Credicorp Ltd. (BAP) intrinsic value & 10-year financials
Credicorp Ltd. (BAP) has a Graham intrinsic value of $1,294.67 per share. Over the last 10 fiscal years revenue grew 6.4% a year to $27.5B, with an average return on invested capital of 15.7%.
- Graham intrinsic value
- $1,294.67
- Revenue (FY2024)
- $27.5B
- Revenue growth (10-yr CAGR)
- 6.4%
- ROIC (10-yr avg)
- 15.7%
- Free cash flow (FY2024)
- $14.2B
BAP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | $27.5B | $5.6B | $69.09 | $14.2B | — | 16.5% |
| FY2023 | $25.7B | $5.0B | $61.08 | $3.8B | — | 15.8% |
| FY2022 | $23.0B | $4.7B | $58.13 | -$1.3B | — | 16.8% |
| FY2021 | $19.4B | $3.7B | $44.99 | $3.9B | — | 14.0% |
| FY2020 | $18.4B | $334.1M | $4.36 | $12.6B | — | 1.3% |
| FY2019 | $19.7B | $4.4B | $53.53 | $6.8B | — | 17.1% |
| FY2018 | $18.0B | $4.1B | $49.99 | -$433.0M | — | 17.5% |
| FY2017 | $17.7B | $4.2B | $51.35 | $9.2B | — | 19.7% |
| FY2016 | $16.8B | $3.6B | $44.15 | -$1.5B | — | 19.6% |
| FY2015 | $15.8B | $3.2B | $38.84 | -$1.5B | — | 18.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CREDICORP LTD has demonstrated mature, steady growth, with revenue compounding at 6.4% annually over the past decade.
CREDICORP LTD has earned high returns on invested capital, averaging 15.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
CREDICORP LTD has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CREDICORP LTD is modeled at 6.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1294.67 per share.