IMP BET

Dec 31, 20 0.99 1.02% Media/zi = -0.01% Dec 31, 20 7,383.68 -0.43%
Dec 28, 20 0.98 -0.41% Media/an = -2.39% Dec 28, 20 7,415.91 -0.37%
Dec 27, 20 0.984 2.93% Dec 27, 20 7,443.58 -0.13%
Dec 24, 20 0.956 3.24% StDev/zi = 1.75% Dec 24, 20 7,452.99 7.05%
Dec 21, 20 0.926 -2.53% StDev/an= 27.59% Dec 21, 20 6,961.86 -5.06%
Dec 20, 20 0.95 2.15% Dec 20, 20 7,332.71 -1.91%
Dec 19, 20 0.93 -6.06% Coef BETA = 0.33 Dec 19, 20 7,475.22 -11.21%
Dec 18, 20 0.99 -1.00% Dec 18, 20 8,419.19 -1.24%
Dec 17, 20 1 0.00% Dc D BET = 1%At D IMP = 0.33% Dec 17, 20 8,524.69 -0.58%
Dec 14, 20 1 -2.91% Dec 14, 20 8,574.48 -0.16%
Dec 13, 20 1.03 1.48% Dec 13, 20 8,588.43 0.24%
Dec 12, 20 1.015 2.94% Dec 12, 20 8,567.83 -0.15%
Dec 11, 20 0.986 1.02% Dec 11, 20 8,581.09 0.26%
Dec 10, 20 0.976 0.00% Dec 10, 20 8,558.55 -1.45%
Dec 07, 20 0.976 0.21% Dec 07, 20 8,684.75 0.32%
Dec 06, 20 0.974 0.41% Dec 06, 20 8,656.79 -1.06%
Dec 05, 20 0.97 1.04% Dec 05, 20 8,749.59 -0.42%
Dec 04, 20 0.96 0.63% Dec 04, 20 8,786.58 0.40%
Dec 03, 20 0.954 0.42% Dec 03, 20 8,751.93 1.00%
Nov 29, 20 0.95 3.04% Nov 29, 20 8,665.36 1.02%
Nov 28, 20 0.922 -1.91% Nov 28, 20 8,578.29 0.05%
Nov 27, 20 0.94 0.64% Nov 27, 20 8,573.96 0.69%
Nov 26, 20 0.934 -1.27% Nov 26, 20 8,515.53 -0.09%
Nov 23, 20 0.946 -0.21% Nov 23, 20 8,522.78 0.09%
Nov 22, 20 0.948 0.85% Nov 22, 20 8,514.96 -0.24%
Nov 21, 20 0.94 0.00% Nov 21, 20 8,535.50 0.43%
Nov 20, 20 0.94 -0.21% Nov 20, 20 8,499.23 -0.78%
Nov 19, 20 0.942 -0.21% Nov 19, 20 8,566.30 -0.10%
Nov 16, 20 0.944 -0.21% Nov 16, 20 8,574.88 0.01%
Nov 15, 20 0.946 0.21% Nov 15, 20 8,573.66 0.27%
Nov 14, 20 0.944 0.43% Nov 14, 20 8,550.55 -1.38%
Nov 13, 20 0.94 -1.05% Nov 13, 20 8,670.05 0.10%
Nov 12, 20 0.95 0.00% Nov 12, 20 8,661.23 0.05%
Nov 09, 20 0.95 0.00% Nov 09, 20 8,657.22 1.00%
Nov 08, 20 0.95 0.42% Nov 08, 20 8,571.53 -1.16%
Nov 07, 20 0.946 0.21% Nov 07, 20 8,671.98 0.62%
Nov 06, 20 0.944 0.00% Nov 06, 20 8,618.62 0.53%
Nov 05, 20 0.944 0.43% Nov 05, 20 8,573.48 0.12%
Nov 02, 20 0.94 -0.42% Nov 02, 20 8,563.37 0.04%
Nov 01, 20 0.944 0.00% Nov 01, 20 8,560.18 0.48%
Oct 31, 20 0.944 0.64% Oct 31, 20 8,519.21 0.35%
Oct 30, 20 0.938 -0.21% Oct 30, 20 8,489.68 -0.18%
Oct 29, 20 0.94 0.00% Oct 29, 20 8,504.83 1.10%
Oct 26, 20 0.94 -1.05% Oct 26, 20 8,412.36 -1.00%
Oct 25, 20 0.95 0.00% Oct 25, 20 8,497.16 -1.50%
Oct 24, 20 0.95 0.00% Oct 24, 20 8,626.14 -0.18%
Oct 23, 20 0.95 -0.21% Oct 23, 20 8,641.52 0.30%
Oct 22, 20 0.952 -0.42% Oct 22, 20 8,615.95 0.18%
Oct 19, 20 0.956 -0.21% Oct 19, 20 8,600.27 0.01%
Oct 18, 20 0.958 -1.24% Oct 18, 20 8,599.66 -0.81%
Oct 17, 20 0.97 2.75% Oct 17, 20 8,670.30 1.28%
Oct 16, 20 0.944 -1.46% Oct 16, 20 8,560.32 1.41%
Oct 15, 20 0.958 0.42% Oct 15, 20 8,441.69 0.57%
Oct 12, 20 0.954 0.00% Oct 12, 20 8,393.90 -0.10%
Oct 11, 20 0.954 -0.62% Oct 11, 20 8,401.96 -1.01%
Oct 10, 20 0.96 -0.62% Oct 10, 20 8,487.88 -0.67%
Oct 09, 20 0.966 0.84% Oct 09, 20 8,545.34 0.28%
Oct 08, 20 0.958 0.00% Oct 08, 20 8,521.11 -0.39%
Oct 05, 20 0.958 0.00% Oct 05, 20 8,554.15 0.50%
Oct 04, 20 0.958 0.00% Oct 04, 20 8,512.01 0.25%
Oct 03, 20 0.958 0.00% Oct 03, 20 8,490.84 -0.24%
Oct 02, 20 0.958 -0.21% Oct 02, 20 8,511.54 0.83%
Oct 01, 20 0.96 1.05% Oct 01, 20 8,441.26 0.34%
Sep 28, 20 0.95 0.42% Sep 28, 20 8,412.72 -0.40%
Sep 27, 20 0.946 2.83% Sep 27, 20 8,446.41 0.85%
Sep 26, 20 0.92 -2.13% Sep 26, 20 8,374.90 -0.04%
Sep 25, 20 0.94 0.00% Sep 25, 20 8,378.04 0.01%
Sep 24, 20 0.94 2.17% Sep 24, 20 8,377.37 -0.06%
Sep 21, 20 0.92 0.88% Sep 21, 20 8,382.72 0.34%
Sep 20, 20 0.912 1.33% Sep 20, 20 8,354.33 0.72%
Sep 19, 20 0.9 0.00% Sep 19, 20 8,294.54 0.09%
Sep 18, 20 0.9 0.00% Sep 18, 20 8,286.98 1.42%
Sep 17, 20 0.9 0.00% Sep 17, 20 8,170.91 0.10%
Sep 14, 20 0.9 0.00% Sep 14, 20 8,162.69 -0.53%
Sep 13, 20 0.9 0.00% Sep 13, 20 8,206.00 -0.68%
Sep 12, 20 0.9 2.51% Sep 12, 20 8,261.86 -0.24%
Sep 11, 20 0.878 -3.09% Sep 11, 20 8,282.11 -0.59%
Sep 10, 20 0.906 0.00% Sep 10, 20 8,331.45 0.32%
Sep 07, 20 0.906 0.00% Sep 07, 20 8,304.71 -0.20%
Sep 06, 20 0.906 0.00% Sep 06, 20 8,321.09 0.09%
Sep 05, 20 0.906 0.00% Sep 05, 20 8,313.26 -0.39%
Sep 04, 20 0.906 -0.44% Sep 04, 20 8,346.07 0.44%
Sep 03, 20 0.91 0.00% Sep 03, 20 8,309.44 0.42%
Aug 31, 20 0.91 0.22% Aug 31, 20 8,274.54 -0.81%
Aug 30, 20 0.908 0.00% Aug 30, 20 8,342.44 0.11%
Aug 29, 20 0.908 0.89% Aug 29, 20 8,332.93 -0.48%
Aug 28, 20 0.9 0.00% Aug 28, 20 8,373.53 0.87%
Aug 27, 20 0.9 0.00% Aug 27, 20 8,301.28 0.36%
Aug 24, 20 0.9 0.00% Aug 24, 20 8,271.66 0.79%
Aug 23, 20 0.9 0.00% Aug 23, 20 8,207.23 0.22%
Aug 22, 20 0.9 -2.39% Aug 22, 20 8,189.52 -0.27%
Aug 21, 20 0.922 0.22% Aug 21, 20 8,211.84 -0.28%
Aug 20, 20 0.92 0.44% Aug 20, 20 8,234.80 0.60%
Aug 17, 20 0.916 2.92% Aug 17, 20 8,185.49 0.71%
Aug 16, 20 0.89 -1.11% Aug 16, 20 8,127.85 0.54%
Aug 14, 20 0.9 -2.17% Aug 14, 20 8,084.04 -0.14%
Aug 13, 20 0.92 1.10% Aug 13, 20 8,095.38 -0.72%
Aug 10, 20 0.91 1.79% Aug 10, 20 8,154.49 -0.60%
Aug 08, 20 0.894 2.29% Aug 09, 20 8,203.98 -0.33%
Aug 06, 20 0.874 0.69% Aug 08, 20 8,231.38 0.51%
Aug 03, 20 0.868 -2.47% Aug 07, 20 8,189.94 0.04%
Aug 02, 20 0.89 2.77% Aug 06, 20 8,187.05 1.22%
Aug 01, 20 0.866 0.00% Aug 03, 20 8,088.71 1.18%
Jul 31, 201 0.866 -2.70% Aug 02, 20 7,994.11 -0.23%
Jul 27, 201 0.89 0.00% Aug 01, 20 8,012.24 0.43%
Jul 25, 201 0.89 0.00% Jul 31, 201 7,977.74 -1.02%
Jul 24, 201 0.89 0.00% Jul 30, 201 8,060.24 0.24%
Jul 23, 201 0.89 1.37% Jul 27, 201 8,040.78 0.30%
Jul 17, 201 0.878 0.00% Jul 26, 201 8,016.71 0.79%
Jul 16, 201 0.878 3.29% Jul 25, 201 7,953.86 -0.01%
Jul 13, 201 0.85 0.00% Jul 24, 201 7,954.72 0.07%
Jul 12, 201 0.85 -5.35% Jul 23, 201 7,949.39 0.65%
Jul 11, 201 0.898 0.90% Jul 20, 201 7,898.09 0.44%
Jul 10, 201 0.89 1.14% Jul 19, 201 7,863.76 -1.58%
Jul 09, 201 0.88 -1.12% Jul 18, 201 7,990.15 -0.19%
Jul 06, 201 0.89 0.00% Jul 17, 201 8,005.25 0.26%
Jul 05, 201 0.89 0.68% Jul 16, 201 7,984.18 0.64%
Jul 04, 201 0.884 0.00% Jul 13, 201 7,933.45 0.16%
Jul 03, 201 0.884 -2.43% Jul 12, 201 7,920.42 0.35%
Jul 02, 201 0.906 2.95% Jul 11, 201 7,892.87 0.21%
Jun 29, 20 0.88 -1.57% Jul 10, 201 7,876.10 0.14%
Jun 28, 20 0.894 -0.89% Jul 09, 201 7,865.40 0.38%
Jun 27, 20 0.902 0.00% Jul 06, 201 7,835.34 0.27%
Jun 26, 20 0.902 0.00% Jul 05, 201 7,814.50 -1.08%
Jun 25, 20 0.902 0.22% Jul 04, 201 7,899.99 -0.54%
Jun 22, 20 0.9 -0.66% Jul 03, 201 7,943.05 -0.96%
Jun 21, 20 0.906 -3.21% Jul 02, 201 8,020.17 -0.83%
Jun 20, 20 0.936 0.00% Jun 29, 20 8,087.01 1.21%
Jun 19, 20 0.936 -0.21% Jun 28, 20 7,990.67 0.63%
Jun 18, 20 0.938 0.00% Jun 27, 20 7,940.99 -0.31%
Jun 15, 20 0.938 0.21% Jun 26, 20 7,965.38 0.00%
Jun 14, 20 0.936 2.18% Jun 25, 20 7,965.65 -1.77%
Jun 13, 20 0.916 -2.14% Jun 22, 20 8,108.84 -0.19%
Jun 11, 20 0.936 -0.21% Jun 21, 20 8,124.00 -0.14%
Jun 08, 20 0.938 4.22% Jun 20, 20 8,135.47 0.59%
Jun 07, 20 0.9 -1.32% Jun 19, 20 8,087.71 -0.93%
Jun 06, 20 0.912 -2.98% Jun 18, 20 8,163.77 -0.46%
Jun 05, 20 0.94 0.43% Jun 15, 20 8,201.28 0.44%
Jun 04, 20 0.936 1.74% Jun 14, 20 8,165.00 -1.54%
May 31, 20 0.92 -1.08% Jun 13, 20 8,292.54 0.01%
May 30, 20 0.93 0.00% Jun 12, 20 8,292.01 0.42%
May 29, 20 0.93 -0.85% Jun 11, 20 8,257.51 0.05%
May 25, 20 0.938 0.00% Jun 08, 20 8,253.12 -0.38%
May 24, 20 0.938 -0.21% Jun 07, 20 8,284.58 -0.06%
May 23, 20 0.94 -0.42% Jun 06, 20 8,289.31 0.47%
May 22, 20 0.944 0.43% Jun 05, 20 8,250.17 1.94%
May 21, 20 0.94 -1.05% Jun 04, 20 8,093.25 0.16%
May 18, 20 0.95 0.00% May 31, 20 8,080.10 0.77%
May 17, 20 0.95 -0.42% May 30, 20 8,018.66 -2.23%
May 16, 20 0.954 -2.65% May 29, 20 8,201.96 -0.74%
May 15, 20 0.98 -1.80% May 25, 20 8,263.10 -0.02%
May 11, 20 0.998 2.89% May 24, 20 8,264.44 -0.97%
May 09, 20 0.97 0.00% May 23, 20 8,345.65 -0.99%
May 08, 20 0.97 -2.02% May 22, 20 8,429.08 2.04%
May 07, 20 0.99 -0.80% May 21, 20 8,260.86 -1.77%
May 03, 20 0.998 -0.20% May 18, 20 8,409.70 -1.20%
May 02, 20 1 0.00% May 17, 20 8,511.49 -0.76%
Apr 30, 20 1 0.60% May 16, 20 8,576.50 -1.20%
Apr 27, 20 0.994 0.20% May 15, 20 8,680.35 -0.86%
Apr 26, 20 0.992 -0.80% May 14, 20 8,755.58 -0.23%
Apr 25, 20 1 -0.99% May 11, 20 8,775.91 -0.40%
Apr 24, 20 1.01 -1.46% May 10, 20 8,811.22 0.70%
Apr 23, 20 1.025 0.49% May 09, 20 8,750.27 -0.14%
Apr 20, 20 1.02 -0.49% May 08, 20 8,762.92 -0.98%
Apr 19, 20 1.025 2.50% May 07, 20 8,849.35 0.69%
Apr 18, 20 1 -0.99% May 04, 20 8,788.32 0.96%
Apr 17, 20 1.01 1.20% May 03, 20 8,705.10 -0.30%
Apr 16, 20 0.998 0.00% May 02, 20 8,731.02 0.21%
Apr 13, 20 0.998 1.84% Apr 30, 20 8,713.14 -0.76%
Apr 12, 20 0.98 -2.00% Apr 27, 20 8,780.22 -1.42%
Apr 11, 20 1 0.00% Apr 26, 20 8,906.42 -1.11%
Apr 10, 20 1 0.00% Apr 25, 20 9,006.10 0.01%
Apr 05, 20 1 1.01% Apr 24, 20 9,005.21 0.54%
Apr 04, 20 0.99 -1.00% Apr 23, 20 8,957.03 0.41%
Apr 03, 20 1 0.00% Apr 20, 20 8,920.49 -0.36%
Apr 02, 20 1 0.20% Apr 19, 20 8,952.47 0.21%
Mar 30, 20 0.998 1.01% Apr 18, 20 8,933.46 0.08%
Mar 29, 20 0.988 -0.20% Apr 17, 20 8,926.65 0.26%
Mar 28, 20 0.99 0.00% Apr 16, 20 8,903.60 0.37%
Mar 27, 20 0.99 4.43% Apr 13, 20 8,871.04 -0.64%
Mar 26, 20 0.948 -0.21% Apr 12, 20 8,928.03 1.13%
Mar 23, 20 0.95 -3.06% Apr 11, 20 8,828.34 -0.15%
Mar 22, 20 0.98 -1.80% Apr 10, 20 8,841.74 -0.22%
Mar 21, 20 0.998 0.20% Apr 05, 20 8,861.11 1.20%
Mar 20, 20 0.996 0.00% Apr 04, 20 8,756.18 -0.10%
Mar 19, 20 0.996 -0.20% Apr 03, 20 8,764.69 -0.05%
Mar 16, 20 0.998 0.00% Apr 02, 20 8,769.26 0.63%
Mar 15, 20 0.998 1.63% Mar 30, 20 8,714.17 0.39%
Mar 14, 20 0.982 -1.80% Mar 29, 20 8,680.28 -0.53%
Mar 13, 20 1 0.81% Mar 28, 20 8,726.88 -0.16%
Mar 12, 20 0.992 -0.80% Mar 27, 20 8,740.63 0.20%
Mar 09, 20 1 0.00% Mar 26, 20 8,722.84 0.71%
Mar 08, 20 1 0.00% Mar 23, 20 8,660.99 0.20%
Mar 07, 20 1 0.00% Mar 22, 20 8,643.85 -1.67%
Mar 06, 20 1 0.00% Mar 21, 20 8,790.59 0.67%
Mar 05, 20 1 0.81% Mar 20, 20 8,731.99 -0.49%
Mar 02, 20 0.992 -0.80% Mar 19, 20 8,775.38 -0.47%
Mar 01, 20 1 0.00% Mar 16, 20 8,816.96 1.49%
Feb 28, 20 1 -4.31% Mar 15, 20 8,687.83 1.00%
Feb 27, 20 1.045 0.00% Mar 14, 20 8,601.51 -0.08%
Feb 26, 20 1.045 2.96% Mar 13, 20 8,608.30 0.57%
Feb 23, 20 1.015 1.50% Mar 12, 20 8,559.15 0.97%
Feb 22, 20 1 -3.85% Mar 09, 20 8,477.18 0.07%
Feb 21, 20 1.04 -1.89% Mar 08, 20 8,471.65 0.34%
Feb 20, 20 1.06 2.42% Mar 07, 20 8,443.16 0.12%
Feb 19, 20 1.035 -2.82% Mar 06, 20 8,432.84 0.58%
Feb 16, 20 1.065 6.71% Mar 05, 20 8,384.01 0.38%
Feb 15, 20 0.998 3.74% Mar 02, 20 8,352.22 -0.71%
Feb 14, 20 0.962 -1.64% Mar 01, 20 8,411.68 -0.48%
Feb 13, 20 0.978 0.00% Feb 28, 20 8,452.41 0.44%
Feb 12, 20 0.978 0.82% Feb 27, 20 8,415.23 0.43%
Feb 09, 20 0.97 1.04% Feb 26, 20 8,379.01 0.27%
Feb 08, 20 0.96 -3.03% Feb 23, 20 8,356.13 0.79%
Feb 07, 20 0.99 0.61% Feb 22, 20 8,290.73 0.11%
Feb 06, 20 0.984 -7.17% Feb 21, 20 8,281.28 -0.31%
Feb 05, 20 1.06 -1.85% Feb 20, 20 8,307.04 -0.10%
Feb 02, 20 1.08 -1.82% Feb 19, 20 8,315.03 -0.16%
Jan 31, 20 1.1 0.92% Feb 16, 20 8,328.50 0.84%
Jan 30, 20 1.09 -0.46% Feb 15, 20 8,258.97 1.12%
Jan 29, 20 1.095 0.00% Feb 14, 20 8,167.16 0.36%
Jan 26, 20 1.095 -2.23% Feb 13, 20 8,138.07 0.35%
Jan 25, 20 1.12 0.00% Feb 12, 20 8,109.49 1.34%
Jan 23, 20 1.12 0.00% Feb 09, 20 8,002.55 -0.81%
Jan 22, 20 1.12 -0.88% Feb 08, 20 8,067.56 0.66%
Jan 19, 20 1.13 0.89% Feb 07, 20 8,014.29 0.09%
Jan 18, 20 1.12 1.82% Feb 06, 20 8,007.41 -2.13%
Jan 17, 20 1.1 -3.08% Feb 05, 20 8,181.68 -0.75%
Jan 16, 20 1.135 0.00% Feb 02, 20 8,243.25 -0.91%
Jan 15, 20 1.135 1.34% Feb 01, 20 8,318.61 -0.62%
Jan 12, 20 1.12 -2.61% Jan 31, 20 8,370.46 0.08%
Jan 11, 20 1.15 1.32% Jan 30, 20 8,363.37 -0.72%
Jan 10, 20 1.135 0.00% Jan 29, 20 8,423.91 -0.12%
Jan 09, 20 1.135 1.34% Jan 26, 20 8,434.44 0.25%
Jan 08, 20 1.12 8.21% Jan 25, 20 8,413.46 -0.27%
Jan 05, 20 1.035 -2.82% Jan 23, 20 8,436.41 -0.64%
Jan 04, 20 1.065 0.47% Jan 22, 20 8,490.52 1.54%
Jan 03, 20 1.06 0.95% Jan 19, 20 8,361.95 -0.15%
Jan 18, 20 8,374.67 0.70%
Jan 17, 20 8,316.59 1.01%
Jan 16, 20 8,233.13 -0.26%
Jan 15, 20 8,254.85 -0.17%
Jan 12, 20 8,269.05 1.24%
Jan 11, 20 8,167.91 1.66%
Jan 10, 20 8,034.85 0.00%
Jan 09, 20 8,034.76 0.65%
Jan 08, 20 7,982.75 -0.04%
Jan 05, 20 7,985.82 0.25%
Jan 04, 20 7,965.70 0.69%
Jan 03, 20 7,910.81 2.03%
Media/zi = -0.05%
Media/an = -11.52%

StDev/zi = 1.17%
StDev/an= 18.51%
 1.    INTRODUCERE     motivare
2.    PROFILUL CELOR DOUĂ COMPANII: inve

3.    VALOAREA CONTABILĂ A AVERII ACȚIO

Bilanț
0.7 Sf.an.crt. Încep.an.crt.

Imo Active imobilizate 208 215

Stocuri + Creante 56 44

ACR

Cash ef si eq 0.5 0.8

TOTAL 265 260

Sf.an.crt. Încep.an.crt.
Active imobilizate 208 215
ACN 19 10
TOTAL Cap Inv 227 225
Total Activ - DCR 0.76% 227 225
NFR 9.0 18 9

4.  VALOAREA DE PIAȚĂ A AVERII ACȚIONARILOR

sf an incep an
Nr. actiuni (mil) 49 49

Curs bursier (lei/act) 2.5076 2.1960

Capitalizarea bursiera = = Nr act * Curs bursier 121.6186 106.51
14.19%

5.    VENITURILE din EXPLOATARE și PRINCIPALELE MARJE

 Contul de profit şi pierdere
Venituri din exploatare (CA)
Chelt de exploatare MCV = 60.0%
Chelt fixe
EBITDA
Amortizare (Ajustari de valoare)

Profit din exploatare EBIT(Profit expl)

EBIT × (1 - t)
Chelt cu dobanzile
EBT
Impozit pe profit 16%
Profit net
Repartizarea profitului
· Dividende 50%
· Profit reinvestit 50%

e EBIT(Profit expl) = CA / (CA - PRctb) = 12.50% Dc CA ↑↓ cu ± 10%, at EBIT ↑↓ c

PRctb = (F + Amo) / (1 - Var/CA) = 22.3

e PN = CA / (CA - PRctb') = 12.90% Dc CA ↑↓ cu ± 10%, at PN ↑↓ cu

PRctb' = (F + Amo + Dob) / (1 - Var/CA) = 25.00

6. ELEMENTELE PRINCIPALE ale VALORII PREZENTE

a.     CASH-FLOW-ul DISPONIBIL : CFD = PN + Dob × (1 – t) – D Cap

CFD = PN + Amo + Dob · (1 – ) – D CapInv

D CapInv = CapInv1 - CapIn
CapInv = Total Activ - DC

VP (V0) =CFD1/((1+CMPC))+( VT1)/((1+CMPC) )

> CapInv (I0)
889 > 225

b. COSTUL MEDIU PONDERAT AL CAPITALULUI : CMPC (k) = kCPR × %CPR

CAPM (Capital Asset Pricing Model) ERP(Equity Risk Premium) =

Pret timp Prima de risc
1) Costul capitalurilor proprii : kCPR(EiCAPM) = Rf + bi × (EBET - Rf)

Beta (Risc de Piata) 0.46

Rata de dobanda fara risc (Rf) = 5.14%
Prima de risc a pietei de capital (ERP) = 6.85%
Costul CPR (Equity) 8.2900%
Costul dat. inainte de imp. = 7.27%
Costul datoriilor defiscaliz. = 6.10%
CMPC = 8.18%

Rata de acoperire a dobanzilor = EBIT / Dob = 27.32

Clasa de rating= AAA
1) Rata de dobanda fara risc (Rf) = 5.14%
2) Prima de risc de credit cf rating c-nie = 0.00%
3) Prima de risc de tara pt neramburs datorii = 2.13%
Costul datoriilor inainte de impozit = 7.27%

c.   VALOAREA TERMINALĂ : VT = CFD × (1+g) / (CMPC - g)

Rata de crestere (g) g= 0.756% 5.14%

g = D CapInv / CapInv
Valoarea terminala (VT)
VT = CFD*(1+g) / (CMPC - g) = 933
VT actualizata = 863
CFD actualizat = 26

7.    VALOAREA PREZENTĂ (VP) A COMPANIEI:

VP (V0) =CFD1/((1+CMPC))+( VT1)/((1+CMPC) )

> CapInv (I0)
889 > 225

Cap Invest = 225

8. VALOAREA ACTUALIZATĂ NETĂ (VAN = VP – CapInv)

VAN = VP - CapInv > 0 664 >0

Valoarea actualizată netă = plus/minus de valoare a Cap =0
<0

9. PRAG de RENTABILITATE CONTABIL vs FINANCIAR

Scenarii:
0. Situaţia normală : ( activitate = 111.3) :
CA PN VAN
111.3 28.96 664

Pragul de rentabilitate contabil sau Punctul Mort : nivelul critic al ci

CA PN VAN

25 0 -249

2. Pragul de rentabilitate financiar : nivelul critic al cifrei de afacer

CA PN VAN
48.5 7.9 min 0

3. Situatia de avarie : spre exemplu, un nivel de activitate de 39.9 > P

CA PN VAN
39.9 5.00 -92

10.    VALOAREA PREZENTĂ a CAPITALURILOR PROPRII :

 Val. prezentă totală IMP = 889
- DTL 11
Valoarea prezentă CPR = 878
Valoarea prezentă (intrinsecă) per acțiune = 18.100
Supra/Subevaluare = 622%

11. EVALUARE RELATIVĂ - PRIN COMPARAȚIE (prin multiplii de

2020
P/E = Curs bursier/PN per acț = P / EPS Ratio = 2.5076
Valoare CPR IMPP/E =
Valoarea per actiune =
Supra/Subevaluare =

P/BV = Curs bursier/AN per acț = P / BVshare = 1.78

Valoare CPR IMPP/BV =
Valoarea per actiune =
Supra/Subevaluare =

P/Sales = Curs bursier/CA per acț = P / Salesshare = 2.74

Valoare IMPP/Sales =
Valoarea per actiune =
Supra/Subevaluare =

Valoare mixta = =(VPCPR + CPRP/E + CPRP/BV + CPRP/Sales) / 4

DOUĂ COMPANII: investing.com

ABILĂ A AVERII ACȚIONARILOR = ACTIVUL NET = Active totale – Datorii totale

Bilanț
Val ctb (Activ net) =
-26.9567732272892 Sf.an.crt. Încep.an.crt.
Active-Datorii = CPR

Capitaluri proprii 217 210

Val reala = Val

Datorii > 1 an (TL) 6 11
intrinseca = VP

Val prezenta a benef

Datorii curente (DTS < 1 an) 38 35 viitoare

Val piata (CapBurs) =

TOTAL 261 256 Nr act x Curs burs
Dif -3.50 -3.80 AN/act =
CB/act =
Sf.an.crt. Încep.an.crt.
Capitaluri proprii 217 210 95%
Datorii > 1 an (TL) 6 11 5%
TOTAL Cap Inv 223 221

CȚIONARILOR = CAPITALIZAREA BURSIERĂ: Nr total de actiuni x Curs bur

Activul net ↓
214 4.4082 lei/act IMP (val ctb)

Val piata ↓ 2.5076 lei/act IMP (val piata)

-107
-107 Badwill/Goodwill
Fd com negativ/pozitiv

PRINCIPALELE MARJE DE PROFIT: EBITDA; EBIT; EBIT (1 - t

 de profit şi pierdere
Sf.an.crt.
111.3 111.26 Daca CA
67 0% ↑↓ cu ± 10%
1
43
8 atunci Cash Flow =

35.60 35.60 EBIT ↑↓ cu Situatia cash-flow-urilor

30 0.01 % Cash-flow operational =
1 Cash-flow de investitii =
35 atunci Cash-flow de finantare =
6 PN ↑↓ cu
28.96 29.0 -0.01 %
Cash la sfarsitul anului =
14.5 Cash la inceputul anului =
14.5

CA ↑↓ cu ± 10%, at EBIT ↑↓ cu ± 12.99% CapInv0 = 100000

Dob1 = 16%
Castig nominal 16000
c CA ↑↓ cu ± 10%, at PN ↑↓ cu ± 15.61% VP (V0) = 100870
Castig(+)/Pierdere(-) 870

Anul
LORII PREZENTE 0
VP
= PN + Dob × (1 – t) – D CapInv

ob · (1 – ) – D CapInv 28.18 28.18

D CapInv = CapInv1 - CapInv0 = D Imo + D ACN
CapInv = Total Activ - DCR

+CMPC) )
mil lei

 Rata de dobândă fără risc (Rf = de remu

: CMPC (k) = kCPR × %CPR + kefDTL × %DTL  Prima de risc de credit cf rating c-nie =
 Prima de risc de tara pt neramburs dator
ERP(Equity Risk Premium) = EBET - Rf în Rf
p Prima de risc  Cota de impozit pe profit ()

k d  (R f  DS  CDS)  (1  τ) unde, CDS = CR

  Prima de risc de tara pt neramburs dator
în Rf
 Cota de impozit pe profit ()

bi × (EBET - Rf) k d  (R f  DS  CDS)  (1  τ) unde, CDS = CR

0.395
9.57% If interest coverage ratio is
6.42% > ≤ to Rating is
-100000 0.20 D2/D
0.65 0.80 Ca2/CC
0.8 1.25 Caa/CCC
1.25 1.50 B3/B-
1.5 1.75 B2/B
1.75 2.00 B1/B+
2 2.25 Ba2/BB
2.25 2.50 Ba1/BB+
2.5 3.00 Baa2/BBB
3 4.25 A3/A-
4.25 5.50 A2/A
5.5 6.50 A1/A+
6.5 8.50 Aa2/AA
> 8.5 AAA

g) / (CMPC - g) Rmarja = 26.86%

Rmarja neta = 26.03%
Dacă g > Rf at. g = Rf Rrot = 0.49
Levier fin = 1.07 1.04

=> potențial de câștiguri viitoarde

CMPC) ) 1) VP = CFD / CMPC Eval in perpetuitate simpla: CFD = const pe per (n) ned

mil lei 2) VP = CFD (1 + g) / (CMPC - g) Eval in perpetuitate de crestere: CFD creste cu rata

= VP – CapInv)

Capitalizare Se indeplineste obiectivul major in Finante: Cresterea valorii capitalurilor investite

Conservare
Decapitalizare

FINANCIAR
 Concluzia
> 0 => Capitalizarea averii
actionarilor, solutie acceptabila

l Mort : nivelul critic al cifrei de afaceri (25) pentru care PN =0.

Concluzia

La acest nivel, activitatea

este suficienta pt a
acoperii cheltuielile, dar
determina decapitalizarea
averii actionarilor, solutie
neacceptabila

l critic al cifrei de afaceri (48.5) pentru care VAN = 0

Concluzia
Conservarea averii actionarilor

de activitate de 39.9 > PR ctb, dar < PR fin

Concluzia
Decapitalizare, solutie
neacceptabila

LOR PROPRII :
 Curs bursier ↓ AN/act. ↓ Val ctb a CPR = 210
2.508 4.408
=» Supraevaluare
Se recomandă cumpărarea acț. IMP

RAȚIE (prin multiplii de preț)

2.196 (2021) ηdivid = 13.59%

73 Curs bursier ↓
1.50 2.5076
-40%

1.92
386 Curs bursier ↓
7.96 2.5076
218%

2.88
305 Curs bursier ↓
6.29 2.5076
151%

410 Curs bursier ↓

8.46 2.5
237.4%
ive totale – Datorii totale

Sf.an.crt. Încep.an.crt.

Cresterea val capit

221 214 Ob c-niei IMP =
investite

3.33%

VP = (∑CFDt +
878
VTn) /
(1+CMPC)t –
?
?
DTL0

k = rata
Cash Flow normala de k = costul
k = rata de actualiz
disponib rentab/cls capit
risc

122 106.51 0.57

4.408 lei/act
2.508 lei/act Încep.an Sf.an
Prima/Discount = -43.1%
Rcrt = 1.3 1.5
Rquik = 1.3 1.5
Rcash = 0.0 0.0

Nr total de actiuni x Curs bursier

Structura
actionariat
alti actionari /
1,949,779 4.0%
others
TOTAL 48,533,419 100%

EBIT (1 - t); EBT; PROFITUL NET 0.05 0.03

 Levierul indator = 0.05 0.03
Racoper 27.32

-0.30 CF ≠ PN ??? PN = 28.96

Situatia cash-flow-urilor
perational = 27.66
e investitii = -0.70
e finantare = -27.0
Cash-flow total 0.00
de analiză
itul anului = 0.50
putul anului = 0.80 de evaluare
Cash-flow total -0.30 CFD = 28.18

lei in titluri de stat

15% Rata infl
lei

1
CFD + VT
1/(1+CMPC)

ta de dobândă fără risc (Rf = de remunerare a obligaţiunilor emise de stat)

ima de risc de credit cf rating c-nie = (DS = default spread)
ima de risc de tara pt neramburs datorii = (CDS = country default spread), necuprinsă
Rf
ota de impozit pe profit ()

 DS  CDS)  (1  τ) unde, CDS = CRP – Rf , cu CRP = country risk premium

ima de risc de tara pt neramburs datorii = (CDS = country default spread), necuprinsă
Rf
ota de impozit pe profit ()

 DS  CDS)  (1  τ) unde, CDS = CRP – Rf , cu CRP = country risk premium

Spread is
20.00%
12.00%
9.00%
7.50%
6.50%
5.50%
4.25%
3.25%
2.25%
1.75%
1.25%
1.10%
1.00%
0%
Return on Investment = ROC = EBIT(1-t)/(BV of Debt + BV of Equity)
Reinvestment Rate = (Net Capital Expenditures + Change in WC)/EBIT(1-t)
gEBIT = (Net Capital Expenditures + Change in WC)/EBIT(1-t) * ROC

tuitate simpla: CFD = const pe per (n) nedetermin

etuitate de crestere: CFD creste cu rata 'g' const. pe per nedetermin

sterea valorii capitalurilor investite

DImo = 1

DNFR = 9
 1.    INTRODUCERE     motivare
2.    PROFILUL CELOR DOUĂ COMPANII: inv

3.    VALOAREA CONTABILĂ A AVERII ACȚI

Bilanț
38.2 Sf.an.crt. Încep.an.crt.

Imo Active imobilizate 199 174

Stocuri + Creante 25 42

ACR

Cash ef si eq 84 51

TOTAL 309 267

Sf.an.crt. Încep.an.crt.
Active imobilizate 199 174
ACN 67 62
TOTAL Cap Inv 266 236
Total Activ - DCR 12.84% 266 236
NFR -27.8 -17 11

4.  VALOAREA DE PIAȚĂ A AVERII ACȚIONARILOR

sf an incep an
Nr. actiuni (mil) 935 935

Curs bursier (lei/act) 0.5143 0.2513

Capitalizarea bursiera = = Nr act * Curs bursier 481.02479 235.04
104.66%

5.    VENITURILE din EXPLOATARE și PRINCIPALELE MARJ

 Contul de profit şi pierdere
Venituri din exploatare (CA)
Chelt de exploatare MCV = 60.0%
Chelt fixe
EBITDA
Amortizare (Ajustari de valoare)

Profit din exploatare EBIT(Profit expl)

EBIT × (1 - t)
Chelt cu dobanzile
EBT
Impozit pe profit 16%
Profit net
Repartizarea profitului
· Dividende 50%
· Profit reinvestit 50%

e EBIT(Profit expl) = CA / (CA - PRctb) = 13.20% Dc CA ↑↓ cu ± 10%, at EBIT ↑↓ cu ± 12

PRctb = (F + Amo) / (1 - Var/CA) = 43.5

e PN = CA / (CA - PRctb') = 13.28% Dc CA ↑↓ cu ± 10%, at PN ↑↓ cu ± 15.6

PRctb' = (F + Amo + Dob) / (1 - Var/CA) = 44.25

6. ELEMENTELE PRINCIPALE ale VALORII PREZENTE

a.     CASH-FLOW-ul DISPONIBIL : CFD = PN + Dob × (1 – t) – D Cap

CFD = PN + Amo + Dob · (1 – ) – D CapInv

D CapInv = CapInv1 - CapInv
CapInv = Total Activ - DCR

VP (V0) =CFD1/((1+CMPC))+(
VT1)/((1+CMPC) ) > CapInv (I0)
580 > 236

b. COSTUL MEDIU PONDERAT AL CAPITALULUI : CMPC (k) = kCPR × %CPR

CAPM (Capital Asset Pricing Model) ERP(Equity Risk Premium) =

Pret timp Prima de risc
1) Costul capitalurilor proprii : kCPR(EiCAPM) = Rf + bi × (EBET - Rf)

Beta (Risc de Piata) 0.46

Rata de dobanda fara risc (Rf) = 5.14%
Prima de risc a pietei de capital (ERP) = 6.85%
Costul CPR (Equity) 8.2900%
Costul dat. inainte de imp. = 7.27%
Costul datoriilor defiscaliz. = 6.10%
CMPC = 7.96%

Rata de acoperire a dobanzilor = EBIT / Dob = 152.12

Clasa de rating= AAA
1) Rata de dobanda fara risc (Rf) = 5.14%
2) Prima de risc de credit cf rating c-nie = 0.00%
3) Prima de risc de tara pt neramburs datorii = 2.13%
Costul datoriilor inainte de impozit = 7.27%

c.   VALOAREA TERMINALĂ : VT = CFD × (1+g) / (CMPC - g)

Rata de crestere (g) g= 12.837% 5.14%

g = D CapInv / CapInv
Valoarea terminala (VT)
VT = CFD*(1+g) / (CMPC - g) = 610
VT actualizata = 565
CFD actualizat = 14

7.    VALOAREA PREZENTĂ (VP) A COMPANIEI:

VP (V0) =CFD1/((1+CMPC))+(
VT1)/((1+CMPC) ) > CapInv (I0)
580 > 236

Cap Invest = 236

8. VALOAREA ACTUALIZATĂ NETĂ (VAN = VP – CapInv)

VAN = VP - CapInv > 0 343 >0

Valoarea actualizată netă = plus/minus de valoare a Cap =0
<0

9. PRAG de RENTABILITATE CONTABIL vs FINANCIAR

 Scenarii:
0. Situaţia normală : ( activitate = 111.3) :

CA PN VAN
179.3 45.34 343

Pragul de rentabilitate contabil sau Punctul Mort : nivelul critic al

CA PN VAN

44.3 0 -1376

2. Pragul de rentabilitate financiar : nivelul critic al cifrei d

CA PN VAN
152.3 36.28 min 0

3. Situatia de avarie : spre exemplu, un nivel de activitate d

CA PN VAN
56.2 4.00 -1225
 10.    VALOAREA PREZENTĂ a CAPITALURILOR PROPRII :

Val. prezentă totală IMP = 580

- DTL 33
Valoarea prezentă CPR = 546
Valoarea prezentă (intrinsecă) per acțiune = 0.584
Supra/Subevaluare = 14%
Se recomandă cumpărarea ac

11. EVALUARE RELATIVĂ - PRIN COMPARAȚIE (prin multiplii de

2020
P/E = Curs bursier/PN per acț = P / EPS Ratio = 0.514
Valoare CPR IMPP/E =
Valoarea per actiune =
Supra/Subevaluare =

P/BV = Curs bursier/AN per acț = P / BVshare = 0.21

Valoare CPR IMPP/BV =
Valoarea per actiune =
Supra/Subevaluare =

P/Sales = Curs bursier/CA per acț = P / Salesshare = 0.512

Valoare IMPP/Sales =
Valoarea per actiune =
Supra/Subevaluare =

Valoare mixta = =(VPCPR + CPRP/E + CPRP/BV + CPRP/Sales) / 4

     motivare
OR DOUĂ COMPANII: investing.com

NTABILĂ A AVERII ACȚIONARILOR = ACTIVUL NET = Active totale – Datorii totale

Bilanț Sf.an.crt.

Val ctb (Activ net) =

-22.5651753344007 Sf.an.crt. Încep.an.crt. 260
Active-Datorii = CPR

Capitaluri proprii 238 189 25.98%

Val reala = Val

Datorii > 1 an (TL) 7 33
intrinseca = VP
?
?

Val prezenta a benef

Datorii curente (DTS < 1 an) 42 30 viitoare

Val piata (CapBurs) =

TOTAL 287 252 481
Nr act x Curs burs
Dif -21.96 -14.42 AN/act =
CB/act =
Sf.an.crt. Încep.an.crt. Prima/Discount =
Capitaluri proprii 238 189 85%
Datorii > 1 an (TL) 7 33 15%
TOTAL Cap Inv 244 222

I ACȚIONARILOR = CAPITALIZAREA BURSIERĂ: Nr total de actiuni x Curs bursier

Activul net ↓
203 0.2171 lei/act IMP (val ctb)

Val piata ↓ 0.5143 lei/act IMP (val piata) Pers. Juridice

32 Pers. Fizice
32 Badwill/Goodwill TOTAL
Fd com negativ/pozitiv

E și PRINCIPALELE MARJE DE PROFIT: EBITDA; EBIT; EBIT (1 - t); EBT; PROFITUL

de profit şi pierdere
Sf.an.crt.
179.3 179.3 Daca CA
108 0% ↑↓ cu ± 10%
4
67
13 atunci Cash Flow = 32.90

54.32 54.32 EBIT ↑↓ cu Situatia cash-flow-urilor

46 0% Cash-flow operational =
0 Cash-flow de investitii =
54 atunci Cash-flow de finantare = Cash-flow total
9 PN ↑↓ cu
45.34 45.3 -0.01 %
Cash la sfarsitul anului =
22.7 Cash la inceputul anului =Cash-flow total
22.7
lei in titluri de stat
CA ↑↓ cu ± 10%, at EBIT ↑↓ cu ± 12.99% CapInv0 = 100000 15%
Dob1 = 16% lei
Castig nominal 16000
CA ↑↓ cu ± 10%, at PN ↑↓ cu ± 15.61% VP (V0) = 100870
Castig(+)/Pierdere(-) 870

Anul 1
VALORII PREZENTE 0 CFD + VT
VP 1/(1+CMPC)
CFD = PN + Dob × (1 – t) – D CapInv

b · (1 – ) – D CapInv 15.28 15.28

D CapInv = CapInv1 - CapInv0 = D Imo + D ACN
CapInv = Total Activ - DCR

mil lei

 Rata de dobândă fără risc (Rf = de remunerar

LUI : CMPC (k) = kCPR × %CPR + kefDTL × %DTL  Prima de risc de credit cf rating c-nie = (DS =
 Prima de risc de tara pt neramburs datorii = (C
ERP(Equity Risk Premium) = EBET - Rf în Rf
t timp Prima de risc  Cota de impozit pe profit ()

k d  (R f  DS  CDS)  (1  τ) unde, CDS = CRP – Rf

  Prima de risc de tara pt neramburs datorii = (C
în Rf
 Cota de impozit pe profit ()

Rf + bi × (EBET - Rf) k d  (R f  DS  CDS)  (1  τ) unde, CDS = CRP – Rf

0.395
9.57% If interest coverage ratio is Spread is
6.42% > ≤ to Rating is 20.00%
-100000 0.20 D2/D 16.00%
0.65 0.80 Ca2/CC 9.00%
0.8 1.25 Caa/CCC 7.50%
1.25 1.50 B3/B- 6.50%
1.5 1.75 B2/B 5.50%
1.75 2.00 B1/B+ 4.25%
2 2.25 Ba2/BB 3.25%
2.25 2.50 Ba1/BB+ 2.25%
2.5 3.00 Baa2/BBB 1.75%
3 4.25 A3/A- 1.25%
4.25 5.50 A2/A 1.10%
5.5 6.50 A1/A+ 1.00%
6.5 8.50 Aa2/AA 0%
> 8.5 AAA Return on Investment = ROC = EBIT(
Reinvestment Rate = (Net Capital Exp
× (1+g) / (CMPC - g) Rmarja = 25.42% gEBIT = (Net Capital Expenditures +
Rmarja neta = 25.28%
Dacă g > Rf at. g = Rf Rrot = 0.76
Levier fin = 1.25 1.12

=> potențial de câștiguri viitoarde

PANIEI:

1) VP = CFD / CMPC
Eval in perpetuitate simpla: CFD = const pe per (n) nedetermin

mil lei 2) VP = CFD (1 + g) / (CMPC - g) Eval in perpetuitate de crestere: CFD creste cu rata 'g' con

AN = VP – CapInv)

Capitalizare Se indeplineste obiectivul major in Finante: Cresterea valorii capitalurilor investite

Conservare
Decapitalizare

L vs FINANCIAR
= 111.3) :

Concluzia
> 0 => Capitalizarea
averii actionarilor,
solutie acceptabila

unctul Mort : nivelul critic al cifrei de afaceri (44.3) pentru care PN =0.

Concluzia
La acest nivel,
activitatea este
suficienta pt a
acoperii cheltuielile,
dar determina
decapitalizarea
averii actionarilor,
solutie
neacceptabila

ciar : nivelul critic al cifrei de afaceri(152.3) pentru care VAN = 0

Concluzia
Conservarea averii
actionarilor

mplu, un nivel de activitate de 56.2 > PR ctb, dar < PR fin

Concluzia
Decapitalizare, solutie
neacceptabila
URILOR PROPRII :

Curs bursier ↓ AN/act. ↓ Val ctb a CPR =189

0.514 0.217
=» Supraevaluare
Se recomandă cumpărarea acț. IMP

PARAȚIE (prin multiplii de preț)

0.2513 (2021) ηdivid = 9.64%

23 Curs bursier ↓
0.02 0.5143
-95%

0.25
50 Curs bursier ↓
0.05 0.5143
-90%

0.423
92 Curs bursier ↓
0.10 0.5143
-81%

178 Curs bursier ↓

0.19 0.5
-63.0%
– Datorii totale

Încep.an.crt.

Cresterea val capit

203 Ob c-niei IMP =
investite

DImo =

VP = (∑CFDt +
546
VTn) /
DNFR =
? (1+CMPC)t –
DTL0

k = rata
Cash Flow normala de k = costul
k = rata de actualiz
disponib rentab/cls capit
risc

235.04 2.37
0.217 lei/act
0.514 lei/act Încep.an Sf.an
136.9%
Rcrt = 3.0 2.6
Rquik = 1.4 0.6
Rcash = 1.7 2.0

uni x Curs bursier

Structura
actionariat
11.945.395 12772.0%

35.192.830 37627.0%
935.310.418 100%

t); EBT; PROFITUL NET 0.15 0.03

 0.18 0.03
Levierul indator = 152.12
Racoper

CF ≠ PN ??? PN = 45.34

86.13
-38.20
-22.6
25.36
de analiză
84.20
51.30
32.90 de evaluare
CFD = 15.28
tluri de stat
Rata infl

ră risc (Rf = de remunerare a obligaţiunilor emise de stat)

edit cf rating c-nie = (DS = default spread)
a pt neramburs datorii = (CDS = country default spread), necuprinsă

profit ()

1  τ) unde, CDS = CRP – Rf , cu CRP = country risk premium

a pt neramburs datorii = (CDS = country default spread), necuprinsă

profit ()

1  τ) unde, CDS = CRP – Rf , cu CRP = country risk premium

on Investment = ROC = EBIT(1-t)/(BV of Debt + BV of Equity)

stment Rate = (Net Capital Expenditures + Change in WC)/EBIT(1-t)
= (Net Capital Expenditures + Change in WC)/EBIT(1-t) * ROC

nedetermin

e: CFD creste cu rata 'g' const. pe per nedetermin

urilor investite
38

5
COTR IMP
EBIT (Profit din expl)= 16.56 EBIT (Profit din expl)=
Cap Inv = CPR + DTL(>1 an) = 230.44 Cap Inv = CPR + DTL(>1 an) =
Venituri din expl = 37.596 Venituri din expl =
ROC (rentab cap inv) = 6.04% 6.04% ROC (rentab cap inv) =

R.Marjă (EBIT/Ven expl) = 37.00% R.Marjă (EBIT/Ven expl) =

R. Rotaţie (Ven expl/CapInv) = 0.16 R. Rotaţie (Ven expl/CapInv) =

Profit Net = 9.798 Profit Net =
CPR = 100.465 CPR =
ROE (rentab cap proprii) = 9.75% 9.75% ROE (rentab cap proprii) =

R.Marjă netă (PN/Ven expl) = 26.06% R.Marjă netă (PN/Ven expl) =

R. Rotaţie (Ven expl/CapInv) = 16.31% R. Rotaţie (Ven expl/CapInv) =

Levierul (CapInv/CPR) = 2.29 Levierul (CapInv/CPR) =

= 1 + 1.29

TBM CMP
EBIT (Profit din expl)= 27.75 EBIT (Profit din expl)=
Cap Inv = CPR + DTL(>1 an) = 87.703 87.703 Cap Inv = CPR + DTL(>1 an) =
Venituri din expl = 124.147 Venituri din expl =
ROC (rentab cap inv) = 26.58% 26.58% ROC (rentab cap inv) =

R.Marjă (EBIT/Ven expl) = 18.78% R.Marjă (EBIT/Ven expl) =

R. Rotaţie (Ven expl/CapInv) = 141.55% R. Rotaţie (Ven expl/CapInv) =

Profit Net = 21.919 Profit Net =
CPR = 81.977 CPR =
ROE (rentab cap proprii) = 26.74% 26.74% ROE (rentab cap proprii) =

R.Marjă netă (PN/Ven expl) = 17.66% R.Marjă netă (PN/Ven expl) =

R. Rotaţie (Ven expl/CapInv) = 141.55% R. Rotaţie (Ven expl/CapInv) =

Levierul (CapInv/CPR) = 1.07 Levierul (CapInv/CPR) =

 COTR
190.635
748.679 445.9 302.779 Cap Inv =
Imo + ACRnete
271 Cap Inv = CPR + DAT TL
21.39% 21.39% Return on Investing 5.08%
7.45%
59.09% Operating Margin 46.59%

0.36 Assets Turnover = Revenue / Assets(Equity+LT Debts+ST Debts) 0.16

154.139
585.68
26.32% 26.32% Return onEquity 11.40%
9.71%
56.88% Net Profit Margin 28.48%

36.20% Assets Turnover 0.16

1.28 Levierul = CapInv/CPR = (CPR + DAT)/CPR = 1 + DAT TL/ CPR
LT Debt/Equity 1.13

36.893
587.517 587.517
777.931
5.27% 5.27%
3.98%
132.41%
32.709
474.89
6.89% 6.89%
4.20%
132.41%
1.24
 IMP Industry

22.83% -6.55%
22.72% -5.86%
98.79% -73.21%

0.23 0.08

28.99% -7.75%
20.73% -8.02%
77.95% -84.57%

0.23 0.08

0.16 0.19
sapt
CEON % BET %
-0.23% -0.01%
-0.46% -0.36%
0.94% 1.92% Beta = 0.6333
-1.39% -2.18%
1.41% 2.53%
-2.14% -2.38%
-4.71% -7.28%
9.68% -1.04%
1.53% 0.32%
2.92% -4.04%
-0.22% -2.46%
-0.45% 0.12%
0.45% 0.43%
-0.45% 0.94%
3.23% 1.88%
5.71% 1.63%
-1.87% -1.78%
-3.60% -1.00%
-1.19% -0.46%
0.60% 2.39%
-2.33% -1.71%
0.88% 0.74%
2.10% -1.03%
-0.60% 2.87%
1.82% -0.72%
-0.30% -1.11%
-0.90% -3.57%
-1.77% -2.16%
1.19% 0.01%
1.82% 2.26%
-4.08% -0.50%
0.88% 2.96%
1.49% -2.15%
4.69% 5.05%
3.23% 5.96%
-6.93% -11.61%
-4.86% -2.24%
-3.90% -1.39%
-1.28% -0.09%
5.41% 2.18%
4.23% 2.04%
-8.97% -6.17%
-1.02% 3.99%
-0.25% 0.73%
1.28% 3.73%
-1.27% 0.91%
-3.66% -0.43%
7.05% 1.23%
-6.36% 1.66%
-0.73% -3.04%
9.87% -2.13%
4.17% -0.32%
8.43% 2.14%
0.61% -1.62%
0.00% 0.80%
0.30% -0.83%
6.13% 1.46%
4.03% 1.55%
2.76% 1.02%
0.35% -0.70%
-2.03% 0.72%
8.41% -0.62%
0.20% 2.52%
-0.20% -0.42%
0.00% 2.61%
1.03% -0.17%
-1.02% -0.50%
0.00% -0.98%
0.00% 1.31%
0.00% 0.34%
-1.01% -0.37%
1.02% 2.30%
7.69% 0.76%
-3.81% 0.02%
-0.42% 0.85%
-2.66% -2.21%
-1.01% 0.74%
-1.00% 0.02%
1.01% 2.20%
0.61% 1.15%
-1.41% 0.59%
0.81% -0.84%
4.65% -0.53%
2.87% 3.11%
-6.70% 0.80%
2.56% 1.23%
7.57% 2.31%
-6.09% 2.92%
0.00% -1.39%
1.03% -1.39%
-2.26% -1.16%
2.83% 2.99%
 -2.27% -0.29%
8.77% 1.23%
-5.19% 0.65%
4.93% 3.46%
3.39% 1.24%
1.25% 0.26%
-0.93% 1.46%
0.94% -0.31%
-2.14% 2.85%
0.62% 2.39%
-0.92% 1.79%
5.47% 1.16%
0.32% 3.50%
-1.27% -3.24%
-1.26% -0.90%
-0.62% 0.38%
-1.23% -0.44%
1.25% -0.91%
-1.54% -1.69%
-1.22% -2.00%
-1.79% 3.42%
-2.90% 1.62%
2.99% 1.44%
0.00% -0.10%
-1.47% 1.88%
-1.45% 2.33%
0.00% -2.03%
2.99% 0.46%
1.82% 0.81%
1.23% -2.59%
1.56% 0.75%
-0.62% -1.19%
1.90% -0.28%
-1.25% -1.32%
0.63% 1.69%
6.00% 1.27%
9.09% 5.12%
-5.17% -2.47%
0.00% 5.05%
3.57% 0.77%
-3.45% -0.22%
-4.29% -4.97%
1.68% 5.95%
-2.29% -0.04%
1.67% 2.47%
7.91% -6.78%
-19.88% -16.55%
 9.12% 3.55%
-3.11% -9.67%
4.57% -0.03%
-1.96% 0.74%
1.71% -0.02%
-1.68% -1.88%
-3.51% 1.31%
-1.07% 1.35%
1.08% 0.31%
-1.07% -0.27%
0.00% 0.64%
0.81% 0.05%
0.54% -0.97%
-1.60% 0.92%
0.27% 1.73%
0.00% 0.27%
4.18% 0.03%
-0.28% 0.85%
2.86% -0.72%
-1.13% 1.44%
-0.28% 0.12%
0.00% 0.92%
-2.74% -1.69%
-2.41% 1.71%
2.19% 2.27%
-0.27% -0.15%
-0.81% 0.10%
-0.54% 1.55%
-4.62% 0.66%
-6.92% -1.22%
-1.87% 0.86%
0.00% 1.20%
-0.47% -1.39%
4.38% -0.04%
6.20% 1.39%
3.75% 1.73%
-0.27% 0.78%
6.25% 2.84%
2.92% -0.83%
3.64% 0.97%
-1.49% 3.71%
-5.90% -0.42%
3.74% -0.97%
0.64% -1.64%
-0.32% 0.33%
-0.95% 0.78%
2.27% 1.02%
-2.53% 0.79%
-1.86% 1.95%
0.62% 0.17%
1.59% 2.16%
-1.87% 0.22%
-6.96% 2.36%
-4.96% -1.33%
-2.94% 1.43%
3.03% 1.33%
6.29% 7.48%
2.14% -0.33%
-5.08% -2.05%
1.37% -0.54%
-2.68% -5.54%
-4.47% 3.36%
6.46% 6.52%
-8.12% -8.81%
-3.61% -1.27%
0.00% 0.22%
-1.19% 1.67%
-3.45% -0.61%
-0.57% -0.95%
0.57% 1.10%