TABLA 1 (PROYECCIONES 2023 - 2028)

ESTADO DE RESULTADOS GRUPO NUTRESA PROYECTADO

2018 2019 2020
Ventas 9,016,066 9,958,851 11,127,541
CMV 5,203,839 5,565,300 6,465,128
UTILIDAD BRUTA 4,046,848 4,393,551 4,662,413
Margen Bruto 44.9% 44.1% 41.9%

Gastos Operacionales 3,436,511 3,642,825 3,642,825

UTILIDAD OPERACIONAL 610,337 750,726 1,019,588

Margen Operacional 6.8% 7.5% 9.2%

Depreciaciones 276,472 393,474 421,384

EBITDA 886,809 1,144,200 1,440,972

Margen EBITDA 9.8% 11.5% 12.9%

TABLA 2
AÑO 2018 2019 2020
Cambio en CAP TRAB 97,883
CAPITAL de TRABAJO 1,777,350 1,875,233
Cartera 1,191,657 1,218,259
Inventarios 1,248,128 1,379,984
Proveedores - 662,435 - 723,010

BASE
FREE CASH FLOW TO THE FIRM
2022
EBITDA 1,971,244
(-) Impuestos - 444,418
(+/-) Cambio KT - 751,221
(-) CAPEX - 468,540
Free Cash Flow COP 307,065
Free Cash Flow USD (4,800) 77
Anualidad de la perpetuidad FX 4,000

(Podemos suponerlo, se vale investigar y proponer otro) (Ah

(De los cálculos)
(Años 2023 a 2027, 5 años)
Valor Presente del Valor Residual (en Naranja) desde año 6
FCF Desc + VP Perpetuidad
(del Cierre 2022, Auditados)
(del Cierre 2022, Auditados, sólo la deuda Bancaria, con cos
(Total Cuadro Inv. En Portafolio) -------------------
 No hay que modificarlo
Sumatoria (Esta ya en MM)
Millones de acciones
Precio de la Acción en el Mercado

G 2.5% 5.00%
WACC 10.5% 12.4%
FCF Descontado $6,511,923 6,511,923
Perpetuidad (g= 2,5%) $613,273 $1,226,546
Enterprise Value 7,125,195 7,738,468
(+) Efectivo e inv Temporales 1,060,247 1060247
(-) Deuda Financiera 2022 4,371,129 4,371,129
(+) Inversión en portafolio 2,758,882 2,758,882
(-) Intereses Minoritarios 6,500 6,500
Target Equity Value 6,566,695 7,179,968
Shares outstanding 458 458
Target Price 14,345 15,677

TARGET PRICE BANCA DE INVERSION (Se vale Investigar)

Bancolombia 29,900 Credicorp
BTG Pactual 28,500 Davivalores
Casa de la Bolsa 29,219 HSBC
Citi Bank 29,500 Itau BBA
Larrain Vial 28,500 Santander
Nau Securities 30,000 Goldman Sacks
BBVA 26,100 Scotiabank

PRECIO PROMEDIO 28,826

 33.8% 18.5%

2021 2022 2023 2024 2025 2026

12,738,271 17,037,823 20,189,820 22,612,599 25,099,985 27,860,983
7,610,884 10,799,595 12,743,522 14,209,027 15,743,602 17,459,655
5,127,387 6,238,228 7,446,298 8,403,572 9,356,382 10,401,328
40.3% 36.6% 36.9% 37.2% 37.3% 37.3%

4,022,090 4,731,728 5,503,000 6,135,845 6,798,516 7,539,554

1,105,297 1,506,500 1,943,298 2,267,727 2,557,867 2,861,774

8.7% 8.8% 9.6% 10.0% 10.2% 10.3%

420,654 464,744 504,746 565,315 627,500 696,525

1,525,951 1,971,244 2,448,044 2,833,042 3,185,366 3,558,299

12.0% 11.6% 12.1% 12.5% 12.7% 12.8%

2021 2022 2023 2024 2025 2026

195,173 751,221 517,436 395,301 408,378 454,371
2,070,406 2,821,627 3,339,064 3,734,365 4,142,743 4,597,113
1,427,003 1,908,660 2,261,762 2,533,173 2,811,822 3,121,123
1,742,562 2,472,638 2,917,713 3,253,250 3,604,601 3,997,503
- 1,099,159 - 1,559,671 - 1,840,411 - 2,052,059 - 2,273,681 - 2,521,512
34,899.37 20,851.74
41 84 - 53
Días Cartera Inv. Provee VR
1 2 3 4 5 6

2023 2024 2025 2026 2027 2028

2,448,044 2,833,042 3,185,366 3,558,299 3,975,335 4,432,296
- 573,273 - 668,979 - 754,571 - 844,223 - 946,702 - 1,058,903
- 517,436 - 395,301 - 408,378 - 454,371 - 448,641 - 492,482
- 555,220 - 621,846 - 690,250 - 766,177 - 842,795 - 927,074
802,115 1,146,915 1,332,168 1,493,527 1,737,197 1,953,837
201 287 333 373 434 488
Valor Residual 24,530,916

se vale investigar y proponer otro) (Ahora con los árabes por qué no suponer 3%-4% o un poco más)

or Residual (en Naranja) desde año 6

INVERSIONES EN PORTAFOLIO
Acciones Precio
ados, sólo la deuda Bancaria, con coste conocido) SURA 61,032,220 33,000
Portafolio) -----------------------------> ARGOS 82,300,360 9,050
 TOTAL

https://www.larepublica.co/indicadores-economicos/movimiento-accionario
n el Mercado https://www.larepublica.co/indicadores-economicos/movimiento-accionario

Accion Valor obtenido por accion

Sura 32,340
Argos 2,534
Total 34,874

(Se
30,500 (NO ESTAN ACTUALIZADAS en la pagina de nutresa desde finales del 2021)
30,300
29,200
27,668
29,000
25,170
30,000
 2027 2028
30,647,081 33,711,789
19,074,673 20,839,080
11,572,408 12,872,709
37.8% 38.2%

8,363,250 9,283,208

3,209,158 3,589,501
10.5% 10.6%

766,177 842,795

3,975,335 4,432,296
13.0% 13.1%

2027 2028
448,641 492,482
5,045,755 5,538,236
3,433,235 3,776,558
4,367,272 4,771,245
- 2,754,752 - 3,009,567

"Instrucciones"
(De Tabla 1)
(Utilidad Op. "Cuadro 1" x 29.5%)
(Cambio Cap de Trabajo año actual vs el anterior, en Tabla 2, fila 20 ya está calculado) Como crece es negativo….siempre crec
2.75% Ventas del Año

= Flujo año 6 /(Wacc - g)

Valor
2,014,063 Pueden usar el Valor de Mercado o el del Cierre del 2022 (ACCIONES ORDINARIAS)
744,818 Pueden usar el Valor de Mercado o el del Cierre del 2022 (ACCIONES ORDINARIAS)
 2,758,882

os/movimiento-accionario/grupoargos
os/movimiento-accionario/gruposura
ce es negativo….siempre crece en este caso
 * Rendimiento Nutresa= ((Pt + Div) - Pt-1) /Pt-1 R. Colcap = (Pt -
# FECHA NUTRESA DIVIDENDO COLCAP REND. NUTRESA (Rj)

1 10/6/2023 51,000.00 1,101.97 3.0%

9/29/2023
2 49,520.00 1,121.64 2.7%
3 9/22/2023 48,200.00 1,090.53 4.3%
4 9/15/2023 46,200.00 96.45 1,098.66 -8.2%
5 9/8/2023 50,410.00 1,069.14 -2.0%
6 9/1/2023 51,450.00 1,084.71 -1.1%

8/25/2023
7 52,000.00 1,101.64 0.4%
8 8/18/2023 51,800.00 1,132.66 0.62%
9 8/11/2023 51,480.00 96.45 1,147.50 1.93%
10 8/4/2023 50,600.00 1,170.23 -0.78%
11 7/28/2023 51,000.00 1,161.83 -1.92%

7/21/2023
12 52,000.00 1,172.85 0.00%
13 7/14/2023 52,000.00 96.45 1,164.20 -1.33%
14 7/7/2023 52,800.00 1,133.11 0.71%
15 6/30/2023 52,430.00 1,133.60 -2.91%
16 6/23/2023 54,000.00 1,133.54 -6.54%

6/16/2023
17 57,780.00 1,173.90 -0.03%
18 6/9/2023 57,800.00 96.45 1,183.07 0.17%
19 6/2/2023 57,800.00 1,147.97 0.00%
20 5/26/2023 57,800.00 1,100.97 -2.63%
21 5/19/2023 59,360.00 1,123.90 -0.95%
22 5/12/2023 59,930.00 96.45 1,159.12 -3.03%
23 5/5/2023 61,900.00 1,164.18 2.67%
24 4/28/2023 60,290.00 1,198.81 2.99%
25 4/21/2023 58,540.00 1,215.94 -4.00%
26 4/14/2023 60,980.00 79 1,253.29 9.03%
27 4/5/2023 56,000.00 1,193.57 1.82%
28 3/31/2023 55,000.00 1,157.59 17.02%
29 3/24/2023 47,000.00 1,106.24 0.00%
30 3/17/2023 47,000.00 79 1,110.39 -17.41%
31 3/10/2023 57,000.00 1,187.27 18.09%
32 3/3/2023 48,270.00 1,214.55 -5.32%
33 2/24/2023 50,980.00 1,193.54 0.16%
34 2/17/2023 50,900.00 79 1,209.86 -0.04%
35 2/10/2023 51,000.00 1,245.65 13.33%
36 2/3/2023 45,000.00 1,263.25 1.01%
37 1/27/2023 44,550.00 1,285.89 -1.00%
38 1/20/2023 45,000.00 79 1,337.40 2.45%
39 1/13/2023 44,000.00 1,337.44 -3.25%
40 1/6/2023 45,480.00 1,326.74 2.20%
41 12/29/2023 44,500.00 1,286.07 0.93%
42 12/23/2022 44,090.00 1,247.56 2.53%
43 12/16/2022 43,000.00 79 1,215.44 -8.34%
44 12/9/2022 47,000.00 1,226.87 4.44%
45 12/2/2022 45,000.00 1,240.93 10.59%
46 11/25/2022 40,690.00 1,266.25 -25.48%
47 11/18/2022 54,600.00 79 1,282.68 3.19%
48 11/11/2022 52,990.00 1,266.56 -0.39%
49 11/4/2022 53,200.00 1,244.24 -0.56%
50 10/28/2022 53,500.00 1,219.69 -7.74%
51 10/21/2022 57,990.00 1,231.64 56.81%
52 10/14/2022 36,980.00 79 1,168.32 0.21%
53 10/7/2022 36,980.00 1,209.10 0.00%
54 9/30/2022 36,980.00 1,128.24 0.00%
55 9/23/2022 36,980.00 1,157.27 2.72%
56 9/16/2022 36,000.00 79 1,209.58 -5.30%
57 9/9/2022 38,100.00 1,222.51 0.26%
58 9/2/2022 38,000.00 1,232.91 -1.30%
59 8/25/2022 38,500.00 1,304.36 0.00%
60 8/19/2022 38,500.00 79 1,307.78 1.50%
61 8/12/2022 38,010.00 1,330.82 -7.29%
62 8/5/2022 41,000.00 1,300.09 2.76%
63 7/29/2022 39,900.00 1,295.96 3.61%
64 7/22/2022 38,510.00 1,259.80 -9.35%
65 7/15/2022 42,480.00 79 1,274.19 2.13%
66 7/8/2022 41,670.00 1,354.92 4.18%
67 7/1/2022 40,000.00 1,357.98 2.80%
68 6/24/2022 38,910.00 1,365.96 4.04%
69 6/17/2022 37,400.00 79 1,454.02 -3.38%
70 6/10/2022 38,790.00 1,530.73 -0.59%
71 6/3/2022 39,020.00 1,614.09 -3.87%
72 5/27/2022 40,590.00 1,532.31 -1.00%
73 5/20/2022 41,000.00 1,459.25 -17.32%
74 5/13/2022 49,590.00 79 1,512.12 1.22%
75 5/6/2022 49,070.00 1,556.15 1.18%
76 4/29/2022 48,500.00 1,562.46 2.45%
77 4/22/2022 47,340.00 1,614.75 2.49%
78 4/13/2022 46,190.00 79 1,615.12 1.02%
79 4/8/2022 45,800.00 1,625.53 -1.51%
80 4/1/2022 46,500.00 1,626.89 5.16%
81 3/25/2022 44,220.00 1,606.88 0.00%
82 3/18/2022 44,220.00 58.5 1,539.70 0.13%
 83 3/11/2022 44,220.00 1,548.46 0.00%
84 3/4/2022 44,220.00 1,542.13 10.00%
85 2/25/2022 40,200.00 1,516.24 -0.81%
86 2/18/2022 40,530.00 58.5 1,493.88 -0.22%
87 2/11/2022 40,680.00 1,492.80 -0.44%
88 2/4/2022 40,860.00 1,522.41 21.61%
89 1/28/2022 33,600.00 1,529.85 0.00%
90 1/21/2022 33,600.00 1,523.56 24.44%
91 1/14/2022 27,000.00 58.5 1,431.84 -9.50%
92 1/7/2022 29,900.00 1,394.22 4.40%
93 12/30/2021 28,640.00 1,410.97 0.85%
94 12/24/2021 28,400.00 1,401.66 0.04%
95 12/17/2021 28,390.00 58.5 1,395.00 3.34%
96 12/10/2021 27,530.00 1,389.16 -3.40%
97 12/3/2021 28,500.00 1,431.94 0.88%
98 11/26/2021 28,250.00 1,318.31 29.94%
99 11/19/2021 21,740.00 58.5 1,298.64 0.27%
100 11/12/2021 21,740.00 1,356.48 -1.63%
101 11/5/2021 22,100.00 1,388.56 0.41%
102 10/29/2021 22,010.00 1,394.04 0.50%
103 10/22/2021 21,900.00 1,399.64 -1.79%
104 10/15/2021 22,300.00 58.5 1,426.20 1.26%
105 10/8/2021 22,080.00 1,401.00 2.13%
106 10/1/2021 21,620.00 1,370.25 0.70%
107 9/24/2021 21,470.00 1,309.38 -0.19%
108 9/17/2021 21,510.00 58.5 1,321.85 -0.79%
109 9/10/2021 21,740.00 1,320.52 -0.18%
110 9/3/2021 21,780.00 1,327.47 -2.02%
111 8/27/2021 22,230.00 1,325.51 -2.93%
112 8/20/2021 22,900.00 58.5 1,326.91 7.28%
113 8/13/2021 21,400.00 1,268.79 3.38%
114 8/6/2021 20,700.00 1,226.59 0.00%
115 7/30/2021 20,700.00 1,236.73 -0.48%
116 7/23/2021 20,800.00 1,254.24 -5.28%
117 7/16/2021 21,960.00 58.5 1,272.49 -0.50%
118 7/9/2021 22,130.00 1,293.02 -2.25%
119 7/2/2021 22,640.00 1,289.38 1.07%
120 6/25/2021 22,400.00 1,284.20 -0.44%
121 6/18/2021 22,500.00 58.5 1,257.29 0.71%
122 6/11/2021 22,400.00 1,261.61 3.27%
123 6/4/2021 21,690.00 1,245.44 3.19%
124 5/28/2021 21,020.00 1,206.63 -3.49%
125 5/21/2021 21,780.00 1,244.08 -4.05%
126 5/14/2021 22,700.00 58.5 1,289.75 1.15%
127 5/7/2021 22,500.00 1,281.93 4.65%
128 4/30/2021 21,500.00 1,250.65 -2.18%
129 4/23/2021 21,980.00 1,282.21 -4.02%
130 4/16/2021 22,900.00 58.5 1,317.08 -0.61%
131 4/9/2021 23,100.00 1,322.11 -0.30%
132 3/31/2021 23,170.00 1,316.81 -0.17%
133 3/26/2021 23,210.00 1,314.46 -6.52%
134 3/19/2021 24,830.00 1,324.54 5.79%
135 3/12/2021 23,470.00 54.1 1353.68 0.23%
136 3/5/2021 23,470.00 1344.72 -0.93%
137 2/26/2021 23,690.00 1,359.48 -1.09%
138 2/19/2021 23,950.00 54.1 1,352.57 -0.60%
139 2/12/2021 24,150.00 1,365.95 -2.03%
140 2/5/2021 24,650.00 1,370.46 1.02%
141 1/29/2021 24,400.00 1,348.12 -2.36%
142 1/22/2021 24,990.00 1,418.98 5.44%
143 1/15/2021 23,700.00 54.1 1,452.58 1.34%
144 1/8/2021 23,440.00 1,453.12 -2.33%
145 12/30/2020 24,000.00 1,437.89 1.69%
146 12/24/2020 23,600.00 1,422.21 -0.46%
147 12/18/2020 23,710.00 54.1 1,426.47 -0.44%
148 12/11/2020 23,870.00 1,377.67 0.72%
149 12/3/2020 23,700.00 1,298.13 1.85%
150 11/27/2020 23,270.00 1,261.74 7.19%
151 11/20/2020 21,710.00 1,239.74 0.93%
152 11/13/2020 21,510.00 54.1 1,209.87 -0.53%
153 11/6/2020 21,680.00 1,172.34 1.59%
154 10/30/2020 21,340.00 1,136.75 -0.51%
155 10/23/2020 21,450.00 1,175.33 -3.38%
156 10/16/2020 22,200.00 54.1 1,171.80 0.24%
157 10/9/2020 22,200.00 1,190.01 0.91%
158 10/2/2020 22,000.00 1,165.01 -0.99%
159 9/25/2020 22,220.00 1,171.35 1.46%
160 9/18/2020 21,900.00 54.1 1,206.55 -2.60%
161 9/11/2020 22,540.00 1,212.45 -1.83%
162 9/4/2020 22,960.00 1,240.24 4.94%
163 8/28/2020 21,880.00 1,226.21 6.11%
164 8/21/2020 20,620.00 1,186.29 1.58%
165 8/14/2020 20,300.00 54.1 1,153.28 0.37%
166 8/6/2020 20,280.00 1,142.18 0.40%
167 7/31/2020 20,200.00 1,134.34 -4.54%
168 7/24/2020 21,160.00 1,173.93 1.05%
169 7/17/2020 20,940.00 54.1 1,156.16 -0.22%
170 7/10/2020 21,040.00 1,147.78 2.14%
171 7/3/2020 20,600.00 1,125.26 -1.25%
172 6/26/2020 20,860.00 1,110.65 1.26%
173 6/19/2020 20,600.00 54.1 1,161.41 -3.03%
174 6/12/2020 21,300.00 1,143.13 -6.58%
175 6/5/2020 22,800.00 1,203.07 2.89%
176 5/29/2020 22,160.00 1,095.84 0.27%
177 5/22/2020 22,100.00 1,057.66 -0.90%
178 5/15/2020 22,300.00 54.1 1,053.75 -1.61%
179 5/8/2020 22,720.00 1,110.26 -1.65%
180 4/24/2020 23,100.00 1,122.37 0.87%
181 4/17/2020 22,900.00 54.1 1,192.08 11.97%
182 4/3/2020 20,500.00 1,127.55 0.00%
183 3/27/2020 20,500.00 1,147.54 0.00%
184 3/20/2020 20,500.00 51 919.59 0.25%
185 3/13/2020 20,500.00 1,139.50 -13.43%
186 3/6/2020 23,680.00 1,502.84 0.42%
187 2/28/2020 23,580.00 1,549.61 -5.98%
188 2/21/2020 25,080.00 51 1,631.45 -0.67%
189 2/14/2020 25,300.00 1,664.40 0.24%
190 2/7/2020 25,240.00 1,654.70 1.61%
191 1/31/2020 24,840.00 1,623.83 -1.51%
192 1/24/2020 25,220.00 1,647.91 0.16%
193 1/17/2020 25,180.00 51 1,656.04 0.36%
194 1/10/2020 25,140.00 1,654.93 -0.55%
195 1/3/2020 25,280.00 1,676.49 0.72%
196 12/27/2019 25,100.00 1,661.21 0.80%
197 12/20/2019 24,900.00 51 1,642.86 -1.30%
198 12/13/2019 25,280.00 1,630.80 -1.25%
199 12/6/2019 25,600.00 1,611.67 -1.16%
200 11/29/2019 25,900.00 1,611.92 1.57%
201 11/22/2019 25,500.00 1,613.84 0.95%
202 11/15/2019 25,260.00 51 1,627.25 -0.43%
203 11/8/2019 25,420.00 1,636.23 -1.70%
204 11/1/2019 25,860.00 1,645.88 -0.15%
205 10/25/2019 25,900.00 1,628.55 1.97%
206 10/18/2019 25,400.00 51 1,578.61 0.44%
207 10/11/2019 25,340.00 1,590.86 -1.32%
208 10/4/2019 25,680.00 1,593.05 1.34%
209 9/27/2019 25,340.00 1,584.99 -1.78%
210 9/20/2019 25,800.00 51 1,594.22 2.18%
211 9/13/2019 25,300.00 1,580.60 -1.09%
212 9/6/2019 25,580.00 1,567.53 0.63%
213 8/30/2019 25,420.00 1,559.52 -0.24%
214 8/23/2019 25,480.00 1,505.29 -0.16%
215 8/16/2019 25,520.00 51 1,542.81 3.03%
216 8/9/2019 24,820.00 1,537.80 -2.67%
217 8/2/2019 25,500.00 1,543.38 1.27%
218 7/26/2019 25,180.00 1,580.56 -2.25%
219 7/19/2019 25,760.00 51 1,600.39 0.12%
220 7/12/2019 25,780.00 1,605.15 -0.08%
221 7/5/2019 25,800.00 1,579.19 3.28%
222 6/28/2019 24,980.00 1,548.98 0.08%
223 6/21/2019 24,960.00 51 1,560.19 -3.58%
224 6/14/2019 25,940.00 1,526.36 0.15%
225 6/7/2019 25,900.00 1,509.82 4.10%
226 5/31/2019 24,880.00 1,487.00 -0.64%
227 5/24/2019 25,040.00 1,489.41 -3.69%
228 5/17/2019 26,000.00 51 1,500.05 -1.62%
229 5/10/2019 26,480.00 1,550.38 -1.12%
230 5/3/2019 26,780.00 1,555.38 -0.59%
231 4/26/2019 26,940.00 1,597.75 4.74%
232 4/17/2019 25,720.00 51 1,574.31 -0.88%
233 4/12/2019 26,000.00 1,604.97 -0.69%
234 4/5/2019 26,180.00 1,599.83 1.55%
235 3/29/2019 25,780.00 1,587.74 -2.72%
236 3/22/2019 26,500.00 1,597.19 -2.50%
237 3/15/2019 27,180.00 47.2 1,579.72 5.29%
238 3/8/2019 25,860.00 1,503.01 -2.64%
239 3/1/2019 26,560.00 1,515.35 0.23%
240 2/22/2019 26,500.00 1,491.74 -0.90%
241 2/15/2019 26,740.00 47.2 1,488.84 -0.49%
242 2/8/2019 26,920.00 1,468.77 1.51%
243 2/1/2019 26,520.00 1,462.03 6.59%
244 1/25/2019 24,880.00 1,425.47 4.36%
245 1/18/2019 23,840.00 47.2 1,392.95 1.22%
246 1/11/2019 23,600.00 1,388.38 1.29%
247 1/4/2019 23,300.00 1,356.75 -0.85%
248 12/28/2018 23,500.00 1,325.93 3.98%
249 12/21/2018 22,600.00 1,301.86 -4.64%
250 12/14/2018 23,700.00 47.2 1,359.31 2.80%
251 12/7/2018 23,100.00 1,382.45 -4.94%
252 11/30/2018 24,300.00 1,379.24 5.65%
253 11/23/2018 23,000.00 1,370.91 -2.46%
254 11/16/2018 23,580.00 47.2 1,436.90 1.06%
255 11/9/2018 23,380.00 1,419.91 3.91%
256 11/2/2018 22,500.00 1,390.97 -0.88%
257 10/26/2018 22,700.00 1,397.17 -3.90%
258 10/19/2018 23,620.00 47.2 1,452.38 0.28%
259 10/12/2018 23,600.00 1,462.71 -2.24%
260 10/5/2018 24,140.00 1,494.99 -0.25%
261 9/28/2018 24,200.00 1,506.07 -1.22%
262 9/21/2018 24,500.00 1,482.99 -4.22%
263 9/14/2018 25,580.00 47.2 1,498.21 -2.19%
264 9/7/2018 26,200.00 1,475.90 -1.80%
265 8/31/2018 26,680.00 1,542.77 -0.37%
266 8/24/2018 26,780.00 1,538.70 0.30%
267 8/17/2018 26,700.00 47.2 1,528.58 -0.20%
268 8/10/2018 26,800.00 1,524.96 0.75%
269 8/3/2018 26,600.00 1,531.96 -1.12%
270 7/27/2018 26,900.00 1,536.13 -1.10%
271 7/19/2018 27,200.00 47.2 1,547.34 0.99%
272 7/13/2018 26,980.00 1,546.75 1.35%
273 7/6/2018 26,620.00 1,557.59 -1.41%
274 6/29/2018 27,000.00 1,577.01 2.20%
275 6/22/2018 26,420.00 1,522.79 1.15%
276 6/15/2018 26,120.00 47.2 1,541.23 -1.33%
277 6/8/2018 26,520.00 1,547.96 0.08%
278 6/1/2018 26,500.00 1,564.47 2.79%
279 5/25/2018 25,780.00 1,526.36 -1.07%
280 5/18/2018 26,060.00 47.2 1,520.52 -1.93%
281 5/11/2018 26,620.00 1,550.08 -1.77%
282 5/4/2018 27,100.00 1,547.04 1.04%
283 4/27/2018 26,820.00 1,566.45 1.13%
284 4/20/2018 26,520.00 1,561.45 -0.23%
285 4/13/2018 26,580.00 47.2 1,538.44 1.32%
286 4/6/2018 26,280.00 1,520.76 1.15%
287 3/28/2018 25,980.00 1,455.52 1.80%
288 3/23/2018 25,520.00 1,459.06 -2.60%
289 3/16/2018 26,200.00 44.5 1,475.75 -2.29%
290 3/9/2018 26,860.00 1,482.10 0.15%
291 3/2/2018 26,820.00 1,456.38 -1.25%
292 2/23/2018 27,160.00 1,532.60 0.07%
293 2/16/2018 27,140.00 44.5 1,520.71 0.68%
294 2/9/2018 27,000.00 1,500.99 -0.37%
295 2/2/2018 27,100.00 1,567.74 -1.95%
296 1/26/2018 27,640.00 1,592.82 1.25%
297 1/19/2018 27,300.00 44.5 1,551.04 0.90%
298 1/12/2018 27,100.00 1,521.41 -0.51%
299 1/5/2018 27,240.00 1,545.57 -2.08%
300 12/28/2017 27,820.00 1,513.65 -0.64%
301 12/22/2017 28,000.00 1,493.93 2.19%
302 12/15/2017 27,400.00 44.5 1,465.02 -0.20%
303 12/7/2017 27,500.00 1,449.35 -0.29%
304 12/1/2017 27,580.00 1,449.85 1.03%
305 11/19/2017 27,300 44.5 1,449.66 1.20%
306 11/12/2017 27,020 1,443.55 0.45%
307 11/5/2017 26,900 1,434.36 0.00%
308 10/29/2017 26,900 1,418.58 -0.74%
309 10/22/2017 27,100 44.5 1,445.07 0.54%
310 10/15/2017 27,000 1,464.99 0.00%
311 10/8/2017 27,000 1,486.35 0.75%
312 10/1/2017 26,800 1,491.47 -0.15%
313 9/24/2017 26,840 1,487.52 -0.59%
314 9/17/2017 27,000 44.5 1,486.15 0.54%
315 9/10/2017 26,900 1,492.96 -0.81%
316 9/3/2017 27,120 1,499.58 -0.29%
317 8/27/2017 27,200 1,494.17 0.44%
318 8/20/2017 27,080 44.5 1,475.17 0.02%
319 8/13/2017 27,120 1,477.21 0.52%
320 8/6/2017 26,980 1,463.07 0.82%
321 7/30/2017 26,760 1,476.47 0.60%
322 7/23/2017 26,600 44.5 1,486.79 0.09%
323 7/16/2017 26,620 1,471.34 0.15%
324 7/9/2017 26,580 1,487.80 1.92%
325 7/2/2017 26,080 1,470.32 -1.21%
326 6/25/2017 26,400 1,462.90 1.93%
327 6/18/2017 25,900 44.5 1,435.12 -0.21%
328 6/11/2017 26,000 1,464.77 -0.99%
329 6/4/2017 26,260 1,450.45 1.47%
330 5/28/2017 25,880 1,441.81 -0.15%
331 5/21/2017 25,920 44.5 1,448.93 -0.52%
332 5/14/2017 26,100 1,436.19 1.16%
333 5/7/2017 25,800 1,443.56 4.88%
334 4/30/2017 24,600 1,384.92 0.74%
335 4/23/2017 24,420 44.5 1,371.54 0.43%
336 4/16/2017 24,360 1,362.33 -0.08%
337 4/9/2017 24,380 1,378.28 1.08%
338 4/2/2017 24,120 1,368.98 -1.07%
339 3/26/2017 24,380 1,365.61 1.33%
340 3/19/2017 24,060 41.5 1,355.53 0.42%
341 3/12/2017 24,000 1,337.29 -0.41%
342 3/5/2017 24,100 1,335.67 4.24%
343 2/26/2017 23,120 1,329.58 -2.78%
344 2/19/2017 23,780 41.5 1,333.57 -0.91%
345 2/12/2017 24,040 1,341.83 0.17%
346 2/5/2017 24,000 1,347.40 -1.56%
347 1/29/2017 24,380 1,369.79 -0.89%
348 1/22/2017 24,600 41.5 1,372.59 2.67%
349 1/15/2017 24,000 1,354.35 -2.52%
350 1/8/2017 24,620 1,369.62 -1.36%
351 1/1/2017 24,960 1,374.08 0.24%
352 12/25/2016 24,900 1,351.68 -0.24%
353 12/18/2016 24,960 41.5 1,330.31 2.13%
354 12/11/2016 24,480 1,341.58 2.86%
355 12/4/2016 23,800 1,324.80
R. Colcap = (Pt - Pt-1) /Pt-1
REND. COLCAP (Rm)

-1.8%

2.9% BETA 5 AÑOS Anteriores (06/10/23 - 05/10/18)

-0.7% COVARIANZA (Rj,Rm) 0.00061
2.8% VARIANZA Rm 0.00127
-1.4% BETA GRUPO NUTRESA 0.4822
-1.5%
BETA ÚLTIMO AÑO y MEDIO. (28/07/23 - 19/11/21)
-2.7% (Período OPAs)
-1.3% COVARIANZA (Rj,Rm) 0.00087
-1.9% VARIANZA Rm 0.00093
0.7% BETA GRUPO NUTRESA 0.9321
-0.9%
BETA 4 AÑOS PREVIO AL 2022 (19/11/21 - 01/12/17)
0.7% (4 años Pre-OPAs)
2.7% COVARIANZA (Rj,Rm) 0.00044
0.0% VARIANZA Rm 0.00127
0.0% BETA GRUPO NUTRESA 0.344
-3.4% - 0.008
BETA 5 AÑOS PREVIO AL 2022 (19/11/21 - 13/12/16)
-0.8% (5 años Pre-OPAs)
3.1% COVARIANZA (Rj,Rm) 0.00037
4.3% VARIANZA Rm 0.00105
-2.0% BETA GRUPO NUTRESA 0.352
-3.0%
-0.4%
-2.9%
70.0%
-1.4%
-3.0%
60.0%
5.0%
3.1%
50.0%
4.6%
-0.4% 40.0%
-6.5%
-2.2% 30.0%
1.8%
-1.3% 20.0%
-2.9%
-1.4% 10.0%
-1.8%
-3.9% 0.0%
5/10/2016 9/22/2017 2/4/2019 6/18/2020
-10.0%

-20.0%
 10.0%

0.0%
0.0% 5/10/2016 9/22/2017 2/4/2019 6/18/2020
0.8% -10.0%
3.2%
3.1% -20.0%
2.6%
-0.9% -30.0%
-1.1%
-2.0% REND. NUTRESA (Rj) REND. CO
-1.3%
1.3%
1.8%
2.0%
-1.0%
5.4%
-3.4%
7.2%
-2.5%
-4.3%
-1.1%
-0.8%
-5.5%
-0.3%
-1.7%
2.4%
0.3%
2.9%
-1.1%
-6.0%
-0.2%
-0.6%
-6.1%
-5.0%
-5.2%
5.3%
5.0%
-3.5%
-2.8%
-0.4%
-3.2%
0.0%
-0.6%
-0.1%
1.2%
4.4%
-0.6%
 0.4%
1.7%
1.5%
0.1%
-1.9%
-0.5%
0.4%
6.4%
2.7%
-1.2%
0.7%
0.5%
0.4%
-3.0%
8.6%
1.5%
-4.3%
-2.3%
-0.4%
-0.4%
-1.9%
1.8%
2.2%
4.6%
-0.9%
0.1%
-0.5%
0.1%
-0.1%
4.6%
3.4%
-0.8%
-1.4%
-1.4%
-1.6%
0.3%
0.4%
2.1%
-0.3%
1.3%
3.2%
-3.0%
-3.5%
0.6%
2.5%
-2.5%
-2.6%
-0.4%
0.4%
0.2%
-0.8%
-2.2%
0.7%
-1.1%
0.5%
-1.0%
-0.3%
1.7%
-5.0%
-2.3%
0.0%
1.1%
1.1%
-0.3%
3.5%
6.1%
2.9%
1.8%
2.5%
3.2%
3.1%
-3.3%
0.3%
-1.5%
2.1%
-0.5%
-2.9%
-0.5%
-2.2%
1.1%
3.4%
2.9%
1.0%
0.7%
-3.4%
1.5%
0.7%
2.0%
1.3%
-4.4%
 1.6%
-5.0%
9.8%
3.6%
0.4%
-5.1%
-1.1%
-5.8%
5.7%
-1.7%
24.8%
-19.3%
-24.2%
-3.0%
-5.0%
-2.0%
0.6%
1.9%
-1.5%
-0.5%
0.1%
-1.3%
0.9%
1.1%
0.7%
1.2%
0.0%
-0.1%
-0.8%
-0.5%
-0.6%
1.1%
3.2%
-0.8%
-0.1%
0.5%
-0.6%
0.9%
0.8%
0.5%
3.6%
-2.4%
0.3%
-0.4%
-2.4%
-1.2%
-0.3%
1.6%
2.0%
-0.7%
2.2%
1.1%
1.5%
-0.2%
-0.7%
-3.2%
-0.3%
-2.7%
1.5%
-1.9%
0.3%
0.8%
-0.6%
1.1%
5.1%
-0.8%
1.6%
0.2%
1.4%
0.5%
2.6%
2.3%
0.3%
2.3%
2.3%
1.8%
-4.2%
-1.7%
0.2%
0.6%
-4.6%
1.2%
2.1%
-0.4%
-3.8%
-0.7%
-2.2%
-0.7%
1.6%
-1.0%
 1.5%
-4.3%
0.3%
0.7%
0.2%
-0.5%
-0.3%
-0.7%
0.0%
-0.7%
-1.2%
3.6%
-1.2%
-0.4%
-1.1%
2.5%
0.4%
-1.9%
0.2%
-1.2%
0.3%
1.5%
1.2%
4.5%
-0.2%
-1.1%
-0.4%
1.8%
-5.0%
0.8%
1.3%
-4.3%
-1.6%
2.7%
1.9%
-1.6%
2.1%
1.3%
2.0%
1.1%
0.0%
0.0%
0.4%
0.6%
1.1%
-1.8%
-1.4%
-1.4%
-0.3%
0.3%
0.1%
-0.5%
-0.4%
0.4%
1.3%
-0.1%
1.0%
-0.9%
-0.7%
1.1%
-1.1%
1.2%
0.5%
1.9%
-2.0%
1.0%
0.6%
-0.5%
0.9%
-0.5%
4.2%
1.0%
0.7%
-1.2%
0.7%
0.2%
0.7%
1.4%
0.1%
0.5%
-0.3%
-0.6%
-0.4%
-1.6%
-0.2%
1.3%
-1.1%
-0.3%
1.7%
1.6%
-0.8%
1.3%
6/18/2020 10/31/2021 3/15/2023 7/27/2024
 6/18/2020 10/31/2021 3/15/2023 7/27/2024

SA (Rj) REND. COLCAP (Rm)

1. OBTENCION DEL COSTES DEL ACCIONISTA:
CAPM Escenario 5 años
anteriores
Rf USA 4.78%
EMBI (Colombia) Rp 3.60%
B 0.48
Rm 10.1%
Ke 10.94%

2. OBTENCION DEL COSTES DEL CAPITAL DE NUTRESA Ó WACC

Escenario 5 años
WACC anteriores
Ke Costo del Equity 10.9%
Kd Costo de la Deuda 11.5%
D Valor de mercado de la deuda [D] 4,371,129
E Valor de mercado del Patrimonio [E] 20,370,136
Tx Impuestos 28%
WACC 10.5%

Nota: [D] + [E] = V, Valor de la Empresa

AQUÍ EST
Escenario alta
volatilidad Links para Usar:
4.78% (a) (Del Link 1) 1 https://ycharts.com/indicators/10_
3.60% (b) (Del link 2) 2 https://www.invenomica.com.ar/ri
0.93 (c) (De los cálculos de ayer) 3 https://www.spglobal.com/spdji/es
10.1% (d) (Del Link 3)
13.33% =(a)+(c*(d-a))+b Formulas a Usar:

Escenario alta
volatilidad
13.3% De cálculo arriba
11.5% De tabla 61 (año 2022)
$ 4,371,129 De tabla 60 (Esta en Millones ya en la Tabla)
$ 20,370,136 Tabla 77 (# Acc. 2022 * Precio 2022), Nota: en Millones (MM Acc. x Precio Mercado)
28.3% De tabla 54
12.4%

AQUÍ ESTAN LAS TABLAS

inks para Usar:
ttps://ycharts.com/indicators/10_year_treasury_rate#:~:text=10%20Year%20Treasury%20Rate%20is%20at%203.60%25%2C%20compare
ttps://www.invenomica.com.ar/riesgo-pais-embi-america-latina-serie-historica/
ttps://www.spglobal.com/spdji/es/indices/equity/sp-500/#overview

ormulas a Usar:

MM Acc. x Precio Mercado)

t%203.60%25%2C%20compared%20to%203.51,long%20term%20average%20of%204.26%25.