3- Anlisis Financiero

Payment or distribution fee

The percentage that the companies distribute of the net profit like dividends is
known like payment. In developed countries, the payment can become much
more stable. Telecom distributed nearly 38% of net income as dividends.
Payout =

Dividends

Netutility

915

37,7
8%

2,4
22
The payout depends on several things:

Sometimes the company may not distribute dividends to fund new

entrants.
There may be no utilities to distribute.
The existence of covenants established by banks when they give a loan,
limiting the distribution of dividends.
Legal issues.

In countries like Argentina, with pronounced economic cycles, it is difficult to

maintain a stable dividend distribution rate. Telecom maintained a dividend
distribution rate of more than 70% in the 1990s during the currency
convertibility plan, but after the devaluation of rates, it had a significant loss in
2002 that consumed the cumulative results and the legal reserve "It was not
able to distribute dividends until the reconstruction of these concepts, and
again distributed 75% in 2010.

Payout

199
9

200
0

200 200
1
2

200
3

200 200
4
5

200
6

200 200
7
8

200
9

201 201
0
1

75%

75%

79%

0%

0%

0%

0%

0%

75%

0%

0%

0%

50%

In general, a mature company is expected to maintain a more generous and

stable dividend distribution policy than a growing company, which needs
money to finance it and therefore retains a larger share of profits.
The payment of dividends and the effect on the share price
When dividends are distributed as cash dividends, the net worth of the
company is reduced, which causes a decrease in the book value of the share
(remember that this was calculated by dividing equity by the number of shares
in circulation). Under normal circumstances, such a reduction in book value is
accompanied by a proportional reduction in the value of the share in the
market.
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11 In 2008, the author of this work was contracted with Dr. Ernesto Barugel to issue an independent opinion on the value of
the holding company Sofora, the controlling shareholder of Telecom, in the legal dispute between the Wherthein Group and
the Telecom Italia Group. The legal restriction on the payment of dividends from Telecom should be considered to estimate
the flow of dividends from the ordinary shareholders of Sofora.

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Market value indices (multiples)
.
Market value indices relate to a category of market as is the price of the
stock, with an accounting category, which is usually a gain and sometimes a
book value. The most popular market value indices are price eaming, Price /
EBITDA, enterprise / EBITDA and price / book value. Although not strictly
financial ratios, they are often used as a measure of investors' appreciation of
the
company's
stock.
The
price
/
earning
or
price
/
benefit
ratio
.
The price-earnings ratio establishes a relationship between the share price,
which is determined by the supply and demand in the stock market, and the
earnings per share, which is obtained from the figures provided by the books.
accounting:
Price eaming = Price of the action
Gain by action
In the case of Telecom, the price eaming to December of 2011 era:

16,1
2

6,91
%

2,46
Also it can calculate dividing the stock market capitalisation by the net utility:
Price earning = Stock market capitalisation

Net utility

16,73
4

6,91
%

2,422
Obviously, if we divide both the market capitalization and the net income for
all the shares, we obtain the price per share and the earnings per share
respectively, and hence the equivalence.
How should price eaming be interpreted? There are different interpretations,
for example:

Investors were willing to pay for the stock, at the end of 2011, the
equivalent of 6.91 times earnings per share.
Some investors interpret it as the amount of annual profits needed to
recoup the investment.
A high PER can mean that investors expect high returns on the stock
and therefore are willing to pay more for the stock.
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While these readings may appear to be reasonable, several questions arise:
Does the eaming price reflect how much is paid for current or future
earnings? Does it incorporate expectations of profit and growth? Do you
consider the risk?The most important thing to keep in mind is that the
numerator appears the price, which always incorporates an expectation of
performance and reflects a kind of 'vote' that the market assigns to the stock.

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