BAP - Credicorp Ltd.
Price:
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$434.33
DETAILS
HIGH:
$480.00
LOW:
$350.00
MEDIAN:
$473.00
CONSENSUS:
$434.33
UPSIDE:
17.32%
AlphaVal
Deterministic, archetype-aware fair value
Banks, Insurers & Asset Managers
85% confidence
Primary model: P/Tangible Book × ROE Quality
Adjust Assumptions
21.8%
9.1%
Key Value Driver
ROTCE (21.8%) vs. cost of equity (9.1%)
Implied Market Multiple
3.18x
Plain-Language Summary
With ROTCE of 21.8% vs. 9.1% cost of equity, fair P/TBV is 3.50x on $116.46 tangible book, implying $407.40 per share.
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above -- shown only as an outside comparison.
Average Target (15 analysts)
$434.33
Analyst Range
$350.00 – $480.00
Divergence from AlphaVal
6%
Warnings
Traditional cash flow models don't work well for banks — lending activity distorts how much cash the business actually generates.
Common valuation shortcuts don't apply here — for banks, interest payments are a core business cost, not overhead.
Financial statements were converted from PEN into USD using USDPEN at 0.2906 USD per PEN.
Key Risks
- Book value quality matters as much as level — check loan loss reserves
- Interest rate sensitivity creates non-linear earnings surprises
- Insurance reserving is actuarial, not financial — errors emerge slowly