Upside case
Bull case
$2059+530.4%
BAP would need investors to value it at roughly 22x earnings — about 18x more generous than today's 3x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
Credicorp Ltd. (BAP) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
15
analysts
7 bullish · 0 bearish · 15 covering BAP
Strong Buy
0
Buy
7
Hold
8
Sell
0
Strong Sell
0
Consensus Target
$408
+24.9% vs today
Scenario Range
$166 – $2059
Model bear to bull value window
Coverage
15
Published analyst ratings
Valuation Context
3.4x
Forward P/E · Market cap $25.9B
BAP price targets
Three scenarios for where BAP stock could go
Current
~$327
Confidence
42 / 100
Updated
May 1, 2026
Where we are now
Current · $327
Bear
$166
Base
$1298
Bull
$2059
Market caseClosest to today
Base case
$1298+297.4%
At 14x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$166-49.1%
If investor confidence fades or macro conditions deteriorate, a 2x multiple contraction could push BAP down roughly 49% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Credicorp Ltd.
BAP · NYSEFinancial ServicesBanks - RegionalDecember year-end
Credicorp is a Peruvian financial services holding company operating primarily in Peru through banking, insurance, and wealth management services. It generates revenue through universal banking (deposits and loans), insurance and pensions (policy premiums and management fees), and microfinance services — with banking being its largest segment. The company's competitive advantage lies in its dominant market position in Peru's financial sector and its diversified financial ecosystem that serves individuals, businesses, and institutional clients across multiple segments.
Market Cap
$25.9B
Net Income TTM
$6.5B
BAP Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
45%Exceptional
12 quarters tracked
Revenue Beat Rate
90%Exceptional
vs consensus estimates
Avg EPS Surprise
+2.1%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 2 of 4Q2 2025
EPS
$6.02/$5.43
Revenue
$1.9B/$1.5B
Q3 2025
EPS
$6.24/$5.93
Revenue
$2.1B/$1.6B
Q4 2025
EPS
$6.17/$6.29
Revenue
$1.5B/$1.6B
Q1 2026
EPS
$5.88/$6.50
Revenue
$1.8B/$1.7B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $6.02/$5.43 | +10.9% | $1.9B/$1.5B | +26.2% |
| Q3 2025 | $6.24/$5.93 | +5.2% | $2.1B/$1.6B | +33.6% |
| Q4 2025 | $6.17/$6.29 | -1.9% | $1.5B/$1.6B | -6.5% |
| Q1 2026 | $5.88/$6.50 | -9.5% | $1.8B/$1.7B | +1.8% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$27.9B
+3.3% YoY
FY2
$30.0B
+7.6% YoY
EPS Outlook
FY1
$72.72
-10.6% YoY
FY2
$78.74
+8.3% YoY
Trailing FCF (TTM)$4.6B
Next Earnings
May 14, 2026
Expected EPS
$6.92
Expected Revenue
$1.6B
BAP beat EPS estimates in 2 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
BAP Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2024
Total disclosed revenue $27.5B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
PERU
89.4%
+42.2% YoY
Tap, hover, or focus a slice to inspect segment detail.
PERU is the largest reported region at 89.4%, up 42.2% YoY.
BAP Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $494 — implies +53.6% from today's price.
Upside to Fair Value
53.6%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
BAP
16.5x
vs
S&P 500
25.2x
35% discount
vs Financial Services Trailing P/E
BAP
16.5x
vs
Financial Services
13.4x
+23% premium
vs BAP 5Y Avg P/E
Today
16.5x
vs
5Y Average
9.6x
+72% premium
Forward PE
3.4x
S&P 500
19.1x
-82%
Financial Services
10.5x
-67%
5Y Avg
—
—
Trailing PE
16.5x
S&P 500
25.2x
-35%
Financial Services
13.4x
+23%
5Y Avg
9.6x
+72%
PEG Ratio
3.15x
S&P 500
1.75x
+80%
Financial Services
1.03x
+207%
5Y Avg
—
—
EV/EBITDA
9.4x
S&P 500
15.3x
-38%
Financial Services
11.4x
-18%
5Y Avg
7.6x
+23%
Price/FCF
6.7x
S&P 500
21.3x
-68%
Financial Services
10.6x
-37%
5Y Avg
2.3x
+194%
Price/Sales
3.3x
S&P 500
3.1x
+7%
Financial Services
2.3x
+49%
5Y Avg
0.6x
+507%
Dividend Yield
4.04%
S&P 500
1.88%
+115%
Financial Services
2.68%
+51%
5Y Avg
12.55%
-68%
| Metric | BAP | S&P 500 | Financial Services | 5Y Avg BAP |
|---|---|---|---|---|
| Forward PE | 3.4x | 19.1x-82% | 10.5x-67% | — |
| Trailing PE | 16.5x | 25.2x-35% | 13.4x+23% | 9.6x+72% |
| PEG Ratio | 3.15x | 1.75x+80% | 1.03x+207% | — |
| EV/EBITDA | 9.4x | 15.3x-38% | 11.4x-18% | 7.6x+23% |
| Price/FCF | 6.7x | 21.3x-68% | 10.6x-37% | 2.3x+194% |
| Price/Sales | 3.3x | 3.1x | 2.3x+49% | 0.6x+507% |
| Dividend Yield | 4.04% | 1.88% | 2.68% | 12.55% |
BAP trades above S&P 500 benchmarks on 1 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolBAP Financial Health
Verdict
Exceptional
BAP generates 17.4% ROE and 2.5% return on assets — the two primary signals for banking profitability. FCF-based metrics are not applicable to financial companies.
Earnings Engine
Revenue, profitability, and return on capital
Revenue (TTM)
Trailing-twelve-month sales base
—
Revenue Growth
TTM vs prior year
—
Operating Margin
Operating income divided by revenue
—
Net Margin
Net income divided by revenue
—
EPS (TTM)
Diluted earnings per share, trailing twelve months
$81.37
ROE
Return on equity — the primary profitability signal for banks
17.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
8.2%
ROA
Return on assets, trailing twelve months
2.5%
Cash & Equivalents
Liquid assets on the balance sheet
$47.5B
Net Cash
Cash exceeds total debt — no net leverage
$10.0B
FCF Analysis
Traditional FCF and debt/FCF ratios are not meaningful for financial companies. Focus on ROE and ROA above.
ROE
Return on equity — the headline bank profitability metric
17.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
4.2%
Dividend
4.0%
Buyback
0.1%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$111M
Dividend / Share
Annualized trailing dividend per share
$46.03
Payout Ratio
Share of earnings distributed as dividends
66.6%
Shares Outstanding
Declining as buybacks retire shares
80M
All figures from the trailing twelve months. For financial companies, ROE and ROA are the primary health signals — FCF-based metrics are not applicable.
Open full ratios pageBAP Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Economic & Political Risks
Credicorp operates primarily in Peru and Latin America, making it vulnerable to economic instability, political events, and regulatory changes in these regions. Such factors can adversely affect its business, financial condition, and results of operations, particularly with the potential for increased non-performing loans.
High Risk
Market & Credit Risks
Fluctuations in market conditions can significantly impact consumer confidence, leading to increased delinquencies and defaults. Additionally, rising default rates can result in higher charges or provisions for bad loans, directly affecting profitability.
High Risk
Liquidity Risk
Credicorp faces liquidity risk due to the potential inability to meet financial obligations without incurring unacceptable losses. Factors such as increased investment alternatives for depositors and complex off-balance sheet products complicate liquidity risk management.
Medium
Technological Disruption
The rise of alternative financial transaction methods may lead consumers to bypass traditional banking channels, negatively impacting Credicorp's fee income and deposit bases. This shift could pose a long-term threat to its revenue streams.
Medium
Operational Risks
Operational risks arise from issues related to service or product delivery, internal controls, information systems, or employee integrity. Any significant operational failure could lead to financial losses and reputational damage.
Lower
Short-Term Volatility
While BAP has demonstrated strong multi-year returns, its stock price may experience volatility due to general market fluctuations, industry factors, and economic conditions. Technical indicators currently suggest a 'Sell' signal, indicating potential short-term price pressure.
Lower
Diversification Risks
Although Credicorp is diversified across various financial services, this diversification exposes its earnings to a broader array of risks and uncertainties. Any adverse developments in one segment could impact overall financial performance.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why BAP Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Positive Analyst Consensus
The consensus among analysts is largely positive, with many recommending a 'Buy' or 'Strong Buy' rating. One analysis shows 10 Buy, 4 Hold, and 0 Sell ratings, indicating strong market confidence.
Strong Financial Performance
Credicorp has demonstrated robust performance, doubling its stock price since mid-2023, fueled by rising commodity prices and financial momentum in emerging markets. This growth is complemented by a favorable Price-to-Earnings (P/E) ratio compared to its peers.
Growth in Digital Financial Services
The company's digital wallet and payments business, Yape, has exceeded investor expectations and is viewed as a significant growth area. This focus on digital transformation and financial inclusion positions Credicorp well for future expansion.
Revised Dividend Policy
Credicorp's updated dividend policy aligns payouts with solvency, subsidiary dividends, and macroeconomic conditions, enhancing governance and potentially increasing future dividends. The company also maintains a meaningful dividend yield.
High Insider and Institutional Ownership
Credicorp boasts a high percentage of insider ownership at 15.90% and institutional ownership at 89.81%, which are positive indicators of company health and market trust.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
BAP Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$326.55
52W Range Position
71%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$193.13
+69.1% from the low
52-Week High
$380.20
-14.1% from the high
1 Month
-3.62%
3 Month
-7.57%
YTD
+14.0%
1 Year
+61.8%
3Y CAGR
+30.4%
5Y CAGR
+22.8%
10Y CAGR
+8.8%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
BAP vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
3.4x
vs 1.8x median
+90% above peer median
Revenue Growth
+3.3%
vs +1.6% median
+111% above peer median
Net Margin
—
vs 23.2% median
Peer median unavailable
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
BAP BAP Credicorp Ltd. | $25.9B | 3.4x | +3.3% | — | Hold | +24.9% |
ITU ITUB Itaú Unibanco Holding S.A. | $93.1B | 1.8x | +8.0% | — | Buy | -24.5% |
BBD BBD Banco Bradesco S.A. | $40.8B | 1.4x | -15.3% | — | Hold | -17.1% |
BSB BSBR Banco Santander (Brasil) S.A. | $44.8B | 6.7x | +1.6% | — | Buy | +20.4% |
GFI GFI Gold Fields Limited | $41.4B | 7.9x | +13.2% | 23.2% | Hold | +17.8% |
BBA BBAR Banco BBVA Argentina S.A. | $3.2B | 0.0x | -28.8% | — | Buy | +2.4% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
BAP Dividend and Capital Return
BAP returns 4.3% total yield, led by a 4.15% dividend.
Dividend WatchFCF Stretched
Total Shareholder Yield
4.3%
Dividend + buyback return per year
Buyback Yield
0.1%
Dividend Yield
4.15%
Payout Ratio
66.6%
How BAP Splits Its Return
Div 4.15%
Dividend 4.15%Buybacks 0.1%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$46.03
Growth Streak
Consecutive years of dividend increases
3Y
3Y Div CAGR
40.2%
5Y Div CAGR
4.9%
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
2 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$111M
Estimated Shares Retired
339.6K
Approx. Share Reduction
0.4%
Shares Outstanding
Current diluted share count from the screening snapshot
80M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $14.19 | — | — | — |
| 2025 | $11.01 | -9.8% | — | — |
| 2024 | $12.20 | +80.0% | 0.8% | 25.9% |
| 2023 | $6.78 | +69.8% | 0.7% | 17.4% |
| 2022 | $3.99 | +230.4% | 0.8% | 11.9% |
FAQ
7 questionsBAP Investor Questions
Common questions answered from live analyst data and company financials.
01Is Credicorp Ltd. (BAP) stock a buy or sell in 2026?
Credicorp Ltd. (BAP) is rated Hold by Wall Street analysts as of 2026. Of 15 analysts covering the stock, 7 rate it Buy or Strong Buy, 8 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $408, implying +24.9% from the current price of $327. The bear case scenario is $166 and the bull case is $2059.
02What is the BAP stock price target for 2026?
The Wall Street consensus price target for BAP is $408 based on 15 analyst estimates. The high-end target is $408 (+24.9% from today), and the low-end target is $408 (+24.9%). The base case model target is $1298.
03Is Credicorp Ltd. (BAP) stock overvalued in 2026?
BAP trades at 3.4x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Credicorp Ltd. (BAP) stock in 2026?
The primary risks for BAP in 2026 are: (1) Economic & Political Risks — Credicorp operates primarily in Peru and Latin America, making it vulnerable to economic instability, political events, and regulatory changes in these regions. (2) Market & Credit Risks — Fluctuations in market conditions can significantly impact consumer confidence, leading to increased delinquencies and defaults. (3) Liquidity Risk — Credicorp faces liquidity risk due to the potential inability to meet financial obligations without incurring unacceptable losses. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Credicorp Ltd.'s revenue and earnings forecast?
Analyst consensus estimates BAP will report consensus revenue of $27.9B (+3.3% year-over-year) and EPS of $72.72 (-10.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $30.0B in revenue.
06When does Credicorp Ltd. (BAP) report its next earnings?
Credicorp Ltd. is expected to report its next earnings on approximately 2026-05-14. Consensus expects EPS of $6.92 and revenue of $1.6B. Over recent quarters, BAP has beaten EPS estimates 45% of the time.
07How much free cash flow does Credicorp Ltd. generate?
Credicorp Ltd. (BAP) generated $4.6B in free cash flow over the trailing twelve months. BAP returns capital to shareholders through dividends (4.1% yield) and share repurchases ($111M TTM).