Mult

AGF
0%
Dundee
0%
Gluskin
25%
Guardian Jovi
100%
Jovian
100%
Seamark
100%
Sprott
25%
Precio segn mtrica
Precio implcito
Precio promedio

EPS(25%)
Precio
11.1
13.32
82.6
99.12
9.8
11.76
18.5
22.2
35
42
23.6
28.32
9.9
11.88
28.122857143
7.0307142857

EBITDA (25%)
Mult
4.3
12.3
5.5
9.5
7.5
11.3
6.1

EBITDA (25%)
Precio
7.90441176
22.6102941
10.1102941
17.4632353
13.7867647
20.7720588
11.2132353
16.3865546
4.09663866
22.3958891

AUM (50%)
Mult
Precio
2.20% 22.610483
6.80% 69.8869476
5.80% 59.6094553
2% 20.5549846
0.50% 5.13874615
1.10% 11.3052415
10.50% 107.913669
22.5370724
11.2685362

Precio histrico/AUM

Institucional
84%
Mutual fund
16%

Bajo
Promedio
Alto

0.90%
1.50%
2.40%

Bajo
Promedio
Alto

5.80%
8.30%
12.30%

Valor

AUM

Bajo
Promedio
Alto

Precio
14000
11760
11760
11760

7.76978417
12.9496403
20.7194245

2240
2240
2240

9.53751285
13.6485098
20.2261048

8.0526207605
13.061459404
20.64049332

Crec Ingresos
Ingresos
53.4
Gastos operativos 55%
EBITDA
Menos impuestos 34.5%
Utilidad neta
EPS
Mas Sinergias despues de
Flujo operativo

2008
-10%

2009
16%

2010
6%

2011
5%

48.06
26.433
21.627

55.7496 59.094576 62.0493048

30.66228 32.5020168 34.1271176
25.08732 26.5925592 27.9221872

7.461315

8.6551254 9.17443292 9.63315457

14.165685 16.4321946 17.4181263 18.2890326

1.03991227 1.20629824 1.27867613 1.34260994
3.28

3.28

3.28

3.28

17.445685 19.7121946 20.6981263 21.5690326

VP flujo operativo

15.8597136 16.2910699 15.5508086 14.7319395

Factor de descuento

0.90909091 0.82644628

Valor total
Millones de ACCIONES
Valor por accin

293.23993
13.622
21.5269366

0.7513148 0.68301346

2012
4%

Valor terminal
4%

64.531277
35.4922023
29.0390746

67.1125281
36.9118904
30.2006376

10.0184808

10.41922

19.0205939
1.39631434

19.7814176
1.45216691

3.28

3.28

Costo de capital
Tasa us
Premio mercado
Premio accin
Beta

22.3005939

23.0614176 384.356961

13.8469143

216.959484

0.62092132
Tasa de descuento

Crecimiento
VT

5%
4%
3%
2%

8%
41.6
32.5
27
23.3

9%
31.1
25.9
22.4
19.9

10%
24.8
21.5
19.1
17.3

228%
156%
113%
83%

145%
104
76
57

95%
69
50
36

to de capital
0.04
0.07
0.02
0.62

mio mercado
mio accin

0.10000400

22.39
13.06
21.52

0.2 =
0.3 =
0.5 =

11%
20.6
18.4
16.7
15.3

12%
17
16
14.7
13.7

62%
44
31
21

34%
26
16
8

10% WACC

4.478
3.918
10.76
19.156
50.90%

Todo acciones

Todo efectivo

Oferta+
19

19

13.622

13.622

Precio total

258.818

258.818

Acciones financiamiento

258.818

258.818

927
16.4

927
16.4

Costo deuda 5%

Costo efectivo 2%

-4.1

923.4

931.3

263.75

263.75

Precio
No acciones

Utilidades 2009
IGM
Saxon

Proforma
Afectacin EPS
No acciones
Precio por accion saxon
Precio por accion IGM
No acciones nuevas
Acciones tota

19
43.6
5.93
271.65

265.75

EPS antes

3.49

3.49

EPS despues

3.47

3.53

Aumento

-0.6 %

1.15

o efectivo

Todo deuda
19
13.622
258.818
0
0
258.818

927
16.4
-10.2
0
933.2

263.75

265.75
3.49
3.51
0.57