Equity Research

Company Alert 4Q21 Results

February 24th, 2022

Nutresa Food & Beverages

Headwinds on COGS dragged Rating: UR

down margins TP: UR
Nutresa posted its 4Q21 results in line with our estimates and market
consensus. Revenues grew ~22% y/y mainly explained by the Dry Andrés Cereceda
commercial networks, as expected. Top line from this segment, which acereceda@credicorpcapital.com
includes Novaventa, La Recetta, Atlantic Foods, and the new business
Belina, increased ~45% y/y, continuing with the positive trend seen Carol Roca
during the previous quarters. We also highlight the strong revenue growth croca@credicorpcapital.com
of the Coffee, Retail Food, Biscuits, and TMLUC segments, which posted
growth rates of +32% y/y, +30% y/y, 19% y/y and 18% y/y, respectively.
Consolidated revenues increased on the back of i) higher average prices
(10.7% y/y, in line with our estimates), which benefited by a more
favorable product mix, and ii) higher volumes, which increased at a Stock Data
historical growth rate of 10.4% y/y, but mainly because most segments Ticker nutresa cb
faced a low comparison base. Price (COP) 40,790
LTM Range 20,350 - 40,800
Looking at margins, higher commodity prices (approximately +32% y/y
Market Cap (USD mn) 3,094
considering Nutresa's commodity basket) continued to put pressure on
Shares Outstanding (mn) 459
COGS. In fact, gross margin contracted 340bps. The latter was partially
Free Float 20%
offset by an improvement at the SG&A over sales level (~280bps) due to
a higher fixed costs dilution. All in EBITDA margin contracted ~120bps in ADTV (USD mn) 1.0

line with our expectations. We highlight that the Cold Cuts and Biscuits
segments were the ones that experienced the largest contractions (- Price chart (COP) and volume (USD mn)
575bps and -335bps, respectively).
160 6
Management announced final dividend distribution, which amounts to
COP 948 per share (+35% y/y), implying a 2.3% yield. This dividend 5
140
payment is subject to approval in the shareholders’ meeting. 4
USD mn

120 3
2
100
1
80 0
Feb-21 May-21 Aug-21 Nov-21 Feb-22
Nutresa COLCAP

Nutresa Y/Y A/E

4Q21A 4Q20A 4Q21E
(COP bn) (%) (%)
Revenues 3,603 2,949 3,444 22.2% 4.6%
Sources: Bloomberg
EBITDA 355 327 346 8.6% 2.6%
IMPORTANT NOTICE (US FINRA RULE 2242) This document is
Net Income 142 106 121 33.9% 17.4% intended for INSTITUTIONAL INVESTORS and is not subject to
all of the independence and disclosure standards applicable to
debt research reports prepared for retail investors. Credicorp
Capital may do or seek to do business with companies covered
in its research reports. As a result, investors should be aware
EBITDA Mg. 9.8% 11.1% 10.0% that the firm may have a conflict of interest that could affect
the objectivity of this report. Investors should consider this
report as only a single factor in making their investment
Net Mg. 3.9% 3.6% 3.5% decision. Refer to important disclosures on page 3 to 6. Analyst
Certification on Page 3. Additional disclosures on page 6.
About the shares: Recent tender offers in Nutresa have affected the transaction price of the name. After
Gilinski group obtained a 27.69% stake in Nutresa during the first tender offer round, the same group is now
trying to acquire an additional stake in between 18.3% and 22.88%, which adds up to a total stake in between
45.99% and 50.57%. The new offered price is USD 10.48, which is ~36% higher than the price offered in the
first takeover bid (USD 7.71 per share), and ~90% higher than the shares’ price before the announcement of
the first tender offer. According to the offer notice, acceptances will be received until February 28th. We
reiterate that the tender price offers a significant premium; therefore, we see an attractive exit point on the
name. Additionally, we believe that once the tender offer is concluded, Nutresa’s share price should drop
significantly. We are changing our recommendation and target price to Under Review.

The company will host a conference call on February 28th, 2022, at 8 AM ET | Colombia. Dial-in information
in the following link. You can also listen to management joining the webcast.

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 Important Disclosures

This research report was prepared by Credicorp Capital Peru S.A and/or Credicorp Capital Colombia Sociedad Comisionista
de Bolsa and/or Credicorp Capital S.A. Corredores de Bolsa, companies authorized to engage in securities activities in Peru,
Colombia and Chile, respectively and indirect subsidiaries of Credicorp Capital Ltd. (jointly referred to as “Credicorp
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appearances and trading securities held by a research analyst account.

A. Analyst Disclosures
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Analyst unless otherwise stated on the cover.
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B. Ownership and Material Conflicts of Interest
Other significant financial interests
Credicorp Capital, LLC or its affiliates ´beneficially own´ securities issued by the companies referenced in this report
according to the following table:
Neither the research analysts primarily responsible for the preparation of the content of this research report nor their
household members ´beneficially own´securities issued by any of the company referenced herein.

C. Compensation and Investment Banking Activities

Neither Credicorp Capital, LLC nor any of its affiliates have managed or co-managed a public offering of securities for any
of the companies referenced in this report..
Credicorp Capital, LLC or its affiliates currently have or had, within the past 12 months, the following company(ies) as
investment banking client(s): Nutresa.
Credicorp Capital, LLC or its affiliates also have received compensation, within the past 12 months, for investment banking
services from the following company(ies): Nutresa.
Credicorp Capital, LLC or its affiliates also expect to receive or intend to seek compensation, in the next 3 months, for
investment banking services from the following company (ies): Nutresa.
D. Other Compensations and Non-Investment Banking Activities
Credicorp Capital, LLC or its affiliates currently provides or have provided, within the past 12 months, non-securities-
related services to the following company(ies): Nutresa.
Credicorp Capital, LLC or its affiliates also have received compensation, within the past 12 months, for non-securities
services from the following company(ies): Nutresa.
E. Market Making
Neither Credicorp Capital, LLC nor its affiliates act as market makers of the company referenced in this report.

4
F. Rating System

Stock ratings are based on the analyst’s expectation of the stock’s total return during the twelve to eighteen months
following assignment of the rating. This view is based on the target price, set as described below, and on the analyst’s
opinion, general market conditions and economic developments.
Buy: Expected returns of 5 percentage points or more in excess over the expected return of the local index, over the next
12-18 months.
Hold: Expected returns of +/- 5% in excess/below the expected return of the local index over the next 12-18 months.
Underperform: Expected to underperform the local index by 5 percentage points or more over the next 12-18 months.
Under Review: Company coverage is under review.
The IPSA, COLCAP and SP/BVL indexes are the selective equity indexes calculated by the Bolsa de Comercio de Santiago,
the Bolsa de Valores de Colombia, and the Bolsa de Valores de Lima, respectively.
In making a recommendation, the analyst compares the target price with the actual share price, and compares the
resulting expected return for the IPSA, the COLCAP, and/or the SP/BVL indexes, as estimated by Credicorp Capital S.A.
Corredores de Bolsa, Credicorp Capital Colombia Sociedad Comisionista de Bolsa, and/or CredicorpCapital Peru S.A, and
then makes a recommendation derived from the difference in upside potential between the shares and the respective
index.

G. Distribution of Rating

Buy Hold Underperform Restricted / UR

Companies covered with this rating 41% 44% 16% 0%

Compensation for investment banking
27% 46% 40% 0%
services in the past 12 months*
*Percentage of investment banking clients in each rating category.

H. Price Target

Unless otherwise stated in the text of this report, target prices in this report are based on either a discounted cash flow
valuation or comparison of valuation ratios with companies seen by the analyst as comparable or a combination of the two
methods. The result of this fundamental valuation is adjusted to reflect the analyst’s views on the likely course of investor
sentiment. Whichever valuation method is used there is a significant risk that the target price will not be achieved within
the expected timeframe. Risk factors include unforeseen changes in competitive pressures or in the level of demand for
the company’s products. Such demand variations may result from changes in technology, in the overall level of economic
activity or, in some cases, in fashion. Valuations may also be affected by changes in taxation, in exchange rates and, in
certain industries, in regulations. Investment in overseas markets and instruments such as ADRs can result in increased risk
from factors such as exchange rates, exchange controls, taxation, and political and social conditions. This discussion of
valuation methods and risk factors is not comprehensive – further information is available upon request.
 I. Price Chart.

Nutresa (nutresa cb)

40,000
Date Rating Price (COP) T.P. (COP)
38,000
11/09/2020 buy 22,540 30,800
36,000
34,000 16/09/2021 hold 21,550 26,000
32,000
30,000
28,000
26,000 H 26,000
24,000
22,000
20,000
18,000
16,000
Aug-21

Oct-21

Nov-21
Sep-21

Jan-22
Apr-21

Jul-21
Feb-21

Dec-21
Mar-21

May-21

Jun-21

Source: Bloomberg and Credicorp Capital.

Credicorp Capital ratings: B = Buy, H = Hold, U = Underperform

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 CONTACT LIST
ANDEAN RESEARCH TEAM SALES & TRADING
Daniel Velandia, CFA Felipe García
Executive Director Research – Chief Economist Head of Sales & Trading
dvelandia@credicorpcapital.com fgarcia@credicorpcapital.com
# (571) 339 4400 Ext 1505 # (571) 339 4400 Ext. 1132

EQUITY RESEARCH EQUITY SALES & TRADING

Carolina Ratto Mallie Andre Suaid
Team Leader Equity Research Head of Equities
Retail & Real Estate asuaid@credicorpcapital.com
cratto@credicorpcapital.com # (562) 2446 1710
# (562) 2446 1768

CHILE PERU COLOMBIA CHILE PERU COLOMBIA

Andrés Cereceda Miguel Leiva Steffania Mosquera Benjamin Ruiz-Tagle Daniel Guzman Juan A. Jiménez
Team Leader Equity Research Chile Team Leader Equity Research Peru Team Leader Equity Research Colombia Equity Director Head of Equity - Peru Head of International Equity Sales
Food&Beverage, Natural Resources Mining Cement & Construction, Nonbank bruiztagle@credicorpcapital.com dguzmang@credicorpcapital.com jjimenez@credicorpcapital.com
acereceda@credicorpcapital.com miguelleiva@credicorpcapital.com smosquera@credicorpcapital.com # (562) 2446 1793 # (511) 313 2918 Ext 36044 # (571) 339 4400 Ext 1701
# (562) 2446 1798 # (511) 416 3333 # (571) 339 4400 Ext 1025
Jose Manuel Baeza Renzo Castillo
Andrew McCarthy Mauricio Fernandini Daniel Mora Head of Equity Sales Equity Sales
VP Analyst Senior Analyst jbaeza@credicorpcapital.com renzocastillo@credicorpcapital.com
Utilities, Oil & Gas Mining Andean Banks # (562) 2450 1637 # (511) 416 3333 Ext 36167
amccarthy@credicorpcapital.com mauriciofernandini@credicorpcapital.com
dmoraa@credicorpcapital.com
# (562) 24461751 # (511) 416 3333 # (571) 339 4400 Ext 1609 Ursula Mitterhofer Maria Fernanda Luna
Senior Associate Sales & Trading Equity Sales
Marco Zuñiga Ana Paula Galvez Sergio Segura umitterhofer@credicorpcapital.com marialunav@credicorpcapital.com
Associate - Telecom & TI, Analyst Analyst # (562) 2450 1613 # (511) 416 3333 Ext 36182
Construction, Industrial, ports Utilities, Oil & Gas Utilities, Oil & Gas
mzunigac@credicorpcapital.com agalvez@credicorpcapital.com sdsegura@credicorpcapital.com Jorge Escalona Alexander Castelo
# (562) 2450 1600 # (511) 416 3333 # (571) 339 4400 Ext 1365 Senior Associate Equity Sales Equity Sales
jescalona@credicorpcapital.com acastelo@credicorpcapital.com
Maria Ignacia Flores Bianca Venegas Santiago Alba # (562) 2446 1732 # (511) 416 3333 Ext 36153
Analyst Junior Analyst Junior Analyst
Retail & Real Estate Cement & Construction Andean Banks Juan Cerda Pecarevic Credicorp Capital, LLC
miflores@credicorpcapital.com biancasvenegas@credicorpcapital.com
salbav@credicorpcapital.com Associate Equity Sales
# (562) 24346440 Ext 440 # (511) 416 3333 # (571) 339 4400 jcerda@credicorpcapital.com Faustino Cortina
# (562) 24501629 Equity Sales Trader
Vicente Valenzuela Carol Roca fcortina@credicorpcapital.com
Analyst Junior Analyst # 1 - 305-904-1170
Food&Beverage, Natural Resources Food&Beverage, Natural Resources
vvalenzuela@credicorpcapital.com croca@credicorpcapital.com
# (562) 2450 1600 # (571) 339 4400 Ext 1507

Agustina Maira
Research Coordinator
amaira@credicorpcapital.com
# (562) 2434 6433

FIXED INCOME & ECONOMICS RESEARCH FIXED INCOME SALES & TRADING

CHILE PERU COLOMBIA Andrés Nariño Alfredo Bejar

Director Sales Offshore Head of International FI
Josefina Valdivia Cynthia Huaccha Camilo A. Durán anarino@credicorpcapital.com alfredobejarg@credicorpcapital.com
Team Leader Fixed Income Research Fixed Income Associate Senior Economist # (571) 339-4400 Ext. 1459 # (511) 205 9190 Ext 36148
jvaldivia@credicorpcapital.com chuaccha@credicorpcapital.com caduran@credicorpcapital.com
# (562) 2651 9308 # (511) 416 3333 Ext 37946 # (5511) 339 4400 Ext. 1383 CHILE PERU COLOMBIA

Samuel Carrasco Madrid Sandra Loyola Diego Camacho Guido Riquelme Evangeline Arapoglou Carlos Sanchez
Senior Economist Senior Analyst Senior Economist Head of Capital Markets Chile Head of international FI Sales Head of Fixed Income
scarrasco@credicorpcapital.com sloyola@credicorpcapital.com dcamachoa@credicorpcapital.com griquelme@credicorpcapital.com earapoglou@credicorpcapital.com csanchez@credicorpcapital.com
# (562) 2446 1736 # (571) 339 4400 # (562) 2446 1712 # (511) 416 3333 Ext 36099 # (571) 323 9154

Daniel Heredia Manuel Olivares Andrés Valderrama Gustavo Trujillo

Economist Head of Sales Fixed Income Sales Head of Sales
dheredia@credicorpcapital.com molivares@credicorpcapital.com jvalderrama@credicorpcapital.com gtrujillo@credicorpcapital.com
# (571) 339 4400 # (562) 2450 1635 # (511) 416 3333 Ext 40352 # (571) 323 9252

Juan Francisco Mas Guillermo Arana Andrés Agudelo

Fixed Income Sales Sales Renta Fija Fixed Income Sales
jfmas@credicorpcapital.com garana@credicorpcapital.com aagudelo@credicorpcapital.com
# (562) 2446 1720 # (511) 416 3333 Ext. 36144 # (571) 339 4400 Ext 1180

Diego Hidalgo Javier Curulla Emilio Luna

Local Fixed Income Sales Sales Renta Fija Fixed Income Sales
dhidalgo@credicorpcapital.com javiercarulla@credicorpcapital.com eluna@credicorpcapital.com
# (562) 2450 1693 # (511) 416 3333 # (571) 339 4400

Stefan Ziegele Ana Lucía Rondón Medina Credicorp Capital, LLC

Fixed Income Sales Sales Renta Fija
sziegele@credicorpcapital.com arondon@credicorpcapital.com
# (562) 2446 1738 # (511) 416 3333 Ext. 40339 Jhonathan Rico
Fixed Income Trader
Angela Zapata jrico@credicorpcapital.com
Sales Renta Fija # 1 - 305-904-1170
angelazapata@credicorpcapital.com
# (511) 416 3333 Ext. 40339