1. 1
Resultados 1T13: Sideperu
Menores ingresos, con mejoras en márgenes
Mayo 23, 2013
Omar Avellaneda.
(+51 1) 416 3333 – Ext. 36065, eavellaneda@credicorpcapital.com
Siderperu registró una caída en ventas en 1T13 (-6.1%), aunque
sus márgenes (EBIT, EBITDA y Neto) resultaron ser mejores a lo
esperado.
Estado de Ganancias y Pérdidas
Los ingresos de la compañía alcanzaron PEN 397m en 1T13, lo que
representa una reducción de -6.1% YoY, explicado principalmente por
menores precios de productos de acero respecto a 1T12. Si el volumen
de ventas creció (+7.4%), dicho incremento no compensó la caída
implícita del precio de las ventas de la compañía (-12.6%).
El margen bruto de la compañía mejoró, pasando de 4.7% en 1T12 a
5.9% en 1T13, explicado principalmente por menores costos de
producción. De otro lado, los gastos de administración y de ventas
crecieron 21% YoY en 1T13, explicado principalmente por el
incremento de los costos de flete (+25.1% YoY) y servicios recibidos de
terceros (+43.2% YoY). Así, la utilidad operativa ascendió a PEN 1.7m
en 1T13 (vs. PEN -3.9m en 1T12), mientras que el EBITDA en 1T13
ascendió a PEN 15.3m en 1T13.
La utilidad neta fue PEN -11.9m vs. PEN -3.7m en 1T12, explicada
principalmente por una fuerte pérdida por diferencia en cambio neto
(PEN -11.4m en 1T13 vs. PEN 8.2m en 1T12).
Balance General
En 1T13, los activos fijos netos se mantuvieron en niveles similares a
los del 1T12 (PEN 958.6m), mientras que la deuda financiera de largo
plazo descendió a PEN 355.6m (-9.2% YoY).
En 1T13, el nivel de caja se redujo a PEN 59.2m (-17.0% YoY), las
existencias cayeron a PEN 567.8m (-19.6% YoY), mientras que las
obligaciones financieras de corto plazo crecieron +8.9% a PEN
658.9m. Así, la liquidez corriente cayó a 1.4x en 1T13 (1.6x en 1T12), y
el apalancamiento financiero se elevó a 1.07x (0.95x en 1T12).
Valorización
A pesar de la mejora en los márgenes de la empresa, nuestra
recomendación continua en MANTENER, con un valor fundamental de
PEN 0.25, lo que implica un potencial de apreciación de 25.0% con
respecto al precio de cierre del 22 de mayo (PEN 0.20), debido a que
esperamos en los próximos trimestres que la empresa mantenga la
recuperación de los márgenes operativos.
Información de la acción
Estimados
Comparables
Resultados 1T13
Volumen Promedio U12M (USDk) 46.4
2013EDiv. Yield (%) 0.0%
Capitalización Bursatil (USDm) 73
Max / Min U12M (PEN) 0.77 / 0.20
2013YET.P. (PEN) 0
Precio Actual (PEN) 0.20
Upside (%) 30.0%
Información de la Acción BBG Ticker: SIDERC1 PE
Recomendación MANTENER
Aceros Arequipa
Gerdau
Usiminas
CAP
Grupo Simec
Promotora y
Operadora de
Infraestructura
Ternium
SiderPerú
-2x
0x
2x
4x
6x
8x
10x
12x
14x
-4x 0x 4x 8x 12x 16x 20x
EV/EBITDA2014E
PER 2014P
PENm 1T13A 1T13E A/E 1T12 Y/Y
Ventas 397.2 478.7 -17.0% 423.2 -6.1%
EBIT 1.7 -12.7 na -3.9 na
Utilidad Neta -11.9 -21.3 na -3.7 na
UPA (PEN) -0.01 -0.02 na 0.00 na
Márgenes
Margen EBIT 0.4% -2.7% na -0.9% na
Margen Neto -3.0% -4.5% na -0.9% na
PENm 2011 2012 12M 2013P 2014P
Ventas 1,580 1,681 1,655 1,727 1,972
Utilidad Operativa 73 -150 -144 -33 75
EBITDA 29 -203 -91 34 156
Utilidad Neta 55 -99 -107 -64 37
UPA (PEN) 0.06 -0.11 -0.12 -0.07 0.04
Márgenes
Margen Operativo 4.6% -8.9% -8.7% -1.9% 3.8%
Margen EBITDA 1.8% -12.1% -5.5% 2.0% 7.9%
Margen Neto 3.5% -5.9% -6.5% -3.7% 1.9%
Múltiplos
EV/EBITDA 14.4x na na 33.2x 7.3x
PER 14.9x na na na 5.0x

2. 2
Resultados 1T13: Sideperu
Menores ingresos, con mejoras en márgenes
Mayo 23, 2013
Omar Avellaneda.
(+51 1) 416 3333 – Ext. 36065, eavellaneda@credicorpcapital.com
Disclaimer
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schevich@imtrust.cl
schevich
CHILE PERÚ Hernán Arellano Marilyn Macdonald
Head of Equities Equity Sales International
Francisca Manu Alejandro Rabanal harellano@imtrust.cl mar_macdonald@btconnect.com
Head of Equity Research - Chile Head of Equity Research - Perú # (562) 2446 1706 # (4477) 7151 5855
fmanu arabanal@bcp.com.pe
# (562) 2446 1798 # (511) 205 9190 Ext 36070 Roberto Salas Cristián Castillo
Equity Sales International Sales Trader International
Christopher DiSalvatore María Teresa Sarmiento rsalas@imtrust.cl ccastillo@credicorpcapital.com
Senior Analyst: Retail & Financials Senior Analyst: Infrastructure # (562) 2446 1732 # (786) 999 1633
cdisalvatore@imtrust.cl msarmientov@bcp.com.pe
# (562) 2446 1724 # (511) 205 9190 Ext 33055 CHILE PERÚ
Felipe Etchegaray Fernando Pereda Rene Ossa Jorge Monsante
Senior Analyst: Utilities Senior Analyst: Cement & Utilities Equity Sales International General Manager Credibolsa
fetchegaray@imtrust.cl fpereda@bcp.com.pe reneossa@imtrust.cl jmonsante@bcp.com.pe
# (562) 2446 1768 # (511) 205 9190 Ext 37856 # (562) 2651 9324 # (511) 313 2918
Ignacio Spencer Héctor Collantes Christian Munchmeyer Gonzalo Morales
Senior Analyst: Food & Beverages, Others Senior Analyst: Mining Sales & Trading International Head of Sales & Trading
ispencer@imtrust.cl hcollantes@bcp.com.pe cmunchmeyer@imtrust.cl gmorales@bcp.com.pe
# (562) 2450 1688 # (511) 205 9190 Ext 33052 # (562) 2450 1613 # (511) 313 2918 Ext 32901
Javier Günther Omar Avellaneda COLOMBIA Jorge Juan Aita
Analyst: Construction & Health Services Senior Analyst: Retail & Others Sales & Trading
jgunther@imtrust.cl oavellaneda@bcp.com.pe Sergio Ortíz jaita@bcp.com.pe
# (562) 2450 1695 # (511) 205 9190 Ext 36065 Head of Equities Sales - Colombia # (511) 313 2918 Ext 32901
sortiz@correval.com
José Manuel Edwards COLOMBIA # (571) 339 4400 Ext 273 Úrsula Mitterhofer
Analyst: Natural Resources Sales & Trading
jedwards@imtrust.cl Daniel Velandia Juan Antonio Jiménez umitterhofer@bcp.com.pe
# (562) 2446 1761 Head of Research & Chief Economist Head of Equity Sales International # (511) 313 2918 Ext 32922
dvelandia@correval.com jjimenez@correval.com
Lourdes Alamos # (571) 339 4400 Ext 505 # (571) 339 4400 Ext 466
Assistant to Research
lalamos@imtrust.cl Valeria Marconi Santiago Castro
# (562) 2450 1609 Senior Analyst: Oil & Gas Sales & Trading International
vmarconi@correval.com scastro@correval.com
# (571) 339 4400 Ext 594 # (571) 339 4400 Ext 369
Jaime Pedroza
Senior Analyst: Utilities
jpedroza@correval.com
# (571) 339 4400 Ext 9139
Juan Camilo Domínguez
Senior Analyst: Banks
jcdominguez@correval.com
# (571) 339 4400 Ext 572
Juliana Valencia
Analyst: GEA & BVC
jvalencia@correval.com
# (571) 339 4400 Ext 365
EQUITY RESEARCH TEAM EQUITY SALES & TRADING