valoración de analistas

% d e a n a lis ta s q u e lo u s a n
PER 52
EV/EBITDA 33
Residual Income 32
EV/EG 23.5
55
DCF 18.5 50
P/BV 17 45
40
FCF 12 35
P/CE 9 30
25
EV/Sales 7 20
P/Sales 4 15
10
EV/FCF 3
5
EV/Plant 2 0
PER to Growth 2

Page 1
 ratios por sectores

Sector Subsector Múltiplos más utilizados

Automóvil Fabricantes P/S
Componentes P/CE relativo y P/S
Bancos P/BV
Materiales Papel P/BV
Químico EV/EBITDA, EV/S, P/CE
Metales y minería P/LFCF y EV/EBITDA
Construcción P/LFCF, EV/FCF, PER y EV/EBITDA
Servicios EV/EBITDA, ROCE, P/LFCF, PER y PER to growth
Bienes de equipo Ingenieria PER, EV/EBITDA y EV/S
Defensa PER, EV/EBITDA y EV/S
Alimentación y taba Productores de alimentos EV/EBITDA y EV/CE
Pubs y cervecerías ROCE, PER to growth y PER relativo
Bebidas alcohólicas EV/EBITDA
Tabaco ROCE
Sanidad PER, PER relativo al S&P y EV/EBITDA
Seguros P/AV
Ocio EV/EBITDA
Media PER relativo, EV/EBITDA y DCF
Gas y Petróleo Integrado PER y EV/CE
Inmobiliarias P/FAD, EV/EBITDA y P/NAV
Minoristas y Ropa PER relativo al mercado y al sector y EV/EBITDA
bienes de consumo Comida PER relativo
Bienes de lujo PER, PER to growth, EV/S y EV/E to EBITDA growth
Tecnología Software, equipo, semiconductore PER y PER relativo
Telecomunicaciones EV/E to EBITDA growth, EV/S y P/cliente
Transporte Aéreo EV/EBITDA
Viajeros por carretera P/S
Utilities PER y P/CE

Page 2
 Utilities

PER P/CE Div/P (%) EV/EBITDA P/VC

1999 2000E 1999 2000E 1999 2000E 1999 2000E 1999
EVN -5.9 14.4 3.8 5.3 2.2 2.4 6.4 7.7 1.4
Verbund 32.6 8.9 1.2 11.8 3.7
Electrabel 15.0 15.1 7.4 7.7 5.6 5.8 8.5 8.2 2.8
Fortum 4.3 10.0 6.1 3.7 4.7 4.5 6.1 6.3 0.6
Vivendi 32.2 9.7 1.9 13.7 4.7
Suez LdE 27.2 24.5 6.8 7.0 2.7 2.9 9.7 8.3 2.4
RWE 19.4 18.4 4.9 4.7 3.6 3.9 4.7 4.5 3.4
E.ON 14.0 10.6 5.8 8.0 3.1 3.4 7.7 7.9 1.8
Edison 32.5 31.6 13.4 13.3 1.3 1.4 11.8 10.4 3.6
ENEL 22.8 25.6 7.7 8.9 2.7 3.0 7.3 8.6 7.9
EDP 21.0 19.2 8.4 8.2 3.9 4.2 9.3 9.3 1.8
Agbar 18.6 16.2 9.5 8.2 1.8 2.0 10.9 8.9 2.1
Endesa 18.1 5.7 2.7 10.6 2.5
Iberdrola 17.6 7.1 3.6 8.6 1.6
Unión Fenosa 10.6 23.4 11.0 10.5 1.7 2.1 7.5 6.9 2.3
Hidrocantábrico 21.2 18.6 9.3 8.5 2.6 2.8 9.6 8.5 2.2
REE 19.6 18.4 8.8 8.4 3.4 3.7 6.7 6.5 2.1
Sydkraft A (SKr) 14.8 13.3 7.6 7.0 3.3 3.4 6.2 5.9 1.4
Media 18.6 18.5 7.9 7.8 2.9 3.3 8.7 7.7 2.7
Máximo 32.6 31.6 13.4 13.3 5.6 5.8 13.7 10.4 7.9
Mínimo -5.9 10.0 3.8 3.7 1.2 1.4 4.7 4.5 0.6
Dispersión 9.7 6.1 2.3 2.4 1.2 1.1 2.4 1.5 1.6

PER P/CE Div/P (%) EV/EBITDA P/VC

20002001E 20002001E 20002001E 20002001E 2000
British Energy 7.4 -26.1 1.8 2.4 4.6 4.6 4.4 5.7 0.8
National Grid 25 29.8 17.2 14.7 2.3 2.5 11.6 11.4 4.5
National Power 12.8 14.7 7.6 8.9 3.2 3.4 8.1 10 3.3
PowerGen 8.9 7.4 5.7 5.1 6.2 6.8 6.9 6.3 1.9
Scottish Power 7.3 18.2 7.8 8.7 4.7 5 9.1 7.6 1.5
Scottish & Southern 12.3 12.4 9 8.9 4.9 5.1 7.5 7.6 2.9
Media 12.3 9.4 8.2 8.1 4.3 4.6 7.9 8.1 2.5
Desviación típica 6.7 18.9 5.1 4.2 1.4 1.5 2.4 2.2 1.3
Anglian Water 9.6 12 5.5 5.8 7.4 7.6 6.9 7.1 1

Page 3
 Utilities

Hyder 5.2 5 2.1 2.2 5.6 5.9 5.9 5.2 0.6

Kelda 6.8 10.6 4 4.8 6.5 6.9 6.7 7.1 0.8
Pennon 7.7 11.9 5.3 6.3 7.2 5.4 6.9 7.9 1
Severn Trent 9.9 10.9 4.4 4.9 6.2 6.5 6.9 6.3 1
Thames 12.5 27.7 7.8 11.7 3.9 4.1 7.8 8.6 1.9
United Utilities 8.4 12.1 5 6 6.5 6.7 6.8 7.3 1.5
Media 8.6 12.9 4.9 6.0 6.2 6.2 6.8 7.1 1.1
Desviación típica 2.4 7.0 1.7 2.9 1.2 1.1 0.6 1.1 0.4

PER P/CE Div/P (%) EV/EBITDA P/VC

20002001E 20002001E 20002001E 20002001E 2000
British Energy 7.4 -26.1 1.8 2.4 4.6 4.6 4.4 5.7 0.8
National Grid 25.0 29.8 17.2 14.7 2.3 2.5 11.6 11.4 4.5
National Power 12.8 14.7 7.6 8.9 3.2 3.4 8.1 10.0 3.3
PowerGen 8.9 7.4 5.7 5.1 6.2 6.8 6.9 6.3 1.9
Scottish Power 7.3 18.2 7.8 8.7 4.7 5.0 9.1 7.6 1.5
Scottish & Southern 12.3 12.4 9.0 8.9 4.9 5.1 7.5 7.6 2.9
Anglian Water 9.6 12.0 5.5 5.8 7.4 7.6 6.9 7.1 1.0
Hyder 5.2 5.0 2.1 2.2 5.6 5.9 5.9 5.2 0.6
Kelda 6.8 10.6 4.0 4.8 6.5 6.9 6.7 7.1 0.8
Pennon 7.7 11.9 5.3 6.3 7.2 5.4 6.9 7.9 1.0
Severn Trent 9.9 10.9 4.4 4.9 6.2 6.5 6.9 6.3 1.0
Thames 12.5 27.7 7.8 11.7 3.9 4.1 7.8 8.6 1.9
United Utilities 8.4 12.1 5.0 6.0 6.5 6.7 6.8 7.3 1.5
Media 10.3 11.3 6.4 7.0 5.3 5.4 7.3 7.5 1.7
Máximo 25.0 29.8 17.2 14.7 7.4 7.6 11.6 11.4 4.5
Mínimo 5.2 -26.1 1.8 2.2 2.3 2.5 4.4 5.2 0.6
Dispersión 5.0 13.3 3.9 3.6 1.6 1.5 1.7 1.7 1.2

Page 4
 Construcción

PER EV/EBITDA P/CE

1999 2000E 2001E 2002E 1999 2000E 2001E 2002E 1999 2000E 2001E 2002E
CRH 17.5 14.4 13.0 12.4 10.1 7.6 7.3 7.0 10.7 8.8 8.4 8.0
Holderbank 19.5 17.1 13.7 12.2 8.7 7.6 7.0 6.5 8.9 8.2 7.1 6.6
Lafarge 15.2 12.2 11.8 10.2 7.2 5.9 5.8 5.5 6.8 6.1 6.0 5.7
Saint Gobain 18.0 11.5 9.8 8.4 5.4 4.6 4.1 3.7 8.0 5.9 5.2 4.7
Cemex 5.5 6.6 6.1 5.7 5.1 5.7 5.1 4.9 4.1 5.0 4.7 4.5
Lafarge Corporation 6.5 6.0 5.8 5.3 4.8 4.7
Martin Marietta Mate 15.8 15.0 13.0 6.7 6.2 5.6 7.9 7.2 6.6
Vulcan Materials 19.2 17.0 13.5 9.8 8.9 7.5 2.4 2.7 3.5
Siam Cement 9.6 6.6 5.6 8.5 5.7 5.1 4.9 4.1 3.2 2.6 2.3
Acciona 26.5 22.3 18.5 16.1 12.5 9.1 7.8 7.0 15.4 11.5 9.9 9.0
ACS 18.8 15.3 13.7 12.1 10.6 7.8 7.1 6.4 12.4 10.6 9.7 8.8
Dragados 14.1 13.6 10.4 9.1 7.2 6.5 5.9 5.0 9.6 9.6 8.0 7.6
FCC 11.4 11.3 11.1 10.6 5.8 5.6 5.3 5.0 6.1 5.7 5.3 5.1
Ferrovial 16.9 13.0 10.5 9.2 21.2 16.2 14.2 12.3 10.1 8.3 7.2 6.3
Media 15.3 13.0 11.2 10.6 8.9 7.3 6.6 6.2 8.2 7.1 6.5 6.2
Máximo 26.5 22.3 18.5 16.1 21.2 16.2 14.2 12.3 15.4 11.5 9.9 9.0
Mínimo 5.5 6.0 5.6 5.7 5.1 4.6 4.1 3.7 2.4 2.7 2.6 2.3
Dispersión 5.6 4.5 3.6 2.8 4.2 2.9 2.5 2.3 3.6 2.7 2.2 2.0

Page 5
 autobuses

Empresa P (precio) Ventas

Comprador comprada (mill. euros) (mill. euros) P/ventas P/EBITDA P/EBIT PER
ACS Continental Auto 180.3 92.2 1.95 8.7 17.1 13.6
Auto Res Llorente 39.7 14.2 2.36 11.1 19.2 29.2
Alsa Enatcar 157.5 63.1 2.50 12.5 24.5 27.2

Page 6
 hoteles

Comparables valuation (2000E)

EV/EBITDA PER
2000E 2001E 2000E 2001E
Accor 10.0 9.0 23.1 20.0
Bass 5.8 6.3 11.8 10.7
Club Med 10.5 8.2 26.2 18.4
Hilton Group 10.0 8.8 13.2 11.4
Hilton Hotels Corp. 7.6 7.3 13.5 12.8
Marriot Int'l 10.6 9.4 20.5 18.4
Millennium & Copthorne 8.7 8.0 11.2 9.8
NH Hoteles 12.8 9.9 21.4 18.1
Scandic Hotels 7.7 6.5 15.2 14.5
Sol Meliá 10.0 8.7 17.6 14.4
Starwood 7.4 7.1 16.0 14.2
Thistle Hotels 8.1 7.8 9.2 9.2
Promedio 9.1 8.1 16.6 14.3
Máximo 12.8 9.9 26.2 20.0
Mínimo 5.8 6.3 9.2 9.2

Promedio Norteamérica 9.1 16.1

(1) Note:estimates for 2002 for US hotel companies were unvailable

Page 7
 resumen

Abreviatura y significado en inglés Abreviatura y significado en castellano

P/E, PER Price earnings ratio PER Capitalización/beneficio
P/CE Price to cash earnings P/CF Capitalización/cash flow contable
P/S Price to sales P/V Capitalización/ventas
P/LFCF Price to levered free cash flow P/CFac Capitalización/cash flow para las acciones recurrente
P/BV Price to book value P/VC Capitalización/valor contable de las acciones
P/AV Price to asset value Capitalización/valor contable de los activos
P/Customer Price to customer Capitalización/número de clientes
P/units Price to units Capitalización/ventas en unidades físicas
P/output Price to output Capitalización/capacidad productiva
EV/EBITDA Enterprise value to EBITDA (deuda + capitalización)/EBITDA
EV/S Enterprise value to sales (deuda + capitalización)/ventas
EV/FCF Enterprise value to unlevered free cash flow (deuda + capitalización)/free cash flow
EV/BV Enterprise value to book value (deuda + capitalización)/(deuda + valor contable de las acciones)
PEG Price earnings (PER) to growth PER / crecimiento esperado del BPA
EV/EG Enterprise value to EBITDA growth (deuda + capitalización)/EBITDA/crecimiento del EBITDA

Page 8
 damodaran
EV/
Divid Capitali
EV/ EV/ EBIT PE Payo Bet end Volati- za-ción Value/EBI
sector PER P/S S P/BV BV DA G ROE ROC ut a Yield lidad (mm) T Value/EBIT(1-t)
Advertising 58.6 3.1 3.3 6.5 5.6 14.7 2.2 9.1% ### ### 1.2 ### 65.2% 66 19.21 31.90
Aerospace/Defense 17.7 0.7 0.9 2.2 1.7 6.5 1.1 11.9% ### ### 0.8 ### 47.6% 99 8.40 13.07
Air Transport 12.0 0.4 0.7 1.8 1.6 3.8 1.0 13.9% ### ### 1.1 ### 53.1% 64 5.53 9.08
Apparel 8.7 0.4 0.6 1.4 1.3 4.3 0.6 16.4% ### ### 0.8 ### 58.1% 14 5.16 8.35
Auto & Truck 14.7 0.7 1.4 2.1 1.5 4.9 1.0 12.6% ### ### 0.9 ### 45.8% 378 6.74 10.82
Auto Parts (OEM) 7.8 0.3 0.5 1.6 1.4 3.6 0.7 21.1% ### ### 0.8 ### 50.5% 33 4.75 7.56
Auto Parts (Replac 9.1 0.3 0.6 1.0 1.0 3.7 0.5 12.1% ### ### 0.6 ### 59.8% 7 4.76 7.43
Bank 12.2 NA NA 2.2 2.1 4.0 1.1 18.9% ### ### 0.8 ### 32.5% 524 3.97 6.18
Bank (Canadian) 9.3 NA NA 1.4 1.5 2.5 0.8 17.5% ### ### 1.1 ### 31.4% 76 2.48 3.86
Bank (Foreign) 41.1 NA NA 5.7 4.8 5.1 3.9 13.9% ### ### 1.4 ### 40.1% 89 5.14 7.23
Bank (Midwest) 12.2 NA NA 2.4 2.1 4.5 1.1 20.2% ### ### 0.8 ### 32.4% 152 4.45 6.67
Beverage (Alcoholic) 39.8 1.8 2.2 3.2 2.4 11.3 2.4 9.6% 9.1% ### 0.6 ### 42.4% 68 15.37 25.26
Beverage (Soft Drink39.8 3.5 3.9 9.4 5.4 13.4 2.6 22.1% ### ### 0.8 ### 38.3% 236 17.47 26.80
Building Materials 9.0 0.4 0.6 2.1 1.6 4.4 0.6 24.7% ### ### 0.9 ### 44.4% 26 5.41 8.51
Cable TV NA 3.0 4.3 3.8 2.4 12.9 NA ### 4.2% 0.0% 1.1 ### 83.5% 68 26.96 49.02
Canadian Energy 25.1 1.1 1.7 2.0 1.5 5.1 1.1 12.6% ### ### 0.7 ### 40.6% 59 7.51 12.91
Cement & Aggregates11.2 1.1 1.4 1.9 1.7 4.6 0.9 17.9% ### ### 0.8 ### 42.0% 13 5.98 9.20
Chemical (Basic) 17.2 1.2 1.6 3.1 2.1 6.8 1.8 18.9% ### ### 0.9 ### 51.5% 83 9.08 13.92
Chemical (Diversified24.0 2.0 2.4 4.0 2.7 7.4 1.6 15.7% ### ### 0.8 ### 39.7% 183 10.24 15.75
Chemical (Specialty) 18.0 0.9 1.3 2.5 1.8 6.4 1.5 14.0% ### ### 0.8 ### 52.2% 68 8.39 12.98
Computer & Peripher75.8 3.9 3.9 12.5 12.9 25.2 2.7 18.3% ### 9.2% 1.1 ### 88.8% 1,418 34.15 51.19
Computer Software 73.1 7.3 7.1 12.6 17.5 25.3 2.3 19.2% ### 4.3% 1.0 ### 91.1% 1,223 33.22 50.19
Diversified Co. 20.5 1.0 1.2 3.1 2.3 7.4 1.7 16.7% ### ### 0.8 ### 47.0% 215 9.54 15.25
Drug 59.0 9.2 9.3 14.3 13.6 27.2 2.1 23.9% ### ### 0.9 ### 95.6% 1,490 32.68 46.71
Drugstore 28.0 0.8 0.9 4.4 3.2 11.0 1.7 15.7% ### ### 0.9 ### 54.4% 50 13.51 22.40
Educational Services46.1 2.4 2.4 4.6 4.9 11.6 1.8 10.8% ### 4.6% 0.8 ### 57.1% 12 16.03 26.24
Electric Util. (Centra 13.7 0.8 1.6 1.6 1.2 5.5 1.6 11.8% ### ### 0.5 ### 27.2% 105 7.49 11.36
Electric Utility (East) 13.2 1.0 1.9 1.7 1.3 5.3 1.6 13.5% ### ### 0.5 ### 30.1% 137 7.11 11.17
Electric Utility (West 13.3 0.8 1.5 1.7 1.3 4.7 1.9 12.9% ### ### 0.5 ### 31.8% 49 6.89 10.55
Electrical Equipment 43.8 4.3 4.4 9.5 8.2 23.9 2.2 22.9% ### ### 0.9 ### 76.5% 650 29.66 45.26
Electronics ### 2.8 2.9 8.2 7.3 27.8 4.5 10.9% ### 9.2% 0.9 ### 75.4% 260 38.17 56.74
Entertainment ### 2.8 3.3 2.8 2.2 11.1 5.7 2.5% 7.9% ### 0.9 ### 70.0% 306 15.72 27.58
Environmental 12.5 0.7 1.7 1.9 1.3 5.1 0.7 14.7% ### 2.9% 0.7 ### 73.4% 22 7.06 11.87
Financial Svcs. (Div. 21.3 5.7 7.6 3.6 2.4 8.0 1.3 17.7% ### ### 0.9 ### 48.8% 784 8.31 12.50
Food Processing 14.0 0.8 0.9 2.3 2.4 5.3 1.1 15.0% ### ### 0.7 ### 41.8% 247 6.62 10.24
Food Wholesalers 27.1 0.3 0.4 3.5 2.3 8.6 2.0 15.1% ### ### 0.7 ### 57.9% 41 11.37 19.01
Foreign Electron/Ent ### 2.6 2.7 3.2 3.3 8.9 20.2 2.8% ### ### 0.9 ### 42.6% 437 14.23 24.93
Foreign Telecom. 82.3 9.9 10.6 10.8 6.8 17.3 5.2 10.3% ### ### 1.1 ### 45.7% 1,765 24.52 34.89
Furn./Home Furnishi 9.9 0.5 0.7 1.8 1.6 4.3 0.7 17.4% ### ### 0.8 ### 42.0% 17 5.37 8.54
Gold/Silver Mining ### 4.1 4.5 2.5 2.4 8.7 8.7 2.6% ### ### 0.6 ### 67.4% 31 14.27 20.41
Grocery 20.7 0.4 0.6 3.2 2.1 6.3 1.6 14.9% ### ### 0.7 ### 43.0% 89 8.61 14.03
Healthcare Info Sys 34.8 1.9 2.0 3.8 3.4 9.6 1.6 10.6% ### ### 0.8 ### 97.9% 12 12.86 20.44
Home Appliance 10.3 0.5 0.6 2.6 2.0 3.7 0.6 26.9% ### ### 0.9 ### 43.2% 11 4.73 7.28
Homebuilding 9.3 0.5 0.9 1.4 1.2 6.5 0.7 15.8% 9.7% ### 0.8 ### 43.9% 23 7.47 12.12
Hotel/Gaming 27.9 1.1 2.0 1.9 1.4 6.9 1.5 10.3% 9.2% ### 0.9 ### 51.9% 50 9.05 14.73
Household Products 20.8 1.8 2.0 7.1 4.0 8.2 1.4 35.0% ### ### 0.8 ### 43.4% 172 10.31 16.17
Industrial Services 29.2 0.9 1.1 3.5 2.7 9.0 1.2 12.3% ### ### 0.9 ### 59.9% 127 11.80 19.30
Insurance (Life) 14.9 NA NA 2.2 2.1 4.2 1.4 15.0% ### ### 0.9 ### 42.4% 125 4.16 6.11
Insurance (Prop/Cas 21.9 NA NA 2.1 2.2 NA 2.2 9.7% 0.0% ### 0.8 ### 38.1% 168 NA NA
Internet NA 26.7 26.1 16.2 26.4 NA NA ### ### 0.0% 2.0 ### 134.0% 672 NA NA
Investment Co. ### 27.0 27.7 46.1 21.6 135.7 41.1 10.3% 0.0% ### 0.6 ### 18.4% 18 172.10 NA
Investment Co. (For 88.9 10.1 10.3 3.4 3.3 24.4 NA 4.4% 0.0% 185% 1.2 ### 38.7% 5 35.57 NA
Machinery 17.2 0.7 1.0 2.3 1.7 6.4 1.2 13.6% ### ### 0.8 ### 47.9% 87 8.47 13.14
Manuf. Housing/Rec 7.3 0.3 0.4 1.1 1.2 3.7 0.6 12.5% ### ### 0.8 ### 43.7% 4 4.39 7.07
Maritime 34.7 0.7 1.5 1.0 1.1 5.6 1.9 2.5% 9.1% ### 0.8 ### 49.9% 5 8.56 11.19
Medical Services 21.8 0.7 0.8 2.3 2.1 6.5 1.0 10.0% ### 8.2% 0.9 ### 76.1% 136 8.42 13.46

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 damodaran

Medical Supplies 34.9 2.2 2.3 7.3 5.8 14.8 1.6 21.7% ### ### 0.8 ### 73.2% 442 18.09 27.34
Metal Fabricating 15.8 0.9 1.0 2.2 1.9 6.0 1.1 15.1% ### ### 0.8 ### 49.2% 28 7.52 11.50
Metals & Mining (Div.31.1 1.0 1.4 1.8 1.5 6.0 1.8 8.0% ### ### 0.9 ### 53.4% 75 8.91 13.47
Natural Gas (Distrib. 16.2 0.9 1.5 1.6 1.3 5.2 1.9 11.3% ### ### 0.6 ### 30.3% 28 7.21 11.35
Natural Gas (Diversi 36.4 1.2 1.6 3.6 2.1 9.1 2.0 12.1% ### ### 0.7 ### 44.8% 142 13.22 20.16
Newspaper 37.9 2.8 3.3 4.4 3.2 11.1 3.2 12.6% ### ### 0.8 ### 38.8% 142 14.13 22.65
Office Equip & Suppl 12.4 0.6 0.9 2.4 1.6 5.5 0.8 17.7% ### ### 0.9 ### 48.4% 45 7.11 11.62
Oilfield Services/Equ 72.3 2.8 3.1 3.6 2.9 12.0 3.7 3.2% ### ### 1.0 ### 61.7% 165 18.68 27.20
Packaging & Contain14.8 0.5 1.0 1.6 1.2 4.7 1.1 10.5% ### ### 0.8 ### 40.6% 25 6.45 10.46
Paper & Forest Prod 15.9 0.6 1.0 1.4 1.2 4.5 0.9 11.6% ### ### 0.8 ### 41.0% 75 6.49 10.13
Petroleum (Integrate 23.6 1.2 1.3 3.0 2.6 6.4 1.6 12.3% ### ### 0.8 ### 40.3% 973 8.69 14.51
Petroleum (Producing54.1 2.3 3.2 2.9 1.9 6.3 2.6 10.5% ### ### 0.7 ### 65.2% 72 10.00 15.82
Precision Instrument 39.2 2.6 2.7 6.6 5.5 12.5 2.0 18.1% ### ### 0.9 ### 72.2% 115 16.74 24.69
Publishing 28.8 1.6 1.9 5.7 3.3 6.5 1.5 14.7% ### ### 0.8 ### 63.5% 68 8.99 14.63
R.E.I.T. ### 0.5 0.6 2.6 2.3 71.9 35.2 70.7% 1.5% ### 0.7 ### 26.1% 130 86.36 157.30
Railroad 14.1 1.1 1.8 1.5 1.3 5.3 1.0 10.8% ### ### 0.8 ### 39.1% 59 7.08 11.12
Recreation 21.1 1.4 1.6 2.4 2.0 7.9 1.1 11.0% ### ### 0.8 ### 64.3% 60 10.51 15.29
Restaurant 19.9 1.2 1.4 3.7 2.6 7.0 1.2 18.8% ### 9.6% 0.8 ### 50.5% 76 9.10 14.41
Retail (Special Lines 20.2 0.7 0.8 3.2 3.0 6.7 0.9 16.7% ### 9.1% 1.1 ### 70.2% 152 8.40 13.67
Retail Building Suppl 41.6 2.0 2.0 7.1 6.3 18.8 2.8 18.0% ### 9.6% 0.9 ### 42.9% 136 21.46 34.86
Retail Store 26.9 0.8 1.0 4.5 2.9 10.2 1.8 16.8% ### ### 1.1 ### 45.0% 373 12.82 20.92
Securities Brokerage 18.9 1.7 3.0 4.4 2.0 5.4 1.1 27.4% ### ### 1.2 ### 62.5% 271 5.59 8.84
Semiconductor 80.9 8.6 8.5 11.3 13.6 25.7 2.7 18.8% ### 6.8% 1.3 ### 90.7% 978 35.80 49.62
Semiconductor Cap 86.8 9.2 8.9 13.6 25.4 40.6 3.2 26.2% ### 0.0% 1.8 ### 72.0% 108 49.15 72.67
Shoe 14.2 0.6 0.7 1.9 2.0 5.7 0.8 14.9% ### ### 0.9 ### 54.6% 12 6.92 11.00
Steel (General) 12.3 0.3 0.5 0.8 1.0 3.7 1.0 7.7% ### ### 0.8 ### 49.0% 9 5.27 8.11
Steel (Integrated) 9.3 0.5 0.9 1.0 1.1 3.5 0.5 1.9% ### ### 0.9 ### 44.4% 17 5.39 7.51
Telecom. Equipment ### 6.1 6.2 11.0 9.5 30.3 3.8 9.9% ### 7.5% 1.1 ### 98.7% 489 41.67 61.35
Telecom. Services ### 4.2 4.8 4.6 3.2 11.2 3.7 2.8% ### ### 1.2 ### 83.9% 1,120 17.00 27.21
Textile 11.4 0.2 0.7 0.8 1.0 3.9 1.1 6.2% ### ### 0.8 ### 53.7% 4 5.63 8.91
Thrift 11.8 NA NA 2.1 1.2 7.8 1.0 18.0% 9.4% ### 0.8 ### 35.0% 146 7.76 12.08
Tire & Rubber 11.0 0.3 0.5 1.1 1.1 4.1 1.3 9.0% ### ### 0.9 ### 47.3% 8 5.69 9.11
Tobacco 8.6 0.7 0.8 3.8 2.8 4.5 1.1 43.6% ### ### 0.6 ### 48.8% 89 5.12 8.38
Toiletries/Cosmetics 25.2 2.0 2.3 10.3 4.9 11.1 1.8 41.9% ### ### 0.9 ### 53.7% 56 13.20 20.22
Trucking/Transp. Le 5.7 0.3 0.6 0.9 1.1 2.2 0.4 17.0% ### ### 0.8 ### 46.4% 23 3.18 5.20
Utility (Foreign) 30.1 3.2 4.7 3.2 1.9 7.5 2.9 9.7% ### 7.9% 1.4 ### 44.9% 44 11.97 17.22
Water Utility 18.0 2.0 3.7 1.8 1.3 7.6 2.3 9.9% 8.6% ### 0.6 ### 37.6% 8 9.70 15.37
Wireless Networking ### 31.4 31.0 29.2 50.3 174.7 17.5 12.3% ### 0.0% 1.2 ### 108.9% 27 218.96 340.13
Total mercado 34.6 2.2 2.6 4.6 3.1 9.6 1.7 14.4% ### ### 0.9 ### 60.5% 20,057 12.06 18.69

EV/ Divide Capitaliz

EV/B EBITD Payou Bet nd Volati- a-ción
sector PER P/S EV/S P/BV V A PEG ROE ROC t a Yield lidad (mm) Value/EBIT Value/EBIT(1-t)
Publicidad 58.6 3.1 3.3 6.5 5.6 14.7 2.2 9.1% 16.7% 23.9% 1.2 0.2% 65.2% 66
Compañías aéreas 12.0 0.4 0.7 1.8 1.6 3.8 1.0 13.9% 15.3% 10.7% 1.1 1.0% 53.1% 64
Automóviles 14.7 0.7 1.4 2.1 1.5 4.9 1.0 12.6% 12.5% 28.7% 0.9 1.2% 45.8% 378
Componentes automóvil 7.8 0.3 0.5 1.6 1.4 3.6 0.7 21.1% 17.0% 17.3% 0.8 1.9% 50.5% 33
Bancos 12.2 NA NA 2.2 2.1 4.0 1.1 18.9% 28.1% 38.1% 0.8 3.3% 32.5% 524
Bebidas refrescantes 39.8 3.5 3.9 9.4 5.4 13.4 2.6 22.1% 19.6% 46.5% 0.8 0.7% 38.3% 236
Cable TV NA 3.0 4.3 3.8 2.4 12.9 NA -14.3% 4.2% 0.0% 1.1 0.0% 83.5% 68
Químicas 21.1 1.6 2.0 3.5 2.4 7.0 1.6 16.1% 15.6% 43.6% 0.8 1.6% 45.2% 334
Ordenadores 75.8 3.9 3.9 12.5 12.9 25.2 2.7 18.3% 24.5% 9.2% 1.1 0.1% 88.8% 1,418
Software 73.1 7.3 7.1 12.6 17.5 25.3 2.3 19.2% 33.4% 4.3% 1 0.1% 91.1% 1,223
Empresas diversificad 20.5 1.0 1.2 3.1 2.3 7.4 1.7 16.7% 14.2% 22.2% 0.8 1.9% 47.0% 215
Farmacéuticas 59.0 9.2 9.3 14.3 13.6 27.2 2.1 23.9% 28.3% 48.2% 0.9 0.1% 95.6% 1,490
Eléctricas 13.7 0.8 1.6 1.6 1.2 5.5 1.6 11.8% 10.7% 71.1% 0.5 5.2% 27.2% 291

Page 10
 damodaran

Equipos eléctricos 43.8 4.3 4.4 9.5 8.2 23.9 2.2 22.9% 17.9% 40.9% 0.9 0.7% 76.5% 650
Electrónica 110.8 2.8 2.9 8.2 7.3 27.8 4.5 10.9% 12.4% 9.2% 0.9 0.2% 75.4% 260
Ocio 125.8 2.8 3.3 2.8 2.2 11.1 5.7 2.5% 7.9% 17.9% 0.9 0.2% 70.0% 306
Servicios financieros 21.3 5.7 7.6 3.6 2.4 8.0 1.3 17.7% 17.4% 18.9% 0.9 1.4% 48.8% 784
Alimentación 14.0 0.8 0.9 2.3 2.4 5.3 1.1 15.0% 19.9% 42.0% 0.7 1.6% 41.8% 247
Productos hogar 20.8 1.8 2.0 7.1 4.0 8.2 1.4 35.0% 24.4% 39.2% 0.8 1.2% 43.4% 172
Seguros 17.1 NA NA 2.1 2.2 NA 2.2 12.7% 12.1% 25.2% 0.8 1.8% 39.1% 293
Internet NA 26.7 26.1 16.2 26.4 NA NA -18.3% -13.0% 0.0% 2 0.0% 134.0% 672
Suministros hospitalario 34.9 2.2 2.3 7.3 5.8 14.8 1.6 21.7% 20.9% 27.8% 0.8 0.2% 73.2% 442
Gas Natural 36.4 1.2 1.6 3.6 2.1 9.1 2.0 12.1% 10.4% 46.0% 0.7 2.7% 44.8% 142
Prensa 37.9 2.8 3.3 4.4 3.2 11.1 3.2 12.6% 13.6% 33.6% 0.8 1.4% 38.8% 142
Papeleras 15.9 0.6 1.0 1.4 1.2 4.5 0.9 11.6% 11.8% 46.1% 0.8 2.6% 41.0% 75
Petróleo 23.6 1.2 1.3 3.0 2.6 6.4 1.6 12.3% 17.4% 68.6% 0.8 2.4% 40.3% 973
Instrumentos precisión 39.2 2.6 2.7 6.6 5.5 12.5 2.0 18.1% 21.8% 24.0% 0.9 0.3% 72.2% 115
Fondos inmobiliarios 302.7 0.5 0.6 2.6 2.3 71.9 35.2 70.7% 1.5% 64.0% 0.7 7.8% 26.1% 130
Ferrocarril 14.1 1.1 1.8 1.5 1.3 5.3 1.0 10.8% 11.1% 29.5% 0.8 1.7% 39.1% 59
Restaurant 19.9 1.2 1.4 3.7 2.6 7.0 1.2 18.8% 17.4% 9.6% 0.8 0.3% 50.5% 76
Grandes almacenes 26.9 0.8 1.0 4.5 2.9 10.2 1.8 16.8% 13.8% 18.7% 1.1 1.1% 45.0% 373
Brokers 18.9 1.7 3.0 4.4 2.0 5.4 1.1 27.4% 19.8% 11.6% 1.2 1.2% 62.5% 271
Semiconductores 80.9 8.6 8.5 11.3 13.6 25.7 2.7 18.8% 26.5% 6.8% 1.3 0.0% 90.7% 1,086
Acero 12.3 0.3 0.5 0.8 1.0 3.7 1.0 7.7% 11.0% 33.2% 0.8 2.6% 49.0% 26
Telecomunicaciones 111.3 5.2 5.8 6.6 5.2 15.2 3.7 6.8% 13.4% 51.2% 1.2 0.4% 83.9% 3,374 *
Tabaco 8.6 0.7 0.8 3.8 2.8 4.5 1.1 43.6% 31.1% 55.2% 0.6 5.6% 48.8% 89 *
Leasing transportes 5.7 0.3 0.6 0.9 1.1 2.2 0.4 17.0% 18.5% 21.4% 0.8 0.8% 46.4% 23 *
Wireless Networking 665.7 31.4 31.0 29.2 50.3 174.7 17.5 12.3% 14.5% 0.0% 1.2 0.0% 108.9% 27
Total mercado 34.6 2.2 2.6 4.6 3.1 9.6 1.7 14.4% 15.9% 35.0% 0.9 1.1% 60.5% 20,057
Máximo 665.7 31.4 31.0 29.2 50.3 174.7 35.2 70.7% 33.4% 71.1% 2 7.8% 134.0%
Mínimo 5.7 0.3 0.5 0.8 1.0 2.2 0.4 -18.3% -13.0% 0.0% 0.5 0.0% 26.1%

Page 11
 damodaran

After-tax
Net Operating
Margin Expected Growth Margin Market Cap ROE Insider Holdings Institutional Holdings
4.40% 26.58% 10.26% $ 66,275 9.12% 22.25% 40.14%
3.53% 16.68% 6.99% $ 98,846 11.88% 12.74% 44.67%
3.25% 11.90% 7.24% $ 64,386 13.91% 9.05% 43.42%
5.09% 15.45% 7.43% $ 13,567 16.38% 26.58% 32.65%
4.02% 14.04% 12.60% $ 378,047 12.64% 23.08% 29.22%
4.20% 10.46% 6.71% $ 33,425 21.10% 14.89% 43.49%
2.93% 17.46% 7.42% $ 7,055 12.08% 27.80% 34.10%
NA 10.79% NA $ 523,857 18.94% 15.24% 23.95%
NA 11.50% NA $ 75,572 17.47% 11.20% 11.54%
NA 10.50% NA $ 89,174 13.85% 0.00% 0.83%
NA 10.63% NA $ 152,495 20.21% 12.30% 27.55%
5.45% 16.32% 8.72% $ 67,825 9.63% 32.00% 29.73%
8.29% 15.56% 14.49% $ 236,059 22.09% 13.78% 30.95%
5.28% 15.05% 7.56% $ 26,109 24.72% 18.62% 38.53%
-11.28% 38.59% 8.67% $ 68,363 ### 32.00% 44.06%
7.36% 21.97% 13.32% $ 58,992 12.63% 1.50% 14.03%
10.27% 12.19% 14.91% $ 12,800 17.87% 13.10% 40.36%
7.52% 9.60% 11.83% $ 82,847 18.95% 10.91% 53.76%
7.85% 14.62% 15.53% $ 182,752 15.65% 7.85% 45.71%
5.12% 11.75% 9.84% $ 67,867 14.00% 17.44% 41.85%
5.73% 27.67% 7.62% $ 1,418,143 18.28% 26.45% 32.91%
11.11% 31.87% 14.21% $ 1,222,650 19.16% 30.68% 33.66%
5.26% 12.14% 7.92% $ 215,029 16.71% 15.44% 41.79%
15.37% 28.30% 19.89% $ 1,489,541 23.89% 26.90% 30.96%
2.83% 16.77% 3.99% $ 49,540 15.65% 10.00% 34.95%
5.60% 25.25% 8.96% $ 12,456 10.78% 28.00% 42.48%
5.89% 8.62% 14.25% $ 104,740 11.75% 1.30% 37.67%
8.09% 8.04% 17.19% $ 137,400 13.47% 1.43% 42.14%
5.93% 7.07% 14.18% $ 48,536 12.87% 0.50% 49.64%
10.28% 19.68% 9.63% $ 649,881 22.89% 25.98% 36.25%
3.73% 24.69% 5.05% $ 259,876 10.90% 19.77% 39.57%
2.50% 21.90% 11.97% $ 305,792 2.54% 33.62% 37.33%
5.62% 19.05% 13.93% $ 21,640 14.74% 33.89% 30.19%
28.42% 16.12% 61.05% $ 784,376 17.72% 23.92% 38.76%
5.12% 13.26% 8.56% $ 247,025 15.02% 25.42% 34.83%
1.37% 13.33% 2.21% $ 41,384 15.12% 16.78% 24.21%
2.18% 16.95% 10.70% $ 436,704 2.76% 14.33% 2.95%
9.43% 15.89% 30.30% $ 1,764,641 10.26% 3.00% 11.52%
5.17% 14.86% 7.84% $ 17,089 17.40% 18.59% 40.70%
4.34% 13.56% 21.91% $ 30,704 2.63% 9.16% 16.20%
1.94% 13.07% 4.06% $ 89,427 14.93% 20.53% 38.20%
5.27% 21.89% 9.99% $ 12,088 10.61% 33.55% 36.37%
4.95% 16.10% 8.45% $ 11,245 26.88% 13.67% 35.82%
5.43% 14.27% 7.27% $ 22,736 15.80% 27.21% 35.64%
5.89% 18.16% 13.86% $ 49,526 10.33% 33.00% 35.04%
8.82% 14.99% 12.67% $ 171,766 35.05% 21.80% 47.13%
3.25% 24.75% 5.56% $ 127,308 12.26% 29.82% 37.27%
NA 10.88% NA $ 125,491 14.98% 15.27% 38.51%
NA 10.11% NA $ 167,643 9.74% 22.62% 44.93%
-30.10% 51.33% -13.32% $ 672,106 ### 37.36% 23.78%
6.01% 10.17% 0.00% $ 17,716 10.26% 1.19% 7.12%
13.18% 0.00% 0.00% $ 5,201 4.42% 2.13% 18.34%
4.27% 13.98% 7.74% $ 87,234 13.62% 22.35% 39.88%
3.06% 11.98% 4.95% $ 4,056 12.49% 34.30% 34.69%
1.63% 18.35% 13.39% $ 4,852 2.47% 24.67% 39.48%
2.98% 20.94% 6.11% $ 135,791 9.99% 21.65% 35.42%

Page 12
 damodaran

6.56% 22.42% 8.43% $ 441,670 21.74% 23.64% 35.05%

5.86% 14.13% 9.08% $ 28,197 15.14% 19.00% 41.63%
4.55% 17.00% 10.32% $ 74,778 7.99% 2.31% 33.72%
5.96% 8.73% 13.55% $ 28,492 11.26% 7.44% 27.22%
4.00% 17.86% 8.18% $ 142,039 12.09% 12.23% 47.72%
8.13% 11.89% 14.40% $ 141,647 12.63% 10.75% 42.42%
4.16% 15.58% 7.55% $ 45,057 17.74% 14.45% 48.15%
2.48% 19.33% 11.45% $ 165,142 3.19% 17.65% 51.41%
3.16% 13.31% 9.62% $ 24,853 10.51% 18.75% 44.30%
4.91% 18.52% 9.55% $ 74,699 11.56% 18.16% 48.67%
4.97% 15.17% 9.30% $ 972,654 12.31% 6.91% 42.81%
8.34% 21.16% 19.91% $ 71,785 10.55% 17.68% 30.95%
7.04% 20.01% 10.80% $ 114,723 18.14% 22.30% 37.36%
4.11% 19.30% 12.92% $ 68,391 14.71% 20.10% 35.64%
13.82% 8.61% 0.35% $ 129,763 ### 8.92% 44.77%
8.14% 14.41% 15.90% $ 58,982 10.75% 19.38% 46.53%
6.40% 19.45% 10.78% $ 60,465 11.02% 23.87% 33.69%
6.08% 17.01% 10.01% $ 76,462 18.82% 24.13% 36.44%
3.69% 21.53% 5.54% $ 152,481 16.65% 28.83% 39.42%
5.08% 14.79% 5.84% $ 135,909 17.99% 27.50% 38.49%
3.13% 15.18% 4.69% $ 373,295 16.85% 17.33% 56.39%
10.58% 16.95% 34.47% $ 270,802 27.39% 21.79% 28.80%
14.41% 29.64% 17.15% $ 978,133 18.81% 26.53% 50.06%
17.76% 27.50% 12.23% $ 108,291 26.22% 4.17% 69.86%
4.87% 17.81% 6.12% $ 11,922 14.86% 30.06% 40.29%
2.97% 12.32% 6.27% $ 8,515 7.68% 13.04% 46.45%
1.00% 17.05% 11.38% $ 16,904 1.91% 13.80% 40.85%
5.50% 32.09% 10.11% $ 489,314 9.92% 28.51% 34.50%
2.54% 29.96% 17.81% $ 1,119,585 2.78% 25.81% 33.59%
1.58% 10.54% 7.50% $ 3,504 6.16% 21.94% 39.83%
NA 11.81% NA $ 146,190 18.04% 15.52% 25.29%
2.58% 8.80% 5.94% $ 7,748 9.01% 10.60% 39.85%
7.59% 8.07% 9.51% $ 89,250 43.64% 14.20% 35.44%
8.27% 13.72% 11.50% $ 55,811 41.90% 32.18% 31.12%
5.05% 14.84% 11.41% $ 23,168 16.99% 34.00% 44.61%
9.72% 10.50% 27.10% $ 44,062 9.68% 1.00% 3.55%
11.26% 7.77% 24.30% $ 7,923 9.92% 7.90% 23.60%
13.22% 38.00% 9.11% $ 26,562 12.29% 29.75% 38.26%
6.93% 20.74% 13.99% $ 20,057,035 14.41% 21.28% 35.72%

After-tax
Net Operating
Margin Expected Growth Margin Market Cap ROE Insider Holdings Institutional Holdings

Page 13
 vol 28 empresas

VOLATILIDADES
Capitalización beneficio EBITDA dividendo valor contable ROE ROA PER
ACERINOX 41% 97% 66% 37% 10% 7% 6% 102%
ACESA 31% 10% 18% 4% 29% 3% 2% 33%
AG.BARCELONA 35% 17% 12% 57% 14% 2% 1% 32%
AMPER 132% 160% 101% 104% 290% 31% 2845%
ASTU. ZINC 44% 165% 186% 43% 36% 12% 220%
AUMAR 28% 27% 71% 16% 44% 2% 1% 41%
B.POPULAR 25% 3% 7% 1% 9% 2% 0% 23%
B.SANTANDER 25% 16% 42% 13% 11% 3% 0% 30%
BANKINTER 35% 8% 19% 8% 12% 1% 0% 29%
BBV 39% 18% 29% 18% 7% 3% 0% 25%
BCH 50% 70% 19% 45% 21% 3% 0% 53%
CORP.ALBA 25% 63% 668% 20% 9% 5% 0% 173%
C.MAPFRE 51% 51% 59% 21% 10% 2% 0% 39%
DRAGADOS 48% 21% 18% 2% 6% 2% 2% 51%
ENDESA 31% 5% 22% 16% 23% 3% 3% 29%
GAS NATURAL 38% 19% 16% 10% 21% 3% 1% 32%
H.CANTABRICO 44% 12% 10% 12% 21% 2% 1% 36%
IBERDROLA 32% 10% 18% 2% 8% 1% 1% 29%
PRYCA 39% 25% 10% 16% 26% 3% 2% 43%
PULEVA 135% 3515% 121% 88% 60% 22% 1583%
REPSOL 36% 8% 21% 33% 34% 3% 2% 33%
TABACALERA 46% 57% 39% 29% 38% 4% 3% 67%
TELEFONICA 43% 17% 6% 43% 6% 2% 1% 28%
TUBACEX 167% 95% 136% 106% 87% 26% 310%
UNION FENOSA 39% 87% 13% 5% 19% 5% 0% 46%
URALITA 96% 1088% 59% 8% 14% 7% 390%
VALLEHER. 82% 25% 27% 20% 9% 3% 2% 196%
VISCOFAN 71% 355% 21% 32% 7% 6% 5% 444%
Promedio 54% 216% 66% 20% 27% 20% 5% 249%

Page 14
 Múltiplos-t

PER EV / EBITDA PRECIO / VALOR CONTABLE

### ### ### ### ### ### ### 1995 1997 1999 1991 1993 1995 1997 1999
ACESA 13.6 18.7 13.4 19.8 17.1 6.8 12.5 7.7 10.6 8.9 1.8 2.4 2.1 1.8 1.5
AUMAR 12.9 17.3 14.4 30.3 16.7 7.9 11.8 2.9 6.1 8.8 1.1 1.3 1.3 1.0 1.0
B.POPULAR 6.7 8.6 11.2 17.9 16.6 3.2 4.2 5.7 9.9 9.2 1.5 1.8 2.0 3.9 3.5
B.SANTANDER 8.1 12.2 11.4 24.0 26.2 3.7 3.9 7.1 9.6 11.9 0.5 0.8 1.0 1.9 4.0
BANKINTER 7.2 10.2 11.3 19.9 29.2 4.0 5.1 7.5 10.9 16.5 1.1 1.6 1.5 2.5 4.7
BBV 6.6 10.3 11.8 25.5 24.3 4.3 4.0 6.2 10.0 11.6 1.2 1.2 1.5 4.2 4.3
BCH 14.4 12.3 32.3 28.3 26.2 7.7 5.9 4.4 8.8 11.9 1.2 1.0 1.0 3.0 4.0
ENDESA 8.1 15.1 11.9 16.9 16.3 4.4 6.5 6.1 7.6 9.2 1.4 2.6 2.0 1.9 2.2
IBERDROLA 8.9 15.4 12.1 17.8 17.0 5.6 8.0 7.9 7.9 10.0 0.7 1.0 1.1 1.4 1.6
UNION FENOSA 11.4 12.9 11.3 19.1 8.9 5.5 5.3 5.6 7.0 9.2 0.5 0.6 0.7 1.1 1.9
H.CANTABRICO 10.3 17.2 12.2 16.3 14.6 5.2 6.7 5.9 7.9 7.8 0.8 1.7 1.5 1.5 1.5

PRYCA 24.1 23.8 22.2 21 13.8 13.7 14.5 13.7 9.6 11.5 4.9 3.4 3.6 2.8 2.9
PULEVA 9.6 -1.1 154 18.4 15.2 5.3 19.4 16.6 21.9 17.5 0.9 1.6 3.1 6.7 4.3
REPSOL 10.7 16.7 10.1 15.5 27.1 4.5 6.8 4.7 6.5 10.4 1.6 2.4 1.8 2.1 2.2
TABACALE. 14.4 30.6 12.1 26.2 21.5 6.2 11.5 6.9 17 16.8 2.8 1.8 1.7 3.7 2.9
TELEFONIC. 10.9 17.9 11.8 21.5 44.8 4.3 4.4 3.3 4.9 9 0.9 1.2 1 2.1 5.6
TUBACEX -0.6 -1.4 11.4 15.4 16.3 -22 -14 6.2 11.3 15.4 0.4 3.4 1.5 2.6 1.7
GAS NATUR. 15.6 21.6 19.7 23.3 24 6.8 7 9.4 11.6 11.4 1.4 2.2 3.8 3.2 3.5
URALITA -56 -8.6 9.6 23.2 10.6 2.7 18.4 3.1 5.4 4.4 0.7 1.3 1.1 1.6 1.2
VALLEHER. 10.2 31.8 20.8 37 18 9.7 21.2 14.6 24.2 13.7 1.2 1.5 1.1 2.2 1.5
VISCOFAN 15.9 29 262 21.5 21.2 9.7 10.6 9 10.4 8.6 3.2 2.4 1.5 3.1 1.8

AG.BARCE. 25.3 24.5 18.4 25.8 19.9 10 11.2 9.3 12.1 11.9 1.7 1.6 1.9 2.3 2.3
AMPER -2.2 -0.3 7.4 11.3 757 4.4 10.1 3.7 12.7 742 0.3 2.4 4.5 3.9 2
ASTU.ZINC. -3.1 -4.4 -3.5 17 19.2 -18 76.8 12.1 8.6 8.5 1.6 2.4 2.3 4.1 3

CORP.ALBA 7.5 30.9 18.1 12.8 25.1 12.4 ### ### ### ### 0.7 1.0 1.3 2.3 3.8
C.MAPFRE 14.5 19.2 34.8 23.6 14.1 ### ### ### ### -3.7 1.6 2.1 1.9 1.8 1.1
DRAGADOS 9.6 14.2 10.5 19.5 14.1 6.2 10.2 7.2 11.2 9.5 1.1 1.2 0.8 1.5 1.8

Total 10.3 15.9 12.6 20.3 24.8 3.2 4 3.7 6 7.8 1.1 1.4 1.4 2.2 3.2
PROMEDIO 8.1 14.6 27.7 20.8 46.2 3.3 -20 3.3 22.5 11.3 1.3 1.8 1.8 2.6 2.7

Page 15
 rec analistas

compra mantene venta

agresiva comprar r vender agresiva
Desde A Strong buy Buy Hold Sell Strong Sell Suma %
Strong buy 8,190 2,234 4,012 92 154 14,682 27.5%
Buy 2,323 4,539 3,918 262 60 11,102 20.8%
Hold 3,622 3,510 13,043 1,816 749 22,740 42.5%
Sell 115 279 1,826 772 375 3,367 6.3%
Strong Sell 115 39 678 345 407 1,584 3.0%
Suma 14,365 10,601 23,477 3,287 1,745 53,475
% 26.9% 19.8% 43.9% 6.1% 3.3%

Page 16
 rec ana españa

LOS 35 DEL IBEX

14 febrero 2000 23 octubre 2000 14 febrero 2000 23 octubre 2000
comprarmantener vender comprarmantener vender comprar mantener vender comprarmantener vender
ACS 90% 0% 10% 82% 18% 0% Gas natural 19% 44% 38% 22% 50% 28%
Acciona 38% 25% 38% 89% 0% 11% Iberdrola 58% 37% 5% 50% 38% 12%
Aceralia 82% 6% 12% 79% 21% 0% Indra 56% 33% 11% 77% 23% 0%
Acerinox 69% 19% 13% 71% 18% 12% NH Hoteles 85% 15% 0% 81% 19% 0%
Acesa 55% 36% 9% 73% 27% 0% Popular 55% 36% 9% 70% 30% 0%
Aguas Bna. 69% 15% 15% 50% 37% 13% Prisa 51% 38% 11%
Alba 80% 0% 20% 63% 25% 13% Red Eléctrica 85% 8% 8%
Altadis 73% 18% 9% 77% 15% 8% Repsol 76% 18% 6% 49% 46% 6%
Amadeus 75% 0% 25% 59% 34% 7% Sogecable 88% 0% 13% 62% 26% 12%
Bankinter 32% 47% 21% 33% 39% 28% Sol Melia 60% 27% 13% 76% 18% 6%
BBVA 58% 35% 8% 55% 34% 12% Terra 88% 0% 13% 59% 32% 9%
BSCH 63% 37% 0% 52% 48% 0% Tele pizza 50% 38% 14% 42% 35% 23%
Cantábrico 43% 43% 14% 28% 44% 28% Telefónica 95% 5% 0% 86% 12% 2%
Continente 71% 14% 14% 53% 40% 7% TPI 50% 38% 19% 38% 31% 31%
Dragados 50% 42% 8% 67% 33% 0% Unión Fenosa 88% 12% 0% 86% 14% 0%
Endesa 68% 29% 4% 53% 44% 3% Vallehermoso 50% 10% 40% 77% 23% 0%
FCC 70% 30% 0% 51% 49% 0% Zeltia 80% 20% 0%
Ferrovial 50% 30% 20% 70% 30% 0% promedio 64% 23% 13% 63% 29% 8%

Page 17
 bancos

PER P/VC P/NAV Div/P ROE ROE/P/BV

### ### ### 2000 2001 2000 2000 2001 2000 2001 2000 2001 Target
Big cap BBVA 21.5 17.3 13.9 3.9 3.5 3.4 2.2% 2.6% 20.2% 21.4% 5.2 6.1 6.114285714286
Big cap BSCH 19.6 15.8 12.9 3.2 2.9 4.2 2.6% 3.4% 19.6% 19.2% 6.2 6.6 6.620689655172
Big cap Banco Popular 16.5 14.2 12.5 4.7 4.1 4.1 3.3% 3.9% 28.2% 30.7% 6.0 7.5 7.487804878049
Small c Bankinter 30.9 29.9 27.0 4.0 3.8 3.2 2.2% 2.3% 12.9% 12.8% 3.2 3.3 3.368421052632 15.5
Small c Banco Pastor 10.4 9.5 9.2 1.5 1.4 1.5 2.8% 3.1% 14.7% 14.2% 9.5 10.3 10.14285714286
Small c Banco Zaragozano 17.8 16.6 16.6 1.7 1.6 n.a. 2.4% 2.9% 15.0% 16.0% 8.8 10.0 10
Small c Banco Valencia 13.7 12.4 11.5 2.2 2.0 2.2 3.5% 5.7% 16.4% 17.0% 7.4 8.5 8.5
bancos españoles 18.6 16.5 14.8 3.0 2.9 3.1 2.7% 3.4% 18.1% 18.8% 6.3 6.8 6.48275862069
Big cap BCP 17.7 16.2 14.4 3.0 2.8 3 2.4% 2.6% 18.6% 19.8% 6.3 7.0 7.071428571429
Small c BES 13.7 12.2 11.6 2.6 2.4 2.6 3.5% 4.0% 18.6% 14.4% 7.3 6.0 6
Small c BPI 14.0 12.8 11.4 2.6 2.4 2.6 2.9% 3.1% 18.6% 21.4% 7.0 8.9 8.916666666667
bancos portugueses 15.1 13.7 12.5 2.7 2.5 2.7 2.9% 3.3% 18.6% 18.5% 6.9 7.3 7.4

AVERAGE BIG CAPS 18.8 15.9 13.5 3.7 3.3 3.7 2.60% 3.10% ### ### 5.9 6.8
AVERAGE SMALL CAP 13.9 12.7 12.1 2.1 1.9 2.2 3.00% 3.80% ### ### 7.8 8.4
PREMIUM 35% 25% 11% 73% 72% 64% -13% -17% 30% 37% 32% 23%

### ### ### ### ### ###

### ###

Page 18
 bancos

13.3

Page 19
 internet

Empresas de e.servic Capitalización / ventas DOT COMS Capitalización / ventas

Empresa ### ### Jun-00 ### ### Apr-01 Empresa ### Mar-00 Jun-00 ### ### Apr-01
ACOM Agency. Com 20.7 8.1 4.3 3.0 0.7 0.7 About.com 60.3 39.5 10.0 7.7 5.0
ANSR Answerthink 5.8 3.8 2.4 2.3 0.5 0.5 Amazon.com 16.5 12.4 5.9 5.6 2.2
BRNC Braun Consulting 30.4 11.7 6.7 5.4 0.9 1.0 El sitio 221.2 72.4 15.3 6.2 0.9
CATP Cambridge Technolog 2.6 1.4 0.9 0.5 0.3 0.3 Excite@Home 51.2 29.5 15.8 9.9 3.6
CBIS C-bridge Internet Solu 44.8 36.8 7.8 6.0 0.9 1.0 Gemstar 140.1 145.8 96.8 128.6 66.8
CMGI CMGI 312.0 88.9 24.2 9.4 1.3 12.5 Homestore.com 97.3 41.8 17.8 21.5 7.2
DTPIR Diamond Tech. Partn 18.2 11.8 13.3 9.5 3.4 iGo 9.0 6.0 2.7 1.8 1.0
DTAS Digitas Inc. 6.7 4.0 3.9 1.0 1.0 InfoSpace.com 1351.4 669.8 189.0 75.9 10.9
INFT Inforte Corp. 16.2 9.5 7.8 2.6 2.7 iTurf 10.6 6.6 1.6 0.7
IIXL iXL Enterprises, Inc. 19.2 7.4 3.0 0.9 0.2 0.2 Liberate 1260.1 268.6 107.6 92.6 39.2
IGTE iGate Capital Corpora 3.6 6.1 1.7 0.7 0.4 0.3 Promotion.com 27.0 8.0 3.2 0.9 0.2
Internet Capital Grou 2880.6 1658.8 733.0 208.6 9.2 Quepasa.com 426.7 89.4 11.7 4.9
LNTE Lante Corporation 26.5 13.1 2.7 0.8 0.8 Salon.com 11.1 7.6 2.0 2.4 0.8
LUMT Luminant Worldwide 23.7 5.5 2.1 0.6 0.2 0.2 Sportsline 22.0 10.8 5.4 3.9 1.4
MRCH MarchFIRST 16.8 8.9 3.2 2.1 0.2 0.2 StarMedia 131.2 69.3 32.3 9.9 2.0
MMPT Modem Media, Inc 23.3 8.8 2.9 0.9 0.6 0.6 Student Adverage 29.0 10.7 6.5 6.0 3.1
OGNC Organic, Inc 19.6 7.3 3.0 0.5 0.6 Switchboard 77.2 17.8 9.3 3.5
PXCM Proxicom 84.8 23.2 19.0 6.2 1.1 1.1 Terra 559.0 462.6 149.1 113.9 34.3
RAZF Razorfish 53.1 13.0 6.4 3.3 0.5 0.6 TheKnot Inc. 24.0 12.2 3.7 2.4 0.6
SAPE Sapient 60.4 31.2 33.3 10.8 2.8 2.9 TicketMaster CitySe 32.3 16.3 8.2 7.4 3.4
SCNT Scient Corporation 63.7 42.6 14.0 5.1 0.6 42.2 Tickets.com 18.4 10.5 3.6 1.1 0.3
VIAN Viant Corporation 77.5 19.1 12.7 2.2 1.5 1.5 Travelocity.com 18.0 7.1 4.7 3.2
XPDR Xpedior 10.8 7.2 3.7 0.8 0.1 Women.com Networ 22.2 9.4 2.0 2.6 0.2
Promedio 197.5 89.7 40.4 12.8 1.3 3.5 Yahoo 403.8 132.0 79.6 50.2 14.8
Promedio 223.8 92.8 33.1 23.7 9.3

ASP Capitalización / ventas

Empresa ### ### Jun-00 ### ### Apr-01
Breakaway Solutions 132.3 51.8 17.5 4.2 0.3
Commtouch Software, 175.6 88.3 36.7 14.1 2.0
Corio, Inc 11.5 2.1
Critical Path, Inc. 373.3 137.0 52.4 34.9 13.9
Digex, Inc 73.4 90.3 40.2 21.6 8.6
Exodus Communication152.8 169.1 39.7 31.9 10.2
Future Link Corp. 121.6 46.3 6.9 2.0 0.4
Interliant, Inc. 26.4 19.7 11.6 3.0 1.0
Mail.com 88.2 48.0 9.9 6.3 0.7
NaviSite, Inc. 437.3 341.3 74.4 31.7 1.9
Storage Networks, Inc. 454.9 309.5 43.1
TriZetto Group, Inc. 30.5 16.1 6.3 5.0 4.7
Tumbleweed 201.3 224.9 67.6 44.7 10.6
Usinternetworking, Inc 190.7 76.8 28.9 7.4 4.7
WebEx 70.8 29.1
139.0 120.7 39.8 27.4 7.9

Page 20
 INTERNET 12-4-01

P/VENTAS P/VALOR CONTABLE

Business services Industry
50 0.04
20.63 11.04
31.04 0.48
10.47 8.03
78.46 2.48 Servicios a empresas. 100 empresas
8.79 7.46 Promedios: precio/ventas = 4,7; precio/valor contable = 3,6
20.81 3.31 40
6.08 2.43
35
2.27 1.57
9.71 1.45 30
8.91 17.77 Precio / valor
25 contable
1.8 4.11
7.78 10.3 20

12.33 7.41 15
3.89 5.64
10
3.23 5.44
6.85 5
1.98 10.65 0
0.56 1.51 0 10 20 30Precio
40/ Ventas
50 60 70 80 90
0.57 2.62
0.27 0.99
4.54 5.45
2.09 2.19
1.46 Redes y comunicaciones. 45 empresas
1.6 2.6 Promedios: precio/ventas = 14,6; precio/valor contable = 2,1
2.5 3.75 25
0.82 3.78
3.43 5.68 20
3.35 1.54
0.49 1.24 Precio / valor
15
contable
3.51 7.31
25.38 0.41 10
2.43 6.44
1.06 2.52
5
2.08 4.16
2.76 1.84
1.28 1.96 0
0 20 40 60
Precio /80 100 120 140 160
Ventas
0.36 2.15
1.55 1.63
0.93 7.34
0.66 1.55
3.28 2.94 Internet Software& Services Industry. 97 empresas
1.52 Promedios: precio/ventas = 23,1; precio/valor contable = 2,9
0.89 1.43 30
9.79 2.48 Precio / valor contable
0.79 2.91 25
0.31 0.89
20
0.66 1.46
15

10
Page 21
5
 Promedios: precio/ventas = 23,1; precio/valor contable = 2,9
30
Precio / valor contable
25
INTERNET 12-4-01
20

0.42 0.67 15
2.66 5.71
0.38 1.04 10
1.02 1.17
2.92 5
35.35
0.19 0.43 0
0 50 100 150 200 250
Precio 300
/ Ventas 350 400 450 500
0.42 2.75
0.39 2.88
1.06 0.81
0.52 1.13
0.45 0.84
0.27 1.09
0.65 7.18
0.97 36.21
2.22 5.08
0.28 0.51
3.59 4.17
0.65 5.11
0.59 2.24
0.17 0.79
1.29 1.46
1.1 3
0.7 1.36
1.2
0.52 1.49
1.67
0.28 1.48
0.18 0.61
4.56 0.6
1.02 1.46
0.18 0.75
16.8 1.28
0.62 0.72
0.23 1.26
2.65
0.27 0.78
0.33 0.72
21.2 1
5.09
1.23 0.04
2.39 0.31
0.31 0.76
6.31
1.33 0.58
0.43 1.54
0.43 0.33
1.03 1.77
0.06 2.2
0.53 1.13

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0.37 0.88
0.81 1.55
PROMEDIO 4.7 3.6

P/VENTAS P/VALOR CONTABLE

Networking &Communications Devices Industry
CISCO 24.7 4.42
59.5 22
2.06
152.24 1.65
22.53 0.61
88.84 2.52
0.74 0.49
4.89 1.25
2.76 2.44
79.44 2.3
18.28 0.19
6.39 2.65
9.14 1.92
13.92 2.76
4.66 1.57
3.5
1.64 1.22
5.62 1.36
2.08 0.89
5.73 1.37
8.03
21.48 0.32
0.9 0.85
0.81 0.99
2.47 1.93
3.92 0.64
4.2 0.81
0.37 0.87
6.25 5.13
0.97 1.09
0.87 0.9
13.96 0.29
11.79 3.48
1.57 0.54
0.08 1.35
0.64 1.02
1.61 1.22
2.92 0.81
22.27 1.03
0.98 0.86
1.83 1.04
0.61 2.09
0.19 0.97

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 INTERNET 12-4-01

8.16
0.34 0.79
PROMEDIO 14.6 2.1

Internet Software& Services Industry

P/VENTAS P/VALOR CONTABLE
ACOM 0.73 0.26
20.63 11.04
31.04 0.48
2.01
10.47 8.03
78.46 2.48
8.79 7.46
20.81 3.31
6.08 2.43
2.27 1.57
9.71 1.45
21.44 4.36
17.05 8.29
126.78 0.48
2.69 1.82
5.72 3.04
11.69 0.65
12.7 9.75
7.37 8.8
1.03 1.1
7.72 1.03
16.99 7.43
75.2 0.92
12.5 0.31
12.38 2.05
22.82 5.35
4.89 3.65
8.56 1.83
9 3.59
14.64 1.81
3.38 1.17
8.96 5.15
0.19
30.9 1.61
58.76 0.82
42.59 3.49
21.87 0.19
2.18 3.04
14.29 2.84
17.32 1.48
0.28 0.52
5.85 1.97
3.85 2.68

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 INTERNET 12-4-01

0.92 3.14
22.21 6.99
12.68 1.98
8.09 0.9
21.93 0.91
123.1 3.7
4.87
8.89 1.73
18.04 1.13
4.76 5.41
1.26 0.27
16.48 3.95
1.02 0.93
91.67 0.37
35.82 5.02
2.19 23.9
5.26 1.54
2.98 4.17
196.11 0.88
13.69 0.97
3.19 1.28
1.18 13.72
10.22 1.41
437.5 2.18
9.22 0.38
3.59 0.66
0.24
1.79 1.74
3.07 0.88
8.97 0.36
1.53 1.06
35.53 2.78
0.21 1.76
4.89 0.47
2.23 9.81
4.13 1.25
9.06 0.04
10.69
6.77 1.44
16.36 0.97
17.53 1.89
10.87 0.38
0.21 0.28
2.04 15.63
52.78 0.47
1.39 0.67
3.23 1.14
111.55 1.58
1.1 0.39
10.42 0.07

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2.3 0.41
2.37 1.21
3.75
2.66 0.09
PROMEDIO 23.1 2.9

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187
48.7
235.7

Page 27