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Davivienda: Company Update - HOLD: Earnings momentum should take a break for two quarters; we maintain our Hold

Price: COP 32,400; 2015E Target Price: COP 36,600

August 14, 2014 ( newswire) We are fine-tuning our estimates for Davivienda and rolling over our 2014 T.P. to 2015YE, reaching COP 36,600/share (11.8x target 2016E P/E and 2.1x target 2015E P/B). Our HOLD rating is unchanged as: i) the strong earnings momentum observed in the previous three quarters should take a break in the coming two quarters due to extraordinary factors that increased the base of comparison last year, ii) even though management has ruled out a capital increase for now, with a Tier 1 ratio at 6.9% that has decreasing pressures until Mar-15, the uncertainty in the capital front could restrict the share from further upside, and iii) trading at 12.2x 2015E P/E and 2.1x 2014E P/B, we think there are other attractive options to invest in the banking space without significant overhang risks right now.

Credicorp Capital

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