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ROE=

BPA
; = payoutBPA t
FP t 1 t

a
q
Benf . rete .=BPA t( 1 payout )
= BPA t t
FP t=FP t 1 + ( 1payout ) BPA t ;
P
PER=
BPA
P
( eP reci empre )Nacc
CD marg aseg=
CReduc=( PPe ) Nacc
CT=CD +CReduc
VM =PNacc
;
Costes absorben=CT /VM
aP+q Pe NP+ Pe
;
Pd =
=
a+ q
N +1
P Pe PP e
d= d
=
=PP d
N
N +1
E
D
CCMP=r A =r E
+r D
E+ D
E+ D
BAII
;
r A=
E+ D
BAII BAII r D D
V=
=
+D ;
rA
rE
r C B=r D D
BAII r D
D
r E=
r E=r A +(r A r D )
E
E
BAII
V u=
( 1 c ) [ ( 1 E ) ] ;
r A rE
TS=D C D g
V L =V u +TS
( BAII r D D)(1 c )
V L =E+ D=
+D
rE
BAII (1 c )
E
D
V L=
CCMP=r E
+r D
(1 c )
CCMP
E+ D
E+ D
(1 c )(1 E )
g=1
;
(1 D)
r B(1 D )
;
D= c
rD
E
P=
Nacc
E
r E=r A +(r A r D )(1 c )
D
E
r E=r W +(r W r D ( 1 c ) )
D
;

N=