As of: 1/6/2015

Price

COL
Rating

Date of
Update

COL
FV

Buy
Below

Outstanding
Shares (Mil)

Market Cap
(PhpMil)

2012

108.50
94.30
46.70
23.85
84.00
79.35
48.00
150.00
69.00

HOLD
HOLD
HOLD
BUY
BUY
HOLD
N/A
HOLD
HOLD

10/28/14
11/4/14
8/8/14
11/6/14
11/12/14
8/18/14
N/A
12/2/14
10/28/14

107.00
102.00
61.00
35.00
106.00
94.00
N/A
160.00
86.00

85.00
88.00
53.00
30.00
92.00
81.00
N/A
139.00
74.00

3,581
3,627
1,573
1,128
2,745
1,104
1,276
603
1,058

1,420,472
388,525
370,513
80,157
26,913
230,563
99,119
61,232
90,425
73,026

267,145
60,625
47,384
13,960
9,784
55,868
17,593
29,742
14,048
18,142

321,490
75,010
52,498
15,097
13,165
78,924
24,565
28,391
12,312
21,528

46.50
86.55
10.78
6.48
116.10
8.65
31.05
8.50
9.70

HOLD
BUY
BUY
HOLD
HOLD
N/A
Under Review
N/A
N/A

11/12/14
12/15/14
8/18/14
9/1/14
8/8/14
N/A
1/6/14
N/A
N/A

44.75
150.00
13.70
6.71
121.50
N/A
N/A
N/A
N/A

38.00
130.00
11.90
5.80
105.00
N/A
N/A
N/A
N/A

872
599
1,036
3,361
2,034
5,824
2,047
2,399
9,375

701.00
53.75
23.90
8.55
15.90
88.60
1,085.00
69.00
12.50
5.15
822.00
77.00

BUY
N/A
BUY
BUY
HOLD
BUY
BUY
HOLD
N/A
BUY
HOLD
N/A

8/18/14
N/A
9/25/14
8/18/14
1/6/15
12/1/14
11/17/14
12/18/14
N/A
1/6/15
8/8/14
N/A

816.00
N/A
31.60
11.50
15.10
147.70
1,250.00
65.20
N/A
5.91
770.00
N/A

709.00
N/A
27.00
10.00
13.10
128.00
1,086.00
56.00
N/A
5.10
669.00
N/A

599
5,522
10,115
7,405
13,277
608
174
7,017
10,821
26,026
796
2,377

CONCEPCION INDUSTRIAL CORPORATION

CENTURY PACIFIC FOOD INC
D&L INDUSTRIES INC
EMPERADOR INC
JOLLIBEE FOODS CORPORATION
PUREGOLD PRICE CLUB INC
PEPSI-COLA PRODUCTS PHILS. INC c
RFM CORPORATION c
ROBINSONS RETAIL HOLDINGS INC
UNIVERSAL ROBINA CORPORATION

45.95
16.40
16.10
10.20
216.00
38.55
4.09
5.02
77.80
191.50

BUY
BUY
HOLD
HOLD
HOLD
HOLD
N/A
N/A
BUY
HOLD

8/23/14
10/3/14
11/10/14
8/19/14
12/4/14
11/6/14
N/A
N/A
11/21/14
10/23/14

49.75
19.00
16.00
11.05
193.00
45.00
N/A
N/A
79.00
180.00

43.00
16.50
13.90
9.60
167.00
39.00
N/A
N/A
68.00
156.00

340
2,230
3,571
15,000
1,052
2,766
3,694
3,160
1,366
2,182

585,652
39,571
52,445
11,171
21,780
236,387
50,376
62,588
20,395
90,939
3,081,252
434,225
297,699
245,449
63,311
211,112
49,046
189,116
484,186
135,267
134,133
654,592
183,117
1,157,930
15,605
36,566
57,500
153,000
230,427
106,641
15,108
17,572
107,753
417,758

590,669
28,984
37,904
13,691
12,086
30,780
19,935
14,289
8,205
424,795
1,659,296
109,889
77,635
94,606
60,680
51,740
99,669
16,125
135,253
62,657
27,807
223,877
699,359
323,739
6,940
6,375
22,812
71,059
57,467
19,494
10,998
57,393
71,202

BELLE CORP
BLOOMBERY RESORTS CORP
LIESURE & RESORTS WORLD CORP c
MELCO CROWN PHILS RESORTS CORP
TRAVELLERS INTERNATIONAL HOTEL GROUP INC

4.82
11.98
11.60
12.88
7.66

BUY
BUY
N/A
HOLD
BUY

8/13/14
12/5/14
N/A
1/6/14
12/12/14

6.16
15.54
N/A
14.25
10.19

5.30
13.50
N/A
12.30
8.80

10,559
10,590
1,180
4,426
15,756

380,940
50,896
132,175
13,918
63,260
120,690

NICKEL ASIA CORP

PHILEX MINING CORP
SEMIRARA MINING

48.05
7.69
142.00

HOLD
HOLD
HOLD

9/25/14
8/5/14
12/12/14

41.00
10.85
150.00

35.00
9.40
130.00

3,779
4,937
1,069

ABOITIZ POWER CORP

PNOC ENERGY DEV CORP
FIRST GEN CORPORATION
MANILA ELECTRIC COMPANY

42.80
8.62
26.20
262.80

HOLD
BUY
BUY
HOLD

10/10/14
12/1/14
12/1/14
9/25/14

44.90
9.52
36.50
291.30

39.00
8.20
31.00
253.00

7,359
18,750
3,335
1,127

AYALA LAND INC

CENTURIES PROPERTIES GROUP
FILINVEST LAND INC
MEGAWORLD CORP
ROBINSONS LAND
SM PRIME HOLDINGS
VISTA LAND & LIFESCAPES INC

33.50
1.03
1.56
5.00
25.50
16.78
6.55

BUY
BUY
BUY
BUY
BUY
BUY
BUY

8/13/14
8/13/14
8/14/14
8/19/14
8/18/14
11/6/14
8/18/14

37.50
2.10
2.35
5.73
28.10
20.30
7.00

32.00
1.80
2.00
4.90
24.40
17.60
6.00

14,173
9,685
24,250
32,101
4,094
27,819
8,539

1,745.00
2,812.00

HOLD
HOLD

8/6/14
12/19/14

1,800.00
2,913.00

1,565.00
2,533.00

133
216

Ticker

Company Name

Banks and Financials

BDO
BPI
CHIB
EW
MBT
PNB
RCB
SECB
UBP

BANCO DE ORO
BANK OF PHILIPPINE ISLANDS
CHINA BANKING CORP
EASTWEST BANKING CORP
METROPOLITAN BANK & TRUST
PHILIPPINE NATIONAL BANK
RIZAL COMMERCIAL BANKING CORP c
SECURITY BANK CORP
UNION BANK OF PHILIPPINES

Commercial and Industrial

ABS
CEB
EEI
GMA7
ICT
LRI
MWC
MWIDE
PCOR

ABS-CBN BROADCASTING CORP

CEBU AIR INC
EEI CORPORATION
GMA NETWORK INC
INTL CONTAINER TERM SVCS
c
LAFARGE REPUBLIC INC
MANILA WATER COMPANY
MEGAWIDE CONSTRUCTION CORP c
c
PETRON CORP

Conglomerates
AC
AEV
AGI
COSCO
DMC
FPH
GTCAP
JGS
LTG
MPI
SM
SMC

AYALA CORPORATION
ABOITIZ EQUITY VENTURES INC c
ALLIANCE GLOBAL
COSCO CAPITAL INC
DMCI HOLDINGS INC
FIRST PHILIPPINE HLDGS
GT CAPITAL HLDGS
JG SUMMIT HLDGS
c
LT GROUP INC
METRO PACIFIC INVESTMENTS
SM INVESTMENTS CORP
c
SAN MIGUEL CORP

Consumer
CIC
CNPF
DNL
EMP
JFC
PGOLD
PIP
RFM
RRHI
URC

Gaming
BEL
BLOOM
LR
MCP
RWM

Mining
NIKL
PX
SCC

Power
AP
EDC
FGEN
MER

Property
ALI
CPG
FLI
MEG
RLC
SMPH
VLL

Telecoms
GLO
TEL

GLOBE TELECOM INC

PHILIPPINE LONG DISTANCE TEL

MARKET
PSEi
PSEi ex-TEL, GLO
*
c

Source: Bloomberg
Consensus Forecast

Revenue
2013
2014E

2015E

2012

Revenue Growth
2013
2014E

320,042
76,198
54,369
16,946
14,716
70,101
26,683
22,717
17,305
21,006

353,797
84,494
61,213
18,606
17,004
75,888
30,214
25,791
17,672
22,916

12%
11%
13%
10%
34%
14%
1%
10%
20%
10%

20%
24%
11%
8%
35%
41%
40%
-5%
-12%
19%

0%
2%
4%
12%
12%
-11%
9%
-20%
41%
-2%

11%
11%
13%
10%
16%
8%
13%
14%
2%
9%

647,056
33,378
41,004
10,524
12,951
36,188
23,212
15,280
10,880
463,638
1,903,526
136,941
89,570
113,206
77,180
55,971
93,308
101,960
147,633
55,792
30,953
253,293
747,720
401,654
7,588
19,023
10,766
29,865
80,283
73,177
22,462
10,240
67,254
80,995

667,181
32,984
51,017
11,552
11,895
45,011
25,057
17,076
11,565
461,024
2,126,453
154,309
99,929
118,612
90,154
63,111
95,840
134,492
200,986
56,592
32,978
271,278
808,172
441,930
9,433
21,843
15,921
29,888
91,320
86,070
11,996
80,785
94,673

753,683
36,687
57,047
12,994
13,104
49,677
28,009
18,977
13,784
523,404
2,335,485
171,498
108,110
131,454
101,024
77,468
105,688
162,474
228,974
62,752
39,515
290,342
856,185
511,627
10,819
24,319
23,337
33,681
104,118
96,335
13,200
95,818
110,000

41%
13%
12%
56%
8%
7%
15%
19%
6%
55%
28%
27%
13%
70%
46%
8%
43%
125%
10%
92%
26%
12%
31%
20%
24%
82%
34%
14%
47%
14%
6%
19%
6%

10%
15%
8%
-23%
7%
18%
16%
7%
33%
9%
15%
25%
15%
20%
27%
8%
-6%
532%
9%
-11%
11%
13%
7%
24%
9%
69%
31%
13%
27%
15%
-7%
17%
14%

3%
-1%
24%
10%
-8%
24%
8%
12%
6%
-1%
12%
13%
12%
5%
17%
13%
3%
32%
36%
1%
7%
7%
8%
10%
24%
15%
48%
0%
14%
18%
17%
20%
17%

13%
11%
12%
12%
10%
10%
12%
11%
19%
14%
10%
11%
8%
11%
12%
23%
10%
21%
14%
11%
20%
7%
6%
16%
15%
11%
47%
13%
14%
12%
10%
19%
16%

35,063
437
0
4,429
0
30,196

49,436
2,624
10,826
5,085
53
30,848

76,988
5,821
23,849
3,273
12,877
31,168

97,116
6,482
28,745
3,486
24,773
33,630

14%
-37%
15%
15%

41%
500%
15%
2%

56%
122%
120%
-36%
24218%
1%

26%
11%
21%
7%
92%
8%

311,225
121,470
37,992
151,763
860,909
314,948
161,625
88,135
296,202
1,331,035
475,381
11,948
37,830
160,963
104,393
484,592
55,929
839,164
231,615
607,549
9,657,353

44,455
11,607
8,698
24,150
205,916
62,153
28,369
64,471
50,923
184,891
54,705
8,804
10,685
23,630
13,515
57,215
16,336
249,479
86,446
163,033
3,516,198

48,243
11,110
9,802
27,331
235,646
72,055
25,656
81,284
56,651
219,583
76,337
9,304
10,478
27,740
15,904
59,794
20,025
254,552
90,500
164,052
4,032,944

66,565
26,023
11,089
29,452
244,883
70,751
28,970
89,359
55,803
250,848
89,829
10,985
12,759
32,558
17,414
63,639
23,664
264,782
99,015
165,767
4,393,107

88,990
37,677
12,467
38,846
271,604
78,296
36,706
98,841
57,760
284,787
102,894
12,890
14,432
36,951
19,126
70,786
27,707
280,251
110,045
170,206
4,888,350

-17%
-9%
-43%
-6%
11%
14%
16%
11%
5%
46%
33%
123%
26%
18%
6%
113%
21%
8%
6%
10%
26%

9%
-4%
13%
13%
14%
16%
-10%
26%
11%
19%
40%
6%
-2%
17%
18%
5%
23%
2%
5%
1%
15%

38%
134%
13%
8%
4%
-2%
13%
10%
-1%
14%
18%
18%
22%
17%
9%
6%
18%
4%
9%
1%
9%

34%
45%
12%
32%
11%
11%
27%
11%
4%
14%
15%
17%
13%
13%
10%
11%
17%
6%
11%
3%
11%

8,181,338

2,897,968

3,318,509

3,610,651

3,999,237

25%

15%

9%

11%

7,342,174

2,648,489

3,063,956

3,345,869

3,718,986

27%

16%

9%

11%

2015E

2012

Net Income
2013
2014E

2015E

2012

Net Income Growth

2013
2014E

2015E

2012

2013

EPS
2014E

2015E

2012

EPS Growth
2013
2014E

4.52
4.60
3.54
1.76
5.44
7.11
4.85
12.47
11.86

6.22
5.19
3.57
1.82
8.02
4.88
3.95
8.31
14.07

6.34
4.67
3.40
1.94
6.62
4.92
3.60
12.78
6.74

7.18
5.40
3.86
2.27
7.35
5.98
4.47
12.62
7.37

18%
16%
27%
1%
-30%
41%
1%
9%
12%
15%

13%
38%
13%
1%
3%
47%
-31%
-19%
-33%
19%

2.13
5.89
0.94
0.33
2.49
0.49
2.24
0.91
0.08

2.69
0.84
0.88
0.34
3.06
0.64
2.34
1.13
0.46

1.84
4.91
0.97
0.25
3.82
0.53
2.72
0.79
0.20

2.19
5.47
1.11
0.40
4.74
0.65
3.16
0.79
1.01

17.03
4.34
1.38
0.21
0.74
16.06
44.50
1.99
1.44
0.24
31.76
8.72

20.53
3.81
1.70
0.45
1.43
4.09
49.70
1.48
0.85
0.30
34.85
13.43

28.46
3.64
1.49
0.45
0.89
9.33
50.45
2.62
0.45
0.29
37.32
5.12

32.70
3.96
1.69
0.50
1.29
11.93
67.98
2.61
0.70
0.40
40.39
7.34

3.28
0.41
0.33
3.58
1.11
0.23
0.21
2.89
3.70

2.21
0.50
0.39
0.39
4.45
1.43
0.24
0.25
3.79
4.60

2.01
0.77
0.51
0.44
5.05
1.44
0.16
0.29
2.48
5.36

2.33
0.85
0.68
0.50
5.75
1.61
0.18
0.31
2.93
6.03

-12%
-32%
-1%
32%
-5%
-9%
15%
29%
34%
-90%
14%
17%
13%
17%
91%
2%
418%
67%
-38%
112%
7%
-8%
75%
50%
9%
2%
120%
14%
14%
188%
33%
149%
64%

0.05
(0.07)
0.28
(0.08)
0.42

0.35
(0.02)
0.22
(0.74)
0.17

0.19
0.56
0.70
(0.54)
0.37

0.38
0.69
1.11
0.17
0.43

0.88
0.04
17.85

0.82
0.07
21.11

4.10
0.26
19.24

6.71
0.31
26.93

3.32
0.48
1.90
15.19

2.52
0.25
0.98
15.55

2.15
0.52
1.50
15.87

2.43
0.68
2.08
18.33

0.68
0.21
0.14
0.28
1.04
0.58
0.52

0.84
0.19
0.16
0.31
1.09
0.59
0.59

0.99
0.21
0.17
0.29
1.15
0.69
0.71

1.15
0.23
0.20
0.32
1.36
0.78
0.78

77.10
169.70

87.17
179.00

97.75
183.11

104.75
187.71

322

339

360

419

78,850
14,483
16,352
5,018
1,817
15,399
4,709
5,949
7,516
7,607

95,547
22,608
18,811
5,103
2,056
22,488
5,124
5,321
5,012
9,025

92,956
23,058
18,132
5,400
2,187
18,636
6,056
4,650
7,703
7,134

105,364
26,044
21,194
6,138
2,566
20,655
7,467
5,893
7,608
7,798

23%
38%
28%
0%
5%
40%
1%
18%
12%
15%

21%
56%
15%
2%
13%
46%
9%
-11%
-33%
19%

-3%
2%
-4%
6%
6%
-17%
18%
-13%
54%
-21%

13%
13%
17%
14%
17%
11%
23%
27%
-1%
9%

24,800
1,581
3,572
979
1,617
6,042
2,807
5,490
1,012
1,701
159,102
10,504
23,965
13,910
1,525
9,736
9,175
6,590
13,553
12,757
5,907
24,674
26,806
23,371
426
1,012
5,000
3,727
2,719
849
676
1,200
7,763

28,600
2,146
512
916
1,667
7,318
3,647
5,752
1,396
5,247
176,266
12,778
21,027
17,218
3,332
18,937
2,350
8,640
10,098
8,669
7,718
27,446
38,053
31,596
511
744
1,399
5,831
4,672
3,959
903
788
2,745
10,045

29,698
1,528
2,976
1,010
1,206
8,657
3,808
6,719
1,429
2,365
154,112
17,054
20,086
15,182
3,332
11,876
5,232
8,793
18,420
4,847
7,452
29,705
12,133
36,645
683
1,582
1,832
6,544
5,387
3,971
608
972
3,384
11,683

42,130
1,812
3,317
1,153
1,943
9,588
4,677
7,809
1,899
9,931
183,840
19,595
21,865
17,143
3,720
17,107
6,695
11,848
18,317
7,481
10,523
32,148
17,398
42,145
790
1,898
2,417
7,522
6,138
4,460
653
1,100
4,008
13,160

-17%
-32%
-1%
32%
-5%
7%
14%
29%
35%
-80%
26%
12%
13%
64%
95%
1%
333%
98%
-37%
119%
17%
16%
53%
66%
9%
51%
117%
15%
76%
194%
33%
148%
67%

15%
36%
-86%
-6%
3%
21%
30%
5%
38%
208%
11%
22%
-12%
24%
118%
95%
-74%
31%
-25%
-32%
31%
11%
42%
35%
20%
38%
17%
25%
46%
6%
17%
129%
29%

4%
-29%
481%
10%
-28%
18%
4%
17%
2%
-55%
-13%
33%
-4%
-12%
0%
-37%
123%
2%
82%
-44%
-3%
8%
-68%
16%
34%
113%
31%
12%
15%
0%
-33%
23%
23%
16%

42%
19%
11%
14%
61%
11%
23%
16%
33%
320%
19%
15%
9%
13%
12%
44%
28%
35%
-1%
54%
41%
8%
43%
15%
16%
20%
32%
15%
14%
12%
7%
13%
18%
13%

6,848
556
(688)
279
(33)
6,734

6,539
3,618
2,321
324
(2,463)
2,740

11,252
1,855
4,990
844
(2,371)
5,934

18,412
3,645
5,809
1,337
757
6,864

34%
177%
-868%
39%

-5%
551%
16%
-59%

72%
-49%
161%
117%

64%
96%
16%
58%
16%

8,775
2,207
209
6,359
58,557
24,426
9,002
8,012
17,117
46,444
9,038
1,849
3,431
7,299
4,239
16,203
4,386
46,940
10,275
36,665
444,912

9,915
2,054
342
7,520
45,540
18,577
4,740
5,013
17,211
52,283
11,742
1,845
3,918
8,971
4,470
16,275
5,063
50,334
11,617
38,717
486,706

18,486
10,348
1,285
6,853
49,941
15,804
9,698
6,869
17,570
59,876
14,018
2,052
4,203
9,391
4,972
19,137
6,103
52,638
13,028
39,610
487,119

28,100
16,954
1,552
9,593
59,761
17,880
12,787
8,805
20,290
67,572
16,227
2,248
4,782
10,410
5,534
21,638
6,733
54,564
13,960
40,603
573,787

-43%
-38%
-96%
5%
62%
13%
428%
29%
31%
27%
114%
17%
-9%
7%
79%
24%
17%
898%
-6%
27%

13%
-7%
64%
18%
-22%
-24%
-47%
-37%
1%
13%
30%
0%
14%
23%
5%
0%
15%
7%
13%
6%
9%

86%
404%
276%
-9%
10%
-15%
105%
37%
2%
15%
19%
11%
7%
5%
11%
18%
21%
5%
12%
2%
0%

52%
64%
21%
40%
20%
13%
32%
28%
15%
13%
16%
10%
14%
11%
11%
13%
10%
4%
7%
3%
18%

362,023

409,287

396,693

465,224

22%

13%

-3%

17%

315,083

358,953

344,055

410,660

23%

14%

-4%

19%

2015E

PEG
2014E

P/BV
2014E

ROE
2014E

Div Yield
2014E

15.2
17.1
20.2
13.7
12.3
12.7
16.1
13.3
11.7
10.2

13.6
15.1
17.5
12.1
10.5
11.4
13.3
10.7
11.9
9.4

9.3
2.3
10.2
3.4
1.0
0.0
1.5
2.1
0.5
0.0

1.9
2.2
2.7
1.3
1.2
1.6
1.2
1.3
1.9
1.9

14.0
13.5
15.9
10.5
10.7
13.7
8.2
10.2
17.8
12.1

1.9%
1.9%
2.4%
2.3%
0.0%
1.2%
0.0%
2.0%
1.3%
3.9%

23.7
17.3
103.0
12.2
18.9
38.0
13.6
13.3
7.5
21.2
19.8
34.1
14.1
14.0
19.0
11.1
21.7
21.8
46.6
14.7
17.2
23.6
5.7
34.7
20.8
32.8
41.3
26.2
48.5
27.0
17.0
20.2
20.5
41.6

21.7
25.3
17.6
11.1
26.1
30.4
16.3
11.4
10.8
49.7
19.9
24.6
14.8
16.0
19.0
17.9
9.5
21.5
26.3
27.8
17.8
22.0
15.0
33.2
22.9
21.3
31.4
23.2
42.8
26.9
25.6
17.6
31.4
35.8

16.2
21.2
15.8
9.7
16.2
24.5
13.3
9.8
10.8
9.7
17.0
21.4
13.6
14.1
17.0
12.3
7.4
16.0
26.4
17.9
12.9
20.4
10.5
29.0
19.8
19.3
23.8
20.4
37.5
23.9
22.7
16.2
26.5
31.7

1.0
0.0
0.1
0.9
3.3
1.2
17.1
0.7
0.0
1.0
2.5
0.9
7.6
0.0
3.4
0.0
0.1
1.3
0.8
0.0
1.1
2.9
0.0
3.5
9.1
0.7
1.0
1.8
3.1
4.3
0.0
1.5
0.0
2.5

2.5
1.5
2.2
1.7
3.7
3.4
2.0
1.9
1.4
2.1
2.8
2.6
2.0
1.5
3.4
0.8
1.7
2.6
1.2
1.3
2.8
0.8
5.3
5.5
4.2
5.6
4.4
9.4
3.2
1.9
2.2
2.6
7.5

12.9
6.1
12.4
17.5
14.2
12.5
17.6
19.8
15.0
5.8
11.7
10.9
16.9
12.8
8.1
16.2
8.0
11.5
10.0
4.1
7.3
13.0
18.6
24.2
19.7
19.1
27.0
21.6
12.3
8.1
12.0
8.8
20.9

11.1%
1.7%
0.0%
1.9%
4.8%
0.6%
5.8%
2.6%
0.7%
0.9%
1.4%
0.7%
3.3%
1.7%
0.0%
3.0%
2.3%
0.8%
0.2%
1.3%
0.6%
1.6%
1.4%
1.3%
1.0%
0.0%
0.6%
2.2%
1.3%
0.7%
1.7%
1.3%
0.6%
1.6%

116.6
89.3
40.7
18.2

87.5
13.8
53.8
45.1

30.7
25.4
21.4
16.6
20.7

17.0
12.7
17.4
10.5
75.8
17.8

0.2
6.0
0.1
0.4

3.5
2.1
5.9
2.5
4.2
3.3

16.8
14.7
25.2
15.6
N/A
16.4

0.2%
0.4%
0.0%
1.6%
0.0%
0.0%

46%
64%
21%
40%
25%
13%
32%
38%
15%
14%
16%
9%
13%
11%
18%
13%
11%
3%
7%
3%
17%

14.2
54.6
183.1
8.0
15.4
12.9
18.0
13.8
17.3
27.9
49.3
4.9
11.1
17.8
24.5
28.7
12.5
17.2
22.6
16.6
21.1

12.2
58.6
111.4
6.7
22.4
17.0
34.2
26.8
16.9
25.2
39.9
5.3
9.8
16.2
23.4
28.6
11.0
16.2
20.0
15.7
19.9

9.7
11.7
29.5
7.4
17.6
19.9
16.7
17.4
16.6
22.5
33.8
4.9
9.0
17.2
22.2
24.3
9.3
15.7
17.9
15.4
19.2

6.7
7.2
24.5
5.3
14.1
17.6
12.6
12.6
14.3
19.8
29.1
4.4
8.0
15.5
18.8
21.5
8.4
15.2
16.7
15.0
16.4

0.3
0.1
0.3
0.6
0.7
0.0
0.3
0.4
1.9
1.7
2.0
0.5
0.8
7.7
1.9
1.6
0.6
4.9
1.9
6.4
1.9

2.5
4.2
1.7
2.2
2.6
3.2
3.6
1.1
3.5
2.4
4.4
0.8
0.7
1.5
2.0
2.6
1.1
4.4
5.3
4.3
2.5

19.7
35.4
5.6
32.0
18.1
16.2
21.6
8.2
21.3
11.3
13.6
0.2
8.4
9.6
9.8
11.0
0.1
28.7
30.6
28.4
15.6

2.3%
0.5%
0.3%
2.8%
2.1%
3.1%
0.9%
1.2%
3.6%
1.1%
1.1%
1.8%
1.8%
0.7%
1.5%
0.8%
2.7%
6.1%
4.8%
6.4%
1.9%

6%

16%

22.6

21.5

20.2

17.4

2.2

2.7

15.9

2.0%

2%

19%

23.8

21.5

21.0

17.7

2.1

2.6

14.2

1.4%

2015E

2012

2013

-8%
2%
-10%
-5%
6%
-17%
1%
-9%
54%
-52%

12%
13%
16%
14%
17%
11%
21%
24%
-1%
9%

15.8
24.0
20.5
13.2
13.5
15.4
11.2
9.9
12.0
5.8

14.0
17.4
18.2
13.1
13.1
10.5
16.3
12.2
18.1
4.9

10%
26%
-86%
-6%
3%
23%
31%
4%
24%
473%
3%
21%
-12%
24%
114%
93%
-75%
12%
-26%
-41%
25%
10%
54%
22%
-32%
-5%
18%
24%
29%
4%
16%
31%
24%

9%
-32%
485%
10%
-28%
25%
-17%
16%
-30%
-57%
-1%
39%
-5%
-13%
0%
-38%
128%
2%
77%
-47%
-3%
7%
-62%
5%
-9%
54%
32%
13%
13%
0%
-33%
14%
-35%
16%

34%
19%
11%
14%
61%
24%
23%
16%
0%
415%
17%
15%
9%
13%
12%
45%
28%
35%
-1%
55%
38%
8%
43%
14%
16%
11%
32%
14%
14%
12%
13%
9%
18%
13%

26.1
21.8
14.7
11.4
19.5
46.6
17.8
13.9
9.3
121.3
20.3
41.2
12.4
17.4
40.7
21.6
5.5
24.4
34.7
8.7
21.5
25.9
8.8
42.5
14.0
39.3
30.9
60.4
34.7
17.8
23.5
26.9
51.8

-14%
66%
-828%
40%

33%
548%
-24%
-60%

185%
-46%
225%
118%

81%
100%
23%
59%
16%

-27%
-50%
-96%
5%
118%
13%
493%
29%
5%
24%
108%
17%
-12%
-10%
-10%
25%
-15%
3%
-17%
11%

17%
-7%
64%
18%
-31%
-24%
-48%
-49%
2%
11%
24%
-9%
14%
10%
5%
0%
14%
6%
13%
5%
6%

25%
400%
277%
-9%
27%
-15%
105%
54%
2%
12%
18%
10%
9%
-6%
6%
18%
19%
3%
12%
2%
4%

14%

5%

13%

11%

P/E (x)
2014E