Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Menos
Pasivos Financieros % MARGEN EBITDA
Igual
Patrimonio Mercado RIONDI o ROCE Productividad del Activo Fijo PAF
Riesgos Empresas
Riesgo Financiero
Riesgo Riesgo Negocios
Fusiones 2 a 1 Riesgo Entorno
Adquisicion 1 Costo de Capital
Reestructuras Impuestos
1a1
2a1
Definiciones
Donde:
EBIT Utilidad antes de Impuestos e Intereses
t Tasa de impuestos
ION Inversión Operativa Neta
PDC
Costeo ABC
Inductores
Generadores de Cash-Flow Estratégicos
de Trabajo-PKTNO 1 % Crecimiento de las Ventas Competencias
2 Márgenes Bruto de
3 % OPEX Corto
4 Rotación Cuentas x Cobrar Mediano
5 Rotación Inventarios Y
6 Rotación Cuentas x Pagar Largo Plazo
7 % CAPEX
SI EXISTE ACOPLE ESTRATEGICO O FIT ESTRATEGICO SE TENDRAN BUENOS GENERADORES DEL CASH-FLOW
POR MEJORA DE INDUCTORES ESTRATEGICOS
`
PILARES ESTRATEGICOS
1. Entorno & Industria
2. Modelo de Negocios
3. Modelo Financiero
4 Sinergias
MODELO FINANCIERO
MODELO NEGOCIOS
ENTORNO , SECTOR Y INDUSTRIA
SINERGIAS
BALANCE GENERAL
US$
31 de Diciembre
31 de Diciembre 2013
Activo Corriente
Activo no Corriente
Pasivo Circulante
Proveedores 2,178,995
Cuentas por Pagar 1,242,304
Cuentas por Pagar Cia Afiliadas 1,488,105
Prestamos Bancarios C/P 7,493,821
Prestamos Bancarios PCLC 2,659,144
Total Pasivo Circulante 15,062,369
Pasivo no Corriente
ESTADO DE RESULTADOS
US$
ESTADOS DE FLUJOS DE E
US$
Capital de Trabajo
956,684 Activo Fijo Neto
4,992,004 Otros Activos Largo Plazo
6,378,952
1,526,887
113,263 Inversion Operativa Neta
13,967,790
19,550,997
675,132
20,226,129
34,193,919
1,921,777
1,517,139
245,554
3,471,721
2,953,846
10,110,037
10,227,967
314,035
10,542,002
3,000,000
811,021
5,298,194
2,633,209
1,799,456
13,541,880
34,193,919
O DE RESULTADOS
2012
$41,902,287
$15,973,634
$57,875,921
$1,295,661
$938,991
$59,602
$2,294,254
$55,581,667
$37,966,375
$681,464
$4,148,976
$42,796,815
$12,784,852
$4,616,564
$1,646,886
$2,636,093
$731,870
$32,921
$9,664,334
$3,120,518
$654,603
$12,175
$80,159
$562,269
$2,558,249
$758,792
$1,799,457
OS DE FLUJOS DE EFECTIVO
2012
$ 1,799,456
$ 2,497,443
$ (382,062)
$ (3,702,646)
$ (1,034,927)
$ 119,294
$ (3,556,831)
$ 769,818
$ (39,546)
$ (122,531)
$ 283,105
$ -
$ (147,235)
$ (52,885)
$ 172,645
$ (6,109,975)
$ (6,381,482)
$ 271,507
$ 5,113,596
$ 5,113,596
$ -
$ (823,734)
$ 1,780,418
$ 956,684
FUENTES DE FINANCIAMIENTO
US$
46%
100%
BALANCE GENERAL al 31 de diciembre del 2013
Activo Corriente
Efectivo y Equivalentes
Cuentas por Cobrar
Inventarios
Impuestos por Cobrar
Gastos Pagados por Adelantado
Activo No Corriente
Total Activos
Ventas Locales
Ventas del Exterior
VENTAS
Costo de Materiales
Costo de Mano de Obra
Gastos Indirectos de Fabricación
COSTO DE VENTAS
UTILIDAD BRUTA
Gastos de Venta
Gastos de Administración
Gastos de Logística
Gasto Corporativo
Gasto No Deducibles
GASTO DE OPERACION
UTILIDAD DE OPERACION
Gastos Financieros
Otros Productos
Otros Ingresos
GASTOS/INGRESOS NO OPERATIVOS
UTILIDAD NETA
Depreciaciones y Amortizaciones
Ajuste en Depreciaciones por Reclasificaciones y Venta de Activos
Proveedores
Cuentas por Pagar
Dividendos por Pagar
Cuentas por Pagar Compañías Afiliadas
Otros Pasivos
EFECTIVO NETO PROVISTO POR ACTIVIDADES DE OPERACION
Prestamos Bancarios
Distribución de utilidades
Balance Financiero
Capital de Trabajo
Activo Fijo Neto
Otros Largo Plazo
Inversión Operativa Neta-ION
Capital Social
Reservas
Superávit
$44,532,249
$19,034,665
$63,566,914
$1,425,580
$1,032,884
$74,808
$2,533,272
$61,033,642
$40,809,060 0.1
$666,230
$5,015,689
$46,490,979
$14,542,663
$5,362,584
$1,768,663
$3,292,039
$950,978
$34,264
$11,408,528
$3,134,135
$662,366
$24,440
$60,246
$577,680
$2,556,455
$769,861
$1,786,594
2013 2012
$ 1,786,594 $ 1,799,456
$ 2,689,353 $ 2,497,443
$ 120 $ (382,062)
$ (2,915,630) $ (3,702,646)
$ (1,702,950) $ (1,034,927)
$ (93,819) $ 119,294
$ (598,106) $ (3,556,831)
$ (520,755) $ 769,818
$ 1,186,289 $ (39,546)
$ 257,218 $ (122,531)
$ (274,835) $ 283,105
$ - $ -
$ 1,242,553 $ (147,235)
$ (38,647) $ (52,885)
$ 2,746,726 $ 172,645
$ (3,052,383) $ (6,109,975)
$ (3,135,505) $ (6,381,482)
$ 83,122 $ 271,507
$ 704,867 $ 5,113,596
$ 704,867 $ 5,113,596
$ - $ -
$ 399,210 $ (823,734)
$ 956,684 $ 1,780,418
$ 1,355,894 $ 956,684
2013
$ 15,062,370.43
$ 3,788,118.26
$ 225,479.08
$ 836,122.40 9
$ 7,493,821.16
$ 59,685.19
$ 2,659,144.34
$ 7,480,824.41
$ 7,205,436.42
$ 275,387.99
$ 15,328,473.52
$ 3,000,000.00
$ 811,020.85
$ 11,517,452.67
$ 37,871,668.36
ACTIVOS NETOS
US$
Patrimonio #DIV/0!
Patrimonio $ 15,328,473.52
Flujo Proveniente
RION Operaciones CFO
Tasa de
Impuestos
Renta Partidas Virtuales*
Utilidad Ejercicio
Partidas Virtuales*
Inversiones Capital de
Trabajo Neto
Flujo Caja Operaciones CFO
Línea Recta
KE Ki
DEUDA 2012 2013 PROMEDIO
Totales 16,653,534.00 17,358,401.00 17,005,967.50
Ejercicio Ejercicio
2013 2012
COGS/Ventas Netas
OPEX/Ventas Netas +D&A/Ventas Netas
D&A/Ventas Netas
RION
RIONDI=ROCE=ROIC
Estimating Country Risk Premiums
Enter the current risk premium for a mature equity market 5.08%
Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country prem Yes
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging market 1.12
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP Default Spread
Algeria 62.3 12.58% 7.50% 6.67%
Brunei 76.3 6.06% 0.98% 0.87%
Gambia 59.3 15.46% 10.38% 9.23%
Guinea 58.3 15.46% 10.38% 9.23%
Guinea-Bissau 63.8 12.58% 7.50% 6.67%
Guyana 68.5 9.23% 4.15% 3.69%
Haiti 61.8 13.73% 8.65% 7.69%
Iran 73.3 7.27% 2.19% 1.95%
Korea, D.P.R. 56 16.60% 11.52% 10.25%
Liberia 53 18.91% 13.83% 12.30%
Libya 62 13.73% 8.65% 7.69%
Madagascar 64.5 11.42% 6.34% 5.64%
Malawi 61.3 13.73% 8.65% 7.69%
Mali 60.8 13.73% 8.65% 7.69%
Myanmar 63.8 12.58% 7.50% 6.67%
Niger 53.7 18.91% 13.83% 12.30%
Sierra Leone 54.3 18.91% 13.83% 12.30%
Somalia 52 18.91% 13.83% 12.30%
Sudan 48 25.32% 20.24% 18.00%
Syria 47 25.32% 20.24% 18.00%
Tanzania 63.3 12.58% 7.50% 6.67%
Togo 61 13.73% 8.65% 7.69%
Yemen, Republic 49.3 25.32% 20.24% 18.00%
Zimbabwe 58.5 15.46% 10.38% 9.23%
Sovereign CDS, net of
Country Risk Premium US Total Equity Risk Premium2
Country Risk Premium3Has to be sorted in ascending order
0.57% 0.73% 5.90% 0.82% Rating
Default spread in basis points
5.19% NA NA NA A1 72
2.19% NA NA NA A2 87
6.34% NA NA NA A3 123
6.34% 3.27% 8.76% 3.68% Aa1 41
5.19% NA NA NA Aa2 51
1.84% NA NA NA Aa3 62
0.00% 0.00% 5.08% 0.00% Aaa 0
0.46% 0.00% 5.08% 0.00% B1 462
3.46% NA NA NA B2 564
2.54% NA NA NA B3 667
5.19% 2.98% 8.43% 3.35% Ba1 256
4.15% NA NA NA Ba2 308
11.52% NA NA NA Ba3 369
8.64% NA NA NA Baa1 164
0.70% 0.00% 5.08% 0.00% Baa2 195
7.50% NA NA NA Baa3 226
0.98% NA NA NA Ca 1230
4.15% NA NA NA Caa1 769
7.50% NA NA NA Caa2 923
0.98% NA NA NA Caa3 1025
3.46% 2.26% 7.62% 2.54% NR NA
2.19% 1.08% 6.29% 1.21%
6.34% NA NA NA
6.34% NA NA NA
6.34% NA NA NA
0.00% NA NA NA
0.70% NA NA NA
6.34% NA NA NA
0.70% 0.63% 5.79% 0.71%
0.81% 0.58% 5.73% 0.65%
2.19% 1.61% 6.89% 1.81%
7.50% NA NA NA
10.38% NA NA NA
5.19% NA NA NA
3.46% 1.87% 7.18% 2.10%
4.15% NA NA NA
3.46% 1.22% 6.45% 1.37%
10.38% NA NA NA
1.38% NA NA NA
4.15% 1.36% 6.61% 1.53%
0.81% 0.32% 5.44% 0.36%
0.00% 0.00% 5.08% 0.00%
4.15% NA NA NA
7.50% NA NA NA
7.50% 3.48% 8.99% 3.91%
8.64% NA NA NA
0.81% 0.37% 5.50% 0.42%
5.19% NA NA NA
4.15% NA NA NA
0.46% 0.00% 5.08% 0.00%
0.57% 0.03% 5.11% 0.03%
7.50% NA NA NA
3.46% NA NA NA
0.00% 0.00% 5.08% 0.00%
7.50% NA NA NA
10.38% NA NA NA
2.88% NA NA NA
0.70% NA NA NA
5.19% NA NA NA
0.57% 0.29% 5.41% 0.33%
2.54% 0.97% 6.17% 1.09%
1.38% 0.56% 5.71% 0.63%
2.19% 0.87% 6.06% 0.98%
2.54% 1.16% 6.38% 1.30%
8.64% NA NA NA
0.98% 0.19% 5.29% 0.21%
0.57% NA NA NA
0.81% 0.63% 5.79% 0.71%
2.19% 1.42% 6.68% 1.60%
7.50% NA NA NA
0.81% 0.09% 5.18% 0.10%
0.70% NA NA NA
5.19% NA NA NA
2.54% 1.49% 6.76% 1.68%
5.19% NA NA NA
0.57% 0.40% 5.53% 0.45%
0.57% NA NA NA
6.34% NA NA NA
1.38% 0.61% 5.77% 0.69%
7.50% 4.47% 10.11% 5.03%
0.00% NA NA NA
1.38% 0.56% 5.71% 0.63%
0.00% NA NA NA
0.70% NA NA NA
4.15% NA NA NA
1.38% 0.69% 5.86% 0.78%
1.38% NA NA NA
1.84% NA NA NA
1.38% 1.46% 6.72% 1.64%
7.50% NA NA NA
8.64% NA NA NA
5.19% NA NA NA
2.54% NA NA NA
2.88% 1.56% 6.83% 1.75%
11.52% NA NA NA
2.88% NA NA NA
0.00% 0.00% 5.08% 0.00%
0.00% 0.03% 5.11% 0.03%
6.34% NA NA NA
6.34% 4.16% 9.76% 4.68%
0.00% 0.00% 5.08% 0.00%
2.19% NA NA NA
7.50% 3.37% 8.87% 3.79%
2.19% 1.02% 6.23% 1.15%
6.34% NA NA NA
2.88% NA NA NA
1.38% 1.08% 6.29% 1.21%
2.19% 0.71% 5.88% 0.80%
0.98% 0.51% 5.65% 0.57%
2.88% 1.29% 6.53% 1.45%
0.70% 1.19% 6.42% 1.34%
0.98% NA NA NA
2.54% 1.11% 6.33% 1.25%
2.88% 1.64% 6.92% 1.84%
6.34% NA NA NA
0.81% 1.14% 6.36% 1.28%
4.15% NA NA NA
4.15% NA NA NA
1.38% NA NA NA
0.00% NA NA NA
0.98% 0.45% 5.59% 0.51%
1.84% 0.79% 5.97% 0.89%
2.54% 2.25% 7.61% 2.53%
2.19% 0.61% 5.77% 0.69%
5.19% NA NA NA
2.19% NA NA NA
7.50% NA NA NA
5.19% NA NA NA
6.34% NA NA NA
0.00% 0.00% 5.08% 0.00%
0.00% 0.01% 5.09% 0.01%
0.70% NA NA NA
7.50% NA NA NA
1.84% 0.48% 5.62% 0.54%
2.88% NA NA NA
5.19% 3.58% 9.11% 4.03%
2.88% 2.31% 7.68% 2.60%
1.84% NA NA NA
6.34% NA NA NA
10.38% 5.51% 11.28% 6.20%
0.57% NA NA NA
0.57% 0.05% 5.14% 0.06%
0.00% 0.00% 5.08% 0.00%
2.19% NA NA NA
11.52% NA NA NA
5.19% 1.52% 6.79% 1.71%
7.50% NA NA NA
Date updated: 5-Jan-18
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Total Beta (beta for completely undiversified investor)
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variabl
Industry Name Number of firms Average Unlevered Beta
Advertising 40 0.78
Aerospace/Defense 87 0.99
Air Transport 17 0.67
Apparel 51 0.85
Auto & Truck 18 0.59
Auto Parts 62 0.92
Bank (Money Center) 11 0.32
Banks (Regional) 612 0.39
Beverage (Alcoholic) 28 1.12
Beverage (Soft) 35 0.63
Broadcasting 27 0.65
Brokerage & Investment Banking 42 0.54
Building Materials 39 0.99
Business & Consumer Services 169 1.01
Cable TV 14 0.67
Chemical (Basic) 38 0.96
Chemical (Diversified) 7 1.79
Chemical (Specialty) 99 0.95
Coal & Related Energy 30 1.04
Computer Services 111 0.94
Computers/Peripherals 58 0.93
Construction Supplies 49 0.95
Diversified 24 1.01
Drugs (Biotechnology) 459 1.36
Drugs (Pharmaceutical) 185 1.13
Education 34 0.96
Electrical Equipment 118 1.02
Electronics (Consumer & Office) 24 1.08
Electronics (General) 167 0.91
Engineering/Construction 49 1.13
Entertainment 90 0.96
Environmental & Waste Services 87 0.70
Farming/Agriculture 34 0.56
Financial Svcs. (Non-bank & Insurance) 264 0.07
Food Processing 87 0.56
Food Wholesalers 15 1.41
Furn/Home Furnishings 31 0.67
Green & Renewable Energy 22 0.72
Healthcare Products 251 0.89
Healthcare Support Services 115 0.82
Heathcare Information and Technology 112 0.88
Homebuilding 32 0.89
Hospitals/Healthcare Facilities 35 0.51
Hotel/Gaming 70 0.74
Household Products 131 0.88
Information Services 61 0.82
Insurance (General) 21 0.63
Insurance (Life) 25 0.81
Insurance (Prop/Cas.) 50 0.73
Investments & Asset Management 165 0.87
Machinery 126 1.04
Metals & Mining 102 0.96
Office Equipment & Services 24 1.10
Oil/Gas (Integrated) 5 1.25
Oil/Gas (Production and Exploration) 311 1.00
Oil/Gas Distribution 16 0.72
Oilfield Svcs/Equip. 130 1.06
Packaging & Container 25 0.55
Paper/Forest Products 21 0.98
Power 61 0.32
Precious Metals 111 0.95
Publishing & Newspapers 41 0.83
R.E.I.T. 244 0.42
Real Estate (Development) 20 0.61
Real Estate (General/Diversified) 10 0.73
Real Estate (Operations & Services) 60 0.80
Recreation 70 0.73
Reinsurance 3 0.47
Restaurant/Dining 81 0.70
Retail (Automotive) 25 0.65
Retail (Building Supply) 8 0.76
Retail (Distributors) 92 0.87
Retail (General) 18 0.87
Retail (Grocery and Food) 14 0.44
Retail (Online) 61 1.12
Retail (Special Lines) 106 0.82
Rubber& Tires 4 0.64
Semiconductor 72 1.16
Semiconductor Equip 45 0.99
Shipbuilding & Marine 9 1.01
Shoe 11 0.86
Software (Entertainment) 13 0.91
Software (Internet) 305 1.20
Software (System & Application) 255 1.02
Steel 37 1.53
Telecom (Wireless) 18 0.71
Telecom. Equipment 104 0.96
Telecom. Services 66 0.72
Tobacco 24 1.15
Transportation 18 0.80
Transportation (Railroads) 8 0.87
Trucking 30 0.81
Utility (General) 18 0.20
Utility (Water) 23 0.27
Total Market 7247 0.72
Total Market (without financials) 6057 0.90
u.edu
fied investor) US companies
ew_Home_Page/data.html
c/datasets/indname.xls
ew_Home_Page/datafile/variable.htm
Average Levered Beta Average correlation with the marketTotal Unlevered Beta
1.15 14.54% 5.40
1.08 28.22% 3.52
1.01 35.04% 1.92
1.02 24.57% 3.46
1.20 26.54% 2.23
1.04 26.81% 3.43
0.64 33.26% 0.97
0.50 27.37% 1.41
1.33 19.73% 5.68
0.70 16.49% 3.80
1.12 34.20% 1.90
1.24 37.28% 1.46
1.11 43.40% 2.27
1.17 23.54% 4.28
0.92 37.57% 1.78
1.20 22.95% 4.20
2.03 42.22% 4.25
1.11 27.63% 3.43
1.25 14.74% 7.07
1.10 23.13% 4.08
1.01 23.48% 3.95
1.12 34.23% 2.78
1.19 35.76% 2.83
1.44 22.72% 5.97
1.21 19.24% 5.87
1.15 25.23% 3.80
1.08 22.26% 4.60
1.09 17.99% 6.00
0.94 23.53% 3.88
1.27 35.93% 3.14
1.15 17.22% 5.56
0.88 16.51% 4.24
0.74 20.60% 2.71
0.61 23.88% 0.29
0.68 17.55% 3.17
1.79 25.76% 5.49
0.79 24.55% 2.74
1.20 19.70% 3.66
0.94 20.90% 4.24
0.90 21.18% 3.89
0.98 20.80% 4.25
1.11 44.84% 2.00
1.18 23.45% 2.18
0.94 27.31% 2.72
1.00 16.13% 5.45
0.88 34.30% 2.39
0.78 44.91% 1.41
1.01 46.93% 1.72
0.84 36.68% 1.98
0.99 27.21% 3.19
1.15 36.64% 2.83
1.10 14.10% 6.81
1.37 30.04% 3.66
1.37 23.67% 5.28
1.26 16.37% 6.13
1.21 32.45% 2.21
1.23 22.59% 4.67
0.74 40.51% 1.36
1.20 28.94% 3.38
0.50 22.16% 1.47
0.96 10.38% 9.12
1.02 26.12% 3.16
0.66 32.57% 1.29
0.75 15.65% 3.92
0.75 23.16% 3.17
1.02 20.67% 3.88
0.85 20.73% 3.50
0.52 54.02% 0.86
0.85 26.81% 2.60
1.01 28.91% 2.24
0.86 32.97% 2.32
1.15 26.44% 3.29
1.05 33.49% 2.61
0.71 24.85% 1.77
1.18 21.74% 5.17
1.11 27.02% 3.04
0.95 27.70% 2.30
1.17 35.38% 3.27
0.98 29.60% 3.33
1.34 19.71% 5.14
0.88 29.52% 2.92
0.89 20.80% 4.38
1.20 18.40% 6.52
1.09 23.26% 4.39
1.82 32.51% 4.71
1.30 29.42% 2.41
1.03 25.18% 3.81
1.08 17.17% 4.19
1.26 16.31% 7.06
0.95 35.62% 2.24
1.01 29.42% 2.95
1.20 30.61% 2.64
0.29 20.98% 0.93
0.34 20.68% 1.29
1.00 24.43% 2.97
1.07 23.71% 3.80
Total Levered Beta
7.94
3.84
2.88
4.14
4.51
3.87
1.92
1.83
6.72
4.27
3.27
3.32
2.56
4.97
2.45
5.22
4.82
4.03
8.47
4.76
4.30
3.27
3.34
6.34
6.29
4.57
4.87
6.07
3.99
3.54
6.69
5.31
3.62
2.54
3.85
6.93
3.22
6.10
4.50
4.24
4.71
2.47
5.03
3.44
6.18
2.57
1.75
2.15
2.29
3.63
3.14
7.82
4.57
5.80
7.69
3.72
5.43
1.82
4.14
2.28
9.28
3.90
2.02
4.79
3.22
4.95
4.10
0.97
3.17
3.50
2.60
4.34
3.14
2.84
5.44
4.11
3.44
3.31
3.32
6.80
2.98
4.28
6.54
4.68
5.59
4.42
4.11
6.31
7.74
2.66
3.42
3.91
1.40
1.66
4.09
4.51
Proceso para en
Primer m
Datos
Tasa de impuestos
Deuda/patrimonio
Encontrar la β de
Food Processing
βu 0.00
Rf 2.72%
Premio Riesgo ES 0.00%
Riesgo país
Inflación de ES 1.40%
Inflación USA 2.70%
2
K proyecto: 1.42%
Tercer méto
CAPM = Rf ESA + Premio de Riesgo ESA * β trop
rf= 7%
3 CAPM = 7.00%
Cuarto mét
RENTABILIDAD ACCIONARIA ROE HISTORICA
Proceso para encontrar el Ke
Primer método
30%
Pasivos Totales/Patrimonio
Encontrar la β desapalancada
Unlevered Cash/Firm
Beta D/E Ratio Tax rate
beta value
2.68%
Riesgo país
Rm-Rf
NFLACIÓN
Tercer método
f ESA + Premio de Riesgo ESA * β tropicalizada
O DE LA INDUSTRIA ES
PM 2do. Método + CAPM 3er. Método) / 3
3.71%
Cuarto método
ROE HISTORICA
Ke
Treasury Bill
Notes
Bonds 10
ED o Banco Central NY 10 años
Standard
Unlevered beta
HiLo Risk deviation of
corrected for cash
equity
Utilidad de Operacion
Partidas Virtuales
EBITDA
% EBITDA MARGEN
PDC
RUBRO
CUENTA POR COBRAR VENTAS NETAS
Sub-Total
PROVEEDORES COSTO DE VENTAS
VENTAS POR DIA DOS
Días
Días
CICLO CONVERCION EFECTIVO-CCC Días
CAPITAL FIJO
ACTIVO FIJO
PASIVO FIJO
CAPITAL FIJO
PATRIMONIO
% CAPITAL FIJO
ROCE
ROTACIONES EBIT/VENTAS
NIL
Utilidad Operativa Utilidad Antes de Impuestos
RUBRO
MARGEN SOBRE VENTAS ROS
VENTAS NETAS
CRECIMIENTO SOSTENIDO
Histórico Histórico
VARIABLE 2012 2013
Crecimiento Ventas Netas
% Margen Operativo
Rotación del Capital de Trabajo
Rotación del Activo Fijo
WACC
Tasa de Impuesto de la Renta
PIB Nominal
Ventas Netas
Utilidad Operativa-EBIT
NOPAT=UODI=EBIT(1-T)
- incl. NWC Cambio Capital de Trabajo
- incl. NFA Cambio en Activo Fijo Neto
Flujo de Caja Libre FCF
Valor Terminal TV
Flujo de Caja Libre Total FCL TOTAL
DCF
Valor Presente de las Operaciones PV
Valor de Otras Operación Largo Plazo
Valor de la Empresa
Valor Libros de Deudas Netas Debt
Patrimonio a Mercado
Numero de Acciones Comunes
Precio Libros
Market Price
VALUACION EMPRESA Y VALOR ACCION COMUN