_— RESERCICTORMGUIS, EIERCI CIB CNOKE =D Jeo a © Bond Corpolahvo Gorgle @reao bono a = Bullet = P= “4 ee = v.cacawla = 400MM | islet lie Geemnen : cera)" GrRa" seer a ee sem es | eR Re- Veemeriat = 4+ 644 1 0.0 cmos remem MME Woo sm Coo Rue Usazy't4 = 0.094 ee setae * coped = Vicari *« tam de 5 wapon = (OOMM: 09,0392 upon = 3.920.000 VP= 3.720.000 [é au 28 0.044. (1,049) VP= yn. 435.842 94] ~ © tare tox? 00% ~ Monte faverhdo yoo/ = 100MM | os = precio bon xh = 54 435.842,94 G y 157, 447/ ke Vemol Be ZRAY Tramsa ayo La pr 4 = 43,56K eae Gcutgo ee fot at” 43, © Nowe c/ guerra us4 vir (“a u Economia aa a artrd > A? : 4 inestable a) vf Ea ae Scanned with CamScanner7 9 be wernt fer be] Valor Carertula = 300MM UCP ie keto = f=" ant mada Bo ammn-e-4— n= ee ene a ee actu J Re= 07 onvak + (4+ 10%) L> Re= 010244 Paga trmeshaimente.+ 4x al aro ea racarepy CUPS i= oO (Se Cte) S4 bis = 43.957.294 ule \P= A359 (y- 1 Opuig an outs) wee pam si . asa de A 4d! VP? PAS Rd pas HL C174 -4= 0, 0333 & \louor upon U0 A. = 13.957-294 = i. \W { 169.073 €23 | ame 12s Vero. Ye © Gamamaa & Contaten de LP wicrso + Kuo empresa proyectaray mejor mur ferultad Y KYA + Aeguia Hors 4 M? YRdI wy TFoono Scanned with CamScannerjsfoo Aerle — [ee pmortaace. | lalor Cardtig = YOOMM we 5 Re = 42s ee © amothonw = V. Cardhda | = Pa “Crom ) e aepales a ae ee Re ws [re Sido intetal eee _pmort' | ouota (iat+ Arnot )) (ET senan.089 7) ea Abo Lae ds 256 Tc i: em ES Saido \nicial = on oS ~ Saldo sida’ aot ed Taiteres = Salgo Taraal + Re amort = WC /w iM Quota = Tnteres + Amor NV P=P(ec0 ~ BOM IDA TL. (4 fory* (aye 01)” oS Des por mm Q& = 17? \uiamn 4 RS Re Aa Wer \atlor A = Yador (ard la se Vee 000" ©) Aerle pwhnove duro prweo waqodags detrazcnro ” — Ante prover intern), genera intata y prencel ft (121g- T Ra TS Poows- Scanned with CamScanner, 7 CORRECCION FORMULAS EPA: Eleecicio 2 ACCYONES AF T— Politica cn aiviaineen Amtek & perpericad We Me - 47 Tepatnca ck dividendor amval G primers a7 ton 4 oy GO Fa © penpthiclad ee @) veo [+ eesaat a Ke-Gil G+ key ne ©) vero 4 Cee 92) (ree) £ * De Di(itga)t $3 DE- Da (4+ 92)" Scanned with CamScannerGuia oh Berace EJercrevos 2: ACCroNeES AR Analisir de lar principaler accroner—+ secre whvinitola. TALS Nt compara DDM* Porpetidad At iasa ll ¢ Ve- 2 = Do(4+y) f i Ke ~ 12% (PB onenay toro De= 500 Ov oo ve-7 ye tor Le > WMI div Amestral Mate) Coal toes ie Grote) tos [op09%3> Ke ee 0 eee (1,1) 4 = [0, o4e = 3 | @ twoia at Ve= 500(4, 048%) : 0,0582 - 0,049F D foun. Ha Rita ie 84 anvey » Baan (oa ve~ Pvt (" 4 des 6% Pr: A - ke Div omvat ean vt) S _ = 4.399. [" (49x)? | ({7- =) aioe J Ce ran ; 5-H U4, AD} by Po" (7,08 J* t-aas [P5* 4966, ¢) De- Pa (4+42) De = 4.968 (4,06) rs 5 “ee [bres J} N@= 9 5.403, 9722 ES 4 1.959,04 ee Db™ 4.959,03 Vig 17-093\91 — 5 = 20.49H2 Paso = 5 .403,9 + 19.053, Scanned with CamScannerae MOLAR BONO AE ®| FJERCICIO 3= payency PERIOD A VFa) G eee Bax Pagback] prehero Cabane. C% Mvtvat exenyot GN yen —~to ve og + 350 N se 4oo + Igo + (00 Ne EES oe OF tt = 177,06 VeN aly = — 90 VER + 300 + IY IO = 150,71 GAY aye Gt en ee Frere bat. Scanned with CamScannerAevcieo Sa c 4) (0 4: ; AY parones Fin Ere, paatitir ax feroitadn , EFUE@ / farm qore © pmo. AC. 4.900 = 3,149 2 DADO @ AC>PC , er ung AE AS. Aaa €mpreta (on Solvenwa en e| COR TET. MCAS TOY «4940 - et Mew scoop — SENOS (de. Dy. eReeren Te ts ne fe = ee B) loverage= B. 106. n636/ ® : e 3 6k4 : Ss for cada pu 4 ponen tm accion LL amo pork ba 0,56 28S. © dias (xC = 360, | poteee —(N, 2:399 1860 = 1969, 91 eae Rotcnc~ War Ge. | } 3 | 0 : 3-300 Oars CS a0 | Pot xP J compras= lanvy- lye + Chobe | {a0 ~ 1300 + 4.209 Rot CxO = Compras « wed comprar = 4.360 a divas (ef 300 *CP . 300-4250 = (497, 5° dvas \wN. = 360 + Inv bees aaspo Cio mat. vendidaa = too \_ 184 shee | CICLO OPERATIVO - Dias INV + DIAS CxC | = 301,34 We ClCLO EFFECT VO: CICLO OPERATIVO # - DIAS CKP = 498,79. dia Scanned with CamScanner/EJERC CID Seca BNOKE =O ACK = ' Ven TI2M, CAE CADENA @ é Cohete AILa : 0 4 ‘ ven wv “a PAYBACK ~32 5MM Woz = 0,393 «ID 49 merer 2 awn y Am. Conte Beta : oo ee He | Ag u 14 14 PAY BACK es StL 0 36 ie (4/4 H2\~ 9 Stig * Lay 1 meres 4 PAMBACE GAMA | wee y Ib iF rgiase O hrpe gome, Scanned with CamScannercml QY_wétoa vee. jeita & Beta 7 4 a F 3 4 mse 23 @ 23 UE Ne = 785 #23. 622 4 o Cis) ts)” nee 224 1, Se 2 8M Ong ug) C45) Pew «+ = waned oo Pre ro VP. Qmetrode Te incremental : Vid sVINB = of - B aS 0 4 @ | 3) 4 5 aS id e |2 | =f 4 TIR Modi A cada Agnpo fluyos +O am To © ve es eo 4 = + 7G, 6% { Gyas)* > Aq~ pe fly >o mM To + VE 1 Bx CAE i sl ae CUP ak ok mage Cal Scanned with CamScannerJERCICIO 4- Ley priver FoeMULs Benef'go Economreo =(Roic @ wace | (ce. Yertieg, . NOPLAT > EBIT + (4 - TAX) EBiT > und (PV-Cv)- CF - DA 1.500 (|. 250 - (50) = 300. 009 - 120. O00 = 480.000 NoPlaT ~ 490 000(4- 1+) C NoPLar = 39%. 400 ROVC = Nopwr= 299.100 .. 6, 1992 \¢e 1-000. 000 BE “[o-iaaa = 0,42] 2.000.000 BE = 198.400 ——= (reacen de Valor ®ekey Dever Formula = nopiar (4 -£) ware — F = 349 goo[1- 5%/o, 990 > $4.12. 854 wv in - GF Scanned with CamScanner© Escenatio Wavergenia f20\C hon ae WAC VE = Nopcar = 394 = 3.320.000 / WACc Ty © crenanio agrettvo > poig pendk a oO VF = Noecar = 394 400 = ce Lee 5.674-42 4. (2-5 Scanned with CamScannerRCICIO 49 — wacce - CAPM “Sim ple Sl-@ te=2 VE=e ee s0/ te? bua? 1,2 fe eee PxR= 9/ @ Cost ge oporwnidad —» C’apmM f= + Be ((m- Ff)» fer ' ane Empresa sin devda Bug ~ Be 74.2 Tava Wbre de wergo tf = BLE - Wenge P. BRAY, - OFF ZL X |e fer 5.1% 4 1.2 (47) Stn t Vay [Te 13,57[ ce emir devda y 0% de acrivr operavonatia ee mv Te = wa (0-1) % Won - ra) 17 4 4 ware Lrorae 2/eg fox Wat (1-184) % ter 19.97 + (4-257) B (199/- oh) g -@) aks D-O k Q a rae aS rex (497% © Canw&s La wate T+US4 C= E - D Wac a ay T)-y 14944. BOL - GL (1-1S/) 20% 0-92 + 0,007 oteL 41,80 Le Scanned with CamScannerEJERCICLO M+ MODELO GORDON + Re , % @ dcuak ov wt rawr deca accién? tor 14.039 fe = DUA) «3g (440,08) = 254193) = 04 Do- 35 uy (e-3)% 0,06 3. 30 de — lee th escazt"| © Curae me menicrra — py~ DUH) r-% =e 54+ Doltt9) Vo > 34. + 5 56l4 id © x impwrarto? r= 4\167\ Maggy 1037 Scanned with CamScannera EACIO AD | DDm i VEN= tgomm 7 DIV 607 (170MM) ~9JOMM en Av Pot = {MM ace +4 G00 B+ OR Xe, Pot ~ 4-00oMM i Te eg Pua 100 f Mere Dat ok “Po te 10 ee 4000 © jane @ ia - ne hn Ds = fe M47 ut + IsvMM & ee 770 ee t= 4000 SO; 4 5 4 Vx De (143) a yo RMR f° 124: 4,08) a < a z bv oe tet? edo aA? Suma ~ Noe Scanned with CamScannerVEDeReicio 13 | FOr - FCRE ~ Valor mendes For = UN + Dep + Iab-(-T)~ Cape - DkdT FOrE = EBIT-C1-T) + Dep ~ Capex - AAT PCEE EST DA (Ht) + Dep(t) - @ FCFE= Fcre K witlet) onehe ~ Aka FCFF 101g = 306 + 132 + 35(A- 27%) - 140 ~ 15 = 4234 FCFE Div = 234- 35(0-%)+ Igo = +390 ® Cake ak te pe cH + Be (cm-Cf) 5c +4 s(4Z) Vea sv Vator Pas x acuon FCF Y= 47 a pp +#acc = 150MM cyalor (es dua| 7 Scanned with CamScanner ettEDERCICIO 14 APV- EFECTD LEVERAGE @ comearable = Pemos dicey grF F067. ® spoT FY - Madu. judge Be * 115 \ eos =10.57 TFCFE = o5™m oe ‘ %- Ot ve ¢- de 30 D-90 ree 57 =V- TAK=45% AR @) Quamto vale la empresa’. “ky, APV Vee FORE | cu -DeT+(+a) 1 T+ | JoMener eg Py Lae | duiapatenn co svt 15 (9%) ra Coa e-re ne (@-T)-p +& Wa * 9.95: 40%: 40.5% + 60% 18.5% 4 ke 2 Ph | P.95+04 + 0,6 | far Py : ) (b=el ae I el = 15 ) gusts pet be) Sponty d= 8.5% dtuat u uf ' mont) && D na ie pera mantener | VFgpenry = 152 e104“ leverage te? = z > e eiieap FEE nunca ctrbe Aer er) a SEmy Tas OH py. Interds d= loud “ : : eee ba un ints mama 4% ow v 6MM ‘ye%e 6mMM 7 [20.57 | — Scanned with CamScannerEJERUCciO A6\ wace x Re Frutala (oomparobl) Truk iq Din ok = 207 D= 40MM FCFE,= 35MM ata = [00M Fas $4, qa Ferr = 3% pp CEFR, 22MM\—> cle. MADUeA 97 a — TAY = 157 @ Catautt fe Frureria FOREN ECS 1 Way, « -fOFF 9 fuewo Frolerra 8 eg NN ya manlere coer creemirerihe ie bie fe=WA+4 DB (wa - |) © | foun +! 1,4 +100MM | % fom t 100MM fe= (fy +m (us ~ 37) ¢ < | go ) 200MM = 22MM | a / wa : fen dvy [em C Matis 7 © Wace Fruteaa Wace>re-E 4 wR (4-1) 4 a 11% 0.8 « 9%+0.2 (40.25) [PETC ib5/) va © Valor Patrimonio Titega = —_{$—$__a— O0T0 VP Ficmq— VP FCFR deyc WAC a rere) VO fotrim— ve FRE dee fe We art - 3h Scanned with CamScannerciAO kB- EMision ag valoyer yalol Pat VPecee + VP ras Ver = EBIT= AGoMM = emir -T)+ © acc = LOMM oO " 7, Tuas o's) en e 4% = joo (A- #4) (ee Tax = 3°74 D=02 ania ©@) Btfat , emision 120MM em aca one para JV ¥ aii. = {1° Proyecto = ! N20 (44 37) = * oe 423,39 MM ale x = 423,0MM Lx Cho= 37 Pot, = Pate + EM ~ ven 960 MM 4 AZOMM + ven. \\C~ 15 (4-304) = (25mm N4z = G0+ [10+ T yen = «ces VP fata= 935mm / to BE ao 4 45 aS VON = My “Go hrm Pr»Me< 123,7M P, (Me + LOMM) = 375MM Py 22MM = F513 MM \Pa= 34,96] 24,56: ML = IMO ual mMe~ 3-110 -14% / Scanned with CamScanneri) Emrbir 41oMM Ok lect f= lof Cho= 3% Teursgos acdivicmeo a pewal exhrowreinavo oo Pato > AMM 5 Aucege = 20MM / Nee asoho o33,¢ (VEEN Ercree += WPreth uc 0 u \ y5omm + Verges (An F Os he yy, * Vine =: 7rd y r= Int xe aae4 | A+. Cex D VexS MW: a0 1074 for. Mayvit imp rire} 410 lat = 42MM 2 Ig = ie De Lebre prego ye = 4504 3,27 ne pueda pages lakreses (VE 399/mn) (He erie ath duoyo Voor pubpimroneD ea o> Paty = faty+ Vere Orv Perka = $90 pyaar Zipp [fafa Fas, Poth Hace y fy NO HAY emiston jek ecro0e7, egy Pago wr.dh inte? face ne drambene Pace Cambra ar iene fats . 633,27 =/$31, 66> 66 = Fi Face peg —— = Pes 953,13 [Peis bua at Scanned with CamScannercomeano or exeasicros | Fae TEORIA MODERNA pe cARTEeMS — estapancA | Ml neuen 4 | Acon 2 Media |= cox 0, 0087 0, @T Mechanal -0,0357| -o-c1n% | 0: 028% g 6 T | over [esr 103% Rg Yo ys0tar 4 ot oor | o,0002 2/0004 a c gre otal Cute | aase | 2,958 B/B9F ~ 0, 63 Goof. acell E The BOE Pet ace 4 M2G\A en promedio cada win tu atyont’ avam2an om 2h Peron bude? Un 0.008% y Wu ater 0/0044 DEF: T= rego medreto pr yolubWdad t mayor en £ (37) Fm 264,037) — Concoeonnte + Rieiqo + 2efoian. CUATONS —c>O 4 ambos Cum taemn dates Oklems , ~ asume 4 ‘ambas finn act. Nome Ytangamen Mhutrmando en|tader. Er mayor poh aw 2. WA Br = Moefraenk : vemn que we cow: Yous = 9.34. * Re por nve, LM deren Y Berra ch ee mocerada. \ iy pron lavoahiaad eprada & gq cy < L respect 1. ‘ (un A444 0 la volah welal ee 2 ke explrceioia por comporta mrento de 4) Yor Qc 4 ee Pet indir mercadg Scanned with CamScannerQ©yretomo uewade m tirminm dnvaly Hyt Caem— w= Cf + Bo (rm - rf) rex 2, Fee: 37 4eee CLs - 27) Elem) 124 Fonte obtener B= cov (or, rm) Tin Be i064 Cho 7: 4 4,04 (A2- 3%) = 12367 - Lj Geakd of ge] Ts 270: © Cada dy muvcado —> prefers mung 6 me Ot @actvarmente 4 eumta Hy : ‘capmsyatey pip 2 tlalq V7. 197% 12,367 ~ Esta pentanolo ve Oo © aur de Lo 4 Le Cor eiponce Ca40 ac 4; ed Para volver ot 4 NP para of Os OP. Compre, Cafo ac2 ccm oP de vinta vp Parag HY ©)daae rerwino oblento tn b. code cebrera vorcerce of ack a prx amo con GC/ of probaba Liked: 4e4 Flarme oh [q peuoc@iadad ce wm oate7 AA pon UO? 2 T4~ 4327" sp 5 20/8774 4 Quumic ((upuerto) ou repiasr ou Ga acven pun una chsh bug motmall CA 3 ceswawones ~ El) ~ 12,367 © #A( 10,837) — Scanned with CamScannerQ©yretomo uewade m tirminm dnvaly Hyt Caem— w= Cf + Bo (rm - rf) rex 2, Fee: 37 4eee CLs - 27) Elem) 124 Fonte obtener B= cov (or, rm) Tin Be i064 Cho 7: 4 4,04 (A2- 3%) = 12367 - Lj Geakd of ge] Ts 270: © Cada dy muvcado —> prefers mung 6 me Ot @actvarmente 4 eumta Hy : ‘capmsyatey pip 2 tlalq V7. 197% 12,367 ~ Esta pentanolo ve Oo © aur de Lo 4 Le Cor eiponce Ca40 ac 4; ed Para volver ot 4 NP para of Os OP. Compre, Cafo ac2 ccm oP de vinta vp Parag HY ©)daae rerwino oblento tn b. code cebrera vorcerce of ack a prx amo con GC/ of probaba Liked: 4e4 Flarme oh [q peuoc@iadad ce wm oate7 AA pon UO? 2 T4~ 4327" sp 5 20/8774 4 Quumic ((upuerto) ou repiasr ou Ga acven pun una chsh bug motmall CA 3 ceswawones ~ El) ~ 12,367 © #A( 10,837) — Scanned with CamScanner