2 models fit Credicorp Ltd. Common Stock and they disagree: 0 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
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Valued as a bank: P/E comparison and Dividend discount.
ACCE opinionCredicorp Ltd. Common Stock (BAP)
Fair value (2 models)
$288
ACCE price target
$406
Rating
Overvalued
Horizon
12 months
Fair value published on 11 Oct 2026, 00:00 CEST; previously $276 since 5 Oct 2026, 00:00 CEST.
ACCE price target published on 18 Oct 2026, 00:00 CEST; previously $396 since 13 May 2026, 00:00 CEST.
Rating published on 19 Oct 2026, 19:04 CEST.
Price used: $370 at the close on 23 Oct 2026, 22:00 CEST.
Models: Dividend discount and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
28.7% above
-22.3% to fair value
ACCE score
75
out of 100
Analysts
86% buy
14 covering
P/E
13.9x
forward 10.8x
1-year return
+43.5%
Dividend yield
3.88%
Credicorp Ltd. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Credicorp is the holding company behind Peru's largest bank, Banco de Crédito del Perú, and it also owns Pacífico insurance and a pension and asset-management arm, so earnings come from lending, premiums and fees rather than from one loan book. The franchise is hard to dislodge: it sits at the top of a deep domestic deposit market, and a 20.4% return on equity is well above what most Latin American peers manage. Revenue growth of 12.0% is the number to test, since it has to hold up against Peruvian credit cycles and commodity-linked swings in the local economy. The stock trades at 14.6 times trailing earnings and 10.1 times forward, a gap that implies the market expects earnings to rise meaningfully over the next year. It carries a score of 73 out of 100 and sits outside the major indices, which may be part of why the discount persists and is worth a closer look.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
ACCE score collapse
Score fell 16 points in 90 days (85 to 69). Growth subscore dropped sharply; QoQ revenue growth now 0.9% vs historical 15.1% CAGR signals deceleration.
moderate
Earnings growth lag
Revenue up 12.0% YoY but earnings up only 8.6% YoY. Margin compression or cost pressures evident; net margin of 33.1% masks underlying operational slowdown.
moderate
Insider selling signal
Last 10 disclosed trades show $1.48M in sales, zero buys.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
BAP generates exceptional returns on equity at 20.4%, well above typical financial services benchmarks.
The stock trades at 11.1x forward earnings, below the 11.9x sector median, offering valuation upside.
BAP has delivered 15.1% average annual revenue growth over five years, demonstrating consistent expansion.
Why it could disappoint
Consensus fair value of $287.33 sits 24.6% below the current $381.21 share price, suggesting overvaluation.
ROIC of 9.0% lags the cost of capital for most financial institutions, destroying shareholder value.
Debt to equity of 0.73 leaves limited financial flexibility if Peru's economic conditions deteriorate sharply.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 9, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where BAP's valuation models land
Price
$370.21
Model fair value
$288
Model range
$222 to $353
Fair value $288
Price $370
The price is above the whole model range.
Model
Fair value
Upside
Dividend discount
P/E comparison
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Quality
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Quality and conviction INVESTOR FEATURE
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