valores fundamentales - bvl 31-12-12

8/23/2019 Valores Fundamentales - BVL 31-12-12

1/153

Ing.

VALORES F

Precios A


2/153

Luis Baba Nakao

UNDAMENTALES

tualizados al 30.11.12


3/153


4/153

CORPORACIN ACEROS AREQUIPA S.A. CORAREC1 Industrial Siderurgica 1.23 0.85

2.41

SOUTHERN COPPER CORPORATION SCCO Minero Cuprfera 37.85 27.70

34.00

34.58

34.90

35.88

37.00

37.60

38.00

40.00

41.50

42.00

43.00

45.00

ALICORP ALICORC1 Diversas Consumo 8.30 6.90

7.15

7.65

7.80

8.30

8.60

8.60

9.00

GRAA Y MONTERO GRAMONC1 Diversas Infraestructura 9.70 8.09

8.80

9.44

TICKER SECTOR ACTIVIDADLAST PRICE

31-Dic-2012TARGET

RESUMEN DE UP AND DOWN G

EMPRESA


5/153

9.74

10.30

10.90

SOCIEDAD MINERA CERRO VERDE CVERDEC1 Minero Polimetlica (cobre, oro) 38.00 32.00

35.55

37.00

42.00

44.00

47.30

47.69

CREDICORP LTD. BAP Financiero Holding Financiero 146.00 128.60

135.00

139.00

141.00

142.00

145.00

147.00

150.00

151.00

151.00

155.00

INTEGROUP FINANCIAL SERVICES IFS Financiero Entidad Financiera 35.80 32.00

37.00

38.00

47.00

LUZ DEL SUR S.A.A. LUSURC1 Servicios Distribucin Energa 8.60 8.23

8.97

CEMENTOS PACASMAYO S.A.A. CPACASC1 Industrial Construccin 6.80 6.53

7.09


6/153

7.17

7.46

7.70

UNACEM S.A.A. UNACEMC1 Industrial Construccin 3.24 3.15

3.70

3.75

RIO ALTO MINING LTD. RIO Mineras Junior Exploracin - oro 5.04 4.99

5.28

5.89

6.28

6.30

6.43

6.88

7.98

7.98

BANCO CONTINENTAL CONTINC1 Financiero Banca Comercial 6.66 6.63

EDELNOR EDELNOC1 Servicios Generacin Energa 4.41 4.42

4.79

CASAGRANDE S.A.A. CASAGRC1 Agrar io Azucarera 14.45 14.66

15.19

18.42

ENERSUR ENERSUC1 Servicios Generacin Energa 20.00 20.43

21.00

21.97

EDEGEL EDEGELC1 Servicios Generacin Energa 2.25 2.31

2.59 VOLCAN COMPAA MINERA VOLCABC1 Minero Pol imetl ica 2.59 2.80

3.25

3.32


7/153

3.50

3.52

3.56

3.66

3.69

3.80

3.80

SOCIEDAD MINERA EL BROCAL BROCALC1 Minero Polimetlica (zinc) 34.75 38.14

41.00

41.68

58.00

MINSUR S.A. MINSURI1 Minero Estao 2.35 2.60

3.05

3.77

3.88

FERREYROS S.A.A. FERREYC1 Diversas Distr. Maquinarias 2.20 2.60

2.60

2.93

3.00

3.00

3.12

3.20

COMPAA MINERA MILPO S.A.A. MILPOC1 Minero Polimetlica (zinc) 2.92 3.80

4.00

4.45

6.00

6.75

EMPRESA SIDERRGICA DEL PER S.A.A. SIDERC1 Industrial Siderrgica 0.37 0.49

1.89


8/153

COMPAA DE MINAS BUENAVENTURA BVN Minero Aurfera 35.60 49.79

AUSTRAL GROUP S.A.A. AUSTRAC1 Diversas Pesquera 0.21 0.31

TREVALI MINING CORPORATION TV Mineras Junior Plomo y zinc 1.05 1.55

1.86

2.142.17

2.29

2.47

2.48

2.82

2.87

MINERA IRL LIMITED MIRL Minero Oro y Plata 0.83 1.25

1.48

1.51

1.76

1.76

1.76

1.76

1.83

2.07

2.31

3.01

REFINERA LA PAMPILLA RELAPAC1 Industrial Hidrocarburos 0.63 1.09

1.14

1.25

MAPLE ENERGY PLC MPLE Industrial Biocombustibles - Etanol 1.00 1.75

1.77

1.96


9/153

PANORO MINERALS LTD. PML Mineras Junior Oro y Cobre 0.62 1.18

1.51

1.63

2.21

SULLIDEN GOLD CORPORATION LTD. SUE Mineras Junior Oro y Plata 0.88 1.77

1.98

2.00

2.002.00

2.26

2.30

2.40

CANDENTE COPPER CORP. DNT Mineras Junior Exploracin - Cobre 0.38 0.90

1.28

1.41

1.72

2.00

COMPAA MINERA ATACOCHA S.A.A. ATACOBC1 Minero Polimetlica (zinc) 0.24 0.58

0.96

GOLDFIELDS LACIMA S.A.A. LACIMAC1 Minera Aurfera 3.55

BANCO DE CRDITO DEL PER CREDITC1 Financiero Entidad Bancaria 5.90

VENA RESOURCES INC. VEM Mineras Junior Exploracin 0.19

AQM COPPER INC. AQM Mineras Junior Polimetlica N.A 1.46

AMERIGO RESOURCES LTD. ARG Minero Cobre N.A 0.90

1.00

COPEINCA COP Industrial Harina y Aceite de Pescado N.A 7.06

8.68

8.89

10.05

10.94

11.00


10/153

12.28

BEAR CREEK MINING CORPORATION BCM Mineras Junior Polimetlica N.A 4.58

5.28

5.39

6.05

6.22

FORTUNA SILVER MINES FVI Minero Aurfera - 5.00

5.03

5.54

5.61

6.02

6.60

7.30

8.82


11/153


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BCP 5-Nov-12 Vender

BBVA Bancomer SA 27-Oct-10 Outperform

Dahlman Rose & Co 20-Aug-12 Vender

Barclays Capital 30-Jul-12 Underweight

Kallpa Securities SAB 14-Nov-12 Neutral

BBVA 4-Dec-12 Underperform

Inteligo SAB 25-Oct-12 Vender

Goldman Sachs 3-Aug-12 Neutral/ attractive

Grupo Santander 12-Dec-11 Comprar

Larrain Vial Corredores de Bolsa 13-Nov-12 Comprar

Itau BBA Securities 24-Oct-12 Outperform

JPMorgan 26-Nov-12 OverweightDeutsche Bank 24-Oct-12 Retener

Credit Suisse 29-Oct-12 Outperform

Banco BTG Pactual SA 14-Nov-12 Comprar

EVA Dimensions 26-Oct-12 Retener

BB&T Capital Markets 31-Jul-12 Retener

Larrain Vial Corredores de Bolsa 7-Aug-12 Hold

BBVA 15-May-12 Neutral


Inteligo SAB 15-Nov-12 Retener

Banco de Credito del Peru 10-Oct-12 Comprar


Scotia Capital 31-Oct-12 Sector Outperform

HSBC 19-Oct-12 Overweight

EVA Dimensions 6-Nov-12 Retener


Larrain Vial Corredores de Bolsa 6-Nov-12 Retener

Banco de Credito del Peru 10-Oct-12 Hold

LORES DE BVL

BANCO / SAB FECHA DE REPORTE RECOMENDACIN A FECHA DE REPORTE


26/153

BBVA 5-Feb-12 Outperform

Scotia Capital 19-Nov-12 Sector Outperform

Banco BTG Pactual SA 6-Dec-12 Comprar

EVA Dimensions 26-May-12 Underweight

Larrain Vial Corredores de Bolsa 13-Nov-12 Vender

BCP 10-Oct-12 Vender


Banco BTG Pactual SA 14-Nov-12 Neutral

Seminarios SAB 30-Mar-12 Retener

BBVA 16-Feb-12 Outperform

Celfin Capital 3-May-12 Comprar

EVA Dimensions 7-Nov-12 Comprar

Inteligo SAB 31-Oct-12 Retener

HSBC 19-Nov-12 Neutral

Kallpa Securities SAB 2-Aug-12 Comprar

Banco BTG Pactual SA 19-Nov-12 Overweight

Goldman Sachs 26-Nov-12 Neutral

Larrain Vial Corredores de Bolsa 9-Nov-12 Retener

JPMorgan 8-Nov-12 Outperform

Barclays Capital 14-Nov-12 Neutral

Inteligo SAB 2-May-12 Comprar

Itau BBA Securities 8-Nov-12 Comprar

Deutsche Bank 8-Nov-12 Outperform

Raymond James 17-Aug-12 Equalweight



Credit Suisse 30-Jul-12 Neutral

Barclays Capital 17-Aug-12 Equalwt/Positive

EVA Dimensions 22-May-12 Retener

BCP 10-Oct-12 Retener


EVA Dimensions 26-Nov-12 Overweight

BBVA Continental SAB 16-Jan-12 Market Outperform

Inteligo SAB 8-Nov-12 Buy


27/153

Larrain Vial Corredores de Bolsa 6-Nov-12 Buy

BCP 10-Oct-12 Buy

HSBC 27-Nov-12

EVA Dimensions 8-Nov-12 Vender

Larrain Vial Corredores de Bolsa 2-Aug-12 Comprar


Inteligo SAB 24-Oct-12 Comprar

EVA Dimensions 12-Apr-12 Vender

Desjardins Securities 14-Nov-12 Retener

Scotia Capital 5-Mar-12 Sector Outperform

Kallpa Securities SAB 14-Nov-12 Overweight

Dundee Securities Corp 15-Nov-12 Comprar

Clarus Securities 4-Dec-12 Comprar

Stonecap Securities 15-Nov-12 Outperform

Euro Pacific Capital Inc 15-Nov-12 Comprar

CIBC World Markets 14-Nov-12 Sector Outperform

GMP 14-Nov-12 Comprar

EVA Dimensions 19-Nov-12 Overweight

Seminario SAB 31-Jul-12 Comprar

EVA Dimensions 26-May-12 Overweight

BCP 10-Oct-12 Hold

Inteligo SAB 25-Oct-12 Hold


Banco de Credito del Peru 10-Oct-12 Retener

BBVA Continental SAB 21-May-12 Outperform

EVA Dimensions 5-Mar-12 Comprar/Buy




BCP 10-Oct-12 Hold

Inteligo SAB 14-Nov-12 Comprar

Larrain Vial Corredores de Bolsa 13-Nov-12 Comprar

BCP 10-Oct-12 Comprar



28/153


Celfin Capital 3-May-12 Comprar

Seminarios SAB 30-Apr-12 Comprar

Inteligo SAB 2-Nov-12 Comprar / Buy

BBVA 18-Jun-12 Outperform

Grupo Santander 8-Nov-12 Comprar

Grupo Santander 5-Oct-12 Dropped coverage

EVA Dimensions 14-Aug-12 Retener

Kallpa Securities SAB 8-Aug-12 Neutral



Celfin Capital 25-Apr-12 Comprar


EVA Dimensions 12-May-12 Vender

Banco BTG Pactual SA 14-Nov-12 neutral



Celfin Capital 23-Apr-12 Comprar





Grupo Santander 5-Oct-12 Dropped coverage

BBVA 3-Jul-12 Outperform




Larrain Vial Corredores de Bolsa 2-Aug-12 Vender


Celfin Capital 9-Mar-12 Retener

Inteligo SAB 15-Oct-12 Comprar

EVA Dimensions 3-Dec-12 Vender

Banco de Credito del Peru 14-Nov-12 Vender

BBVA Bancomer SA 27-Oct-10 Underperform


29/153

EVA Dimensions 3-Dec-12 Retener




EVA Dimensions 26-May-12 Comprar

PI Financial Corp 20-Nov-12 Compra

Raymond James 6-Nov-12 Outperform

Fraser Mackenzie Limited 6-Sep-12 Compra Fuerte

Mackie Research Capital Corp. 28-Nov-12 Comprar

Paradigm Capital Inc 27-Sep-12 Comprar

Laurentian Bank Securities 13-Sep-12 Comprar


Dundee Securities Corp 3-Dec-12 Comprar

M Partners Inc 28-Nov-12 Comprar

Fox-Davies Capital 30-Nov-12 Comprar

Ambrian Partners Ltd 21-Nov-12 Comprar

RBC Capital Markets 29-Nov-12 OutperformFinncap 3-Dec-12 Corporate

Desjardins Securities 3-Dec-12 Comprar

Haywood Securities Inc. 30-Nov-12 Sector Outperform

Jennings Capital 4-Dec-12 Comprar

Fraser Mackenzie Limited 6-Sep-12 Compra Fuerte

Canaccord Genuity Corp 22-Nov-12 Comprar


Casimir Capital 21-Nov-12 Compra Especulativa

BCP 10-Oct-12 Comprar / Buy

Seminarios SAB 3-Mar-12 Comprar/Buy

Kallpa Securities SAB 14-Mar-12 Overweight

EVA Dimensions 4-Dec-12 Overweight


BBVA 31-Jul-12 Outperform

Kallpa Securities SAB 9-Apr-12 Overweight

Seminarios SAB 15-Feb-12 Comprar

Mirabaud Securities 8-Mar-12 Neutral


30/153

Laurentian Bank Securities 15-Oct-12 Compra Especulativa

Mackie Research Capital Corp. 3-Dec-12 Compra Especulativa


M Partners Inc 3-Dec-12


Cormark Securities Inc. 2-Oct-12 Comprar

Desjardins Securities 9-Nov-12 Comprar

Raymond James 8-Nov-12 Compra Fuerte

National Bank Financial 8-Nov-12 Outperform

Seminarios SAB 12-Oct-12 Compra Especulativa

Haywood Securities Inc. 12-Nov-12 Sector Outperform

GMP 9-Nov-12 Comprar

Fraser Mackenzie Limited 26-Sep-12 Under Review

Dundee Securities Corp 12-Nov-12Comprar

Laurentian Bank Securities 15-Oct-12 Compra Especulativa

Scotia Capital 24-Aug-12 Como sector

Raymond James 16-Oct-12 Outperform


BCP-Rpte Minera 10-Oct-12 Comprar / Buy

Inteligo SAB 15-Oct-12 Comprar / Buy

EVA Dimensions 27-Nov-12 Underweight

BCP 6-Jan-11 Hold

Kallpa Securities SAB 18-Oct-10 Hold

Kallpa Securities SAB 10-Dec-10 Overweight

Clarus Securities 7-Jun-12 Comprar

Salman Partners 16-Nov-12 Comprar

Roth Capital Partners 12-Nov-12 Comprar


Arctic Securities ASA 15-Nov-12 Comprar

DNB Markets 5-Nov-12 Comprar

SpareBank 1 Markets As 30-Nov-12 Comprar

SEB Enskilda 16-Aug-12 Comprar

Pareto Securities 19-Oct-11 Comprar


31/153

Nordea Equity Research 31-Oct-12 Compra fuerte

EVA Dimensions 22-May-12 Comprar

Scotia Capital 18-Oct-12Como sector

BMO Capital Markets 3-Dec-12 Speculative outperform

Raymond James 27-Nov-12 Outperform

Canaccord Genuity Corp 6-Dec-12 Compra Especulativa

Paradigm Capital Inc 16-Nov-11 Compra Especulativa

Haywood Securities Inc. 12-Sep-12 Under Review

Scotia Capital 7-Nov-12 Como sector

BMO Capital Markets 3-Dec-12 Market Perform

Raymond James 27-Nov-12 Ma

Dundee Securities Corp 8-Nov-12 Comprar

Haywood Securities Inc. 19-Nov-12 Como sector

Euro Pacific Capital Inc 9-Nov-12 Comprar

Cormark Securities Inc. 23-Oct-12 Comprar

Canaccord Genuity Corp 6-Dec-12 Compra Especulativa



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Figure3:RioAltooldandnewEPS,CFPSandNAVPSestimates

2012 2013

EPS-Old $0.38 $0.04

EPS-New $0.47 $0.08

CFPS-Old $0.54 $0.39

-


105/153

- . .

NAVPS-Old $3.06

NAVPS-New $4.65

Source:StonecapSecuritiesInc.

Conclusion

LaArenasincreasedresourcessupportRioAltosplannedth

2013andbeyond.Afterourrecentsitevisit,weareconfident

throughputlevel.Furthermore,theincreasedresourcesandt

expansion(demonstratedbyrecentdeepdrilling)havecatap

levelwhereseniorminingcompaniesarelikelytobeintereste

WearemaintainingourOutperformrating,butincreasingourta

Actualizacin

RioAltoMiningLimitedResumenFinanciero

Minera-MetalesPreciosos(RIO)

ProduccinEstimada 2011e 2012e 2013e ProduccinEstimada:xidos+SulfurosLaArenaA. xidos de Oro

Produccin Oro - K Oz(1) 52 124 149 xidosdeOro(oro)PrecioOro(US$/Oz) 1,570 1,650 1,700 Sulfuros de Cobre y Oro (c

Cash Cost - US$/Oz 419 520 526B. Sulfuros de Cobre y Oro

Produccin Cobre - Mill Lb.Produccin Oro - Miles Oz.Cash Cost - US$/Lb.

- - -- - -- - -

Au(KOz)160140120100

80Total


106/153

2010

2011

2012

2013

2014

2015

2016

[email protected]%Cu

ValorFundamental

Total(A+B)Produccin Oro - Miles OzProduccin Cobre - Miles Oz

52 124 149- - -

604020

0

l

T l6

(1)NoIncluyededuccionesporelprepagoenonzasdeoroaRedKiteExplorer.

EstadodeResultados-Mill US$MinadexidosdeOroIngresos Netos

2011e 2012e 2013e76.37 182.91 219.78

Proyectos Etapa/Estadoxidos de Oro Mina en Produ

Costo de Ventas

Utilidad BrutaCorp Overhaul & OtrosRegalas & IEMEBITDADepreciacionUtilidad OperativaImpuestosUtilidadNeta

RatiosFinancieros

-21.59 -64.53 -78.37

54.77 118.38 141.41-2.00 -2.00 -2.00-1.49 -4.87 -6.2851.29 111.51 133.13

-29.53 -40.28 -41.1421.75 71.23 91.99-6.53 -21.37 -27.6015.23 49.86 64.39

2011e 2012e 2013e

Sulfuros de Oro y Cobre Desarrollo - C

La Florida Exploracin In Maria Angola Exploracin Te Agua Blanca Exploracin Te

(3) Corresponde a la produccin estimada, p

incluidos en el plan de minado.

EstimacionesdeRecursos-ReporteTcnicoNI

Margen BrutoMargen OperativoMargen EBITDA

72% 65% 64%28% 39% 42%67% 61% 61%

[email protected]/tAuIndicadasInferidas

Ton100.710.4

Margen Neto 20% 27% 29%PER 39.23 11.98 9.28 TonP/EBITDA 11.65 5.36 4.49 Indicadas 312.7

Inferidas 319.7Componentes Valorizacin RioAlto- Mill US$ ComponentesValorizacin RIOMina/Proyecto Metodologa Valors/Dcto Dcto Valord/Dcto xidos(Oro)1. xidos de Oro DCF2. Sulfuros de Cobre y Oro In SituTotal(1+2)ValorFundamental Equity

294.53 1.00x 294.5667.4 0.85x 567.3961.9 861.8

861.8

Sulfuros(Cobre In Situ)

34.18%

EstructuradeCapitalDeuda - Mill US$Equity - Mill US$Acciones en Circulacin - Mill

0% 20% 40%3.00

112.10 Valor Equity - Mill US$169.25 Acciones en Circulacin - Mill

Opciones en Circulacin - Mill (2) 13.85 WACC - %Acciones Fully Diluted - Mill 183.10(2)CifrasaserconfirmadasporlaGerenciadeRIO.

Precio de Mercado - US$Potencial Upside - %

PrincipalesAccionistas DirectoresyGerenciaNombre Posicin

9%8% 6%

40% PeruCanada/Europa

Klaus Zeitler Chairman & Direct Alex Black Director & COOAnthony Hawkshaw Director & CFO

37%

Gerencia/DirectoresJPMorganIAMGOLD

Drago Kisic DirectorVictor Gobbitz DirectorSidney Robinson DirectorRoger Norwich DirectorRam Ramachandran Director

OperacionesenelProyectodexidodeOro

Calaorco

Ethel

PlantadeLeachPad Procesamiento


107/153

MorningAdvantageJ anuary6,2012

2014 2015

$0.08 $0.27

$0.16 $0.59

$0.53 $0.69

CompanyNameRioAltoMining(RIO-TSXV)

Amemberoftheresearchteamhasvisitedthesubjectcompany'so

DisclosureList1.Withinthelast12months,Stonecaporitsaffiliateshaveprovided

2.Withinthelast12months,adirector,officer,oranalystwithStone ortradingservices,tothesubjectissuer.3.Stonecaporitsaffiliatesisamarketmaker,orisassociatedwitht 4.Stonecaporitsaffiliatescollectivelybeneficiallyown1%5.Anemployee,officer,ordirectorofStonecapisamemberofthe


108/153

. .

roughputexpansionto36ktpdinthecompanycanachievethishepotentialforfurtherresourceultedtheLaArenaprojecttothedintheproject.

rgetto$5.10from$3.90.

6.Thesubjectcompanypaidforapart,orall,oftheresear

InvestmentRatingGuidelines

Outperform:Thestock'sriskadjustedtotalreturnisexpectedtoma

SectorPerform:Thestock'sriskadjustedtotalreturnisexpectedtoUnderperform:Thestock'sriskadjustedtotalreturnisexpectedtoUnderReview:Thestockratingisunderreview,pending

RiskQualifierGuidelines

Average:Operationalandfinancialrisksareassessedas

AboveAverage:Operationalandfinancialrisksareassess Speculative:Operationalandfinancialrisksareassessed

AnalystCertification

EachanalystofStonecapSecuritiesInc.whosenameappearsint

opinionsexpressedintheresearchreportaccuratelyreflecttheres discussedhereinthatarewithintheanalystscoverageuniversean orindirectlyrelatedtotheprovisionofspecificrecommend

DistributionPolicy

StonecapSecuritiesInc.sresearchisdistributedtoourclientsand

filesorlinkstoourwebsite.Hardcopiesofourresearcharealsoav partyaggregatorssuchasBloomberg,ThomsonReuters,FirstCall ourclientsonourwebsiteatwww.stonecapsecurities.com.Torecei professional.

Disclaimer

ThisreporthasbeenpreparedbyStonecapSecuritiesInc

Opinions,estimatesandprojectionscontainedhereinareourown

informationcontainedhereinisforinformationpurposesonlyandth ofanoffertobuyanysecurities.Theinformationandopinionscont butnorepresentationorwarranty,expressedorimplied,ismadeasacceptsanyliabilitywhatsoeverforanylossarisingfroma

Stonecapand/oritsaffiliatesmayhaveactedasfinancialadvisera

receivedremunerationforsuchservices.Stonecap,itsaffiliatesan acquire,holdorsellpositionsinthesecuritiesmentioned

TheResearchAnalystwhopreparedthisreportreceivescompens

revenues.

U.S.Disclosure

ThefirmthatpreparedthisreportisnotsubjecttoU.S.ruleswithofanalysts.SCS(USA)Inc.isaU.S.registeredbroker-dealerandaffiliateofS contentsofthisresearchreport,subjecttothetermsandlimitati transactioninanysecuritydiscussedinthisreportshouldconta

SulfurosdeCobreyOro(oro)bre)

Total1.23 B Lbs Cu

Cu(MLbs)70605040


109/153

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Au g/t

l

tal51 K Au Oz

20100

ccinProduccinEstimada(3)

1.07M Au Ozursando Fact. 1.4 B Cu Lbs +

680.6K Au Oztermedia -mprana -mprana -

roveniente de parte de los recursos totales, que seran

I43-101Au g/t0.460.27

K Au Oz1,484

90

K Au Oz % Cu B Cu Lbs0.24 2,422 0.29 2.0

0.2 2.01 0.30 2.10

Sulfuros(Oro In Situ)

48.07% 17.75%

Valorizacin In Situ: 65.82%

60% 80% 100%5.09

861.82169.25

13.67%3.5344%

Experienciaor Finanzas y Minera

MineraFinanzasFinanzas y Gobierno Corp.Adm. Proyectos MinerosLegalGeologa y MineraLegal


110/153

MorningAdvantageJ anuary6,2012

Disclosures1,6

perations:WevisitedtheLaArenamineinOctober2010andDecember2011.

investmentbankingand/orrelatedservicesforthesubjectissuer.caphasprovidedservicesforremuneration,otherthaninvestmentadvisory

hespecialistthatmakesamarketinthesecuritiesofthesubjectissuer.rmoreofanyclassoftheissuersequitysecurities.oardofDirectors,Officerof,oranadvisorto,thesubjectissuer.


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chanalyst'sorassociatestravelexpenses.

teriallyoutperformsectorpeerreturnsoverthenext12months.approximatesectorpeerreturnsoverthenext12months.ateriallyunderperformsectorpeerreturnsoverthenext12months.valuationofmaterialnewinformation.

einginlinewithsectorpeerlevels.

edasbeingsignificantlyabovesectorpeerlevels.sbeingexceptionallyhigh,lowpredictabilityoffinancialresults.

isresearchreportherebycertifiesthat(i)therecommendationsandearchanalystspersonalviewsaboutanyandallofthesecuritiesorissuersd(ii)nopartoftheresearchanalystscompensationwas,is,orwillbe,directationsorviewexpressedbytheresearchanalystintheresearchreport.

prospectiveclientsatthesametimeviaemail,whichcontainseither.pdfailableinlimitedquantities.Inaddition,ourresearchisavailableviathirdl,ResearchDirectandthemarkets.com.OurresearchlibraryisavailabletoveStonecapSecuritiesresearch,pleasecontactyourinstitutionalsales

.(Stonecap)softhedatehereofandaresubjecttochangewithoutnotice.Theisreportisnot,andisnottobeconstruedas,anoffertosellorasolicitationinedhereinhavebeencompiledorderivedfromsourcesbelievedreliable,totheiraccuracyorcompleteness.NeitherStonecapnoritsaffiliatesyuseofthisreportoritscontents.d/orunderwriterforcertainoftheissuersmentionedhereinandmayhave/otherrespectiveofficers,directorsandemployeesmayfromtimetotime

hereinasprincipaloragent.tionthatisbased,inpart,uponStonecapsoverallinvestmentbanking

regardtothepreparationofresearchreportsandtheindependence

tonecapSecuritiesInc.SCS(USA)Inc.acceptsresponsibilityforthenassetoutabove.U.S.domiciledinstitutionsseekingtoeffectataGeneralSecuritiesRepresentativeofSCS(USA)Inc.directly.


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valores fundamentales - bvl 31-12-12

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