Credicorp Ltd. (BAP) vs M&T Bank Corporation (MTB)

Credicorp Ltd. and M&T Bank Corporation are both Banks Regional companies. Credicorp Ltd. and M&T Bank Corporation are of similar size ($31.6B and $30.4B). M&T Bank Corporation trades at the lower P/E: 11.6× against 14.3×. Credicorp Ltd. grew revenue faster over the last twelve months: 12.1% against 1.00%. Credicorp Ltd. has the higher net margin (26.3% vs 21.5%) and the higher return on invested capital (173.4% vs 10.2%). Both pay a dividend; Credicorp Ltd. yields more (5.22% vs 4.05%). Across the 20 metrics below, Credicorp Ltd. leads on 13 and M&T Bank Corporation on 7.

Valuation

Metric BAP MTB Banks Regional median
P/E 14.33 11.60 12.15
P/S 3.75 2.42 2.37
P/B 2.71 1.26 1.21
Price to free cash flow 4.82 8.98 10.80
EV/EBITDA n/m n/m —
EV/Sales 2.51 2.13 2.27
Earnings yield 6.98% 8.62% 8.11%
Free cash flow yield 20.77% 11.14% 8.98%

Profitability

Metric BAP MTB Banks Regional median
Gross margin 81.63% 74.61% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 26.34% 21.53% 18.66%
Free cash flow margin 0.00% 26.93% 21.18%
Return on equity 20.60% 11.13% 10.64%
Return on assets 2.86% 1.33% 1.13%
Return on invested capital 173.44% 10.18% 8.33%

Growth

Metric BAP MTB Banks Regional median
Revenue growth (TTM) 12.06% 1.00% 6.61%
EPS growth (last fiscal year) 32.41% 16.12% —
Revenue growth, 5-year CAGR 9.83% 16.06% 12.30%
Net income growth, 5-year CAGR 81.29% 16.11% 9.71%

Health

Metric BAP MTB Banks Regional median
Debt to equity 0.38 0.49 0.22
Current ratio 1.06 0.96 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric BAP MTB Banks Regional median
Dividend yield 5.22% 4.05% 3.75%
Payout ratio 0.40 0.29 0.27

Size

Metric BAP MTB Banks Regional median
Market cap 30.42b 31.58b 921.07m

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