2

Soveriegn yield spread | Método Tradicional: Diferencia entre rendimientos de bonos de similares vencimientos
PN01129XM PN01140XM 10000
Source: BCRP
Date Spread - EMBIG Perú (pbs) Bonos Tesoro https://estadisticas.bcrp.gob.pe/
EE.UU. - 10 años (%) Spread-EMBIG Perú (%)
Dic98 655.18 4.64
estadisticas/series/mensuales/ta 6.5518%
Ene99 701.21 sas-de-interes-internacionales
4.71 7.0121%
Feb99 706.11 5.00 7.0611%
Mar99 598.48 5.22 5.9848%
Abr99 522.81 5.18 5.2281%
May99 553.25 5.54 5.5325%
Jun99 621.59 5.89 6.2159%
Jul99 597.62 5.78 5.9762%
Ago99 679.68 5.94 6.7968%
Sep99 640.24 5.90 6.4024%
Oct99 606.65 6.10 6.0665%
Nov99 549.90 6.03 5.4990%
Dic99 474.45 6.27 4.7445%
Ene00 445.60 6.65 4.4560%
Feb00 449.50 6.52 4.4950%
Mar00 444.09 6.25 4.4409%
Abr00 521.79 5.98 5.2179%
May00 591.68 6.43 5.9168%
Jun00 541.77 6.09 5.4177%
Jul00 545.90 6.04 5.4590%
Ago00 499.09 5.83 4.9909%
Sep00 596.25 5.79 5.9625%
Oct00 714.24 5.74 7.1424%
Nov00 745.62 5.70 7.4562%
Dic00 718.90 5.22 7.1890%
Ene01 659.00 5.15 6.5900%
Feb01 651.95 5.10 6.5195%
Mar01 635.82 4.88 6.3582%
Abr01 761.65 5.14 7.6165%
May01 763.45 5.37 7.6345%
Jun01 662.76 5.26 6.6276%
Jul01 642.90 5.21 6.4290%
Ago01 625.61 4.96 6.2561%
Sep01 638.94 4.73 6.3894%
Oct01 665.36 4.55 6.6536%
Nov01 590.60 4.62 5.9060%
Dic01 513.40 5.05 5.1340%
Ene02 481.43 4.99 4.8143%
Feb02 478.47 4.90 4.7847%
Mar02 414.85 5.28 4.1485%
Abr02 434.82 5.20 4.3482%
May02 506.45 5.14 5.0645%
Jun02 566.65 4.89 5.6665%
Jul02 719.91 4.61 7.1991%
Ago02 816.27 4.24 8.1627%
Sep02 805.90 3.87 8.0590%
Oct02 813.91 3.91 8.1391%
Nov02 672.11 4.04 6.7211%
Dic02 619.67 4.02 6.1967%
Ene03 569.71 4.01 5.6971%
Feb03 562.89 3.90 5.6289%
Mar03 509.67 3.79 5.0967%
Abr03 426.81 3.94 4.2681%
May03 411.67 3.54 4.1167%
Jun03 459.52 3.32 4.5952%
Jul03 482.05 3.94 4.8205%
Ago03 423.14 4.42 4.2314%
Sep03 353.43 4.26 3.5343%
Oct03 317.45 4.27 3.1745%
Nov03 310.33 4.29 3.1033%
Dic03 318.09 4.25 3.1809%
Ene04 302.65 4.13 3.0265%
Feb04 361.05 4.06 3.6105%
Mar04 357.00 3.81 3.5700%
Abr04 350.90 4.32 3.5090%
May04 483.55 4.70 4.8355%
Jun04 449.36 4.72 4.4936%
Jul04 434.57 4.47 4.3457%
Ago04 385.18 4.27 3.8518%
Sep04 336.76 4.12 3.3676%
Oct04 350.85 4.08 3.5085%
Nov04 303.50 4.18 3.0350%
Dic04 257.23 4.22 2.5723%
Ene05 266.45 4.21 2.6645%
Feb05 261.89 4.16 2.6189%
Mar05 264.18 4.49 2.6418%
Abr05 284.86 4.32 2.8486%
May05 267.24 4.13 2.6724%
Jun05 243.23 3.98 2.4323%
Jul05 233.25 4.17 2.3325%
Ago05 206.00 4.25 2.0600%
Sep05 197.90 4.19 1.9790%
Oct05 218.25 4.45 2.1825%
Nov05 203.25 4.53 2.0325%
Dic05 226.52 4.45 2.2652%
Ene06 235.95 4.40 2.3595%
Feb06 184.11 4.40 1.8411%
Mar06 220.09 4.40 2.2009%
Abr06 218.79 4.40 2.1879%
May06 196.73 5.10 1.9673%
Jun06 206.86 5.10 2.0686%
Jul06 193.65 5.08 1.9365%
Ago06 173.39 4.87 1.7339%
Sep06 171.85 4.71 1.7185%
Oct06 147.95 4.72 1.4795%
Nov06 146.76 4.59 1.4676%
Dic06 131.35 4.56 1.3135%
Ene07 123.05 4.75 1.2305%
Feb07 127.21 4.72 1.2721%
Mar07 131.82 4.56 1.3182%
Abr07 117.75 4.69 1.1775%
May07 110.00 4.75 1.1000%
Jun07 103.95 5.10 1.0395%
Jul07 129.48 4.99 1.2948%
Ago07 168.91 4.68 1.6891%
Sep07 155.16 4.52 1.5516%
Oct07 138.59 4.52 1.3859%
Nov07 174.90 4.14 1.7490%
Dic07 174.95 4.10 1.7495%
Ene08 195.14 3.73 1.9514%
Feb08 208.65 3.73 2.0865%
Mar08 220.90 3.48 2.2090%
Abr08 181.59 3.65 1.8159%
May08 154.10 3.87 1.5410%
Jun08 160.29 4.08 1.6029%
Jul08 197.59 3.97 1.9759%
Ago08 195.29 3.88 1.9529%
Sep08 257.76 3.68 2.5776%
Oct08 500.27 3.76 5.0027%
Nov08 484.61 3.57 4.8461%
Dic08 523.68 2.39 5.2368%
Ene09 460.05 2.46 4.6005%
Feb09 419.05 2.86 4.1905%
Mar09 408.91 2.80 4.0891%
Abr09 359.57 2.88 3.5957%
May09 292.15 3.30 2.9215%
Jun09 257.50 3.70 2.5750%
Jul09 273.86 3.53 2.7386%
Ago09 240.00 3.58 2.4000%
Sep09 224.95 3.40 2.2495%
Oct09 196.62 3.35 1.9662%
Nov09 191.21 3.39 1.9121%
Dic09 178.95 3.59 1.7895%
Ene10 179.68 3.71 1.7968%
Feb10 200.21 3.68 2.0021%
Mar10 157.83 3.72 1.5783%
Abr10 143.57 3.82 1.4357%
May10 201.45 3.40 2.0145%
Jun10 206.82 3.19 2.0682%
Jul10 185.71 2.99 1.8571%
Ago10 156.59 2.68 1.5659%
Sep10 167.57 2.64 1.6757%
Oct10 156.45 2.51 1.5645%
Nov10 151.32 2.75 1.5132%
Dic10 156.55 3.28 1.5655%
Ene11 145.70 3.36 1.4570%
Feb11 146.05 3.56 1.4605%
Mar11 156.78 3.40 1.5678%
Abr11 192.35 3.43 1.9235%
May11 187.48 3.15 1.8748%
Jun11 192.36 2.99 1.9236%
Jul11 171.00 2.99 1.7100%
Ago11 199.57 2.29 1.9957%
Sep11 238.90 1.96 2.3890%
Oct11 230.50 2.13 2.3050%
Nov11 212.11 2.00 2.1211%
Dic11 216.86 1.97 2.1686%
Ene12 218.90 1.94 2.1890%
Feb12 199.60 1.96 1.9960%
Mar12 165.59 2.16 1.6559%
Abr12 164.35 2.03 1.6435%
May12 179.77 1.79 1.7977%
Jun12 188.43 1.61 1.8843%
Jul12 162.05 1.50 1.6205%
Ago12 133.13 1.67 1.3313%
Sep12 122.89 1.70 1.2289%
Oct12 107.86 1.72 1.0786%
Nov12 122.89 1.65 1.2289%
Dic12 117.40 1.70 1.1740%
Ene13 109.86 1.88 1.0986%
Feb13 127.21 1.97 1.2721%
Mar13 139.95 1.95 1.3995%
Abr13 132.55 1.74 1.3255%
May13 133.05 1.90 1.3305%
Jun13 179.80 2.27 1.7980%
Jul13 175.00 2.55 1.7500%
Ago13 190.55 2.72 1.9055%
Sep13 182.20 2.81 1.8220%
Oct13 173.18 2.60 1.7318%
Nov13 182.44 2.70 1.8244%
Dic13 177.19 2.88 1.7719%
Ene14 177.05 2.86 1.7705%
Feb14 182.53 2.70 1.8253%
Mar14 167.24 2.71 1.6724%
Abr14 153.81 2.70 1.5381%
May14 149.24 2.56 1.4924%
Jun14 145.43 2.59 1.4543%
Jul14 146.82 2.53 1.4682%
Ago14 157.29 2.42 1.5729%
Sep14 149.76 2.51 1.4976%
Oct14 170.18 2.29 1.7018%
Nov14 165.18 2.33 1.6518%
Dic14 182.50 2.20 1.8250%
Jan15 201.80 1.75 2.0180%
Feb15 182.84 1.99 1.8284%
Mar15 184.45 1.96 1.8445%
Apr15 176.95 2.00 1.7695%
May15 165.90 2.35 1.6590%
Jun15 176.50 2.26 1.7650%
Jul15 187.32 2.18 1.8732%
Aug15 217.48 2.22 2.1748%
Sep15 234.05 2.04 2.3405%
Oct15 226.10 2.14 2.2610%
Nov15 218.74 2.21 2.1874%
Dec15 236.41 2.30 2.3641%
Jan16 266.32 2.27 2.6632%
Feb16 281.70 1.74 2.8170%
Mar16 226.91 1.82 2.2691%
Apr16 210.05 1.77 2.1005%
May16 207.90 1.85 2.0790%
Jun16 209.91 1.85 2.0991%
Jul16 183.75 1.47 1.8375%
Aug16 169.61 1.57 1.6961%
Sep16 161.86 1.58 1.6186%
Oct16 146.60 1.60 1.4660%
Nov16 167.65 1.83 1.6765%
Dec16 164.81 2.38 1.6481%
Jan17 157.30 2.45 1.5730%
Feb17 152.11 2.49 1.5211%
Mar17 141.09 2.45 1.4109%
Apr17 149.16 2.39 1.4916%
May17 141.18 2.42 1.4118%
Jun17 143.50 2.39 1.4350%
Jul17 141.90 2.23 1.4190%
Aug17 156.04 2.20 1.5604%
Sep17 144.00 2.31 1.4400%
Oct17 139.62 2.30 1.3962%
Nov17 138.81 2.13 1.3881%
Dec17 136.15 2.12 1.3615%
Jan18 121.58 2.57 1.2158%
Feb18 132.11 2.86 1.3211%
Mar18 145.46 2.84 1.4546%
Apr18 145.24 2.87 1.4524%
May18 157.59 2.98 1.5759%
Jun18 163.33 2.91 1.6333%
Jul18 150.24 2.89 1.5024%
Aug18 149 2.9 1.4900%
Sep18 140 3 1.4000%
Oct18 143 3.2 1.4300%
Nov18 157 3.1 1.5700%
Dec18 163 2.8 1.6300%
 1
res vencimientos Bond return st.dev base
100 YTM Peruvian Bond Implicit "Fair Price" implicit price
BT EEUU 10 años (%)
4.6438% 11.1956% 100.00
4.7111% 11.7232% 100.00 95.50
5.0002% 12.0612% 100.00 97.20
5.2208% 11.2056% 100.00 107.64
5.1764% 10.4045% 100.00 107.70
5.5377% 11.0702% 100.00 93.99
5.8922% 12.1081% 100.00 91.43
5.7835% 11.7597% 100.00 102.96
5.9369% 12.7337% 100.00 92.35
5.9045% 12.3068% 100.00 103.47
6.1023% 12.1688% 100.00 101.13
6.0264% 11.5254% 100.00 105.58
6.2712% 11.0157% 100.00 104.63
6.6530% 11.1090% 100.00 99.16
6.5201% 11.0151% 100.00 100.85
6.2470% 10.6878% 100.00 103.06
5.9822% 11.2000% 100.00 95.43
6.4253% 12.3422% 100.00 90.75
6.0906% 11.5083% 100.00 107.25
6.0442% 11.5032% 100.00 100.04
5.8258% 10.8167% 100.00 106.35
5.7866% 11.7491% 100.00 92.06
5.7350% 12.8774% 100.00 91.24
5.7038% 13.1600% 100.00 97.85
5.2185% 12.4075% 100.00 106.06
5.1470% 11.7370% 100.00 105.71
5.0961% 11.6155% 100.00 101.05
4.8804% 11.2385% 100.00 103.35
5.1360% 12.7525% 100.00 88.13
5.3749% 13.0095% 100.00 98.02
5.2608% 11.8884% 100.00 109.43
5.2099% 11.6389% 100.00 102.14
4.9618% 11.2179% 100.00 103.75
4.7299% 11.1194% 100.00 100.89
4.5455% 11.1992% 100.00 99.29
4.6244% 10.5304% 100.00 106.35
5.0478% 10.1818% 100.00 103.42
4.9893% 9.8036% 100.00 103.86
4.9038% 9.6885% 100.00 101.19
5.2800% 9.4285% 100.00 102.76
5.1973% 9.5455% 100.00 98.77
5.1374% 10.2019% 100.00 93.57
4.8885% 10.5550% 100.00 96.66
4.6124% 11.8115% 100.00 89.36
4.2415% 12.4042% 100.00 95.22
3.8687% 11.9277% 100.00 104.00
3.9120% 12.0510% 100.00 98.98
4.0410% 10.7621% 100.00 111.98
4.0184% 10.2151% 100.00 105.35
4.0119% 9.7091% 100.00 105.21
3.8963% 9.5252% 100.00 101.93
3.7947% 8.8913% 100.00 107.13
3.9364% 8.2045% 100.00 108.37
3.5434% 7.6601% 100.00 107.11
3.3223% 7.9175% 100.00 96.75
3.9390% 8.7594% 100.00 90.39
4.4200% 8.6514% 100.00 101.25
4.2567% 7.7910% 100.00 111.04
4.2660% 7.4405% 100.00 104.71
4.2856% 7.3889% 100.00 100.70
4.2506% 7.4315% 100.00 99.43
4.1265% 7.1530% 100.00 103.89
4.0631% 7.6736% 100.00 93.21
3.8115% 7.3815% 100.00 103.96
4.3225% 7.8315% 100.00 94.25
4.6963% 9.5318% 100.00 82.16
4.7245% 9.2181% 100.00 103.40
4.4651% 8.8109% 100.00 104.62
4.2710% 8.1228% 100.00 108.47
4.1174% 7.4850% 100.00 108.52
4.0789% 7.5874% 100.00 98.65
4.1846% 7.2196% 100.00 105.09
4.2154% 6.7876% 100.00 106.36
4.2066% 6.8711% 100.00 98.79
4.1596% 6.7785% 100.00 101.37
4.4914% 7.1332% 100.00 95.03
4.3216% 7.1702% 100.00 99.48
4.1314% 6.8037% 100.00 105.39
3.9825% 6.4148% 100.00 106.06
4.1673% 6.4998% 100.00 98.69
4.2503% 6.3103% 100.00 103.00
4.1863% 6.1653% 100.00 102.35
4.4518% 6.6343% 100.00 92.93
4.5298% 6.5623% 100.00 101.10
4.4546% 6.7199% 100.00 97.65
4.4036% 6.7631% 100.00 99.36
4.4036% 6.2447% 100.00 108.30
4.4036% 6.6045% 100.00 94.55
4.4036% 6.5915% 100.00 100.20
5.1017% 7.0690% 100.00 93.25
5.1012% 7.1698% 100.00 98.59
5.0838% 7.0203% 100.00 102.13
4.8716% 6.6055% 100.00 106.28
4.7133% 6.4318% 100.00 102.70
4.7198% 6.1993% 100.00 103.75
4.5911% 6.0588% 100.00 102.32
4.5618% 5.8753% 100.00 103.12
4.7537% 5.9841% 100.00 98.18
4.7206% 5.9927% 100.00 99.86
4.5592% 5.8774% 100.00 101.96
4.6870% 5.8645% 100.00 100.22
4.7466% 5.8466% 100.00 100.31
5.1029% 6.1424% 100.00 95.18
4.9914% 6.2862% 100.00 97.71
4.6774% 6.3665% 100.00 98.74
4.5156% 6.0672% 100.00 104.93
4.5211% 5.9070% 100.00 102.71
4.1420% 5.8910% 100.00 100.27
4.0952% 5.8447% 100.00 100.79
3.7253% 5.6767% 100.00 102.96
3.7301% 5.8166% 100.00 97.59
3.4847% 5.6937% 100.00 102.16
3.6485% 5.4645% 100.00 104.20
3.8718% 5.4127% 100.00 100.96
4.0829% 5.6858% 100.00 95.20
3.9723% 5.9482% 100.00 95.59
3.8791% 5.8320% 100.00 101.99
3.6810% 6.2586% 100.00 93.18
3.7592% 8.7620% 100.00 71.43
3.5715% 8.4176% 100.00 104.09
2.3892% 7.6260% 100.00 110.38
2.4620% 7.0625% 100.00 107.98
2.8561% 7.0466% 100.00 100.23
2.8040% 6.8930% 100.00 102.23
2.8770% 6.4727% 100.00 106.49
3.2976% 6.2191% 100.00 104.08
3.7032% 6.2782% 100.00 99.06
3.5338% 6.2724% 100.00 100.09
3.5760% 5.9760% 100.00 104.96
3.3990% 5.6486% 100.00 105.80
3.3548% 5.3210% 100.00 106.16
3.3851% 5.2972% 100.00 100.45
3.5900% 5.3796% 100.00 98.47
3.7131% 5.5100% 100.00 97.63
3.6789% 5.6810% 100.00 96.99
3.7189% 5.2971% 100.00 107.25
3.8218% 5.2575% 100.00 100.75
3.4008% 5.4153% 100.00 97.09
3.1890% 5.2571% 100.00 103.01
2.9860% 4.8431% 100.00 108.55
2.6823% 4.2482% 100.00 114.00
2.6398% 4.3155% 100.00 98.44
2.5104% 4.0749% 100.00 105.90
2.7468% 4.2600% 100.00 95.66
3.2807% 4.8462% 100.00 87.90
3.3621% 4.8191% 100.00 100.56
3.5643% 5.0248% 100.00 95.91
3.4027% 4.9705% 100.00 101.09
3.4305% 5.3540% 100.00 92.84
3.1539% 5.0287% 100.00 106.47
2.9875% 4.9112% 100.00 102.39
2.9858% 4.6958% 100.00 104.59
2.2902% 4.2858% 100.00 109.57
1.9620% 4.3510% 100.00 98.50
2.1289% 4.4339% 100.00 98.13
2.0000% 4.1210% 100.00 107.59
1.9710% 4.1395% 100.00 99.55
1.9353% 4.1243% 100.00 100.37
1.9605% 3.9565% 100.00 104.24
2.1606% 3.8165% 100.00 103.67
2.0294% 3.6729% 100.00 103.91
1.7858% 3.5836% 100.00 102.49
1.6083% 3.4926% 100.00 102.60
1.5049% 3.1254% 100.00 111.75
1.6695% 3.0008% 100.00 104.15
1.6996% 2.9285% 100.00 102.47
1.7231% 2.8017% 100.00 104.53
1.6494% 2.8784% 100.00 97.34
1.7018% 2.8758% 100.00 100.09
1.8785% 2.9771% 100.00 96.60
1.9698% 3.2419% 100.00 91.83
1.9461% 3.3456% 100.00 96.90
1.7404% 3.0658% 100.00 109.13
1.9005% 3.2309% 100.00 94.89
2.2735% 4.0715% 100.00 79.36
2.5537% 4.3037% 100.00 94.60
2.7223% 4.6277% 100.00 93.00
2.8108% 4.6328% 100.00 99.89
2.6039% 4.3357% 100.00 106.85
2.6991% 4.5236% 100.00 95.85
2.8821% 4.6540% 100.00 97.20
2.8650% 4.6354% 100.00 100.40
2.6981% 4.5234% 100.00 102.48
2.7138% 4.3862% 100.00 103.13
2.6981% 4.2362% 100.00 103.54
2.5608% 4.0532% 100.00 104.52
2.5886% 4.0429% 100.00 100.25
2.5303% 3.9985% 100.00 101.11
2.4225% 3.9953% 100.00 100.08
2.5118% 4.0094% 100.00 99.65
2.2929% 3.9947% 100.00 100.37
2.3260% 3.9778% 100.00 100.43
2.2034% 4.0284% 100.00 98.74
1.7520% 3.7700% 100.00 106.85
1.9900% 3.8184% 100.00 98.73
1.9620% 3.8065% 100.00 100.31
2.0040% 3.7735% 100.00 100.87
2.3540% 4.0130% 100.00 94.03
2.2600% 4.0250% 100.00 99.70
2.1810% 4.0542% 100.00 99.28
2.2190% 4.3938% 100.00 92.27
2.0380% 4.3785% 100.00 100.35
2.1430% 4.4040% 100.00 99.42
2.2070% 4.3944% 100.00 100.22
2.2950% 4.6591% 100.00 94.32
2.2700% 4.9332% 100.00 94.44
1.7360% 4.5530% 100.00 108.35
1.8240% 4.0931% 100.00 111.24
1.7700% 3.8705% 100.00 105.75
1.8520% 3.9310% 100.00 98.46
1.8470% 3.9461% 100.00 99.62
1.4710% 3.3085% 100.00 119.27
1.5670% 3.2631% 100.00 101.39
1.5810% 3.1996% 100.00 101.99
1.5950% 3.0610% 100.00 104.53
1.8260% 3.5025% 100.00 87.39
2.3820% 4.0301% 100.00 86.91
2.4450% 4.0180% 100.00 100.30
2.4890% 4.0101% 100.00 100.20
2.4540% 3.8649% 100.00 103.76
2.3910% 3.8826% 100.00 99.54
2.4210% 3.8328% 100.00 101.30
2.3880% 3.8230% 100.00 100.26
2.2300% 3.6490% 100.00 104.77
2.2040% 3.7644% 100.00 96.94
2.3050% 3.7450% 100.00 100.52
2.2950% 3.6912% 100.00 101.46
2.1320% 3.5201% 100.00 104.86
2.1180% 3.4795% 100.00 101.17
2.5741% 3.7899% 100.00 91.81
2.8578% 4.1789% 100.00 90.69
2.8406% 4.2952% 100.00 97.29
2.8689% 4.3213% 100.00 99.40
2.9780% 4.5539% 100.00 94.89
2.9137% 4.5470% 100.00 100.15
2.8860% 4.3884% 100.00 103.62
2.9000% 4.3900% 100.00 99.96
3.0000% 4.4000% 100.00 99.77
3.2000% 4.6300% 100.00 95.03
3.1000% 4.6700% 100.00 99.14
2.8000% 4.4300% 100.00 105.42
 3 des
e Equity index return st.dev base
Profitability IGBVL Exchange Rate Profitability
Mesurament US$ to PEN$ Mesurament in US$
1335.88 3.1565
-4.50% 1320.55 3.351 -6.8852%
-2.80% 1417.95 3.41 5.5179%
7.64% 1470.28 3.333 6.0860%
7.70% 1644.29 3.338 11.6676%
-6.01% 1665.5 3.3315 1.4875%
-8.57% 1670.41 3.332 0.2798%
2.96% 1649.58 3.336 -1.3654%
-7.65% 1653.6 3.3865 -1.2512%
3.47% 1854.62 3.463 9.6789%
1.13% 1793.74 3.4855 -3.9070%
5.58% 1820.02 3.489 1.3633%
4.63% 1835.57 3.507 0.3367%
-0.84% 1822.55 3.484 -0.0538%
0.85% 1806.68 3.436 0.5141%
3.06% 1663.07 3.481 -9.1388%
-4.57% 1626.71 3.4755 -2.0315%
-9.25% 1461.69 3.496 -10.6713%
7.25% 1486.79 3.487 1.9797%
0.04% 1355.8 3.4728 -8.4374%
6.35% 1436.92 3.47 6.0687%
-7.94% 1355.56 3.507 -6.6574%
-8.76% 1269.77 3.509 -6.3821%
-2.15% 1199.7 3.5285 -6.0405%
6.06% 1208.41 3.525 0.8260%
5.71% 1280.64 3.5335 5.7223%
1.05% 1291.75 3.5205 1.2400%
3.35% 1271.92 3.523 -1.6050%
-11.87% 1196.92 3.584 -7.4982%
-1.98% 1311.58 3.632 8.1314%
9.43% 1347 3.5075 6.3460%
2.14% 1331.68 3.49 -0.6416%
3.75% 1334.71 3.4795 0.5300%
0.89% 1217.95 3.4805 -8.7742%
-0.71% 1139.33 3.4395 -5.3400%
6.35% 1167.46 3.4325 2.6780%
3.42% 1176.45 3.4435 0.4481%
3.86% 1274.28 3.4698 7.4947%
1.19% 1285.52 3.4708 0.8530%
2.76% 1299.76 3.4435 1.9093%
-1.23% 1258.35 3.432 -2.8616%
-6.43% 1240.59 3.453 -2.0110%
-3.34% 1134.93 3.5085 -9.9641%
-10.64% 1169.55 3.5745 1.1477%
 -4.78% 1195.37 3.6198 0.9286%
4.00% 1150.07 3.6313 -4.0943%
-1.02% 1232.92 3.6035 8.0310%
11.98% 1373.03 3.507 14.4284%
5.35% 1391.97 3.5145 1.1631%
5.21% 1517.4 3.4853 9.9243%
1.93% 1556.31 3.4783 2.7707%
7.13% 1558.9 3.4742 0.2846%
8.37% 1768.56 3.4616 13.8622%
7.11% 1808.34 3.4945 1.2866%
-3.25% 1824.88 3.4675 1.7004%
-9.61% 1850.17 3.4728 1.2311%
1.25% 1896.82 3.4825 2.2358%
11.04% 1980.83 3.4829 4.4170%
4.71% 2109.18 3.4716 6.8262%
0.70% 2151.18 3.4798 1.7510%
-0.57% 2435.04 3.4618 13.7841%
3.89% 2730 3.4995 10.9054%
-6.79% 2748.11 3.4725 1.4461%
3.96% 3035.72 3.4595 10.8808%
-5.75% 2827.34 3.482 -7.4661%
-17.84% 2926.83 3.4875 3.3556%
3.40% 2885.9 3.4685 -0.8583%
4.62% 2825.45 3.4175 -0.6336%
8.47% 2850.68 3.366 2.4366%
8.52% 3278.8 3.3393 15.9378%
-1.35% 3545.37 3.3245 8.6115%
5.09% 3616.72 3.3035 2.6610%
6.36% 3710.39 3.279 3.3564%
-1.21% 3881.96 3.2619 5.1725%
1.37% 4078.26 3.2555 5.2633%
-4.97% 4159.85 3.2605 1.8442%
-0.52% 3986.29 3.2555 -4.0251%
5.39% 3925.34 3.2545 -1.4987%
6.06% 4038.07 3.2535 2.9035%
-1.31% 4210.83 3.251 4.3585%
3.00% 4611.76 3.2805 8.5365%
2.35% 5070.83 3.34 7.9956%
-7.07% 4764.35 3.375 -7.0183%
1.10% 5034.3 3.4075 4.6582%
-2.35% 4802.25 3.4205 -4.9719%
-0.64% 5633.51 3.31 21.2260%
8.30% 6080.68 3.295 8.4291%
-5.45% 5920.5 3.3688 -4.7672%
0.20% 7142.92 3.305 22.9762%
-6.75% 7211.67 3.2985 1.1614%
-1.41% 8155.8 3.2625 14.3396%
2.13% 8973.69 3.2405 10.7753%
 6.28% 10011.95 3.242 11.5184%
2.70% 10390.34 3.2505 3.5080%
3.75% 10694.54 3.217 3.9995%
2.32% 11482.41 3.2165 7.3837%
3.12% 12884.2 3.1956 12.9420%
-1.82% 13633.78 3.1975 5.7549%
-0.14% 15150.74 3.1895 11.4052%
1.96% 17152.82 3.1825 13.4634%
0.22% 20674.78 3.173 20.8937%
0.31% 20129.5 3.175 -2.6987%
-4.82% 22365.9 3.166 11.4259%
-2.29% 23418.17 3.1603 4.8936%
-1.26% 20846.26 3.161 -11.0023%
4.93% 21823.44 3.0845 7.2840%
2.71% 21696.27 3.0006 2.1971%
0.27% 18255.97 2.9969 -15.7528%
0.79% 17524.79 2.998 -4.0404%
2.96% 15009.98 2.935 -12.5115%
-2.41% 17766.94 2.8895 20.2314%
2.16% 17387.47 2.7505 2.8099%
4.20% 17429.94 2.8165 -2.1048%
0.96% 17130.79 2.856 -3.0756%
-4.80% 16293.97 2.961 -8.2578%
-4.41% 13765.45 2.811 -11.0100%
1.99% 13287.42 2.9515 -8.0677%
-6.82% 11248.42 2.9825 -16.2252%
-28.57% 7055.04 3.075 -39.1664%
4.09% 7405.5 3.0995 4.1378%
10.38% 7048.67 3.1345 -5.8812%
7.98% 6905.39 3.1865 -3.6314%
0.23% 6671.72 3.2505 -5.2862%
2.23% 9237.65 3.1527 42.7550%
6.49% 9979.19 2.9805 14.2687%
4.08% 13392.27 2.9855 33.9772%
-0.94% 13059.7 3.0065 -3.1644%
0.09% 14092.02 2.986 8.6454%
4.96% 13955.38 2.953 0.1370%
5.80% 15144.2 2.882 11.1922%
6.16% 14213.54 2.909 -7.0164%
0.45% 14129 2.8805 0.3887%
-1.53% 14167.2 2.888 0.0100%
-2.37% 14440.05 2.857 3.0319%
-3.01% 14002.32 2.847 -2.6908%
7.25% 15129 2.842 8.2365%
0.75% 15842.26 2.8465 4.5490%
-2.91% 14487.31 2.845 -8.5045%
3.01% 13985.01 2.8255 -2.8010%
8.55% 14275.38 2.82 2.2754%
 14.00% 15153.33 2.797 7.0230%
-1.56% 17867.36 2.7861 18.3718%
5.90% 19220.93 2.7985 7.0990%
-4.34% 20854.5 2.8315 7.2344%
-12.10% 23374.57 2.8063 13.0906%
0.56% 22887.41 2.77 -0.8010%
-4.09% 22842.96 2.7745 -0.3561%
1.09% 21957.49 2.8025 -4.8367%
-7.16% 19636.22 2.828 -11.3780%
6.47% 21566.07 2.766 12.2898%
2.39% 18878.78 2.7495 -11.9354%
4.59% 21963.1 2.7382 16.8176%
9.57% 20697.11 2.7265 -5.3598%
-1.50% 18329.1 2.774 -12.9577%
-1.87% 19629.63 2.707 9.7461%
7.59% 19911.82 2.6995 1.7194%
-0.45% 19473.31 2.6965 -2.0935%
0.37% 21948.07 2.689 13.0228%
4.24% 22728.75 2.6775 4.0017%
3.67% 23612.02 2.6685 4.2365%
3.91% 22677.93 2.6345 -2.7165%
2.49% 20997.56 2.7105 -10.0059%
2.60% 20207.16 2.664 -2.0845%
11.75% 19627.5 2.6265 -1.4818%
4.15% 20311.66 2.6115 4.0801%
2.47% 21674.79 2.5975 7.2862%
4.53% 20789.41 2.596 -4.0294%
-2.66% 20044.62 2.5815 -3.0410%
0.09% 20629.35 2.5515 4.1272%
-3.40% 21435.29 2.5755 2.9385%
-8.17% 20611.68 2.5855 -4.2142%
-3.10% 19858.95 2.5895 -3.8008%
9.13% 17352.92 2.643 -14.3879%
-5.11% 16049.65 2.736 -10.6542%
-20.64% 15549.55 2.7805 -4.6665%
-5.40% 15118.46 2.7945 -3.2595%
-7.00% 16652.22 2.8105 9.5179%
-0.11% 15919.71 2.7815 -3.4021%
6.85% 16322.01 2.774 2.8043%
-4.15% 15200.4 2.8025 -7.8188%
-2.80% 15753.65 2.799 3.7693%
0.40% 15452.05 2.8225 -2.7311%
2.48% 15441.26 2.799 0.7692%
3.13% 14298.92 2.8085 -7.7112%
3.54% 15528.38 2.8075 8.6370%
4.52% 15753.25 2.7655 2.9888%
0.25% 16662.28 2.7985 4.5232%
1.11% 16866.07 2.8011 1.1291%
 0.08% 17010.82 2.845 -0.6981%
-0.35% 16226.61 2.8904 -6.1084%
0.37% 15673.23 2.9215 -4.4385%
0.43% 15106.46 2.9235 -3.6821%
-1.26% 14794.32 2.9795 -3.9069%
6.85% 13669.78 3.059 -10.0025%
-1.27% 13397.42 3.0925 -3.0541%
0.31% 12461.81 3.0965 -7.1037%
0.87% 13366.86 3.1305 6.0976%
-5.97% 13180.61 3.1568 -2.2149%
-0.30% 13113.17 3.1795 -1.2220%
-0.72% 11987.88 3.191 -8.9108%
-7.73% 10340.49 3.2365 -14.9548%
0.35% 10030.57 3.2335 -2.9072%
-0.58% 10545.61 3.287 3.4235%
0.22% 10226.18 3.3759 -5.5826%
-5.68% 9848.59 3.414 -4.7672%
-5.56% 9391.84 3.4725 -6.2443%
8.35% 10742.19 3.5225 12.7544%
11.24% 12057.93 3.313 19.3464%
5.75% 13702.47 3.2875 14.5201%
-1.54% 13535.97 3.377 -3.8332%
-0.38% 13856.9 3.2855 5.2219%
19.27% 15210.97 3.352 7.5941%
1.39% 15130.24 3.392 -1.7037%
1.99% 15296.98 3.3835 1.3560%
4.53% 15171.04 3.3635 -0.2336%
-12.61% 15414.97 3.4135 0.1195%
-13.09% 15566.96 3.356 2.7162%
0.30% 15983.95 3.2715 5.3308%
0.20% 15766.12 3.262 -1.0755%
3.76% 15757.01 3.2485 0.3576%
-0.46% 15559.3 3.2438 -1.1117%
1.30% 16000.08 3.2705 1.9934%
0.26% 16132.87 3.245 1.6223%
4.77% 16750.17 3.24 3.9866%
-3.06% 17616.44 3.2395 5.1879%
0.52% 18538.27 3.2655 4.3949%
1.46% 19874.12 3.2505 7.7006%
4.86% 19694.09 3.2335 -0.3849%
1.17% 19974.38 3.2374 1.3010%
-8.19% 21068.89 3.216 6.1815%
-9.31% 20831.78 3.2663 -2.6480%
-2.71% 20558.84 3.2298 -0.1949%
-0.60% 21428.86 3.2525 3.5044%
-5.11% 20814.29 3.2715 -3.4321%
0.15% 19800.26 3.2765 -5.0170%
3.62% 20485.72 3.2717 3.6137%
-0.04% 19443.10 3.288 -5.5600%
-0.23% 19564.10 3.311 -0.0766%
-4.97% 18909.40 3.334 -4.0132%
-0.86% 19181.00 3.375 0.2041%
5.42% 19350.40 3.364 1.2130%

Aug-18 19443.1 Aug-18 3.288

Sep18 19564.1 Sep18 3.311
Oct-18 18909.4 Oct-18 3.334
Nov-18 19181 Nov-18 3.375
Dec-18 19350.4 Dec-18 3.364
Determine the Market Risk Premium (MRP)
Source:
http://people.stern.nyu.edu/adamodar/pc/datasets/histretSP.xls

Promedio Aritmético PRM

Periodo Stocks T.Bonds Stocks-T.bonds
1928-2016 11.36% 5.10% 6.25% 6.26%
1960-2016 11.01% 6.53% 4.33% 4.48%
2000-2016 6.35% 5.27% -0.36% 1.08%

Retornos anuales
Year S&P 500 10-year T. Bond
1928 43.81% 0.84% 42.976%
1929 -8.30% 4.20% -12.502%
1930 -25.12% 4.54% -29.665%
1931 -43.84% -2.56% -41.279%
1932 -8.64% 8.79% -17.433%
1933 49.98% 1.86% 48.127%
1934 -1.19% 7.96% -9.152%
1935 46.74% 4.47% 42.268%
1936 31.94% 5.02% 26.926%
1937 -35.34% 1.38% -36.716%
1938 29.28% 4.21% 25.069%
1939 -1.10% 4.41% -5.510%
1940 -10.67% 5.40% -16.075%
1941 -12.77% -2.02% -10.749%
1942 19.17% 2.29% 16.879%
1943 25.06% 2.49% 22.571%
1944 19.03% 2.58% 16.453%
1945 35.82% 3.80% 32.017%
1946 -8.43% 3.13% -11.558%
1947 5.20% 0.92% 4.280%
1948 5.70% 1.95% 3.754%
1949 18.30% 4.66% 13.640%
1950 30.81% 0.43% 30.376%
1951 23.68% -0.30% 23.974%
1952 18.15% 2.27% 15.883%
1953 -1.21% 4.14% -5.352%
1954 52.56% 3.29% 49.274%
1955 32.60% -1.34% 33.934%
1956 7.44% -2.26% 9.695%
1957 -10.46% 6.80% -17.254%
1958 43.72% -2.10% 45.819%
1959 12.06% -2.65% 14.703%
1960 0.34% 11.64% -11.303%
1961 26.64% 2.06% 24.577%
1962 -8.81% 5.69% -14.505%
1963 22.61% 1.68% 20.928%
1964 16.42% 3.73% 12.687%
1965 12.40% 0.72% 11.680%
1966 -9.97% 2.91% -12.879%
1967 23.80% -1.58% 25.384%
1968 10.81% 3.27% 7.540%
1969 -8.24% -5.01% -3.227%
1970 3.56% 16.75% -13.194%
1971 14.22% 9.79% 4.434%
1972 18.76% 2.82% 15.937%
1973 -14.31% 3.66% -17.967%
1974 -25.90% 1.99% -27.890%
1975 37.00% 3.61% 33.390%
1976 23.83% 15.98% 7.846%
1977 -6.98% 1.29% -8.270%
1978 6.51% -0.78% 7.287%
1979 18.52% 0.67% 17.849%
1980 31.74% -2.99% 34.725%
1981 -4.70% 8.20% -12.902%
1982 20.42% 32.81% -12.395%
1983 22.34% 3.20% 19.137%
1984 6.15% 13.73% -7.587%
1985 31.24% 25.71% 5.523%
1986 18.49% 24.28% -5.790%
1987 5.81% -4.96% 10.773%
1988 16.54% 8.22% 8.314%
1989 31.48% 17.69% 13.782%
1990 -3.06% 6.24% -9.300%
1991 30.23% 15.00% 15.230%
1992 7.49% 9.36% -1.868%
1993 9.97% 14.21% -4.244%
1994 1.33% -8.04% 9.363%
1995 37.20% 23.48% 13.714%
1996 22.68% 1.43% 21.252%
1997 33.10% 9.94% 23.165%
1998 28.34% 14.92% 13.417%
1999 20.89% -8.25% 29.140%
2000 -9.03% 16.66% -25.687%
2001 -11.85% 5.57% -17.422%
2002 -21.97% 15.12% -37.082%
2003 28.36% 0.38% 27.980%
2004 10.74% 4.49% 6.252%
2005 4.83% 2.87% 1.967%
2006 15.61% 1.96% 13.652%
2007 5.48% 10.21% -4.725%
2008 -36.55% 20.10% -56.654%
2009 25.94% -11.12% 37.052%
2010 14.82% 8.46% 6.358%
2011 2.10% 16.04% -13.937%
2012 15.89% 2.97% 12.919%
2013 32.15% -9.10% 41.250%
2014 13.48% 10.75% 2.731%
2015 1.38% 1.28% 0.100%
2016 11.77% 0.69% 11.080%
2017 21.64% 2.80% 18.840%
2018 -4.23% -0.02%
WACC PEN InRetail 10.26%

USD Infl - US Consumer Price Index (Annual YoY %) - EHPIUSY Index 1.27%
Perú Infl - Peru Consumer Price Index (Annual YoY %) - EHPIPEY Index 3.60%

WACC USD InRetail 7.78%

E / (D+E) 62.67%

D / (D+E) 37.33%

Cost of Debt (Kd) 6.06%

Cost of Equity (Ke) 10.12%

CAPM

Risk-free rate (Rf): 2.80%

Target Levered Beta: 1.11

Target D/E Ratio: 59.57%
Target Tax rate: 36.50%
Unlevered Beta (Bu): 0.81
Comparables D/E Ratio: 51.55%
Comparables Tax rate: 22.82%
Comparables Levered Beta: 1.13

Market Risk Premium (MRP) - Prima de Riesgo de Mercado (PRM): 6.26%

Country Risk Premium (CRP) 2.41%

Sovereign yield spread: 1.63%
Equities (r) st.dev: 0.08
Bonds (r) st.dev: 0.06

Other Premiums (ej. prima por iliquidez) 0.00%

http://people.stern.nyu.edu/adamodar/New_Home_Page/datacurrent.html
Date updated: 5-Jan-19
Created by: Aswath Damodaran, adamodar@
What is this data? Beta, Unlevered beta and other r
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adam
Companies in each industry: http://www.stern.nyu.edu/~adam
Variable definitions: http://www.stern.nyu.edu/~adam
Do you want to use marginal or effective tax rates in unlevering betas?
If marginal tax rate, enter the marginal tax rate to use

Number of
Induistry Name firms

Retail (General) 136

 Tax Rate 36.50%

Bonos Current Yield USD MM

InRetail Consumer 6.50% 350.0
Shopping Malls 5.25% 189.0

Beta (Local Index Regression) 0.456

/datacurrent.html
Jan-19
swath Damodaran, adamodar@stern.nyu.edu
eta, Unlevered beta and other risk measures Emerging Markets
ttp://www.damodaran.com YouTube Video explaining estimation choices and proc
ttp://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
ttp://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
ttp://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
 Marginal
26.79%
Unlevered
Standard
Effective Unlevered Cash/Firm beta
Beta D/E Ratio HiLo Risk deviation of
Tax rate beta value corrected
equity
for cash

1.13 51.55% 22.82% 0.75 8.40% 0.81 0.2774 27.19%

g estimation choices and process.
 Standard
deviation in
operating
income (last 10
years)

20.26%
�= 〖𝐶𝑂𝑉〗 _((𝑅_𝑀,𝑅_𝐹𝑖𝑟𝑚 ) )/𝑉𝑎𝑟(𝑅_𝑀 ) →
𝒎𝒐𝒗𝒆𝒎𝒆𝒏𝒕𝒔

�_𝑈=�_𝐿/[1+𝐷/𝐸 (1−𝑡)] →𝑼𝒔𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑽

�_𝐸=𝑅𝑓+�×𝑀𝑅𝑃+ 〖𝐶𝑅𝑃〗 ^∗ ; where 〖𝑀𝑅

(*) assuming that all the companies in the country are exposed t

�_𝐸=𝑅𝑓+�×(𝑀𝑅𝑃+ 〖𝐶𝑅𝑃〗 ^(∗∗) )

(**) assuming that the company's exposure to country risk is pro

There are 3 acceptable methods to measure CR

𝐶𝑅𝑃=𝑠𝑜𝑣𝑒𝑟𝑒𝑖𝑔𝑛 𝑦𝑖𝑒𝑙𝑑 𝑠𝑝𝑟𝑒𝑎𝑑×((𝑎𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑
𝑚𝑎𝑟𝑘𝑒𝑡@𝑖𝑛 𝑡𝑒𝑟𝑚𝑠 𝑜𝑓𝑑𝑒𝑣𝑒𝑙𝑜𝑝𝑒𝑑 𝑚𝑎𝑟𝑘𝑒𝑡 𝑐𝑢𝑟
CFA method: difference between bond yileds plus relative equ
2nd method: difference between bond yields with same matu
3rd method: difference between equity returns, where emerg
emerging/desv mature)

𝑊𝐴𝐶𝐶=(𝐸/(𝐷+𝐸))�_𝐸+(𝐷/(𝐷+𝐸))�_𝐷×(1
US$ WACC = (1 + Local CCY WACC) x (1 + US$ in

Local CCY WACC = (1 + US$ WACC) x (1 + Local

(𝑅_𝑀,𝑅_𝐹𝑖𝑟𝑚 ) )/𝑉𝑎𝑟(𝑅_𝑀 ) →𝑭𝒊𝒓𝒎 𝒓𝒆𝒕𝒖𝒓𝒏𝒔 𝒔𝒆𝒏𝒔𝒊𝒕𝒊𝒗𝒊𝒕𝒚 𝒕𝒐 𝒎𝒂𝒓𝒌𝒆𝒕 𝒓𝒆𝒕𝒖𝒓𝒏𝒔
𝒔

+𝐷/𝐸 (1−𝑡)] →𝑼𝒔𝒆 𝑴𝒂𝒓𝒌𝒆𝒕 𝑽𝒂𝒍𝒖𝒆𝒔

𝑀𝑅𝑃+ 〖𝐶𝑅𝑃〗 ^∗ ; where 〖𝑀𝑅𝑃〗 _(ℎ𝑖𝑠𝑡𝑜𝑟𝑖𝑐𝑎𝑙(ℎ))=𝑅_𝑀ℎ− 〖𝑅𝑓〗 _ℎ

all the companies in the country are exposed to the same country risk.

(𝑀𝑅𝑃+ 〖𝐶𝑅𝑃〗 ^(∗∗) )

the company's exposure to country risk is proportional to the exposure of all other market risks.

cceptable methods to measure CRP. CFA use the following:

𝑖𝑔𝑛 𝑦𝑖𝑒𝑙𝑑 𝑠𝑝𝑟𝑒𝑎𝑑×((𝑎𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑 𝜎 𝑜𝑓 𝑒𝑞𝑢𝑖𝑡𝑦 𝑖𝑛𝑑𝑒𝑥)/█(𝑎𝑛𝑢𝑎𝑙𝑖𝑧𝑒𝑑 𝜎 𝑜𝑓 𝑠𝑜𝑣𝑒𝑟𝑖𝑔𝑛 𝑏𝑜𝑛𝑑
𝑡𝑒𝑟𝑚𝑠 𝑜𝑓𝑑𝑒𝑣𝑒𝑙𝑜𝑝𝑒𝑑 𝑚𝑎𝑟𝑘𝑒𝑡 𝑐𝑢𝑟𝑟𝑒𝑛𝑐𝑦))
rence between bond yileds plus relative equity and bonds risk
rence between bond yields with same maturity
ence between equity returns, where emerging market equity premium equals to MRP*relative equity risk (desv
ature)

𝐷+𝐸))�_𝐸+(𝐷/(𝐷+𝐸))�_𝐷×(1−𝑡_𝑐 )
1 + Local CCY WACC) x (1 + US$ inflation)/ (1 + Local CCY inflation) – 1

CC = (1 + US$ WACC) x (1 + Local CCY inflation) / (1 + US$ inflation) -1

Date Current Market Cap Short and Long Term Debt Short and Long Term Debt D/E
9/18/2018 2,601,025,024 1,527,765,248 59%
8/31/2018 2,683,270,912 1,527,765,248 57%
7/31/2018 2,652,428,800 1,527,765,248 58%
6/30/2018 2,570,182,912 1527765248 1,527,765,248 59%
5/31/2018 2,601,025,280 1,766,164,480 68%
4/30/2018 2,457,094,912 1,766,164,480 72%
3/31/2018 2,287,462,912 1766164480 1,766,164,480 77%
2/28/2018 2,194,936,320 834,379,904 38%
1/31/2018 2,261,761,024 834,379,904 37%
12/31/2017 2,158,953,728 834379904 834,379,904 39%
11/30/2017 2,143,532,544 851,036,096 40%
10/31/2017 2,040,725,248 851,036,096 42%
9/30/2017 1,953,339,008 851036096 851,036,096 44%
8/31/2017 1,881,373,952 836,406,336 44%
7/31/2017 1,901,935,360 836,406,336 44%
6/30/2017 1,799,128,064 836406336 836,406,336 46%
5/31/2017 1,748,752,512 802,952,512 46%
4/30/2017 1,891,654,656 802,952,512 42%
3/31/2017 1,955,395,200 802952512 802,952,512 41%
2/28/2017 1,993,433,984 793,228,736 40%
1/31/2017 1,953,339,136 793,228,736 41%
12/31/2016 1,992,405,888 793228736 793,228,736 40%
11/30/2016 1,955,395,200 823,452,096 42%
10/31/2016 1,850,531,712 823,452,096 44%
9/30/2016 1,881,373,952 823452096 823,452,096 44%
8/31/2016 1,953,339,136 812,336,896 42%
7/31/2016 1,860,812,544 812,336,896 44%
6/30/2016 1,706,601,472 812336896 812,336,896 48%
5/31/2016 1,747,724,416 809,885,760 46%
4/30/2016 1,747,724,416 809,885,760 46%
3/31/2016 1,732,303,360 809885760 809,885,760 47%
2/29/2016 1,387,898,752 782,363,072 56%
1/31/2016 1,336,495,104 782,363,072 59%
12/31/2015 1,439,302,528 782363072 782,363,072 54%
11/30/2015 1,395,095,296 806,541,120 58%
10/31/2015 1,254,249,344 806,541,120 64%
9/30/2015 1,228,547,456 806541120 806,541,120 66%
8/31/2015 1,223,407,104 776,102,272 63%
7/31/2015 1,479,397,376 776,102,272 52%
6/30/2015 1,490,706,176 776102272 776,102,272 52%
5/31/2015 1,516,407,936 807,192,320 53%
3/31/2015 1,644,917,120 807192320 807,192,320 49%
2/28/2015 1,624,355,712 820,500,928 51%
1/31/2015 1,686,040,064 820,500,928 49%
12/31/2014 1,891,654,656 820500928 820,500,928 43%
11/30/2014 1,989,321,600 784,097,728 39%
10/31/2014 1,865,952,896 784,097,728 42%
9/30/2014 1,953,339,136 784097728 784,097,728 40%
8/31/2014 1,819,689,600 653,520,000 36%
7/31/2014 1,696,320,768 653,520,000 39%
6/30/2014 1,670,619,008 653520000 653,520,000 39%
5/31/2014 1,644,917,120 631,472,704 38%
4/30/2014 1,625,383,680 631,472,704 39%
3/31/2014 1,449,583,232 631472704 631,472,704 44%
2/28/2014 1,480,425,344 615,667,008 42%
1/31/2014 1,608,934,528 615,667,008 38%
12/31/2013 1,634,636,416 615667008 615,667,008 38%
11/30/2013 1,665,478,528 611,623,744 37%
10/31/2013 1,696,320,768 611,623,744 36%
9/30/2013 1,722,022,656 611623744 611,623,744 36%
8/31/2013 1,645,945,216 607,097,024 37%
7/31/2013 1,716,882,176 607,097,024 35%
6/30/2013 1,901,935,360 607097024 607,097,024 32%
5/31/2013 2,154,840,832 656,437,824 30%
4/30/2013 2,467,375,104 656,437,824 27%
3/31/2013 2,457,094,400 656437824 656,437,824 27%
2/28/2013 2,418,027,520 653,299,904 27%
1/31/2013 2,385,129,216 653,299,904 27%
12/31/2012 2,090,962,816 653299904 653,299,904 31%
11/30/2012 2,036,068,864 670,221,376 33%
10/31/2012 1,931,271,168 670,221,376 35%
9/30/2012 670221376 670,221,376
Avg 1y Avg 3y Avg 5y Total Average
53% 48% 49% 45%
Industry Group Company Name Exchange:Ticker Country Broad Group
Retail (General) InRetail Perú Corp. (BVL:INRETC1) OTCPK:HSTG Peru Emerging
Markets
Sub Group
Latin America &
Caribbean