panorama do mercado_20150220

Favor consultar a pgina 13 deste relatrio para divulgaes importantes, certificaes dos analistas e outras informaes. A Ita Corretora se encontra envolvida e procura realizar negcios com as empresas monitoradas em seus relatrios de pesquisa e acompanhamento. Assim, os investidores devem estar cientes de que a Empresa pode apresentar um conflito de interesse que pode vir a afetar a objetividade deste relatrio. Os investidores devem considerar o presente relatrio somente como um dentre vrios fatores ao realizarem sua deciso de investimento.

A Ita Corretora de Valores S.A. uma diviso do Grupo Ita Unibanco. Ita BBA uma marca registrada usada pela Ita Corretora de Valores S.A.

20 de fevereiro de 2015

Panorama do Mercado

EMPRESAS: NOTCIAS E COMENTRIOS

Usiminas 4T14 Melhor do Que o Esperado, Porm Um Fraco 2015 Adiante

Cdigo da Ao USIM5

Recomendao Underperform

ltimo Preo BRL 3,8

Preo Alvo BRL 6,0

Vol. Negoc. Dirio m BRL 33,6

Pot. de Valorizao (%) 60,0

2015 2016

P/L 19,0 16,6

EV/EBITDA 6,9 6,7

Usiminas 4T14 Melhor do Que o Esperado, Porm Um Fraco 2015 Adiante

Vale Entrega do Crescimento do Volume Destaque para Minrio de Ferro

Brasil Publicado em 18 de Fevereiro de 2015

Marcos Assumpo, CFA - Andr Pinheiro, CNPI - Daniel Sasson, CNPI

Nossa opinio: A Usiminas informou resultados melhores do que o esperado no 4T14. O EBITDA veio

em R$ 302 milhes (+23% em relao nossa estimativa e -15% em termos trimestrais), devido aos

custos-caixa por tonelada menores do que o esperado para o minrio de ferro e para o ao, e a uma

venda de ativo no recorrente no valor de R$ 25 milhes na Solues Usiminas. Ajustando a este efeito

isolado, o EBITDA teria chegado a R$ 277 milhes (+13% em relao nossa projeo). A companhia

registrou uma perda lquida de R$ 143 milhes (em relao a uma perda lquida de R$ 26 milhes no

3T14), devido a nmeros operacionais sequencialmente mais fracos. Nossa expectativa a de uma

reao marginalmente positiva aos resultados informados, porm permanecemos pessimistas em relao

companhia (classificao de underperform), em vista do panorama no animador para os resultados

operacionais da empresa em 2015, gerados por preos internacionais mais baixos do ao e do minrio de

ferro e pela demanda de ao pressionada no Brasil.

Os resultados: Apesar do efeito positivo do BRL mais fraco (+12% em termos trimestrais, em mdia), a

receita lquida da Usiminas declinou 11% no 4T14 (para R$ 2,59 bilhes), devido aos embarques mais

fracos de ao (-11% em termos trimestrais), volumes menores de minrio de ferro (-6% em termos

trimestrais) e preos mais baixos do minrio de ferro (-15% em termos trimestrais). Pelo lado dos custos,

os custos-caixa e as despesas operacionais por toneladas de ao da Usiminas aumentaram 5% em

termos trimestrais, para R$ 1.755, aps: i) uma diminuio na receita da venda de energia (-R$ 47 milhes

em termos trimestrais); ii) um aumento coletivo de salrio de 6,3%, tanto em Ipatinga quanto na sede da

companhia; ii) custos mais elevados das matrias-primas; e iv) BRL desvalorizado. Na unidade de minrio

de ferro, os custos-caixa e as despesas operacionais declinaram em R$ 23 / ton (-30%), puxadas pelas

vendas maiores de energia (+R$ 13 milhes em termos trimestrais) e pelas iniciativas de cortes nos

custos. O EBITDA e a margem EBITDA diminuram para R$ 302 milhes e 11,7% (-15% e -60 pontos-

base em termos trimestrais), respectivamente, em decorrncia do faturamento mais baixo e de menores

vendas de energia. O EBITDA foi afetado positivamente pela venda de um ativo no montante de R$ 25

milhes na Solues Usiminas, como parte da estratgia de otimizao de ativos da companhia.

Ajustando os resultados do 4T14 ao ganho no recorrente, o EBITDA declinaria 23%, para R$ 277

milhes. A companhia registrou uma perda liquida de R$ 143 milhes no 4T14 (em comparao com uma

perda lquida de R$ 26 milhes no 3T14), devido aos nmeros operacionais mais fracos.

O panorama para 2015 no muito animador Embora a expectativa seja a de que os resultados

operacionais sejam afetados positivamente por um BRL mais fraco em 2015 (o BRL mais fraco reduz a

competitividade das importaes de ao e aumenta a lucratividade das exportaes de ao e de minrio

de ferro), estes resultados devem provavelmente sofrer com o consumo domstico mais fraco de ao,

preos internacionais mais baixos para o ao e para o minrio de ferro e preos menores da energia (a

receita com energia foi responsvel por R$ 379 milhes em 2014, e diminuir com a queda nos preos).

Acreditamos que o EBITDA pode diminuir de R$ 1,9 bilho para um nmero abaixo de R$ 1,0 bilho em

2015, implicando em mtricas de valuation de curto prazo no atrativas para a companhia.

Implicaes para o investimento: Mantemos nossa classificao de underperform (desempenho

abaixo da mdia do mercado), e o preo alvo para o final de 2015 de R$ 6,00 por ao para a Usiminas,

com base em: i) um panorama fraco para os segmentos de ao e minrio de ferro da companhia, devido

aos volumes domsticos pressionados e aos preos globais mais baixos das commodities; e ii) um

valuation de curto prazo no atrativo da companhia, de cerca de 7,0x o EV/EBITDA estimado para 2015.

Panorama do Mercado 20 de fevereiro de 2015

Ita BBA 2

Vale Entrega do Crescimento do Volume Destaque para Minrio de Ferro

Cdigo da Ao VALE.P

Recomendao Market Perform

ltimo Preo USD 6,9

Preo-Alvo USD 10,0

Vol. Mdio Dirio mUSD 91,6

Pot. Valorizao (%) 44,3

2015 2016

P/L 9,0 8,0

EV/EBITDA 5,8 6,0

Brasil Publicado em 19 de fevereiro de 2015

Marcos Assumpo, CFA - Andr Pinheiro, CNPI - Daniel Sasson, CNPI

Minrio de ferro: a produo recorde no ano fiscal de 2014 e a queda dos estoques sugerem boas

vendas no 4T14. A Vale apresentou nmero slidos de produo de minrio de ferro no 4T14, de 83

milhes de toneladas, ou 2% a mais do que um ano antes. Os estoques de minrio de ferro diminuram

em 5 milhes de toneladas, indicando embarques robustos no 4T14, que calculamos em 83 milhes de

toneladas (5 milhes de toneladas a mais do que as 78 milhes registradas no 3T14). No ano fiscal de

2014, a produo de minrio de ferro atingiu 319 milhes de toneladas, ou 7 milhes de toneladas acima

da projeo oficial (guidance) da companhia. O volume de pelotas chegou a 43 milhes de toneladas no

ano fiscal de 2014, praticamente em linha com o guidance de 43,8 milhes. Os resultados refletem o bom

trabalho da administrao da Vale na entrega do crescimento dos volumes de minrio de ferro.

Volumes de nquel e cobre melhoraram, mas ficaram abaixo do guidance. No caso do nquel, a

produo no 4T14 chegou a 74 mil toneladas ou 8% a mais do que um ano antes. A produo de nquel

foi forte apesar dos problemas operacionais em Sudbury no 4T14. A produo no ano fiscal de 2014

somou 275 mil toneladas (+6% na comparao anual), a maior desde 2008, porm ainda abaixo do

guidance de 289 mil toneladas. Esse desempenho foi auxiliado pelo aumento na compra de concentrado

de nquel de terceiros (+12 mil toneladas na comparao anual). No caso do cobre, o volume no 4T14

ficou em 105 mil toneladas, 11% a mais do que no 4T13. O aumento de volume se deve principalmente

acelerao das operaes de Salobo 2. No ano fiscal de 2014, os volumes somaram 380 mil toneladas,

3% a mais do que no ano anterior, porm 25 mil toneladas abaixo do guidance de 405 mil toneladas. A

diferena em relao ao guidance provavelmente foi causada pela paralisao necessria de Salobo 1

(para a segunda fase do projeto poder entrar em operao), pela menor produo em Sudbury e pelas

paradas no programadas em Sossego.

Carvo: queda de volumes na Austrlia. A produo de carvo ficou em 2,3 milhes de toneladas no

4T14 (1% a menos do que no trimestre anterior, mas com alta de 2% na comparao anual), medida

que volumes maiores em Moatize compensaram a piora de volumes na Austrlia (Carborough Downs), a

reduo da qualidade e a mina de Integra, colocada sob procedimentos de cuidado e manuteno. No ano

fiscal de 2014, o volume atingiu 8,6 milhes de toneladas, sem variao em relao ao ano anterior e

abaixo do guidance de 10,7 milhes de toneladas. Os principais motivos para a diferena em relao ao

guidance foram a produo abaixo do esperado na unidade Carborough Downs, na Austrlia, e a

paralisao da mina de carvo de Integra. No ano fiscal de 2015, esperamos crescimento limitado do

volume de carvo, uma vez que outra mina foi colocada em cuidado e manuteno na Austrlia (Isaac

Plains, que produziu 1,1 milho de toneladas no ano fiscal de 2014). Alm disso, a acelerao dos

volumes de Moatize vai depender da entrada em operao do corredor de logstica (ferrovia e porto).

Reiteramos a recomendao de market perform (desempenho em linha com o mercado) para a

Vale, com preo-alvo no fim de 2015 de USD 10/ADR. Apesar do potencial de valorizao atraente do

ponto de vista do fluxo de caixa descontado, achamos que a ao no conta com fatores capazes de

desencadear movimentao no curto prazo, devido a: i) um cenrio de preos vista ainda deprimidos

para o minrio de ferro, que se sobrepe aos benefcios do crescimento da produo da Vale e continuar

limitando a gerao de fluxo de caixa livre operacional nos prximos dois anos; ii) a probabilidade de

revises para baixo nas estimativas de consenso para os lucros da empresa; e iii) fluxo de caixa livre de

curto prazo limitado pelos preos ainda baixos das commodities e pelos investimentos ainda altos. Com

base em nossas estimativas, a Vale negociada em EV/EBITDA 2015e e 2016e de 5,8x e 6,0x,

respectivamente, que consideramos mltiplos justos.

Pano

ram

a d

o M

erc

ado

20

de fe

vere

iro d

e 2

015

Ita

BB

A 3

Guia de Aes

Brasil

CdigoPreo

atual

Preo

Alvo

Upside

(%)2014 2015 2016 2014 2015 2016 2015 2016 2015 2016 2015 2016 U1M U3M U12M

Agribusiness

ALLL3 ALL Amer Lat ON OP BRL 5.3 7.5 41.5 13,851 n/a n/a n/a n/a n.m. n.m. 32.7 11.1 9.7 7.6 n/a 0.2 2.3 2.3 0.4 0.1 31.3 22.7 -15.6 -9.7

FHER3 Fer Heringer ON MP BRL 3.8 9.0 138.7 203 n/a n/a n/a n/a 7.0 5.6 20.1 3.5 3.3 4.2 n/a n/a 0.3 0.3 4.5 1.2 0.2 -20.3 -39.8 -48.5

OFSA3 Ouro Fino ON OP BRL 29.0 35.0 20.7 1,564 n/a n/a n/a n/a 29.7 21.9 16.5 18.0 14.2 11.0 n/a 2.0 3.9 3.5 0.8 3.4 1.4 8.5 1.2 n/a

SLCE3 SLC Agricola ON MP BRL 14.1 17.0 20.8 1,391 n/a n/a n/a n/a 18.3 15.0 15.8 7.8 7.5 7.2 7.4 0.7 0.7 0.6 1.4 1.7 1.9 0.6 -7.9 -13.6

SMTO3 Sao Martinho ON OP BRL 36.2 48.0 32.6 4,091 n/a n/a n/a n/a 15.0 11.3 8.8 5.7 4.6 4.1 7.3 10.2 1.6 1.4 2.7 4.0 6.6 10.3 -4.0 38.3

Mdia ponderada do setor 13.0 11.8 6.7

Banking & Financial Services

ABCB4 Abc Brasil PN OP BRL 11.9 18.3 54.2 1,744 n/a n/a n/a n/a 5.6 5.0 4.3 n/a n/a n/a n/a n/a 0.7 0.6 5.0 5.8 2.5 1.7 -4.8 9.4

BBAS3 Banco do Brasil ON OP BRL 24.4 37.8 55.2 68,153 n/a n/a n/a n/a 6.4 5.6 5.0 n/a n/a n/a n/a n/a 0.9 0.8 7.1 6.0 145.5 7.4 -6.6 28.1

BBDC4 Bradesco PN OP BRL 36.9 44.2 19.8 154,894 BBD 12.9 17.7 37.5 10.1 9.0 7.9 n/a n/a n/a n/a n/a 1.7 1.5 3.8 4.3 294.4 5.3 3.8 45.3

BBSE3 BB Seguridade ON OP BRL 31.7 39.9 25.8 63,440 n/a n/a n/a n/a 19.7 16.3 14.0 n/a n/a n/a n/a n/a 7.7 7.0 4.9 5.7 148.0 3.2 -3.4 36.0

BICB4 Bicbanco PN UR BRL 5.6 UR UR 1,365 n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR UR UR 0.9 0.4 -5.5 -24.4

BRSR6 Banrisul PNB OP BRL 12.6 18.5 46.7 5,149 n/a n/a n/a n/a 6.9 6.0 5.2 n/a n/a n/a n/a n/a 0.9 0.8 6.3 7.3 12.3 -3.6 -7.8 25.5

BVMF3 BMF Bovespa ON MP BRL 9.7 12.0 23.7 17,732 n/a n/a n/a n/a 17.6 15.7 13.8 9.5 9.1 8.0 8.9 10.1 0.9 0.9 6.4 7.2 135.0 1.6 -2.5 7.9

CIEL3 Cielo ON MP BRL 43.2 48.0 11.1 67,936 n/a n/a n/a n/a 20.9 18.2 16.1 18.1 16.8 14.9 3.7 4.2 12.7 10.1 3.7 4.2 166.1 11.3 3.3 37.7

CTIP3 Cetip ON OP BRL 34.4 39.0 13.4 9,004 n/a n/a n/a n/a 19.7 16.8 15.0 13.1 11.4 10.1 4.6 4.7 5.2 5.2 5.6 6.3 54.9 0.2 6.2 47.0

DAYC4 Daycoval PN MP BRL 8.2 11.5 41.1 2,029 n/a n/a n/a n/a 7.0 5.9 5.2 n.m. n.m. n.m. n/a n/a 0.7 0.7 8.4 9.6 0.5 -9.5 -14.0 4.5

GPIV33 GP Investimentos Restricted List BRL 5.3 Restricted ListRestricted List 733 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2.0 -6.3 1.0 17.2

MPLU3 Multiplus ON OP BRL 34.5 40.5 17.4 5,595 n/a n/a n/a n/a 16.7 13.5 12.5 13.8 11.3 10.4 8.8 5.6 25.0 25.0 7.4 8.0 8.8 -4.4 0.1 39.7

SANB11 Santander UNIT UR BRL 14.3 UR UR 54,027 BSBR 5.0 UR UR UR UR UR UR UR UR UR UR UR UR UR UR 14.9 8.4 2.0 28.9

SMLE3 Smiles ON OP BRL 44.2 54.0 22.2 5,400 n/a n/a n/a n/a 18.9 17.8 12.6 19.6 15.1 10.5 6.1 17.7 28.2 28.2 5.6 8.0 25.5 -7.3 -3.2 37.1

VLID3 Valid ON OP BRL 40.8 49.0 20.0 2,276 n/a n/a n/a n/a 18.9 14.0 11.9 9.7 7.7 6.9 4.1 6.3 3.4 3.1 4.2 5.8 12.8 3.5 9.5 51.4


Consumer Goods & Retail

AMAR3 Marisa ON MP BRL 15.1 16.7 10.7 2,808 n/a n/a n/a n/a n.m. 19.5 16.4 9.6 6.8 6.1 6.8 4.9 2.2 2.1 1.3 2.4 2.4 5.4 -0.7 7.7

ALPA4 Alpargatas PN MP BRL 8.4 11.2 33.3 3,952 n/a n/a n/a n/a 13.1 10.4 8.4 7.7 6.8 5.5 5.8 7.1 1.8 1.6 4.2 5.8 5.3 18.9 6.2 -23.9

ARCO Arcos Dorados UP USD 5.6 8.0 43.8 1,168 n/a n/a n/a n/a n.m. 14.1 12.1 9.1 6.2 5.7 n/a n/a 1.4 1.2 0.0 2.1 3.0 7.8 -11.0 -35.1

ARZZ3 Arezzo ON OP BRL 25.5 33.4 30.8 2,264 n/a n/a n/a n/a 18.1 15.9 13.5 12.9 10.8 9.0 4.0 4.7 3.5 3.1 3.2 3.7 3.7 4.1 -3.2 0.9

BPHA3 Brasil Pharma ON MP BRL 0.9 3.1 240.7 330 n/a n/a n/a n/a n.m. n.m. n.m. n.m. 13.2 6.7 n/a 4.3 0.3 0.3 0.0 0.0 1.5 -25.9 -71.1 -78.1

BTOW3 B2W Varejo ON MP BRL 20.9 27.0 28.9 5,346 n/a n/a n/a n/a n.m. n.m. 46.0 10.6 7.5 5.8 1.7 3.1 1.7 1.7 0.2 0.5 10.6 3.5 -28.2 6.3

CRUZ3 Souza Cruz ON UP BRL 23.4 21.8 -6.9 35,781 n/a n/a n/a n/a 21.1 19.8 18.9 13.7 13.2 12.5 3.9 4.9 14.4 14.4 5.1 4.9 26.8 8.3 17.1 22.3

CVCB3 CVC ON OP BRL 14.7 21.0 43.3 1,926 n/a n/a n/a n/a 15.1 11.2 8.8 5.9 4.6 3.8 10.0 10.5 3.3 2.5 2.2 2.8 3.0 3.4 1.1 15.4

GUAR3 Guararapes ON OP BRL 75.7 123.0 62.5 4,724 n/a n/a n/a n/a 9.9 9.0 7.9 6.1 5.6 4.8 1.2 4.2 1.3 1.2 3.3 3.7 2.5 -5.1 -6.2 -15.4

HGTX3 Cia Hering ON OP BRL 17.3 27.3 58.0 2,860 n/a n/a n/a n/a 8.7 8.2 7.4 6.6 6.0 5.3 8.8 10.0 2.4 2.3 8.6 10.9 27.5 -9.1 -28.7 -26.5

HYPE3 Hypermarcas ON OP BRL 18.6 21.5 15.8 12,270 n/a n/a n/a n/a 29.0 22.6 18.1 11.8 10.7 9.3 4.1 6.0 1.6 1.5 1.1 4.4 42.4 6.4 12.5 23.1

IMCH3 International Meal ON OP BRL 7.5 23.0 206.7 634 n/a n/a n/a n/a n.m. n.m. 23.5 6.0 5.0 4.1 1.8 8.8 0.6 0.6 0.0 0.5 6.0 -18.1 -46.3 -52.5

LAME4 Lojas Americ PN MP BRL 16.7 18.5 10.8 20,294 n/a n/a n/a n/a 44.6 30.5 23.3 11.8 9.5 7.8 n/a n/a 9.0 7.7 0.9 2.7 33.8 -2.6 1.0 48.3

LLIS3 Le Lis Blanc ON Restricted List BRL 7.1 Restricted ListRestricted List 1,249 n/a n/a n/a n/a Restricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted List 5.0 4.3 Restricted ListRestricted List 1.5 -0.8 -19.7 24.2

LREN3 Lojas Renner ON OP BRL 81.0 81.0 0.0 10,208 n/a n/a n/a n/a 22.0 20.0 16.9 11.9 10.6 9.3 1.8 2.5 4.9 4.2 2.0 2.4 59.2 5.5 9.0 49.2

MGLU3 Magazine Luiza ON MP BRL 6.3 10.3 63.0 1,179 n/a n/a n/a n/a 9.4 7.8 6.1 6.3 5.6 4.8 n/a 1.5 1.3 1.1 3.2 4.1 3.1 -16.7 -23.2 -19.2

NATU3 Natura ON MP BRL 28.0 42.6 52.1 12,075 n/a n/a n/a n/a 14.2 13.2 12.3 8.7 8.1 7.5 4.8 5.8 11.1 11.1 7.6 8.2 33.8 -7.7 -15.8 -15.3

PCAR4 P.Acucar-CBD PN MP BRL 92.5 119.0 28.7 24,527 CBD 32.2 0.0 -100.0 12.7 10.8 9.2 8.8 7.7 6.9 5.3 3.7 1.5 1.4 4.3 5.8 62.6 3.0 -13.3 -2.4

RADL3 RaiaDrogasil ON MP BRL 27.6 25.0 -9.5 9,122 n/a n/a n/a n/a 34.7 27.2 22.6 18.6 15.1 12.3 0.2 1.5 3.5 3.2 1.3 1.8 21.7 1.8 12.5 95.3

TECN3 Technos ON OP BRL 4.9 12.3 152.0 383 n/a n/a n/a n/a 8.1 6.2 4.8 4.9 4.5 4.0 14.0 18.3 0.7 0.7 3.0 9.4 1.6 -24.1 -38.1 -61.3

UCAS3 Unicasa ON UR BRL 1.9 UR UR 122 n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR UR UR 0.2 -25.1 -29.6 -58.8

VVAR11 Via Varejo UNIT OP BRL 17.8 31.0 74.6 7,637 n/a n/a n/a n/a 8.6 7.4 6.3 6.1 5.4 4.9 8.0 6.4 1.5 1.4 7.8 9.7 15.1 -6.8 -23.5 -26.6


Food & Beverage

ABEV3 Ambev ON OP BRL 18.2 19.0 4.2 285,692 ABEV 6.4 7.2 13.4 22.8 20.4 18.0 15.2 14.0 12.5 4.9 5.5 6.7 6.7 4.9 5.5 192.4 8.0 14.4 18.2

BEEF3 Minerva ON Restricted List BRL 8.5 Restricted ListRestricted List 1,623 n/a n/a n/a n/a Restricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted List 3.8 2.8 Restricted ListRestricted List 7.3 -14.8 -22.9 -19.2

BRFS3 BRF Foods ON OP BRL 66.0 71.0 7.6 57,466 BRFS 23.1 0.0 -100.0 26.0 20.6 17.7 13.1 11.7 11.0 7.2 4.7 3.2 3.0 2.4 2.8 156.4 1.9 0.0 64.7

JBSS3 JBS ON Restricted List BRL 12.1 Restricted ListRestricted List 34,726 n/a n/a n/a n/a Restricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted List 1.5 1.4 Restricted ListRestricted List68.3 6.5 5.2 62.8

MDIA3 M. Diasbranco ON OP BRL 83.9 100.0 19.3 9,513 n/a n/a n/a n/a 16.0 13.1 10.0 12.4 10.1 8.0 4.4 7.8 2.4 2.0 1.6 1.9 9.5 -3.4 -12.4 -0.6

MRFG3 Marfrig ON MP BRL 4.9 7.5 54.0 2,963 n/a n/a n/a n/a n.m. n.m. n.m. 6.8 6.1 5.6 n/a n/a 1.8 1.9 0.0 0.0 11.5 -11.0 -13.7 33.1


Healthcare + Education

ABRE3 Abril Educao UNIT OP BRL 11.8 14.0 18.6 3,093 n/a n/a n/a n/a 17.7 13.9 11.3 9.4 7.8 6.6 5.8 7.4 1.7 1.6 1.8 3.1 6.5 14.7 5.2 n/a

ANIM3 Anima ON Restricted List BRL 20.9 Restricted ListRestricted List 1,728 n/a n/a n/a n/a Restricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted List 2.2 1.8 Restricted ListRestricted List12.8 -19.3 -39.8 4.9

DASA3 Dasa ON UR BRL 10.6 UR UR 3,305 n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR UR UR 0.2 -2.0 2.9 -28.2

ESTC3 Estacio ON OP BRL 19.8 33.8 71.1 6,181 n/a n/a n/a n/a 14.7 10.0 8.1 12.1 7.7 6.3 6.9 9.2 2.6 2.5 3.4 10.0 110.9 2.9 -30.6 -1.2

FLRY3 Fleury ON OP BRL 14.4 18.5 28.2 2,251 n/a n/a n/a n/a 23.3 16.2 12.7 8.4 7.0 5.9 6.3 7.8 1.3 1.2 1.1 1.5 2.4 1.1 -5.9 -15.3

KROT3 Kroton ON OP BRL 12.0 23.0 92.0 19,331 n/a n/a n/a n/a 14.1 10.7 8.0 12.0 8.8 6.8 14.1 10.7 1.6 1.5 5.0 6.9 268.6 -18.2 -36.8 15.4

ODPV3 Odontoprev ON MP BRL 10.2 10.5 2.9 5,419 n/a n/a n/a n/a 25.4 22.3 19.3 17.3 15.1 13.0 4.6 5.1 8.0 8.0 4.5 5.2 18.0 1.0 7.9 20.7

QUAL3 Qualicorp ON OP BRL 23.9 33.0 37.9 6,492 n/a n/a n/a n/a 37.8 21.2 14.7 9.3 8.5 6.9 9.4 11.6 2.6 2.5 2.1 3.2 63.1 -8.1 -1.4 27.8


Oil, Gas & Petrochemicals

BRKM5 Braskem PNA OP BRL 12.4 25.9 108.8 9,886 BAK 8.7 18.5 111.8 10.1 4.8 3.9 6.0 5.1 4.5 13.4 11.4 1.6 1.3 5.2 6.3 28.9 -17.0 -34.7 -26.2

CGAS5 Comgas PNA MP BRL 43.7 62.9 44.1 5,230 n/a n/a n/a n/a 7.8 8.7 7.9 4.6 5.1 4.8 8.8 11.2 1.6 1.5 9.2 10.1 1.8 -4.3 -5.9 -8.2

CSAN3 Cosan ON OP BRL 27.6 46.2 67.4 11,239 CZZ 7.7 17.4 126.1 16.3 12.7 10.8 5.5 5.3 5.0 6.6 13.2 1.0 1.0 2.7 3.6 44.6 8.0 -6.4 -8.3

HRTP3 HRT ON MP BRL 5.5 13.0 135.1 176 n/a n/a n/a n/a 1.7 0.6 1.2 n.m. n.m. n.m. 19.9 15.7 0.1 0.1 0.0 0.0 4.0 74.5 -32.2 -48.6

PETR4 Petrobras PN MP BRL 9.8 16.5 68.8 127,183 PBR/A 6.8 11.8 73.9 7.5 8.0 5.2 6.5 7.0 6.4 23.6 15.0 0.4 0.4 4.1 4.8 630.8 7.2 -18.7 -23.7

QGEP3 QGEP ON OP BRL 6.7 18.0 168.7 1,781 n/a n/a n/a n/a 13.5 9.9 4.8 4.1 3.6 2.1 n/a n/a 0.7 0.6 0.0 0.0 2.3 21.1 -21.2 -15.8

UGPA3 Ultrapar ON OP BRL 57.8 76.5 32.3 32,397 n/a n/a n/a n/a 25.0 21.3 17.6 11.7 10.5 9.5 5.1 3.4 3.9 3.6 3.0 3.7 71.9 14.4 8.9 14.7


VE/LAJIDA(x) ApreciaoVolume

3M

milhes

Dividend YieldP/BVFCFE YieldPreo

Alvo

P/L(x)Valor de

Mercado

ADR - USDUpside

(%)Moeda

Preo

atualCdigo Empresa Rec

Pano

ram

a d

o M

erc

ado

20

de fe

vere

iro d

e 2

015

Ita

BB

A 4

Guia de Aes

CdigoPreo

atual

Preo

Alvo

Upside

(%)2014 2015 2016 2014 2015 2016 2015 2016 2015 2016 2015 2016 U1M U3M U12M

Real Estate

ALSC3 Aliansce ON MP BRL 15.9 21.5 35.6 2,521 n/a n/a n/a n/a 35.4 21.0 18.0 11.1 10.1 9.4 0.1 2.1 1.4 1.4 1.2 2.8 5.7 -6.0 -2.2 -0.8

BHGR3 BHG ON Restricted List BRL 17.5 Restricted ListRestricted List 1,086 n/a n/a n/a n/a Restricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted List 0.9 0.9 Restricted ListRestricted List 1.4 0.3 -2.5 36.8

BRCR11 BTG Corporate Offices UNIT OP BRL 107.5 154.0 43.3 2,067 n/a n/a n/a n/a 15.3 6.2 4.7 9.5 9.4 8.9 7.9 10.1 0.6 0.6 11.5 11.4 3.2 -3.3 6.9 2.1

BRML3 BR Malls Par ON OP BRL 15.7 25.0 59.7 7,192 n/a n/a n/a n/a 15.2 12.4 9.6 10.4 9.5 8.0 4.0 8.4 0.7 0.7 2.0 5.2 43.9 -8.0 -8.1 0.6

BRPR3 BR Properties ON OP BRL 10.4 17.8 71.8 3,083 n/a n/a n/a n/a 15.9 13.9 10.2 8.6 9.7 8.2 6.3 9.0 0.5 0.5 1.8 4.9 24.9 -2.2 -6.7 -8.1

CYRE3 Cyrela Realty ON MP BRL 11.5 15.8 38.0 4,512 n/a n/a n/a n/a 6.5 5.7 5.0 5.7 5.2 4.6 12.9 18.3 0.7 0.7 8.7 10.1 25.0 5.4 -2.5 -11.1

DIRR3 Direcional ON OP BRL 6.4 13.0 102.2 971 n/a n/a n/a n/a 4.2 3.4 3.7 3.8 3.0 3.5 27.9 2.7 0.6 0.5 14.7 13.5 4.7 -7.8 -29.8 -29.3

EVEN3 Even ON OP BRL 4.4 7.5 68.9 1,028 n/a n/a n/a n/a 4.4 3.7 3.7 6.3 4.7 4.0 39.6 48.2 0.5 0.4 13.3 13.7 11.6 -3.2 -18.6 -32.0

EZTC3 Eztec ON OP BRL 16.9 27.6 63.3 2,480 n/a n/a n/a n/a 5.2 5.0 4.1 5.4 3.8 2.2 31.7 34.7 1.0 0.9 10.0 12.2 10.1 -14.0 -18.7 -28.1

GFSA3 Gafisa ON MP BRL 2.1 3.9 82.2 866 n/a n/a n/a n/a n.m. 14.7 6.5 8.1 6.6 5.4 7.8 18.3 0.3 0.3 3.4 7.7 11.3 10.7 -2.7 -24.4

IGTA3 Iguatemi ON OP BRL 25.9 30.6 18.2 4,548 n/a n/a n/a n/a 21.4 18.0 15.7 12.9 11.2 10.3 2.3 2.4 1.7 1.7 1.4 3.2 10.8 -0.9 7.4 33.0

HGRE11 CSHG Real Estate UNIT OP BRL 1263.0 1590.0 25.9 932 n/a n/a n/a n/a 13.8 9.2 5.6 10.7 9.9 9.7 10.9 11.1 0.8 0.7 10.9 10.5 0.9 -4.5 3.9 12.5

HGLG11 CSHG Logistica UNIT MP BRL 1040.0 1200.0 15.4 354 n/a n/a n/a n/a 8.9 8.1 6.6 9.5 10.8 10.1 7.8 10.4 0.9 0.8 14.3 9.9 0.3 -4.4 3.7 20.8

JHSF3 JHSF Part ON MP BRL 2.1 4.4 114.6 885 n/a n/a n/a n/a 25.9 15.7 11.9 14.7 9.5 7.9 n/a n/a 0.4 0.4 1.6 2.1 1.0 -11.2 -29.9 -50.0

KNRI11 Kinea Renda Imobiliria UNIT OP BRL 109.0 152.0 39.5 1,504 n/a n/a n/a n/a 14.5 7.1 4.8 11.5 11.8 11.0 9.6 10.1 0.7 0.6 9.6 9.6 1.7 0.3 3.1 7.2

LPSB3 Lopes Brasil ON UP BRL 6.5 11.5 77.2 742 n/a n/a n/a n/a 21.6 11.3 7.9 8.6 5.7 3.9 8.3 12.6 1.1 1.0 1.3 3.0 1.6 6.7 -17.2 -47.4

MRVE3 MRV ON MP BRL 7.4 10.4 40.2 3,369 n/a n/a n/a n/a 7.5 6.4 5.9 7.4 6.0 5.4 15.2 15.9 0.7 0.7 7.8 8.5 16.3 3.6 -5.5 -1.9

MULT3 Multiplan ON MP BRL 52.9 62.3 17.8 9,938 n/a n/a n/a n/a 27.4 25.6 21.7 15.2 13.8 12.2 0.4 0.8 2.3 2.2 1.0 2.3 47.2 3.3 8.3 25.3

PDGR3 PDG Realt ON UP BRL 0.5 1.4 180.0 662 n/a n/a n/a n/a n.m. n.m. 10.9 11.4 8.2 7.2 n/a n/a 0.2 0.2 0.0 9.1 12.8 -39.8 -51.5 -67.3

RSID3 Rossi Resid ON UP BRL 2.9 UR UR 241 n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR UR UR 9.3 23.7 -22.9 -66.6

SCAR3 Sao Carlos ON MP BRL 32.5 41.1 26.5 1,859 n/a n/a n/a n/a 17.7 16.0 11.4 11.6 10.0 7.9 6.3 9.8 1.5 1.4 1.6 4.4 0.4 -1.8 6.0 0.7

SSBR3 Sonae Sierra ON MP BRL 15.9 21.2 33.5 1,214 n/a n/a n/a n/a 11.6 10.5 7.4 8.6 7.8 6.1 9.6 15.0 1.0 0.9 2.4 6.7 0.9 -6.5 -13.2 -8.3

TBOF11 TB Office UNIT OP BRL 57.0 85.0 49.1 573 n/a n/a n/a n/a 39.1 8.0 4.9 9.4 13.2 9.7 7.8 10.6 0.6 0.6 7.9 10.3 0.3 0.4 -3.4 6.9

TCSA3 Tecnisa ON OP BRL 3.8 7.2 89.5 682 n/a n/a n/a n/a 3.2 2.3 2.1 6.2 4.5 3.7 n/a n/a 0.4 0.4 10.7 23.6 2.9 8.0 -20.3 -47.3


Steel & Mining + Pulp & Paper

CSNA3 CSN ON UP BRL 5.1 6.0 18.8 7,007 SID 1.8 2.0 12.7 n.m. n.m. 19.5 5.2 6.3 6.0 n/a n/a 1.0 1.0 7.1 7.1 35.2 -2.3 -21.2 -49.7

FIBR3 FIBRIA ON OP BRL 37.2 38.0 2.2 20,581 FBR 13.0 14.0 7.9 n.m. 28.4 18.2 10.3 8.5 7.3 5.6 7.2 1.4 1.3 0.0 0.9 42.6 22.3 16.9 42.6

GGBR4 Gerdau PN OP BRL 10.2 13.0 27.8 17,334 GGB 3.5 6.0 69.5 16.1 13.6 12.1 6.7 6.4 6.1 2.7 4.9 0.5 0.5 2.3 2.6 68.4 10.0 -0.5 -29.6

KLBN11 Klabin S/A PN OP BRL 15.0 19.0 26.4 15,814 n/a n/a n/a n/a 25.5 n.m. 25.9 12.3 12.5 9.5 4.4 3.6 2.2 2.1 1.3 1.6 40.0 8.4 15.9 27.6

MAGG3 Magnesita SA ON MP BRL 1.8 2.6 42.9 518 n/a n/a n/a n/a n.m. 8.2 5.0 5.2 4.7 4.3 4.6 8.4 0.2 0.2 3.1 5.0 0.8 -10.4 -37.9 -65.0

SUZB5 Suzano Papel PNA OP BRL 11.9 14.0 17.3 12,974 n/a n/a n/a n/a n.m. 11.6 9.0 9.2 7.0 6.3 6.4 9.4 1.1 1.0 2.2 2.8 49.8 12.8 5.8 34.4

USIM5 Usiminas PNA UP BRL 3.8 6.0 59.2 3,723 n/a n/a n/a n/a n.m. n.m. 19.7 5.0 6.9 6.7 n/a n/a 0.2 0.2 0.3 0.5 33.4 -11.6 -25.1 -62.7

VALE.P VALE ADR MP USD 6.7 10.0 50.2 34,321 VALE.P 6.7 10.0 50.2 6.0 9.2 8.8 4.2 5.7 5.8 n/a n/a 0.5 0.5 8.7 8.7 90.3 -7.9 -5.5 -42.0

VALE5 Vale R Doce PNA MP BRL 19.1 27.0 41.7 98,223 n/a n/a n/a n/a 6.0 9.2 8.8 4.2 5.7 5.8 n/a n/a 0.5 0.5 8.8 8.8 310.1 1.7 3.8 -31.3


Telecommunications, Media & Technology

ATTO Atento OP USD 11.4 16.5 45.0 840 n/a n/a n/a n/a 10.2 7.7 7.0 4.2 3.9 3.5 n/a 2.9 1.3 1.2 0.0 2.5 n/a n/a n/a n/a

LINX3 Linx ON OP BRL 48.9 60.0 22.8 2,273 n/a n/a n/a n/a 33.6 23.9 18.8 20.8 15.3 12.2 4.5 5.4 3.3 3.0 1.7 2.1 8.8 -3.9 -3.0 19.8

OIBR4 OI PN Restricted List BRL 7.1 Restricted ListRestricted List 60,096 OIBR 2.5 Restricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted List 2.2 2.2 Restricted ListRestricted List36.3 46.4 -44.2 -81.8

TIMP3 Tim Part S/A ON MP BRL 12.8 9.0 -29.9 31,047 TSU 22.5 17.6 -21.8 20.1 22.9 19.9 5.9 6.1 5.7 0.7 1.6 2.0 1.9 2.4 2.8 31.3 7.8 0.7 7.0

VIVT4 Telefonica Brasil PN OP BRL 54.1 55.5 2.6 60,940 VIV 18.9 19.5 2.9 11.6 13.3 11.0 5.5 4.8 4.4 6.7 7.9 n/a n/a 6.7 9.3 45.6 14.3 16.0 39.5

TOTS3 Totvs ON MP BRL 36.6 41.0 12.0 5,969 n/a n/a n/a n/a 22.7 18.2 15.5 13.5 11.5 10.1 6.1 5.2 4.8 4.3 1.2 1.7 20.5 7.2 7.5 13.9


Transportation & Logistics + Capital Goods

ARTR3 Arteris ON OP BRL 11.2 15.0 34.1 3,854 n/a n/a n/a n/a 8.5 11.3 14.8 5.7 6.3 6.1 n/a 5.1 1.6 1.5 2.2 1.7 5.8 -16.5 -21.9 -30.1

CCRO3 CCR ON OP BRL 16.5 20.0 21.7 29,044 n/a n/a n/a n/a 22.4 21.5 17.3 10.6 9.6 8.1 3.2 11.6 8.1 7.4 3.7 4.6 84.8 -0.8 2.0 14.5

ECOR3 Ecorodovias ON MP BRL 10.4 12.5 19.6 5,822 n/a n/a n/a n/a 11.7 15.4 12.3 6.0 6.6 5.9 4.2 11.4 2.6 2.3 0.8 1.1 18.8 -5.0 12.2 -3.3

ERJ Embraer ON OP USD 36.2 41.0 13.2 6,643 EMBR3 25.9 28.0 8.0 14.0 13.1 12.2 8.7 8.0 7.5 3.9 4.7 1.5 1.4 1.5 2.0 34.7 11.4 -3.8 12.9

GOLL4 Gol PN MP BRL 10.8 16.5 52.4 3,012 GOL 3.8 6.0 59.4 n.m. n.m. 40.2 6.7 5.9 5.5 6.7 8.1 7.1 6.1 0.0 0.0 23.4 -24.1 -11.8 2.3

LCAM3 Locamerica ON MP BRL 3.6 4.0 10.2 234 n/a n/a n/a n/a 9.7 10.5 8.9 4.6 3.7 3.5 32.4 13.1 0.7 0.7 2.4 2.8 0.4 5.0 -4.5 -9.6

LEVE3 Metal Leve ON UP BRL 21.3 21.5 1.0 2,733 n/a n/a n/a n/a 13.8 13.0 12.1 7.3 7.0 6.6 8.0 6.7 2.2 2.1 7.3 7.9 2.7 1.6 -5.4 4.1

MILS3 MILLS ON MP BRL 6.2 10.0 61.7 788 n/a n/a n/a n/a 10.6 23.1 10.2 3.8 4.0 3.2 2.9 0.2 0.7 0.7 1.1 3.9 8.5 -21.2 -45.6 -76.6

MYPK3 Iochpe-Maxion ON OP BRL 11.6 17.0 46.8 1,100 n/a n/a n/a n/a 32.1 13.8 8.4 6.6 5.5 4.9 3.7 15.2 0.7 0.7 2.7 4.4 5.3 4.8 -19.0 -48.5

POMO4 Marcopolo PN UP BRL 2.5 4.0 58.0 2,260 n/a n/a n/a n/a 10.2 7.9 7.7 8.1 6.5 5.4 6.9 8.5 1.4 1.3 6.3 6.5 12.2 -25.9 -41.5 -48.4

RAPT4 Randon Part PN OP BRL 4.3 6.7 56.3 1,301 n/a n/a n/a n/a 6.6 9.7 7.2 5.8 7.0 5.9 6.3 4.8 0.9 0.8 3.1 4.1 5.3 -6.1 -20.5 -34.6

RENT3 Localiza ON OP BRL 34.3 42.0 22.4 7,144 n/a n/a n/a n/a 17.6 16.9 15.3 8.5 7.8 6.8 6.6 4.7 3.6 3.0 1.4 1.6 31.4 -5.0 2.2 9.2

ROMI3 Inds Romi ON UP BRL 1.8 3.0 71.4 126 n/a n/a n/a n/a 12.2 6.6 4.8 5.1 4.0 3.3 12.4 12.7 0.2 0.2 3.8 5.2 0.3 -20.9 -47.0 -58.8

STBP11 Santos Brasil UNIT MP BRL 12.1 15.0 23.7 1,616 n/a n/a n/a n/a 17.1 28.6 23.1 5.6 7.2 6.8 7.2 8.6 1.1 1.1 2.4 3.0 1.3 -16.8 -20.0 -13.9

TGMA3 Tegma ON OP BRL 15.2 21.0 38.4 1,003 n/a n/a n/a n/a 11.6 11.9 11.1 6.9 6.5 6.0 6.5 6.4 3.1 3.1 8.4 9.0 2.4 12.2 -11.9 -22.9

TUPY3 Tupy ON MP BRL 14.9 19.5 30.9 2,148 n/a n/a n/a n/a 20.1 12.0 9.6 6.3 5.2 4.2 10.2 15.4 1.0 1.0 4.2 5.2 3.2 -5.7 -15.2 -14.0

WEGE3 Weg ON MP BRL 32.7 30.0 -8.3 26,370 n/a n/a n/a n/a 28.0 24.0 19.0 19.3 15.4 12.4 4.1 5.7 5.1 4.7 2.1 3.7 19.7 4.5 8.1 45.8


P/BVPreo

Alvo

Upside

(%)

VE/LAJIDA(x) FCFE Yield Dividend Yield ApreciaoVolume

3M

milhes

EmpresaValor de

Mercado

ADR - USD P/L(x)

RecPreo

atualMoedaCdigo

Pano

ram

a d

o M

erc

ado

20

de fe

vere

iro d

e 2

015

Ita

BB

A 5

Guia de Aes

CdigoPreo

atual

Preo

Alvo

Upside

(%)2014 2015 2016 2014 2015 2016 2015 2016 2015 2016 2015 2016 U1M U3M U12M

Utilities

ALUP11 Alupar UNIT UR BRL 18.6 UR UR 3,864 n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR UR UR 2.5 3.9 -0.6 24.6

CESP6 Cesp PNB UP BRL 24.7 26.2 6.3 8,073 n/a n/a n/a n/a 4.6 8.9 21.9 3.0 4.7 9.9 n/a 15.3 1.0 1.0 0.0 3.7 24.3 -6.0 -7.8 27.9

CMIG4 Cemig PN MP BRL 12.3 14.6 18.4 15,522 n/a n/a n/a n/a 4.1 9.9 8.7 4.2 8.2 7.8 7.3 10.5 1.5 1.4 8.6 9.8 50.5 0.0 -0.3 22.3

CPRE3 CPFL ON OP BRL 12.5 15.5 24.5 6,266 n/a n/a n/a n/a n.m. n.m. 47.0 16.5 12.1 9.6 n/a 4.0 1.5 1.5 0.0 2.1 n/a n/a n/a n/a

CPFE3 CPFL Energia ON OP BRL 18.6 22.0 18.6 17,850 CPL 12.9 0.0 -100.0 19.1 14.9 11.7 9.7 8.5 8.0 9.3 10.2 2.5 2.5 6.4 8.1 22.0 -2.5 2.4 25.7

CPLE6 Copel PNB MP BRL 32.7 39.5 20.8 8,949 n/a n/a n/a n/a 7.0 7.6 5.4 6.1 6.5 4.5 12.3 5.3 0.6 0.6 6.6 9.3 16.9 -3.5 1.9 50.1

ELPL4 Eletropaulo PN UP BRL 8.3 4.0 -51.5 1,381 n/a n/a n/a n/a n.m. 15.1 n.m. 21.0 6.4 7.7 n/a n/a 0.4 0.5 1.7 0.0 8.2 -6.0 9.5 8.8

ENBR3 Energias do Brasil ON MP BRL 8.8 10.0 13.4 4,202 n/a n/a n/a n/a 32.5 11.4 9.5 7.2 4.5 4.0 n/a n/a 0.9 0.9 8.8 10.5 16.7 -4.0 -2.2 12.9

EQTL3 Equatorial ON UR BRL 27.0 UR UR 2,949 n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR UR UR 25.2 3.6 7.0 47.2

GETI4 AES Tiete PN UP BRL 17.8 18.2 2.5 6,767 n/a n/a n/a n/a 10.3 10.0 8.9 6.1 6.1 5.4 8.3 11.8 3.5 3.5 10.5 11.8 10.7 -1.7 -2.8 23.7

LIGT3 Light S/A ON OP BRL 14.8 24.1 62.4 3,026 n/a n/a n/a n/a 11.2 6.6 6.3 7.2 5.9 6.1 14.5 16.9 0.8 0.8 12.1 12.7 12.9 -7.5 -27.8 5.9

RNEW11 Renova UNIT Restricted List BRL 33.9 Restricted ListRestricted List 3,586 n/a n/a n/a n/a Restricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted List UR UR Restricted ListRestricted List 0.3 -5.7 -8.2 -9.0

TBLE3 Tractebel ON OP BRL 32.6 42.7 31.0 21,279 n/a n/a n/a n/a 20.4 13.8 9.0 9.3 7.1 5.4 9.4 20.7 3.5 3.2 3.6 8.4 23.9 -4.0 -0.8 3.2

TRPL4 ISA Cteep PN UR BRL 41.7 UR UR 6,361 n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR UR UR 15.9 2.6 11.9 77.7


Mdia ponderada do universo de cobertura 15.1 14.1 11.5

P/L Ibovespa 18.8 11.0

Mxico

CdigoPreo

atual

Preo

Alvo

Upside

(%)2014 2015 2016 2014 2015 2016 2015 2016 2015 2016 2015 2016 U1M U3M U12M


BOLSAA BMV OP MXN 25.5 31.5 23.5 15,121 n/a n/a n/a n/a 20.8 19.4 17.5 12.8 11.8 10.8 4.5 5.1 2.5 2.4 4.3 4.9 33.1 1.8 -9.6 1.9

SANMEXB Santander Mexico MP MXN 32.8 42.0 28.2 222,662 n/a n/a n/a n/a 15.1 13.7 11.7 n.m. n.m. n.m. n/a n/a 2.0 1.9 3.6 4.3 110.8 16.1 6.7 12.7

GFNORTEO GF Banorte OP MXN 80.7 109.6 35.7 223,951 n/a n/a n/a n/a 14.4 12.0 9.7 n.m. n.m. n.m. n/a n/a 1.6 1.4 1.7 2.1 655.2 2.0 3.5 -8.1

Cement and Construction

CX Cemex ADR MP USD 9.9 12.0 20.8 12,088 CX 9.9 12.0 20.8 n.m. n.m. 39.9 10.3 9.6 8.3 3.9 6.3 1.2 1.2 0.0 0.0 152.8 4.8 -20.5 -22.7


ALSEA Alsea OP MXN 42.7 54.0 26.4 35,824 n/a n/a n/a n/a n.m. 35.3 26.9 17.1 12.0 10.1 0.8 2.2 2.5 2.2 0.5 0.9 79.0 7.2 3.1 2.2

GSANBOB1 Grupo Sanborns UP MXN 22.9 22.0 -4.0 53,953 n/a n/a n/a n/a 19.3 16.8 15.9 9.0 8.5 8.2 0.8 0.5 1.7 1.6 3.5 3.5 12.3 3.1 5.9 -3.7

COMERUBC Comercial Mexicana UP MXN 47.4 44.0 -7.1 51,455 n/a n/a n/a n/a 24.7 22.9 20.9 12.6 11.2 10.4 5.2 2.9 1.6 1.5 1.2 1.3 39.0 -2.2 -7.9 -6.3

KIMBERA Kimberly Clark UP MXN 31.6 34.0 7.7 98 n/a n/a n/a n/a 0.0 0.0 0.0 1.0 1.0 0.9 n/a n/a 0.0 0.0 4654.8 4887.6 n/a n/a n/a n/a

LABB Genomma Labs OP MXN 21.8 38.0 74.2 22,873 n/a n/a n/a n/a 12.6 10.8 9.6 8.3 7.0 5.8 5.8 7.4 1.8 1.5 0.0 0.0 99.6 2.1 -26.8 -35.7

LIVEPOLC Liverpool UP MXN 167.5 170.0 1.5 224,764 n/a n/a n/a n/a 28.9 25.0 22.0 17.8 15.8 13.9 0.8 0.6 3.2 2.8 0.5 0.6 n/a n/a n/a n/a

WALMEXV Walmex V OP MXN 35.4 35.0 -1.2 623,762 n/a n/a n/a n/a 22.7 25.3 22.6 14.9 13.5 12.2 3.8 3.7 4.4 4.2 3.1 2.8 685.9 20.0 17.8 18.8

SORIANAB Soriana B UP MXN 34.8 41.0 17.7 62,694 n/a n/a n/a n/a 16.1 17.3 15.9 8.6 7.9 7.4 3.8 1.6 1.3 1.2 0.0 0.0 8.7 -0.6 -14.6 -11.5

CHDRAUIB Chedraui B UP MXN 43.6 45.0 3.2 42,027 n/a n/a n/a n/a 24.0 21.1 19.5 9.6 8.9 8.3 n/a n/a 1.6 1.5 0.5 0.5 18.0 5.9 -2.9 17.6

Food & Beverage

AC Arca Continental OP MXN 93.2 100.0 7.3 150,121 n/a n/a n/a n/a 25.4 21.6 19.6 12.5 10.9 9.9 4.2 4.6 3.1 2.9 2.2 2.4 91.5 4.0 6.3 27.1

FEMSAUBD FEMSA UP MXN 132.0 137.0 3.8 472,219 n/a n/a n/a n/a 27.8 23.3 20.7 12.4 10.8 9.6 3.3 3.9 2.4 2.1 2.8 3.1 299.6 4.2 -1.0 9.1

KOFL Coca Cola FEMSA OP MXN 128.0 152.0 18.8 265,331 n/a n/a n/a n/a 22.0 21.2 18.6 9.8 9.3 8.5 n/a n/a 2.2 2.1 2.3 2.4 103.0 -0.9 -8.4 -10.5

Infrastructure

ICA ICA ORD OP MXN 13.2 23.0 74.5 8 ICAUS 3.5 6.6 89.4 n.m. 0.0 0.0 7.8 8.3 7.8 n/a n/a 0.0 0.0 0.0 0.0 65.5 -26.8 -39.6 -50.1

IDEALB1 IDEAL B1 UP MXN 37.0 41.0 10.8 111,006 n/a n/a n/a n/a n.m. n.m. n.m. 26.0 25.3 21.8 n/a 1.0 14.0 12.9 0.0 0.0 n/a n/a n/a n/a


ALPEKA Alpek MP MXN 16.1 26.0 61.7 34,060 n/a n/a n/a n/a 20.2 19.5 10.0 7.0 6.3 5.7 15.7 4.7 1.3 1.2 3.6 5.0 25.5 2.0 -29.5 -33.7

MEXCHEM Mexichem OP MXN 42.7 70.0 64.1 89,586 n/a n/a n/a n/a 20.6 12.6 10.0 7.9 6.8 5.7 0.0 0.0 1.6 1.5 4.0 5.0 131.5 -2.7 -15.6 -12.7

Real Estate

ARA Consorcio Ara ORD #N/D #N/D #N/D #N/D #N/D #N/D n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR n/a n/a n/a #N/D #N/D #N/D

FIBRAMQ12 Fibra Macquarie OP MXN 25.3 34.2 35.4 20 n/a n/a n/a n/a 0.0 0.0 0.0 4.4 7.2 6.6 n/a n/a 0.0 0.0 7447.4 8712.5 50.5 0.4 3.5 13.6

FUNO11 Fibra Uno OP MXN 44.1 58.0 31.7 126,736 n/a n/a n/a n/a 28.2 15.2 12.6 23.9 18.1 14.8 n/a n/a 1.2 1.2 6.6 8.0 232.7 0.6 -4.4 7.9

SAREB Sare B #N/D #N/D #N/D #N/D #N/D #N/D n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR n/a n/a n/a #N/D #N/D #N/D

TERRA13 Terrafina OP MXN 31.7 36.7 15.8 19,087 n/a n/a n/a n/a 19.5 13.5 11.6 17.4 17.3 14.6 n/a n/a 1.1 1.1 6.8 7.8 64.1 -0.8 6.7 34.2

VESTA Vesta Restricted List MXN 28.6 Restricted ListRestricted List 14,523 n/a n/a n/a n/a Restricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted List60.0 6.0 -1.0 19.5


GMEXICOB Gmexico B OP MXN 46.1 49.0 6.3 358,733 n/a n/a n/a n/a 15.4 17.1 14.7 7.4 8.0 6.9 8.7 9.3 2.1 2.0 2.3 3.4 417.6 14.9 1.3 8.5

TX Ternium ADR OP USD 18.0 27.0 50.3 3,528 TX 18.0 27.0 50.3 7.0 6.8 6.2 4.3 3.8 3.6 n/a n/a 0.6 0.5 4.4 4.8 3.2 19.7 4.5 -28.4


AMXL America Movil CPO UP MXN 16.4 16.5 0.7 1,154,381 AMX 21.8 25.0 14.8 16.7 13.1 11.9 6.5 6.1 5.8 5.3 7.3 4.2 3.4 0.6 0.6 959.0 -1.4 2.3 20.2

AXTELCPO Axtel CPO UP MXN 4.0 3.8 -3.3 6 n/a n/a n/a n/a n.m. n.m. n.m. 2.8 2.8 2.6 n/a n/a 0.0 0.0 0.0 0.0 15.2 23.6 15.1 -21.5

TLEVICPO Televisa CPO MP MXN 98.9 110.0 11.2 280,158 TV 33.0 42.0 27.3 n.m. 23.5 21.8 10.4 9.3 8.5 4.3 4.9 3.3 2.9 0.4 0.4 297.4 6.2 2.0 31.8


AEROMEX Aeromexico OP MXN 23.9 28.0 17.0 17,085 n/a n/a n/a n/a n.m. 19.4 12.7 7.4 6.5 6.1 8.3 15.7 1.8 1.6 290.9 352.0 10.1 17.4 17.7 25.5

ASURB A. Del Sureste B #N/D #N/D #N/D #N/D #N/D #N/D n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR n/a n/a n/a #N/D #N/D #N/D

GAPB A. Del Pacfico B #N/D #N/D #N/D #N/D #N/D #N/D n/a n/a n/a n/a UR UR UR UR UR UR UR UR UR UR n/a n/a n/a #N/D #N/D #N/D

OMAB A. Del Centro B OP MXN 70.7 70.0 -0.9 28,260 n/a n/a n/a n/a 28.9 27.9 23.2 16.0 14.8 13.0 3.3 5.6 4.8 4.8 4.2 4.2 38.2 3.2 10.5 75.8

PINFRA Pinfra MP MXN 172.5 205.0 18.9 74,096 n/a n/a n/a n/a 37.1 26.1 25.9 17.8 16.6 14.8 n/a 0.9 3.5 3.1 0.0 0.1 111.3 0.4 0.5 1.2

VLRS Volaris OP USD 9.1 11.5 26.1 9,218 n/a n/a n/a n/a n.m. 11.6 8.4 3.9 2.5 2.1 6.6 11.3 1.9 1.6 0.0 0.0 1.6 -4.8 13.5 -20.8

Utilities

IENOVA Ienova OP MXN 75.4 89.9 19.3 86,978 n/a n/a n/a n/a 29.9 23.3 22.7 18.9 13.9 12.8 0.3 1.2 2.4 2.3 3.1 3.2 80.2 2.6 -5.7 29.8

P/BV Dividend Yield

Cdigo Empresa

Upside

(%)

ADR - USD FCFE YieldValor de

Mercado

FCFE Yield

Rec Moeda

P/BVVE/LAJIDA(x)P/L(x)

Preo

atual

Upside

(%)

P/L(x) VE/LAJIDA(x) ApreciaoVolume

3M

milhes

Dividend Yield Volume

3M

milhes

Apreciao

Valor de

Mercado

ADR - USD

Preo

Alvo

Preo

Alvo

MoedaPreo

atualEmpresa RecCdigo

Pano

ram

a d

o M

erc

ado

20

de fe

vere

iro d

e 2

015

Ita

BB

A 6

Guia de Aes

Argentina

CdigoPreo

atual

Preo

Alvo

Upside

(%)2014 2015 2016 2014 2015 2016 2015 2016 2015 2016 2015 2016 U1M U3M U12M

Agribusiness

BG Bunge MP USD 82.6 100.0 21.1094 11988.751 BG 82.6 0.0 -100.0 11.1 10.1 9.5 7.7 7.4 7.0 n/a 0.1 0.9 0.9 4.7 5.0 91.2 -9.5 -7.6 7.5

AGRO Adecoagro OP USD 8.1 11.0 36.6 984 n/a n/a n/a n/a n.m. 9.2 13.4 8.3 7.1 6.1 n/a 4.5 1.1 1.0 0.0 0.0 1.6 1.3 -12.4 2.8


TS Tenaris ADR OP USD 29.1 48.6 66.7954 17198.946 n/a n/a n/a n/a 11.5 11.8 9.8 6.3 5.9 5.3 2.4 4.7 1.2 1.2 2.1 5.1 65.8 10.3 -15.3 -33

YPF YPF ADR OP USD 26.6 40.0 50.4 10,462 YPF 26.6 0.0 -100.0 7.3 13.6 7.2 2.6 3.4 3.2 n/a n/a 0.9 0.8 0.9 0.5 45.2 13.2 -17.5 -1.9

Real Estate

IRS IRSA OP USD 16.7 19.0 13.5 969 IRS 16.7 19.0 13.5 n.m. n.m. 30.0 7.9 8.3 7.7 12.1 10.0 4.4 4.6 0.0 0.0 1.0 10.8 5.0 62.5


TEO Telecom Argentina ADR OP USD 22.2 26.0 17.2 4,416 TEO 22.2 26.3 18.6 9.2 11.4 10.5 4.6 5.8 5.9 13.1 10.9 3.6 3.6 2.4 4.6 2.8 12.4 -1.3 35.3

Utilities

Chile

CdigoPreo

atual

Preo

Alvo

Upside

(%)2014 2015 2016 2014 2015 2016 2015 2016 2015 2016 2015 2016 U1M U3M U12M

Agribusiness

SQM SQM ADR MP USD 26.3 29.0 10.2 6,042 SQM 26.3 29.0 10.2 19.1 15.6 14.0 9.2 8.0 7.1 7.8 5.1 2.4 2.2 3.2 3.6 10.5 13.4 5.0 0.3

Airlines

LFL Latam Airlines ADR MP USD 10.6 12.5 18.2 5,852 n/a n/a n/a n/a n.m. 17.4 13.0 8.3 7.2 6.7 3.5 7.9 1.1 1.0 0.0 0.0 6.2 -4.5 -8.9 -30.0


BSAN Santander Chile MP CLP 31.1 41.8 34.3 5,858,790 BSAC 20.0 26.3 31.5 10.7 11.0 10.4 n/a n/a n/a n/a n/a 2.1 1.9 5.6 5.4 2,857.0 5.5 -7.2 10.3

BCI BCI MP CLP 29145.0 38300.0 31.4119 3123599.3 n/a n/a n/a n/a 9.4 9.5 8.9 n/a n/a n/a n/a n/a 1.6 1.5 4.8 5.3 3,137.2 6 -11 -2.7

CHILE Banco Chile MP CLP 71.6 89.2 24.5636 6671330 BCH 69.7 84.3 20.9 11.3 10.9 10.0 n/a n/a n/a n/a n/a 2.4 2.2 5.3 5.5 2,699.0 3.6 -4.5 8.4

ILC ILC OP CLP 7798.0 8500.0 9.0 779,800 n/a n/a n/a n/a 9.3 3.3 8.9 n/a n/a n/a n/a n/a 1.2 1.1 9.5 6.0 402.1 4.7 -0.4 18.9


CENCOSUD Cencosud UP CLP 1586.0 1700.0 7.18789 4486.794 n/a n/a n/a n/a 0.0 0.0 0.0 4.9 3.3 3.2 n/a n/a 0.0 0.0 1559.7 2159.3 3572.3 19 -1.4 -2.4

FALAB Falabella OP CLP 4477.0 5500.0 22.9 10,868,365 n/a n/a n/a n/a 24.1 20.3 17.4 15.8 14.1 12.7 0.0 0.0 2.3 2.0 1.2 1.5 2948.7 16.2 2.1 -0.8

Food & Beverage

ANDINAB Coca Cola Andina MP CLP 1800.0 2020.0 12.2222 1703841.7 n/a n/a n/a n/a 26.5 22.1 22.2 8.0 8.1 7.8 5.1 6.2 1.8 1.8 3.0 2.8 485.4 3.7 -1.9 -12.3

CCU CCU MP CLP 5727.6 6230.0 8.77156 2116359.7 CCU US 18.5 19.6 5.9 17.9 20.5 18.6 8.7 9.4 8.7 1.5 0.7 1.9 1.8 2.8 2.4 903.6 0.6 -7.9 -0.4

CONCHATORO Concha y Toro OP CLP 1270.0 1360.0 7.1 948,698 n/a n/a n/a n/a 22.2 17.5 16.0 15.2 12.5 11.3 4.4 4.9 2.0 1.9 2.1 2.3 734.2 10.6 8.9 22.6


GPRK Geopark OP USD 4.4 13.2 200.0 268 n/a n/a n/a n/a 4.0 2.4 2.4 2.5 1.6 1.1 38.1 n/a 0.5 0.4 0.0 0.0 n/a n/a n/a n/a

Real Estate

PARAUCO Parque Arauco OP CLP 1225.0 1290.0 5.3 1,001,740 n/a n/a n/a n/a 23.1 19.2 18.7 17.8 16.4 15.7 6.1 7.1 1.5 1.4 2.2 2.6 845.2 5.7 0.4 34.7


COPEC Copec MP CLP 7150.0 7710.0 7.83217 9293956.1 n/a n/a n/a n/a 15.8 16.2 15.7 9.9 9.3 8.9 6.2 6.4 1.4 1.4 2.3 2.5 2779.1 6.6 1.3 -0.3

CMPC CMPC OP CLP 1634.1 1870.0 14.4 4,085,250 n/a n/a n/a n/a 42.7 29.2 20.2 10.1 9.9 8.4 n/a 6.8 0.8 0.8 1.0 1.8 1763.8 9.0 11.0 22.5


ENTEL Entel OP CLP 6350.1 7250.0 14.1714 1501949.1 n/a n/a n/a n/a 19.7 12.2 11.5 6.5 6.3 6.2 n/a n/a 1.5 1.4 3.9 4.1 1266.0 3.5 -4.5 -3.2

SONDA Sonda MP CLP 1595.2 1500.0 -6.0 1,399,150 n/a n/a n/a n/a 22.4 19.3 18.0 11.2 9.5 8.8 n/a 2.4 2.5 2.4 2.5 2.8 1323.7 14.9 2.6 43.4

Utilities

COLBUN Colbun PREF OP CLP 179.0 195.0 8.93855 3138974 n/a n/a n/a n/a n.m. 19.0 17.3 12.2 9.6 8.9 4.4 5.4 1.4 1.3 0.5 1.6 1855.0 12.9 13.7 38.7

IAM IAM OP CLP 984.0 1050.0 6.70732 984000 n/a n/a n/a n/a 16.8 15.0 13.9 7.6 7.4 7.2 3.3 7.9 1.6 1.6 6.3 6.7 727.9 3.7 10.5 14.7

AGUAS-A Aguas OP CLP 368.5 390.0 5.83446 2254838.6 n/a n/a n/a n/a 18.1 16.9 15.4 11.3 10.9 10.5 2.8 6.9 3.5 3.4 5.6 5.9 1182.9 4.1 5.4 11.7

ECL ECL MP CLP 1014.0 1100.0 8.48126 1068056.1 n/a n/a n/a n/a 20.8 20.5 17.8 7.9 8.3 8.5 n/a 3.1 1.0 1.0 3.5 2.6 877.8 8.6 18.2 41.8

ENERSIS Enersis OP CLP 202.2 238.0 17.7052 9926558.6 ENI 16.3 19.0 16.9 18.4 12.4 11.1 6.7 5.4 5.0 7.7 7.9 1.5 1.4 0.0 0.0 4532.5 5 4.6 31

ENDESA Endesa MP CLP 930.0 1020.0 9.67624 7627713.8 EOC 45.1 50.9 12.9 22.8 16.4 12.2 9.6 8.8 7.5 6.3 6.3 2.4 2.2 2.2 3.1 3052.6 1.6 2 23.4

AESGENER AESGener PREF MP CLP 338.0 350.0 3.6 2,839,308 n/a n/a n/a n/a 26.1 23.8 21.8 12.3 13.8 14.2 2.6 2.5 1.7 1.7 4.2 4.4 791.1 6.0 6.0 28.8

Volume

3M

milhes

Volume

3M

milhes

Apreciao

ApreciaoDividend Yield

MoedaPreo

Alvo

Upside

(%)Cdigo

Cdigo

Preo

Alvo

P/BVP/L(x)

ADR - USD Dividend Yield

FCFE Yield

VE/LAJIDA(x)P/L(x)

ADR - USD VE/LAJIDA(x)

Empresa Rec Moeda

P/BVFCFE YieldValor de

Mercado

Preo

atual

Upside

(%)

Preo

atualEmpresa Rec

Valor de

Mercado

Pano

ram

a d

o M

erc

ado

20

de fe

vere

iro d

e 2

015

Ita

BB

A 7

Guia de Aes

Colmbia

CdigoPreo

atual

Preo

Alvo

Upside

(%)2014 2015 2016 2014 2015 2016 2015 2016 2015 2016 2015 2016 U1M U3M U12M

Banking

GRUPOSUR Grupo Sura MP COP 35500.0 48094.0 35.4761 16650814 n/a n/a n/a n/a n.m. n.m. n.m. n.m. n.m. n.m. n/a n/a n/a n/a n/a n/a 8,270.3 3.2 -11.2 13.3

PFGRUPSU Grupo Sura MP COP 35280.0 46852.0 32.8005 3751745.8 n/a n/a n/a n/a n.m. n.m. n.m. n.m. n.m. n.m. n/a n/a n/a n/a n/a n/a 4,909.9 3.3 -10.5 8.4

PFBCOLO Bancolombia OP COP 26600.0 37678.2 41.6475 24452996 CIB 43.6 62.8 44.1 12.5 10.9 8.8 n/a n/a n/a n/a n/a 1.4 1.2 2.9 3.6 19,023.3 -1.4 -10.2 19.6

PFDAVVNDA Davivienda OP COP 25700.0 36300.0 41.2 11,416,305 n/a n/a n/a n/a 11.3 10.0 8.8 n/a n/a n/a n/a n/a 1.5 1.3 3.3 3.7 4285.2 -0.1 -14.3 12.1


EXITO Almacenes Exito OP COP 25000.0 29000.0 16.0 11,200,000 n/a n/a n/a n/a 14.7 27.1 23.3 12.7 10.8 9.6 n/a n/a 0.5 0.5 4.5 5.1 6867.8 -1.7 -12.5 -6.4

Food & Beverage

NUTRESA Nutresa MP COP 25400.0 30000.0 18.1 11,687,124 n/a n/a n/a n/a 36.4 35.6 28.2 16.1 13.7 11.7 n/a 4.5 1.3 1.3 1.4 1.4 4233.7 -3.5 -8.2 -0.8


CEMARGOS Cementos Argos OP COP 9300.0 13000.0 39.7849 12656092 n/a n/a n/a n/a n.m. n.m. n.m. n.m. n.m. n.m. 0.0 0.0 n/a n/a 0.0 0.0 3724.2 1.3 -7.2 1.5

CLH Cemex LATAM OP COP 15000.0 19500.0 30.0 8,340,000 n/a n/a n/a n/a 6.1 5.8 5.2 4.5 4.1 3.5 14.5 16.0 0.8 0.7 0.0 0.0 7375.6 -3.9 -12.6 -7.2


EC Ecopetrol ADR MP USD 17.6 24.6 39.9 35,555 n/a n/a n/a n/a 7.5 11.6 10.7 4.3 5.6 5.3 n/a 14.2 1.3 1.2 4.2 4.6 19.2 12.7 -27.3 -46.5

PRE Pacific Rubiales ADR Restricted List CAD 4.3 Restricted ListRestricted List 1,382 n/a n/a n/a n/a Restricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted ListRestricted List n/a n/a n/a n/a

Utilities

ISAGEN Isagen UP COP 2920.0 2870.0 -1.7 7,960,130 n/a n/a n/a n/a 16.6 20.2 20.0 10.2 8.4 7.7 2.5 3.1 0.9 0.9 2.5 3.0 2612.0 0.3 2.1 1.2

Panama

CdigoPreo

atual

Preo

Alvo

Upside

(%)2014 2015 2016 2014 2015 2016 2015 2016 2015 2016 2015 2016 U1M U3M U12M

Airlines

CPA Copa Airlines OP USD 115.5 135.0 16.9 5,128 n/a n/a n/a n/a 11.1 11.3 10.7 8.3 8.7 7.4 1.3 8.2 2.5 2.1 0.7 0.1 n/a n/a n/a n/a

Peru

CdigoPreo

atual

Preo

Alvo

Upside

(%)2014 2015 2016 2014 2015 2016 2015 2016 2015 2016 2015 2016 U1M U3M U12M

Banking

BAP Credicorp OP USD 148.8 190.0 27.8 11,865 n/a n/a n/a n/a 15.1 12.6 10.8 n/a n/a n/a n/a n/a 2.3 2.0 2.0 2.6 n/a n/a n/a n/a


SCCO Southern Copper COM MP USD 30.2 30.0 -0.5 24,810 n/a n/a n/a n/a 16.9 20.4 17.9 10.4 11.4 9.9 5.8 6.2 3.5 3.2 2.0 2.8 59.7 13.8 1.7 -3.3


CPAC Pacasmayo OP USD 8.8 6.5 -26.1 5,121 CPAC 8.8 11.0 25.0 3.5 4.2 3.7 3.1 3.5 2.9 28.3 30.0 0.7 0.7 9.5 13.5 0.3 8.8 -0.3 -0.2

ApreciaoVolume

3M

milhes

Valor de

Mercado

Dividend YieldP/BV

FCFE YieldP/L(x) VE/LAJIDA(x)ADR - USD

Cdigo

Preo

atual

Preo

Alvo

Moeda

Cdigo

Empresa

Moeda

P/BV ApreciaoVolume

3M

milhes

ApreciaoVolume

3M

milhes

Dividend YieldFCFE Yield

Cdigo

P/L(x) VE/LAJIDA(x) FCFE Yield

Empresa

Empresa

Rec

Rec

P/L(x)Preo

atual

VE/LAJIDA(x)

Preo

atual

Preo

Alvo

Valor de

Mercado

Upside

(%)

ADR - USD

Preo

Alvo

Valor de

Mercado

ADR - USD

Moeda

Upside

(%)

Upside

(%)

Rec

Dividend YieldP/BV

Pano

ram

a d

o M

erc

ado

20

de fe

vere

iro d

e 2

015

Ita

BB

A 8

Guia de Aes

Brasil

2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016Receita

LquidaEBITDA

Lucro

Lquido

Agribusiness

ALLL3 ALL Amer Lat ON BRL 3,817 5,015 6,286 1,881 2,245 2,906 126 53 424 7,005 7,850 8,201 1,285 1,109 1,130 16.6 13.6 119.6

FHER3 Fer Heringer ON BRL 5,961 6,982 7,902 321 322 268 29 37 10 913 849 924 74 70 99 12.7 4.2 n.m.

OFSA3 Ouro Fino ON BRL 424 530 648 93 121 158 53 71 95 112 153 175 55 68 29 19.7 24.3 23.2

SLCE3 SLC Agricola ON BRL 1,526 1,489 1,584 310 315 334 76 93 88 1,030 982 1,013 215 154 189 10.5 10.4 10.2

SMTO3 Sao Martinho ON BRL 2,243 2,734 2,873 1,057 1,275 1,357 273 363 465 1,926 1,737 1,483 762 672 713 11.7 18.2 39.7


ABCB4 Abc Brasil PN BRL 888 1,003 1,135 n/a n/a n/a 310 352 404 n/a n/a n/a n/a n/a n/a 12.2 12.7 14.9

BBAS3 Banco do Brasil ON BRL 79,041 88,312 98,472 n/a n/a n/a 10,623 12,092 13,571 n/a n/a n/a n/a n/a n/a 10.8 11.2 11.7

BBSE3 BB Seguridade ON BRL 4,284 5,220 6,085 n/a n/a n/a 3,217 3,901 4,545 n/a n/a n/a n/a n/a n/a 20.9 n/a 21.6

BBDC4 Bradesco PN BRL 75,431 82,116 89,903 n/a n/a n/a 15,359 17,131 19,602 n/a n/a n/a n/a n/a n/a 10.0 10.1 16.3

BICB4 Bicbanco PN BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

BRSR6 Banrisul PNB BRL 4,904 5,556 6,237 n/a n/a n/a 742 853 989 n/a n/a n/a n/a n/a n/a 10.9 9.9 10.8

BVMF3 BMF Bovespa ON BRL 2,014 2,065 2,231 1,350 1,368 1,505 1,005 1,130 1,284 -938 -1,259 -1,708 244 220 176 4.4 4.5 11.5

CIEL3 Cielo ON BRL 7,676 8,588 9,475 3,884 4,196 4,733 3,255 3,731 4,214 2,312 2,509 2,636 413 463 533 11.6 11.3 15.6

CTIP3 Cetip ON BRL 1,011 1,140 1,264 702 799 896 458 535 601 201 117 78 54 59 61 11.3 12.3 13.7

DAYC4 Daycoval PN BRL 1,593 1,804 2,014 n/a n/a n/a 291 343 388 n/a n/a n/a n/a n/a n/a 13.1 13.4 16.7

SMLE3 Smiles ON BRL 811 1,068 1,310 275 356 512 285 303 429 -20 -18 -26 3 6 6 23.5 27.8 20.2

MPLU3 Multiplus ON BRL 1,822 2,026 2,177 386 464 514 336 414 449 -288 -368 -234 61 41 42 8.6 17.5 18.5

VLID3 Valid ON BRL 1,281 1,523 1,689 260 320 353 120 163 192 254 194 150 98 48 51 10.9 13.4 21.2

SANB11 Santander UNIT BRL UR UR UR n/a n/a n/a UR UR UR UR UR UR UR UR UR UR 0.0 UR

Consumer Goods

AMAR3 Marisa ON BRL 2,661 2,862 3,071 384 518 563 52 144 171 884 701 627 172 100 231 7.2 11.8 19.9

ALPA4 Alpargatas PN BRL 3,746 4,140 4,589 480 539 657 302 379 472 -250 -296 -341 190 201 213 10.3 12.1 15.7

ARCO Arcos Dorados BRL 3,752 3,736 3,864 202 299 325 -28 83 96 671 683 698 179 185 196 1.6 0.3 14.1

ARZZ3 Arezzo ON BRL 1,053 1,180 1,318 169 198 233 125 143 168 -87 -121 -159 44 31 31 10.9 15.3 15.0

BPHA3 Brasil Pharma ON BRL 3,647 4,202 4,559 -262 85 168 -451 -66 -23 605 844 833 89 63 80 10.1 11.2 n.m.

BTOW3 B2W Varejo ON BRL 7,952 10,255 13,005 587 863 1,157 -168 37 116 849 1,124 1,397 750 300 325 24.3 31.7 n.m.

CRUZ3 Souza Cruz ON BRL 6,252 6,628 7,030 2,594 2,727 2,881 1,692 1,812 1,890 -199 225 225 174 176 183 4.8 4.7 5.2

CVCB3 CVC ON BRL 692 782 873 353 405 455 128 171 218 231 47 -101 26 27 32 12.0 12.3 26.6

GUAR3 Guararapes ON BRL 3,703 4,097 4,592 848 948 1,086 478 523 596 470 550 508 466 489 532 11.1 12.2 10.7

HGTX3 Cia Hering ON BRL 1,683 1,798 1,950 403 431 480 328 350 388 -211 -278 -310 129 74 74 6.3 6.2 8.1

HYPE3 Hypermarcas ON BRL 4,584 4,973 5,435 1,101 1,181 1,337 423 543 679 2,596 2,229 2,036 175 165 150 8.2 10.3 29.2

IMCH3 International Meal ON BRL 1,695 1,867 2,092 175 201 230 -3 12 27 413 375 304 255 86 87 13.4 12.2 78.7

LAME4 Lojas Americ PN BRL 16,198 19,805 23,907 2,207 2,771 3,396 455 664 873 3,408 3,615 3,977 669 708 780 18.9 20.2 23.7

LREN3 Lojas Renner ON BRL 4,458 5,073 5,784 984 1,113 1,273 465 510 603 1,299 1,331 1,324 509 434 452 14.9 16.3 15.6

MGLU3 Magazine Luiza ON BRL 9,655 10,681 11,736 554 618 699 126 152 195 1,977 1,960 1,914 120 143 152 11.3 14.3 29.4

NATU3 Natura ON BRL 7,689 8,402 9,094 1,652 1,817 2,001 850 915 984 2,237 2,572 2,861 515 504 500 9.1 8.5 7.1

PCAR4 P.Acucar-CBD PN BRL 64,450 71,370 80,006 5,127 5,815 6,580 1,930 2,265 2,680 12,693 12,462 13,017 1,942 2,022 2,142 11.3 16.6 20.2

RADL3 RaiaDrogasil ON BRL 7,374 8,708 10,189 486 600 728 263 335 404 86 105 39 254 319 330 17.0 22.3 23.9

TECN3 Technos ON BRL 421 438 469 103 103 107 48 62 81 123 81 47 21 11 11 4.5 5.2 27.4

UCAS3 Unicasa ON BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

VVAR11 Via Varejo UNIT BRL 23,066 25,147 27,570 2,113 2,362 2,622 887 1,039 1,207 5,215 5,145 5,336 511 530 587 8.4 12.1 4.4

Food & Beverage

ABEV3 Ambev ON BRL 37,710 39,937 43,894 18,298 19,951 22,272 12,505 14,023 15,903 -8,100 -8,100 -8,100 3,400 2,896 3,164 8.1 8.8 11.6

BRFS3 BRF Foods ON BRL 31,646 31,914 34,122 4,680 5,033 5,238 2,211 2,791 3,245 4,268 1,531 454 1,500 1,580 1,674 6.6 15.4 32.3

MDIA3 M. Diasbranco ON BRL 4,551 5,444 6,245 765 915 1,082 596 728 947 -7 -275 -832 331 277 199 13.0 16.0 19.0

MRFG3 Marfrig ON BRL 20,535 23,663 25,859 1,603 1,900 2,145 -770 -447 -161 7,952 8,577 8,972 635 710 827 10.6 13.5 n.m.

Healthcare + Education

ABRE3 Abril Educao UNIT BRL 1,400 1,459 1,639 420 491 558 175 223 273 835 711 578 92 90 102 12.5 15.3 20.9

DASA3 Dasa ON BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

ESTC3 Estacio ON BRL 2,177 2,769 3,240 481 726 894 421 620 766 -367 -584 -534 469 186 219 19.4 31.3 33.4

FLRY3 Fleury ON BRL 1,685 1,857 2,037 325 373 420 96 139 177 488 370 230 148 139 147 7.7 13.1 33.2

KROT3 Kroton ON BRL 4,724 5,269 6,140 1,680 2,083 2,579 1,374 1,806 2,420 807 -956 -1,688 318 369 430 16.0 27.9 37.2

ODPV3 Odontoprev ON BRL 1,196 1,363 1,578 297 340 396 214 243 281 -264 -278 -282 18 20 24 14.8 14.8 15.1

QUAL3 Qualicorp ON BRL 1,494 1,837 2,132 703 727 842 172 306 441 10 -333 -698 83 81 64 17.9 19.4 n.m.


BRKM5 Braskem PNA BRL 45,415 43,138 50,152 5,793 6,913 7,908 976 2,069 2,509 24,727 25,491 25,776 5,775 3,556 3,209 7.2 11.6 40.7

CGAS5 Comgas PNA BRL 6,440 6,191 6,373 1,606 1,472 1,597 667 600 658 2,220 2,275 2,432 650 650 689 2.6 6.1 5.1

CSAN3 Cosan ON BRL 41,736 44,424 48,038 4,133 4,338 4,725 690 888 1,044 11,629 11,712 12,224 2,506 2,387 2,300 8.1 15.7 37.2

HRTP3 HRT ON BRL 544 973 811 214 442 258 104 271 146 -365 -570 -833 0 226 0 n.m. n.m. n.m.

PETR4 Petrobras PN BRL 329,220 324,994 351,973 66,704 72,232 88,672 16,966 15,824 24,576 306,190 379,300 435,487 96,793 98,499 100,386 8.1 14.7 15.6

QGEP3 QGEP ON BRL 499 488 734 215 269 503 132 180 372 -904 -817 -725 302 369 577 21.0 35.5 30.9

UGPA3 Ultrapar ON BRL 69,618 78,673 84,867 3,171 3,656 4,031 1,294 1,520 1,841 4,667 5,827 5,929 1,402 1,272 1,197 9.6 10.7 13.8

EBITDAReceita Lquida

Cdigo Empresa Moeda

Lucro Lquido InvestimentosDivda Liquida 5 anos CAGR

Pano

ram

a d

o M

erc

ado

20

de fe

vere

iro d

e 2

015

Ita

BB

A 9

Guia de Aes

2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016Receita

LquidaEBITDA

Lucro

Lquido

Real Estate

ALSC3 Aliansce ON BRL 525 573 628 385 437 483 71 120 140 1,671 1,847 1,955 174 333 279 12.9 15.5 26.9

BRCR11 BTG Corporate Offices UNIT BRL 275 285 312 215 222 235 135 332 440 -104 -52 -51 44 53 13 6.7 6.5 10.4

BRML3 BR Malls Par ON BRL 1,448 1,579 1,805 1,161 1,279 1,471 473 579 748 4,165 4,261 3,854 352 487 160 10.4 10.6 16.2

BRPR3 BR Properties ON BRL 802 705 789 710 615 700 194 221 302 2,947 2,837 2,614 1,174 31 25 n.m. n.m. 7.2

CYRE3 Cyrela Realty ON BRL 5,397 5,335 5,579 1,307 1,385 1,480 699 787 911 2,284 2,011 1,694 97 100 100 2.4 3.6 6.3

DIRR3 Direcional ON BRL 1,780 1,879 1,642 343 388 362 231 285 263 197 41 158 44 20 20 1.4 5.8 6.1

EVEN3 Even ON BRL 2,216 2,434 2,430 391 461 449 232 274 282 1,132 841 482 19 22 22 3.9 4.2 6.1

EZTC3 Eztec ON BRL 916 1,125 1,518 475 537 642 474 493 603 100 -450 -1,063 5 10 10 5.5 n.m. n.m.

GFSA3 Gafisa ON BRL 2,184 2,249 2,386 310 367 428 -2 59 133 1,605 1,537 1,408 76 60 60 n.m. n.m. 52.8

HGRE11 CSHG Real Estate UNIT BRL 101 109 111 82 88 89 68 102 166 -61 -61 -66 32 0 0 5.0 2.4 16.8

HGLG11 CSHG Logistica UNIT BRL 35 33 35 32 30 32 40 44 54 -51 -28 -30 97 0 0 5.2 n.m. n.m.

JHSF3 JHSF Part ON BRL 585 731 726 159 229 266 34 56 74 1,457 1,287 1,217 33 37 28 3.7 10.7 n.m.

IGTA3 Iguatemi ON BRL 610 702 794 450 530 596 212 252 290 1,253 1,389 1,558 106 389 450 18.6 20.6 18.3

KNRI11 Kinea Renda Imobiliria UNIT BRL 170 167 176 137 132 139 104 213 312 81 57 26 112 0 0 9.8 10.9 16.8

LPSB3 Lopes Brasil ON BRL 345 390 416 81 114 149 34 66 94 -135 -174 -239 21 16 12 1.3 1.8 5.9

MRVE3 MRV ON BRL 4,118 4,345 4,402 648 769 810 447 529 575 1,169 1,013 741 24 36 36 4.9 7.9 16.8

MULT3 Multiplan ON BRL 1,152 1,287 1,458 786 901 1,057 363 388 457 1,989 2,492 3,000 492 935 1,018 17.5 20.6 21.6

PDGR3 PDG Realt ON BRL 3,948 3,443 3,047 729 761 691 -225 -81 61 7,024 4,963 3,669 294 40 40 n.m. 3.0 n.m.

RSID3 Rossi Resid ON BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

SCAR3 Sao Carlos ON BRL 270 346 399 221 289 345 105 116 163 693 1,028 875 38 453 13 10.6 10.6 17.6

SSBR3 Sonae Sierra ON BRL 270 346 399 221 289 345 105 116 163 693 1,028 875 38 453 13 10.6 10.6 17.6

TBOF11 TB Office UNIT BRL 56 57 70 62 44 60 15 72 117 8 8 9 0 0 0 42.1 14.2 33.7

TCSA3 Tecnisa ON BRL 1,727 1,775 1,779 455 554 584 210 293 322 1,953 1,617 1,312 17 28 28 3.1 5.2 9.7


CSNA3 CSN ON BRL 14,188 15,502 17,080 4,551 4,014 4,506 53 -81 360 20,009 21,750 23,177 1,869 1,472 1,570 2.8 n.m. 8.4

FIBR3 FIBRIA ON BRL 7,051 8,037 8,767 2,721 3,263 3,688 -64 725 1,128 7,444 6,972 6,169 1,532 1,930 1,737 7.3 8.2 n.m.

GGBR4 Gerdau PN BRL 41,756 46,699 50,252 4,612 5,000 5,319 1,078 1,279 1,427 12,909 13,863 14,274 2,411 2,647 2,692 8.2 6.6 7.6

KLBN11 Klabin S/A PN BRL 4,838 5,720 7,661 1,692 1,950 2,692 620 -79 610 4,957 8,640 9,714 3,328 4,101 2,171 17.3 19.1 30.0

MAGG3 Magnesita SA ON BRL 2,908 3,255 3,517 407 466 513 -35 63 104 1,575 1,637 1,656 152 162 148 8.3 7.3 20.0

SUZB5 Suzano Papel PNA BRL 7,294 8,704 9,326 2,495 3,272 3,556 -16 1,118 1,447 10,100 9,993 9,387 1,616 1,482 1,440 13.1 16.3 n.m.

USIM5 Usiminas PNA BRL 11,981 13,301 14,351 1,824 1,531 1,690 37 51 189 4,103 4,481 4,846 1,085 1,087 1,169 5.1 2.1 n.m.

VALE5 Vale R Doce PNA USD 37,992 35,155 37,329 15,218 11,342 11,544 5,743 3,730 3,902 28,234 28,750 31,178 12,000 9,961 9,821 n.m. n.m. 56.1

VALE.P VALE ADR USD 37,992 35,155 37,329 15,218 11,342 11,544 5,743 3,730 3,902 28,234 28,750 31,178 12,000 9,961 9,821 n.m. n.m. 56.1


ATTO Atento USD 2,319 2,360 2,462 302 315 336 83 109 121 444 402 335 119 125 146 3.3 5.5 12.3

LINX3 Linx ON BRL 369 445 524 104 129 156 68 95 121 -98 -304 -371 37 29 32 18.7 19.8 22.9

TIMP3 Tim Part S/A ON BRL 19,498 19,679 20,336 5,538 5,586 5,968 1,546 1,357 1,557 1,521 2,757 2,989 6,854 3,955 3,972 1.7 5.1 5.3

VIVT4 Telefonica Brasil PN BRL 40,559 42,005 44,149 12,542 13,604 14,824 5,258 4,566 5,526 8,308 3,696 4,180 9,605 7,945 8,546 7.5 10.2 13.4

TOTS3 Totvs ON BRL 1,772 1,984 2,171 437 482 540 263 328 384 -68 -435 -532 133 86 132 9.9 10.5 17.2


ARTR3 Arteris ON BRL 3,548 2,408 2,624 1,460 1,589 1,743 456 342 260 4,430 6,106 6,837 1,825 2,496 1,429 n.m. 6.1 n.m.

CCRO3 CCR ON BRL 5,581 6,026 6,886 3,564 4,003 4,661 1,296 1,353 1,679 8,618 9,293 8,670 1,744 1,905 1,627 10.5 11.6 14.4

ECOR3 Ecorodovias ON BRL 2,217 2,420 2,641 1,545 1,419 1,588 496 378 473 3,387 3,483 3,490 1,044 687 672 3.5 8.4 11.4

ERJ Embraer ON BRL 6,415 7,001 7,542 880 960 1,039 473 508 545 994 1,068 1,187 248 253 240 8.2 4.9 3.8

GOLL4 Gol PN BRL 10,097 10,345 11,351 1,866 2,290 2,533 -640 30 75 9,487 10,451 11,012 400 450 500 n/a n/a n/a

LCAM3 Locamerica ON BRL 622 707 820 197 239 249 24 22 26 668 639 650 488 431 528 10.4 11.6 17.6

LEVE3 Metal Leve ON BRL 2,303 2,380 2,543 391 407 438 198 209 226 120 103 135 151 119 127 3.6 2.5 5.6

MILS3 MILLS ON BRL 797 708 819 353 289 330 74 34 77 549 375 255 189 35 106 0.7 n.m. n.m.

MYPK3 Iochpe-Maxion ON BRL 5,817 6,445 6,937 626 763 856 34 80 132 2,335 2,352 2,299 240 243 267 5.7 7.7 3.6

POMO4 Marcopolo PN BRL 3,401 3,555 4,043 317 395 479 222 285 292 281 280 302 120 124 101 6.4 6.8 5.4

RAPT4 Randon Part PN BRL 3,755 3,549 3,956 482 392 464 196 134 180 976 943 915 99 137 143 1.5 1.4 4.4

RENT3 Localiza ON BRL 3,875 4,222 4,555 977 1,006 1,108 407 422 466 1,125 693 352 246 142 308 9.1 7.8 9.7

ROMI3 Inds Romi ON BRL 644 651 685 49 57 64 10 19 26 120 101 83 31 25 25 3.3 3.9 9.5

STBP11 Santos Brasil UNIT BRL 1,029 947 1,037 305 243 296 94 57 70 99 131 382 29 150 440 n.m. n.m. n.m.

TGMA3 Tegma ON BRL 1,395 1,399 1,488 177 179 190 87 84 91 221 167 141 26 29 31 n.m. 9.0 16.6

TUPY3 Tupy ON BRL 3,121 3,441 3,745 439 507 580 107 179 224 628 487 268 198 180 160 6.7 8.1 28.4

WEGE3 Weg ON USD 7,844 9,390 10,984 1,361 1,681 2,044 941 1,101 1,385 -165 -427 -1,005 454 512 323 16.4 18.4 19.2

Cdigo Empresa

Investimentos

Moeda

Receita Lquida EBITDA Divda Liquida 5 anos CAGRLucro Lquido

Pano

ram

a d

o M

erc

ado

20

de fe

vere

iro d

e 2

015

Ita

BB

A 1

0

Guia de Aes

Brasil

2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016Receita

LquidaEBITDA

Lucro

Lquido

Utilities

ALUP11 Alupar UNIT BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

CESP6 Cesp PNB BRL 5,518 3,454 1,453 3,418 1,951 899 1,737 909 369 2,088 1,125 841 78 74 70 n.m. 1.2 n.m.

CMIG4 Cemig PN BRL 18,399 16,092 16,557 5,813 2,924 3,043 3,790 1,563 1,790 9,148 8,572 8,257 727 720 752 4.0 n.m. n.m.

CPRE3 CPFL ON BRL 1,213 1,404 1,690 652 898 1,168 -73 56 133 4,471 4,613 4,936 265 700 858 15.4 20.7 n.m.

CPFE3 CPFL Energia ON BRL 16,437 18,094 19,041 3,243 3,860 4,281 936 1,202 1,525 13,452 14,947 16,328 1,492 2,350 2,459 7.5 7.4 10.8

CPLE6 Copel PNB BRL 12,229 11,672 12,331 2,045 1,994 2,724 1,281 1,185 1,673 3,453 4,059 3,395 2,179 1,272 1,220 8.3 9.1 10.5

ELPL4 Eletropaulo PN BRL 9,883 11,125 11,244 185 797 762 -133 92 -212 2,506 3,761 4,520 588 986 492 8.5 15.9 16.5

ENBR3 Energias do Brasil ON BRL 8,140 8,676 8,734 982 1,588 1,771 129 369 443 2,757 2,746 2,511 939 948 760 5.7 n.m. n.m.

EQTL3 Equatorial ON BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

GETI4 AES Tiete PN BRL 2,641 2,364 1,971 1,196 1,216 1,363 656 674 763 523 599 547 186 161 75 n.m. n.m. n.m.

LIGT3 Light S/A ON BRL 7,883 8,797 9,389 1,253 1,588 1,604 270 456 481 5,979 6,298 6,741 926 763 786 7.2 1.1 n.m.

TBLE3 Tractebel ON BRL 6,645 6,005 6,345 2,479 3,095 4,385 1,046 1,536 2,373 1,663 543 2,202 265 228 84 4.4 10.8 16.9

TRPL4 ISA Cteep PN BRL UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

Mxico

2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016Receita

LquidaEBITDA

Lucro

Lquido


BOLSAA BMV MXN 2,377 2,458 2,625 1,094 1,184 1,292 727 779 865 -1,082 -1,112 -1,140 1,116 120 124 5.7 7.8 6.6

SANMEXB Santander Mexico MXN 56,387 63,424 72,438 n/a n/a n/a 14,701 16,218 19,088 n/a n/a n/a n/a n/a n/a 11.1 11.4 8.5

GFNORTEO GF Banorte MXN 56,681 63,234 72,828 n/a n/a n/a 15,555 18,618 23,174 n/a n/a n/a n/a n/a n/a 12.6 13.5 19.0


CX Cemex ADR USD 16,045 16,587 17,558 2,730 2,927 3,321 5 -314 303 15,668 15,700 15,217 605 888 915 4.9 8.2 n.m.


ALSEA Alsea MXN 22,577 30,081 33,563 2,688 3,814 4,467 584 1,015 1,331 9,760 9,476 8,801 7,087 2,265 2,352 22.0 25.9 29.1

GSANBOB1 Grupo Sanborns MXN 41,323 44,453 47,954 5,391 5,929 6,350 2,797 3,214 3,395 -6,958 -5,434 -3,790 2,648 3,322 3,606 6.6 5.0 3.8

COMERUBC Comercial Mexicana MXN 47,975 49,998 52,787 4,092 4,394 4,677 2,082 2,250 2,467 -234 -2,252 -3,037 1,150 1,673 3,220 5.3 7.1 n.m.

KIMBERA Kimberly Clark MXN 29,496 31,299 33,165 8,193 9,117 9,792 4,127 4,670 5,093 8,379 8,823 8,771 1,971 n/a n/a 4.6 4.9 5.2

LABB Genomma Labs MXN 12,720 14,269 15,810 3,273 3,673 4,113 1,817 2,115 2,384 4,010 2,617 873 842 92 92 10.6 10.2 10.1

LIVEPOLC Liverpool MXN 80,727 89,825 100,547 13,316 15,052 17,114 7,787 8,976 10,215 12,588 12,504 12,978 6,500 6,677 8,018 11.5 12.2 12.0

WALMEXV Walmex V MXN 443,844 474,564 510,567 41,481 46,011 50,690 27,475 24,623 27,585 -4,714 -4,700 -5,556 9,650 14,647 17,469 6.9 8.8 8.2

SORIANAB Soriana B MXN 101,183 105,782 111,964 7,026 7,351 7,772 3,885 3,624 3,937 -2,166 -4,474 -5,319 3,200 3,898 6,271 4.5 3.9 8.2

CHDRAUIB Chedraui B MXN 70,993 75,324 80,783 4,734 5,170 5,593 1,751 1,987 2,151 3,360 4,030 4,414 1,654 3,499 3,989 7.3 8.3 8.9

Food & Beverage

AC Arca Continental MXN 59,361 62,399 65,526 12,545 14,018 15,104 5,907 6,951 7,677 3,619 623 -2,694 4,037 4,056 4,259 4.1 5.9 9.0

FEMSAUBD FEMSA MXN 283,495 308,110 336,612 46,076 51,629 57,029 16,981 20,232 22,818 40,847 36,255 30,217 18,399 19,735 21,433 10.0 12.7 13.4

KOFL Coca Cola FEMSA MXN 166,484 167,903 176,307 32,387 33,494 35,952 12,047 12,505 14,237 48,030 42,760 36,091 11,154 10,914 11,460 5.7 8.4 8.3

Infrastructure

ICA ICA ORD MXN 33,879 36,940 37,728 6,050 6,411 6,958 -1,033 684 1,239 41,886 47,424 47,904 5,897 6,086 1,301 6.3 11.0 31.4

IDEALB1 IDEAL B1 MXN 9,489 10,398 11,935 6,610 7,098 8,110 305 704 1,631 60,093 66,680 63,681 5,088 8,721 1,270 11.5 11.8 36.1


ALPEKA Alpek MXM 80,642 74,922 83,726 6,640 7,426 7,983 1,684 1,749 3,412 8,792 9,083 7,773 0 0 1,331 1.3 3.6 51.5

MEXCHEM Mexichem USD 5,675 7,227 7,751 946 1,249 1,512 290 473 596 1,129 2,476 2,671 915 1,553 745 11.1 15.6 56.3

Real Estate

FIBRAMQ12 Fibra Macquarie USD 2,184 2,698 3,373 1,693 2,061 2,659 1,161 1,639 1,927 7,349 14,831 17,597 24 7,690 2,932 15.5 19.3 23.7

FUNO11 Fibra Uno USD 7,535 12,053 15,660 5,808 9,945 13,098 4,495 8,364 10,087 11,809 53,028 67,486 20,784 45,317 18,062 36.2 39.2 32.6

TERRA13 Terrafina MXN 1,972 2,208 2,920 1,387 1,698 2,261 978 1,418 1,646 5,062 10,295 13,921 26 5,439 3,783 18.6 28.7 59.5


GMEXICOB Gmexico B USD 9,384 9,510 10,684 3,893 3,688 4,194 1,550 1,399 1,628 3,576 3,715 2,874 0 2,255 1,276 5.7 3.9 2.9

TX Ternium ADR USD 8,741 8,985 9,195 1,450 1,550 1,633 507 521 566 2,134 1,745 1,520 500 508 745 2.2 2.9 5.9


AMXL America Movil CPO MXN 838,505 880,117 880,081 268,232 281,741 288,584 69,316 88,423 96,645 536,255 518,530 475,205 144,806 151,291 132,674 2.5 1.1 5.4

AXTELCPO Axtel CPO MXN 10,568 10,283 10,566 2,948 2,948 3,063 -1,728 -728 -447 8,348 8,373 7,951 2,587 2,700 2,384 n.m. n.m. n.m.

TLEVICPO Televisa CPO MXN 80,879 86,369 91,762 30,333 32,983 35,163 5,074 11,931 12,867 24,651 13,657 1,004 13,715 13,044 10,291 6.9 7.0 17.3


AEROMEX Aeromexico MXN 42,706 45,645 51,742 7,696 9,623 10,925 328 883 1,350 39,893 45,104 49,592 3,706 6,362 6,385 n/a n/a n/a

ASURB A. Del Sureste B MXN UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

GAPB A. Del Pacfico B MXN UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

OMAB A. Del Centro B MXN 3,416 3,849 4,401 1,897 2,094 2,399 976 1,014 1,216 2,152 2,726 3,029 833 782 740 12.3 12.6 7.6

VLRS Volaris MXN 13,937 16,165 18,124 2,799 4,427 5,190 113 796 1,094 1,604 1,965 1,749 1,069 1,168 1,154 n/a n/a n/a

PINFRA Pinfra MXN 6,293 6,741 7,597 4,030 4,342 4,757 1,999 2,835 2,862 -2,204 -1,943 -3,506 2,358 3,700 1,800 10.0 10.0 13.1

Utilities

IENOVA Ienova MXN 811 837 867 333 463 493 194 249 256 510 634 489 193 351 260 7.5 17.6 15.5

Investimentos 5 anos CAGRReceita Lquida EBITDA Lucro Lquido Divda Liquida

EBITDA

Cdigo Empresa Moeda

Lucro Lquido

Cdigo Empresa Moeda

Receita Lquida 5 anos CAGRInvestimentosDivda Liquida

Pano

ram

a d

o M

erc

ado

20

de fe

vere

iro d

e 2

015

Ita

BB

A 1

1

Guia de Aes

Argentina

2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016Receita

LquidaEBITDA

Lucro

Lquido

Agribusiness

BG Bunge USD 62,034 66,076 70,417 2,175 2,387 2,612 1,085 1,185 1,260 4,349 5,214 5,837 1,255 1,385 1,530 5.5 10.4 41.7

AGRO Adecoagro USD 672 755 823 198 230 256 -16 107 73 654 637 560 328 160 111 8.1 12.7 n.m.

Oil, Gas & Petrochemicals + Agribusiness

TS Tenaris ADR USD 10,205 10,766 11,811 2,635 2,796 3,095 1,492 1,457 1,760 -670 -988 -876 714 1,020 1,220 4.6 4.4 4.9

YPF YPF ADR USD 18,412 14,508 15,424 5,838 4,932 5,717 1,428 769 1,443 4,600 6,110 7,594 6,287 6,247 5,535 4.4 13.7 20.7

Real Estate

IRS IRSA USD 394 351 360 202 173 178 -35 -15 32 577 424 365 20 17 18 n.m. n.m. n.m.


TEO Telecom Argentina ADR USD 4,493 4,125 3,972 1,009 796 742 481 386 420 218 230 -14 1,216 742 715 1.1 n.m. 4.0

Utilities

PAM Pampa Energia ADR USD UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR UR

Chile

2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016Receita

LquidaEBITDA

Lucro

Lquido

Agribusiness

SQM SQM ADR USD 1,984 2,094 2,364 716 796 882 316 388 431 514 246 161 120 122 215 4.0 1.3 n.m.

Airlines

LFL Latam Airlines ADR USD 12,635 11,895 12,752 1,980 2,423 2,867 -154 337 448 10,677 11,657 13,442 2,345 1,950 1,962 n/a n/a n/a


BSAN Santander Chile CLP 1,659,797 1,743,178 1,877,712 n/a n/a n/a 545,660 530,687 565,068 n/a n/a n/a n/a n/a n/a 9.0 9.8 12.2

BCI BCI CLP 1,076,832 1,132,654 1,199,588 n/a n/a n/a 334,050 329,980 351,707 n/a n/a n/a n/a n/a n/a 7.3 7.5 6.9

CHILE Banco Chile CLP 1,605,708 1,706,188 1,855,348 n/a n/a n/a 592,168 609,637 664,348 n/a n/a n/a n/a n/a n/a 9.1 10.5 9.0

ILC ILC CLP n/a n/a n/a n/a n/a n/a 83,877 233,767 87,217 n/a n/a n/a n/a n/a n/a n/a n/a 3.0


CENCOSUD Cencosud CLP 10,801,320 11,662,923 12,182,147 599,795 698,442 762,334 233,273 322,949 368,034 2,962,097 2,291,215 2,456,373 254,847 609,744 474,090 5.9 7.1 14.3

FALAB Falabella CLP 7,504,520 8,646,569 9,421,435 1,002,593 1,173,238 1,320,737 451,436 536,275 626,209 4,196,710 4,863,918 4,945,268 527,324 546,307 494,249 12.3 14.5 11.1

Food & Beverage

ANDINAB Coca Cola Andina CLP 1,823,506 1,892,817 1,935,605 290,846 293,899 304,622 64,348 77,065 76,692 593,669 646,858 645,062 118,255 158,288 146,222 6.5 6.0 3.6

CCU CCU CLP 1,317,700 1,432,784 1,518,044 254,634 245,843 273,849 118,358 103,216 113,757 1,359 64,434 121,060 217,404 173,846 211,575 8.4 5.0 n.m.

CONCHATORO Concha y Toro CLP 570,933 666,217 727,399 81,538 101,452 113,190 42,759 54,210 59,219 286,236 316,492 326,072 29,658 39,511 43,162 11.9 18.5 15.0


GPRK Geopark USD 480.0 566.0 592.6 252 330 349.1 67.3 113.6839703 111.3 251.8 170.99373 19.4 502.2 153.67049 119.0 10.935244 18.2 43.5

Real Estate

Parauco Parque Arauco USD 124,932 140,231 150,266 84,364 95,559 103,382 43,428 52,276 53,502 337,695 378,509 405,790 108,398 103,898 82,176 11.8 12.3 5.5


COPEC Copec CLP 24,064 23,472 24,664 2,108 2,245 2,318 951 931 961 5,265 5,083 4,956 885 600 606 3.0 4.7 5.4

CMPC CMPC CLP 4,927 5,355 6,072 1,005 1,067 1,271 155 226 328 3,507 3,990 4,053 1,592 1,035 600 5.6 7.7 17.7


ENTEL Entel CLP 1,702,950 1,759,656 1,861,934 409,716 462,325 499,609 76,234 123,323 130,285 1,162,406 1,393,652 1,580,821 487,152 332,030 313,750 4.8 3.5 n.m.

SONDA Sonda CLP 882,584 1,054,077 1,140,063 130,398 158,838 172,644 62,356 72,346 77,835 51,738 94,997 106,735 149,481 106,875 91,097 13.5 10.9 5.0

Utilities

COLBUN Colbun PREF CLP 863,659 927,966 964,940 310,273 384,998 399,962 41,262 165,164 181,571 640,058 574,786 432,438 73,444 110,235 99,932 2.2 16.8 41.0

IAM IAM CLP 438,542 456,882 477,573 268,201 277,467 287,829 58,468 65,449 70,703 708,565 706,676 701,553 83,465 85,134 87,688 4.9 4.6 5.5

AGUAS-A Aguas CLP 438,539 456,882 477,573 267,687 278,571 289,749 124,240 133,410 145,987 695,708 705,311 709,598 83,465 85,134 87,688 5.0 4.6 5.9

ECL ECL CLP 720,605 763,385 786,749 179,295 190,929 205,785 51,253 52,017 59,953 282,141 444,374 622,374 57,147 245,110 280,960 6.4 10.4 30.0

ENERSIS Enersis CLP 7,078,961 7,838,075 7,894,332 2,158,673 2,652,013 2,849,238 538,996 800,050 897,033 2,342,939 1,872,140 1,546,504 983,213 484,486 607,061 6.9 6.8 9.0

ENDESA Endesa CLP 2,446,534 2,591,595 2,587,114 1,094,981 1,163,361 1,328,067 334,557 466,204 623,493 1,839,906 1,455,444 1,110,836 440,051 218,469 172,731 6.3 7.0 16.6

AESGENER AESGener PREF CLP 1,357,374 1,412,291 1,449,807 374,384 387,362 393,689 108,736 119,407 130,386 1,505,349 1,952,414 2,067,505 619,292 775,271 487,741 7.4 9.2 10.7

Cdigo Empresa Moeda

Receita Lquida 5 anos CAGREBITDA Lucro Lquido Divda Liquida Investimentos

Cdigo Empresa Moeda


Pano

ram

a d

o M

erc

ado

20

de fe

vere

iro d

e 2

015

Ita

BB

A 1

2

Guia de Aes

Colmbia

2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016Receita

LquidaEBITDA

Lucro

Lquido

Banking

GRUPOSUR Grupo Sura COP n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

PFGRUPSU Grupo Sura COP n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

PFBCOLO Bancolombia COP 8,799,316 9,844,932 11,120,440 n/a n/a n/a 1,957,681 2,244,300 2,765,726 n/a n/a n/a n/a n/a n/a 13.0 14.4 18.3

PFDAVVNDA Davivienda COP 4,746,590 5,357,616 6,056,628 n/a n/a n/a 1,014,570 1,146,459 1,304,224 0 0 0 n/a n/a n/a 11.8 13.1 13.9


EXITO Almacenes Exito COP 11,420 13,504 14,356 956 1,135 1,223 459 467 521 -2,862 -3,098 -3,240 518 648 681 8.8 8.8 7.1

Food & Beverage

NUTRESA Nutresa COP 6,303,998 7,002,230 7,467,214 859,246 979,438 1,115,475 320,872 328,224 413,814 2,106,901 1,760,697 1,393,531 350,000 910,067 224,016 7.4 8.9 7.1


CLH Cemex LATAM USD 3,464 3,467 3,692 1,239 1,254 1,341 556 587 655 2,165 1,741 1,311 203 338 380 3.9 3.6 7.8

CEMARGOS Cementos Argos COP 6,469 7,075 7,740 1,350 1,588 1,806 554 538 718 3,383 2,891 2,343 2,036 336 363 12.9 17.5 41.5


EC Ecopetrol ADR USD 34,683 27,948 31,586 11,974 8,941 10,273 4,752 3,055 3,310 13,658 12,613 17,314 4,313 7,000 7,000 n.m. n.m. n.m.

Utilities

ISAGEN Isagen COP 2,353,030 2,438,784 2,182,668 782,582 952,367 1,039,790 479,818 394,394 397,413 1,564 1,525 1,474 187,062 307,707 249,242 3.5 11.4 1.9

Panama

2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016Receita

LquidaEBITDA

Lucro

Lquido

Airlines

CPA Copa Airlines USD 2,704 2,662 3,003 749 753 870 463 453 479 1,090 1,443 1,317 216 134 208 7.7 9.1 5.0

Peru

2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016Receita

LquidaEBITDA

Lucro

Lquido

Banking

BAP Credicorp USD 9,937 11,084 12,491 n/a n/a n/a 2,425 2,915 3,402 n/a n/a n/a n/a n/a n/a 13.2 15.0 22.7


SCCO Southern Copper COM USD 5,696 5,616 6,482 2,668 2,483 2,843 1,468 1,216 1,385 2,993 3,549 3,181 1,684 1,882 910 5.6 2.7 1.5


CPAC Pacasmayo USD 5,696 5,616 6,482 2,668 2,483 2,843 1,468 1,216 1,385 2,993 3,549 3,181 1,684 1,882 910 5.6 2.7 1.5

Cdigo Empresa Moeda


Cdigo Empresa Moeda


5 anos CAGREBITDA Lucro Lquido Divda Liquida InvestimentosCdigo Empresa Moeda

Receita Lquida


Ita BBA 13

EXONERAO DE RESPONSABILIDADE

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

Classificaes: Definies, Disperso e Relaes Bancrias

Classificaes (1)

Definio (2)

Cobertura (3)

Relao Bancria

(4)

Outperform A expectativa do analista para a ao de um desempenho acima da mdia do mercado.

54% 53%

Market Perform A expectativa do analista para a ao de um desempenho em linha com a mdia do mercado.

34% 33%

Underperform A expectativa do analista para a ao de um desempenho abaixo da mdia do mercado.

12% 12%

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

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

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

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

Informaes Relevantes 1. Este relatrio foi elaborado pela Ita Corretora de Valores S.A. ("Ita BBA"), uma subsidiria do Ita Unibanco S.A., regulada pela Comisso

de Valores Mobilirios (CVM), e distribudo pelo Ita BBA ou por uma de suas afiliadas (denominada conjuntamente "Grupo Ita Unibanco". Ita BBA uma marca usada pela Ita Corretora de Valores S.A., por suas afiliadas e por outras empresas do Grupo Ita Unibanco.

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

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

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

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

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

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

Observao Adicional nos relatrios distribudos no (i) Reino Unido e Europa: : (i) Reino Unido e Europa: Itau BBA International plc: Este

material distribudo e autorizado pelo Itau BBA International plc (Itau BBA UK) em conformidade com o Artigo 21 do Financial Services and Markets Act 2000. O material que descreve os servios e produtos oferecidos pelo Ita Unibanco S.A. (Ita) foi elaborado por aquela entidade. IBBA UK uma subsidiria do Ita. Ita uma instituio financeira validamente existente sob as leis do Brasil e membro do Grupo Ita Unibanco. Ita BBA International plc est sediado em The Broadgate Tower, level 20, 20 Primrose Street, London, United Kingdom, EC2A 2EW e est autorizado pela Prudential Regulation Authority e regulado pela Autoridade de Conduta Financeira e do Prudential Regulation Authority (FRN 575225). Ita BBA International plc Sucursal Lisboa regulado pelo Banco de Portugal para a realizao de negcios. Ita BBA International plc tem escritrios de representao na Frana, Colmbia, Alemanha e Espanha que esto autorizados a realizar atividades limitadas e as atividades de negcios realizados so regulados pelo Banque de France, Superintendencia Financiera de Colombia,


Ita BBA 14

Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) e Banco de Espaa, respectivamente. Nenhum dos referidos escritrios e subsidirias lida com clientes de varejo. Para qualquer dvida entre em contato com o seu gerente de relacionamento. Para mais informaes acesse: www.itaubba.co.uk; (ii) EUA: A Ita BBA USA Securities Inc., uma empresa membro da FINRA/SIPC, est distribuindo este relatrio e aceita a

responsabilidade pelo contedo do mesmo. O investidor americano que receber este relatrio e desejar realizar uma operao com um dos valores mobilirios analisados neste relatrio, dever faz-lo atravs da Ita USA Securities Inc., localizada na 767 Fifth Avenue, 50th Floor, New York, NY 10153; (iii) sia: Este relatrio distribudo em Hong Kong pela Ita Asia Securities Limited, autorizada a operar em Hong Kong nas atividades reguladas do Tipo 1 (operaes com ttulos e valores mobilirios) pela Securities and Futures Commission. A Ita Asia Securities Limited aceita toda a responsabilidade legal pelo contedo deste relatrio. Em Hong Kong, um investidor que desejar adquirir ou negociar os valores mobilirios abrangidos por este relatrio dever entrar em contato com a Ita Asia Securities Limited, no endereo 29th Floor, Two IFC, 8 Finance Street - Central, Hong Kong; (iv) Japo: Este relatrio distribudo no Japo pela Ita Asia Securities Limited - Filial de Tquio, Nmero de Registro (FIEO) 2154, regulado por Kanto Local Finance Bureau, Associao: Associao dos Operadores de Ttulos Mobilirios do Japo; (v) Oriente Mdio: Este relatrio foi distribudo pela Ita Middle East Limited. A Ita Middle East Limited regulada pela Dubai Financial Services Authority e localizada no endereo Al Fattan Currency House, Suite 305, Level 3, Dubai International Financial Centre, PO Box 482034, Dubai, Emirados rabes Unidos. Esse material destinado apenas para Clientes Profissionais (conforme definido pelo mdulo de Conduta de Negcios da DFSA), outras pessoas no devero utiliz-lo; (vi) Brasil: A Ita Corretora de Valores S.A., uma subsidiaria do Ita Unibanco S.A., autor

panorama do mercado_20150220

Documents