participantes

osvaldo baez
david espinoza
jesus moraga
Estimation of Firm Value
(in FFr million) 1989 1990 1991 1992 1993 1994
ventas 337.4 380.0 419.9 464.0 510.4 561.4
costo (104.9) (114.4) (125.1) (137.3) (151.1) (166.2)
otros costos (197.6) (222.5) (238.8) (255.6) (282.1) (310.2)
EBIT 34.9 43.1 56.0 71.1 77.2 85.1
Tax rate 37% 37% 37% 37% 37% 37%
NOPLAT 22.0 27.2 35.3 44.8 48.6 53.6
Depreciation 11.7 19.0 20.0 23.2 25.5 28.1
Amortization - 3.3 3.3 3.3 - -
Incremento capital de trabajo (8.0) (7.5) (8.2) (8.7) (9.5)
Capital Expenditure (20.0) (21.0) (23.2) (25.5) (28.1)
Free Cash Flow 21.5 30.1 39.9 40.0 44.0

crecimiento ventas 12.6% 10.5% 10.5% 10.0% 10.0%

% de costo 31.1% 30.1% 29.8% 29.6% 29.6% 29.6%
% otro costo 58.6% 57.7% 56.1% 54.4% 55.3% 55.2%
depreciacion 3.5% 5.0% 4.8% 5.0% 5.0% 5.0%
% capital de trabajo 18.7% 18.7% 18.7% 18.7% 18.7% 18.7%
capital de trabajo operativo 63.1 71.1 78.5 86.8 95.4 105.0
 1995
617.6
(182.8)
(340.9)
93.9
37%
59.1
30.9
-
(10.5)
(30.9)
48.6

10%
29.6%
55.2%
5.0%
18.7%
115.5