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Credicorp

BMV:BAP N
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BAP N
BMV
$10B
Market Cap
  1. Home
  2. MX
  3. Banks
Company description

Credicorp Ltd., a financial services holding company, provides various financial, insurance, and health services and products primarily in Peru and internationally. The last earnings update was 32 days ago. More info.


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  • Credicorp has significant price volatility in the past 3 months.
BAP N Share Price and Events
7 Day Returns
0%
BMV:BAP N
-1%
MX Banks
-1.1%
MX Market
1 Year Returns
-32.2%
BMV:BAP N
-27%
MX Banks
-20.9%
MX Market
BAP N Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Credicorp (BAP N) 0% -18.6% -23.8% -32.2% 2.2% 54.9%
MX Banks -1% -26.1% -28.9% -27% -4.4% 16.5%
MX Market -1.1% -19.5% -21.4% -20.9% -25.2% -19.9%
1 Year Return vs Industry and Market
  • BAP N underperformed the Banks industry which returned -27% over the past year.
  • BAP N underperformed the Market in Mexico which returned -20.9% over the past year.
Price Volatility
BAP N
Industry
5yr Volatility vs Market

Value

 Is Credicorp undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Credicorp to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Credicorp.

BMV:BAP N Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 8 analysts.
= Stable Book Value * Return on Equity
= PEN402.89 * 16.7%
PEN67.16
Book Value of Equity per Share Weighted future Book Value estimates from 7 analysts. PEN402.89
Discount Rate (Cost of Equity) See below 16.9%
Perpetual Growth Rate 10-Year MX Government Bond Rate 8.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BMV:BAP N
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year MX Govt Bond Rate 8.8%
Equity Risk Premium S&P Global 6.5%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.486 (1 + (1- 21%) (93.62%))
1.24
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.24
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.78% + (1.24 * 6.51%)
16.85%

Discounted Cash Flow Calculation for BMV:BAP N using Excess Returns Model Model

The calculations below outline how an intrinsic value for Credicorp is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

BMV:BAP N Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (16.7% – 16.85%) * PEN402.89)
PEN-0.74
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= PEN-0.74 / (16.85% - 8.78%)
PEN-9.19
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= PEN402.89 + PEN-9.19
PEN393.71
BMV:BAP N Discount to Share Price
Calculation Result
Exchange Rate PEN/USD
(Reporting currency to currency of NYSE:BAP)
0.289
Value per Share
(USD)
= Value per Share in PEN x Exchange Rate (PEN/USD)
= PEN393.71 x 0.289
$113.82
Non-primary Listing Adjustment Factor 1 share in BMV:BAP N represents 24.16043x of NYSE:BAP
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
24.16043x
Value per Share
(Listing Adjusted, MXN)
= Value per Share (USD) x Listing Adjustment Factor
= $ 113.82 x 24.16043
MX$2,750.05
Value per share (MXN) From above. MX$2,750.05
Current discount Discount to share price of MX$3,130.34
= -1 x (MX$3,130.34 - MX$2,750.05) / MX$2,750.05
-13.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Credicorp is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Credicorp's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Credicorp's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BMV:BAP N PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in PEN PEN53.66
NYSE:BAP Share Price ** NYSE (2020-03-18) in USD $129.55
NYSE:BAP Share Price converted to PEN reporting currency Exchange rate (USD/ PEN) 3.459 PEN448.1
Mexico Banks Industry PE Ratio Median Figure of 7 Publicly-Listed Banks Companies 4.9x
Mexico Market PE Ratio Median Figure of 100 Publicly-Listed Companies 10.67x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Credicorp.

BMV:BAP N PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:BAP Share Price ÷ EPS (both in PEN)

= 448.1 ÷ 53.66

8.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Credicorp is overvalued based on earnings compared to the MX Banks industry average.
  • Credicorp is good value based on earnings compared to the Mexico market.
Price based on expected Growth
Does Credicorp's expected growth come at a high price?
Raw Data
BMV:BAP N PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.35x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
8.8%per year
Mexico Banks Industry PEG Ratio Median Figure of 5 Publicly-Listed Banks Companies 0.65x
Mexico Market PEG Ratio Median Figure of 60 Publicly-Listed Companies 0.83x

*Line of best fit is calculated by linear regression .

BMV:BAP N PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.35x ÷ 8.8%

0.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Credicorp is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Credicorp's assets?
Raw Data
BMV:BAP N PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in PEN PEN330.00
NYSE:BAP Share Price * NYSE (2020-03-18) in USD $129.55
NYSE:BAP Share Price converted to PEN reporting currency Exchange rate (USD/ PEN) 3.459 PEN448.1
Mexico Banks Industry PB Ratio Median Figure of 7 Publicly-Listed Banks Companies 0.75x
Mexico Market PB Ratio Median Figure of 123 Publicly-Listed Companies 0.93x
BMV:BAP N PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:BAP Share Price ÷ Book Value per Share (both in PEN)

= 448.1 ÷ 330.00

1.36x

* Primary Listing of Credicorp.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Credicorp is overvalued based on assets compared to the MX Banks industry average.
X
Value checks
We assess Credicorp's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Credicorp has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Credicorp expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Credicorp expected to grow at an attractive rate?
  • Credicorp's earnings growth is positive but not above the low risk savings rate of 8.8%.
Growth vs Market Checks
  • Credicorp's earnings growth is positive but not above the Mexico market average.
  • Credicorp's revenue growth is expected to exceed the Mexico market average.
Annual Growth Rates Comparison
Raw Data
BMV:BAP N Future Growth Rates Data Sources
Data Point Source Value (per year)
BMV:BAP N Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 8.8%
BMV:BAP N Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 11.4%
Mexico Banks Industry Earnings Growth Rate Market Cap Weighted Average 8.2%
Mexico Banks Industry Revenue Growth Rate Market Cap Weighted Average 12.9%
Mexico Market Earnings Growth Rate Market Cap Weighted Average 9.9%
Mexico Market Revenue Growth Rate Market Cap Weighted Average 5.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BMV:BAP N Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in PEN Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BMV:BAP N Future Estimates Data
Date (Data in PEN Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 6,083
2022-12-31 18,401 5,591 6
2021-12-31 16,688 5,115 8
2020-12-31 15,618 4,572 8
2020-04-04
BMV:BAP N Past Financials Data
Date (Data in PEN Millions) Revenue Cash Flow Net Income *
2019-12-31 12,642 -524 4,265
2019-09-30 12,908 -5,123 4,249
2019-06-30 12,685 -3,516 4,168
2019-03-31 12,495 -4,438 4,047
2018-12-31 11,840 -5,835 3,984
2018-09-30 12,107 -1,103 4,091
2018-06-30 12,274 -2,005 4,298
2018-03-31 12,096 -2,284 4,240
2017-12-31 11,463 -3,272 4,092
2017-09-30 11,552 2,599 3,923
2017-06-30 11,222 2,722 3,655
2017-03-31 11,151 -511 3,609

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Credicorp's earnings are expected to grow by 8.8% yearly, however this is not considered high growth (20% yearly).
  • Credicorp's revenue is expected to grow by 11.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BMV:BAP N Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Credicorp Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BMV:BAP N Future Estimates Data
Date (Data in PEN Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 76.30 76.30 76.30 1.00
2022-12-31 70.10 77.73 60.05 5.00
2021-12-31 64.43 73.32 50.49 9.00
2020-12-31 57.20 60.72 46.62 7.00
2020-04-04
BMV:BAP N Past Financials Data
Date (Data in PEN Millions) EPS *
2019-12-31 53.66
2019-09-30 53.41
2019-06-30 52.43
2019-03-31 50.92
2018-12-31 50.13
2018-09-30 51.55
2018-06-30 54.08
2018-03-31 53.35
2017-12-31 51.49
2017-09-30 49.36
2017-06-30 46.00
2017-03-31 45.41

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Credicorp is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Credicorp's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Mexico market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Mexico market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Credicorp has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Credicorp performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Credicorp's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Credicorp's year on year earnings growth rate has been positive over the past 5 years.
  • Credicorp's 1-year earnings growth is less than its 5-year average (7.1% vs 10.6%)
  • Credicorp's earnings growth has not exceeded the MX Banks industry average in the past year (7.1% vs 10.6%).
Earnings and Revenue History
Credicorp's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Credicorp Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BMV:BAP N Past Revenue, Cash Flow and Net Income Data
Date (Data in PEN Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 12,641.87 4,265.30 5,744.88
2019-09-30 12,908.40 4,249.41 5,618.78
2019-06-30 12,684.60 4,167.66 5,486.18
2019-03-31 12,495.05 4,046.92 5,387.06
2018-12-31 11,839.62 3,983.87 5,391.60
2018-09-30 12,106.50 4,090.59 4,769.95
2018-06-30 12,273.57 4,297.60 4,725.40
2018-03-31 12,096.38 4,239.99 4,735.18
2017-12-31 11,463.07 4,091.75 5,119.21
2017-09-30 11,551.70 3,923.06 4,705.84
2017-06-30 11,222.04 3,654.55 4,845.06
2017-03-31 11,151.28 3,608.53 4,868.33
2016-12-31 11,005.70 3,514.58 4,750.33
2016-09-30 10,702.84 3,350.74 4,809.69
2016-06-30 10,441.08 3,208.10 4,681.82
2016-03-31 10,194.85 3,083.20 4,568.30
2015-12-31 10,247.96 3,092.30 4,633.92
2015-09-30 10,143.47 2,856.78 4,736.69
2015-06-30 9,969.17 2,695.07 4,689.86
2015-03-31 9,710.04 2,530.46 4,664.49
2014-12-31 9,280.58 2,387.85 4,505.90
2014-09-30 8,890.07 2,314.22 4,514.82
2014-06-30 8,454.63 2,169.83 4,385.84
2014-03-31 8,020.46 1,731.25 4,189.58
2013-12-31 7,732.48 1,538.31 3,865.38
2013-09-30 7,588.41 1,673.85 4,400.42
2013-06-30 7,531.69 1,805.20 4,322.75

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Credicorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Credicorp used its assets less efficiently than the MX Banks industry average last year based on Return on Assets.
  • Unable to establish if Credicorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Credicorp's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Credicorp has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Credicorp's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Credicorp's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Credicorp Company Filings, last reported 3 months ago.

BMV:BAP N Past Debt and Equity Data
Date (Data in PEN Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 26,746.31 32,506.39 39,191.37
2019-09-30 26,460.14 26,878.02 31,910.98
2019-06-30 25,666.18 25,146.36 29,321.91
2019-03-31 24,107.99 23,385.05 27,519.58
2018-12-31 24,266.08 34,036.84 33,316.87
2018-09-30 23,437.17 23,432.30 25,525.36
2018-06-30 22,301.83 23,968.97 26,970.71
2018-03-31 21,786.67 23,866.13 30,530.53
2017-12-31 22,253.70 38,291.75 20,757.16
2017-09-30 22,439.77 24,729.09 25,487.88
2017-06-30 21,253.16 24,044.16 27,411.83
2017-03-31 20,128.48 23,664.89 25,740.88
2016-12-31 20,116.51 39,234.53 14,918.60
2016-09-30 19,557.44 24,078.11 33,425.50
2016-06-30 18,247.36 35,492.71 31,583.13
2016-03-31 17,213.09 25,600.96 26,953.92
2015-12-31 16,727.57 40,078.80 15,436.27
2015-09-30 15,748.16 38,578.89 35,485.99
2015-06-30 15,405.67 35,410.94 31,629.22
2015-03-31 14,808.66 33,453.43 26,767.49
2014-12-31 14,626.03 33,729.04 12,832.20
2014-09-30 14,079.86 31,839.03 28,094.94
2014-06-30 13,633.51 26,965.98 25,802.25
2014-03-31 12,827.99 20,224.59 25,689.54
2013-12-31 12,343.11 25,598.88 13,504.45
2013-09-30 11,908.62 23,361.33 22,960.52
2013-06-30 11,323.73 24,101.69 22,259.54
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Credicorp has an acceptable proportion of non-loan assets held.
  • Credicorp's liabilities are made up of primarily low risk sources of funding.
  • Loans at Credicorp are broadly funded by customer deposits.
  • Credicorp's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Credicorp has a sufficient allowance for bad loans.
  • Credicorp has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Credicorp's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Credicorp has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Credicorp's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.69%
Current annual income from Credicorp dividends. Estimated to be 6.4% next year.
If you bought MX$2,000 of Credicorp shares you are expected to receive MX$134 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Credicorp's pays a higher dividend yield than the bottom 25% of dividend payers in Mexico (2.83%).
  • Credicorp's dividend is below the markets top 25% of dividend payers in Mexico (8.89%).
Upcoming dividend payment

Purchase Credicorp before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BMV:BAP N Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
South America Banks Industry Average Dividend Yield Market Cap Weighted Average of 46 Stocks 6.6%
Mexico Market Average Dividend Yield Market Cap Weighted Average of 68 Stocks 4.2%
Mexico Minimum Threshold Dividend Yield 10th Percentile 1.4%
Mexico Bottom 25% Dividend Yield 25th Percentile 2.8%
Mexico Top 25% Dividend Yield 75th Percentile 8.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BMV:BAP N Future Dividends Estimate Data
Date (Data in PEN) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 31.08 6.00
2021-12-31 30.04 9.00
2020-12-31 25.68 9.00
2020-04-04
BMV:BAP N Past Annualized Dividends Data
Date (Data in PEN) Dividend per share (annual) Avg. Yield (%)
2020-02-28 30.000 5.735
2019-02-28 20.000 2.745
2017-10-26 14.173 1.938
2017-03-09 12.287 2.090
2017-02-24 12.287 2.276
2016-04-29 8.191 1.582
2016-02-26 8.191 1.849
2015-02-26 6.693 1.828
2014-04-16 5.250 1.233
2013-02-28 6.698 1.940
2012-08-07 5.851 1.710
2012-02-23 6.024 1.845
2011-02-24 5.228 1.947
2010-02-26 4.692 1.684

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Credicorp's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
X
Income/ dividend checks
We assess Credicorp's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Credicorp afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Credicorp has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Credicorp's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Walter Bayly Llona
AGE 63
TENURE AS CEO 2 years
CEO Bio

Mr. Walter Bayly Llona has been Chief Executive Officer of Credicorp Ltd. since April 1, 2018. Mr. Bayly Llona served as Chief Operating Officer of Credicorp Ltd. since April 2008 until April 1, 2018. Mr. Bayly Llona served as General Manager of Banco de Credito del Peru since April 2008. He served as Chief Executive Officer of Credicorp Ltd. since April 1, 2008. He served as Chief Financial officer of Credicorp Ltd. since March 31, 2004 until April 1, 2008. He served as Executive Vice President of Finance and Planning at Banco de Credito del Peru at Credicorp Ltd. since April 2004. He served as Chief Accounting Officer of Credicorp Ltd. since March 31, 2004. He served as General Manager of Banco de Credito del Peru at Credicorp Ltd. He served as General Manager of Credicorp Ltd. He joined Banco de Credito del Peru in 1993. He served as a Partner and Executive Director at Casa de Bolsa de México for three years. He served as Chief Executive Officer of Casa de Bolsa de México. Previously he worked for 10 years for Citicorp in Lima, New York, Mexico and Caracas, where he worked primarily in the Corporate Finance and Loan Syndication groups. He served as Central Planning and Financial Officer, Corporate and Business Banking Officer, Organization and Systems Officer and Investment Banking Officer at El Pacífico Vida Compañía de Seguros y Reaseguros S.A. He serves as the Chairman of the Board of Directors at Credicorp Capital Peru S.A.A, Pacifico Peruano Suiza, Inversiones Centenario, Fondo de Seguros de Depositos, Instituto Internacional de Finanzas and Atlantic Security Bank. He serves as Chairman of the Board of Directors of Prima AFP. He has been Chairman of the Board at Mibanco Banco de la Microempresa S.A. since April 15, 2015. He serves as Vice-Chairman of the Board of Directors at Banco de Crédito de Bolivia S.A. He has been a Director of El Pacífico Vida Compañía de Seguros y Reaseguros S.A. since February 24, 2011. He has been a Director of El Pacífico Peruano -Suiza Compañía de Seguros y Reaseguros S.A. since February 2009. He has been a Director of Inversiones Centenario S.A.A. since April 2, 2012. He serves as a Director of Pacífico Entidad Prestadora de Salud, Banco de Crédito de Bolivia and Atlantic Security Bank Panamá. He serves as a Director of Institute of International Finance, Inc. He serves as a Director of Peruvian-American Association. He serves as Director of Atlantic Security Bank (Cayman Islands). Mr. Bayly Llona holds a Master’s degree in Management from Arthur D. Little Management in Cambridge, Massachusetts and a Bachelor degree in Business Administration from Universidad del Pacifico in Lima, Peru.

CEO Compensation
  • Insufficient data for Walter to compare compensation growth.
  • Insufficient data for Walter to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure of the Credicorp management team in years:

2
Average Tenure
  • The tenure for the Credicorp management team is about average.
Management Team

Dionisio Romero Paoletti

TITLE
Executive Chairman of the Board
AGE
54

Walter Bayly Llona

TITLE
Chief Executive Officer
AGE
63
TENURE
2 yrs

Cesar Rios Briceno

TITLE
Chief Financial Officer
TENURE
2 yrs

José Luis Rivera

TITLE
Head of Accounting

Eduardo Dasso

TITLE
Head of Investment Banking & Wealth Management
TENURE
1.3 yrs

Milagros Cigüeñas

TITLE
Investor Relations Officer
TENURE
0.7 yrs

Barbara Falero

TITLE
Chief Compliance & Ethics Officer
TENURE
12.2 yrs

Guillermo Morales

TITLE
Head of Legal
TENURE
2 yrs

Enzo Tolentino

TITLE
Head of On-Going Auditing & Corporate Development

Bernardo Sambra

TITLE
Chief of Human Resources Officer
TENURE
2 yrs
Board of Directors Tenure

Average tenure and age of the Credicorp board of directors in years:

8.8
Average Tenure
56.5
Average Age
  • The tenure for the Credicorp board of directors is about average.
Board of Directors

Dionisio Romero Paoletti

TITLE
Executive Chairman of the Board
AGE
54
TENURE
11.3 yrs

Jose Raimundo Morales Dasso

TITLE
Independent Vice Chairman of the Board
AGE
73
TENURE
11.3 yrs

Benedicto Ciguenas Guevara

TITLE
Independent Director
AGE
77
TENURE
6.3 yrs

Patricia Lizarraga Guthertz

TITLE
Independent Director
AGE
53
TENURE
3.1 yrs

Juan Carlos Verme Giannoni

TITLE
Independent Director
AGE
55
TENURE
24.6 yrs

Fernando Fort Marie

TITLE
Director
AGE
79
TENURE
21.1 yrs

Martin Perez Monteverde

TITLE
Director
AGE
54
TENURE
6.1 yrs

Luis Enrique Romero Belismelis

TITLE
Director
AGE
58
TENURE
3.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (MX$) Value (MX$)
X
Management checks
We assess Credicorp's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Credicorp has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Credicorp Ltd., a financial services holding company, provides various financial, insurance, and health services and products primarily in Peru and internationally. It operates through Universal Banking, Insurance and Pensions, Microfinance, and Investment Banking and Wealth Management segments. The company offers deposits and current accounts, and various credits and financial instruments to individuals and legal entities. It also issues insurance policies to cover losses in commercial property, transportation, marine vessels, automobile, life, health, and pensions, as well as provides private pension fund management services. In addition, the company offers microfinance, including the management of loans, credits, deposits, and current accounts of the small and microenterprises. Further, it provides investment brokerage and management services to corporations, institutional investors, governments, and foundations; and engages in structuring and placement of issues in the primary market, as well as the execution and negotiation of operations in the secondary market. Additionally, it structures securitization processes for corporate customers and manages mutual funds. Credicorp Ltd. was incorporated in 1995 and is based in Hamilton, Bermuda.

Details
Name: Credicorp Ltd.
BAP N
Exchange: BMV
Founded: 1995
$253,750,720,646
79,510,153
Website: http://www.credicorp.gcs-web.com
Address: Credicorp Ltd.
Clarendon House,
2 Church Street,
Hamilton,
HM CX,
Bermuda
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE BAP Common Shares New York Stock Exchange US USD 25. Oct 1995
LSE 0U8N Common Shares London Stock Exchange GB USD 25. Oct 1995
BMV BAP N Common Shares Bolsa Mexicana de Valores MX MXN 25. Oct 1995
BVL BAP Common Shares Bolsa de Valores de Lima PE USD 25. Oct 1995
Number of employees
Current staff
Staff numbers
35,119
Credicorp employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 19:25
End of day share price update: 2020/03/18 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/03/03
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.