Metodos de Valuación

Bibliografia
Investment Valuation (Damodaran)
Conceptos principales

- EVA (Economic Value Added)

- CFROI (Cash Flow Return on
Investment)
EVA – Economic Value Added

Beneficio Económico (BE)

Las finanzas suelen estar medidas en términos contables, pero en
términos económicos se debe considerar el costo del capital
empleado.

BE = Utilidad Neta – Ke x Ec
Donde Ec es el valor contable del Equity

También puede expresarse como:

BE = (ROE – Ke) x Ec
EVA – Economic Value Added
El beneficio económico se nutre de datos contables, por lo que los afectan las normas contables, después de unos
ajustes se puede obtener el EVA.

EVA = NOPAT – (WACC x Invested Capital)

Donde:

NOPAT (Net Operating Profit After Taxes) = EBIT x (1 – Tax Rate)

Invested Capital = Equity + Deuda Financiera = Activos Fijos + Capital de Trabajo

También puede expresarse como: EVA = (ROIC – WACC) x IC

Se recomienda realizar ajustes al NOPAT o el IC cuando éstos sean materiales, se pueda tener la
información a bajo costo, pueda ser entendido fácilmente por la organización y comunicado
efectivamente al mercado.
EVA – Economic Value Added
EVA – Economic Value Added
Computing NOPAT
Financing Perspective
Income available for common stockholders
+ Interest expense after taxes
+ Implied interest expense on noncapitalized leases + Implied interest on noncapitalized leases
after taxes
− Interest and other passive investment income
after taxes
+ Preferred dividend
+ Minority interest provision
+ Changes in equity equivalents
Increase in deferred tax reserve
Increase in LIFO reserve
Goodwill amortization
Increase in bad debt reserve
Increase in (net) cumulative expensed
intangibles, e.g., R&D and product development
Unusual loss (gain) after taxes
Increase in other reserves, such as for inventory
obsolescence, warranties, deferred income
= NOPAT
Operating Perspective
Net operating profits before taxes (NOPBT), excluding unusual
losses or gains
− Cash taxes
Provision for income taxes
− Increase in deferred tax reserve
+ Marginal taxes saved (paid) on unusual losses
(gains)
+ Marginal taxes saved on interest expense on debt
and implied interest on noncapitalized leases
− Marginal taxes paid on interest and other passive
investment income
+ Changes in equity equivalents
Increase in LIFO reserve
Increase in bad debt reserve
Goodwill amortization
Increase in (net) cumulative expensed intangibles, e.g., R&D
and product development
Increase in other reserves, such as for inventory
obsolescence, warranties, deferred income
= NOPAT
EVA – Economic Value Added
Computing CAPITAL
Financing Perspective Operating Perspective
Common equity Total assets
+ Interest-bearing debt − Marketable securities and construction in progress
+ Present value of noncapitalized leases − Non-interest-bearing current liabilities
+ Capitalized leases
+ Present value of noncapitalized leases
− Marketable securities and construction in progress + Equity equivalents
LIFO reserve
+ Preferred stock Bad debt reserve
+ Minority interest Cumulative goodwill amortization
+ Equity equivalents Unrecorded goodwill
Deferred tax reserve (Net) cumulative expensed intangibles, e.g., R&D and
LIFO reserve product development
Bad debt reserve Cumulative unusual loss (gain) after taxes
Cumulative goodwill amortization Other asset-contra reserves, such as for inventory
Unrecorded goodwill obsolescence, warranties
(Net) cumulative expensed intangibles, e.g., R&D and
product development
Cumulative unusual loss (gain) after taxes
Other reserves, such as for inventory obsolescence,
warranties, deferred income
= CAPITAL = CAPITAL
EVA – Economic Value Added
Valuación de la Firma: Market Value Added es la suma de los valores
actuales de los EVA futuros.
El Valor de la Firma se compone de la suma del MVA y el capital invertido.
Valor = MVA + IC = Valor presente EVA futuros + Capital Invertido

EVA

MVA EVA
(Market Value
Added) EVA

Market Value EVA

(Debt + Equity)

Invested
Capital
EVA – Economic Value Added

Los métodos son equivalentes,

proveen el mismo valor para la compañía.
Ejercicios
CFROI – Cash Flow Return on Investment

Fórmula de CFROI
CFROI – Cash Flow Return on Investment

Alternativa al IRR
CFROI – Cash Flow Return on Investment
Cash flow que genera una firma de manera sustentable, como un porcentaje del capital
invertido en los activos de la firma.
- CFROI traduce los términos contables en flujos de caja.
- Trabaja con datos ajustados por inflación
- Reconoce la vida útil de los activos, mas allá del período en el cual éstos se amortizan.
Pasos para calcular el CFROI
1) Estimar la vida útil de los activos de la firma.
2) Calcular los flujos de fondos ajustados que generarán esos activos.
3) Calcular el valor ajustado de las inversiones realizadas y dividir los activos
entre activos que se amortizan y que no.
4) Proyectar el valor terminal de la compañía, luego de la vida útil de los activos
como el valor de los activos no amortizables.
CFROI – Cash Flow Return on Investment
Calculations of Current Dollar Gross Cash Flow Reason for Adjustment

▪ After-tax net income before minority interest, extraordinary items, and

discontinued operations (NOPAT)
Depreciation (and other noncash charges) Convert to cash basis
+
After-corporate-tax interest expense (including interest on leases) Neutralize financing decisions
+
Monetary holding gain or loss Inflation charge on net monetary
+
assets
FIFO profit Inflation charge for using FIFO
+
accounting

Calculations of Curren Dollar Gross Invesments Reason for Adjustment

▪ Net working capital (current assets less non-interest-bearing

current liabilities)
Net fixed assets
+
Accumulated depreciation, depletion, and amortization Convert to a cash basis
+
Gross plant current dollar adjustment Restate ("inflate") historical investments to today's
+
dollars
Capitalized value of lease payments Neutralize the effects of rent/buy decisions
+
Other nondebt, noncurrent liabilities (e.g., deferred taxes)
−
Other nondebt, noncurrent dollar adjustments Restate ("inflate") historical deferred taxes to
−
today's dollars
LIFO inventory reserve Reverse LIFO inventory effect
+
Ejercicios
Muchas gracias!