Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
2,002
6.4%
5.97%
2.1%
8.6%
2,003
5.8%
2,004
5.8%
2,005
5.7%
2006
5.7%
3.1%
9.1%
9.1%
3.4%
9.4%
9.4%
3.8%
9.7%
9.7%
3.8%
9.7%
9.7%
6.9%
6.1%
4.8%
4.8%
2007
6.0%
2008
6.0%
7.6%
4.05%
11.4%
6.00%
17.4%
18.18%
13.58%
Ventas 2001
Depreciaciones 2001
Tasa de Impuestos
Pasivos dic.2001
Inversin en activos fijos/Ventas
Costo de Capital
Margen EBITDA
KTNO/Ventas
177.0
5.1
35.0%
15.7
2.7%
21.37% (Mtodo Iterativo. Ver captulo 9)
18.80%
37.00% 37.00% 37.00% 37.00% 37.00%
3.4%
12.0%
12.5%
12.6%
12.6%
12.0%
18.0%
18.5%
18.6%
18.6%
18.0%
Ventas
Costos y Gastos Desembolsables
EBITDA
Menos Depreciaciones
UTILIDAD OPERATIVA
Impuestos aplicados (35%)
UODI
Ms Depreciaciones
F.CAJA BRUTO
Inversin en Capital de Trabajo
Inversin en Activos Fijos
FLUJO DE CAJA LIBRE
Valor de Continuidad
3.4%
37.00% 37.00%
2005
251.7
(204.3)
47.3
6.8
40.5
(14.2)
26.3
6.8
33.1
(9.0)
(6.8)
17.3
2006
276.0
(224.1)
51.9
7.5
44.4
(15.5)
28.9
7.5
36.3
(10.5)
(7.5)
18.4
182.6
2007
304.3
(247.1)
57.2
8.2
49.0
(17.1)
31.8
8.2
40.1
(11.5)
(8.2)
20.3
2005
252
37.0%
93
8
2006
276
37.0%
102
9
2007
304
37.0%
113
10
18.8%
18.8%
18.8%
Valoracin
Margen EBITDA
2011
6.0%
2012
6.0%
2013
6.0%
2014
6.0%
2015
6.0%
2016
6.0%
2017
6.0%
4.0% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
10.24% 10.24% 10.24% 10.24% 10.24% 10.24% 10.24% 10.24% 10.24% 10.24% 10.24%
10.2% 10.2%
Ventas
KTNO/Ventas
KTNO
Variacin
2010
6.0%
2018
6.0%
2019
6.0%
2020
6.0%
2021
6.0%
3.81%
2009
6.0%
45.0
69.3
114.3
(15.7)
98.6
18.8%
18.8%
2008
335
37.0%
124
12
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
2,003
5.8%
2,004
5.8%
2,005
5.7%
2006
5.7%
3.1%
9.1%
9.1%
3.4%
9.4%
9.4%
3.8%
9.7%
9.7%
3.8%
9.7%
9.7%
7.6%
4.05%
6.9%
6.1%
4.8%
4.8%
3.4%
11.4%
6.00%
17.4%
18.18%
13.58%
12.0%
12.5%
12.6%
12.6%
12.0%
18.0%
18.5%
18.6%
18.6%
18.0%
Ventas 2001
Depreciaciones 2001
Tasa de Impuestos
Pasivos dic.2001
Inversin en activos fijos/Ventas
Costo de Capital
Margen EBITDA
KTNO/Ventas
177.0
5.1
35.00%
15.7
2.70%
21.37%
18.80%
37.00%
37.00%
37.00%
37.00%
37.00%
37.00% 37.00%
2005
251.7
(184.7)
67.0
6.8
60.2
(21.1)
39.1
6.8
45.9
(9.0)
(6.8)
30.1
2006
276.0
(195.1)
80.9
7.5
73.4
(25.7)
47.7
7.5
55.2
(10.5)
(7.5)
37.3
417.6
2007
304.3
(206.8)
97.4
8.2
89.2
(31.2)
58.0
8.2
66.2
(11.5)
(8.2)
46.5
Inflacin Esperada
Inflacin Promedio de Largo Plazo
Crecimiento del PIB
Crecimiento Esperado Ventas
Crecimiento Esperado Costos y Gastos
Devaluacin
Devaluacin Promedio Largo Plazo
2007
6.0%
2008
6.0%
3.4%
Valoracin
64.5
158.5
223.0
(15.7)
207.3
Margen EBITDA
18.8%
Ventas
KTNO/Ventas
KTNO
Variacin
2010
6.0%
2011
6.0%
2012
6.0%
2013
6.0%
2014
6.0%
2015
6.0%
2016
6.0%
2017
6.0%
2018
6.0%
2019
6.0%
2020
6.0%
2021
6.0%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
3.4%
4.0%
4.0%
10.24% 10.24%
10.2% 10.2%
2009
6.0%
21.2%
23.8%
26.6%
29.3%
32.0%
2004
229
37.0%
85
7
2005
252
37.0%
93
8
2006
276
37.0%
102
9
2007
304
37.0%
113
10
2008
335
37.0%
124
12