Urbas Grupo Financiero SA UBS QQQQ - Bolsa de …

1 Urbas Grupo Financiero SA UBS QQQQQ 30 Oct 2018 02:00 UTCLast CloseFair ValueQMarket CapSectorIndustryCountry of Domicile30 Oct 201830 Oct 2018 02:00 UTC30 Oct MiluReal EstateReal Estate ServicesESPS painThere is no one analyst in which a Quantitative Fair Value Estimate and QuantitativeStar Rating are attributed to; however, Mr. Lee Davidson, Head of QuantitativeResearch for Morningstar, Inc., is responsible for overseeing the methodology thatsupports the quantitative fair value. As an employee of Morningstar, Inc., is guided by Morningstar, Inc. s Code of Ethics and Personal SecuritiesTrading Policy in carrying out his responsibilities. For information regarding Conflictsof Interests, visit ProfileUrbas Grupo Financiero is a Spain-based company mainlyengaged in the real estate sector. Its activities include theacquisition, development and sale of land and properties,mainly in the regions of Guadalajara and ScoresScoresAllRel SectorRel CountryQuantitative MoatNone654641 ValuationUndervalued919796 Quantitative UncertaintyVery High413027 Financial HealthWeak1023 Source: Morningstar Equity ResearchuESPUBS Undervalued Fairly ValuedOvervalued ValuationCurrent5-Yr AvgSectorMedianCountryMedianPrice/Quant Fair P/E Flow Cash Flow Dividend Yield % AvgSectorMedianCountryMedianReturn on Equity % on Assets % (K) , HealthCurrent5-Yr AvgSectorMedianCountryMedianDistance to vs.

2 Quantitative Fair Value246810201420152016201720182019 Quantitative Fair Value EstimateTotal ReturnSales/ShareForecast RangeForcasted PriceDividendSplitMomentum: Standard Return % +/ Market (Morningstar WorldIndex) Trailing Dividend Yield % Forward Dividend Yield % RatingQQQQQQQQQQQQQQQQ201320142015201620 17 TTMF inancials (Fiscal Year in K)6,7965,3871,5017,0394,2584, % Change-24,835-4,349-1,605-3,210253253 Operating Income % Change-31,396-17,052-4,6954,8325,2305,23 0 Net Income14,478-1,214-1,788-2,194-1,249-1,2 49 Operating Cash Flow Capital Spending14,478-1,214-1,788-2,194-1,249-1 ,249 Free Cash % % Cash Flow/Share Value/Share1,7192,0742,8522,85234,1103,6 87 Shares Outstanding (Mil)Profitability on Equity % on Assets % Margin % Turnover Margin % Margin %2182961,8631,0411,4341,434 Long-Term Debt-38,489-49,887164,435302,990316,3163 16,316 Total Asset TurnsGrowth Per Share1-Year3-Year5-Year10-YearRevenue % Income % % % Book Value % Stock Total Return % Revenue & EPSR evenue (K)MarJunSepDecTotal2017 1, 2, , 5, 1, , 2, -1, , 2, 2, , Per Share ()2017 Growth Year On Year % Equity Report | Release: 30 Oct 2018, 23:01 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange:XMAD Morningstar 2018.

3 All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses andopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; andare subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data,analyses or opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar. Please see important disclosures at the end of this report.

4 Page 1 of 4 Quantitative Equity Reports OverviewThe quantitative report on equities consists of data, statistics and quantitativeequity ratings on equity securities. Morningstar, Inc. s quantitative equityratings are forward looking and are generated by a statistical model that isbased on Morningstar Inc. s analyst-driven equity ratings and quantitativestatistics. Given the nature of the quantitative report and the quantitativeratings, there is no one analyst in which a given report is attributed to; however,Mr. Lee Davidson, Head of Quantitative Research for Morningstar, Inc., isresponsible for overseeing the methodology that supports the quantitativeequity ratings used in this report. As an employee of Morningstar, Inc., is guided by Morningstar, Inc. s Code of Ethics and Personal SecuritiesTrading Policy in carrying out his Equity RatingsMorningstar s quantitative equity ratings consist of: (i) Quantitative Fair ValueEstimate, (ii) Quantitative Star Rating, (iii) Quantitative Uncertainty, (iv)Quantitative Economic Moat, and (v) Quantitative Financial Health (collectivelythe Quantitative Ratings).

5 The Quantitative Ratings are calculated daily and derived from the analyst-driven ratings of a company s peers as determined by statistical , Inc. ( Morningstar , we , our ) calculates Quantitative Ratingsfor companies whether or not it already provides analyst ratings and qualitativecoverage. In some cases, the Quantitative Ratings may differ from the analystratings because a company s analyst-driven ratings can significantly differ fromother companies in its peer Quantitative Fair Value Estimate: Intended to represent Morningstar sestimate of the per share dollar amount that a company s equity is worth calculates the Quantitative Fair Value Estimate using a statisticalmodel derived from the Fair Value Estimate Morningstar s equity analystsassign to companies. Please go for information about FairValue Estimate Morningstar s equity analysts assign to Quantitative Economic Moat: Intended to describe the strength of afirm s competitive position.

6 It is calculated using an algorithm designed topredict the Economic Moat rating a Morningstar analyst would assign to thestock. The rating is expressed as Narrow, Wide, or assigned when the probability of a stock receiving a Wide Moat rating by an analyst is greater than 70% but less than 99%.Wide assigned when the probability of a stock receiving a Wide Moat rating by an analyst is greater than 99%.None assigned when the probability of an analyst receiving a WideMoat rating by an analyst is less than 70%.iii. Quantitative Star Rating: Intended to be the summary rating based onthe combination of our Quantitative Fair Value Estimate, current market price,and the Quantitative Uncertainty Rating. The rating is expressed as One-Star,Two-Star, Three-Star, Four-Star, and the stock is overvalued with a reasonable margin of (Quant FVE/Price) < -1*Quantitative UncertaintyTwo-Star - the stock is somewhat (Quant FVE/Price) between (-1*Quantitative Uncertainty, *QuantitativeUncertainty)Three-Star the stock is approximately fairly (Quant FVE/Price) between ( *Quantitative Uncertainty, *QuantitativeUncertainty)Four-Star the stock is somewhat (Quant FVE/Price) between ( *Quantitative Uncertainty, 1*QuantitativeUncertainty)Five-Star the stock is undervalued with a reasonable margin of (Quant FVE/Price) > 1*Quantitative Uncertaintyiv.

7 Quantitative Uncertainty: Intended to represent Morningstar s level ofuncertainty about the accuracy of the Quantitative Fair Value , the lower the Quantitative Uncertainty, the narrower the potentialrange of outcomes for that particular company. The rating is expressed as Low,Medium, High, Very High, and the interquartile range for possible fair values is less than 10%Medium the interquartile range for possible fair values is less than 15%but greater than 10%High the interquartile range for possible fair values is less than 35% butgreater than 15%Very High the interquartile range for possible fair values is less than 80%but greater than 35%Extreme the interquartile range for possible fair values is greater than80%v. Quantitative Financial Health: Intended to reflect the probability that afirm will face financial distress in the near future.

8 The calculation uses apredictive model designed to anticipate when a company may default on itsfinancial obligations. The rating is expressed as Weak, Moderate, and assigned when Quantitative Financial Health < assigned when Quantitative Financial Health is between assigned when Quantitative Financial Health > Definitionsi. Last Close Price of the stock as of the close of the market of the lasttrading day before date of the Quantitative Valuation Using the below terms, intended to denote therelationship between the security s Last Price and Morningstar s quantitativefair value estimate for that Last Price is below Morningstar s quantitative fair Valued Last Price is in line with Morningstar s quantitative fairvalue Last Price is above Morningstar s quantitative fair Report has not been made available to the issuer of the security prior WarningPlease note that investments in securities are subject to market and other risksand there is no assurance or guarantee that the intended investment objectiveswill be achieved.

9 Past performance of a security may or may not be sustained infuture and is no indication of future performance. A security investment returnand an investor s principal value will fluctuate so that, when redeemed, aninvestor s shares may be worth more or less than their original cost. Asecurity s current investment performance may be lower or higher than theinvestment performance noted within the quantitative equity ratings are not statements of fact. Morningstar does notguarantee the completeness or accuracy of the assumptions or models used indetermining the quantitative equity ratings. In addition, there is the risk that theprice target will not be met due to such things as unforeseen changes indemand for the company s products, changes in management, technology,economic development, interest rate development, operating and/or materialcosts, competitive pressure, supervisory law, exchange rate, and tax rate.

10 ForQuantitative Equity Report | Release: 30 Oct 2018, 23:01 UTC | Reporting Currency: EUR | Trading Currency: EUR | Exchange:XMAD Morningstar 2018. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses andopinions presented herein do not constitute investment advice; are provided solely for informational purposes and therefore is not an offer to buy or sell a security; are not warranted to be correct, complete or accurate; andare subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data,analyses or opinions or their use. The information herein may not be reproduced, in any manner without the prior written consent of Morningstar.