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  • Hay Creación de Valor Cuando ROA Ko, Ko ROCE EVA (-) KO ROCE EVA ( 0) Ve Act Tot P Valor de Mco Accs Wacc Ko Ke y Ko L/P+C/P Gastos Fin L/P Intereses

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    Fabián Vidal Lavoz
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    This document contains financial formulas and definitions related to profitability ratios, cash flow, valuation, and value creation. It includes formulas for: 1) Calculating operating ratios like return on assets (ROA), return on equity (ROE), profit growth rate (PGU), and return on invested capital (ROCE). 2) Determining cash flows like free cash flow to the firm (FCFF) and net operating profit after tax (NOPAT). 3) Valuing a business using methods like discounted cash flow (DCF) and economic value added (EVA). 4) Relating value creation to whether return on capital employed (ROCE) exceeds the weighted average cost of capital (WACC

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    Formulario

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    Finanzas

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    This document contains financial formulas and definitions related to profitability ratios, cash flow, valuation, and value creation. It includes formulas for: 1) Calculating operating ratios like return on assets (ROA), return on equity (ROE), profit growth rate (PGU), and return on invested capital (ROCE). 2) Determining cash flows like free cash flow to the firm (FCFF) and net operating profit after tax (NOPAT). 3) Valuing a business using methods like discounted cash flow (DCF) and economic value added (EVA). 4) Relating value creation to whether return on capital employed (ROCE) exceeds the weighted average cost of capital (WACC

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    30 views1 page

    Hay Creación de Valor Cuando ROA Ko, Ko ROCE EVA (-) KO ROCE EVA ( 0) Ve Act Tot P Valor de Mco Accs Wacc Ko Ke y Ko L/P+C/P Gastos Fin L/P Intereses

    Uploaded by

    Fabián Vidal Lavoz
    This document contains financial formulas and definitions related to profitability ratios, cash flow, valuation, and value creation. It includes formulas for: 1) Calculating operating ratios like return on assets (ROA), return on equity (ROE), profit growth rate (PGU), and return on invested capital (ROCE). 2) Determining cash flows like free cash flow to the firm (FCFF) and net operating profit after tax (NOPAT). 3) Valuing a business using methods like discounted cash flow (DCF) and economic value added (EVA). 4) Relating value creation to whether return on capital employed (ROCE) exceeds the weighted average cost of capital (WACC

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    𝑈𝑡 𝐵𝑟𝑢𝑡𝑎 ∆% EBIT 𝑈𝑡 𝑂𝑝 ∆% UPA

    𝐆𝐋𝐎 = 𝐆𝐋𝐎 = 𝐆𝐋𝐅 = 𝐆𝐋𝐅 = 𝐆𝐋𝐓 = GLO x GLF


    𝑈𝑡 𝐵𝑟𝑢𝑡𝑎−𝐶𝑂𝐹(𝑑𝑒𝑝,𝑎𝑚𝑜𝑟,𝑝𝑟𝑜𝑣𝑖𝑠) ∆% Vtas 𝑈𝑡 𝑂𝑝−𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑒𝑠 ∆% EBIT

    𝑉𝑒𝑛𝑡𝑎𝑠 𝑎𝑙 𝐶𝑟é𝑑𝑖𝑡𝑜 𝑉𝑒𝑛𝑡𝑎𝑠 𝑎𝑙 𝐶𝑟é𝑑𝑖𝑡𝑜 𝐶𝑉


    A) 𝐑𝐨𝐭 𝐂𝐱𝐂 = 𝐑𝐨𝐭 𝐂𝐱𝐏 = 𝐑𝐨𝐭 𝐈𝐧𝐯 =
    𝐶𝑥𝐶 𝐶𝑥𝑝(𝑃𝑟𝑜𝑣𝑒𝑒𝑑) 𝐼𝑛𝑣

    𝑑í𝑎𝑠 𝑑í𝑎𝑠 𝑑í𝑎𝑠


    B) 𝐏𝐏𝐂(𝐐) = 𝐏𝐏𝐏(𝐐) = 𝐏𝐏𝐈(𝐐) =
    𝑅𝑜𝑡 𝐶𝑥𝐶 𝑅𝑜𝑡 𝐶𝑥𝑃 𝐼𝑛𝑣

    Vtas al crédito 𝐶𝑉 𝑢𝐸𝐸𝑅𝑅 𝐶𝑉 𝐸𝐸𝑅𝑅


    C) 𝐏𝐏𝐂($) = x PPC(Q) 𝐏𝐏𝐏($) = x PPP(Q) 𝐏𝐏𝐈($) = x PPI(Q)
    𝑑í𝑎𝑠 𝑑í𝑎𝑠 𝑑í𝑎𝑠

    𝐹𝐶𝐹𝐹 𝐸𝑏𝑖𝑡 𝐸𝐵𝐼𝑇 𝑁𝑜𝑝𝑎𝑡


    FCFF EBIT= EBIT(1-T) + Dep ± CAPEX∆(AF-AF(ant)) ± KTNO∆(CxC+Inv-Cxp(Prov))(E-año ant) sig contr en ls 2 𝐕𝐚𝐥 𝐝𝐞𝐥 𝐍𝐞𝐠 𝐡𝐨𝐲 = 𝐏𝐆𝐔 𝐀𝐧𝐭 𝐈 = 𝐏𝐆𝐔 𝐃𝐬𝐩 𝐈 =
    𝐶𝑜𝑠𝑡𝑜 𝑐𝑎𝑝 𝑑𝑒𝑙 𝑛𝑒𝑔𝑜𝑐𝑖𝑜(𝑘𝑜) 𝐴𝑐𝑡 𝑂𝑝 𝐴𝑐𝑡 𝑜𝑝

    𝐀𝐜𝐭 𝐎𝐩 = CxC + 𝐸𝑥𝑖𝑠𝑡 + 𝑀𝑎𝑞 𝐍𝐎𝐏𝐀𝐓 = EBIT(1 − T) 𝐂𝐎𝐅 = Ut Neta + Dep ± InvCT=KTNO(Cxc + Inv – CxP(Provee)) ) 𝑪𝑵𝑭𝑪: 𝐷𝑒𝑝 + 𝑝𝑟𝑜𝑣𝑖𝑠𝑖ó𝑛 + 𝐶𝑡𝑎𝑠 𝐼𝑛𝑐𝑜𝑏 + 𝑚𝑒𝑟𝑚𝑎𝑠 + 𝑎𝑚𝑜𝑟𝑡

    𝐷 𝑃 𝐷 𝑃
    𝐏𝐚𝐫𝐚 𝐕𝐄, 𝐊𝐎 = Kd(1 − T) 𝑥 + 𝐾𝑒 𝒙 𝐏𝐚𝐫𝐚 𝐄𝐯𝐚, 𝐊𝐎 = Kd(1 − T) + 𝐾𝑒 𝒙 𝐊𝐞 = Rf + 𝐵𝑗 [𝐸(𝑅𝑚) − 𝑅𝑓) 𝐀𝐎𝐍 = Act Op − Part No Fin 𝐍𝐎𝐏𝐀𝐓 = EBIT(1 − T)
    𝑉𝐸 𝑉𝐸 𝐴𝑂𝑁 𝐴𝑂𝑁

    𝐷 𝑃 X o NOPAT(1−T) 𝑃𝑎𝑡
    .𝐊𝐎 = Kd(1 − T) 𝑥
    𝑉𝐿
    + 𝐾𝑒 𝒙
    𝑉𝐿
    𝐊𝐎 = VL
    𝐊𝐎 = Ku(1 − TL) 𝐏𝐨 =
    𝑁° 𝐴𝑐𝑐𝑠

    𝑋 𝑜 𝑁𝑂𝑃𝐴𝑇(1−𝑇) 𝐶𝑎𝑟𝑔 𝐹𝑖𝑛 𝐷 𝐷


    𝐕𝐋 = Vu + (Deuda mercad x T)𝐕𝐮 =
    𝐾𝑢
    𝐏𝐀𝐓 = VL − D 𝐊𝐝 =
    𝐷
    𝐊𝐞 = Ku + (Ku − Kd) ∗ (1 − 𝑇) 𝐁𝐣 = 𝐁𝐋(𝐚𝐩𝐚𝐥) = Bu x [1 + (1 − 𝑇)] 𝐕𝐄 = D + PAT
    𝑃 𝑃

    Ut Neta Ut.Neta EBIT Ut Neta NOPAT Total Act Corri Total Pas
    𝐑𝐎𝐄 = 𝐑𝐎𝐀 = 𝐏𝐆𝐔 = 𝐔𝐏𝐀 = 𝐑𝐎𝐂𝐄 = 𝐋𝐢𝐪 𝐂𝐨𝐫𝐫 = 𝐀𝐩𝐚𝐥𝐚𝐧 = 𝐄𝐕𝐀 = NOPAT − (AON + WACC)
    PAT Activos ACT OP N° Accs AON Total Pas Corri Total Act

    𝐹1 𝐹1 𝐹𝑐𝑛+𝑉𝑇 𝐹𝑐𝑛+1 𝐹𝑐𝑛(1+𝑔) 𝐹1 𝐹1 𝐹𝑐𝑛+𝑉𝑇


    𝐕𝐄 = + (1+𝐾𝑜)2 + (1+𝐾𝑜)𝑛 donde 𝐕𝐓 = 𝑜 𝐅𝐂𝐅𝐅(𝐊𝐨) = + (1+𝑇𝑎𝑠𝑎𝐼𝑛𝑡)2 + (1+𝑇𝑎𝑠𝑎𝐼𝑛𝑡)𝑛
    1+𝐾𝑜 𝐾𝑜−𝑔 𝐾𝑜−𝑔 1+𝑇𝑎𝑠𝑎𝐼𝑛𝑡

    Hay creación de valor cuando ROA>Ko, Ko<Roce


    Ko<ROCEEVA(+)
    Ko>ROCEEVA(-)
    KO=ROCEEVA(=0)
    VE=ACT Tot
    P= Valor de mco accs
    Wacc=Ko
    Ke y Ko L/p+c/p
    Gastos Fin= L/p * Intereses

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