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Nokia e

telfon

HISTORIA:

COMPENTECIA

METODO DE EVALUACION

APPLE
MOTOROLA
RIM

Nokia es una empresa transnacional y es el primer fabricant


telfonos mviles del mundo, adems de una de las principa

STORIA:

LOS COMIENZOS

FUSION

LIDERANDO EL CAMBIO

TOROLA

BOTTON UP
TOP DOWN
FLUJO DE CAJA LIBRE

mer fabricante de
de las principales

BALANCE GENERAL

2002

Efectivo y Equivalente

8846

Cuentas a la Recomendacin.

5488

Inventario

1208

Otros activos circulantes

1094

Total del Activo Corriente


Net PPE
Intangibles
Otros activos a largo plazo
Total del Activo
Cuentas por pagar
Porcin actual de deuda a largo plazo

16,635

2787
632
2013
22,067

2794
0

Otros Pasiv actual.

5163

Total de Pasivos Corrientes

7958

Deuda a Largo Plazo


Otra a largo plazo Pasiv.
Total Pasivo

0
436
8558

Resultados Acumulados

11,031

Patrimonio Total

13,510

Total pasivo y patrimonio

22,068

ESTADO DE RESULTADOS

2,002

Ingresos

28,395

Costo de Ventas
Beneficio bruto

17,291
11,104

gastos
depreciacion

3064
2887

EBITDA (UTILIDAD ANTES DE IMPT E INTERESES)

5153

Gasto Financiero
Utilidad de Operacin

195
4958

Utilidades antes de impuestos


Utilidades netas

4,651
3198

DATOS POR ACCION

2002

Los ingresos por accin ($)

5.99

El EBITDA por accin

1.09

Flujo de caja libre por accin

1.03

Ganancias por accin ($)

0.68

Los dividendos por accin

0.2

Valor contable por accin

2.85

Final de mes Precio de la accin

15.5

NOKIA
2003

2004

2005

2006

13,711

14,675

12,338

10,722

6448

5451

6656

7395

1323

1623

2077

1952

1,252

2518

2524

3274

22,734

24,268

23,594

23,344

2381

2254

2297

2327

420

372

375

1042

1543

1306

1495

1693

27,077

28,200

27,761

28,407

3304

3320

4350

4687

95.08

5974

6593

7689

8075

9373

9913

12,039

12,762

371

366

334

497

9930

10,488

12,628

13,375

15,795

17,124

16,377

13,971

17,148

17,712

15,133

15,032

27,078

28,200

27,761

28,407

2,003

2,004

2,005

2,006

33,343

36,408

42,568

51,648

19,512
13,831

22,557
13,851

27,650
14,918

34,844
16,804

3807
4256

3701
4644

4445
4762

4999
4895

5768

5506

5711

6911

180
5588

119
5387

0
5711

0
6911

6,051
4066

5,858
3990

6,189
4502

7,188
5408

2003

2004

2005

2006

6.95

7.81

9.6

12.61

1.2

1.18

1.29

1.69

1.09

1.01

1.14

0.85

0.86

1.02

1.32

0.26

0.3

0.37

0.33

3.58

3.8

3.41

3.67

17

15.67

18.3

20.32

EXPRESADO EN MILLONES DE DOLARES

2007

2008

2009

2010

16,113

10,032

12,378

16,300

15,569

14,041

11,134

10,052

3943

3726

2602

3350

4537

8196

6827

6343

40,162

35,995

32,940

36,046

2621

3433

2804

2595

5130

14,960

11,067

10,213

3635

3836

3044

3098

51,548

58,225

49,855

51,951

9698

7686

6905

8102

154

16,318

22,256

14,282

15,036

26,016

29,942

21,187

23,291

5633

1762

3997

8092

1474

31,294

37,325

31,597

32,851

19,016

17,199

14,134

13,943

20,254

20,900

18,258

19,101

51,548

58,225

49,855

51,952

2,007

2,008

2,009

2,010

70,001

74,594

57,173

56,364

46,277
23,724

49,039
25,556

38,669
18,503

39,344
17,020

7623
7742

8332
8779

7084
8243

6629
7785

8359

8445

3176

2605

0
8359

0
8445

0
3176

0
2605

11,335
9878

7,311
5866

1,342
363

2,372
1783

2007

2008

2009

2010

17.78

19.63

15.27

15.05

2.12

2.22

0.85

0.7

2.47

0.86

1.05

1.46

2.51

1.54

0.1

0.48

0.42

0.6

0.39

0.35

5.14

5.5

4.88

5.1

38.39

15.6

12.85

10.32

DOLARES

2011

15,184
10,002
3245
7022
35,454

2566
8697
3710
50,426

7705
497
16,094
24,296

5528
1220
31,044

10,914
19,382
50,426

2,011
53,844
38,079
15,765
6841
7816
1107
0
1107
-

1,669
-2072

2011

14.38
0.3
0.22
-0.55
0.41
5.18
4.82

ESTADO DE RESULTADOS
Ingresos
Costo de Ventas
Margen bruto

2,002
28,395
17,291
11,104

Gastos
Depreciacion

3064
2887

EBITDA (UTILIDAD ANTES DE IMPT E INTERESES)

5153

Gastos financieros
Utilidad de Operacin

195
4958

Utilidades antes de impuestos


Utilidades netas

4651
3198

BALANCE GENERAL

2002

Efectivo y Equivalente
Cuentas a la Recomendacin.
Inventario
Otros activos circulantes
Total del Activo Corriente

8846
5488
1208
1094
16,635

Net PPE
Intangibles
Otros activos a largo plazo
Total del Activo

2787
632
2013
22,067

Cuentas por pagar

2794

Porcin actual de deuda a largo plazo


Otros Pasiv actual.

0
5163

Total de Pasivos Corrientes

7958

Deuda a Largo Plazo


Otra a largo plazo Pasiv.
Total Pasivo

0
436
8558

Resultados Acumulados
Patrimonio Total
Total pasivo y patrimonio

11,031
13,510
22,068

HISTORICO
2,003

2,004

2,005

2,006

2,007

33,343
19,512
13,831

36,408
22,557
13,851

42,568
27,650
14,918

51,648
34,844
16,804

70,001
46,277
23,724

3807
4256

3701
4644

4445
4762

4999
4895

7623
7742

5768

5506

5711

6911

8359

180
5588

119
5387

0
5711

0
6911

0
8359

6051
4066

5858
3990

6189
4502

7188
5408

11,335
9878

2003

2004

2005

2006

2007

13,711
6448
1323
1,252
22,734

14,675
5451
1623
2518
24,268

12,338
6656
2077
2524
23,594

10,722
7395
1952
3274
23,344

16,113
15,569
3943
4537
40,162

2381
420
1543
27,077

2254
372
1306
28,200

2297
375
1495
27,761

2327
1042
1693
28,407

2621
5130
3635
51,548

3304

3320

4350

4687

9698

95.08
5974

0
6593

0
7689

0
8075

0
16,318

9373

9913

12,039

12,762

26,016

0
371
9930

0
366
10,488

0
334
12,628

0
497
13,375

0
1762
31,294

15,795
17,148
27,078

17,124
17,712
28,200

16,377
15,133
27,761

13,971
15,032
28,407

19,016
20,254
51,548

2,008

2,009

2,010

2,011

74,594
49,039
25,556

57,173
38,669
18,503

56,364
39,344
17,020

53,844
38,079
15,765

8332
8779

7084
8243

6629
7785

6841
7816

8445

3176

2605

1107

0
8445

0
3176

0
2605

0
1107

7311
5866

1342
363

2372
1783

-1669
-2072

2008

2009

2010

2011

10,032
14,041
3726
8196
35,995

12,378
11,134
2602
6827
32,940

16,300
10,052
3350
6343
36,046

15,184
10,002
3245
7022
35,454

3433
14,960
3836
58,225

2804
11,067
3044
49,855

2595
10,213
3098
51,951

2566
8697
3710
50,426

7686

6905

8102

7705

0
22,256

0
14,282

154
15,036

497
16,094

29,942

21,187

23,291

24,296

0
3997
37,325

0
8092
31,597

5633
1474
32,851

5528
1220
31,044

17,199
20,900
58,225

14,134
18,258
49,855

13,943
19,101
51,952

10,914
19,382
50,426

HISTORICO , VARIACION EN PORC


2002 - 2003

2,004

2,005

2,006

2,007

17%
13%
25%

9%
16%
0%

17%
23%
8%

21%
26%
13%

36%
33%
41%

24%
47%

-3%
9%

20%
3%

12%
3%

52%
58%

12%

-5%

4%

21%

21%

-8%
13%

-34%
-4%

-100%
6%

0%
21%

0%
21%

30%
27%

-3%
-2%

6%
13%

16%
20%

58%
83%

2002 - 2003

2,004

2,005

2,006

2,007

55%

7%

-16%

-13%

50%

17%

-15%

22%

11%

111%

10%

23%

28%

-6%

102%

14%

101%

0%

30%

39%

37%

7%

-3%

-1%

72%

-15%

-5%

2%

1%

13%

-34%

-11%

1%

178%

392%

-23%

-15%

14%

13%

115%

23%

4%

-2%

2%

81%

18%

0%

31%

8%

107%

#DIV/0!

-100%

#DIV/0!

#DIV/0!

#DIV/0!

16%

10%

17%

5%

102%

18%

6%

21%

6%

104%

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

-15%

-1%

-9%

49%

255%

16%

6%

20%

6%

134%

43%

8%

-4%

-15%

36%

27%

3%

-15%

-1%

35%

23%

4%

-2%

2%

81%

CION EN PORCENTAJES
2,008

2,009

2,010

2,011

7%
6%
8%

-23%
-21%
-28%

-1%
2%
-8%

-4%
-3%
-7%

9%
13%

-15%
-6%

-6%
-6%

3%
0%

1%

-62%

-18%

-58%

0%
1%

0%
-62%

0%
-18%

0%
-58%

-36%
-41%

-82%
-94%

77%
391%

-170%
-216%

2,008

2,009

2,010

2,011

-38%

23%

32%

-7%

-10%

-21%

-10%

0%

-6%

-30%

29%

-3%

81%

-17%

-7%

11%

-10%

-8%

9%

-2%

31%

-18%

-7%

-1%

192%

-26%

-8%

-15%

6%

-21%

2%

20%

13%

-14%

4%

-3%

-21%

-10%

17%

-5%

#DIV/0!

#DIV/0!

#DIV/0!

223%

36%

-36%

5%

7%

0%

15%

-29%

10%

4%

#DIV/0!

#DIV/0!

#DIV/0!

-2%

127%

102%

-82%

-17%

19%

-15%

4%

-6%

-10%

-18%

-1%

-22%

3%

-13%

5%

1%

13%

-14%

4%

-3%

PROMEDIO
9%
10%
6%
11%
14%
-9%
-14%
-9%
-12%
20%

PROMEDIO
10%
12%
16%
28%
11%
0%
74%
12%
12%
16%
#DIV/0!
18%

17%
#DIV/0!
45%
20%
2%
5%
12%

APPL
2002

2003

2004

4337

4566

5464

565

766

774

45

56

101

441

499

716

5388

5887

7055

Net PPE

621

669

707

Intangibles

119

109

97

Otros activos a largo plazo

170

150

191

6298

6815

8050

911

1154

1451

304

747

899

1229

1658

2357

2680

Deuda a Largo Plazo

316

Otra a largo plazo Pasiv.

229

235

294

Total Pasivo

2203

2592

2974

Resultados Acumulados

2325

2394

2670

Patrimonio Total

4095

4223

5076

Total Pasivo y Patrimonio

6298

6815

8050

BALANCE GENERAL

Efectivo y Equivalente
Cuentas a la Recomendacin.
Inventario
Otros activos circulantes
Total del Activo Corriente

Total del Activo

Cuentas por pagar


Porcin actual de deuda a largo plazo
Otros Pasiv actual.
Total de Pasivos Corrientes

ESTADO DE RESULTADOS

2,002

2,003

2,004

Ingresos

5742

6207

8279

Costo de Ventas

4139

4499

6020

Beneficio bruto

1603

1708

2259

gastos

1111

1212

1421

446

471

489

EBITDA

46

25

349

Utilidad de Operacin

46

25

349

Utilidades antes de impuestos


Utilidades netas

87

92

383

65

69

276

2002

2003

2004

8.56

10.67

depreciacion

LOA DATOS POR ACCION


Los ingresos por accin ($)
El EBITDA por accin
Flujo de caja libre por accin
Ganancias por accin ($)

0.06

0.03

0.45

-0.12

0.17

0.98

0.09

0.1

0.36

dividendo por accion


Valor contable por accin

5.71

5.82

6.54

Final de mes Precio de la accin

7.25

10.36

19.38

APPLE
2005

2006

2007

2008

2009

2010

8261

10,110

15,386

24,490

23,464

25,620

895

1252

1637

2422

3361

9924

165

270

346

509

455

1051

979

2877

4587

8716

5410

6719

10,300

14,509

21,956

34,690

31,555

41,678

817

1281

1832

2455

2954

4768

96

177

337

492

453

1083

338

1238

1222

1935

12,539

27,654

11,551

17,205

25,347

39,572

47,501

75,183

1779

3390

4970

5520

5601

12,015

1705

3081

4329

8572

5905

8707

3484

6471

9299

14,092

11,506

20,722

601

750

1516

4450

4355

6670

4085

7221

10,815

18,542

15,861

27,392

4005

5607

9101

13,845

23,353

37,169

7466

9984

14,532

21,030

31,640

47,791

11551

17205

25347

39572

47501

75183

2,005

2,006

2,007

2,008

2,009

2,010

13,931

19,315

24,006

32,479

42,905

65,225

9888

13,717

15,852

21,334

25,683

39,541

4043

5598

8154

11,145

17,222

25,684

1859

2433

2963

3761

4149

5517

534

712

782

1109

1333

1782

1650

2453

4409

6275

11,740

18,385

1650

2453

4409

6275

11,740

18,385

1815

2818

5008

6895

12,066

18,540

1335

1989

3496

4834

8235

14,013

2005

2006

2007

2008

2009

2010

16.79

22.64

27.6

36.66

47.89

71.4

1.99

2.88

5.07

7.08

13.11

20.12

2.74

1.83

5.44

9.6

10.06

18.16

1.61

2.33

4.02

5.46

9.19

15.34

11.7

16.71

23.74

35.32

52.31

53.61

76.98

153

114

185

284

MOT
2011

2002

2003

2004

25,952

3655

6162

6566

11,717

7092

4583

4437

776

5242

2756

2869

8557

3896

3648

3262

44,988

19,885

17,149

17,134

7777

11,157

8913

6104

4432

59,174

11,301

7336

7914

116371

42,343

33,398

31,152

14,632

3492

2434

2268

13,338

12,765

7264

7542

27,970

16,257

9698

9810

4293

8372

7189

11,786

2696

1152

2914

39,756

23,731

19,707

19,913

62,841

9727

5434

2582

76,615

18,612

13,691

11,239

116371

42,343

33,398

31,152

2,011

2,002

2,003

2,004

108249

37,580

30,004

26,679

64,431

23,628

21,445

17,938

43,818

13,952

8559

8741

7599

5141

3703

4203

2429

4437

4318

3754

33,790

4374

538

784

2352

2357

33,790

2022

-1819

784

34,205

2231

-5511

-3446

25,922

1318

-3937

-2485

2011

2002

2003

2004

117

17.2

13.22

11.59

36.45

0.24

0.34

35.89

-2.43

0.29

0.38

27.96

0.6

-1.73

-1.08

2.65

0.16

0.16

0.16

82.64

8.52

6.03

4.88

381

15.02

8.65

MOTOROLA
2005

2006

2007

2008

2009

2010

8016

10,708

3918

15,640

8606

6979

4436

4492

5779

7509

5324

3493

2792

2546

2522

3162

2836

2659

2663

3336

15,650

4664

5456

4232

17,907

21,082

27,869

30,975

22,222

17,363

5164

2332

2271

2267

2480

2442

4499

2837

9027

7475

5509

5351

5611

5227

32,098

30,889

35,649

38,593

34,812

27,869

2789

3330

4406

5056

4167

3188

6644

7243

8082

10,369

8333

7432

9433

10,573

12,488

15,425

12,500

10,620

6675

4578

3806

2704

3991

4092

2815

2407

2682

3322

2874

3650

19,409

17,558

18,976

21,451

19,365

18,362

3103

1722

5897

9086

8579

3878

12,689

13,331

16,673

17,142

15,447

9507

32,098

30,889

35,649

38,593

34,812

27,869

2,005

2,006

2,007

2,008

2,009

2,010

27,058

31,323

36,843

42,879

36,622

30,146

18,101

20,826

25,066

30,152

26,670

21,751

8957

10,497

11,777

12,727

9952

8395

4073

4209

3859

4504

5092

6677

3771

3060

3680

4106

4429

4109

1113

3228

4238

4117

431

-2391

1113

3228

4238

4117

431

-2391

1293

3252

6520

4610

-390

-2637

893

1532

4578

3661

-49

-4244

2005

2006

2007

2008

2009

2010

11.62

12.87

14.79

17.74

16.03

13.3

0.48

1.33

1.7

1.7

0.19

-1.06

0.99

1.08

1.66

1.21

0.15

-0.06

0.38

0.63

1.84

1.51

-0.02

-1.87

0.16

2.19

0.16

0.19

0.2

0.2

5.45

5.48

6.69

7.09

6.76

4.19

14

17.2

22.59

20.56

16.04

4.43

Research I
2011

2002

2003

2004

7963

341

1,193

1,037

3495

40.80

95.21

241

1308

31.27

42.83

92.48

3266

12.17

24.67

163

16,032

425

1,355

1,534

2154

163

148

200

82.06

94.37

113

4594

190

334

767

25,603

860

1,931

2,614

2429

73.00

35.57

68.46

6.14

0.19

0.22

5832

69.93

173

562

8261

149

209

631

3365

5.77

4094

15,720

155

215

637

3827

-170

-119

84.09

9883

705

1,716

1,977

25,603

860

1,931

2,614

2823

6.2

6.5

2,011

2,002

2,003

2,004

22,044

307

595

1.35

14,987

167

323

636

7057

140

271

714

4022

118

108

195

3183

55.91

-148

-33.78

30.44

27.91

-148

-64.22

72.21

421

47.62
52

106
213

-165
-51

-118
130

62.63
100

62.57
457
35.94

2011

2002

2003

2004

9.54

0.66
-7.00
-0.08
-0.28

1.28
0.22
0.09
0.11

2.38
0.81
0.3
0.38

1.52
1.06

3.7
8.24

3.49
11.02

-0.06
0.17
-0.02
4.28
7.76

search In Motion

RIM

2005

2006

2007

2008

2009

2010

635

987

1,605

1,518

1,911

2,121

347

613

1,249

2.27

2.8

4,279

135

256

396

682

622

618

140

63.32

227

555

673

699

1,257

1,919

3,477

4,842

5,813

7,488

326

488

706

1,335

1,957

2,504

115

248

584

1,204

1,477

2,306

614

434

743

721

958

577

2,312

3,089

5,511

8,101

10,204

12,875

94.95

130

271

448

616

832

0.26

0.27

0.34

--

--

--

183

416

1,203

1,667

1,816

2,798

279

547

1,474

2,115

2,432

3.63

6.9

6.3

7.3

27.85

52.53

95.92

112

170

307

313

605

1.578

2,227

2,602

3,937

148

359

1,653

3,546

5,274

6,749

1,999

2,484

3,934

5,874

7,603

8,938

2,312

3,089

3,936

8,101

10,205

12,875

2,005

2,006

2,007

2,008

2,009

2,010

2.066

3.037

6.009

11.065

14.953

19.907

925

1.379

2.929

5.968

8.369

11.082

1.141

1.658

3.081

5.097

6.584

8.825

311

538

881

1.496

2.071

2.4

158

236

360

685

965

1.351

672

884

1.839

2.917

3.548

5.074

108

195

310

438

49.95

76.87

622

807

1.731

2.722

3.238

4.636

486
382

859
634

1.811
1,294

2.8
1,893

3.267
2,457

4.644
3,411

2005

2006

2007

2008

2009

2010

3.72
1.21
-0.05
0.67

5.45
1.59
0.86
1.14

10.7
3.28
2.18
2.31

19.55
5.15
1.09
3.35

26.85
6.37
364
4.35

38.03
9.69
5.67
6.36

3.6
23.51

4.46
46.87

7.01
104

10.38
39.94

13.65
70.88

17.08
66.2

2011

1,774
3,693
1,027
759
7,056

2,748
3.59
337
13,731

744
-2,645
3,389

242
3,631

7,913
10001

13,632

2,011

18.435
11.856
6.579

2.604
1.559
2.416
926
1.49

1.511
1,164

2011

35.17
4.61
3.83
2.22

19.27
17.02

Evoluc
Utilidades netas
12000

Nokia

10000
8000
6000
4000
2000
0
2,002
-2000

2,003

2,004

2,005

2,006

2,007

2,008

2,009

2,010

-4000

Utilidades netas

30000

APPLE

25000
20000
15000
10000
5000
0
2002

2003

2004

2005

2006

2007

2008

2009

201

Evolucion de las utilidades

as

Utilidade

6000
4000

MOTOROLA

2000
0
2002
-2000

2,008

2,009

2,010

2,011

2003

2004

2005

2006

-4000
-6000

as

Utilidade

4,000
3,500

RIM

3,000
2,500
2,000
1,500
1,000
500

2008

2009

2010

2011

2,002
-500

2,003

2,004

2,005

2,006

Utilidades netas

2005

2006

2007

2008

2009

2010

2011

Utilidades netas

2,005

2,006

2,007

2,008

2,009

2,010

2,011

NOKIA
UTILIDAD NETA
TOTAL ACTIVOS

ROA

2002
3,198
22,067
0.14

2003
4,066
27,077
0.15

2004
3,990
28,200
0.14

2005
4,502
27,761
0.16

2002

2003

65
6,298
0.01

69
6,815
0.01

2004
276
8,050
0.03

2005
1,335
11,551
0.12

2002
1,318
42,343
0.03

2003
(3,937)
33,398
-0.12

2004
(2,485)
31,152
-0.08

2005
893
32,098
0.03

2002
(130)
860
-0.15

2003
52
1,931
0.03

2004
213
2,614
0.08

2005
382
2,312
0.17

0.01

0.02

0.04

0.12

APPLE
UTILIDAD NETA
TOTAL ACTIVOS

ROA

MOTOROLA
UTILIDAD NETA
TOTAL ACTIVOS

ROA

Research In Motion RIM


UTILIDAD NETA
TOTAL ACTIVOS

ROA
ROA SECTOR

NOKIA
UTILIDAD NETA
TOTAL PATRIMONIO

ROE

2002
3,198
13,510

2003
4,066
17,148

2004
3,990
17,712

2005
4,502
15,133

0.24

0.24

0.23

0.30

2002

2003

2004
276
5,076

2005
1,335
7,466

APPLE
UTILIDAD NETA
TOTAL PATRIMONIO

ROE

65
4,095

69
4,223

0.02

0.02

0.05

0.18

2002
1,318
23,731

2003
(3,937)
19,707

2004
(2,485)
19,913

2005
893
19,409

0.06

-0.20

-0.12

0.05

2002
(130)
705

2003

2004
213
1,977

2005
382
1,999

ROE

-0.18

0.03

0.11

0.19

ROE SECTOR

0.03

0.02

0.07

0.18

MOTOROLA
UTILIDAD NETA
TOTAL PATRIMONIO

ROE

Research In Motion RIM


UTILIDAD NETA
TOTAL PATRIMONIO

52
1,716

NOKIA
PRECIO POR ACCION
UPA
PER

2002
15.50
0.68
22.79

2003
17.00
0.85
20.00

2004
15.67
0.86
18.22

2005
18.30
1.02
17.94

2002
7.25

2003
10.36

2004
19.38

2005
53.61

APPLE
PRECIO POR ACCION

UPA
PER

0.09
80.56

0.10
103.60

0.36
53.83

1.61
33.30

2003
15.02
(1.73)
-8.68

2004
8.65
(1.08)
-8.01

2005
14.00
0.38
36.84

2002
1.06
(0.28)
-3.79

2003
8.24
0.11
74.91

2004
11.02
0.38
29.00

2005
23.51
0.67
35.09

24.89

47.46

23.26

30.79

2002

2003

2004

2005

0.20
0.68
0.29

0.26
0.85
0.31

0.30
0.86
0.35

0.37
1.02
0.36

2002

2003

2004

2005

0.09
0.00

0.10
0.00

###
0.36
0.00

1.61
0.00

2002

2003

2004

2005

MOTOROLA
2002
PRECIO POR ACCION
UPA
PER

0.60
0.00

Research In Motion RIM


PRECIO POR ACCION
UPA
PER

PER SECTOR

NOKIA
DIVIDENDO POR ACCION

UPA
RDD

APPLE
DIVIDENDO POR ACCION

UPA

RDD

MOTOROLA
DIVIDENDO POR ACCION

0.16

0.16

0.16

0.16

UPA
RDD

0.60
0.27

(1.73)
-0.09

(1.08)
-0.15

0.38
0.42

2002

2003

2004

2005

(0.28)
0.00

0.11
0.00

0.38
0.00

0.67
0.00

2002
0.71

2003
0.69

2004
0.65

2005
0.64

2002
1.00

2003
1.00

2004
1.00

2005
1.00

2002
0.73

2003
1.09

2004
1.15

2005
0.58

2003
1.00

2004
1.00

2005
1.00

Research In Motion RIM


DIVIDENDO POR ACCION

UPA
RDD

NOKIA

APPLE

MOTOROLA

Research In Motion RIM


2002
1.00

NOKIA
2002
DIVIDENDO POR ACCION
PRECIO POR ACCION

0.20
15.50
1%

2003
0.26
17.00
2%

2004
0.30
15.67
2%

2005
0.37
18.30
2%

APPLE
2002

2003

2004

2005

DIVIDENDO POR ACCION


PRECIO POR ACCION

7.25
0%

10.36
0%

19.38
0%

53.61
0%

MOTOROLA
2002
DIVIDENDO POR ACCION

0.16
-

PRECIO POR ACCION

2003
0.16
15.02
1%

2004
0.16
8.65
2%

2005
0.16
14.00
1%

Research In Motion RIM


2002
DIVIDENDO POR ACCION
PRECIO POR ACCION

RD SECTOR

NOKIA

1.06
0%
#VALUE!

2003
8.24
0%
0.01

2004
11.02
0%
0.01

2005
23.51
0%
0.01

pasivo con costo

patrimonio
precio de las acciones
valor de los activos

2002

2003

2004

2005

436
13,510
15.50
22,067

371
17,148
17.00
27,077

366
17,712
15.67
28,200

334
15,133
18.30
27,761

9.51

10.78

9.86

9.99

2002
545
4,095
7.25
6298

2003
235
4,223
10.36
6815

2004
294
5,076
19.38
8050

2005
601
7,466
53.61
11551

4.80

6.45

12.26

34.70

2002
6,989
18,612
0.00
42,343

2003
9,524
13,691
15.02
33,398

2004
10,103
11,239
8.65
31,152

2005
9,490
12,689
14.00
32,098

0.17

6.44

3.45

5.83

2002
5.77
705
1.06
860

2003
6.24
1,716
8.24
1,931

2004
6.50
1,977
11.02
2,614

2005
34.70
1,999
23.51
2,312

0.88

7.33

8.34

20.34

Q de Tobin

APPLE
pasivo con costo

patrimonio
precio de las acciones
valor de los activos
Q de Tobin

MOTOROLA
pasivo con costo

patrimonio
precio de las acciones
valor de los activos
Q de Tobin

Research In Motion RIM


pasivo con costo

patrimonio
precio de las acciones
valor de los activos
Q de Tobin

GRAHAM :Incremento en Ventas de los ultimos 5 aos.


NOKIA

Ingresos

2007

2008

2009

2010

70,001

74,594

57,173

56,364

2007

2008

2009

2010

24,006

32,479

42,905

65,225

2007

2008

2009

2010

36,843

42,879

36,622

30,146

2007

2008

2009

2010

6,000

11,000

15,000

20,000

APPLE
Ingresos

MOTOROLA
Ingresos

Research In Motion RIM


Ingresos

GRAHAM: Incremento de Dividendos durante los ultimos 10 aos,


NOKIA
2002
Dividendos

2003

0.20

2002

0.26

2003

0.70

2004
0.30

2004

2005
0.37

2005

NOKIA

0.60
0.50
0.40
0.30
0.20
0.10
2002

2003

2004

2005

2006

2007

2008

INDICADORES ECONOMICOS

RENTABILIDAD SOBRE ACTIVOS (ROA)

2006
5,408
28,407
0.19

2007
9,878
51,548
0.19

2008
5,866
58,225
0.10

2009
363
49,855
0.01

2010
1,783
51,951
0.03

2011
(2,072)
50,426
-0.04

2006
1,989
17,205
0.12

2007
3,496
25,347
0.14

2008
4,834
39,572
0.12

2009
8,235
47,501
0.17

2010
14,013
75,183
0.19

2011
25,922
116,371
0.22

2006
1,532
30,889
0.05

2007
4,578
35,649
0.13

2008
3,661
38,593
0.09

2009
(49)
34,812
0.00

2010
(4,244)
27,869
-0.15

2011
(51)
25,603
-0.002

2006
634
3,089
0.21

2007
1,294
5,511
0.23

2008
1,893
8,101
0.23

2009
2,457
10,204
0.24

2010
3,411
12,875
0.26

2011
1,164
13,731
0.085

0.14

0.17

0.14

0.11

0.08

0.07

RENTABILIDAD SOBRE PATRIMONIO (ROE)

2006
5,408
15,032

2007
9,878
20,254

2008
5,866
20,900

2009
363
18,258

2010
1,783
19,101

2011
(2,072)
19,382

0.36

0.49

0.28

0.02

0.09

-0.11

2006
1,989
9,984

2007
3,496
14,532

2008
4,834
21,030

2009
8,235
31,640

2010
14,013
47,791

2011
25,922
76,615

0.20

0.24

0.23

0.26

0.29

0.34

2006
1,532
17,558

2007
4,578
18,976

2008
3,661
21,451

2009
(49)
19,365

2010
(4,244)
18,362

2011
(51)
15,720

0.09

0.24

0.17

0.00

-0.23

2006
634
2,484

2007
1,294
3,934

2008
1,893
5,874

2009
2,457
7,603

2010
3,411
8,938

2011
1,164
10,001

0.26

0.33

0.32

0.32

0.38

0.116

0.23

0.32

0.25

0.15

0.13

0.09

-0.003

PER : PRICE - EARNING RATIO

2006
20.32
1.32
15.39

2007
38.39
2.51
15.29

2008
15.60
1.54
10.13

2009
12.85
0.10
128.50

2010
10.32
0.48
21.50

2011
4.82
(0.55)
-8.76

2006
76.98

2007
153.00

2008
114.00

2009
185.00

2010
284.00

2011
381.00

2.33
33.04

4.02
38.06

5.46
20.88

9.19
20.13

15.34
18.51

27.96
13.63

2006
17.20
0.63
27.30

2007
22.59
1.84
12.28

2008
20.56
1.51
13.62

2009
16.04
(0.02)
-802.00

2010
4.43
(1.87)
-2.37

2011
7.76
(0.02)
-388.00

2006
46.87
1.14
41.11

2007
104.00
2.31
45.02

2008
39.94
3.35
11.92

2009
70.88
4.35
16.29

2010
66.20
6.36
10.41

2011
17.02
2.22
7.67

29.21

27.66

14.14

-159.27

12.01

-93.87

RATIO DE DISTRIBUCION DE DIVIDENDOS

2006

2007

2008

2009

2010

2011

0.33
1.32
0.25

0.42
2.51
0.17

0.60
1.54
0.39

0.39
0.10
3.90

0.35
0.48
0.73

0.41
(0.55)
-0.75

2006

2007

2008

2009

2010

2011

2.33
0.00

4.02
0.00

5.46
0.00

9.19
0.00

15.34
0.00

27.96
0.00

2006

2007

2008

2009

2010

2011

2.19

0.16

0.19

0.20

0.20

(PAY OU

0.63
3.48

1.84
0.09

1.51
0.13

2006

2007

2008

1.14
0.00

2.31
0.00

3.35
0.00

(0.02)
-10.00

(1.87)
-0.11

(0.02)
0.00

2009

2010

2011

4.35
0.00

6.36
0.00

2.22
0.00

RATIO DE REINVERSION

2006
0.75

2007
0.83

2008
0.61

2009
(2.90)

2010
0.27

2011
1.75
1

2006
1.00

2007
1.00

2008
1.00

2009
1.00

2010
1.00

2011
1.00

2006
(2.48)

2007
0.91

2008
0.87

2009
11.00

2010
1.11

2011
1.00

2006
1.00

2007
1.00

2008
1.00

2009
1.00

2010
1.00

2011
1.00

RENTABILIDAD POR DIVIDENDOS

2006
0.33
20.32
2%

2006

76.98
0%

2006
2.19
17.20
13%

2006
46.87
0%
0.04

2007
0.42
38.39
1%

2007

153.00
0%

2007
0.16
22.59
1%

2007
104.00
0%
0.00

2008
0.60
15.60
4%

2008

114.00
0%

2008
0.19
20.56
1%

2008
39.94
0%
0.01

2009
0.39
12.85
3%

2009

185.00
0%

2009
0.20
16.04
1%

2009
70.88
0%
0.01

2010
0.35
10.32
3%

2010

284.00
0%

2010
0.20
4.43
5%

2010
66.20
0%
0.02

Q DE TOBING

2011
0.41
4.82
9%

2011

381.00
0%

2011
7.76
0%

2011
17.02
0%
0.02

2006

2007

2008

2009

2010

2011

497
15,032
20.32
28,407

1,762
20,254
38.39
51,548

3,997
20,900
15.60
58,225

8,092
18,258
12.85
49,855

7,107
19,101
10.32
51,951

6,748
19,382
4.82
50,426

10.77

15.12

5.67

4.87

3.93

1.99

2006
750
9,984
76.98
17205

2007
1,516
14,532
153.00
25347

2008
4,450
21,030
114.00
39572

2009
4,355
31,640
185.00
47501

2010
6,670
47,791
284.00
75183

2011
11,786
76,615
381.00
116371

44.71

87.78

60.70

123.32

180.62

250.94

2006
6,985
13,331
17.20
30,889

2007
6,488
16,673
22.59
35,649

2008
6,026
17,142
20.56
38,593

2009
6,865
15,447
16.04
34,812

2010
7,742
9,507
4.43
27,869

2011
7,459
9,883
7.76
25,603

7.65

10.75

9.29

7.31

1.79

3.29

2006
58.87
2,484
46.87
3,089

2007
103.17
3,934
104.00
5,511

2008
112.00
5,874
39.94
8,101

2009
170.00
7,603
70.88
10,204

2010
307.00
8,938
66.20
12,875

2011
242.00
10,001
17.02
13,731

37.71

74.26

28.97

52.83

45.98

12.41

120,000
100,000
80,000

120,000

2011

100,000

53,844

80,000
60,000

2011

40,000

108,249

20,000
0
2007

2011
22,044

2008

2009

2011
18,000

timos 10 aos,

2005

2006
0.33

0.42

NOKIA
2006

2006

2007

2007

2008

0.60

2007

2009

2008

2010

2008

2011

2009
0.39

2009

2010
0.35

2010

2011
0.41

2011

ONOMICOS

ACTIVOS (ROA)

RENTABILIDAD SOBRE ACTIVOS (ROA)

0.30
0.25
0.20
0.15
0.10
0.05
0.00
2002
-0.05
-0.10
-0.15
-0.20

ONIO (ROE)

2003

2004

APPLE

NOKIA

2005

2006

MOTOROLA

2007

2008

2009

2010

Research In Motion RIM

GRAHAM

0.25
0.20
0.15
0.10
0.05
0.00
2002
-0.05

2003

2004

2005

2006

2007

2008

2009

2010

-0.10

GRAHAM: ROA SIMILAR O MEJOR QUE LA MEDIA DEL SECTOR. La


empresa NOKIA tiene un ROA inferior ala media del sector.

Axis Title

RENTABILIDAD SOBRE PATRIMONIO (RO

0.60
0.50
0.40

APPLE
NOKIA
MOTOR
Resea
RIM

0.30
0.20
0.10
0.00
2002
-0.10

2003

2004

2005

2006

2007

2008

2009

2010

2011

-0.20

Axis Title

-0.30

GRAHAM

0.60
0.50
0.40
0.30
0.20
0.10

0.00
2002
-0.10

2003

2004

2005

2006

2007

2008

2009

-0.20

GRAHAM: ROE SIMILAR O MEJOR QUE LA MEDIA DEL SECTOR. La


empresa NOKIA tiene un ROE inferior ala media del sector.

NG RATIO

PER : PRICE - EARNING RATIO


200.00
0.00
2002
-200.00
-400.00
-600.00
-800.00

2003

2004

2005

2006

2007

2008

2009

2010

2011

A
N
M
R

-400.00
-600.00
-800.00
-1000.00

GRAHAM

150.00
100.00
50.00
0.00
2002
-50.00

2003

2004

2005

2006

2007

2008

-100.00
-150.00
-200.00

GRAHAM: PER INFERIOR AL DEL SECTOR. La empresa Nokia t


superior a la de la media del sector.

(PAY OUT)

RATIO DE DISTRIBUCION DE DIVIDENDOS (PAY OU


6.00
Axis Title

IDENDOS

A
N
M
R

-200.00

4.00
2.00
0.00
2002
-2.00
-4.00
-6.00
-8.00
-10.00
-12.00

2003

2004

2005

2006

2007

2008

2009

2010

2011

APPLE
NOKIA
MOTORO
Research
RIM

-8.00
-10.00
-12.00

GRAHAM: PAY OUT inferior al 65%

ON

RATIO DE REINVERSION
Axis Title

12.00

VIDENDOS

10.00
8.00

APPLE
NOKIA
MOTOROLA
Research I
RIM

6.00
4.00
2.00
-

2002

(2.00)
(4.00)

2003

2004

2005

2006

2007

2008

2009

2010

2011

14%
12%
10%

A
N
M
R

8%
6%
4%
2%
0%
2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

RENTABILIDAD POR DIVIDENDOS

0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0.00
2002

2003

2004

2005

2006

2007

2008

20

Q DE TOBING

300.00
250.00
200.00

APPL
NOKI
MOTO
Rese
RIM

150.00
100.00
50.00
0.00
2002

2003

2004

2005

2006

2007

NOKIA

2008

2009

2010

2011

NOKIA
APPLE
MOTOROLA
Research In Motion
RIM

2009

2010

2011

VOS (ROA)

2009

2009

2010

2010

DEL SECTOR. La
a del sector.

2011

2011

RIMONIO (ROE)

010

APPLE
NOKIA
MOTOROLA
Research In Motion
RIM

2011

2008

2009

2010

2011

DEL SECTOR. La
a del sector.

NG RATIO
2010

2011
APPLE
NOKIA
MOTOROLA
Research In Motion
RIM

APPLE
NOKIA
MOTOROLA
Research In Motion
RIM

07

2008

2009

2010

a empresa Nokia tiene un PER


el sector.

DOS (PAY OUT)

2011

APPLE
NOKIA
MOTOROLA
Research In Motion
RIM

2011

ON

APPLE
NOKIA
MOTOROLA
Research In Motion
RIM

2011

APPLE
NOKIA
MOTOROLA
Research In Motion
RIM

2010

2011

IVIDENDOS

2008

2009

2010

2011

010

APPLE
NOKIA
MOTOROLA
Research In Motion
RIM

2011

METODOS D

Valor Patrimonial

Total Activo
Total Pasivo
Valor Patr. Contable

GOOD WILL

Este metodo le da un plus valor, al valor de la e

Total Activo
Total Pasivo (sin costo)
Patrimonio Ajustado

Determinacin del factor "n"


Indice
Razon
Indice
Indice
ROA
ROE

de
de
de
de

liquidez
Endeudamiento
eficiencia
Rentabilidad

50,426
23,799
26,627

Coeficiente n= 1.5 - 3 veces

*Metodo Clasico --- UTILIDADES


METODO GOODWILL S/UTILIDADES
Valor de empresa (V)

P+n U

Patrimonio neto Ajustado (A)


Coeficiente de ajuste s/ utilida

26,627
0.26

Utilidades netas (B)

(2,072)

VALOR DE EMPRESA

26,090.4

* Metodo de la Union de Expertos Contables Europ

PATRIMONIO AJUSTADO
UTILIDADES PROYECTADAS
TASA LIBRE DE RIESGO
VALOR DE LA EMPRESA

26,627.00
datos proyectados
0.03

9,919.88

METODOS DE VALORACION

Con este metodo podremos determinar cual es el valor contable, de la empresa

Total Activo

2009
49,855

2010
51,951

2011
50,426

Total Pasivo

31,597

32,851

31,044

or Patr. Contable

18,258

19,100

19,382 Millones de $us

da un plus valor, al valor de la empresa.

*
Frmula

Resultado

Porcentaje
participacion

Ponderado

AC/PC
PT/AT
VTA/AT

1.46
0.48
1.07

10%
10%
10%

0.15
0.05
0.11

UN/AT
UN/PAT

-0.04
-0.11

50.0%
20.0%
100%

-0.02
-0.02

0.26

1
2
3

V = P +n B

METODO GOODWILL S/V


Valor de empresa (V)

Patrimonio neto Ajustado (A)


Coeficiente de ajuste s/ utilidades hist. (n
Ventas netas (F)

VALOR DE EMPRESA

Milones de $us

= CA +

tos Contables Europeos


Utilidades Anuales Proyectadas
-

2,012
2,490

Millones de dolares

2,013
2,992

2,014
3,595

2,015
4,319

2,016
- 5,190

t=1

Bt
(1+

ontable, de la empresa Nokia

lones de $us

VC = TA - TP

15

7.5

*Metodo Clasico --- VENTAS

DO GOODWILL S/VENTAS

empresa (V)

P+n F

eto Ajustado (A)


te s/ utilidades hist. (n)

26,627
0.075

s netas (F)

53,844

E EMPRESA

CA +

t=1

30,665.3

Bt
(1+k)^t

Millones de $us

BALANCE GENERAL

2002

2003

Efectivo y Equivalente

8846

13,711

Cuentas a la Recomendacin.
Inventario

5488
1208

6448
1323

Otros activos circulantes

1094

1,252

16,635

22,734

2787
632

2381
420

Otros activos a largo plazo


Total del Activo

2013
22,067

1543
27,077

Cuentas
por pagar
Porcin actual
de deuda a
largo plazo
Otros Pasiv actual.

2794

3304

0
5163

95.08
5974

Total de Pasivos Corrientes

7958

9373

Otra a largo plazo Pasiv.


Total Pasivo

436
8558

371
9930

Resultados Acumulados
Patrimonio Total

11,031
13,510

15,795
17,148

22,068

27,078

Total del Activo Corriente


Net PPE
Intangibles

Deuda a Largo Plazo

Total pasivo y patrimonio

ESTADO DE RESULTADOS

2,002

2,003

Ingresos

28,395

33,343

Costo de Ventas

17,291

19,512

Margen bruto

11,104

13,831

Otros gastos

3064

3807

depreciacion
EBITDA (UTIl ANTES DE IMPT E
INT.)

2887

4256

5153

5768

195

180

Utilidad de Operacin

4958

5588

Utilidades antes de impuestos

4651

6051

Utilidades netas

3198

4066

Gastos Financieros

(+)Depreciacion

2,887

4,256

195

180

(+) Intereses
Flujo de caja bruto

6,280

(-) Inversiones Brutas

Flujo de Caja Libre

6,280

K=
2002

flujo de caja libre

6,280

8,502
4,278

4,224

14.242%
2003
4,224
-33%

ROE
PAY OUT
G

-0.11
-0.75
7.97%

HISTORICO

2004

2005

2006

14,675

12,338

10,722

5451
1623

6656
2077

7395
1952

2518

2524

3274

24,268

23,594

23,344

2254
372

2297
375

2327
1042

1306
28,200

1495
27,761

1693
28,407

3320

4350

4687

0
6593

0
7689

0
8075

9913

12,039

12,762

366
10,488

334
12,628

497
13,375

17,124
17,712

16,377
15,133

13,971
15,032

28,200

27,761

28,407

HISTORICO

2,004

2,005

2,006

36,408

42,568

51,648

22,557

27,650

34,844

13,851

14,918

16,804

3701

4445

4999

4644

4762

4895

5506

5711

6911

119

5387

5711

5858

6189

7188

3990

4502

5408

4,644

4,895
-

8,753
7,886

6,911

4,762

119
867

9,264
-

2,757

12,021

10,303
-

943
11,246

VALORACION DE NOKIA MEDIANTE EL FLUJO

2004
7,886
87%

2005
12,021
52%

2006
11,246
-6%

METODO DE CONVERGENCIA

FCLt + 1

VR=
VR

k g

656.61
0.13

VR

5,199.18

Millones de $us

ESTE METODO CONSIDERA EL CRECIMIENTO CONSTANTE


EN LOS INGRESOS (g) Y NO TOMA EN CUENTA
TODAS LAS CONDICIONES DEL MERCADO.

VALOR DE LA EMPRESA

V 0 =

FCL t

( 1+k )

+VR

Metodo de Convergencia
Metodo de Perpetuidad

Metodos de Valoracion
Valor Patrimonial

11,898.75
11,399.17

Good Will
*Metodo Clasico --- UTILIDADES
Metodo de la Union de Expertos Contables Europeos
Convergencia
Perpetuidad

HISTORICO

2007

2008

2009

2010

16,113

10,032

12,378

16,300

15,569
3943

14,041
3726

11,134
2602

10,052
3350

4537

8196

6827

6343

40,162

35,995

32,940

36,046

2621
5130

3433
14,960

2804
11,067

2595
10,213

3635
51,548

3836
58,225

3044
49,855

3098
51,951

9698

7686

6905

8102

0
16,318

0
22,256

0
14,282

154
15,036

26,016

29,942

21,187

23,291

5633

1762
31,294

3997
37,325

8092
31,597

1474
32,851

19,016
20,254

17,199
20,900

14,134
18,258

13,943
19,101

51,548

58,225

49,855

51,952

Flujo de caja libre

HISTORICO

2,007

2,008

2,009

2,010

70,001

74,594

57,173

56,364

46,277

49,039

38,669

39,344

23,724

25,556

18,503

17,020

7623

8332

7084

6629

7742

8779

8243

7785

8359

8445

3176

2605

###

8,359

8,445

3,176

2,605

11,335

7311

1342

2372

9878

5866

363

1783

7,742

8,779

17,620
3,858
13,762

8,243

7,785
-

14,645

8,606

9,568

7,281

5,071

793

21,926

3,535

8,775

NOKIA MEDIANTE EL FLUJO DE CAJA LIBRE

2007
13,762
22%

2008
21,926
59%

2009
3,535
-84%

2010
8,775
148%

METODO DE LA PERPETUIDAD

VR=
VR

VR

FCLt + 1
k

656.61
0.1424

4,610.23

Millones de $us

ESTE METODO NO CONSIDERA EL CRECIEMIENTO


DE LOS INGRESOS (g)

Millones de $us

ACCIONES EN CIRCULACION

Millones de $us

19,382

30,000
25,000
20,000

s Europeos

30,000

26,090
9,920
11,899
11,399

25,000
20,000
15,000
10,000
5,000
-

PROYECTADOS

2011

2,012

2,013

2,014

15,184

16,766

18,513

20,442

10,002
3245

11,044
3,583

12,195
3,956

13,465
4,369

7022

7,754

8,561

9,453

35,454
2566
8697

39,148
0
2,833
9,603

43,227
0
3,129
10,604

47,730
0
3,454
11,708

3710
50,426

4,097
55,680

4,523
61,481

4,995
67,886

7705

8,508

9,394

10,373

497
16,094

549
17,771

606
19,622

669
21,667

24,296

26,827

29,622

32,709

5528

6,104

6,740

7,442

1220
31,044

1,347
34,278

1,487
37,850

1,642
41,793

10,914
19,382

12,051
21,401

13,307
23,631

14,693
26,093

50,426

55,680

61,481

67,886

PROYECTADOS

2,011
53,844

2,012

2,013

70,715

74,403

78,090

38,079

42,023

46,375

51,178

15,765

28,692

28,028

26,912

6841

7,583

8,406

9,317

7816

7,847

7,878

7,909

1107

13,262

11,744

9,686

13,262

11,744

9,686

-1475

-1304

-1153

1,107
-1669
-2072 7,816
-

2,014

2,490

7,847
-

2,992
7,878
-

3,595
7,909
-

5,744

5,357

4,887

4,315

1,626

1,430

1,579

1,743

7,370

3,927

3,308

2,571

102%

2011
7,370
-16%

2% G

2012
3,927
-47%

2013
3,308
-16%

2014
2,571
-22%

+1

PRECIO DE ACCIONES

PRECIO AL 2011 (mercado)

3,745

METODO DE CONVERGENCIA
METODO DE PERPETUIDAD

Metodos de Valoracion

Metodos de Valoracion

Metodos de Valoracion

TADOS

2,015

2,016

22,571

24,923

14,868
4,824

16,417
5,326

10,438

11,526

52,703
0
3,814
12,928

58,194
0
4,212
14,275

5,515
74,959

6,090
82,769

11,454

12,647

739
23,924

816
26,417

36,117

39,879

8,217

9,074

1,814
46,148

2,003
50,956

16,224
28,812

17,914
31,814

74,959

82,769

TADOS

2,015

2,016

81,778

85,465

56,478

62,328

25,300

23,138

10,328

11,448

7,941

7,972

0.397%

7,031

3,717

7,031

3,717

-1019

-901

4,319
7,941
-

5,190
7,972
-

3,621

2,782

1,925

2,126

1,696

657

2015
1,696
-34%
G=

2016
657
-61%
4% X

ACCIONES

4.82
3.18
3.04

NOKIA
VARIACION DEL PRECIO DE LAS ACCIONES

12/1/2011
11/1/2011
10/3/2011
9/1/2011
8/1/2011
7/1/2011
6/1/2011
5/2/2011
4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010
11/1/2010
10/1/2010
9/1/2010

4.46
5.36
6.23
5.24
5.96
5.37
5.94
6.5
8.04
7.42
7.52
9.33
8.99
8.04
9.33
8.74

Rentabilidad
Base Unitaria
0.83
0.86
1.19
0.88
1.11
0.90
0.91
0.81
1.08
0.99
0.81
1.04
1.12
0.86
1.07
1.17

8/2/2010
7/1/2010
6/1/2010
5/3/2010

7.46
8.29
7.1
8.82

0.90
1.17
0.80
0.88

-10.01
16.76
-19.50
-12.41

4/1/2010
3/1/2010
2/1/2010
1/4/2010
12/1/2009
11/2/2009
10/1/2009
9/1/2009
8/3/2009
7/1/2009
6/1/2009
5/1/2009
4/1/2009
3/2/2009
2/2/2009
1/2/2009
12/1/2008
11/3/2008

10.07
12.87
11.15
11.34
10.64
10.98
10.44
12.11
11.6
11.05
12.07
12.67
11.71
9.32
7.48
9.8
12.46
11.32

0.78
1.15
0.98
1.07
0.97
1.05
0.86
1.04
1.05
0.92
0.95
1.08
1.26
1.25
0.76
0.79
1.10
0.93

-21.76
15.43
-1.68
6.58
-3.10
5.17
-13.79
4.40
4.98
-8.45
-4.74
8.20
25.64
24.60
-23.67
-21.35
10.07
-6.68

Periodo

Precio

Rentabilidad
Total en %
-16.79
-13.96
18.89
-12.08
10.99
-9.60
-8.62
-19.15
8.36
-1.33
-19.40
3.78
11.82
-13.83
6.75
17.16

10/1/2008
9/2/2008

12.13
14.9

0.81
0.74

-18.59
-25.91

8/1/2008
7/1/2008
6/2/2008
5/1/2008
4/1/2008
3/3/2008
2/1/2008
1/2/2008
12/3/2007

20.11
21.83
19.58
22.69
23.4
24.77
28.02
28.54
29.87

0.92
1.11
0.86
0.97
0.94
0.88
0.98
0.96
0.98

-7.88
11.49
-13.71
-3.03
-5.53
-11.60
-1.82
-4.45
-2.39

11/1/2007
10/1/2007
9/4/2007
8/1/2007
7/2/2007
6/1/2007
5/1/2007
4/2/2007
3/1/2007
2/1/2007
1/3/2007
12/1/2006
11/1/2006
10/2/2006
9/1/2006
8/1/2006
7/3/2006
6/1/2006
5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/3/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005

30.6
30.9
29.51
25.58
22.28
21.87
21.3
19.21
17.44
16.61
16.82
15.46
15.39
15.13
14.98
15.89
15.1
15.42
16.34
17.24
15.77
13.84
13.69
13.63
12.72
12.53
12.6

0.99
1.05
1.15
1.15
1.02
1.03
1.11
1.10
1.05
0.99
1.09
1.00
1.02
1.01
0.94
1.05
0.98
0.94
0.95
1.09
1.14
1.01
1.00
1.07
1.02
0.99
1.07

-0.97
4.71
15.36
14.81
1.87
2.68
10.88
10.15
5.00
-1.25
8.80
0.45
1.72
1.00
-5.73
5.23
-2.08
-5.63
-5.22
9.32
13.95
1.10
0.44
7.15
1.52
-0.56
7.23

8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005
3/1/2005

11.75
11.88
12.4
12.56
11.9
11.17

0.99
0.96
0.99
1.06
1.07
0.96

-1.09
-4.19
-1.27
5.55
6.54
-4.45

2/1/2005
1/3/2005
12/1/2004
11/1/2004
10/1/2004
9/1/2004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/1/2004
3/1/2004
2/2/2004
1/2/2004
12/1/2003
11/3/2003
10/1/2003
9/2/2003
8/1/2003
7/1/2003
6/2/2003
5/1/2003
4/1/2003
3/3/2003
2/3/2003
1/2/2003
12/2/2002
11/1/2002
10/1/2002
9/3/2002
8/1/2002
7/1/2002
6/3/2002
5/1/2002
4/1/2002
3/1/2002
2/1/2002
1/2/2002

11.69
11.06
11.35
11.71
11.17
9.93
8.59
8.41
10.53
9.95
10.14
14.68
15.47
14.68
12.08
12.77
12.07
11.08
11.57
10.87
11.67
12.82
11.77
9.95
9.21
10.02
10.79
13.37
11.57
9.22
9.25
8.63
10.08
9.66
11.32
14.44
14.32
16.17

1.06
0.97
0.97
1.05
1.12
1.16
1.02
0.80
1.06
0.98
0.69
0.95
1.05
1.22
0.95
1.06
1.09
0.96
1.06
0.93
0.91
1.09
1.18
1.08
0.92
0.93
0.81
1.16
1.25
1.00
1.07
0.86
1.04
0.85
0.78
1.01
0.89

5.70
-2.56
-3.07
4.83
12.49
15.60
2.14
-20.13
5.83
-1.87
-30.93
-5.11
5.38
21.52
-5.40
5.80
8.94
-4.24
6.44
-6.86
-8.97
8.92
18.29
8.03
-8.08
-7.14
-19.30
15.56
25.49
-0.32
7.18
-14.38
4.35
-14.66
-21.61
0.84
-11.44

PRIME RATE
2002
1 Ene
2 Ene

2003

2004
4.25

2005
4.00

3 Ene
4 Ene
5 Ene
6 Ene
7 Ene
8 Ene
9 Ene
10 Ene
11 Ene
12 Ene
13 Ene
14 Ene
15 Ene
16 Ene
17 Ene
18 Ene
19 Ene
20 Ene
21 Ene
22 Ene
23 Ene
24 Ene
25 Ene
26 Ene
27 Ene
28 Ene
29 Ene
30 Ene
31 Ene
1 Feb
2 Feb
3 Feb
4 Feb
5 Feb
6 Feb
7 Feb
8 Feb
9 Feb
10 Feb
11 Feb
12 Feb
13 Feb
14 Feb
15 Feb
16 Feb

4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00

5.25
5.25
5.25
5.25
5.25

5.25
5.25
5.25
5.25
5.25

5.25
5.25
5.25
5.25
5.25

5.25
5.25
5.25
5.25
5.25

5.25
5.25
5.25
5.50
5.50

5.50
5.50
5.50
5.50
5.50

5.50
5.50
5.50

17 Feb
18 Feb
19 Feb
20 Feb
21 Feb
22 Feb
23 Feb
24 Feb
25 Feb
26 Feb
27 Feb
28 Feb
29 Feb
1 Mar
2 Mar
3 Mar
4 Mar
5 Mar
6 Mar
7 Mar
8 Mar
9 Mar
10 Mar
11 Mar
12 Mar
13 Mar
14 Mar
15 Mar
16 Mar
17 Mar
18 Mar
19 Mar
20 Mar
21 Mar
22 Mar
23 Mar
24 Mar
25 Mar
26 Mar
27 Mar
28 Mar
29 Mar
30 Mar
31 Mar
1 Abr

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75

4.75

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25

4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

5.50
5.50

5.50
5.50
5.50
5.50
5.50

5.50
4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00

5.50
5.50
5.50
5.50

5.50
5.50
5.50
5.50
5.50

5.50
5.50
5.50
5.50
5.50

5.50
5.50
5.75
5.75
5.75

5.75
5.75
5.75
5.75
5.75

2 Abr
3 Abr
4 Abr
5 Abr
6 Abr
7 Abr
8 Abr
9 Abr
10 Abr
11 Abr
12 Abr
13 Abr
14 Abr
15 Abr
16 Abr
17 Abr
18 Abr
19 Abr
20 Abr
21 Abr
22 Abr
23 Abr
24 Abr
25 Abr
26 Abr
27 Abr
28 Abr
29 Abr
30 Abr
1 May
2 May
3 May
4 May
5 May
6 May
7 May
8 May
9 May
10 May
11 May
12 May
13 May
14 May
15 May
16 May

4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75

4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.00

4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

5.75
5.75
5.75
5.75
5.75

5.75
5.75
5.75
5.75
5.75

5.75
5.75
5.75
5.75
5.75

5.75
5.75
5.75
5.75
5.75

5.75
5.75
6.00
6.00
6.00

6.00
6.00
6.00
6.00
6.00

6.00

17 May
18 May
19 May
20 May
21 May
22 May
23 May
24 May
25 May
26 May
27 May
28 May
29 May
30 May
31 May
1 Jun
2 Jun
3 Jun
4 Jun
5 Jun
6 Jun
7 Jun
8 Jun
9 Jun
10 Jun
11 Jun
12 Jun
13 Jun
14 Jun
15 Jun
16 Jun
17 Jun
18 Jun
19 Jun
20 Jun
21 Jun
22 Jun
23 Jun
24 Jun
25 Jun
26 Jun
27 Jun
28 Jun
29 Jun
30 Jun

4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.00

4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.25

6.00
6.00
6.00
6.00

6.00
6.00
6.00
6.00
6.00

6.00
6.00
6.00
6.00

6.00
6.00
6.00
6.00
6.00

6.00
6.00
6.00
6.00
6.00

6.00
6.00
6.00
6.00
6.00

6.00
6.00
6.00
6.00

1 Jul
2 Jul
3 Jul
4 Jul
5 Jul
6 Jul
7 Jul
8 Jul
9 Jul
10 Jul
11 Jul
12 Jul
13 Jul
14 Jul
15 Jul
16 Jul
17 Jul
18 Jul
19 Jul
20 Jul
21 Jul
22 Jul
23 Jul
24 Jul
25 Jul
26 Jul
27 Jul
28 Jul
29 Jul
30 Jul
31 Jul
1 Ago
2 Ago
3 Ago
4 Ago
5 Ago
6 Ago
7 Ago
8 Ago
9 Ago
10 Ago
11 Ago
12 Ago
13 Ago
14 Ago

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75

4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00

4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.50
4.50
4.50

6.25

6.25
6.25
6.25
6.25
6.25

6.25
6.25
6.25
6.25
6.25

6.25
6.25
6.25
6.25
6.25

6.25
6.25
6.25
6.25
6.25

6.25
6.25
6.25
6.25
6.25

6.25
6.25
6.50
6.50
6.50

15 Ago
16 Ago
17 Ago
18 Ago
19 Ago
20 Ago
21 Ago
22 Ago
23 Ago
24 Ago
25 Ago
26 Ago
27 Ago
28 Ago
29 Ago
30 Ago
31 Ago
1 Set
2 Set
3 Set
4 Set
5 Set
6 Set
7 Set
8 Set
9 Set
10 Set
11 Set
12 Set
13 Set
14 Set
15 Set
16 Set
17 Set
18 Set
19 Set
20 Set
21 Set
22 Set
23 Set
24 Set
25 Set
26 Set
27 Set
28 Set

4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.75
4.75
4.75

4.75
4.75

6.50
6.50
6.50
6.50
6.50

6.50
6.50
6.50
6.50
6.50

6.50
6.50
6.50
6.50
6.50

6.50
6.50
6.50
6.50
6.50

6.50
6.50
6.50
6.50
6.50

6.50
6.50
6.75
6.75
6.75

6.75
6.75
6.75

29 Set
30 Set
1 Oct
2 Oct
3 Oct
4 Oct
5 Oct
6 Oct
7 Oct
8 Oct
9 Oct
10 Oct
11 Oct
12 Oct
13 Oct
14 Oct
15 Oct
16 Oct
17 Oct
18 Oct
19 Oct
20 Oct
21 Oct
22 Oct
23 Oct
24 Oct
25 Oct
26 Oct
27 Oct
28 Oct
29 Oct
30 Oct
31 Oct
1 Nov
2 Nov
3 Nov
4 Nov
5 Nov
6 Nov
7 Nov
8 Nov
9 Nov
10 Nov
11 Nov
12 Nov

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.25
4.25

4.25
4.25

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00

4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
4.75
4.75

4.75
4.75
4.75
5.00
5.00

6.75
6.75

6.75
6.75
6.75
6.75
6.75

6.75
6.75
6.75
6.75
6.75

6.75
6.75
6.75
6.75
6.75

6.75
6.75
6.75
6.75
6.75

6.75
6.75
7.00
7.00
7.00

7.00
7.00
7.00
7.00
7.00

13 Nov
14 Nov
15 Nov
16 Nov
17 Nov
18 Nov
19 Nov
20 Nov
21 Nov
22 Nov
23 Nov
24 Nov
25 Nov
26 Nov
27 Nov
28 Nov
29 Nov
30 Nov
1 Dic
2 Dic
3 Dic
4 Dic
5 Dic
6 Dic
7 Dic
8 Dic
9 Dic
10 Dic
11 Dic
12 Dic
13 Dic
14 Dic
15 Dic
16 Dic
17 Dic
18 Dic
19 Dic
20 Dic
21 Dic
22 Dic
23 Dic
24 Dic
25 Dic
26 Dic
27 Dic

4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25
4.25

4.25
4.25
4.25
4.25

4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.25
5.25
5.25

5.25
5.25
5.25
5.25
5.25

4.00
5.25

7.00
7.00
7.00
7.00
7.00

7.00
7.00
7.00
7.00
7.00

7.00
7.00
7.00
7.00
7.00

7.00
7.00
7.00
7.00
7.00

7.00
7.00
7.25
7.25
7.25

7.25
7.25
7.25
7.25
7.25

7.25
7.25

28
29
30
31

Dic
Dic
Dic
Dic

4.25
4.25

4.00
4.00

5.25
5.25
5.25
5.25

7.25
7.25
7.25

REN
Variacion del precio de las acciones de Nokia
AO
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002

Rentabilidad Base unitaria


0.9433
0.9861
0.9869
0.9297
1.0564
1.0106
1.0154
0.9948
1.0095
0.9639

Rentabilidad Simple
Rentabilidad continua

Rentabilidad Total
-6%
-1%
-1%
-7%
6%
1%
2%
-1%
1%
-4%

0.9890
-0.0110 X

RENTABILIDAD ECONOMICA PROYECTADA


Capital financiero = TOTAL ACTIVO - TOTAL PASIVO ( sin costo)

TOTAL ACTIVO
TOTAL PASIVO
CAPITAL FINANCIERO

2002
22,067
7,957
14,110

2003
27,077
9,278
17,799

2004
28,200
9,913
18,287

Rentabilidad Economica = Flujo de caja libre /Capital Financiero

F.C.L.
Capital Finaniero
Rent Economica

2002
6,280
14,110
0.4451

2003
4,224
17,799
0.2373

2004
7,886
18,287
0.4312

RENTABILIDAD ECONOMICA - REGRESION SIMPLE

Y= Rentabilidad Economica
X= Periodos
n= 10
10

Y ( x )=a+ bx

X
HISTORICO

AOS

Rent. Economica

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012

PROYECTADOS
COSTO DE CAPITAL PROPIO
COSTO DE LA DEUDA

1
2
3
4
5
6
7
8
9
10
11

0.445
0.237
0.431
0.765
0.719
0.539
0.775
0.123
0.305
0.277
0.37

37%
0%

Estructura del balance

Deuda
Patrimonio

2002
39%
61%

2003
37%
63%

2004
37%
63%

CPPC= (Patrimonio * Costo de Capital Propio) + (Deuda


CPPC= ( 0.38 * 0.37) + (0.62 *0.00 )
CPPC=

14.24%

2006

2007

2008

2009

2010
3.25

7.25

8.25

7.25

3.25

7.25
7.25
7.25
7.25

7.25
7.25
7.25
7.25
7.25

7.25
7.25
7.25
7.25
7.25

7.25
7.25
7.25
7.25
7.25

7.25
7.25
7.50
7.50
7.50

7.50
7.50
7.50
7.50
7.50

7.50
7.50
7.50
7.50

8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

7.25
7.25

7.25
7.25
7.25
7.25
7.25

7.25
7.25
7.25
7.25
7.25

7.25
6.50
6.50
6.50

6.50
6.50
6.50
6.00
6.00

6.00
6.00
6.00
6.00
6.00

6.00
6.00
6.00
6.00
6.00

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25

7.50

7.50
7.50
7.50
7.50
7.50

7.50
7.50
7.50
7.50
7.50

7.50
7.50
7.50
7.50
7.50

7.50
7.50
7.50
7.50
7.50

7.50
7.50
7.50
7.50
7.50

7.50
7.50
7.75
7.75
7.75

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25

6.00
6.00
6.00
6.00

6.00
6.00
6.00
6.00
6.00

8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

6.00
6.00
6.00
6.00
6.00

6.00
6.00
6.00
6.00
6.00

6.00
6.00
5.25

5.25
5.25
5.25
5.25
5.25

5.25
5.25

3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25

3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25

7.75
7.75
7.75
7.75
7.75

7.75
7.75
7.75

7.75
7.75
7.75
7.75
7.75

7.75
7.75
7.75
7.75
7.75

7.75
7.75
7.75
7.75

7.75
7.75
7.75
8.00
8.00

8.00
8.00

8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25

5.25
5.25
5.25

5.25
5.25
5.25
5.25
5.25

5.25
5.25
5.25
5.25
5.25

5.25
5.25
5.25
5.25
5.25

5.25
5.25
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

8.00
8.00
8.00

8.00
8.00
8.00
8.00
8.00

8.00
8.00
8.00
8.00

8.00
8.00
8.00
8.00
8.00

8.00
8.00
8.00
8.00
8.00

8.00
8.00
8.00
8.00
8.00

8.00
8.00
8.00
8.00
8.25

8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25

5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00

3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25

3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00

8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25

8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
7.75
7.75
7.75

7.75
7.75
7.75
7.75
7.75

5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
5.00
5.00

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25

0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
0.00
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25

8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

7.75
7.75
7.75
7.75
7.75

7.75
7.75
7.75
7.75
7.75

7.75
7.75
7.75
7.75
7.75

7.75
7.75
7.75
7.75
7.75

7.75
7.75
7.75
7.50
7.50

7.50
7.50
7.50
7.50
7.50

7.50

5.00
5.00
5.00
5.00
5.00

5.00
5.00
5.00
4.50
4.50

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.50
4.50
4.50

4.50
4.50
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00

3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25

3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

8.25
8.25
8.25
8.25
8.25

7.50
7.50
7.50
7.50

7.50
7.50
7.50
7.50
7.50

7.50
7.50
7.50
7.50
7.50

7.50
7.50
7.50
7.50
7.50

7.50
7.25
7.25
7.25
7.25

7.25
7.25
7.25
7.25
7.25

7.25
8.25
8.25

7.25
7.25

4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00
0.00
0.00
4.00
4.00
4.00
4.00
4.00

4.00
4.00
4.00
4.00
4.00

4.00
4.00
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25

0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25

8.25
8.25

7.25

7.25

3.25
3.25
3.25

3.25
3.25
3.25
3.25

3.25
3.25
3.25
3.25

RENTABILIDAD

2005
27,761
12,039
15,722

HISTORICO
2006
2007
28,407
51,548
12,762
26,016
15,645
25,532

2008
58,225
29,942
28,283

2009
49,855
21,187
28,668

2010
51,951
23,138
28,813

2005
12,021
15,722
0.7646

HISTORICO
2006
2007
11,246
13,762
15,645
25,532
0.7188
0.5390

2008
21,926
28,283
0.7752

2009
3,535
28,668
0.1233

2010
8,775
28,813
0.3046

)=a+ bx

a=

X2

yb x
n

XY
1
4
9
16
25
36
49
64
81
100

2005
45%
55%

5
55
385
24
-0.0166
0.5526

y
x
x
xy
b
a

0
0
1
3
4
3
5
1
3
3

2006
47%
53%

b=

2007
61%
39%

Propio) + (Deuda * Costo de Deuda)

2008
64%
36%

2009
63%
37%

n xy x

n x2 (
y/n
x/n
x / n
xy /n

2010
63%
37%

VARIACION _PRIME RATE


2011

2002
0.00
0.00

2003

2004

2005

3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1 1.047619048
1
1
1
1

1
1
1
1

1
1
1
1

1
1

3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1 1.045454545
1
1
1
1
1

1
1
1

1
1
1
1

0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
0.00
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25

1
1
1
1

1
1
1

1
1
1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1 1.043478261
1
1
1
1
1

1
1
1
1

1
1
1
1

3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1
1
1 0.941176471
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1.0625

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

3.25
0.00
0.00
0.00
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1 1.041666667
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1.058823529
1
1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1.04
1
1

3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1 1.038461538
1.055555556
1
1
1
1
1
1
1
1
1
1
1

3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
0.8947368421
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1 1.037037037
1
1
1
1
1

1
1
1 1.052631579
1
1

1
1
1
1

0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1 1.035714286
1.05
1
1
1
1

1
1
1
1

1
1
1
1

3.25
3.25
3.25

1
1

1
1
1
1

1
1
1

2011
50,426
23,799
26,627

2011
7,370
26,627
0.2768

2012
55,680
26,279
29,401

2012
3,927
29,401
0.1336

2013
61,481
29,016
32,464

PROYECTADO
2014
67,886
32,040
35,847

2015
74,959
35,378
39,582

2016
82,769
39,064
43,705

2013
3,308
32,464
0.1019

PROYECTADO
2014
2,571
35,847
0.0717

2015
1,696
39,582
0.0429

2016
657
43,705
0.0150

xy x y
x2( x )2
0.46
5.50
38.50
2.40

2011
62%
38%

2006

2007

2008

2009

2010

2011

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1.034482759
1
1

1
1
1
1

1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1 0.896551724
1
1
1
1
1

1
1
1
1 0.923076923
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1

1
1
1
1

1
1.033333333
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
0.875
1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1.032258065
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
0.952380952
1
1
1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1.03125

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1 0.939393939
1
1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
0.9
1

1
1
1
1

1
1
1
1

1
0.888888889
1
1
1
1
1
1 0.967741935
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

0.966666667
1
1
1

1
1
1
1

1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
0.8125
1
1

1
1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1
1
1

1
1

1
1
1

1
1
1

1
1
1
1

1
1
1

regresion simple

DATOS PARA LA PROYECCION DE VENTAS

Y ( x )=a+ bx

a=

10

X
HISTORICO

Inversiones Brutas

ACTIVO CORRIENTE
PASIVO CORRIENTE
CAPITAL DE TRABAJO
INVERSIONES BRUTAS

2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

1
2
3
4
5
6
7
8
9
10

Y
Ventas
28,395.0
33,343.0
36,408.0
42,568.0
51,648.0
70,001.0
74,594.0
57,173.0
56,364.0
53,844.0

2012
2013
2014
2015
2016

11
12
13
14
15

70,715.3
74,402.8
78,090.3
81,777.9
85,465.4

AOS

PROYECTADOS

* Capital de trabajo

yb x
n

Aumento o disminucion de Activos fijo neto


Aumento o disminucion del Capital ed Trabajo
Total Inversiones Brutas

b x
n

b=

X2

n xy x y
n x2 ( x)2

XY
1
4
9
16
25
36
49
64
81
100

y
x
x
xy
b
a

28,395
66,686
109,224
170,272
258,240
420,006
522,158
457,384
507,276
538,440

504,338
55
385
3,078,081
3,687.54
30,152.33

y/n
x/n
x / n
xy /n

2002
16,635
7,958
8,677

2003
22,734
9,373
13,361

2004
24,268
9,913
14,355

2005
23,594
12,039
11,555

2006
23,344
12,762
10,582

2007
40,162
26,016
14,146

2002

2003

2004

2005

2006

2007

406
4,684
4,278

127
994

43
2,800

30
973

294
3,564

867

2,757

943

3,858

50,433.80
5.50
38.50
307,808.10

2008
35,995
29,942
6,053

2009
32,940
21,187
11,753

2010
36,046
23,291
12,755

2011
35,454
24,296
11,158

2012
39,148
26,827
12,321

2008

2009

2010

2011

2012

PROYECTADO
2013
43,227
29,622
13,604
2013

812
8,093

7,281

629
5,700
5,071

209
1,002

29
1,597

267
1,163

295
1,284

793

1,626

1,430

1,579

PROYECTADO
2014
2015
47,730
52,703
32,709
36,117
15,022
16,587
2014

2015

2016
58,194
39,879
18,315
2016

326
1,417

360
1,565

397
1,728

1,743

1,925

2,126

NA
AOS
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

NOKIA
17.00
15.67
18.30
20.32
38.39
15.60
12.85
10.32
4.82

NASDAQ
1467.92
1621.12
1645.20
1756.90
2084.93
1211.65
1860.31
2217.86
2277.83
2458.44
2366.80

PIB
11,553.00
11,840.70
12,263.80
12,638.40
12,976.20
13,228.90
13,228.80
12,880.60
13,248.20
13,579.41
14,000.37

CORRELACIN

NAS

AOS
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

NOKIA
17.00
15.67
18.30
20.32
38.39
15.60
12.85
10.32
4.82

NASDAQ
1467.92
1621.12
1645.20
1756.90
2084.93
1211.65
1860.31
2217.86
2277.83
2458.44
2366.80

tasa de
inflacion(%)
2.80
1.60
2.30
2.50
3.20
2.50
2.90
3.80
1.16
2.10
1.30

correlacion

NASDAQ Vs

AOS

NOKIA

NASDAQ

2003
2004
2005
2006
2007
2008
2009
2010
2011

17.00
15.67
18.30
20.32
38.39
15.60
12.85
10.32
4.82

1467.92
1621.12
1645.20
1756.90
2084.93
1211.65
1860.31
2217.86
2277.83

tasa de
interes(%)
1.00%
2.25%
4.25%
5.25%
4.25%
5.25%
3.50%
3.90%
3.50%

CORRELACION

NASDA
AOS

NOKIA

NASDAQ

2003
2004
2005
2006

17.00
15.67
18.30
20.32

1467.92
1621.12
1645.20
1756.90

(%)Deficit
Fiscal

2007
2008
2009
2010
2011
2012
2013
correlacion

38.39
15.60
12.85
10.32
4.82

2084.93
1211.65
1860.31
2217.86
2277.83
2458.44
2366.80

-2%
-3.20%
-11.20%
-9.60%
-6.10%
-3.70%
-3.20%

NASDAQ. Vs pib real


TASA DE
CRECIMIENT
O

3.00%
2.45%
3.10%
4.40%
3.20%
3.20%
2.00%
1.10%
2.70%
2.50%
3.10%

NASDAQ vs PIB

0.05
0.04
0.03
0.02
0.01
0
2003

2004

2005

2006

2007

2008

TASA DE CRECIMIENTO

2009

2010

2011

NASDAQ

0.41299777

PIB

RELACION DIRECTA

NASDAQ Vs INFLACION

Var %
inflacion

0.00%
-42.86%
43.75%
8.70%
28.00%
-21.88%
16.00%
31.03%
-69.47%
81.03%
-38.10%

NASDAQ vs INFLACION

2500

3.5
2000

3
2.5

1500

2
1000

1.5
1

500

0.5
0
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0
2013

tasa de
inflacion(%)

500

0.5
0
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0
2013

0.0978451

INFLACION

PRECIO DE LAS AC

NASDAQ Vs TASA DE INTERES NOMINAL

Var % Tasa
de interes
125.0%
88.9%
23.5%
-19.0%
23.5%
-33.3%
11.4%
-10.3%
5.8%

NASDAQ vs TASA DE INTERES 2500

0.06
0.05

2000

0.04

1500

0.03
1000

0.02

500

0.01
0
2003

tasa de
interes(%)

2004

2005

2006

2007

2008

2009

TASA DE INTERES

2010

0
2011

PRECIO DE LAS AC

NASDAQ Vs DEFICIT FISCAL


Var % del
Deficit
Fiscal

0
2007
-0.02
-0.04
-0.06
-0.08
-0.1

NASDAQ vs DEFICIT
2008

2009

2010

2011

2007
-0.02

2008

2009

2010

2011

-0.04

68%
250%
-14%
-36%
-39%
-14%

-0.06
-0.08
-0.1
-0.12

-0.30

DFICIT PUBLICO

PRECIO DE LAS ACCIONES

PIB

2500
2000
1500
1000
500

2009

2010

2011

2012

0
2013

DAQ

PRECIO DE LAS ACCIONES

ACION

011

2500
2000
1500
1000
500

2012

0
2013

tasa de
inflacion(%)

011

500

2012

0
2013

RECIO DE LAS ACCIONES

AL

2500

2000

1500

1000

tasa de
interes(%)

500

0
1

RECIO DE LAS ACCIONES

DAQ vs DEFICIT FISCAL


2011

2012

2500
2013
2000
1500
1000
500

(%)Deficit
Fiscal

2011

2012

E LAS ACCIONES

2013
2000
1500
1000
500
0

(%)Deficit
Fiscal

CONCL
INDICADORES

Nokia presenta desde el ao 2008 una caida de consid


2011 con numeros "Rojos" y sus indicadores en negati
no esta

BOTTON UP

Este es un analisis de la empresa y el sector atravez


decir que la accion estaba sobre valorada y apartir de
ao 2011. En ocasiones un PER bajo puede significar q
a corto plazo, pero este no es el caso de NOKIA ya que
al mercado una innovacion realmente

FLUJO DE CAJA LIBRE

EL flujo de caja libre de NOKIA muestra que esta dismi

TOP DOWN

TOP DOWN

Pese a que este analisis nos muestra que la Econom


despues de la crisis vivida en el ao 2007-2008. Se
economicas, NOKIA esta peleando con la tecnologia qu
comunicacion movil

RECOMENDACIONES

No se recomienda invertir en esta empresa.

CONCLUSIONES

e el ao 2008 una caida de consideracion en sus indicadores ROA y ROE. Terminando la gestion
ojos" y sus indicadores en negativo (ROA= -0.04 , ROE= -0.11). Esto nos indica que la empresa
no esta creando valor.

e la empresa y el sector atravez del PER y el RD. En el ao 2009 el PER era igual a 128.50, es
estaba sobre valorada y apartir de all tuvo una caida sorprendente hasta llegar a (-8.76) en el
es un PER bajo puede significar que la accion esta subvaloraba y podria aumentar su cotizacion
te no es el caso de NOKIA ya que para que NOKIA se levante como empresa tendria que lanzar
rcado una innovacion realmente sorprendente que desplace al gigante APPLE.

CAJA LIBRE

de NOKIA muestra que esta disminuyendo su saldo disponible de efectivo que tiene la empresa.

alisis nos muestra que la Economia de EEUU ( principal mercado de NOKIA) esta mejorando
s vivida en el ao 2007-2008. Se debe tomar en cuenta que a pesar que hay las condiciones
sta peleando con la tecnologia que presenta APPLE, el cual esta desplazando del mercado de la
comunicacion movil a todos sus competidores.

NDACIONES

nda invertir en esta empresa.