Daily Colombian Equities Bulletin and Fundamentals 5-14-14
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May 15, 2014 (www.investorideas.com newswire) The Colcap index closed at 1,689.5 points (+0.03%).Total turnover reached USD 112.9 mn. The best performers were Pacific Rubiales (+2.30%), PfDavivienda (+1.77%) and Ecopetrol (+1.28%). On the other hand, the worst performers were PfBancolombia (-1.18%), Bancolombia (-0.91%) and Cemargos (-0.89%).
EEB´s 1Q14 conference call takeaways: the increase in operating revenue (20.6% YoY) was due to: i) higher revenues from natural gas distribution business in Peru, amid an increase in connections to Calidda's network and a greater distributed volume; ii) sale of the first installations to residential clients and revenues from connection rights to industrial clients in Contugas; iii) increase in revenues from TGI given the change in the tariff scheme that remunerates the investment. EEB's non-controlled companies added COP 832.8 billion in dividends, 6.1% higher than dividends received in 2013. EEB's 1Q14 net income grew 11.2% YoY to COP 853 billion. Consolidated adjusted EBITDA LTM (EBITDA+dividends) was COP 1.88 trillion, what represents an increase of 17.2% YoY. Revenues were 5.45% and net income 4.30% above market's estimates. Net debt to Ajusted EBITDA stood at 1.39x in 1Q14 Vs 1.48x in 4Q13.
Davivienda will issue bonds in the local market for COP 400,000 mm (Green shoe up to COP 600,000 MM). Three tranches will be offered attached to IBR (3 years) and CPI (5 and 10 years). The issue will be used to finance working capital.
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