{"id":44648,"date":"2015-03-03T19:33:00","date_gmt":"2015-03-03T19:33:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/03\/credicorp-ltd-bap\/"},"modified":"2015-03-03T19:33:00","modified_gmt":"2015-03-03T19:33:00","slug":"credicorp-ltd-bap","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/","title":{"rendered":"Credicorp Ltd (BAP)"},"content":{"rendered":"<p>\u00a0<\/p>\n<p class=\"MsoNormal\">In this week\u2019s content analysis (see attached) we\u2019ll be taking a closer look at Credicorp Ltd (BAP), which we added to our ADR model portfolio on its latest rebalancing date this Monday, February 2<sup>nd<\/sup>. \u00a0Credicorp is a Peru-based holding company, operating primarily in the commercial banking space through its five main subsidiaries (<a href=\"http:\/\/phx.corporate-ir.net\/phoenix.zhtml?c=97944&#038;p=irol-irhome\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-size: 9.0pt;\">http:\/\/phx.corporate-ir.net\/phoenix.zhtml?c=97944&#038;p=irol-irhome<\/span><\/a>).\u00a0 <a href=\"\/wp-content\/uploads\/Content\/EN\/BAP-EN.pdf\"> <img decoding=\"async\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAABQAAAAYCAYAAAD6S912AAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsMAAA7DAcdvqGQAAAAadEVYdFNvZnR3YXJlAFBhaW50Lk5FVCB2My41LjEwMPRyoQAAAN5JREFUSEvdlcENwyAMAIn64NkROkSePMoKzJERMgEzZMwoH1DkYhSiJDJgIvXRPk4Cy1xsS1bENE3Q9z2LYRjAOScAIIswxpCPc2itYVkWUoZE4ZYU7mSS9N6fPlyScoQiCZVSse2StEmIefM8wziOWWmzEPPWdRU5KVfYXfOC9E1Jb1WY4lSlTUJ8WMJaCywhwlkA9HCFz0B3ie0cR8KusMT\/CiURi\/x2y9m2SpSEry3pcThXCcJ917\/eMvmgRq1CXLHjLNMdR5DGkM4xLwjlSUgt+h2isOU3WsNaCx9FtNaZP8PEygAAAABJRU5ErkJggg==\" \/> Download <\/a><\/p>\n<p class=\"MsoNormal\">Starting with an analysis of the company\u2019s current valuation, we find that the market has historically valued the company at prices very close to our own StockPointer intrinsic value. The tight correlation here between the EVA model\u2019s computations and Credicorp\u2019s actual pricing over time increases the confidence we have in using intrinsic value as a measurement. Over the past 5 years, the average P\/IV ratio was 1.02; it was at 1.01 as of January 30<sup>th<\/sup>. Intrinsic value has a long-term trend which is both stable and increasing, supported by a high return on capital (19.7% over the past 12 months) and a well-managed cost of capital. A current FGV\/EV of 10.3% indicates a fairly reasonable premium to pay relative to the company\u2019s future growth value. This premium seems particularly affordable when noting that, over the past 5 years, Credicorp has maintained an average growth rate on its current operating value (COV) of around 20%. For other companies that don\u2019t offer any growth in their current operating value, a 10.3% premium might have been considered too rich.<\/p>\n<p><span style=\"font-size: 11.0pt; font-family: 'Calibri',sans-serif; mso-fareast-font-family: Calibri; mso-fareast-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;\">As for BAP\u2019s economic performance, while EVA dropped from June 2013 to December 2013, it recovered, has grown sharply since, and is now back in line with its overall 5 year trend\u2014a smooth, growing increase in EVA.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 In this week\u2019s content analysis (see attached) we\u2019ll be taking a closer look at Credicorp Ltd (BAP), which we added to our ADR model portfolio on its latest rebalancing date this Monday, February 2nd. \u00a0Credicorp is a Peru-based holding company, operating primarily in the commercial banking space through its five main subsidiaries (http:\/\/phx.corporate-ir.net\/phoenix.zhtml?c=97944&#038;p=irol-irhome).\u00a0 Download [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[619],"tags":[749],"class_list":["post-44648","post","type-post","status-publish","format-standard","hentry","category-intelligence-en-us","tag-bap-en-us"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Credicorp Ltd (BAP) - Inovestor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credicorp Ltd (BAP)\" \/>\n<meta property=\"og:description\" content=\"\u00a0 In this week\u2019s content analysis (see attached) we\u2019ll be taking a closer look at Credicorp Ltd (BAP), which we added to our ADR model portfolio on its latest rebalancing date this Monday, February 2nd. \u00a0Credicorp is a Peru-based holding company, operating primarily in the commercial banking space through its five main subsidiaries (http:\/\/phx.corporate-ir.net\/phoenix.zhtml?c=97944&#038;p=irol-irhome).\u00a0 Download [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/\" \/>\n<meta property=\"og:site_name\" content=\"Inovestor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Inovestor\/\" \/>\n<meta property=\"article:published_time\" content=\"2015-03-03T19:33:00+00:00\" \/>\n<meta name=\"author\" content=\"Inovestor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:site\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Inovestor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/\"},\"author\":{\"name\":\"Inovestor\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092\"},\"headline\":\"Credicorp Ltd (BAP)\",\"datePublished\":\"2015-03-03T19:33:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/\"},\"wordCount\":277,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\"},\"keywords\":[\"BAP\"],\"articleSection\":[\"Intelligence\"],\"inLanguage\":\"en-USA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/\",\"url\":\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/\",\"name\":\"Credicorp Ltd (BAP) - Inovestor\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#website\"},\"datePublished\":\"2015-03-03T19:33:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/#breadcrumb\"},\"inLanguage\":\"en-USA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.inovestor.com\/en-us\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Credicorp Ltd (BAP)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#website\",\"url\":\"https:\/\/www.inovestor.com\/en-ca\/\",\"name\":\"Inovestor\",\"description\":\"Make investment decisions that matter most\",\"publisher\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.inovestor.com\/en-ca\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-USA\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\",\"name\":\"Inovestor\",\"url\":\"https:\/\/www.inovestor.com\/en-ca\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-USA\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png\",\"contentUrl\":\"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png\",\"width\":1581,\"height\":422,\"caption\":\"Inovestor\"},\"image\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/Inovestor\/\",\"https:\/\/x.com\/Inovestor_\",\"https:\/\/www.linkedin.com\/company\/inovestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092\",\"name\":\"Inovestor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-USA\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g\",\"caption\":\"Inovestor\"},\"url\":\"https:\/\/www.inovestor.com\/en-us\/author\/inovestor\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Credicorp Ltd (BAP) - Inovestor","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/","og_locale":"en_US","og_type":"article","og_title":"Credicorp Ltd (BAP)","og_description":"\u00a0 In this week\u2019s content analysis (see attached) we\u2019ll be taking a closer look at Credicorp Ltd (BAP), which we added to our ADR model portfolio on its latest rebalancing date this Monday, February 2nd. \u00a0Credicorp is a Peru-based holding company, operating primarily in the commercial banking space through its five main subsidiaries (http:\/\/phx.corporate-ir.net\/phoenix.zhtml?c=97944&#038;p=irol-irhome).\u00a0 Download [&hellip;]","og_url":"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/","og_site_name":"Inovestor","article_publisher":"https:\/\/www.facebook.com\/Inovestor\/","article_published_time":"2015-03-03T19:33:00+00:00","author":"Inovestor","twitter_card":"summary_large_image","twitter_creator":"@Inovestor_","twitter_site":"@Inovestor_","twitter_misc":{"Written by":"Inovestor","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/#article","isPartOf":{"@id":"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/"},"author":{"name":"Inovestor","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092"},"headline":"Credicorp Ltd (BAP)","datePublished":"2015-03-03T19:33:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/"},"wordCount":277,"commentCount":0,"publisher":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#organization"},"keywords":["BAP"],"articleSection":["Intelligence"],"inLanguage":"en-USA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/","url":"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/","name":"Credicorp Ltd (BAP) - Inovestor","isPartOf":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#website"},"datePublished":"2015-03-03T19:33:00+00:00","breadcrumb":{"@id":"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/#breadcrumb"},"inLanguage":"en-USA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.inovestor.com\/en-us\/2015\/03\/credicorp-ltd-bap\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.inovestor.com\/en-us\/"},{"@type":"ListItem","position":2,"name":"Credicorp Ltd (BAP)"}]},{"@type":"WebSite","@id":"https:\/\/www.inovestor.com\/en-ca\/#website","url":"https:\/\/www.inovestor.com\/en-ca\/","name":"Inovestor","description":"Make investment decisions that matter most","publisher":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.inovestor.com\/en-ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-USA"},{"@type":"Organization","@id":"https:\/\/www.inovestor.com\/en-ca\/#organization","name":"Inovestor","url":"https:\/\/www.inovestor.com\/en-ca\/","logo":{"@type":"ImageObject","inLanguage":"en-USA","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png","contentUrl":"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png","width":1581,"height":422,"caption":"Inovestor"},"image":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Inovestor\/","https:\/\/x.com\/Inovestor_","https:\/\/www.linkedin.com\/company\/inovestor"]},{"@type":"Person","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092","name":"Inovestor","image":{"@type":"ImageObject","inLanguage":"en-USA","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g","caption":"Inovestor"},"url":"https:\/\/www.inovestor.com\/en-us\/author\/inovestor\/"}]}},"_links":{"self":[{"href":"https:\/\/www.inovestor.com\/en-us\/wp-json\/wp\/v2\/posts\/44648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.inovestor.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.inovestor.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.inovestor.com\/en-us\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.inovestor.com\/en-us\/wp-json\/wp\/v2\/comments?post=44648"}],"version-history":[{"count":0,"href":"https:\/\/www.inovestor.com\/en-us\/wp-json\/wp\/v2\/posts\/44648\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.inovestor.com\/en-us\/wp-json\/wp\/v2\/media?parent=44648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.inovestor.com\/en-us\/wp-json\/wp\/v2\/categories?post=44648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.inovestor.com\/en-us\/wp-json\/wp\/v2\/tags?post=44648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}