Professional Documents
Culture Documents
Banks and Financials: As Of: 1/22/2015
Banks and Financials: As Of: 1/22/2015
Price
COL
Rating
Date of
Update
COL
FV
Buy
Below
Outstanding
Shares (Mil)
Market Cap
(PhpMil)
2012
111.00
93.75
47.00
24.50
90.00
78.10
47.40
144.30
67.30
HOLD
HOLD
BUY
BUY
BUY
BUY
N/A
HOLD
BUY
1/22/15
1/22/15
1/22/15
1/22/15
1/22/15
1/22/15
N/A
1/22/15
1/22/15
118.00
107.00
63.00
37.00
112.00
100.00
N/A
175.00
91.00
94.00
93.00
54.00
32.00
97.00
86.00
N/A
152.00
79.00
3,581
3,627
1,573
1,128
2,745
1,104
1,276
603
1,058
1,437,418
397,477
368,352
80,671
27,646
247,032
97,558
60,466
86,989
71,227
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
49.00
89.40
10.60
6.54
116.00
9.97
32.00
8.36
9.68
HOLD
BUY
BUY
HOLD
HOLD
N/A
Under Review
N/A
N/A
1/22/15
1/22/15
8/18/14
1/22/15
1/22/15
N/A
1/6/14
N/A
N/A
47.50
156.00
13.70
7.20
125.00
N/A
N/A
N/A
N/A
41.00
135.00
11.90
6.20
108.00
N/A
N/A
N/A
N/A
872
599
1,036
3,361
2,034
5,824
2,047
2,399
9,375
694.50
55.00
23.70
8.48
14.70
89.95
1,169.00
62.10
13.36
5.14
860.00
77.25
BUY
N/A
BUY
BUY
HOLD
BUY
BUY
HOLD
N/A
BUY
HOLD
N/A
1/22/15
N/A
1/22/15
1/22/15
1/22/15
1/22/15
1/22/15
1/22/15
N/A
1/22/15
1/22/15
N/A
855.00
N/A
33.20
12.40
15.50
155.00
1,340.00
69.40
N/A
6.60
837.00
N/A
743.00
N/A
28.00
10.70
13.40
134.00
1,165.00
60.00
N/A
5.70
727.00
N/A
599
5,522
10,115
7,405
13,277
608
174
7,017
10,821
26,026
796
2,377
45.50
16.80
16.00
10.52
210.00
39.50
4.03
5.25
75.30
196.70
BUY
BUY
HOLD
HOLD
HOLD
HOLD
N/A
N/A
BUY
HOLD
1/22/15
1/22/15
1/22/15
1/22/15
1/22/15
1/22/15
N/A
N/A
1/22/15
1/22/15
53.20
21.00
17.80
12.10
215.00
51.00
N/A
N/A
83.20
199.00
46.00
18.20
15.40
10.50
186.00
44.00
N/A
N/A
72.00
173.00
340
2,230
3,571
15,000
1,052
2,766
3,694
3,160
1,366
2,182
598,396
41,699
54,172
10,985
21,981
236,183
58,063
64,503
20,059
90,751
3,072,516
430,198
304,622
243,395
62,788
195,179
49,793
203,757
435,768
144,574
133,878
684,853
183,712
1,179,586
15,453
37,458
57,143
169,582
224,026
109,269
14,886
18,377
104,291
429,101
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
4.69
12.30
10.98
12.40
7.32
BUY
BUY
N/A
HOLD
BUY
1/22/15
1/22/15
N/A
1/22/15
1/22/15
6.56
16.30
N/A
15.40
10.50
5.70
14.10
N/A
13.30
9.10
10,559
10,590
1,180
4,426
15,756
374,639
49,524
135,706
13,174
60,902
115,333
28.05
9.20
143.80
HOLD
HOLD
HOLD
1/22/15
1/22/15
1/22/15
27.80
11.50
156.00
24.10
10.00
135.00
3,779
4,937
1,069
42.40
8.45
27.40
271.00
HOLD
BUY
BUY
HOLD
1/22/15
1/22/15
1/22/15
1/22/15
46.10
9.90
37.30
311.00
40.00
8.60
32.00
270.00
7,359
18,750
3,335
1,127
34.85
0.99
1.65
5.21
26.30
18.52
6.46
BUY
BUY
BUY
BUY
BUY
BUY
BUY
1/22/15
1/22/15
1/22/15
1/22/15
1/22/15
1/22/15
1/22/15
38.00
1.77
2.42
5.86
29.30
22.20
7.06
33.00
1.50
2.10
5.00
25.40
19.30
6.10
14,173
9,685
24,250
32,101
4,094
27,819
8,539
1,740.00
2,956.00
HOLD
HOLD
1/22/15
1/22/15
1,900.00
3,090.00
1,652.00
2,686.00
133
216
Ticker
Company Name
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
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
MARKET
PSEi
PSEi ex-TEL, GLO
*
c
Source: Bloomberg
Consensus Forecast
Revenue
2013
2014E
2015E
2012
Revenue Growth
2013
2014E
319,543
76,198
54,369
16,946
14,716
70,101
26,683
22,218
17,305
21,006
353,224
84,494
61,213
18,606
17,004
75,888
30,214
25,218
17,672
22,916
12%
11%
13%
10%
34%
14%
1%
10%
20%
10%
20%
24%
11%
8%
35%
41%
40%
-5%
-12%
19%
-1%
2%
4%
12%
12%
-11%
9%
-22%
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
1,903,451
136,941
89,570
113,206
77,180
55,971
93,308
101,960
147,633
55,792
30,877
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
672,092
32,984
51,017
11,552
11,895
46,139
25,057
17,076
11,228
465,145
2,129,444
154,309
99,929
118,612
90,154
63,111
95,840
134,492
203,977
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
735,803
36,687
57,047
12,994
13,104
50,922
28,009
18,977
14,797
503,267
2,337,160
171,498
108,110
131,454
101,024
77,468
105,688
162,474
230,649
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%
4%
-1%
24%
10%
-8%
27%
8%
12%
3%
0%
12%
13%
12%
5%
17%
13%
3%
32%
38%
1%
7%
7%
8%
10%
24%
15%
48%
0%
14%
18%
17%
20%
17%
9%
11%
12%
12%
10%
10%
12%
11%
32%
8%
10%
11%
8%
11%
12%
23%
10%
21%
13%
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%
305,613
106,475
45,452
153,686
868,057
312,005
158,438
92,171
305,444
1,411,427
494,539
11,484
40,012
167,723
107,668
534,842
55,160
869,613
230,952
638,661
9,811,653
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
4,032,868
66,971
26,023
11,089
29,858
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
4,400,509
86,262
37,677
12,467
36,118
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
4,871,572
-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%
39%
134%
13%
9%
4%
-2%
13%
10%
-1%
14%
18%
18%
22%
17%
9%
6%
18%
4%
9%
1%
9%
29%
45%
12%
21%
11%
11%
27%
11%
4%
14%
15%
17%
13%
13%
10%
11%
17%
6%
11%
3%
11%
8,330,143
2,897,968
3,318,433
3,619,296
3,979,291
25%
15%
9%
10%
7,460,530
2,648,489
3,063,881
3,354,514
3,699,040
27%
16%
9%
10%
2015E
2012
Net Income
2013
2014E
2015E
2012
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
3.56
12.78
6.74
7.18
5.40
3.86
2.27
7.35
5.98
4.39
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
3.89
0.53
2.72
0.70
0.11
2.19
5.47
1.11
0.40
4.85
0.65
3.16
0.54
0.96
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
0.28
34.85
13.43
28.46
3.64
1.49
0.45
0.89
9.33
50.45
2.74
0.45
0.29
37.32
5.12
32.70
3.96
1.69
0.50
1.29
11.93
67.98
2.99
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
0.28
2.48
5.36
2.33
0.85
0.68
0.50
5.75
1.61
0.18
0.33
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%
51%
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
5.80
6.71
0.31
9.62
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
351
409
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
92,901
23,058
18,132
5,400
2,187
18,636
6,056
4,595
7,703
7,134
105,287
26,044
21,194
6,138
2,566
20,655
7,467
5,817
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%
-14%
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
175,758
12,778
21,027
17,218
3,332
18,937
2,350
8,640
10,098
8,669
7,209
27,446
38,053
31,596
511
744
1,399
5,831
4,672
3,959
903
788
2,745
10,045
29,010
1,528
2,976
1,010
1,206
8,874
3,808
6,719
1,259
1,630
154,904
17,054
20,086
15,182
3,332
11,876
5,232
8,793
19,212
4,847
7,452
29,705
12,133
36,665
683
1,582
1,832
6,544
5,387
3,971
608
992
3,384
11,683
41,399
1,812
3,317
1,153
1,943
9,828
4,677
7,809
1,294
9,565
186,471
19,595
21,865
17,143
3,720
17,107
6,695
11,848
20,947
7,481
10,523
32,148
17,398
42,215
790
1,898
2,417
7,522
6,138
4,460
653
1,169
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%
10%
22%
-12%
24%
118%
95%
-74%
31%
-25%
-32%
22%
11%
42%
35%
20%
38%
17%
25%
46%
6%
17%
129%
29%
1%
-29%
481%
10%
-28%
21%
4%
17%
-10%
-69%
-12%
33%
-4%
-12%
0%
-37%
123%
2%
90%
-44%
3%
8%
-68%
16%
34%
113%
31%
12%
15%
0%
-33%
26%
23%
16%
43%
19%
11%
14%
61%
11%
23%
16%
3%
487%
20%
15%
9%
13%
12%
44%
28%
35%
9%
54%
41%
8%
43%
15%
16%
20%
32%
15%
14%
12%
7%
18%
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
486,198
17,837
10,348
1,285
6,204
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
487,188
28,788
16,954
1,552
10,282
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
575,680
-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%
80%
404%
276%
-17%
10%
-15%
105%
37%
2%
15%
19%
11%
7%
5%
11%
18%
21%
5%
12%
2%
0%
61%
64%
21%
66%
20%
13%
32%
28%
15%
13%
16%
10%
14%
11%
11%
13%
10%
4%
7%
3%
18%
362,023
408,779
396,318
468,417
22%
13%
-3%
18%
315,083
358,445
343,680
413,853
23%
14%
-4%
20%
2015E
PEG
2014E
P/BV
2014E
ROE
2014E
Div Yield
2014E
15.4
17.5
20.1
13.8
12.6
13.6
15.9
13.3
11.3
10.0
13.8
15.5
17.4
12.2
10.8
12.2
13.1
10.8
11.4
9.1
9.7
2.4
10.2
3.4
1.1
0.0
1.5
2.5
0.5
0.0
1.9
2.3
2.7
1.3
1.3
1.7
1.2
1.3
1.9
1.9
14.0
13.5
15.9
10.5
10.7
13.7
8.2
10.1
17.8
12.1
1.9%
1.9%
2.5%
2.3%
0.0%
1.1%
0.0%
2.1%
1.4%
4.0%
24.0
18.2
106.4
12.0
19.1
37.9
15.6
13.7
7.4
21.1
19.9
33.8
14.4
13.9
18.8
10.3
22.0
23.5
42.0
15.7
18.5
24.7
5.8
34.9
20.6
33.6
41.0
27.0
47.2
27.6
16.8
21.1
19.9
42.8
22.4
26.6
18.2
10.9
26.4
29.8
18.8
11.8
11.9
92.2
19.8
24.4
15.1
15.9
18.8
16.4
9.6
23.2
22.7
29.8
18.0
23.0
15.1
33.4
22.7
21.8
31.2
23.9
41.6
27.5
25.2
18.8
30.4
36.7
16.6
22.4
16.3
9.5
16.4
23.9
15.3
10.1
15.5
10.1
16.8
21.2
13.9
14.0
16.9
11.4
7.5
17.2
20.8
19.1
12.7
21.3
10.5
29.1
19.6
19.7
23.6
21.0
36.5
24.5
22.4
15.9
25.7
32.6
1.1
0.0
0.1
0.9
3.3
1.1
19.8
0.7
0.0
2.1
2.2
0.9
7.8
0.0
3.3
0.0
0.1
1.4
0.5
0.0
0.9
3.0
0.0
3.5
9.0
0.7
1.0
1.8
3.0
4.5
0.0
1.2
0.0
2.5
2.5
1.6
2.2
1.7
3.7
3.3
2.1
1.5
1.5
2.1
2.8
2.7
2.0
1.5
3.2
0.8
1.8
2.4
1.2
1.3
2.9
0.8
5.7
5.5
4.3
5.5
4.4
9.1
3.2
1.9
2.5
7.7
12.8
6.1
12.4
17.5
14.2
12.5
17.6
19.8
11.4
4.9
11.8
10.9
16.9
12.8
8.1
16.2
8.0
11.5
10.4
4.1
7.3
13.0
18.6
24.2
19.7
19.1
27.0
21.6
12.3
8.1
11.3
8.8
20.9
1.2%
1.6%
0.0%
1.9%
4.7%
0.6%
5.0%
2.5%
0.7%
0.9%
1.4%
0.7%
3.2%
1.7%
0.0%
3.3%
2.2%
0.7%
0.3%
1.3%
0.6%
1.5%
1.4%
1.3%
1.0%
0.0%
0.6%
2.1%
1.3%
0.7%
1.7%
1.1%
0.6%
1.5%
115.1
86.9
38.6
17.4
86.4
13.4
51.0
43.1
30.4
24.7
22.0
15.7
19.8
16.8
12.3
17.8
9.9
72.9
17.0
0.2
5.9
0.1
0.3
3.4
2.0
6.1
2.4
4.0
3.1
17.0
14.7
25.2
15.6
N/A
16.4
0.3%
0.4%
0.0%
1.7%
0.0%
0.0%
61%
64%
21%
66%
25%
13%
32%
38%
15%
14%
16%
9%
13%
11%
18%
13%
11%
3%
7%
3%
18%
13.5
31.9
219.0
8.1
15.5
12.8
17.6
14.4
17.8
29.3
51.3
4.7
11.8
18.5
25.3
31.7
12.4
18.0
22.6
17.4
21.3
11.7
34.2
133.3
6.8
22.5
16.8
33.5
28.1
17.4
26.5
41.5
5.1
10.3
16.9
24.1
31.6
10.9
16.9
20.0
16.5
20.2
14.2
6.8
35.3
24.8
17.6
19.7
16.3
18.2
17.1
23.7
35.2
4.7
9.5
18.0
22.9
26.8
9.1
16.3
17.8
16.1
19.7
8.8
4.2
29.3
14.9
14.1
17.5
12.4
13.2
14.8
20.8
30.3
4.3
8.4
16.2
19.3
23.7
8.3
15.9
16.6
15.7
16.8
0.9
0.0
0.3
0.0
0.7
0.0
0.3
0.4
2.0
1.8
2.1
0.5
0.9
8.0
2.0
1.7
0.6
5.1
1.9
6.7
2.0
3.4
2.4
2.0
7.0
2.6
3.2
3.5
1.1
3.6
2.5
4.6
0.7
0.8
1.6
2.0
2.8
1.0
4.6
5.3
4.5
2.6
19.8
35.4
5.6
29.4
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
15.5
2.3%
0.9%
0.2%
2.8%
2.1%
3.1%
0.9%
1.1%
3.5%
1.1%
1.1%
1.9%
1.7%
0.7%
1.4%
0.8%
2.8%
5.9%
4.8%
6.1%
1.9%
2015E
2012
2013
-8%
2%
-10%
-5%
6%
-17%
1%
-10%
54%
-52%
12%
13%
16%
14%
17%
11%
21%
23%
-1%
9%
16.0
24.6
20.4
13.3
13.9
16.5
11.0
9.8
11.6
5.7
14.2
17.8
18.1
13.2
13.5
11.2
16.0
12.0
17.4
4.8
10%
26%
-86%
-6%
3%
23%
31%
4%
24%
473%
2%
21%
-12%
24%
114%
93%
-75%
12%
-26%
-41%
16%
10%
54%
22%
-32%
-5%
18%
24%
29%
4%
16%
31%
24%
7%
-32%
485%
10%
-28%
27%
-17%
16%
-38%
-77%
0%
39%
-5%
-13%
0%
-37%
128%
2%
85%
-47%
3%
7%
-62%
5%
-9%
54%
32%
13%
13%
0%
-33%
12%
-35%
16%
35%
19%
11%
14%
61%
25%
23%
16%
-23%
810%
18%
15%
9%
13%
12%
44%
28%
35%
9%
55%
41%
8%
43%
15%
16%
11%
32%
14%
14%
12%
13%
18%
18%
13%
26.4
23.0
15.2
11.2
19.6
46.6
20.5
14.3
9.2
121.0
20.3
40.8
12.7
17.2
40.4
19.9
5.6
26.3
31.2
9.3
21.4
27.1
8.9
42.7
13.9
39.0
31.9
58.7
35.6
17.5
24.5
26.1
53.2
-14%
66%
-828%
40%
33%
548%
-24%
-60%
185%
-46%
225%
118%
81%
100%
23%
59%
16%
-28%
-50%
-96%
5%
118%
13%
493%
29%
5%
24%
108%
17%
-12%
-10%
-10%
25%
-15%
3%
-17%
11%
16%
-7%
64%
18%
-31%
-24%
-48%
-49%
2%
11%
24%
-9%
14%
10%
5%
0%
14%
6%
13%
5%
6%
-17%
400%
277%
-73%
27%
-15%
105%
54%
2%
12%
18%
10%
9%
-6%
6%
18%
19%
3%
12%
2%
2%
P/E (x)
2014E
14%
5%
4%
17%
23.0
21.9
21.1
18.1
2.7
2.8
15.9
2.0%
13%
11%
-1%
19%
24.2
21.9
22.0
18.5
2.5
2.6
14.1
1.4%