Financials Credicorp Ltd. Lima

Equities

BAP

BMG2519Y1084

Banks

End-of-day quote Lima Other stock markets 06:00:00 2024-04-24 pm EDT			5-day change	1st Jan Change
168 ^USD	-0.41%		+2.20%	+12.38%

Apr. 25	Credicorp Ltd. Raises Annual Dividend, Payable on June 14, 2024	CI
Apr. 12	Sector Update: Financial Stocks Fall Late Afternoon	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	16,946	13,024	9,707	10,789	11,925	13,281	-	-
Enterprise Value (EV) ¹	16,946	13,024	9,707	10,789	11,925	13,281	13,281	13,281
P/E ratio	13.4 x	137 x	10.4 x	9.02 x	9.49 x	9.13 x	8.06 x	7.42 x
Yield	2.79%	5.02%	1.08%	-	4.32%	5.32%	6.11%	6.56%
Capitalization / Revenue	3.93 x	3.56 x	2.61 x	2.41 x	2.32 x	2.4 x	2.27 x	2.1 x
EV / Revenue	3.93 x	3.56 x	2.61 x	2.41 x	2.32 x	2.4 x	2.27 x	2.1 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.58 x	1.9 x	1.41 x	1.44 x	1.25 x	1.43 x	1.31 x	1.22 x
Nbr of stocks (in thousands)	79,510	79,405	79,517	79,533	79,536	79,496	-	-
Reference price ²	213.1	164.0	122.1	135.7	149.9	167.1	167.1	167.1
Announcement Date	2/5/20	2/8/21	2/7/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,310	3,663	3,722	4,476	5,132	5,528	5,841	6,329
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	1,778	61.57	1,706	2,244	2,713	2,013	2,525	2,405
Operating Margin	41.26%	1.68%	45.82%	50.14%	52.87%	36.4%	43.23%	38.01%
Earnings before Tax (EBT) ¹	1,778	61.57	1,390	1,775	1,775	2,033	2,326	2,564
Net income ¹	1,270	95.27	934.1	1,200	1,261	1,454	1,648	1,793
Net margin	29.46%	2.6%	25.09%	26.8%	24.57%	26.3%	28.21%	28.32%
EPS ²	15.92	1.200	11.71	15.04	15.81	18.29	20.72	22.52
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	5.953	8.240	1.321	-	6.478	8.888	10.21	10.96
Announcement Date	2/5/20	2/8/21	2/7/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	924.9	1,018	1,023	1,051	1,142	1,237	1,284	1,333	1,325	1,327	1,332	1,345	1,376	1,405	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	438.5	439.3	514	521.9	600	596.4	711.1	740	700.7	637.5	493	501.6	506.8	502.9	-
Operating Margin	47.41%	43.15%	50.23%	49.66%	52.53%	48.21%	55.39%	55.5%	52.87%	48.04%	37.02%	37.3%	36.83%	35.79%	-
Earnings before Tax (EBT) ¹	398	406.3	446.7	428.4	483.6	407.2	514.9	522.7	456.9	333.4	480.8	484	496.4	505.7	-
Net income ¹	286.2	276.4	296.9	288.9	329.8	277.6	373.6	378.6	329	218.1	348.2	359	363.5	372.3	-
Net margin	30.94%	27.14%	29.01%	27.48%	28.87%	22.44%	29.1%	28.4%	24.83%	16.44%	26.14%	26.69%	26.41%	26.49%	-
EPS ²	3.593	3.466	3.721	3.621	4.136	3.480	4.685	4.748	4.118	2.747	4.396	4.485	4.572	4.544	4.910
Dividend per Share ²	-	-	3.917	3.876	-	-	-	6.718	-	-	-	8.660	-	-	-
Announcement Date	12/1/21	2/7/22	5/9/22	8/11/22	11/7/22	2/9/23	5/6/23	8/15/23	11/6/23	2/8/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	17%	1.4%	13.9%	16.7%	15.8%	16.6%	17.2%	17.4%
ROA (Net income/ Total Assets)	2.3%	0.2%	1.5%	1.9%	2%	2.31%	2.4%	2.38%
Assets ¹	55,201	47,637	62,271	63,140	63,038	62,934	68,717	75,214
Book Value Per Share ²	82.70	86.20	86.80	94.40	120.0	117.0	128.0	137.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	2/5/20	2/8/21	2/7/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Credicorp Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

167.1 USD

Average target price

183.2 USD

Spread / Average Target

+9.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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