Bolsa, Mercados y Técnicas de Inversión (2a. Ed.) - (PG 240 - 251)

Teorías y técnicas de inversión 223
5.4. EL ANÁLISIS FUNDAMENTAL
5.4.1 Introducción
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5.4.2 Fuentes de información

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Copyright © 2009. McGraw-Hill España. All rights reserved.
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5.4.3 Técnicas de análisis

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López, Lubián, Francisco, and Estévez, Pablo García. Bolsa, mercados y técnicas de inversión (2a. ed.), McGraw-Hill España, 2009.
ProQuest Ebook Central, http://ebookcentral.proquest.com/lib/uvegsp/detail.action?docID=3195592.
Created from uvegsp on 2019-03-01 20:59:20.
224 Bolsa, mercados y técnicas de inversión
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5.4.4 Valoración por Múltiplos
5.4.4.1 Pasos para la valoración

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rison Approach
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sition Method
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I. Análisis de la empresa objetivo

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II. Selección de las empresas comparables (Peer Group)

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&O &&66 MB CÙTRVFEB EFM Peer Group FT GBDJMJUBEB QPS FM Standard Industrial
Classification Code (SIC-Code)EFM Department of Commerce
III. Calculo del valor de empresa

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Ecuación 18
IV. Aumentos y descuentos en la valoración

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5.4.4.2 Múltiplos de la Comparación Directa
Price/Earning-Ratio (P/E-Ratio)
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Ecuación 19
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Tabla 8
Gas Natural Repsol-YPF
Precio
Beneficio
Acciones
BPA
PER
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QPEFNPTEFTBSSPMMBSMBFDVBDJÓOEFM1&3
Ecuación 20
%POEF
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Figura 25 Situación de las empresas en

López, Lubián, Francisco, de
función su vidaPablo
and Estévez, y su PER.
García. Bolsa, mercados y técnicas de inversión (2a. ed.), McGraw-Hill España, 2009.
Price-Earning-Growth-Ratio (PEG-Ratio)
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Ecuación 21
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5.4.4.3 Múltiplos de la Aproximación de acciones y deuda
Enterprise Value/EBIT (EBDIT, EBITDA)-Ratio

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FOFMDirect Comparison Approach QVFEFTFSDBMDVMBEPEFNBOFSBNÃTFYBDUBDPOFM&#*5

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odwill TFPCUJFOFFMGBDUPSEFSFOEJNJFOUP&#*5%"&TUFFTNVZBQSPQJBEPQBSBDPNQBSB
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Ecuación 22
Enterprise Value/Sales-Ratio
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Enterprise Value/Sales-Ratio"VORVFFTUFNÙMUJQMPOPUFOHBNVDIBGVFS[BFYQSFTJWBEFOUSP
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Enterprise Value/Unique User-Ratio
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1BSBWBMPSBSQPSFKFNQMP*OUFSOFU4FSWJDF1SPWJEFS *41
QSJODJQBMNFOUFFMNJTNPGBDUPS
FTBQSPQJBEP TÓMPRVFFOFTUFDBTPTFFTDPHFDPNPCBTFFMOÙNFSPEFSubscriber DMJFOUFT

$PNPJOEJDBEPSQBSBMBFWPMVDJÓOGVUVSBEFMOÙNFSPEFVTVBSJPTQVFEFOTFSWJSQPSFKFNQMP
FTUJNBDJPOFTTPCSFMBFWPMVDJÓOEFMNFSDBEPUPUBMEF&$PNNFSDF&ODBTPEFVOBWBMPSBDJÓO
directa QPS VTVBSJP Enterprise Value / Número de usuarios
NFEJBOUF VOB DPNQBSBDJÓO EF
Peer-Group TFEFCFSÎBO OPPCTUBOUF DPOTJEFSBSMBTFYQFDUBUJWBTEFMPTJOHSFTPTQPSVTVBSJP
"RVÎFYJTUFFMQFMJHSPRVFTFBTJHOBVOWBMPSBVOVTVBSJP TJOIBCFSBDMBSBEP TJZFORVÊNF
EJEBFTUFVTVBSJPHFOFSBSÃVOBWFOUBKBàOBODJFSBBMBFNQSFTB4JFYJTUFOBTVODJPOFTTPCSFFM
JOHSFTPNFEJPFTQFSBEPQPSVTVBSJP TFQVFEFOEFSJWBSFTUJNBDJPOFTTPCSFMPTJOHSFTPT BTÎRVF
FOFTUFDBTP TFQVFEBTFHVJS BMNFOPT DPOVOBWBMPSBDJÓOEFEnterprise Value / Sales
Enterprise Value/Número de Page Impressions-Ratio
4PCSFUPEPFOFMDBTPEFQSPWFFEPSFTEFwebsites RVFQSJODJQJBMNFOUFTFàOBODJBOBUSBWÊT
EFMBQVCMJDJEBEZSponsoring-Links MBDBQBDJEBEEFQVCMJDJEBEPDVQBFMQSJNFSQMBOP-B
DBQBDJEBEEFQVCMJDJEBE ZDPOFMMBJNQMÎDJUBNFOUFMPTJOHSFTPTEFQVCMJDJEBEDPOTFHVJCMFT
MBNBZPSÎBEFMBTWFDFTTFNJEFJOEJSFDUBNFOUFBUSBWÊTEFMBTPage Impressions&MOÙNFSP
EFMBTPage Impressions MMBNBEBEFMBTQÃHJOBTHTMLRVFMMFWBOQVCMJDJEBE
NVMUJQMJDBEP
DPOMPTCPMJOEJWJEVBMFT Cost per thousand impressions delivered
EFMBwebsite EBQPS
SFTVMUBEP MPT JOHSFTPT EF MB FNQSFTB FYQMPUBOEP UPEBT MBT QÃHJOBT XFC EJTQPOJCMFT DPNP
TVQFSàDJFEFQVCMJDJEBE.VMUJQMJDBEPDPOMBDVPUBEFVUJMJ[BDJÓO sell through rateQPS

DFOUBKFEFMBTVQFSàDJFEFQVCMJDJEBEVUJMJ[BEBEFMBTVQFSàDJFEFQVCMJDJEBEUPUBMEJTQPOJCMF

SFTVMUBOMPTJOHSFTPTEFQVCMJDJEBEPCUFOJEPT
Crítica
4FEFCFQSFGFSJSMBBQMJDBDJÓOEFMEnterprise ValueBMBDPUJ[BDJÓOCVSTÃUJM QPSRVFTPMBNFOUFBTÎ
MBJOáVFODJBEFMPTEJGFSFOUFTHSBEPTEFFOEFVEBNJFOUPOPUJFOFDPOTFDVFODJBTQBSBFMWBMPSEFMB
FNQSFTB1BSBMBGPSNBDJÓOEFMPeer-GroupTVSHFGSFDVFOUFNFOUFFMQSPCMFNBEFRVFOPFYJTUFO
FNQSFTBT EJSFDUBNFOUF DPNQBSBCMFT"EFNÃT OP TF QVFEF DPODSFUBS TJ MBT FNQSFTBT EFM Peer-
Group FTUÃO TPCSFWBMPSBEBT P TVCWBMPSBEBT Z BTÎ EJTUPSTJPOBO FM NÙMUJQMP EFM Peer-Group &M
NÙMUJQMPFTDPHJEPEFQFOEF QPSDPOTJHVJFOUF EFVOBDJFSUBTVCKFUJWJEBE DVZBSFQSFTFOUBDJÓODP
SSFTQPOEFÙOJDBNFOUFBMBFYQFSJFODJBZMBGVFS[BDPNVOJDBUJWBEFMvalorador
$POFMVTPEFNÙMUJQMPTDPNPFMEV/Sales-RatioTFQVFEFOTPSUFBSMBTEJàDVMUBEFTEFMB
WBMPSBDJÓOEFVOBFNQSFTBTJOCFOFàDJPT&TUVEJPTEFNFSDBEPIBOEBEPQPSSFTVMUBEPRVF
FMVTPTJNVMUÃOFPEFSimilar Public Company Method y Recent Acquisition MethodMMFWBB
MBNFKPSBQSPYJNBDJÓOEFMWBMPSEFMBFNQSFTB
-PTFOGPRVFTEFWBMPSBDJÓOSFMBUJWPT DPONÊUPEPTEFNÙMUJQMPT UJFOFOMBWFOUBKB GSFO
UFBMPTNÊUPEPTEFEFTDVFOUPEFáVKPTEFDBKB RVFSFáFKBONFKPSáVDUVBDJPOFTEFNFSDBEP
BDPSUPQMB[P market moods
1PSFTPKVFHBOMPTNÙMUJQMPTVOQBQFMNÃTJNQPSUBOUFFOFM
DBTPEFTBMJEBTBCPMTB EPOEFFMPCKFUJWPFTWFOEFSNVDIBTBDDJPOFTFOQPDPUJFNQP-PT
NÙMUJQMPTSFRVJFSFONFOPTJOGPSNBDJÓORVFMPTNÊUPEPTEFEFTDVFOUPTEFáVKPTEFDBKBZ
QPSFTPTPOBQMJDBCMFTEFGPSNBNÃTGÃDJMZNÃTSÃQJEB
'JOBMNFOUF IBZ RVF NFODJPOBS RVF MPT NÊUPEPT EF NÙMUJQMPT GSFDVFOUFNFOUF QPS MPT
EFGFDUPTNFODJPOBEPT TÓMPTPOVUJMJ[BEPTQBSBPCUFOFSJOEJDJPTTPCSFFMWBMPSEFMBFNQSF
TB QBSBEFTQVÊTTFHVJSDPOVOBWBMPSBDJÓOEFUBMMBEBZBNQMJB SFBMJ[BEBNFEJBOUFNÊUPEPT
EFEFTDVFOUPTEFáVKPTEFDBKB
5.4.5 El descuento de los Flujos de Caja Libre10

TUBUÊDOJDBTFCBTBFOMBQSFNJTBEFRVFFMWBMPSEFVOBFNQSFTBFTFMWBMPSBDUVBMEFMPT
flujos de caja libre '$-
EFTDPOUBEPTBMcoste medio ponderado del capital 8"$$
EF
MBFNQSFTB&OVOFTDFOBSJPEFDPOUJOVJEBEEFMBFNQSFTB DPNPFTBCTVSEPSFBMJ[BSVOB
BDUVBMJ[BDJÓOat infinitum EFMPT'$- FOMBQSÃDUJDBTFFTUJNBOMPT'$-EFVOBTFSJFEFBÒPTZTF
JODMVZFVO7BMPS3FTJEVBM 73
RVFFOHMPCBFMSFTUPEFMPTBÒPT
Ecuación 23
&M'$-TFDBMDVMBEFMBNBOFSBTJHVJFOUF
BAIT
Impuestos s/BAIT
+ Amortizaciones
Variación del Fondo de Maniobra
Variación del Activo Fijo
Flujo de Caja Libre

&MMFDUPSRVFRVJFSBQSPGVOEJ[BSFOMBUÊDOJDBEFMEFTDVFOUPEFMPTáVKPTEFDBKBMJCSFQVFEFBDVEJSBMBPCSBFi-
nanzas en el mundo corporativo.'SBODJTDP-ÓQF[-VCJÃOZ1BCMP(BSDÎB&TUÊWF[&EJU.D(SBX)JMM
&M8"$$TFDBMDVMBDPOMBTJHVJFOUFFDVBDJÓO
Ecuación 24
%POEF
Kd FTFMDPTUFEFMB%FVEBEFTQVÊTEFJNQVFTUPT
DMBDBOUJEBEEF%FVEBBWBMPSEFNFSDBEP
EFMWBMPSEFNFSDBEPEFMPT3FDVSTPT1SPQJPT
Ke MBSFOUBCJMJEBESFRVFSJEBQPSMPTBDDJPOJTUBT
VMBTVNBEFD y E.
&MDPTUFEFMBTBDDJPOFTTFDBMDVMBNFEJBOUFMB4.-
Ke = Rf + Prima de Riesgo s B.
$POMBTEJàDVMUBEFTZBTFÒBMBEBTQBSBMBFTUJNBDJÓOEFMB1SJNBEF3JFTHPEF.FSDBEP
1BSBFMDÃMDVMPEFM7BMPS3FTJEVBMQVFEFOVUJMJ[BSTFDVBUSPBMUFSOBUJWBT
73'$-/ H
8"$$mH
73#"*58"$$
73&#*5%"s/ÙNFSP
731&3s/ÙNFSP
"NPEPEFJMVTUSBDJÓO EFTBSSPMMFNPTVOQFRVFÒPFKFNQMPEFDÃMDVMPEFMQSFDJPEFMBT
BDDJPOFT EF MB FNQSFTB"DFSJOPY &TUF FKFNQMP FTUÃ SFBMJ[BEP EFTEF MB QFSTQFDUJWB EF VO
BOBMJTUBFO
-PQSJNFSPFTSFDBCBSJOGPSNBDJÓOTPCSFMPTÙMUJNPTBÒPTEFMBFNQSFTBZDBMDVMBSMB
FWPMVDJÓOIJTUÓSJDBEFMPT'MVKPTEF$BKB-JCSF '$-
$PNPTFQSFTFOUBFOMB5BCMB
Tabla 9
1996 1997 1998 1999 2000 2001
#"*5
*NQVFTUPT
#"*E5
"NPSUJ[BDJÓO

7BSJBDJÓO'POEP

.BOJPCSB
7BSJBDJÓO

*OWFSTJÓO"DUJWP
'$-

1BSB QSPGVOEJ[BS FO FM TJHOJàDBEP EFM7BMPS 3FTJEVBM DPOTÙMUFTF MB PCSB DJUBEB Finanzas en el mundo
corporativo.
1BSBWBMPSBSMBFNQSFTBNFEJBOUFMBFTUJNBDJÓOEFMPTáVKPTEFDBKBMJCSFTIBZRVFEF
DJEJSFMIPSJ[POUFUFNQPSBMEFMBFTUJNBDJÓO&OFTUFFKFNQMPFMFHJNPTDJODPBÒPT
1BSBFMBOBMJTUBFMWBMPSEFMBFNQSFTBFTFMWBMPSBDUVBMEFMPTáVKPTEFDBKBMJCSFTBD
UVBMJ[BEPTBMUJQPEFEFTDVFOUP8"$$ UFOJFOEPFODVFOUBRVFFMÙMUJNPUÊSNJOPFTMBTVNB
EFMáVKPEFDBKBFTUJNBEPQBSBFTFBÒPZFMWBMPSSFTJEVBM
"VORVFFYJTUFONÙMUJQMFTGPSNBTEFFTUJNBSMPTWBMPSFTGVOEBNFOUBMFTEFMBFNQSFTB
QPSVOBTFODJMMF[NFUPEPMÓHJDBDBMDVMBSFNPTFMQSPNFEJPEFMBTWBSJBDJPOFTEFDBEBWBSJB
CMF&NQF[BSFNPTQPSFM#"5RVFOPTTFSWJSÃQBSBDBMDVMBSFMUJQPJNQPTJUJWPBQMJDBEPDBEB
BÒPZ BTÎ DBMDVMBSFMUJQPNFEJP WÊBTF5BCMB

Tabla 10
1995 1996 1997 1998 1999 2000 2001
#"5
U
1SPNFEJPU
"DPOUJOVBDJÓOTFDBMDVMBOMBTWBSJBDJPOFTBOVBMFTEFMBTEJGFSFOUFTWBSJBCMFT1BSBSFB
MJ[BS FM JODSFNFOUP DBMDVMBNPT FM MPHBSJUNP OFQFSJBOP EFM DPDJFOUF EF MB DJGSB EF VO BÒP
FOUSFMBEFMBÒPBOUFSJPS DPNPTFNVFTUSBFOMB5BCMB
Tabla 11
1996 1997 1998 1999 2000 2001
Ln(BAIT)
Incremento

BAIT
Ln(BAT)
Incremento

BAT
Ln(Amort)
Incr. Amort.
1BSBFMDÃMDVMPEFMBWBSJBDJÓOEFMBJOWFSTJÓO TF DPNQSVFCB RVF MB FWPMVDJÓO EF FTUF

EBUPUJFOFVODPFàDJFOUFEFDPSSFMBDJÓODPOFM#"*E5EFM $BMDVMBNPTMBFDVBDJÓOQPS
NÎOJNPT DVBESBEPT RVF FYQMJDB MB WBSJBDJÓO EF MB JOWFSTJÓO OFUB FO GVODJÓO EFM OJWFM EF
#"*E5
Figura 26 Comportamiento del BAIT, del BAIdT y de la Inversión Neta.
$PNP TF PCTFSWB FO MB 'JHVSB FYJTUF VOB FMFWBEB DPSSFMBDJÓO EF MB JOWFSTJÓO OFUB
UBOUPDPOFM#"*5DPNPDPOFM#"*E5&MDPFàDJFOUFEFDPSSFMBDJÓOFTTVQFSJPSFOFMDBTP
EFM#"*E5-BFDVBDJÓOBKVTUBEBSFTVMUBTFSMBTJHVJFOUF
Variación Inversión Neta = × BAIdT
$POFTUPTEBUPTTFQVFEFOFTUJNBSMPTáVKPTEFDBKBEFMPTQSÓYJNPTBÒPT&M7BMPS3F
TJEVBMTFFTUJNBBUSBWÊTEFNPEFMPEF(PSEPO ZSFTVMUBTFSEF ĸ
1BSBQPEFSEFTDPOUBSMPT'$-FTOFDFTBSJPFTUJNBSFM$PTUF.FEJP1POEFSBEPEFMDB
QJUBMEFMBFNQSFTBP8"$$$POEBUPTEFMPTCBMBODFTTFPCUJFOFVOBTFSJFIJTUÓSJDBEFM
OJWFMEFBQBMBODBNJFOUPàOBODJFSPNFEJEPDPOEBUPTDPOUBCMFT6UJMJ[BNPTFTUBJOGPSNB
DJÓO QBSB DBMDVMBS MB FWPMVDJÓO IJTUÓSJDB EFM 8"$$ Z TV QSPNFEJP RVF FT EF
WÊBTF5BCMB

Tabla 12
Recursos Propiosl Deuda LP Ke (6%) Kd t WACC
1995 ĸ ĸ
1996 ĸ ĸ
1997 ĸ ĸ
1998 ĸ ĸ
1999 ĸ ĸ
2000 ĸ ĸ
2001 ĸ ĸ
1SPNFEJP

4FVUJMJ[BBRVÎVOTVQVFTUPTJNQMJàDBEPS ZBRVFMBFTUSVDUVSBEFDBQJUBMEFCFSÎBNFEJSTFQPSFMWBMPSFDP
OÓNJDPEFM&RVJUZ ZOPFMDPOUBCMF
"IPSBQPEFNPTSFBMJ[BSMBFTUJNBDJÓOEFMBTWBSJBCMFTRVFEFàOFOMPTáVKPTEFDBKBMJ
CSFTEFMPTQSÓYJNPTDJODPBÒPT UPNBOEPDPNPCBTFMPTWBMPSFTEFMBÒP3FDPSEFNPT
EFOVFWPRVFFMáVKPEFDBKBMJCSFEFMBÒPFTMBTVNBEFMWBMPSSFTJEVBMBMWBMPSEFM
áVKPEFDBKBMJCSFEFFTFBÒP WÊBTF5BCMB

Tabla 13
2001 Base 2002 2003 2004 2005 2006
BAT
BAIT
Impuestos
BAIdT
Amortización
Inversión
FCL
&M7"/EFFTUPTáVKPTEFTDPOUBEPTBM8"$$FTEF FVSPT5PNBOEP
FMWBMPSUPUBMEFMBEFVEBEFMBÒPZNJOPSBOEPFMWBMPSBDUVBMEFMBFNQSFTBFOFTB
DJGSB PCUFOFNPT VO WBMPS EF MBT BDDJPOFT RVF SFTVMUB TFS EF ĸ $PNP
"DFSJOPY UFOÎB FNJUJEBT BDDJPOFT FM QSFDJP EF MBT NJTNBT FT EF
FVSPT
Tabla 14
7"FNQSFTB ĸ
1BTJWP ĸ
7""DDJPOFT ĸ
/ÙN"DDJPOFT
Precio acción ĸ
&OMB'JHVSBTFNVFTUSBMBFWPMVDJÓOEFMQSFDJPEF"DFSJOPYEFTEFFOFSPEF
IBTUBBHPTUPEFM4FQVFEFPCTFSWBSMBUFOEFODJBRVFQSFTFOUBMBDPUJ[BDJÓOBTJUVBS
TFFOUPSOPBMQSFDJPRVFMBNFUPEPMPHÎBEFMPTáVKPTEFDBKBMJCSFIBJOEJDBEP
Figura 27 Evolución de Acerinox en los años siguientes al análisis.
"RVÎTFIBNPTUSBEPVOFKFSDJDJPNVZTJNQMJàDBEPTPCSFDÓNPDBMDVMBSFMáVKPEFDBKB
MJCSF$POWJFOFOPPMWJEBSRVFQBSBFTUJNBSMBTWBSJBCMFTRVFBGFDUBOBMPTáVKPTEFDBKBFT
QSFDJTPVUJMJ[BSOPTÓMPIFSSBNJFOUBTEFDBSÃDUFSFTUBEÎTUJDP TJOPUBNCJÊOJODPSQPSBSJOGPS
NBDJÓODVBMJUBUJWB1PSFKFNQMP FOFMDBTPEF"DFSJOPY EFTQVÊTEFMPTBUFOUBEPTEFMEF
TFQUJFNCSFFMBOBMJTUBEFCFSÎBFTUVEJBSMBFWPMVDJÓOEFMPTNFSDBEPTEFNBUFSJBTQSJNBTZFM
DPNQPSUBNJFOUPEFMBTFDPOPNÎBT3FDPSEFNPTRVF"DFSJOPYFTUÃEFOUSPEFVOTFDUPSRVF
FTDPOTJEFSBEPQPSMPTBOBMJTUBTDPNPcíclico FTEFDJS RVFEFQFOEFEFMDPNQPSUBNJFOUPEF
MBTFDPOPNÎBTNÃTDPODSFUBNFOUFEFMBFWPMVDJÓOEFM1*#EFMPTQBÎTFT
&OSFTVNFO OPFYJTUFVONPEFMPRVFSFTVFMWBFMQSFDJPWFSEBEFSPEFMBTBDDJPOFT MPTBOBMJTUBT
JODPSQPSBOJOGPSNBDJÓO EBUPTFIJQÓUFTJTRVFDPOTJEFSBOSFMFWBOUFTQBSBEFUFSNJOBSFMQSFDJP&O
FTUFQVOUPFMCVFOBOBMJTUBFTFMRVFDBQUBNFKPSMPTDPOEJDJPOBOUFTEFMQSFDJPEFMBTFNQSFTBT
5.5 ANÁLISIS TÉCNICO
5.5.1 Características
7FÎBNPT FO FM FQÎHSBGF BOUFSJPS RVF FM BOÃMJTJT GVOEBNFOUBM JOUFOUB WBMPSBS MBT BDDJPOFT
QBSUJFOEPEFMPTEBUPTRVFMBTFNQSFTBTFNJUFOBMNFSDBEP ZBTFBNFEJBOUFMBTDVFOUBT
BOVBMFTPNFEJBOUFJOGPSNBDJÓOFYUSBDPOUBCMF&MBOBMJTUBGVOEBNFOUBMQJFOTBRVFFMNFS
DBEP UJFOF VOB FàDJFODJB EÊCJM Z DSFF RVF MPT QSFDJPT CVSTÃUJMFT OP SFáFKBO EF NBOFSB
FYBDUBFMWBMPSUPUBMEFMBTFNQSFTBT.FEJBOUFTVBOÃMJTJTCVTDBFODPOUSBSUÎUVMPTJOGSBWB
MPSBEPTZTPCSFWBMPSBEPT
&M BOÃMJTJT UÊDOJDP QPS FM DPOUSBSJP OP TF QMBOUFB TJ MBT BDDJPOFT FTUÃO DPSSFDUBNFOUF
WBMPSBEBTFTUVEJBMBIJTUPSJBEFMBDPUJ[BDJÓOEFMBTBDDJPOFTZCVTDBQBUSPOFTEFDPNQPS
UBNJFOUPRVFMFQVFEBOBZVEBSBQSFEFDJSMPTNPWJNJFOUPTGVUVSPT&TUFFTFMPCKFUJWPEFM

Bolsa, Mercados y Técnicas de Inversión (2a. Ed.) - (PG 240 - 251)

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Bolsa, Mercados y Técnicas de Inversión (2a. Ed.) - (PG 240 - 251)

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Teorías y técnicas de inversión 223

5.4. EL ANÁLISIS FUNDAMENTAL

5.4.2 Fuentes de información

5.4.3 Técnicas de análisis

5.4.4 Valoración por Múltiplos

5.4.4.1 Pasos para la valoración

I. Análisis de la empresa objetivo

II. Selección de las empresas comparables (Peer Group)

III. Calculo del valor de empresa

IV. Aumentos y descuentos en la valoración

5.4.4.2 Múltiplos de la Comparación Directa

Figura 25 Situación de las empresas en

-BOPSNBFNQÎSJDBBàSNB RVFVO1&(EFJOEJDBVOBWBMPSBDJÓOKVTUB BVORVFOPTF

5.4.4.3 Múltiplos de la Aproximación de acciones y deuda

Enterprise Value/EBIT (EBDIT, EBITDA)-Ratio

FOFMDirect Comparison Approach QVFEFTFSDBMDVMBEPEFNBOFSBNÃTFYBDUBDPOFM&#*5

TVQFSàDJFEFQVCMJDJEBE.VMUJQMJDBEPDPOMBDVPUBEFVUJMJ[BDJÓO sell through rateQPS

5.4.5 El descuento de los Flujos de Caja Libre10

1996 1997 1998 1999 2000 2001

#"*5            

*NQVFTUPT            

#"*E5            

"NPSUJ[BDJÓO            

1995 1996 1997 1998 1999 2000 2001

#"5              

U              

1996 1997 1998 1999 2000 2001

Incr. Amort.  

1BSBFMDÃMDVMPEFMBWBSJBDJÓOEFMBJOWFSTJÓO TF DPNQSVFCB RVF MB FWPMVDJÓO EF FTUF

Figura 26 Comportamiento del BAIT, del BAIdT y de la Inversión Neta.

Variación Inversión Neta =     × BAIdT

2001 Base 2002 2003 2004 2005 2006

BAT           

BAIT           

Impuestos           

BAIdT           

Amortización           

Inversión           

FCL           

7"FNQSFTB  ĸ

1BTJWP  ĸ

7""DDJPOFT  ĸ

Precio acción  ĸ

Figura 27 Evolución de Acerinox en los años siguientes al análisis.

5.5 ANÁLISIS TÉCNICO

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-BOPSNBFNQÎSJDBBàSNB RVFVO1&(EFJOEJDBVOBWBMPSBDJÓOKVTUB BVORVFOPTF

FOFMDirect Comparison Approach QVFEFTFSDBMDVMBEPEFNBOFSBNÃTFYBDUBDPOFM&#*5

TVQFSàDJFEFQVCMJDJEBE.VMUJQMJDBEPDPOMBDVPUBEFVUJMJ[BDJÓO sell through rateQPS

#"*5

*NQVFTUPT

#"*E5

"NPSUJ[BDJÓO

#"5

U

Incr. Amort.

Variación Inversión Neta = × BAIdT

BAT

BAIT

Impuestos

BAIdT

Amortización

Inversión

FCL

7"FNQSFTB ĸ

1BTJWP ĸ

7""DDJPOFT ĸ

Precio acción ĸ