Análisis de rentabilidad:

𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑏𝑟𝑢𝑡𝑜
Margen bruto= 𝑣𝑒𝑛𝑡𝑎𝑠
𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑣𝑜
Margen operativo = 𝑣𝑒𝑛𝑡𝑎𝑠
𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑛𝑒𝑡𝑜
Margen neto= 𝑣𝑒𝑛𝑡𝑎𝑠

Inversión:
𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑣𝑜 𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑛𝑒𝑡𝑜 𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑛𝑒𝑡𝑜 𝑣𝑒𝑛𝑡𝑎𝑠
Roa= o → Roa= x
𝑡𝑜𝑡𝑎𝑙 𝑎𝑐𝑡𝑖𝑣𝑜 𝑡𝑜𝑡𝑎𝑙 𝑎𝑐𝑡𝑖𝑣𝑜 𝑣𝑒𝑛𝑡𝑎𝑠 𝑎𝑐𝑡𝑖𝑣𝑜𝑠
𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑛𝑒𝑡𝑜 𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑛𝑒𝑡𝑜 𝑣𝑒𝑛𝑡𝑎𝑠 𝑎𝑐𝑡𝑖𝑣𝑜𝑠
Roe= → Roe= x x
𝑓𝑜𝑛𝑑𝑜𝑠 𝑝𝑟𝑜𝑝𝑖𝑜𝑠 𝑣𝑒𝑛𝑡𝑎𝑠 𝑎𝑐𝑡𝑖𝑣𝑜𝑠 𝑓𝑜𝑛𝑑𝑜𝑠 𝑝𝑟𝑜𝑝𝑖𝑜𝑠
𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑣𝑜 𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑣𝑜
Roce= → Roce =
𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑒𝑚𝑝𝑙𝑒𝑎𝑑𝑜 𝑓𝑜𝑛𝑑𝑜𝑠 𝑝𝑟𝑜𝑝𝑖𝑜𝑠+𝑑𝑒𝑢𝑑𝑎 𝑛𝑒𝑡𝑎
𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑣𝑜 𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑣𝑜
Roic= → Roic =
𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑖𝑛𝑣𝑒𝑟𝑡𝑖𝑑𝑜 𝑎𝑐𝑡𝑖𝑣𝑜 𝑓𝑖𝑗𝑜+𝑤𝑜𝑒𝑘𝑖𝑛𝑔 𝑐𝑎𝑝𝑖𝑡𝑎𝑙

Crecimiento sostenible (g):

g = ROE x b → g = ROE X RR
𝑑𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑜
b= RR= 1 -
𝑟𝑒𝑠𝑢𝑙𝑡𝑎𝑑𝑜 𝑛𝑒𝑡𝑜

WACC= (wd) [(kd) (1 -t)] + (wce)(kce) ¿ INVERTIMOS?

Wd= D/ D+E → %/% +100
𝐸𝐵𝐼𝑇 𝑥 (1−𝑡)
Wce=E/D +E → 100/ % +100 roic =
𝑎𝑐𝑡𝑖𝑣𝑜 𝑓𝑖𝑗𝑜+𝑐.𝑐𝑖𝑟𝑐𝑢𝑙𝑎𝑛𝑡𝑒
Kd = YTM
t = Tasa impositiva (hacer media) (IS) si ROIC > WACC → invertimos
ke= RFR + apalan [E (Rmkt) – RFR ]
RFR: Lo dan
 → Desapa= Promed [1 (1 + (1-t) D/E]
1
→ apalan= Desapa [ ]
1 + (1−t) D/E
Rmkt lo dan. T promedio. D/E promedio.  prome.
Rm = E (Rmkt) ; ERP = [E (Rmkt) – RFR ]

Medidas de rendimiento:
𝑅𝑝−𝑅𝑓
Sharpe ratio = Rp = rentabilidad
p
𝑅𝑝−𝑅𝑓
Treynor Measure = Rf= tasa libre riesgo
p
Jensen´s alpha= Rp – [Rf + p (Rm – Rf)] p = Volatilidad cartera
Bp = riesgo sistematico
Rm – Rf = ERP