Anlisis Actinver

10 de Agosto, 2016

Diario Estadstico Burstil

Diario Estadstico Burstil

El Reporte Diario Estadstico Burstil pone a disposicin de nuestros clientes inversionistas en acciones de las Bolsa
Mexicana de Valores (BMV) un conjunto de tablas comparativas, las cuales contienen valiosa informacin cuantitativa
para decisiones de inversin. Ledas en conjunto proporcionan una idea del potencial de apreciacin que podran tener
las diferentes acciones a corto, mediano y largo plazo.
Las primeras dos tablas muestran el rendimiento que se tiene a la fecha en las diferentes acciones que cotizan en la
BMV desde el precio mximo y el precio mnimo de los ltimos 12 meses.
La tercera tabla muestra el rendimiento que se tiene a la fecha en las diferentes acciones que cotizan en la BMV,
durante la ltima semana, el ltimo mes, los ltimos 90 das, lo que lleva transcurrido el ao en curso y durante los
ltimos 12 meses.
Las siguientes tablas estn compendiadas bajo el ttulo de Reporte de Mltiplos. En ellas se muestran 24 indicadores
para cada una de las 84 acciones contenidas en la misma. Dichos indicadores contienen entre otras cosas, el
rendimiento histrico de la accin a diversos plazos, el rendimiento esperado para finales del ao en curso o en su caso
del siguiente ao, el rendimiento por dividendo esperado, indicadores de operacin burstil como el importe promedio
diario de operacin de los ltimos 6 meses o el porcentaje de acciones flotadas. Finalmente, contiene los indicadores
de valuacin por mltiplos considerando las tres mtricas ms importantes: P/U, EV/EBITDA y P/VL.

Desempeo de precios desde el mximo de los ltimos 12 meses

Precio
10-ago-2016

Mximo
12 meses

Diferencia

HOMEX *

2.27

22.50

-89.9%

BEVIDES B

ICA *

2.93

9.36

-68.7%

SARE B

0.19

0.36

Emisora

Precio
10-ago-2016

Mximo
12 meses

Diferencia

12.00

13.35

-10.1%

PSOTRAC 15

5.55

6.15

-9.8%

-46.8%

CONSTRU 10

2.99

3.31

-9.7%

Emisora

AXTEL CPO

5.26

8.96

-41.3%

ICMTRAC ISHRS

28.23

31.23

-9.6%

MAXCOM CPO

0.83

1.39

-40.3%

RCENTRO A

12.15

13.39

-9.3%

GFAMSA A

9.79

15.34

-36.2%

MASECA B

21.70

23.90

-9.2%

POCHTEC B

8.55

13.20

-35.2%

GIGANTE *

35.00

38.50

-9.1%

GEO B

8.42

12.94

-34.9%

MEXCHEM *

41.66

45.82

-9.1%

ELEKTRA *

274.01

379.04

-27.7%

PINFRA L

175.73

192.86

-8.9%

BBVA *

108.99

150.34

-27.5%

GMD *

25.52

28.00

-8.9%

7.27

9.84

-26.1%

AC *

122.26

133.89

-8.7%

GICSA B

12.56

16.98

-26.0%

FRAGUA B

225.50

246.77

-8.6%

AMX L

11.13

14.70

-24.3%

IENOVA *

74.29

81.21

-8.5%

3.05

4.00

-23.8%

GRUMA B

268.94

293.87

-8.5%

189.68

247.63

-23.4%

JAVER *

17.50

19.10

-8.4%

10.75

14.00

-23.2%

SIMEC B

53.90

58.77

-8.3%

TMM A

3.80

4.90

-22.4%

VOLAR A

34.79

37.92

-8.3%

SAN *

77.41

99.50

-22.2%

FINDEP *

3.77

4.10

-8.0%

GSANBOR B-1

23.04

29.45

-21.8%

ALSEA *

66.87

72.68

-8.0%

AUTLAN B

HOGAR B
LIVEPOL C-1
SITES A

LIVEPOL 1

192.00

241.00

-20.3%

IDEAL B-1

29.00

31.49

-7.9%

HCITY *

18.62

23.04

-19.2%

MEGA CPO

75.32

81.78

-7.9%

HERDEZ *

40.15

49.24

-18.5%

WALMEX *

43.52

47.22

-7.8%

CADU A

14.73

18.00

-18.2%

FUNO 11

38.56

41.63

-7.4%

CREAL *

35.93

43.66

-17.7%

GCARSO A1

77.89

83.96

-7.2%

SPORT S

16.75

20.28

-17.4%

ELEMENT *

22.36

24.08

-7.1%

DIABLOI 10

12.41

15.02

-17.4%

CYDSASA A

24.14

25.88

-6.7%

SITES B-1

10.85

13.02

-16.7%

DANHOS 13

36.47

39.04

-6.6%

CHDRAUI B

46.54

55.76

-16.5%

BIMBO A

55.94

59.86

-6.5%

CULTIBA B

21.65

25.69

-15.7%

OHLMEX *

27.00

28.87

-6.5%

LACOMER UBC

16.65

19.72

-15.6%

FEMSA UB

144.05

154.00

-6.5%

NEMAK A

21.11

24.91

-15.3%

KOF L

143.23

152.92

-6.3%

FIHO 12

14.02

16.52

-15.1%

CMR B

8.44

9.00

-6.2%

FINN 13

12.34

14.53

-15.0%

FRES *

460.00

490.00

-6.1%

GFINBUR O

30.83

35.98

-14.3%

AG *

235.00

250.18

-6.1%

LALA B

40.47

47.22

-14.3%

TS *

250.00

265.10

-5.7%

GFINTER O

94.41

109.53

-13.8%

GNP *

36.00

38.00

-5.3%

ALFA A

31.58

36.37

-13.2%

VESTA *

27.07

28.57

-5.3%

MONEX B

10.00

11.50

-13.0%

IMXTRAC ISHRS

51.86

54.57

-5.0%

CIDMEGA *

44.00

50.00

-12.0%

FMTY 14

12.75

13.40

-4.9%

AEROMEX *

36.72

41.60

-11.7%

DLRTRAC 15

18.30

19.20

-4.7%

C*

831.66

939.21

-11.5%

GAP B

188.73

197.95

-4.7%

CIE B

14.25

16.00

-10.9%

PV *

10.00

10.45

-4.3%

ACTINVR B

13.60

15.26

-10.9%

ABI *

2,383.00

2,489.09

-4.3%

Desempeo de precios desde el mnimo de los ltimos 12 meses

Precio
10-ago-2016

Mnimo
12 meses

Diferencia

PE&OLES *

509.48

155.18

228.3%

FRES *

460.00

150.00

AG *

235.00

Emisora

Precio
10-ago-2016

Mnimo
12 meses

Diferencia

ANGELD 10

27.56

20.88

32.0%

206.7%

ENLACE 10

26.52

20.13

31.7%

83.70

180.8%

ELEMENT *

22.36

17.22

29.8%

Emisora

CEMEX CPO

15.50

7.09

118.7%

AGUA *

36.33

28.05

29.5%

LAB B

21.18

10.48

102.1%

MEGA CPO

75.32

58.22

29.4%

MFRISCO A-1

16.02

7.95

101.5%

MAXCOM CPO

0.83

0.64

28.9%

AZTECA CPO

3.46

2.02

71.3%

ASUR B

287.81

223.32

28.9%

BRTRAC 10

26.03

15.21

71.1%

HOTEL *

9.08

7.10

27.9%

OHLMEX *

27.00

16.09

67.8%

BIMBO A

55.94

44.05

27.0%

GEO B

8.42

5.08

65.7%

AC *

122.26

96.80

26.3%

PAPPEL *

24.93

15.35

62.4%

GENTERA *

35.65

28.24

26.2%

BOLSA A

34.23

21.29

60.8%

GFNORTE O

104.39

83.08

25.6%

GPROFUT *

59.40

37.00

60.5%

IMCTRAC ISHRS

38.68

31.09

24.4%

ALPEK A

34.32

21.77

57.6%

ALSEA *

66.87

53.87

24.1%

VITRO A

60.50

38.80

55.9%

AUTLAN B

7.27

5.86

24.1%

GMD *

25.52

16.46

55.1%

CIE B

14.25

11.50

23.9%

Q*

29.90

19.46

53.6%

SORIANA B

46.48

37.58

23.7%

OMA B

116.85

77.19

51.4%

C*

831.66

673.02

23.6%

KUO B

37.40

25.25

48.1%

MEXTRAC 09

34.81

28.21

23.4%

SIMEC B

53.90

36.58

47.3%

KOF L

ICA *

2.93

2.02

45.0%

ABI *

143.23

116.91

22.5%

2,383.00

1,950.78

22.2%

CMR B

8.44

5.82

45.0%

SMARTRC 14

21.01

17.30

21.4%

IDEAL B-1

29.00

20.00

45.0%

GCC *

51.00

42.21

20.8%

GFAMSA A

9.79

6.77

44.6%

IVVPESO ISHRS

31.42

26.05

20.6%

75.31

52.32

43.9%

PINFRA *

227.07

188.64

20.4%

2.27

1.58

43.7%

MEXRISK ISHRS

23.72

19.75

20.1%

RASSINI CPO

87.19

60.74

43.5%

GCARSO A1

77.89

64.94

19.9%

CONSUMO 10

43.06

30.08

43.2%

TERRA 13

30.82

25.81

19.4%

GMEXICO B

47.47

33.53

41.6%

KIMBER A

45.17

37.85

19.3%

RASSINI A

43.52

30.84

41.1%

MEXMTUM ISHRS

43.77

36.87

18.7%

250.00

178.01

40.4%

FIBRAPL 14

29.13

24.56

18.6%

3.77

2.70

39.6%

MEXCHEM *

41.66

35.18

18.4%

CHNTRAC 11

44.11

31.76

38.9%

NAFTRAC ISHRS

47.64

40.25

18.4%

KUO A

38.20

27.80

37.4%

CABLE CPO

40.00

34.00

17.6%

GAP B

188.73

137.49

37.3%

FIBRAMQ 12

23.68

20.21

17.2%

VOLAR A

34.79

25.41

36.9%

GRUMA B

268.94

229.61

17.1%

SANMEX B

35.50

26.18

35.6%

LAMOSA *

36.92

31.63

16.7%

BACHOCO B

84.65

62.68

35.1%

CMOCTEZ *

58.50

50.66

15.5%

UNIFIN A

52.99

39.59

33.8%

INCARSO B-1

15.00

13.00

15.4%

108.79

81.74

33.1%

ILCTRAC ISHRS

47.89

41.57

15.2%

ICH B
HOMEX *

TS *
FINDEP *

GFREGIO O
ARA *
AEROMEX *
HOGAR B

6.98

5.26

32.7%

FEMSA UBD

173.98

152.61

14.0%

36.72

27.71

32.5%

GISSA A

32.89

29.00

13.4%

3.05

2.31

32.0%

GNP *

36.00

31.75

13.4%

Reporte de Acciones Adelantadas y Rezagadas

10-ago-2016
Rendimiento Semanal

HOMEX *
Q*

Rendimiento Mensual

16.4%
7.4%

Rendimiento 90 das

Rendimiento en 2016

Rendimiento 12 meses

GFAMSA A

38.3%

FRES *

84.0%

PE&OLES *

187.5%

GEO B

407.2%

CEMEX CPO

34.3%

PE&OLES *

76.5%

FRES *

139.2%

FRES *

194.7%
112.7%

AGUA *

6.9%

HOMEX *

29.7%

AZTECA CPO

58.0%

MFRISCO A-1

95.4%

PE&OLES *

DANHOS 13

6.3%

AZTECA CPO

27.2%

MFRISCO A-1

42.8%

CEMEX CPO

70.9%

MFRISCO A-1

69.9%

SARE B

5.6%

OHLMEX *

22.3%

CEMEX CPO

26.1%

PAPPEL *

59.3%

LAB B

64.4%

CEMEX CPO

5.3%

BOLSA A

21.9%

BOLSA A

23.7%

LAB B

52.9%

VITRO A

57.9%

CHDRAUI B

4.6%

GMEXICO B

14.9%

IDEAL B-1

22.9%

BOLSA A

49.7%

ALPEK A

53.8%

21.5%

OHLMEX *

49.7%

RASSINI CPO

45.1%

PE&OLES *

Q*

14.4%

LAB B

MFRISCO A-1

3.8%

PE&OLES *

12.2%

ALPEK A

20.7%

AZTECA CPO

43.6%

KUO B

FEMSA UBD

3.8%

3.9%

AGUA *

10.9%

Q*

19.6%

ALPEK A

41.9%

PAPPEL *

40.9%

FIHO 12

3.7%

ALPEK A

9.9%

GMEXICO B

14.7%

SIMEC B

39.9%

CMR B

40.7%

LAB B

3.7%

GENTERA *

9.4%

45.0%

KUO B

13.3%

OMA B

39.8%

OMA B

38.0%

UNIFIN A

3.2%

MEXCHEM *

9.3%

BACHOCO B

12.5%

CMR B

38.1%

SANMEX B

37.2%

KIMBER A

3.1%

MFRISCO A-1

9.3%

OHLMEX *

12.3%

Q*

37.7%

VOLAR A

36.6%

AMX L

3.1%

DANHOS 13

9.1%

OMA B

10.4%

ICH B

35.3%

UNIFIN A

33.5%

GFINTER O

3.0%

CHDRAUI B

8.9%

AGUA *

10.0%

GMEXICO B

29.0%

AEROMEX *

31.0%

AZTECA CPO

3.0%

OMA B

8.5%

RASSINI CPO

8.9%

RASSINI CPO

28.2%

Q*

30.7%

HERDEZ *

2.9%

GFINTER O

8.5%

FIBRAPL 14

8.4%

GAP B

26.6%

GAP B

30.3%

KOF L

2.6%

UNIFIN A

7.9%

KIMBER A

8.0%

FINDEP *

26.1%

BOLSA A

29.4%

BACHOCO B

2.5%

ELEKTRA *

7.7%

IENOVA *

7.9%

KUO B

24.7%

BIMBO A

28.3%

CADU A

MASECA B

7.4%

SORIANA B

IDEAL B-1

2.3%

IDEAL B-1

7.4%

FINDEP *

7.1%

AGUA *

23.1%

AC *

26.8%

SANMEX B

2.2%

2.4%

CREAL *

7.3%

FSHOP 13

7.1%

7.7%

BIMBO A

21.7%

GFNORTE O

26.7%

GAP B

2.1%

GISSA A

7.0%

GENTERA *

6.6%

CIE B

20.8%

AGUA *

26.0%

MAXCOM CPO

2.0%

FSHOP 13

6.7%

SANMEX B

6.4%

BACHOCO B

20.7%

MEGA CPO

25.6%

CIE B

1.8%

LAMOSA *

6.6%

UNIFIN A

ASUR B

18.0%

ALSEA *

6.1%

GFREGIO O

23.1%

GENTERA *

27.3%

25.1%

LIVEPOL C-1

1.7%

GCC *

6.3%

GFREGIO O

5.9%

VOLAR A

17.7%

ELEMENT *

24.8%

GCARSO A1

1.6%

CMR B

6.2%

PINFRA *

5.7%

SORIANA B

17.7%

SORIANA B

24.6%

1.5%

BACHOCO B

5.8%

ICH B

5.6%

SANMEX B

17.4%

HOTEL *

24.6%

LAMOSA *

1.4%

RASSINI CPO

5.6%

HOTEL *

5.6%

MEGA CPO

17.3%

CEMEX CPO

24.0%

IPC *

ARA *

1.3%

SARE B

5.6%

GFNORTE O

5.5%

AC *

16.8%

KOF L

21.1%

CREAL *

1.2%

GFREGIO O

5.4%

PAPPEL *

5.4%

ARA *

16.7%

LAMOSA *

20.3%

FSHOP 13

1.2%

CYDSASA A

5.2%

CYDSASA A

5.1%

TERRA 13

15.7%

PINFRA *

19.3%

ELEMENT *

19.1%

ELEMENT *

5.1%

TEAK CPO

5.1%

KOF L

15.6%

ICH B

MASECA B

1.1%

PINFRA *

5.1%

LAMOSA *

5.0%

FIBRAPL 14

15.0%

OHLMEX *

KUO B

1.1%

ARA *

5.0%

IPC *

4.6%

GCC *

13.8%

SIMEC B

17.4%

SORIANA B

1.1%

FEMSA UBD

4.8%

FEMSA UBD

4.4%

VITRO A

12.7%

CIE B

15.9%

OMA B

1.2%

18.1%

1.1%

FINDEP *

4.7%

GAP B

4.2%

FIBRAMQ 12

12.6%

GFREGIO O

15.7%

LACOMER UBC

1.0%

LIVEPOL C-1

4.6%

BIMBO A

3.2%

PINFRA *

12.0%

INCARSO B-1

15.4%

FUNO 11

1.0%

IPC *

4.5%

AUTLAN B

2.8%

KIMBER A

11.9%

FEMSA UBD

14.4%

GFINBUR O

0.9%

SORIANA B

4.3%

HERDEZ *

2.8%

ALSEA *

11.7%

FIBRAPL 14

14.1%

GRUMA B

11.2%

IENOVA *

0.8%

TERRA 13

4.1%

DANHOS 13

2.6%

IPC *

11.2%

KIMBER A

13.4%

BIMBO A

TERRA 13

0.7%

0.9%

KIMBER A

ALFA A

3.7%

4.2%

AC *

GRUMA B

2.6%

2.6%

GFNORTE O

9.9%

GRUMA B

FIBRAMQ 12

11.1%

13.8%

ALFA A

0.7%

HOTEL *

3.7%

GCC *

2.5%

GCARSO A1

9.7%

ASUR B

11.0%
10.9%

MEXCHEM *

0.5%

VITRO A

3.6%

ARA *

2.5%

MEXCHEM *

8.2%

GCC *

FIBRAHD 15

0.4%

GCARSO A1

3.3%

TLEVISA CPO

2.1%

FEMSA UBD

7.6%

TLEVISA CPO

8.6%

AEROMEX *

0.3%

SANMEX B

3.2%

TERRA 13

1.9%

GENTERA *

6.9%

IPC *

8.4%

FMTY 14

0.2%

HCITY *

2.6%

GCARSO A1

1.6%

IDEAL B-1

6.4%

GMEXICO B

8.2%

POCHTEC B

0.2%

GFNORTE O

2.5%

ASUR B

1.3%

TEAK CPO

5.1%

FUNO 11

8.1%

CULTIBA B

0.2%

AUTLAN B

2.0%

CHDRAUI B

1.1%

FUNO 11

3.1%

TEAK CPO

7.8%

GMEXICO B

0.2%

TLEVISA CPO

1.9%

WALMEX *

1.0%

VESTA *

3.1%

ARA *

GFNORTE O

0.2%

KUO B

1.9%

FIBRAHD 15

1.0%

TLEVISA CPO

3.1%

TERRA 13

5.2%

RASSINI CPO

0.1%

CIE B

1.8%

FMTY 14

0.6%

DANHOS 13

3.0%

CULTIBA B

4.9%

0.0%

GISSA A

2.9%

AZTECA CPO

FIBRAPL 14

0.1%

7.4%

CULTIBA B

1.6%

FIBRAMQ 12

ELEKTRA *

0.1%

ASUR B

1.6%

GIGANTE *

0.0%

IENOVA *

2.7%

GISSA A

4.4%

SPORT S

0.1%

PINFRA L

1.2%

INCARSO B-1

0.0%

FIBRAHD 15

1.5%

BACHOCO B

4.3%

4.8%

CMR B

0.0%

TEAK CPO

0.7%

RLH A

0.0%

CHDRAUI B

1.3%

PINFRA L

4.2%

CYDSASA A

0.0%

MEGA CPO

0.5%

GISSA A

0.0%

FMTY 14

1.3%

WALMEX *

4.1%

FINDEP *

0.0%

VOLAR A

0.4%

PINFRA L

0.0%

LALA B

1.0%

FIBRAHD 15

2.7%

FINN 13

0.0%

ICA *

0.3%

MEXCHEM *

-0.9%

WALMEX *

0.1%

FSHOP 13

2.7%

FRES *

0.0%

FIHO 12

0.2%

MASECA B

-1.4%

INCARSO B-1

0.0%

DANHOS 13

2.7%

GCC *

0.0%

AEROMEX *

0.2%

CULTIBA B

-1.5%

JAVER *

0.0%

FMTY 14

2.1%

GIGANTE *

0.0%

FIBRAPL 14

0.1%

VITRO A

-1.8%

LACOMER UBC

0.0%

NEMAK A

2.0%

ICH B

0.0%

NEMAK A

0.0%

LIVEPOL C-1

-1.9%

RLH A

0.0%

VESTA *

1.9%

INCARSO B-1

0.0%

FIBRAHD 15

0.0%

GICSA B

-2.1%

UNIFIN A

-0.5%

CADU A

0.0%

NEMAK A

0.0%

GIGANTE *

0.0%

CADU A

-2.5%

FSHOP 13

-0.8%

JAVER *

0.0%

RLH A

0.0%

ICH B

0.0%

GFINTER O

-2.5%

GFINBUR O

-0.9%

LACOMER UBC

0.0%

SIMEC B

0.0%

INCARSO B-1

0.0%

FUNO 11

-2.7%

LAMOSA *

-1.1%

RLH A

0.0%

TMM A

0.0%

RLH A

0.0%

ALFA A

-3.1%

CYDSASA A

-1.8%

SITES B-1

0.0%

PINFRA L

0.0%

SIMEC B

0.0%

ICA *

-3.3%

HOTEL *

-1.8%

CREAL *

-0.5%

GISSA A

0.0%

SITES B-1

-0.2%

KOF L

-3.5%

ELEMENT *

-2.6%

CHDRAUI B

-0.8%

VOLAR A

-0.1%

GRUMA B

VESTA *

-3.9%

PINFRA L

-2.8%

LALA B

-1.6%

MEGA CPO

-0.1%

LALA B

-0.8%

GSANBOR B-1

-4.0%

SITES B-1

-3.2%

GCARSO A1

-2.6%

GFREGIO O

-0.2%

LAB B

-0.9%

GFINBUR O

-4.6%

FIHO 12

-6.3%

GFINTER O

-3.0%

VESTA *

-0.2%

GAP B

-0.9%

FIHO 12

-4.6%

AEROMEX *

-6.5%

MEXCHEM *

-3.2%

AXTEL CPO

-0.2%

FIBRAMQ 12

-1.1%

SITES B-1

-4.7%

ALFA A

-7.4%

FINDEP *

-4.6%

TEAK CPO

-0.3%

GFINBUR O

-1.2%

JAVER *

-4.7%

CULTIBA B

-7.7%

IENOVA *

-4.9%

PINFRA *

-0.3%

FUNO 11

-1.4%

CMR B

-4.7%

MASECA B

-8.0%

CYDSASA A

-6.2%

VITRO A

-0.3%

BIMBO A

-1.5%

AMX L

-4.8%

AUTLAN B

-8.1%

ELEKTRA *

-7.2%

GRUMA B

-0.4%

AMX L

-1.7%

CREAL *

-5.2%

AMX L

-8.2%

MASECA B

-8.1%

WALMEX *

-0.4%

WALMEX *

-1.7%

MEGA CPO

-5.3%

FINN 13

-8.4%

IDEAL B-1

-8.4%

AUTLAN B

-0.5%

GICSA B

-1.8%

ALSEA *

-5.4%

GIGANTE *

-9.1%

HERDEZ *

-9.3%

GSANBOR B-1

-0.6%

CADU A

-1.8%

SARE B

-6.0%

TMM A

-9.5%

GFINBUR O

ASUR B

-0.6%

HERDEZ *

-1.9%

VOLAR A

-6.3%

NEMAK A

-9.6%

GIGANTE *

-11.4%

GENTERA *

-0.8%

PAPPEL *

-2.0%

SIMEC B

-6.7%

GFINTER O

-9.7%

ALFA A

-13.5%

LALA B

-0.9%

SPORT S

-0.2%

-2.6%

ELEMENT *

-7.1%

LIVEPOL C-1

-9.7%

TMM A

-10.5%

-13.8%

HOTEL *

-1.0%

JAVER *

-2.8%

AEROMEX *

-7.9%

GEO B

-10.1%

FINN 13

-14.0%

FIBRAMQ 12

-1.0%

IENOVA *

-3.0%

CIE B

-8.0%

HERDEZ *

-10.3%

FIHO 12

-15.0%

SITES B-1

-1.1%

KOF L

-3.2%

ELEKTRA *

-8.2%

GSANBOR B-1

-12.6%

SPORT S

-15.1%

HCITY *

-1.1%

FINN 13

-3.7%

FINN 13

-8.4%

SPORT S

-13.3%

GSANBOR B-1

-16.2%

AC *

-1.1%

ALSEA *

-4.3%

HCITY *

-8.8%

MAXCOM CPO

-14.1%

HCITY *

-17.7%

ALPEK A

-1.2%

AC *

-4.3%

MAXCOM CPO

-10.2%

ICA *

-17.5%

GICSA B

-18.9%

PAPPEL *

-1.3%

FMTY 14

-4.7%

LALA B

-10.4%

CREAL *

-17.5%

LIVEPOL C-1

-19.7%

JAVER *

-1.4%

GSANBOR B-1

-4.7%

NEMAK A

-10.9%

CADU A

-18.1%

AMX L

BOLSA A

-1.4%

VESTA *

-4.9%

LACOMER UBC

-12.0%

HCITY *

-19.2%

GFAMSA A

-26.3%

GICSA B

-1.5%

POCHTEC B

-5.0%

TMM A

-12.2%

GICSA B

-22.3%

AUTLAN B

-26.5%

-24.6%

-27.9%

ALSEA *

-1.6%

TMM A

-5.0%

SPORT S

-12.3%

ELEKTRA *

-27.7%

HOMEX *

ICA *

-1.7%

FRES *

-6.1%

GEO B

-14.3%

GFAMSA A

-30.2%

AXTEL CPO

-30.1%

GFAMSA A

-1.7%

LACOMER UBC

-6.9%

POCHTEC B

-14.5%

POCHTEC B

-31.2%

POCHTEC B

-30.8%

Fuente: Estimaciones propias en base a informacin de BMV

Reporte de Mltiplos

10 agosto 2016

####
Cap. Merc
USD

1.6%

2.0%

353,602

Telecomunicaciones y Medios

1.6%

19.5%

59,715

Telecomunicaciones

2.0%

26.4%

40,355
39,901

0.3%

3.1%

-2%

-5%

-8%

-25%

-24%

-7%

386

-0.2%

-0.2%

-17%

-28%

-40%

-30%

-41%

118%

AMX L
AXTEL CPO
MAXCOM CPO

Precio
2016 (e)

47,798

48,000

Div (e)

Compra

11.13

14.00

0.28

2.5%

28.3%

N.D.

5.26

N.D.

0.00

0.0%

N.D.

Rendimiento

Vol.Op. Como
% del
vol.prom.3M

Retorno
Esperado

IPC

Precio
10/ago/2016

Retorno %
desde max
12M

Div (e).
Yield %

Recomendacin

1D

5D

1M

3M

YTD

12 M

0.4%

1.3%

4%

5%

11%

8%

0.0%

8%

VE / EBITDA

Importe
000's USD

P/U

P/VL

12M

2016E

2017E

12M

2016E

2017E

Actual

10.4

9.8

9.0

29.9

25.1

22.5

3.1

5.8

6.1

5.8

32.3

24.4

18.7

4.7

5.1

5.3

5.1

32.5

20.4

15.3

6.2

39,890

5.1

5.3

5.1

29.1

20.2

15.1

6.5

35%

1,650

5.6

NS

NS

NS

NS

NS

N.A.

40%

503,873

Float %

N.D.

0.83

N.D.

0.00

0.0%

N.D.

68

1.2%

2.0%

-9%

-10%

-14%

-40%

-40%

-68%

10.3

N.D.

N.D.

N.D.

N.D.

N.D.

N.A.

N.D

Mantener

10.85

12.20

0.00

0.0%

12.4%

1,945

0.4%

-1.1%

0%

-5%

-3%

0%

-17%

-42%

753

NS

19.4

15.8

N.D.

N.D.

N.D.

N.A.

39%

0.5%

5.0%

19,360

10.5

10.4

9.8

32.0

41.8

35.2

3.1

AZTECA CPO

Compra

3.46

3.40

0.00

0.0%

-1.7%

561

-0.3%

3.0%

27%

58%

44%

5%

0%

-40%

207

8.6

8.8

8.6

NS

NS

27.4

1.2

35%

MEGA CPO

Mantener

75.32

78.00

1.00

1.3%

4.9%

3,516

0.5%

-0.1%

1%

-5%

17%

26%

-8%

-92%

354

11.3

9.6

8.7

19.0

19.3

20.4

3.3

35%

TLEVISA CPO

Mantener

97.24

102.00

0.38

0.4%

5.3%

15,283

0.5%

-1.9%

2%

2%

3%

9%

-4%

21%

16,761

10.5

10.7

10.2

27.8

46.8

42.7

3.2

84%

N.D.

13.3

11.9

30.8

28.8

26.6

N.D.

N.D.

14.1

12.7

26.5

27.8

25.1

N.D.

9.7

8.9

8.1

24.2

22.1

18.3

1.8

16%

14.5

NS

NS

23.3

NS

NS

N.A.

14%
66%

SITES B-1
Medios

Productos de Consumo Frecuente

1.6%

9.7%

Autoservicios

2.7%

18.0%

151,504
51,194

CHDRAUI B

Compra

46.54

56.00

0.00

0.0%

20.3%

2,437

4.0%

4.6%

9%

1%

1%

-1%

-17%

199%

GIGANTE *

N.D.

35.00

N.D.

0.00

0.0%

N.D.

1,890

0.0%

0.0%

0%

0%

-9%

-11%

-9%

-100%

LACOMER UBC

Compra

16.65

19.50

0.00

0.0%

17.1%

982

1.5%

1.0%

-7%

-12%

0%

0%

-16%

52%

1,403

NS

10.9

9.7

8.8

34.3

29.6

N.A.

SORIANA B

Compra

46.48

52.00

0.00

0.0%

11.9%

4,544

1.0%

1.1%

4%

8%

18%

25%

0%

420%

3,431

10.5

9.5

8.2

22.5

20.1

16.7

1.7

14%

WALMEX *

Compra

43.52

52.50

1.68

3.9%

24.5%

41,340

-1.2%

-0.4%

-2%

1%

0%

4%

-8%

-3%

32,416

16.6

15.2

13.7

28.9

28.0

25.8

5.0

30%

1.1%

7.5%

61,487

14.2

13.8

11.8

33.4

34.1

31.7

3.3

Compra

122.26

156.00

1.85

1.5%

29.1%

10,700

-0.6%

-1.1%

-4%

3%

17%

27%

-9%

-16%

9,016

15.0

11.6

7.8

27.2

22.9

17.1

3.9

20%

N.D.

21.65

N.D.

0.00

0.0%

N.D.

844

0.0%

0.2%

2%

-2%

-8%

5%

-16%

-94%

7.4

N.D.

N.D.

N.D.

N.D.

N.D.

N.A.

25%

FEMSA UBD

Mantener

173.98

180.00

1.67

1.0%

4.4%

33,815

0.7%

3.8%

5%

4%

8%

14%

-3%

-14%

20,632

16.2

15.7

14.1

36.0

41.7

46.4

3.4

67%

KOF L

Mantener

143.23

149.00

2.16

1.5%

5.5%

16,127

0.4%

2.6%

-3%

-4%

16%

21%

-6%

-36%

3,189

11.5

11.7

11.0

31.2

30.8

27.5

2.8

22%

0.4%

5.0%

30,835

12.2

11.2

10.4

34.2

23.4

21.9

3.9

Compra

84.65

92.00

0.65

0.8%

9.5%

2,759

0.7%

2.5%

6%

12%

21%

4%

0%

-9%

1,241

6.7

6.2

4.8

14.9

13.2

11.8

1.8

17%

Venta

55.94

57.00

0.11

0.2%

2.1%

14,291

0.7%

0.7%

-1%

3%

22%

28%

-7%

-36%

4,574

13.2

11.9

11.6

45.0

30.4

27.9

4.5

23%

GRUMA B

Mantener

268.94

282.00

0.11

0.0%

4.9%

6,322

0.1%

-0.4%

0%

3%

11%

11%

-8%

-9%

11,675

14.0

12.8

11.7

NS

22.3

23.0

6.8

26%

HERDEZ *

Mantener

40.15

42.00

1.49

3.7%

8.3%

938

1.7%

2.9%

-2%

3%

-10%

-9%

-18%

-26%

780

12.4

11.6

9.7

60.7

25.9

28.0

2.6

25%

LALA B

Mantener

40.47

44.00

0.27

0.7%

9.4%

5,443

0.3%

-0.9%

-1%

-10%

1%

-2%

-14%

-55%

2,684

13.4

12.4

11.6

24.0

23.1

21.6

4.0

21%

MASECA B

Compra

21.70

23.50

0.00

0.0%

8.3%

1,083

0.0%

1.1%

7%

-1%

-8%

-8%

-9%

-42%

17

6.7

5.6

4.6

9.3

12.7

10.9

2.1

17%

2.7%

-8.9%

7,989

14.6

15.5

14.7

33.6

27.2

26.0

8.2

KIMBER A

Venta

45.17

42.00

1.12

2.5%

-4.5%

7,596

1.6%

3.1%

4%

8%

12%

13%

0%

-12%

8,063

17.0

14.8

14.0

32.3

25.8

24.7

20.8

22%

PAPPEL *

N.D.

24.93

N.D.

0.00

0.0%

N.D.

393

0.3%

-1.3%

-2%

5%

59%

41%

-3%

-66%

37

5.7

NS

NS

NS

NS

NS

N.A.

N.D

Bebidas
AC *
CULTIBA B

Alimentos
BACHOCO B
BIMBO A

Otros P.C.F.

* Cifras en millones de pesos

Los aos 2015 y 2016 son estimados

N.D. = No Disponible

Precio 2016(e) = Precios esperado a diciembre de 2016

NS = Cifra No Significativa

Fuente: Anlisis Actinver

Cuando La recomendacin es N.D. el

precio objetivo es del consenso

4,116
0

Reporte de Mltiplos

10-Aug-2016

Div (e).

Retorno

Cap. Merc

Yield %

Esperado

USD

1.6%

2.0%

353,602

Servicios de Bienes de Consumo no bsico

1.1%

-4.2%

24,183

Especializadas y Departamentales

1.1%

-5.9%

20,517

Recomendacin

IPC

Precio

Precio

10/ago/2016

2016 (e)

47,798

48,000

Div (e)

Rendimiento
1D

5D

1M

3M

YTD

0.4%

1.3%

4%

5%

11%

12 M

8%

Retorno %
desde max
12M

0%

Vol.Op. Como
% del
vol.prom.3M

8%

VE / EBITDA

Importe
000's USD

503,873

P/U

P/VL

12M

2016E

2017E

12M

2016E

2017E

Actual

10.4

9.8

9.0

29.9

25.1

22.5

3.1

13.3

13.9

12.4

29.8

26.5

22.3

2.5

13.2

13.6

12.3

27.9

23.9

20.4

2.4

Float %

ELEKTRA *

s/c

274.01

N.D.

2.52

0.9%

N.D.

3,492

-0.1%

0.1%

8%

-8%

-28%

-7%

-28%

-33%

3,875

9.0

12.5

12.2

NS

23.5

17.2

1.2

66%

GFAMSA A

N.D.

9.79

N.D.

0.00

0.0%

N.D.

295

-1.4%

-1.7%

38%

-18%

-30%

-26%

-36%

-71%

189

17.3

NS

NS

34.3

NS

NS

N.A.

33%

GSANBOR B-1

Compra

23.04

27.00

0.88

3.8%

21.0%

2,902

-2.2%

-0.6%

-5%

-4%

-13%

-16%

-22%

4%

942

8.6

8.5

7.6

16.7

16.3

14.7

2.0

18%

LIVEPOL C-1

Compra

189.68

215.00

0.99

0.5%

13.9%

13,829

0.3%

1.7%

5%

-2%

-10%

-20%

N.D

-42%

4,497

17.5

16.2

13.9

26.7

26.0

22.8

3.6

15%

0.9%

5.4%

3,666

13.7

15.3

12.9

47.0

69.1

45.2

4.8

Compra

66.87

82.00

0.77

1.2%

23.8%

3,046

-0.8%

-1.6%

-4%

-5%

12%

25%

-8%

19%

6,956

15.9

13.7

11.5

67.2

60.0

39.3

6.2

66%

CMR B

N.D.

8.44

N.D.

0.00

0.0%

N.D.

113

0.0%

0.0%

6%

-5%

38%

41%

-6%

-94%

14.1

NS

NS

76.0

NS

NS

N.A.

N.D

CIE B

N.D.

14.25

N.D.

0.00

0.0%

N.D.

433

0.0%

1.8%

2%

-8%

21%

16%

-11%

-55%

7.0

NS

NS

14.4

NS

NS

N.A.

N.D

Compra

16.75

21.50

0.00

0.0%

28.4%

75

0.3%

0.1%

-3%

-12%

-13%

-15%

-17%

-83%

19

8.2

7.3

5.7

66.6

33.5

20.8

1.6

59%

Materiales

1.4%

-4.5%

10.3

8.8

8.3

19.5

15.2

22.4

1.9

Qumico

2.2%

9.7%

8,760

8.9

7.8

7.4

32.2

26.0

20.2

2.0

N.D.

N.D.

N.D.

N.D.

N.D.

N.D.

N.A.

30%

Otros S.B.C.N.B.
ALSEA *

SPORT S

AGUA *

59,677

N.D.

36.33

N.D.

0.00

0.0%

N.D.

N.A.

1.5%

6.9%

11%

10%

23%

26%

0%

45%

135

ALPEK A

Compra

34.32

33.30

1.14

3.3%

0.3%

3,949

-1.2%

-1.2%

10%

21%

42%

54%

-2%

-79%

1,318

9.1

7.5

7.9

22.4

22.3

19.0

2.4

18%

MEXCHEM *

Compra

41.66

49.00

0.65

1.6%

19.2%

4,752

-1.1%

0.5%

9%

-1%

8%

-3%

-9%

-20%

5,437

8.8

8.0

7.0

50.8

29.9

20.9

1.7

50%

POCHTEC B

N.D.

8.55

N.D.

0.00

0.0%

N.D.

59

-2.6%

0.2%

-5%

-15%

-31%

-31%

-35%

-32%

33

4.7

N.D.

N.D.

32.5

N.D.

N.D.

N.A.

N.D

0.0%

-7.1%

12,700

11.1

9.5

8.5

33.8

25.1

23.5

1.5

Cemento
CEMEX CPO
GCC *

Compra

15.50

15.50

0.00

0.0%

0.0%

11,792

3.3%

5.3%

34%

26%

71%

24%

0%

51%

83,055

11.3

9.2

8.2

36.1

23.3

21.8

1.5

95%

N.D.

51.00

N.D.

0.00

0.0%

N.D.

908

0.0%

0.0%

6%

3%

14%

11%

0%

-91%

8.2

NS

NS

18.3

NS

NS

N.A.

N.D

2.0%

-7.9%

33,386

10.7

9.2

8.6

36.1

23.3

23.2

2.5

N.D.

7.27

N.D.

0.00

0.0%

N.D.

98

0.4%

-0.5%

2%

3%

-8%

-26%

-26%

-2%

62

5.7

NS

NS

29.9

NS

NS

N.A.

N.D

Compra

47.47

50.50

1.20

2.5%

8.9%

20,074

1.0%

0.2%

15%

15%

29%

8%

0%

34%

34,243

9.2

8.6

7.5

16.6

17.0

18.3

2.1

48%

Minero Metalrgica
AUTLAN B
GMEXICO B
MFRISCO A-1

N.D.

16.02

N.D.

0.00

0.0%

N.D.

2,215

0.6%

3.8%

9%

43%

95%

70%

-2%

52%

922

12.5

NS

NS

NS

NS

NS

N.A.

N.D

PE&OLES *

Venta

509.48

405.00

3.76

0.7%

-19.8%

11,000

0.3%

3.9%

12%

76%

187%

113%

0%

-33%

6,452

16.1

9.2

9.8

NS

44.6

31.8

3.9

31%

0.0%

-2.1%

3,243

8.5

6.3

7.7

12.1

8.5

21.6

1.0

Mantener

75.31

74.00

0.00

0.0%

-1.7%

1,786

0.0%

0.0%

0%

6%

35%

19%

0%

#DIV/0!

9.1

7.5

7.7

15.9

9.8

19.2

1.1

33%

Venta

53.90

52.50

0.00

0.0%

-2.6%

1,457

0.0%

0.0%

0%

-7%

40%

17%

-8%

#DIV/0!

7.7

4.9

7.6

9.4

7.3

25.3

0.9

15%

0.0%

2.8%

1,588

6.0

5.6

7.1

1.2

17.2

1.6

Compra

60.50

62.20

0.00

0.0%

2.8%

1,588

0.0%

-0.3%

4%

-2%

13%

58%

-3%

-32%

121

6.0

5.6

7.1

1.3

1.2

17.2

1.6

0.0%

42.0%

6.4

18.5

10.9

13.6

28.0

13.7

1.0

GICSA B

Compra

12.56

17.80

0.00

0.0%

41.7%

1,046

-0.1%

-1.5%

-2%

-2%

-22%

-19%

-26%

-54%

368

5.7

19.9

10.7

10.9

25.1

11.1

1.0

31%

HCITY *

Compra

18.62

26.60

0.00

0.0%

42.9%

389

0.3%

-1.1%

3%

-9%

-19%

-18%

-19%

-72%

296

13.3

13.2

12.5

40.4

40.3

36.3

1.0

57%

Acero
ICH B
SIMEC B
Otros Materiales
VITRO A
Bienes Raices

1,435

* Cifras en millones de pesos

Los aos 2015 y 2016 son estimados

N.D. = No Disponible

Precio 2016(e) = Precios esperado a diciembre de 2016

NS = Cifra No Significativa

Fuente: Anlisis Actinver

Cuando La recomendacin es N.D. el

precio objetivo es del consenso

15%

Reporte de Mltiplos

10-Aug-2016

Div (e).

Retorno

Cap. Merc

Yield %

Esperado

USD

1.6%

2.0%

Industrial

1.0%

-41.6%

Conglomerados

0.6%

-36.3%

17,959

Recomendacin

IPC

ALFA A

Precio
2016 (e)

47,798

48,000

Div (e)

Rendimiento

353,602

1D

5D

1M

3M

YTD

0.4%

1.3%

4%

5%

11%

12 M

8%

Retorno %
desde max
12M

0%

Vol.Op. Como
% del
vol.prom.3M

8%

VE / EBITDA

Importe
000's USD

503,873

35,967

P/U

P/VL

12M

2016E

2017E

12M

2016E

2017E

Actual

10.4

9.8

9.0

29.9

25.1

22.5

3.1

10.9

10.4

11.1

70.6

24.6

22.5

2.3

8.7

8.1

7.3

24.4

19.5

13.8

2.5

Float %

Compra

31.58

38.00

0.25

0.8%

21.1%

8,784

-0.7%

0.7%

4%

-3%

-7%

-13%

-13%

-12%

11,347

7.6

6.9

6.2

26.1

16.9

11.1

2.6

N.D.

77.89

N.D.

1.20

1.5%

N.D.

7,628

0.0%

1.6%

3%

2%

10%

-3%

-7%

7%

2,068

11.8

11.4

10.0

22.7

20.9

16.0

N.A.

22%

Compra

32.89

39.10

0.00

0.0%

18.9%

636

0.8%

0.0%

7%

0%

3%

4%

-1%

-95%

26

8.3

7.8

7.7

20.0

16.5

21.2

1.2

57%

N.D.

37.40

N.D.

0.00

911

0.0%

1.1%

2%

13%

25%

45%

0%

111%

70

N.D

GCARSO A1
GISSA A

Precio
10/ago/2016

KUO B
Construccin Pesada

0.0%

N.D.

1.2%

-74.6%

12,500

7.6

NS

NS

29.4

NS

NS

N.A.

19.8

25.1

21.2

-18.3

91.2

-71

2.5

15%

ICA *

Venta

2.93

3.20

0.00

0.0%

9.2%

98

3.9%

-1.7%

0%

-3%

-17%

-64%

-69%

93%

1,207

NS

14.9

11.9

NS

NS

NS

0.6

IDEAL B-1

N.D.

29.00

N.D.

0.00

0.0%

N.D.

4,600

1.8%

2.3%

7%

23%

6%

-8%

-8%

-99%

21.1

NS

NS

NS

NS

NS

N.A.

N.D

OHLMEX *

Compra

27.00

31.00

0.40

1.5%

16.3%

2,540

-3.6%

-4.4%

22%

12%

50%

18%

-6%

26%

8,388

6.1

24.3

22.2

NS

NS

79.5

0.8

42%

PINFRA *

N.D.

227.07

N.D.

0.00

0.6%

-0.3%

5%

6%

12%

19%

-3%

-25%

4,317

18.0

18.8

16.5

20.6

24.0

N.D.

N.A.

58%

8.8

7.8

6.8

14.4

13.2

11.1

1.3

Construccin Vivienda

0.0%

N.D.

5,262

1.5%

13.0%

1,597

91%

ARA *

Compra

6.98

7.50

0.08

1.1%

8.5%

497

-0.9%

1.5%

5%

2%

17%

7%

-1%

45%

548

10.0

9.6

8.5

14.5

14.0

12.5

0.8

58%

CADU A

Compra

14.73

20.00

0.66

4.5%

40.3%

277

0.3%

2.4%

-2%

-2%

-18%

0%

-18%

-42%

83

8.5

7.1

5.1

9.8

9.2

6.9

1.6

34%

LAMOSA *

Compra

36.92

42.00

0.40

1.1%

14.8%

766

1.4%

1.4%

7%

5%

-1%

20%

-1%

-41%

147

7.6

7.0

6.4

15.7

13.9

11.9

2.2

13%

N.D.

0.19

N.D.

0.00

0.0%

N.D.

57

2.7%

5.6%

6%

-6%

-31%

-40%

-47%

183%

369

NS

NS

NS

NS

NS

NS

N.A.

N.D

1.7%

17.2%

6.7

6.5

N.D.

11.3

13.8

11.7

2.3

SARE B
Automotriz y Autopartes

3,911

RASSINI A

N.D.

43.52

N.D.

0.00

0.0%

N.D.

378

0.3%

-0.3%

4%

7%

31%

39%

0%

468%

1,709

4.0

N.D.

N.D.

7.9

N.D.

N.D.

N.A.

20%

NEMAK A

Compra

21.11

27.00

0.45

2.1%

30.0%

3,533

-0.1%

0.0%

0%

-11%

-10%

2%

-15%

-89%

685

7.2

6.0

5.1

11.9

12.5

10.6

2.3

25%

2.5%

N.D

4,657

22.3

19.6

12.6

39.1

24.9

16.9

2.3

Energa
IENOVA *

Compra

74.29

84.00

2.09

Transportes
Aerolneas
AEROMEX *
VOLAR A

2.8%

15.9%

1.6%

-11.9%

4,657

-0.7%

0.8%

-3%

8%

3%

-5%

-9%

132%

11,477

16,733

22.3

19.6

12.6

39.1

24.9

16.9

2.3

16.1

11.9

10.7

27.0

32.1

27.4

4.7
3.5

28%

0.0%

-45.4%

3,390

8.7

5.8

5.0

17.7

56.3

36.1

Compra

36.72

46.00

0.00

0.0%

25.3%

1,477

-0.4%

0.3%

0%

-8%

-7%

31%

-12%

-53%

586

7.6

3.2

2.7

25.7

24.5

15.7

2.5

55%

N.D.

34.79

N.D.

0.00

0.0%

N.D.

1,912

0.5%

-0.1%

0%

-6%

18%

37%

-8%

-52%

2,656

10.7

N.D.

N.D.

14.3

N.D.

N.D.

N.A.

N.D

1.8%

-3.6%

13,343

21.4

17.6

16.1

31.2

29.0

25.8

5.2

Aeropuertos
ASUR B

Venta

287.81

268.00

5.21

1.8%

-5.1%

4,690

0.2%

-0.6%

2%

1%

18%

11%

-3%

-41%

3,413

19.4

16.3

14.6

26.7

24.5

21.6

4.2

40%

GAP B

Venta

188.73

177.00

2.04

1.1%

-5.1%

6,114

1.2%

2.1%

-1%

4%

27%

30%

-5%

-16%

7,087

23.1

19.3

17.6

35.9

35.3

31.0

5.3

28%

OMA B

Venta

116.85

116.00

3.50

3.0%

2.3%

2,539

0.0%

1.1%

8%

10%

40%

38%

0%

-40%

3,877

21.6

16.6

15.5

30.8

26.4

24.7

8.0

81%

0.0%

-100.0%

56.9

19.0

23.2

20.0

30.3

36.8

2.3

Salud

2,889

BEVIDES B

N.D.

12.00

N.D.

0.00

0.0%

N.D.

266

0.0%

-7.6%

-8%

-8%

-10%

-17%

-10%

-100%

12.1

NS

NS

NS

NS

NS

N.A.

N.D

FRAGUA B

N.D.

225.50

N.D.

0.00

0.0%

N.D.

1,154

0.0%

3.0%

3%

3%

-9%

-4%

-9%

-100%

20.3

N.D.

N.D.

21.8

N.D.

N.D.

N.A.

20%

LAB B

N.D.

21.18

N.D.

0.00

0.0%

N.D.

1,207

1.3%

3.7%

-1%

22%

53%

64%

-3%

-1%

2,552

N.D.

8.7

11.1

15.5

12.7

15.4

2.5

67%

MEDICA B

N.D.

39.15

N.D.

0.00

0.0%

N.D.

262

-4.3%

-6.8%

-6%

0%

-10%

-30%

-31%

-29%

74

9.3

NS

NS

19.2

NS

NS

N.A.

N.D

1.9%

-21.5%

16.7

20.1

17.4

2.2

Servicios Financieros

49,343

ACTINVR B

s/c

13.60

N.D.

0.00

0.0%

N.D.

0.1%

0.7%

-2%

-4%

-9%

-11%

-11%

-97%

NA.

NA.

NA.

NA.

N.A.

N.A.

N.D.

47%

BOLSA A

s/c

34.23

N.D.

0.00

0.0%

N.D.

1,103

-0.8%

-1.4%

22%

24%

50%

29%

-3%

21%

3,080

16.0

NA.

NA.

NA.

NS

NS

3.7

60%

CREAL *

s/c

35.93

N.D.

0.00

0.0%

N.D.

0.0%

1.2%

7%

-5%

-17%

-1%

-18%

-20%

1,317

NA.

NA.

NA.

NA.

NS

NS

N.D

N.D

FINDEP *

s/c

3.77

N.D.

0.00

0.0%

N.D.

0.0%

0.0%

5%

7%

26%

-5%

-8%

-100%

NA.

NA.

NA.

NA.

NS

NS

N.D.

27%

GENTERA *

Compra

35.65

37.00

0.87

2.4%

6.2%

3,192

-0.4%

-0.8%

9%

7%

7%

27%

-2%

8%

6,247

NA.

NA.

NA.

19.9

19.2

16.4

4.4

61%

GFINBUR O

s/c

30.83

N.D.

0.00

0.0%

N.D.

11,165

0.1%

0.9%

-1%

-5%

-1%

-11%

-14%

-33%

4,069

NA.

NA.

NA.

14.7

NS

NS

2.2

30%

GFINTER O

Compra

94.41

98.00

1.94

2.1%

5.9%

1,384

0.6%

3.0%

8%

-3%

-10%

-3%

-14%

-9%

2,171

NA.

NA.

NA.

11.2

9.7

8.7

1.8

30%

GFNORTE O

Compra

104.39

107.00

1.10

1.1%

3.6%

15,729

-0.6%

0.2%

3%

5%

10%

27%

-1%

-11%

23,878

NA.

NA.

NA.

16.9

14.8

12.8

2.1

89%

GFREGIO O

Compra

108.79

128.00

0.98

0.9%

18.6%

1,938

0.4%

-0.2%

5%

6%

23%

16%

0%

-44%

1,338

NA.

NA.

NA.

20.0

16.3

13.5

3.2

19%

Q*

Compra

29.90

30.00

0.50

1.7%

2.0%

731

-0.2%

7.4%

14%

20%

38%

31%

0%

-71%

295

NA.

NA.

NA.

25.3

23.0

16.7

2.8

32%

SANMEX B

Mantener

35.50

35.00

1.12

3.2%

1.7%

13,085

0.5%

2.2%

3%

6%

17%

37%

0%

-47%

3,182

NA.

NA.

NA.

17.0

14.7

13.0

2.1

25%

UNIFIN A

Compra

52.99

52.00

0.77

1.5%

-0.4%

1,016

0.6%

3.2%

8%

6%

-1%

34%

-3%

104%

2,801

NA.

NA.

NA.

21.4

21.1

18.2

4.3

36%

* Cifras en millones de pesos

Los aos 2015 y 2016 son estimados

N.D. = No Disponible

Precio 2016(e) = Precios esperado a diciembre de 2016

NS = Cifra No Significativa

Fuente: Anlisis Actinver

Cuando La recomendacin es N.D. el

precio objetivo es del consenso

Reporte de Mltiplos

10-ago-2016
Precio
10/ago/2016

Capitalizacin

Precio

Retorno

Recome-

Mercado *

Objetivo

Esperado

dacin

123,299

46.10

19.6%

Compra

FIBRAS (en UDIS)

13.3%

FFO yield (%)

NOI Cap Rate (%)

EBITDA Cap Rate (%)

Dividend yield (%)

2015

2016 (e)

2017 (e)

2015

2016 (e)

2017 (e)

2015

2016 (e)

2017 (e)

2015

2016 (e)

2017 (e)

4.7%

6.6%

7.7%

5.0%

6.4%

7.9%

4.3%

5.8%

7.2%

5.5%

6.9%

7.5%

4.5%

6.5%

7.8%

5.0%

6.6%

7.7%

4.5%

6.0%

7.0%

5.0%

6.1%

7.3%

FUNO 11

38.56

FSHOP 13

16.80

8,062

19.50

16.1%

Compra

6.0%

7.5%

9.1%

6.2%

6.5%

8.4%

5.6%

6.0%

7.8%

6.0%

7.3%

8.5%

DANHOS 13

36.47

50,504

40.00

9.7%

N.D.

2.9%

4.5%

5.4%

3.6%

4.2%

5.9%

2.9%

3.9%

5.6%

5.5%

5.7%

6.0%

FIBRAHD 15

10.10

1,492

10.90

7.9%

Compra

5.5%

7.7%

8.7%

5.4%

8.2%

9.4%

4.2%

7.2%

8.3%

5.5%

8.5%

8.2%

7.7%

9.0%

9.8%

7.6%

8.0%

8.3%

6.5%

7.1%

7.5%

6.3%

7.4%

7.9%

FIBRAMQ 12

23.68

19,213

24.50

3.5%

Mantener

8.3%

10.1%

10.0%

7.5%

8.2%

8.5%

6.8%

7.5%

7.7%

7.0%

8.2%

7.9%

TERRA 13

30.82

18,714

33.00

7.1%

N.D.

6.2%

7.1%

8.8%

6.8%

6.9%

6.7%

5.2%

6.1%

6.4%

6.0%

6.6%

7.7%

FIBRAPL 14

29.13

18,482

32.00

9.9%

Compra

9.6%

10.1%

10.1%

8.2%

8.8%

9.1%

7.3%

7.6%

7.8%

6.1%

6.9%

6.9%

FMTY 14

12.75

3,864

15.20

19.2%

Compra

6.6%

8.8%

10.2%

7.8%

7.9%

9.0%

6.5%

7.0%

8.1%

6.2%

8.1%

8.9%

6.5%

8.3%

10.1%

7.5%

9.2%

10.3%

6.1%

7.5%

8.5%

5.7%

7.5%

8.6%

FIBRAS (en dlares)

9.9%

FIBRAS (en MXN)

38.7%

FINN 13

12.34

5,393

17.50

41.8%

Compra

6.7%

8.8%

10.3%

6.9%

8.9%

10.3%

5.8%

7.7%

9.0%

5.8%

7.8%

9.1%

FIHO 12

14.02

7,002

19.00

35.5%

N.D.

6.3%

7.8%

10.0%

8.2%

9.4%

10.2%

6.3%

7.3%

7.9%

5.6%

7.2%

8.1%

* Cifras en millones de pesos

N.D. = No disponible
N.S. = Cifra no significativa

Los aos 2016 y 2016 son estimados

Precio 2016 (e) = Precio esperado a diciembre de 2016
Fuente: Anlisis Actinver

Cuando la recomendacin es "N.D."

el precio objetivo es del consenso

Emisoras bajo cobertura

AC *

GICSA B

OHLMEX *

AEROMEX *

GISSA A

OMA B

ALFA A

GMEXICO B

PE&OLES *

ALPEK A

GRUMA B

Q*

ALSEA *

GSANBOR B-1

SANMEX B

AMX L

HCITY *

SIMEC B

ARA *

HERDEZ *

SITES B-1

ASUR B

ICA *

SORIANA B

AZTECA CPO

ICH B

SPORT S

BACHOCO B

IENOVA *

TLEVISA CPO

BIMBO A

KIMBER A

UNIFIN A

CADU A

KOF L

VITRO A

CEMEX CPO

LACOMER UBC

WALMEX *

CHDRAUI B

LALA B

FIBRAHD 15

FEMSA UBD

LAMOSA *

FIBRAMQ 12

GAP B

LIVEPOL C-1

FIBRAPL 14

GENTERA *

MASECA B

FINN 13

GFINTER O

MEGA CPO

FMTY 14

GFNORTE O

MEXCHEM *

FSHOP 13

GFREGIO O

NEMAK A

FUNO 11

Anlisis Actinver
Estrategia, Economa y Renta Fija
Director de Estrategia,
Renta Fija y Economa

(52) 55 52680861/(52) 55
1103-6600 x1061

ecovarrubias@actinver.com.mx

Araceli Espinosa

Directora de Anlisis
Deuda Corporativa

(52) 55 1103-6641/(52) 55
1103-6600 x6641

aespinosae@actinver.com.mx

Jaime Ascencio

Economa

(52) 55 1103-6600 x1100

jascencio@actinver.com.mx

Hctor Reyes

Economa

(52) 55 1103-6600 x 4136

hreyes@actinver.com.mx

Anlisis de Sistemas

(52) 55 1103-6600 x1672

rramirezr@actinver.com.mx

Director de Anlisis Fundamental /

Comerciales

(52) 55 1103-6600 x4134

chermosillo@actinver.com.mx

Inmobiliario Comercial

(52) 55 1103-6600 x4334

pduarte@actinver.com.mx

Telcos y Media / Minera y Metales

(52) 55 1103-6600 x1395

pabraham@actinver.com.mx

Cemento, Construccin, Vivienda

(52) 55 1103-6600 x1835

rortiz@actinver.com.mx

Sector Financiero

(52) 55 1103-6600 x1693

emendoza@actinver.com.mx

Alimentos y Bebidas

(52) 55 1103-6600 x1394

jcebeira@actinver.com.mx

Mauricio Arellano

Transporte

(52) 55 1103-6600 x4132

marellanos@actinver.com.mx

Alejandro Flores

Minera y Metales / Industriales

(52) 55 1103 6600 x 8967

afloresb@actinver.com.mx

Industriales

(52) 55 1103 6600 x 1110

pdelatorre@actinver.com.mx

Enrique Covarrubias

Roberto Ramrez

Anlisis Fundamental
Carlos Hermosillo
Pablo Duarte
Pablo Abraham
Ramn Ortiz
Enrique Mendoza
Jos Antonio Cebeira

Patricio de la Torre

Centro de Informacin Burstil y Anlisis Tcnico

Ismael Capistrn

Director Anlisis Centro de Informacin

Burstil Actinver

(52) 55 1103-6600 x6636

icapistran@actinver.com.mx

Roberto Galvn

Anlisis Tcnico

(52) 55 1103-6600 x1837

rgalvan@actinver.com.mx

Lmite de Responsabilidades
Gua para recomendaciones sobre inversin en emisoras bajo cobertura que formen parte, o fuera, del ndice de Precios y Cotizaciones (IPC)
Compra
Mantener
Venta

El retorno de la accin debe ser superior al retorno total del IPC en el ao en curso.
El retorno de la accin debe ser en lnea al retorno total del IPC en el ao en curso.
El retorno de la accin debe ser inferior al retorno total del IPC en el ao en curso.

Declaraciones Importantes

De los analistas
Los analistas que elaboramos Reportes de Anlisis:
Pablo Abraham Peregrina; Mauricio Arellano Sampson; Jaime Ascencio Aguirre; Ismael Capistrn Bolio; Jos Antonio Cebeira Gonzlez;
Enrique Covarrubias Jaramillo; Patricio de la Torre Besquin; Pablo Enrique Duarte de Len; Araceli Espinosa Elguea; Roberto Galvn
Gonzlez; Carlos Hermosillo Bernal; Enrique Mendoza Faras; Ramn Ortiz Reyes; Roberto Ramrez Ramrez; Hctor Javier Reyes Argote
declaramos:
1)

2)

3)

4)

Todos los puntos de vista, acerca de las emisoras bajo cobertura corresponden exclusivamente al analista responsable de la
misma y reflejan fidedignamente su visin. Todas las recomendaciones emitidas por los analistas son elaboradas en forma
independiente a cualquier entidad, incluyendo a la institucin en la que prestan sus servicios o personas morales que pertenecen
al mismo grupo financiero o empresarial. El esquema de remuneracin no est basado ni relacionado, en forma directa ni
indirectamente con alguna recomendacin en especfico, y slo se percibe una remuneracin de la entidad para la cual los
analistas prestan sus servicios.
"Ninguno de los analistas con cobertura de emisoras mencionadas en este reporte ocupa ningn empleo, cargo o comisin en las
emisoras bajo su cobertura, ni en ninguna de las empresas que forman parte del Grupo Empresarial o Consorcio al que stas
pertenezcan. Tampoco los han ocupado durante los doce meses previos a la elaboracin del presente reporte."
"Las recomendaciones sobre emisoras, realizadas por el analista que las cubre, se basan en informacin pblica y no existe
garanta alguna de su asertividad con respecto al desempeo que se observe realmente en los valores objeto de la
recomendacin."
"Los analistas mantienen inversiones objeto de sus reportes de anlisis en las siguientes emisoras:
AC * ,ACTINVR B, AEROMEX *, AGUA *, ALFA A, ALPEK A, ALSEA *, AMX L, ARA *, ASUR B, AUTLAN B, AXTEL CPO, AZTECA CPO, BACHOCO B, BEVIDES B, BIMBO A,
BOLSA A, CADU A, CEMEX CPO, CHDRAUI B, CIE B, CMR B, CREAL *, CULTIBA B, DANHOS 13, ELEKTRA *, FEMSA UBD, FIBRAHD 15, FIBRAMQ 12, FIBRAPL 14, FIHO 12,
FINDEP *, FINN 13, FMTY 14, FRAGUA B, FSHOP 13, FUNO 11, GAP B, GCARSO A1, GCC *, GENTERA *, GFAMSA A, GFINBUR O, GFINTER O, GFNORTE O, GFREGIO O,
GICSA B, GIGANTE *, GISSA A, GMEXICO B, GRUMA B, GSANBOR B-1, HCITY *, HERDEZ *, ICA *, ICH B, IDEAL B-1, IENOVA *, KIMBER A, KOF L, KUO B, LAB B,
LACOMER UBC, LALA B, LAMOSA *, LIVEPOL C-1, MASECA B, MAXCOM CPO, MEDICA B, MEGA CPO, MEXCHEM *, MFRISCO A-1, NEMAK A, OHLMEX *, OMA B, PAPPEL
*, PE&OLES *, PINFRA *, POCHTEC B, Q *, RASSINI A, SANMEX B, SARE B, SIMEC B, SITES L, SORIANA B, SPORT S, TERRA 13, TLEVISA CPO, UNIFIN A, VITRO A,
VOLAR A, WALMEX *

De Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver

1)
2)

3)

4)

Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver, en ningn caso podr garantizar el sentido de las recomendaciones
contenidas en los reportes de anlisis para asegurar una futura relacin de negocios.
Todas las unidades de negocio de Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver pueden explorar realizar negocios
con cualquier compaa mencionada en los documentos de anlisis. Toda compensacin por servicios dada en el pasado o en el
futuro, recibido por Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver por parte de cualquier compaa mencionada en
este reporte no ha tenido y no tendr ningn efecto en la compensacin otorgada a los analistas. Sin embargo, as como ocurre con
cualquier otro empleado de Grupo Actinver y sus filiales, la compensacin que puedan gozar nuestros analistas ser afectada por
la rentabilidad de la que goce Grupo Actinver y sus filiales.
Al cierre de cada uno de los tres meses anteriores, Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver, NO ha mantenido
inversiones, directa o indirectamente, en Valores o Instrumentos financieros derivados, cuyo subyacente sean Valores, objeto de
los Reportes de Anlisis, que representen el uno por ciento o ms de su cartera de Valores, cartera de inversin, de los Valores en
circulacin o del subyacente de los Valores de que se trate, con excepcin de los siguientes: AEROMEX*, BOLSA A, FINN 13, FSHOP 13, SPORT
S.
Ciertos Consejeros y directivos de Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver ocupan un cargo similar en las
siguientes emisoras: AEROMEX, MASECA, AZTECA, ALSEA, FINN, MAXCOM, SPORTS, FSHOP y FUNO

Este reporte ser distribuido entre todas aquellas personas que cumplan con el perfil para la adquisicin del tipo de valores sobre los que se
recomienda en su contenido.
Para conocer los cambios de recomendaciones de los analistas dar clic aqu.