Credicorp Ltd. (NYSE:BAP) Board Reshuffle Signals Accelerated Dividend And Capital-Return Focus

Credicorp enters a governance-driven near term where capital distribution and balance-sheet management will shape immediate price bias. Management actions and mixed momentum indicators point to limited upside and measurable downside pressure over coming weeks.

Recent News

On April 1, 2026 the board restructured leadership, confirming a new chairman and vice-chair while revising committee composition and linking an updated dividend policy more tightly to solvency and subsidiary dividends. The company set a shareholder record date of February 13, 2026 and held a virtual annual meeting on March 31, 2026; proxy materials and meeting documentation published in late February–March. Management signaled capital-return mechanics tied to subsidiary distributions and macro conditions in February communications.

Technical Analysis

Directional system: ADX at 13.8 indicates no established trend, but both directional indicators point toward near-term downside: DI+ peaked and reversed while DI- shows a dip-and-reversal; those DI actions read as bearish, implying directional conflict without a strong trend to amplify moves.

MACD sits positive at 2.02 yet shows a peak-and-reversal in momentum; it currently remains above its signal line (1.67), so momentum has started to fade from a recent high while still holding a short-term bullish displacement versus the signal.

MRO reads 14.84 with a peak-and-reversal, which places the market price above WMDST’s target and signals a price posture likely to pull back toward that target absent renewed upside catalysts.

RSI at 54.35 has peaked and reversed, indicating momentum waning from neutral territory rather than an overbought exhaustion; this suggests room for a pullback without immediate oversold support.

Price versus averages: close at $340.22 sits essentially on the 20‑ and 50‑day averages (20-day $340.59; 50-day $340.24) and well above the 200‑day average ($285.07), so short-term mean reversion would produce modest moves while the long-term trend retains upside bias. Ichimoku components place price inside the cloud (Senkou A $345.81; Senkou B $326.10), indicating consolidation. Bollinger bands (1x: $325.23–$355.95) contain the price, and elevated on‑book volume (1,031,080 versus 10‑day average 473,271) shows recent conviction on both sides that could accelerate breakouts or breakdowns.

Volatility and sensitivity: 42‑day beta (1.59) contrasts with 52‑week beta (0.79), signaling higher recent sensitivity to market moves and greater potential for sharper short‑term swings versus the yearlong baseline.

 


Fundamental Analysis

Earnings and estimates: reported EPS of $5.93 undercut the $6.45 estimate by $0.52, an EPS surprise of -8.06%; forward EPS sits at $8.08. Quarterly and annual growth metrics show compression: earnings growth QoQ at -9.92% and earnings growth YoY at -68.49%, while overall earnings growth (trailing measure) equals -8.35%—these indicate materially weaker sequential and year‑on‑year profitability versus prior periods.

Revenue dynamics show near‑flat trailing growth (0.59%) but a steep YoY decline of -38.49%, implying revenue base weakness even as short‑term stabilization appears. Cost of debt runs near 3.95%, and cash conversion metrics for peers imply broad variation across the group; invested capital reads as $-60,612,382,000 on the balance sheet.

Multiples and peer context: current P/E stands at 52.10 and forward P/E at 33.21. The P/E sits below the industry peer mean (about 62.58) and inside the industry peer range, while forward P/E sits below the industry peer mean (about 45.68) and below the industry peer median. The PEG ratio registers at -6.24, which sits below the industry peer mean of -3.26 and below the industry peer median of -2.44 but remains inside the industry peer range. These multiple relationships reflect elevated current earnings volatility alongside a lower forward multiple versus peers. (Industry peer mean and median values used for comparison provided above.)

Profitability and cash: reported earnings growth patterns and a zero cash conversion to earnings metric indicate earnings did not translate into incremental free cash flow for the period reported. Management commentary highlights elevated CET1 capital and plans to channel excess capital to the holding via dividends when subsidiary distributions and macro conditions allow.

Valuation: WMDST values the stock as fair‑valued based on current multiples, forward earnings, and observed solvency‑driven capital‑return commentary; fundamentals show mixed recovery signals but do not yet support a sustained re‑rating above peer multiples.

MOST-RECENT QUARTERLY REPORT
REPORT PERIOD ENDING: 2025-12-31
REPORT DATE: 2026-02-11
NEXT REPORT DATE: 2026-05-13
CASH FLOW  Begin Period Cash Flow
 Operating Cash Flow
 Capital Expenditures
 Change In Working Capital
 Dividends Paid
 Cash Flow Delta
 End Period Cash Flow
 
INCOME STATEMENT REVENUE
 Total Revenue
 Forward Revenue
COSTS
 Cost Of Revenue
 Depreciation
 Depreciation and Amortization
 Research and Development
 Total Operating Expenses
PROFITABILITY
 Gross Profit
 EBITDA
 EBIT
 Operating Income
 Interest Income
 Interest Expense
 Net Interest Income
 Income Before Tax
 Tax Provision
 Tax Rate
 Net Income
 Net Income From Continuing Operations
EARNINGS
 EPS Estimate 6.45
 EPS Actual 5.93
 EPS Difference -0.52
 EPS Surprise -8.062 %
 Forward EPS 8.08
 
BALANCE SHEET ASSETS
 Total Assets
 Intangible Assets
 Net Tangible Assets
 Total Current Assets
 Cash and Short-Term Investments
 Cash
 Net Receivables
 Inventory
 Long-Term Investments
LIABILITIES
 Accounts Payable
 Short-Term Debt
 Total Current Liabilities
 Net Debt
 Total Debt
 Total Liabilities
EQUITY
 Total Equity
 Retained Earnings
VALUATION & PER-SHARE METRICS EQUITY & PER-SHARE METRICS
 Book Value Per-Share
 Shares Outstanding
 Revenue Per-Share
VALUATION
 Market Capitalization
 Enterprise Value
 Enterprise Multiple
Enterprise Multiple QoQ
Enterprise Multiple YoY
Enterprise Multiple IPRWA
 EV/R
CAPITAL STRUCTURE
 Asset To Equity
 Asset To Liability
 Debt To Capital
 Debt To Assets
Debt To Assets QoQ
Debt To Assets YoY
Debt To Assets IPRWA
 Debt To Equity
Debt To Equity QoQ
Debt To Equity YoY
Debt To Equity IPRWA
PRICE-BASED VALUATION
 Price To Book (P/B)
Price To Book QoQ
Price To Book YoY
Price To Book IPRWA
 Price To Earnings (P/E) 52.097
Price To Earnings QoQ 32.241 %
Price To Earnings YoY 297.183 %
Price To Earnings IPRWA high: 94.177
mean: 62.579
median: 61.871
BAP: 52.097
low: 37.244
 PE/G Ratio -6.242
 Price To Sales (P/S)
Price To Sales QoQ
Price To Sales YoY
Price To Sales IPRWA
FORWARD MULTIPLES
Forward P/E 33.214
Forward PE/G -3.98
Forward P/S
EFFICIENCY OPERATIONAL
 Operating Leverage
ASSET & SALES
 Asset Turnover Ratio
Asset Turnover Ratio QoQ
Asset Turnover Ratio YoY
Asset Turnover Ratio IPRWA
 Receivables Turnover
Receivables Turnover Ratio QoQ
Receivables Turnover Ratio YoY
Receivables Turnover Ratio IPRWA
 Inventory Turnover
Inventory Turnover Ratio QoQ
Inventory Turnover Ratio YoY
Inventory Turnover Ratio IPRWA
 Days Sales Outstanding (DSO)
CASH CYCLE
 Cash Conversion Cycle Days (CCC)
Cash Conversion Cycle Days QoQ
Cash Conversion Cycle Days YoY
Cash Conversion Cycle Days IPRWA high: 83.413
mean: 13.496
low: 10.154
median: 10.154
BAP: 0
CAPITAL DEPLOYMENT
 Cash Conversion Ratio
 CapEx To Revenue
 CapEx To Depreciation
 
CAPITAL, LIQUIDITY & COVERAGE CAPITAL STRUCTURE
 Total Capital
 Net Invested Capital
 Invested Capital -60.61 B
 Net Tangible Assets
 Net Working Capital
LIQUIDITY
 Cash Ratio
 Current Ratio
Current Ratio QoQ
Current Ratio YoY
Current Ratio IPRWA
 Quick Ratio
Quick Ratio QoQ
Quick Ratio YoY
Quick Ratio IPRWA
COVERAGE & LEVERAGE
 Debt To EBITDA
 Cost Of Debt 3.948 %
 Interest Coverage Ratio
Interest Coverage Ratio QoQ
Interest Coverage Ratio YoY
Interest Coverage Ratio IPRWA
 Operating Cash Flow Ratio
TIMING / LIQUIDITY
 Days Payables Outstanding (DPO)
DIVIDENDS
 Dividend Coverage Ratio
 Dividend Payout Ratio
 Dividend Rate
 Dividend Yield
PERFORMANCE GROWTH
 Asset Growth Rate
 Revenue Growth 0.585 %
Revenue Growth QoQ 0.0 %
Revenue Growth YoY -38.486 %
Revenue Growth IPRWA high: 14.958 %
median: 3.449 %
mean: 3.207 %
BAP: 0.585 %
low: -1.639 %
 Earnings Growth -8.346 %
Earnings Growth QoQ -991.667 %
Earnings Growth YoY -68.489 %
Earnings Growth IPRWA high: 12.5 %
BAP: -8.346 %
median: -8.679 %
mean: -15.331 %
low: -45.133 %
MARGINS
 Gross Margin
Gross Margin QoQ
Gross Margin YoY
Gross Margin IPRWA
 EBIT Margin
EBIT Margin QoQ
EBIT Margin YoY
EBIT Margin IPRWA
 Return On Sales (ROS)
Return On Sales QoQ
Return On Sales YoY
Return On Sales IPRWA
CASH FLOW
 Free Cash Flow (FCF)
 Free Cash Flow Yield
Free Cash Flow Yield QoQ
Free Cash Flow Yield YoY
Free Cash Flow Yield IPRWA
 Free Cash Growth
Free Cash Growth QoQ
Free Cash Growth YoY
Free Cash Growth IPRWA
 Free Cash To Net Income
 Cash Flow Margin
 Cash Flow To Earnings 0.0
VALUE & RETURNS
 Economic Value Added
 Return On Assets (ROA)
Return On Assets QoQ
Return On Assets YoY
Return On Assets IPRWA
 Return On Capital Employed (ROCE)
 Return On Equity (ROE)
Return On Equity QoQ
Return On Equity YoY
Return On Equity IPRWA
 DuPont ROE
 Return On Invested Capital (ROIC)
Return On Invested Capital QoQ
Return On Invested Capital YoY
Return On Invested Capital IPRWA

Six-Week Outlook

For swing traders the near‑term bias reads cautiously bearish-to-neutral. Technical momentum has peaked and begun reversing while the ADX shows no strong trend—conditions favor choppy trading inside the Bollinger band envelope with downside pressure suggested by the positive MRO and DI behavior. Elevated volume and a higher short‑term beta raise the odds of volatile moves if governance or capital‑return headlines accelerate. Watch for follow‑through in directional indicators or a decisive break above the 1x Bollinger upper band near $356 or below the lower band near $325 to redefine bias; absent such moves, expect consolidation with a slight downside tilt as capital‑return signals compete with fading momentum.

About Credicorp Ltd.

Credicorp Ltd. (NYSE:BAP) represents a prominent financial services group headquartered in Lima, Peru, with roots tracing back to 1889. The company delivers a comprehensive suite of financial services through its four primary segments: Universal Banking, Insurance and Pensions, Microfinance, and Investment Banking and Equity Management. Within the Universal Banking segment, Credicorp provides a range of services including loans, credit facilities, and deposit accounts for both individual and corporate clients. The Insurance and Pensions division offers extensive insurance coverage, addressing needs in commercial property, transport, life, and health, while also managing private pension funds. The Microfinance segment supports small and microenterprises by providing customized loan solutions and financial management services to foster growth and sustainability. In the Investment Banking and Equity Management sector, Credicorp offers brokerage and investment management services, facilitating capital market transactions and managing mutual funds for a diverse clientele, including corporations and institutional investors. Credicorp’s strategic approach and dedication to service excellence have positioned it as a reliable financial partner, promoting economic growth and financial inclusion both in Peru and internationally.



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