As of: 3/18/2015

Price

COL
Rating

Date of
Update

COL
FV

Buy
Below

Outstanding
Shares (Mil)

Market Cap
(PhpMil)

2012

115.00
100.50
47.00
25.00
92.90
81.30
46.00
165.00
69.55

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
3,932
1,573
1,128
2,830
1,104
1,276
603
1,058

1,544,304
411,801
394,874
80,671
28,210
295,438
101,555
58,680
99,467
73,608

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

60.00
86.00
9.65
6.76
110.60
9.69
27.00
7.93
10.04

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

3/3/15
1/22/15
8/18/14
1/22/15
1/22/15
N/A
1/6/14
N/A
N/A

75.00
156.00
13.70
7.20
125.00
N/A
N/A
N/A
N/A

65.00
135.00
11.90
6.20
108.00
N/A
N/A
N/A
N/A

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

760.00
57.10
26.65
9.25
15.28
102.50
1,320.00
67.95
15.92
4.78
904.00
71.55

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

3/11/15
N/A
1/22/15
1/22/15
1/22/15
3/13/15
1/22/15
1/22/15
N/A
2/10/15
1/22/15
N/A

877.00
N/A
33.20
12.40
15.50
151.00
1,340.00
69.40
N/A
6.47
837.00
N/A

762.00
N/A
28.00
10.70
13.40
131.00
1,165.00
60.00
N/A
5.60
727.00
N/A

619
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

59.50
18.72
20.45
11.50
213.00
40.20
4.20
5.92
85.75
216.00

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
2/9/15

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
1,067
2,766
3,694
3,160
1,366
2,182

585,093
51,048
52,112
10,000
22,721
225,189
56,433
54,437
19,027
94,126
3,304,848
470,771
316,543
273,691
68,466
202,880
56,752
230,076
486,715
172,277
133,191
723,304
170,180
1,285,023
20,207
41,765
73,036
185,380
227,226
111,205
15,514
20,722
118,764
471,204

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

4.29
10.14
8.86
9.45
7.06

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

325,542
45,300
111,875
10,631
46,500
111,236

NICKEL ASIA CORP

PHILEX MINING CORP
SEMIRARA MINING

27.90
7.54
159.00

HOLD
HOLD
HOLD

1/22/15
3/10/15
1/22/15

27.80
11.50
156.00

24.10
10.00
135.00

3,779
4,937
1,069

ABOITIZ POWER CORP

PNOC ENERGY DEV CORP
FIRST GEN CORPORATION
MANILA ELECTRIC COMPANY

46.05
8.33
29.40
268.00

HOLD
HOLD
BUY
HOLD

2/12/15
3/13/15
3/13/15
1/22/15

47.60
9.28
36.00
311.00

41.00
8.00
31.00
270.00

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

37.40
0.96
1.80
5.46
28.80
19.70
7.50

BUY
BUY
BUY
BUY
BUY
BUY
BUY

2/17/15
1/22/15
1/22/15
1/22/15
1/22/15
2/4/15
1/22/15

43.17
1.77
2.42
5.86
29.30
23.60
7.06

37.00
1.50
2.10
5.00
25.40
20.50
6.10

14,190
9,685
24,250
32,101
4,094
28,879
8,539

1,940.00
2,788.00

HOLD
HOLD

2/17/15
1/22/15

1,800.00
3,090.00

1,565.00
2,686.00

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

319,069
76,198
54,369
16,946
14,716
70,101
26,683
21,744
17,305
21,006

352,953
84,494
61,213
18,606
17,004
75,888
30,214
24,947
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%
-23%
41%
-2%

11%
11%
13%
10%
16%
8%
13%
15%
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

664,530
32,939
51,017
11,552
11,895
46,139
25,057
17,076
11,228
457,627
2,126,476
154,309
99,929
118,612
90,154
63,111
95,840
134,492
203,977
55,676
32,978
271,278
806,120
439,633
9,433
21,843
15,921
29,888
91,320
86,070
11,996
80,785
92,376

661,315
40,640
57,047
12,994
13,104
50,922
28,009
18,977
14,797
424,826
2,332,208
171,498
108,978
131,454
101,024
77,468
101,864
162,474
230,649
61,635
37,766
290,342
857,056
509,557
10,819
24,319
23,337
33,681
104,118
96,335
13,200
95,818
107,930

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%
27%
8%
12%
3%
-1%
12%
13%
12%
5%
17%
13%
3%
32%
38%
0%
7%
7%
8%
9%
24%
15%
48%
0%
14%
18%
17%
20%
14%

0%
23%
12%
12%
10%
10%
12%
11%
32%
-7%
10%
11%
9%
11%
12%
23%
6%
21%
13%
11%
15%
7%
6%
16%
15%
11%
47%
13%
14%
12%
10%
19%
17%

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%

313,087
105,905
37,251
169,931
904,745
338,864
156,188
107,632
302,062
1,530,488
548,858
11,136
43,650
175,984
117,902
568,919
64,041
859,861
257,498
602,364
10,339,905

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
251,082
89,829
10,985
12,759
32,558
17,414
63,873
23,664
263,631
97,864
165,767
4,386,291

83,886
37,677
10,091
36,118
263,603
78,296
32,662
94,884
57,760
289,664
109,214
12,890
14,432
36,951
19,126
69,343
27,707
275,974
105,768
170,206
4,782,389

-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%
7%
18%
4%
8%
1%
9%

25%
45%
-9%
21%
8%
11%
13%
6%
4%
15%
22%
17%
13%
13%
10%
9%
17%
5%
8%
3%
9%

8,794,812

2,897,968

3,318,433

3,605,597

3,887,875

25%

15%

9%

8%

7,934,951

2,648,489

3,063,881

3,341,966

3,611,902

27%

16%

9%

8%

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
3.44
12.78
6.74

7.18
5.40
3.86
2.27
7.35
5.98
4.30
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

2.89
4.91
0.97
0.25
3.89
0.53
2.72
0.70
0.25

3.27
5.47
1.11
0.40
4.85
0.65
3.16
0.54
0.97

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
3.60
1.49
0.45
0.89
9.33
50.45
2.74
0.39
0.31
37.32
5.15

32.70
3.90
1.69
0.50
1.29
10.04
67.98
2.99
0.65
0.34
40.39
7.30

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
0.23
0.28
2.48
5.30

2.33
0.85
0.68
0.50
5.75
1.61
0.26
0.33
2.93
5.94

-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
0.21
9.62

3.32
0.48
1.90
15.19

2.52
0.25
0.98
15.55

2.15
0.52
1.38
15.87

2.43
0.49
1.46
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

1.14
0.23
0.20
0.32
1.36
0.78
0.78

77.10
169.70

87.17
179.00

88.88
183.11

101.58
187.71

322

339

353

403

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

92,748
23,058
18,132
5,400
2,187
18,636
6,056
4,443
7,703
7,134

105,138
26,044
21,194
6,138
2,566
20,655
7,467
5,668
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%
-17%
54%
-21%

13%
13%
17%
14%
17%
11%
23%
28%
-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

29,788
2,399
2,976
1,010
1,206
8,874
3,808
6,719
1,259
1,538
155,472
17,054
20,086
15,182
3,332
11,876
5,232
8,793
19,212
4,239
8,508
29,705
12,253
36,761
683
1,582
1,832
6,544
5,387
3,971
828
992
3,384
11,559

41,522
2,706
3,317
1,153
1,943
9,828
4,677
7,809
1,294
8,795
183,531
19,595
21,476
17,143
3,720
17,107
5,635
11,848
20,947
6,950
9,599
32,148
17,363
42,309
790
1,898
2,417
7,522
6,138
4,460
956
1,169
4,008
12,951

-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%

4%
12%
481%
10%
-28%
21%
4%
17%
-10%
-71%
-12%
33%
-4%
-12%
0%
-37%
123%
2%
90%
-51%
18%
8%
-68%
16%
34%
113%
31%
12%
15%
0%
-8%
26%
23%
15%

39%
13%
11%
14%
61%
11%
23%
16%
3%
472%
18%
15%
7%
13%
12%
44%
8%
35%
9%
64%
13%
8%
42%
15%
16%
20%
32%
15%
14%
12%
16%
18%
18%
12%

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
52,291
11,742
1,845
3,918
8,971
4,478
16,275
5,063
50,334
11,617
38,717
486,206

17,837
10,348
1,285
6,204
49,941
15,805
9,698
6,869
17,570
60,059
14,018
2,052
4,203
9,391
4,972
19,320
6,103
51,439
11,829
39,610
487,461

28,272
16,954
1,036
10,282
54,465
17,880
9,147
7,149
20,290
68,226
16,701
2,248
4,782
10,410
5,534
21,818
6,733
54,122
13,519
40,603
567,725

-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%
6%
0%
15%
7%
13%
6%
9%

80%
404%
276%
-17%
10%
-15%
105%
37%
2%
15%
19%
11%
7%
5%
11%
19%
21%
2%
2%
2%
0%

59%
64%
-19%
66%
9%
13%
-6%
4%
15%
14%
19%
10%
14%
11%
11%
13%
10%
5%
14%
3%
16%

362,023

408,787

395,653

459,959

22%

13%

-3%

16%

315,083

358,453

344,214

405,836

23%

14%

-4%

18%

2015E

PEG
2014E

P/BV
2014E

ROE
2014E

Div Yield
2014E

16.1
18.1
21.5
13.8
12.9
14.0
16.5
13.4
12.9
10.3

14.4
16.0
18.6
12.2
11.0
12.6
13.6
10.7
13.1
9.4

12.0
2.4
10.9
3.4
1.1
0.0
1.5
3.1
0.6
0.0

2.0
2.4
2.9
1.3
1.3
1.8
1.2
1.3
2.1
1.9

14.1
13.5
15.9
10.5
10.7
13.7
8.2
9.9
17.8
12.1

1.8%
1.8%
2.3%
2.3%
0.0%
1.1%
0.0%
2.1%
1.2%
3.8%

23.2
22.3
102.4
10.9
19.7
36.2
15.2
11.5
7.0
21.9
21.3
37.0
15.0
15.6
20.6
10.7
25.1
26.6
45.9
18.7
17.2
25.9
5.3
37.9
26.9
37.4
52.4
29.5
47.9
28.1
17.5
23.8
22.6
47.0

20.3
20.8
17.5
9.9
27.3
28.4
18.3
9.9
11.3
39.5
21.2
26.7
15.8
17.9
20.6
17.1
11.0
26.2
24.8
40.5
15.6
24.2
13.9
36.2
29.6
24.3
39.9
26.1
42.2
28.0
18.7
21.1
34.6
40.8

15.6
18.3
15.7
8.7
16.9
22.8
14.9
8.5
14.7
10.4
18.3
23.2
14.6
15.8
18.4
11.9
10.2
19.4
22.8
24.5
13.9
22.4
9.8
31.6
25.6
22.0
30.2
23.0
37.0
24.9
16.5
17.9
29.2
36.4

0.9
2.0
0.1
0.8
3.4
1.1
19.2
0.6
0.0
0.9
2.7
1.0
12.8
0.0
3.6
0.0
0.2
1.5
0.6
0.0
1.4
3.2
0.0
3.8
11.8
0.8
1.3
2.0
3.1
4.5
6.1
1.4
0.0
3.0

2.4
1.9
2.1
1.5
3.9
3.2
1.8
1.4
1.8
2.3
3.0
2.9
2.2
1.6
3.3
0.9
2.1
2.6
1.5
1.3
3.0
0.7
6.2
7.2
4.8
7.1
4.7
9.2
3.3
1.9
2.9
8.4

12.6
9.3
12.4
17.5
14.2
12.5
17.6
19.8
11.4
3.5
11.8
10.9
17.2
12.8
8.1
16.2
8.0
11.5
10.4
3.6
7.3
13.0
18.5
24.2
19.7
19.1
27.0
21.6
12.3
10.9
11.3
8.8
20.7

1.2%
1.3%
0.0%
2.1%
4.6%
0.6%
5.2%
3.0%
0.7%
0.8%
1.4%
0.7%
3.1%
1.5%
0.0%
3.1%
2.0%
0.6%
0.2%
1.0%
2.2%
1.4%
1.5%
1.2%
0.8%
0.0%
0.5%
1.9%
1.3%
0.7%
1.7%
1.0%
0.5%
1.4%

98.0
79.4
31.1
16.8

73.6
12.3
41.1
41.5

25.8
22.6
18.1
12.7
19.1

14.3
11.3
14.7
8.0
55.6
16.4

0.2
5.4
0.1
0.3

2.9
1.9
5.0
1.9
3.2
3.0

17.1
14.7
25.2
15.6
16.4

0.3%
0.5%
0.0%
2.1%
0.0%
0.0%

58%
64%
-19%
66%
5%
13%
-6%
6%
15%
13%
15%
9%
13%
11%
18%
13%
11%
4%
14%
3%
16%

13.8
31.7
179.5
8.9
15.9
13.9
17.4
15.5
17.6
31.7
55.0
4.5
12.9
19.4
27.7
33.7
14.4
17.3
25.2
16.4
22.3

11.9
34.0
109.3
7.5
23.2
18.3
33.1
30.1
17.2
28.7
44.5
5.0
11.3
17.7
26.4
33.6
12.6
16.3
22.3
15.6
21.0

14.4
6.8
29.0
27.4
18.4
21.4
16.1
21.3
16.9
25.5
37.8
4.5
10.4
18.8
25.0
28.4
10.6
15.9
21.8
15.2
20.5

9.1
4.2
35.9
16.5
17.5
19.0
17.1
20.2
14.6
22.5
32.8
4.1
9.2
17.0
21.2
25.1
9.6
15.4
19.1
14.9
17.8

1.0
0.0
0.4
0.0
1.2
0.0
0.4
1.0
2.0
2.0
2.3
0.5
1.0
8.4
2.1
1.8
0.7
5.3
2.7
6.3
2.3

3.5
2.4
1.6
7.7
2.8
3.5
3.5
1.3
3.6
2.8
5.1
0.7
0.8
1.6
2.2
3.0
1.2
4.3
4.9
4.3
2.7

19.9
35.4
5.6
29.4
17.9
16.2
21.8
8.2
21.3
11.4
14.0
0.2
8.4
9.6
9.8
11.0
0.1
27.9
25.0
28.4
15.3

2.2%
0.9%
0.3%
2.5%
2.6%
2.9%
2.4%
1.3%
3.5%
1.0%
1.0%
2.0%
1.6%
0.7%
1.3%
0.7%
2.4%
6.1%
4.0%
6.4%
1.9%

2015E

2012

2013

-8%
2%
-10%
-5%
6%
-17%
1%
-13%
54%
-52%

12%
13%
16%
14%
17%
11%
21%
25%
-1%
9%

16.8
25.4
21.8
13.3
14.2
17.1
11.4
9.5
13.2
5.9

14.8
18.5
19.4
13.2
13.7
11.6
16.7
11.6
19.9
4.9

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%

14%
7%
485%
10%
-28%
27%
-17%
16%
-38%
-45%
0%
39%
-5%
-13%
0%
-37%
128%
2%
85%
-54%
10%
7%
-62%
5%
-9%
54%
32%
13%
13%
0%
-6%
12%
-35%
15%

30%
13%
11%
14%
61%
25%
23%
16%
-23%
281%
16%
15%
8%
13%
12%
44%
8%
35%
9%
65%
13%
8%
42%
14%
16%
11%
32%
14%
14%
12%
13%
18%
18%
12%

25.5
28.1
14.6
10.2
20.3
44.4
19.9
12.1
8.7
125.5
21.8
44.6
13.2
19.4
44.0
20.7
6.4
29.7
34.1
11.1
19.9
28.5
8.2
46.4
18.2
49.9
34.8
59.5
36.2
18.3
27.7
29.7
58.4

-14%
66%
-828%
40%

33%
548%
-24%
-60%

185%
-46%
225%
118%

81%
100%
23%
59%
16%

-28%
-50%
-96%
5%
120%
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%
26%
-15%
105%
41%
2%
12%
18%
10%
9%
-6%
6%
18%
19%
2%
2%
2%
2%

P/E (x)
2014E

14%

5%

4%

14%

24.1

22.9

22.0

19.3

3.3

2.9

15.7

1.9%

14%

11%

-1%

16%

25.5

22.9

23.1

19.9

3.1

2.8

14.1

1.4%