Agribusiness
FHER3 Fer Heringer ON BRL 6,452 6,672 8,378 224 318 370 -354 11 116 1,752 1,843 1,946 77 123 90 11.0 5.9 65.3
OFSA3 Ouro Fino ON BRL 534 620 848 119 150 213 69 81 125 193 202 230 56 68 42 21.6 26.1 28.6
RUMO3 Rumo Log BRL 4,803 5,509 6,071 1,918 2,277 2,648 -458 -267 95 10,031 8,689 9,858 1,951 1,879 2,500 11.5 17.8 n.m.
SLCE3 SLC Agricola ON BRL 1,743 2,124 2,252 347 438 553 80 143 216 1,310 1,347 1,381 216 130 161 11.0 17.3 32.9
SMTO3 Sao Martinho ON BRL 2,763 3,123 3,351 1,425 1,637 1,867 272 323 368 2,519 2,360 1,942 805 801 861 12.8 13.3 19.1

Banking & Financial Services


ABCB4 Abc Brasil PN BRL 1,178 1,254 1,331 n/a n/a n/a 372 375 416 n/a n/a n/a n/a n/a n/a 11.0 11.5 11.3
BBAS3 Banco do Brasil ON BRL 89,273 95,790 101,221 n/a n/a n/a 11,595 8,605 9,777 n/a n/a n/a n/a n/a n/a 7.8 8.5 5.7
BBDC4 Bradesco PN BRL 85,652 91,427 93,839 55,387 58,787 59,100 17,873 17,207 19,512 n/a n/a n/a n/a n/a n/a 7.4 7.2 11.7
BBSE3 BB Seguridade ON BRL 5,044 5,325 5,529 n/a n/a n/a 3,945 4,163 4,263 n/a n/a n/a n/a n/a n/a 10.5 n/a 11.2
BRSR6 Banrisul PNB BRL 5,919 6,451 6,974 n/a n/a n/a 703 661 796 n/a n/a n/a n/a n/a n/a 10.3 9.9 5.0
CIEL3 Cielo ON BRL 11,122 12,756 13,875 5,234 5,856 6,395 3,660 4,236 4,651 12,050 10,323 7,809 417 414 472 17.0 15.8 13.7
GPIV33 GP Investimentos n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
MPLU3 Multiplus ON BRL 2,260 2,195 2,094 531 604 559 478 528 485 -344 -347 -368 38 37 37 5.7 12.2 11.6
PARC3 Par Corretora ON BRL 364 404 460 188 200 235 100 138 159 -100 -96 -92 12 12 12 16.5 20.7 19.7
SANB11 Santander UNIT BRL 41,765 45,265 48,818 29,636 31,968 34,367 5,414 5,889 6,953 n/a n/a n/a n/a n/a n/a 7.7 7.5 15.6
SMLE3 Smiles ON BRL 1,220 1,492 1,628 419 553 610 370 511 543 -326 -694 -732 0 3 4 19.0 20.7 16.7
VLID3 Valid ON BRL 1,637 1,813 2,010 n/a n/a n/a 133 106 165 501 453 426 632 138 102 13.7 11.5 15.0

Consumer Goods
ALPA4 Alpargatas PN BRL 4,224 4,609 5,082 549 660 779 272 503 597 184 -341 -437 92 213 149 10.0 15.3 21.4
AMAR3 Marisa ON BRL 2,521 2,525 2,613 316 336 445 -4 1 33 800 631 780 196 180 204 2.8 7.7 15.5
ARCO Arcos Dorados BRL 3,053 2,849 3,036 230 199 204 -52 37 28 542 430 287 91 111 108 n.m. n.m. n.m.
ARZZ3 Arezzo ON BRL 1,121 1,209 1,314 160 172 201 120 129 140 -103 -186 -184 26 29 29 7.9 10.2 9.1
BTOW3 B2W Varejo ON BRL 9,002 8,139 9,421 632 621 799 -239 -384 -184 2,432 2,935 3,289 808 697 415 9.4 16.9 n.m.
GUAR3 Guararapes ON BRL 4,068 4,322 4,632 712 737 949 536 250 374 915 2,138 2,207 483 389 505 7.2 8.5 3.1
HGTX3 Cia Hering ON BRL 1,589 1,581 1,687 263 288 341 281 246 267 -110 -330 -469 97 66 71 2.4 1.0 n.m.
HYPE3 Hypermarcas ON BRL 3,763 3,415 3,807 1,077 1,097 1,268 560 800 948 2,202 -1,016 -1,264 216 135 151 0.2 8.0 25.1
LAME4 Lojas Americ PN BRL 17,914 18,052 20,341 2,515 2,743 3,234 350 164 607 4,913 4,646 4,665 n/a n/a n/a 9.6 14.8 17.9
LLIS3 Le Lis Blanc ON BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR
LREN3 Lojas Renner ON BRL 5,451 5,903 6,581 1,247 1,320 1,510 579 618 738 369 320 470 571 545 539 12.3 14.5 17.7
MGLU3 Magazine Luiza ON BRL 8,978 8,865 9,485 465 474 505 -66 -30 35 2,126 2,305 2,374 133 159 155 1.9 n.m. n.m.
NATU3 Natura ON BRL 7,874 8,335 9,105 1,467 1,505 1,679 581 604 737 2,924 2,976 3,086 385 417 455 7.2 5.0 5.0
PCAR4 P.Acucar-CBD PN BRL 69,115 74,780 81,141 2,674 3,453 4,160 251 447 765 10,016 9,594 9,827 1,760 1,598 1,596 7.6 0.8 0.4
RADL3 RaiaDrogasil ON BRL 8,898 11,039 13,200 729 955 1,192 372 501 634 82 121 116 389 404 498 20.3 30.5 29.8
VVAR11 Via Varejo UNIT BRL 19,267 18,869 19,349 1,288 1,179 1,232 2 210 307 2,437 2,696 3,064 351 359 303 n.m. n.m. n.m.

Food & Beverage


ABEV3 Ambev ON BRL 46,720 50,158 55,823 22,210 23,058 25,788 12,422 13,741 16,674 -10,236 -2,257 -2,257 5,262 4,223 4,623 11.8 11.0 11.3
BEEF3 Minerva ON BRL 9,525 10,853 11,669 1,020 1,186 1,265 -777 48 264 4,258 3,633 3,507 290 231 160 13.8 15.2 n.m.
BRFS3 BRF Foods ON BRL 32,197 36,714 41,380 5,526 4,986 5,958 2,928 1,577 2,464 9,081 10,519 11,118 2,314 2,558 2,842 11.7 9.9 8.6
JBSS3 JBS ON BRL 162,915 209,572 234,528 13,300 17,304 19,291 4,640 3,990 5,818 47,039 52,241 51,823 8,603 5,449 6,098 17.7 14.2 27.8
MDIA3 M. Diasbranco ON BRL 4,622 5,109 5,929 687 682 835 604 533 647 400 313 67 410 350 323 10.7 9.3 11.1
MRFG3 Marfrig ON BRL 19,500 23,067 25,251 1,750 2,131 2,228 -1,179 -28 459 7,077 7,510 7,414 443 484 530 7.4 8.3 n.m.

Healthcare + Education
ANIM3 Anima ON BRL 889 854 878 187 180 182 109 126 125 170 -13 -126 57 58 66 6.3 4.4 n.m.
FLRY3 Fleury ON BRL 1,881 2,068 2,250 361 356 442 101 122 195 421 301 125 116 120 126 10.2 12.9 29.3
ODPV3 Odontoprev ON BRL 1,253 1,389 1,525 335 377 487 223 486 342 -309 -127 -188 11 12 13 10.4 15.4 18.7
QUAL3 Qualicorp ON BRL 1,730 1,917 2,104 676 724 801 227 398 352 497 284 -46 116 115 105 10.5 6.3 32.6

Oil, Gas & Petrochemicals


BRKM5 Braskem PNA BRL 47,283 51,205 57,020 9,168 11,710 12,515 2,900 4,126 4,811 31,873 29,126 25,663 5,870 3,208 2,752 7.3 16.4 45.1
CGAS5 Comgas PNA BRL 6,597 6,544 7,393 1,530 1,596 1,479 699 648 546 1,877 3,580 3,657 521 500 525 7.7 4.3 3.0
CSAN3 Cosan ON BRL 43,666 47,326 51,278 4,192 4,810 5,098 355 1,388 1,523 n/a 12,693 11,560 n/a 1,739 2,143 7.0 10.1 53.4
PETR4 Petrobras PN BRL 321,638 341,049 374,662 26,183 90,197 102,943 -34,836 11,415 13,498 n/a 494,478 533,518 n/a 86,516 74,500 6.4 70.9 n.m.
PRIO3 Petrorio ON BRL 277 350 284 6 144 78 -116 91 32 -104 -227 -301 185 0 n/a n.m. n.m. n.m.
QGEP3 QGEP ON BRL 496 624 944 -76 309 515 -43 176 321 -753 -559 -492 513 406 80 22.2 32.2 24.1
UGPA3 Ultrapar ON BRL 75,655 80,384 93,963 3,953 4,175 4,724 1,513 1,566 1,868 5,395 6,271 8,655 1,473 1,558 3,945 12.7 14.3 18.1
Ita BBA
8
Panorama do Mercado 26 de agosto de 2016
Guia de Aes
Brazil
Cdigo Em presa Moeda Receita Lquida EBITDA Lucro Lquido Divda Liquida Investim entos 5 anos CAGR
2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 Receita Lquida EBITDA Lucro Lquido
Real Estate
BRCR11 BTG Corporate Office UNIT BRL 233 205 185 177 166 136 4 41 202 23 79 91 272 6 4 n.m. n.m. n.m.
BRML3 BR Malls Par ON BRL 1,469 1,466 1,500 1,175 1,130 1,155 421 390 515 4,919 4,482 4,262 463 154 248 5.0 5.5 10.8
BRPR3 BR Properties ON BRL 704 504 534 597 404 438 78 66 113 2,386 1,879 1,802 21 5 6 n.m. n.m. 0.6
CYRE3 Cyrela Realty ON BRL 4,341 3,723 3,103 912 692 622 448 291 371 1,508 1,052 265 n/a n/a n/a n.m. n.m. n.m.
DIRR3 Direcional ON BRL 1,570 1,476 1,429 241 231 214 124 130 134 337 252 256 n/a n/a n/a n.m. n.m. n.m.
EVEN3 Even ON BRL 2,205 1,917 1,408 286 231 198 101 82 93 1,325 1,243 996 n/a n/a n/a n.m. n.m. n.m.
EZTC3 Eztec ON BRL 814 686 965 412 258 426 444 305 463 -166 -180 -880 n/a n/a n/a n.m. n.m. n.m.
GFSA3 Gafisa ON BRL 2,294 2,015 2,060 340 275 354 74 -2 80 1,503 1,491 1,408 n/a n/a n/a 1.0 10.0 n.m.
HGLG11 CSHG Logistica UNIT BRL 33 35 37 30 32 34 44 54 57 -28 -30 -32 0 0 0 3.4 3.5 9.7
HGRE11 CSHG Real Estate UNIT BRL 86 85 84 79 70 69 11 62 57 -88 -74 -59 63 3 3 0.5 0.5 5.3
IGTA3 Iguatemi ON BRL 637 681 732 504 525 564 193 164 213 1,690 1,618 1,438 18 89 93 7.1 7.3 5.6
KNRI11 Kinea Renda Imobiliria UNIT BRL 166 176 183 145 157 163 156 139 145 81 50 18 3 11 11 4.1 4.7 14.2
LPSB3 Lopes Brasil ON BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR
MRVE3 MRV ON BRL 4,763 4,772 4,744 669 716 772 548 599 671 526 -194 -838 n/a n/a n/a 3.7 6.5 1.7
MULT3 Multiplan ON BRL 1,078 1,177 1,260 794 861 933 373 362 438 1,833 1,595 1,378 296 172 331 5.7 7.8 10.6
SCAR3 Sao Carlos ON BRL 300 275 304 252 218 247 48 41 66 n/a 1,064 976 n/a 242 9 6.5 6.8 5.0
TBOF11 TB Office UNIT BRL 57 70 85 44 60 78 72 117 138 8 9 11 0 0 0 11.8 7.8 60.8
TCSA3 Tecnisa ON BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

Steel & Mining + Pulp & Paper


FIBR3 FIBRIA ON BRL 10,081 9,781 10,718 5,337 4,478 4,864 343 2,575 465 11,082 14,202 16,321 2,358 8,203 4,948 16.5 19.6 66.6
GGBR4 Gerdau PN BRL 43,581 45,345 48,953 4,501 4,719 5,194 -4,551 349 906 19,542 17,134 17,079 2,325 1,550 1,543 5.8 4.8 5.4
KLBN11 Klabin S/A PN BRL 5,687 7,573 9,501 1,966 2,858 3,991 -1,254 1,186 690 11,498 12,510 12,185 4,627 2,370 757 16.5 20.6 15.9
MAGG3 Magnesita SA ON BRL 3,283 3,782 4,118 505 566 636 -359 -59 90 2,131 2,382 2,455 205 211 216 9.9 12.5 n.m.
SUZB5 Suzano Papel PNA BRL 10,227 10,092 10,650 4,492 4,440 4,764 -292 2,185 1,628 12,263 11,518 11,166 1,742 2,433 2,293 11.6 17.3 n.m.
USIM5 Usiminas PNA BRL 10,186 10,105 11,053 291 548 753 -3,236 -1,202 -702 n/a 7,455 7,812 n/a 395 431 1.7 n.m. n.m.
VALE.P VALE ADR USD 26,046 24,346 25,153 7,181 7,695 8,119 -12,029 4,000 1,939 29,664 27,349 27,066 8,401 5,665 5,509 n.m. n.m. 48.5
VALE5 VALE PNA USD 26,046 24,346 25,153 7,181 7,695 8,119 -12,029 4,000 1,939 29,664 27,349 27,066 8,401 5,665 5,509 n.m. n.m. 48.5

Telecommunications, Media & Technology


ATTO Atento USD 1,966 1,732 1,772 250 196 207 76 59 67 392 343 315 121 87 88 n.m. n.m. 0.7
LINX3 Linx ON BRL 449 513 581 122 124 145 64 63 82 -20 -75 -141 111 34 37 15.0 14.3 14.5
OIBR3 OI ON BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR
TIMP3 Tim Part S/A ON BRL 17,143 15,589 15,910 5,402 4,753 5,075 2,085 592 356 2,845 4,272 5,537 4,658 4,800 4,700 n.m. 1.2 n.m.
TOTS3 Totvs ON BRL 2,262 2,278 2,372 457 454 474 217 221 242 321 273 66 139 109 117 4.3 3.2 2.9
VIVT4 Telefonica Brasil PN BRL 42,134 43,216 44,767 12,714 13,879 14,968 3,331 4,396 5,583 4,620 4,998 3,972 8,319 8,859 8,058 3.7 6.3 n/a

Transportation & Logistics + Capital Goods


CCRO3 CCR ON BRL 6,107 6,834 7,697 3,658 4,196 4,863 874 971 1,352 11,522 13,651 15,398 1,754 3,421 3,071 11.7 13.4 12.8
ERJ Embraer ADR BRL 5,928 6,193 6,571 648 863 928 272 339 354 742 1,227 1,256 246 276 290 4.4 8.1 3.6
GOLL4 Gol PN BRL 9,778 10,426 10,483 1,338 2,067 2,067 -4,459 -335 -814 14,705 13,965 13,767 906 271 650 n/a n/a n/a
LCAM3 Locamerica ON BRL 709 807 834 224 252 278 20 25 31 716 797 848 469 563 527 8.4 9.5 12.0
LEVE3 Metal Leve ON BRL 2,433 2,440 2,744 372 417 477 201 209 234 328 178 209 124 122 96 6.6 8.7 7.2
MILS3 MILLS ON BRL 576 513 550 165 165 199 -98 -30 15 n/a 294 146 n/a 10 21 n.m. n.m. 7.1
MYPK3 Iochpe-Maxion ON BRL 6,846 7,260 7,969 751 836 893 49 18 105 2,676 2,582 2,645 331 302 364 11.0 13.1 29.6
POMO4 Marcopolo PN BRL 2,739 3,014 3,731 213 247 378 89 149 231 410 526 534 156 75 48 7.7 12.5 9.1
RAPT4 Randon Part PN BRL 3,099 2,906 3,451 162 277 417 -25 46 89 1,358 717 692 162 54 54 4.2 4.0 n.m.
RENT3 Localiza ON BRL 3,928 4,281 4,642 935 967 1,051 403 364 444 1,634 1,579 1,385 382 386 350 7.6 6.4 8.4
ROMI3 Inds Romi ON BRL 607 575 693 32 30 61 7 -10 13 n/a 83 65 n/a 15 18 5.9 18.4 42.9
STBP3 Santos BRP ON BRL 964 930 1,022 147 173 202 -15 8 31 113 13 -32 27 17 137 3.9 n.m. n.m.
TGMA3 Tegma ON BRL 1,123 1,079 1,153 177 90 101 10 19 29 n/a 180 169 n/a 47 36 n.m. n.m. n.m.
TUPY3 Tupy ON BRL 3,427 3,448 3,700 597 523 583 220 124 129 962 549 349 156 142 139 7.2 7.4 13.2
Ita BBA
9
Panorama do Mercado 26 de agosto de 2016
Guia de Aes
Brazil
Cdigo Em presa Moeda Receita Lquida EBITDA Lucro Lquido Divda Liquida Investim entos 5 anos CAGR
2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 Receita Lquida EBITDA Lucro Lquido
Utilities
ALUP11 Alupar UNIT BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR
CESP6 Cesp PNB BRL 2,951 2,381 1,499 910 1,325 698 -62 705 473 564 365 -436 50 53 56 n.m. n.m. 3.7
CMIG4 Cemig PN BRL 24,456 16,764 17,311 9,091 2,420 2,808 2,492 536 1,286 10,543 11,374 11,142 1,066 1,104 1,144 n.m. n.m. n.m.
CPFE3 CPFL Energia ON BRL 19,159 17,682 18,999 3,749 3,787 4,281 875 874 1,266 16,572 15,740 15,373 1,109 2,039 1,579 4.6 7.9 13.4
CPLE6 Copel PNB BRL 14,728 15,428 15,504 2,585 2,483 2,633 1,265 1,027 1,077 6,418 6,493 5,771 1,862 1,681 1,009 5.9 8.4 5.1
CPRE3 CPFL ON BRL 1,449 1,637 1,787 963 1,225 1,368 -22 74 224 4,623 5,182 4,691 577 1,179 281 9.9 19.0 n.m.
CSMG3 Copasa ON BRL 3,144 3,492 3,896 865 1,210 1,505 -12 252 443 2,973 3,169 3,142 430 750 791 6.9 9.9 14.4
ELPL4 Eletropaulo PN BRL 13,671 10,861 10,506 964 748 291 101 -128 -702 2,602 2,147 2,195 136 618 879 4.7 11.7 5.5
ENBR3 Energias do Brasil ON BRL 9,356 9,890 10,327 3,002 1,885 2,144 1,266 516 502 5,149 3,587 2,903 894 722 642 5.0 11.2 2.7
EQTL3 Equatorial ON BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR
TIET11 AES Tiete PN BRL 2,626 1,450 1,442 1,402 972 1,006 726 470 511 698 995 913 155 85 115 n.m. 8.4 10.3
LIGT3 Light S/A ON BRL 9,711 9,956 10,040 939 1,531 1,782 -31 231 408 7,725 6,466 6,033 440 479 520 2.2 6.9 1.9
SBSP3 Sabesp ON BRL 8,438 10,326 11,365 2,906 4,437 5,407 551 2,055 2,206 15,448 14,834 14,933 n/a n/a n/a 12.6 23.4 35.8
EGIE3 Engie BRL 6,512 6,968 6,650 3,115 3,915 4,155 1,201 1,925 2,091 2,061 1,451 1,047 810 1,542 1,626 3.9 13.5 16.7
TRPL4 ISA Cteep PN BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

Mxico
Cdigo Em presa Moeda Receita Lquida EBITDA Lucro Lquido Divda Liquida Investim entos 5 anos CAGR
2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 Receita Lquida EBITDA Lucro Lquido
Banking & Financial Services
BOLSAA BMV MXN 2,616 2,826 3,032 1,315 1,488 1,620 684 930 1,006 -1,588 -1,802 -2,014 473 135 161 7.3 12.8 19.3
GFNORTEO GF Banorte MXN 65,023 72,168 79,912 n/a n/a n/a 17,109 18,877 22,001 n/a n/a n/a n/a n/a n/a 9.3 9.1 14.7
SANMEXB Santander Mexico MXN 64,406 71,135 79,855 n/a n/a n/a 14,203 14,752 17,110 n/a n/a n/a n/a n/a n/a 11.5 11.5 9.9

Capital Goods
NEMAKA Nemak USD 4,481 4,743 5,032 758 790 841 290 290 305 1,216 979 833 459 474 393 4.8 6.9 7.1

Cement and Construction


CX Cemex ADR USD 14,127 14,557 15,322 2,636 2,739 3,009 75 309 599 14,440 13,770 13,009 763 649 664 1.8 5.4 n.m.

Consumer Goods & Retail


ALSEA Alsea MXN 32,288 35,978 40,863 4,302 4,884 5,818 981 1,194 1,822 11,038 10,950 9,261 3,409 3,255 2,942 17.5 22.3 34.2
CHDRAUIB Chedraui B MXN 78,648 86,600 91,123 4,981 5,645 5,971 1,740 2,101 2,368 3,927 2,293 1,756 2,733 2,165 2,994 7.6 7.7 9.8
GSANBOB1 Grupo Sanborns MXN 44,413 47,492 51,329 5,858 6,403 6,696 3,090 3,397 3,524 -3,625 -3,483 -2,575 366 2,638 2,856 7.7 8.1 6.9
KIMBERA Kimberly Clark MXN 32,206 35,547 37,618 8,803 10,211 11,061 4,333 5,097 5,704 10,905 14,529 15,718 1,318 3,964 n/a 7.6 11.1 13.4
LABB Genomma Lab MXN 10,901 11,780 12,683 1,787 2,290 2,539 839 1,134 1,264 4,416 3,391 2,533 1,461 121 119 4.2 2.6 0.6
LACOMUBC La Comer MXN 14,352 14,695 16,718 1,426 988 1,272 769 492 646 -2,700 -1,772 -1,591 20,719 1,651 1,353 n.m. n.m. n.m.
LIVEPOLC Liverpool MXN 91,293 102,017 113,978 14,870 16,673 18,589 9,211 10,289 11,538 5,513 4,298 3,462 2,563 7,000 9,000 12.1 12.5 13.7
SORIANAB Soriana B MXN
WALMEX Walmex V MXN 489,367 541,085 579,856 44,993 51,745 56,572 26,376 28,998 31,679 -12,214 -9,225 -8,700 12,358 16,438 18,097 8.7 9.1 4.4

Food & Beverage


AC Arca Continental MXN 76,454 93,246 98,137 16,708 20,675 22,355 7,249 9,414 10,648 30,938 18,048 12,885 5,728 6,630 7,024 11.6 11.8 12.8
BIMBOA Bimbo MXN 219,186 240,412 247,164 23,369 26,124 28,497 5,171 8,611 10,606 63,936 60,222 53,757 9,018 11,420 11,122 6.8 12.5 32.6
FEMSAUBD FEMSA MXN 304,188 357,489 384,585 45,425 50,415 53,944 19,668 21,111 23,407 63,244 57,125 49,800 19,565 20,015 20,484 9.9 7.4 8.3
KOFL Coca Cola FEMSA MXN 152,361 155,098 160,885 31,234 31,994 34,077 10,254 12,436 13,743 50,741 54,632 47,321 10,545 9,461 10,458 6.1 7.8 11.2
LALAB Grupo Lala MXN 48,183 51,741 58,795 6,810 7,748 8,642 3,902 4,548 5,009 -9,228 -6,611 -8,876 2,354 2,993 3,068 8.3 12.5 13.4

Oil, Gas & Petrochemicals


ALPEKA Alpek MXM 83,590 91,138 105,656 9,973 11,687 13,474 2,749 4,280 5,223 12,304 17,300 22,657 4,482 4,503 5,355 5.4 17.5 54.3
MEXCHEM Mexichem USD 5,708 5,637 6,139 906 898 1,032 135 184 210 1,682 2,205 2,058 821 610 425 3.7 9.2 50.7

Real Estate
FIBRAMQ Fibra Macquarie USD 2,800 3,144 3,269 2,131 2,367 2,458 1,399 1,661 1,704 n/a 14,381 14,966 n/a 2,201 580 8.5 7.3 8.3
FINN13 Fibra MXN 1,310 1,957 2,759 492 569 828 331 354 552 n/a 861 1,611 n/a 1,100 800 32.5 21.9 30.1
FIHO12 Fiho MXN 2,008 2,687 3,382 423 417 705 237 -41 161 478 766 1,600 0 398 884 30.2 36.7 20.9
HCITY Hoteles MXN 1,718 1,963 2,492 573 598 872 169 110 194 -267 1,143 2,744 0 1,850 2,200 21.1 25.7 21.5
FUNO11 Fibra Uno USD 10,725 12,870 14,240 8,033 9,479 10,689 5,479 6,732 7,812 n/a 43,350 49,121 n/a 9,976 5,997 14.8 15.1 19.7
TERRA13 Terrafina MXN 2,197 2,695 3,016 1,445 1,981 2,276 826 1,610 1,730 n/a 10,653 13,300 n/a 3,461 2,643 9.4 13.2 15.5
VESTA Vesta MXN 80 88 101 67 70 80 47 58 62 n/a 253 355 n/a 157 112 15.3 15.1 15.5

Steel & Mining + Pulp & Paper


GMEXICOB Gmexico B USD 8,175 8,209 8,833 3,014 2,874 3,409 1,272 905 1,151 5,713 6,261 6,152 n/a 2,057 1,582 2.6 2.9 n.m.
TX Ternium ADR USD 7,877 7,262 7,567 1,073 1,065 1,181 111 294 353 1,132 902 745 467 450 475 n.m. n.m. n.m.

Telecommunications, Media & Technology


AMXL America Movil CPO MXN 894,217 886,229 875,613 267,190 256,797 253,356 35,055 74,546 80,261 582,069 530,287 500,472 164,000 131,550 133,969 0.1 n.m. 16.1
AXTELCPO Axtel CPO MXN 10,515 11,230 11,418 3,116 3,359 3,373 -2,110 -724 -180 8,700 9,036 8,467 2,301 2,501 2,374 n.m. 0.5 n.m.
MEGACPO Megacable CPO MXN 14,557 17,153 19,391 5,843 7,033 7,834 3,002 3,516 3,648 400 360 -184 3,766 4,717 4,964 15.5 13.9 n.m.
TLEVICPO Televisa CPO MXN 88,052 96,374 103,605 33,406 35,391 39,168 10,899 8,314 9,767 61,488 78,395 80,947 33,393 35,201 25,546 7.5 11.7 19.6

Transportation & Logistics + Capital Goods


AEROMEX Aeromexico MXN 46,946 52,290 57,563 11,305 12,579 13,613 1,156 1,616 1,950 54,577 57,213 59,447 3,301 5,447 7,123 n/a n/a n/a
ASURB A. Del Sureste B MXN 6,414 7,116 7,740 4,542 5,109 5,630 2,914 3,252 3,637 1,634 1,330 0 2,907 1,857 978 12.6 14.3 16.0
OMAB A. Del Centro B MXN 4,145 5,018 5,506 2,450 3,070 3,396 1,233 1,542 1,697 2,047 3,149 3,334 739 1,789 1,314 13.6 16.6 15.2
PINFRA Pinfra MXN 10,646 12,569 12,288 5,299 6,241 6,958 4,245 4,626 5,190 -3,648 -4,801 -6,281 4,949 5,026 301 7.8 12.2 13.2
Ita BBA

VLRS Volaris MXN 18,179 21,326 24,402 6,491 7,475 8,581 2,460 1,814 1,946 21,116 26,930 28,348 601 850 950 n/a n/a n/a

Utilities
10

IENOVA Ienova MXN 672 604 971 392 502 681 140 213 325 681 1,475 1,646 300 1,795 188 4.4 19.0 24.1
Panorama do Mercado 26 de agosto de 2016
Guia de Aes
Argentina
Cdigo Em presa Moeda Receita Lquida EBITDA Lucro Lquido Divda Liquida Investim entos 5 anos CAGR
2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 Receita Lquida EBITDA Lucro Lquido
Agribusiness
AGRO Adecoagro USD 672 690 740 189 214 258 36 73 100 497 369 245 128 79 79 1.7 8.2 115.9

Banking
BMA Banco Macro ADR ARS 1,531 1,526 1,455 1,056 1,111 1,043 422 414 434 n/a n/a n/a n/a n/a n/a 3.4 2.0 2.3
GGAL Grupo Financiero Galicia ADR ARS 2,408 2,490 2,656 1,387 1,592 1,736 526 526 638 n/a n/a n/a n/a n/a n/a 8.4 10.5 12.9

Oil, Gas & Petrochemicals + Agribusiness


TS Tenaris ADR USD 7,101 5,875 6,620 854 1,190 1,606 -107 396 714 n/a -1,051 -1,007 n/a 1,020 620 n.m. n.m. n.m.
YPF YPF ADR USD 16,807 15,892 15,795 5,242 5,257 5,848 1,004 540 1,431 6,862 7,991 8,701 5,868 5,000 5,000 n.m. 5.9 10.8

Real Estate
IRS IRSA USD 351 360 374 173 178 185 -15 32 61 424 365 273 17 18 19 1.3 0.8 n.m.

Telecommunications, Media & Technology


PAM Pampa Energia ADR USD 1,505 1,500 1,795 431 439 541 316 146 189 734 237 217 471 214 207 27.0 n.m. 20.6

Telecommunications, Media & Technology


TEO Telecom Argentina ADR USD 4,221 4,209 4,522 913 832 817 401 456 613 203 -26 -176 1,043 800 859 2.3 3.8 7.8

Chile
Cdigo Em presa Moeda Receita Lquida EBITDA Lucro Lquido Divda Liquida Investim entos 5 anos CAGR
2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 Receita Lquida EBITDA Lucro Lquido
Agribusiness

Airlines
LFL Latam Airlines ADR USD 10,126 9,256 9,546 1,973 2,005 2,169 -219 13 66 12,099 12,711 12,739 1,513 1,296 1,338 n/a n/a n/a

Banking & Financial Services


BSAN Santander Chile CLP 1,638,332 1,830,246 1,970,857 n/a n/a n/a 448,878 523,607 581,922 n/a n/a n/a n/a n/a n/a 6.2 6.2 4.4
BCI BCI CLP 1,126,676 1,177,278 1,232,490 n/a n/a n/a 330,823 349,764 357,926 n/a n/a n/a n/a n/a n/a 5.7 5.4 4.2
CHILE Banco Chile CLP 1,618,969 1,791,057 1,931,209 n/a n/a n/a 558,996 598,358 657,863 n/a n/a n/a n/a n/a n/a 6.9 6.7 5.2
ILC ILC CLP n/a n/a n/a n/a n/a n/a 72,482 378,732 68,815 n/a n/a n/a n/a n/a n/a n/a n/a 4.3

Consumer Goods & Retail


CENCOSUD Cencosud CLP 10,417,215 10,705,698 10,905,334 753,985 782,520 861,480 311,886 340,351 373,664 2,551,339 2,679,108 2,794,075 31,669 430,559 451,680 1.5 6.1 12.7
FALAB Falabella CLP 8,381,944 8,955,349 9,556,178 1,114,884 1,188,298 1,309,605 519,951 531,321 599,132 5,485,418 5,693,523 6,042,011 0 603,999 828,346 7.8 9.5 9.8

Food & Beverage


ANDINAB Coca Cola Andina CLP 1,877,394 1,836,526 1,856,752 316,228 296,720 308,228 87,863 90,269 93,603 594,437 720,675 750,439 112,400 187,073 156,044 2.7 3.7 8.3
CCU CCU CLP 1,498,372 1,536,213 1,641,396 292,399 312,776 356,022 126,115 138,333 158,437 -25,298 82,830 120,604 129,669 235,428 230,909 8.0 11.4 10.6
CONCHATORO Concha y Toro CLP 636,194 723,356 792,539 94,646 116,324 123,399 49,797 64,097 67,272 262,767 265,786 259,666 23,856 28,128 29,973 10.2 10.3 11.6

Oil, Gas & Petrochemicals


GPRK Geopark USD 210 217 262 -127 85 132 -234 -20 39 295 271 198 119 26 32 n.m. n.m. 45.9

Real Estate
Parauco Parque Arauco USD 140,231 150,266 173,817 95,559 103,382 119,211 52,276 53,502 62,338 378,509 405,790 395,538 103,898 82,176 46,226 9.1 10.2 12.0

Steel & Mining + Pulp & Paper


COPEC Copec CLP 18,160 18,508 19,389 1,989 2,095 2,177 539 701 734 4,571 4,389 4,180 774 620 620 n.m. 2.9 n.m.
CMPC CMPC CLP 4,841 5,540 5,647 1,105 1,266 1,328 -4 320 370 3,610 3,577 3,308 1,008 540 440 4.4 6.8 23.4

Telecommunications, Media & Technology


ENTEL Entel CLP 1,804,733 1,953,931 2,113,792 358,782 474,898 545,413 2,816 119,177 129,384 1,344,481 1,613,370 1,744,378 295,224 318,375 314,589 6.2 10.9 25.7
SONDA Sonda CLP 891,123 866,622 881,128 126,765 124,341 128,082 42,850 59,900 60,752 23,557 -51,302 -86,536 80,150 29,985 29,568 1.6 1.2 6.4

Utilities
AESGENER AESGener PREF CLP 2,165 2,338 2,594 684 734 847 265 243 255 3,309 3,597 3,721 1,002 776 639 4.0 8.2 10.5
AGUAS-A Aguas CLP 473,397 505,611 527,072 282,624 303,507 314,502 129,008 141,260 147,417 764,852 746,660 755,049 90,568 88,826 90,603 5.4 4.3 5.9
COLBUN Colbun PREF CLP 1,503 1,350 1,352 537 613 623 80 254 267 n/a 733 509 n/a 128 130 n.m. 4.0 30.6
ECL ECL CLP 1,153 1,277 1,155 315 455 322 94 205 104 612 758 1,207 373 178 669 4.9 5.4 8.2
IAM IAM CLP 473,397 505,611 527,072 281,402 302,260 311,791 63,283 69,394 70,962 744,526 724,159 720,574 90,568 88,826 90,603 5.4 4.2 5.5
Ita BBA
11
Panorama do Mercado 26 de agosto de 2016
Guia de Aes
Colmbia
Cdigo Em presa Moeda Receita Lquida EBITDA Lucro Lquido Divda Liquida Investim entos 5 anos CAGR
2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 Receita Lquida EBITDA Lucro Lquido
Banking
GRUPOSUR Grupo Sura COP n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
PFBCOLO Bancolombia COP 10,460,871 12,627,827 13,345,336 n/a n/a n/a 2,518,890 2,497,611 2,973,210 n/a n/a n/a n/a n/a n/a 10.6 12.8 7.5
PFDAVVNDA Davivienda COP 5,401,334 6,048,163 6,503,266 n/a n/a n/a 1,448,829 1,366,731 1,496,800 0 0 0 n/a n/a n/a 11.2 12.3 15.5
PFGRUPSU Grupo Sura COP n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Consumer Goods & Retail


EXITO Almacenes Exito COP 28,638,941 74,403,876 78,693,733 1,911,721 4,113,589 4,684,316 539,608 424,736 555,669 3,708,492 3,074,116 2,414,820 8,308,000 1,726,301 2,005,319 55.5 51.7 8.1

Food & Beverage


NUTRESA Nutresa COP 7,945,417 8,926,428 9,460,163 975,554 1,136,351 1,227,715 428,152 516,522 606,541 2,895,680 2,727,367 2,565,980 1,135,475 310,000 331,106 10.2 11.3 3.8

Cement and Construction


CLH Cemex LATAM USD 1,427 1,384 1,449 450 439 471 95 118 133 1,034 1,021 859 196 193 61 n.m. n.m. n.m.
CEMARGOS Cementos Argos COP 7,912,003 9,738,277 10,497,154 1,518,933 1,972,161 2,240,004 491,357 681,490 778,149 5,132,241 5,178,908 5,207,926 613,000 938,808 1,061,455 15.9 23.3 32.2

Oil, Gas & Petrochemicals


EC Ecopetrol ADR USD 19,382 14,326 17,613 3,061 3,589 5,482 -1,484 94 963 n/a 14,187 18,490 n/a 4,800 4,800 n.m. n.m. n.m.

Utilities
ISAGEN Isagen COP 2,519,579 2,182,668 2,283,608 1,055,072 1,039,790 1,138,637 377,173 397,413 436,820 1,525 1,474 1,413 307,707 249,242 201,886 0.5 8.5 n.m.

Panam
Cdigo Em presa Moeda Receita Lquida EBITDA Lucro Lquido Divda Liquida Investim entos 5 anos CAGR
2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 Receita Lquida EBITDA Lucro Lquido
Airlines
CPA Copa Airlines USD 2,250 2,170 2,307 523 496 578 -225 220 249 1,471 1,331 1,184 129 237 136 0.9 0.2 1.1

Per
Cdigo Em presa Moeda Receita Lquida EBITDA Lucro Lquido Divda Liquida Investim entos 5 anos CAGR
2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 Receita Lquida EBITDA Lucro Lquido
Banking
BAP Credicorp USD 11,412 12,595 13,877 n/a n/a n/a 3,092 3,473 4,014 n/a n/a n/a n/a n/a n/a 10.5 12.1 16.1

Steel & Mining + Pulp & Paper


SCCO Southern Copper COM USD 5,046 5,032 5,624 1,945 1,777 2,249 736 624 880 5,677 6,310 6,492 1,250 1,478 1,156 4.1 2.6 1.0

Cement and Construction


UNACEMC1 Unacem PEN 3,664 3,916 4,071 n/a n/a n/a 68 440 577 4,951 4,636 4,038 574 393 257 7.0 7.0 18.0
CPAC Pacasmayo USD 1,231 1,325 1,398 390 448 475 216 236 255 854 835 790 491 110 74 4.9 8.1 9.2
Ita BBA
12
Panorama do Mercado 26 de agosto de 2016

EXONERAO DE RESPONSABILIDADE
Ita BBA uma marca usada pela Ita Corretora de Valores S.A.

Classificaes: Definies, Disperso e Relaes Bancrias

Relao Bancria
Classificaes (1) Definio (2) Cobertura (3) (4)

A expectativa do analista para a ao de um


Outperform 44% 43%
desempenho acima da mdia do mercado.

A expectativa do analista para a ao de um


Market Perform 44% 43%
desempenho em linha com a mdia do mercado.

A expectativa do analista para a ao de um


Underperform 13% 12%
desempenho abaixo da mdia do mercado.

1. As classificaes usadas neste documento (Outperform, Market Perform e Underperform) correspondem aproximadamente a
Compra, Manuteno e Venda, respectivamente.

2. As classificaes refletem a avaliao do analista sobre o desempenho da cotao da ao no mdio prazo comparado com a
mdia do mercado. As recomendaes continuaro vlidas at o analista alterar a classificao, o que poder acontecer
como resultado de novas informaes, ou simplesmente devido alterao na cotao da ao (no existe um perodo de
tempo pr-determinado). As empresas esto agrupadas em setores de acordo com as suas semelhanas. Os setores so: (i)
Bancos e Servios Financeiros; (ii) Bens de Consumo & Varejo + Alimentos e Bebidas (iii) Sade + Educao; (iv) Siderurgia
& Minerao + Papel & Celulose; (v) Petrleo, Gs & Petroqumica + Agronegcio; (vi) Setor Imobilirio & Construo; (vii)
Telecomunicaes, Mdia e Tecnologia; (viii) Transportes, Indstrias e Logstica; (ix) Servios de Utilidade Pblica; (x)
Estratgia.

3. Percentual de empresas cobertas pela Ita Corretora de Valores S.A. nessa categoria de classificao.

4. Percentual de empresas includas nessa categoria de classificao, para as quais foram prestados servios de banco de
investimento, pelo Ita Unibanco S.A. ou por uma de suas empresas coligadas, nos ltimos 12 (doze) meses, ou podero ser
prestados nos prximos 3 (trs) meses.

Informaes Relevantes
1. Este relatrio foi elaborado pela Ita Corretora de Valores S.A. ("Ita BBA"), uma subsidiria do Ita Unibanco S.A., regulada pela Comisso de
Valores Mobilirios (CVM), e distribudo pelo Ita BBA ou por uma de suas afiliadas (denominada conjuntamente "Grupo Ita Unibanco". Ita BBA
uma marca usada pela Ita Corretora de Valores S.A., por suas afiliadas e por outras empresas do Grupo Ita Unibanco.

2. Este relatrio tem como objetivo nico fornecer informaes, e no constitui e nem deve ser interpretado como sendo uma oferta de compra ou venda
ou como uma solicitao de uma oferta de compra ou venda de qualquer instrumento financeiro, ou de participao em uma determinada estratgia
de negcios em qualquer jurisdio. As informaes contidas neste relatrio foram consideradas razoveis na data em que o relatrio foi divulgado e
foram obtidas de fontes pblicas consideradas confiveis. O Grupo Ita Unibanco no d nenhuma segurana ou garantia, seja de forma expressa ou
implcita, sobre a integridade, confiabilidade ou exatido dessas informaes. Este relatrio tambm no tem a inteno de ser uma relao completa
ou resumida das estratgias de investimentos, mercados ou desdobramentos nele abordados. As opinies, estimativas e projees expressas neste
relatrio refletem a opinio atual do analista responsvel pelo contedo deste relatrio na data de sua divulgao e esto, portanto, sujeitas a
alteraes sem aviso prvio. Os preos e disponibilidades dos instrumentos financeiros so meramente indicativos e sujeitos a alteraes sem aviso
prvio. O Grupo Ita Unibanco no tem obrigao de atualizar, modificar ou alterar este relatrio e de informar o leitor, salvo quando do encerramento
da cobertura dos emitentes dos ttulos mobilirios abordados neste relatrio.

3. O analista responsvel pela elaborao deste relatrio, destacado em negrito, certifica, por meio desta que as opinies expressas neste relatrio
refletem, de forma precisa, nica e exclusiva, suas vises e opinies pessoais a respeito de todos os emitentes ou valores mobilirios analisados, e
foram produzidas de forma independente e autnoma, inclusive em relao ao Ita BBA, ao Banco Ita BBA S.A. e demais empresas do Grupo. Uma
vez que as opinies pessoais dos analistas de investimento podem ser divergentes entre si, o Ita BBA e suas subsidirias e afiliadas podem ter
publicado ou vir a publicar outros relatrios que no apresentem uniformidade e/ou cheguem a concluses diferentes das informaes fornecidas
neste relatrio. O analista responsvel pela elaborao deste relatrio no est registrado e/ou no qualificado como analista de pesquisas junto
NYSE ou FINRA, tampouco sendo associado Ita USA Securities, Inc., portanto, ele pode no estar sujeito s restries da Norma 2711 sobre
comunicaes com uma empresa objeto de anlise, aparies pblicas e transaes com valores mobilirios mantidos em uma conta de analista de
pesquisas.

4. A remunerao de um analista determinada com base no total das receitas do Ita BBA, uma parcela das quais oriunda da prestao de servios
de banco de investimento. Como todos os funcionrios do Ita BBA e de suas subsidiria e afiliadas, os analistas recebem uma remunerao que
est atrelada ao resultado global. Sendo assim, a remunerao de um analista pode ser considerada indiretamente relacionada a este relatrio.
Entretanto, o analista responsvel pelo contedo deste relatrio certifica, por meio deste, que nenhuma parcela de sua remunerao esteve, est ou
estar, direta ou indiretamente, relacionada a quaisquer recomendaes ou opinies especficas contidas neste relatrio, ou vinculada precificao
de qualquer um dos valores mobilirios discutidos neste relatrio. O Grupo Ita Unibanco e os fundos, carteiras e clubes de investimentos
administrados pelo Grupo Ita Unibanco podem ter uma participao direta ou indireta equivalente a no mais que 1% (um por cento) do capital social
das empresas, e podem ter estado envolvidos na aquisio, venda ou negociao dessas aes no mercado.

5. Os instrumentos financeiros discutidos neste relatrio podem no ser adequados para todos os investidores. Este relatrio no leva em considerao
os objetivos de investimento, a situao financeira ou as necessidades especficas de um determinado investidor. Os investidores que desejem
adquirir ou negociar os ttulos mobilirios cobertos neste relatrio devem obter documentos pertinentes relativos aos instrumentos financeiros e s
bolsas e confirmar o seu contedo. Os investidores devem obter orientao financeira independente, com base em suas caractersticas pessoais,
antes de tomar uma deciso de investimento baseada nas informaes contidas neste relatrio. A deciso final em relao aos investimentos deve
ser tomada por cada investidor, levando em considerao os vrios riscos, tarifas e comisses. Caso um instrumento financeiro seja expresso em
uma moeda que no a do investidor, uma alterao nas taxas de cmbio pode impactar adversamente seu preo, valor ou rentabilidade, e o leitor
deste relatrio assume quaisquer riscos de cmbio. Os rendimentos dos instrumentos financeiros podem apresentar variaes e, consequentemente,
o preo ou valor dos instrumentos financeiros pode aumentar ou diminuir, direta ou indiretamente. Rentabilidade passada no necessariamente
indicativa de resultados futuros, e nenhuma segurana ou garantia, de forma expressa ou implcita, dada neste relatrio em relao a desempenhos
futuros. O Grupo Ita Unibanco se exime de toda e qualquer responsabilidade por eventuais prejuzos, diretos ou indiretos, que venham a decorrer da
utilizao deste relatrio ou de seu contedo e ao utilizar tal relatrio o investidor obriga-se, de forma irrevogvel e irretratvel, a manter o Grupo Ita
indene em relao a quaisquer pleitos, reclamaes e/ou pedidos.

6. Este relatrio no pode ser reproduzido ou redistribudo para qualquer outra pessoa, no todo ou em parte, qualquer que seja o propsito, sem o prvio
consentimento por escrito do Ita BBA. Informaes adicionais sobre os instrumentos financeiros discutidos neste relatrio se encontram disponveis
mediante solicitao.

7. Conforme exigido pelas regras da Comisso de Valores Mobilirios o(s) analista(s) responsvel(eis) pela elaborao do presente relatrio indica(m)
no quadro abaixo "Informaes Relevantes" situaes de potencial conflito.

Ita BBA
13
Panorama do Mercado 26 de agosto de 2016

Observao Adicional nos relatrios distribudos no (i) Reino Unido e Europa: Este material foi preparado pelo Itau BBA International plc
(IBBAI) somente para fins de informao. O nico propsito deste material fornecer informao apenas, e no constitui ou deve ser interpretado
como proposta ou solicitao para aderir a qualquer instrumento financeiro ou participar de qualquer estratgia de negcios especfica. Os
instrumentos financeiros discutidos neste material podem no ser adequados a todos os investidores e so voltados somente a Contrapartes
Elegveis e Profissionais, conforme definio da Autoridade de Conduta Financeira. Este material no leva em considerao os objetivos, situao
financeira ou necessidades especficas de qualquer cliente em particular. Os clientes precisam obter aconselhamento financeiro, legal, contbil,
econmico, de crdito e de mercado individualmente, com base em seus objetivos e caractersticas pessoais antes de tomar qual quer deciso
fundamentada na informao aqui contida. Ao acessar este material, voc confirma estar ciente das leis em sua jurisdio referentes a proviso e
venda de produtos de servio financeiro. Voc reconhece que este material contm informaes proprietrias e concorda em manter esta
informao em confidencialidade. O IBBA UK se isenta de qualquer obrigao por perdas, sejam diretas ou indiretas, que possam decorrer do uso
deste material e de seu contedo e no tem obrigao de atualizar a informao contida neste documento. Voc tambm confirma que
compreende os riscos relativos aos instrumentos financeiros discutidos neste material. Devido a regulamentos internacionais, nem todos os
instrumentos/servios financeiros podem estar disponveis para todos os clientes. Esteja ciente e observe tais restries quando considerar uma
potencial deciso de investimento. A informao aqui contida foi obtida de fontes internas e externas e considerada confivel at a data de
divulgao do material, porm o IBBA UK no faz qualquer representao ou garantia quanto completude, confiabilidade ou preciso da
informao obtida por terceiros ou fontes pblicas. Informaes adicionais referentes aos produtos financeiros discutidos neste material so
disponibilizadas mediante solicitao. O Itau BBA International plc tem escritrio registrado no endereo 20th floor, 20 Primrose Street, London,
United Kingdom, EC2A 2EW e autorizado pela Prudential Regulation Authority e regulamentado pela Financial Conduct Authority e pela
Prudential Regulation Authority (FRN 575225) O brao em Lisboa do Itau BBA International plc regulamentado pelo Banco de Portugal para
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atividades limitadas e as atividades de negcios conduzidas so regulamentadas por Banque de France, Bundesanstalt fur
Finanzdienstleistungsaufsicht (BaFin) e Banco de Espaa, respectivamente. Contate seu gerente de relacionamento se tiver perguntas; (ii) U.S.A:
Itau BBA USA Securities, Inc., a FINRA/SIPC member firm, is distributing this report and accepts responsibility for the content of this report. Any
US investor receiving this report and wishing to effect any transaction in any security discussed herein should do so with Itau BBA USA Securities,
Inc. at 767 Fifth Avenue, 50th Floor, New York, NY 10153; (iii) Asia: Este relatrio distribudo em Hong Kong pela Ita Asia Securities Limited,
licenciada em Hong Kong pela Securities and Futures Commission para a atividade regulamentada do Tipo 1 (negociao de ativos financeiros). A
Ita Asia Securities Limited aceita toda a responsabilidade regulatria pelo contedo deste relatrio. Em Hong Kong, investidores que desejam
comprar ou negociar os instrumentos financeiros avaliados neste relatrio devem entrar em contato com a Ita Asia Securities Limited no
endereo 29th Floor, Two IFC, 8 Finance Street Central, Hong Kong; (iv) Japo: Este relatrio distribudo no Japo pela Ita Asia Securities
Limited Agncia Tquio, Registro (FIEO) 2154, Diretor, Escritrio Local de Finanas Kanto Associao: Japan Securities Dealers Association; (v)
Oriente Mdio: Este relatrio distribudo pela Itau Middle East Limited. A Itau Middle East Limited regulamentada pela Autoridade de Servios
Financeiros de Dubai, com endereo na Suite 305, Level 3, Al Fattan Currency House, Dubai International Financial Centre, PO Box 482034,
Dubai, United Arab Emirates. Este material voltado somente a Clientes Profissionais (conforme definio do mdulo DFSA Conduta de
Negcios) e outras pessoas no devem tomar decises com base no mesmo; (vi) Brazil: Ita Corretora de Valores S.A., a subsidiary of Ita
Unibanco S.A authorized by the Central Bank of Brazil and approved by the Securities and Exchange Commission of Brazil, is distributing this
report. If necessary, contact the Client Service Center: 4004-3131* (capital and metropolitan areas) or 0800-722-3131 (other locations) during
business hours, from 9 a.m. to 8 p.m., Brasilia time. If you wish to re-evaluate the suggested solution, after utilizing such channels, please call Itas
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CEP 03162-971. *Custo de uma Chamada Local

Informaes Relevantes Analistas


Itens de Divulgao
Analistas
1 2 3 4 5
Alejandra Aranda
Alexandre Spada
Andr Hachem
Antonio Barreto
Ariel Amar X
Arturo Langa
Barbara Angerstein
Carlos Eduardo Schmidt X
Daniel Sasson
Diego Mendes
Enrico Trotta
Gregorio Tomassi
Guilherme Domingues Costa X
Joaquin Ley X
Johanna Castro
Marcos Assumpo
Martha Shelton
Pablo Ordez
Pedro Manfredini
Renata Faber
Renato Salomone X
Ricardo Cavanagh
Ruben Couto
Susana Salaru X X X
Thais Cascello
Thiago Bovolenta Batista X
Thiago Macruz
Vitor Barata Zicman Corona

1. O(s) analista(s) de investimentos, envolvidos na elaborao deste relatrio, tem vnculo com pessoa natural que trabalha para o emissor objeto do relatrio de
anlise.
2. O(s) analista(s) de investimentos, seus cnjuges ou companheiros, detm, direta ou indiretamente, em nome prprio ou de terceiros, aes e/ou outros valores
mobilirios de emisso das companhias objeto de sua anlise.
3. Os analistas de investimento, seus cnjuges ou companheiros, esto direta ou indiretamente envolvidos na aquisio, alienao ou intermediao dos valores
mobilirios objeto deste relatrio.
4. Os analistas de investimento, seus cnjuges ou companheiros, possuem, direta ou indiretamente, qualquer interesse financeiro em relao companhia
emissora dos valores mobilirios analisados neste relatrio.
5. Os analistas de investimento, seus cnjuges ou companheiros, negociam com cotas de fundos de investimento que concentram seus investimentos na
companhia analisada ou em seu setor da economia,ou em cuja administrao ou gesto podem influenciar, direta ou indiretamente.

Ita BBA
14