IMP BET

Dec 31, 20 0.99 1.02% Media/zi = -0.01% Dec 31, 20 7,383.68 -0.43%
Dec 28, 20 0.98 -0.41% Media/an = -2.39% Dec 28, 20 7,415.91 -0.37%
Dec 27, 20 0.984 2.93% Dec 27, 20 7,443.58 -0.13%
Dec 24, 20 0.956 3.24% StDev/zi = 1.75% Dec 24, 20 7,452.99 7.05%
Dec 21, 20 0.926 -2.53% StDev/an= 27.59% Dec 21, 20 6,961.86 -5.06%
Dec 20, 20 0.95 2.15% Dec 20, 20 7,332.71 -1.91%
Dec 19, 20 0.93 -6.06% Coef BETA = 0.33 Dec 19, 20 7,475.22 -11.21%
Dec 18, 20 0.99 -1.00% Dec 18, 20 8,419.19 -1.24%
Dec 17, 20 1 0.00% Dc D BET = 1%At D IMP = 0.33% Dec 17, 20 8,524.69 -0.58%
Dec 14, 20 1 -2.91% Dec 14, 20 8,574.48 -0.16%
Dec 13, 20 1.03 1.48% Dec 13, 20 8,588.43 0.24%
Dec 12, 20 1.015 2.94% Dec 12, 20 8,567.83 -0.15%
Dec 11, 20 0.986 1.02% Dec 11, 20 8,581.09 0.26%
Dec 10, 20 0.976 0.00% Dec 10, 20 8,558.55 -1.45%
Dec 07, 20 0.976 0.21% Dec 07, 20 8,684.75 0.32%
Dec 06, 20 0.974 0.41% Dec 06, 20 8,656.79 -1.06%
Dec 05, 20 0.97 1.04% Dec 05, 20 8,749.59 -0.42%
Dec 04, 20 0.96 0.63% Dec 04, 20 8,786.58 0.40%
Dec 03, 20 0.954 0.42% Dec 03, 20 8,751.93 1.00%
Nov 29, 20 0.95 3.04% Nov 29, 20 8,665.36 1.02%
Nov 28, 20 0.922 -1.91% Nov 28, 20 8,578.29 0.05%
Nov 27, 20 0.94 0.64% Nov 27, 20 8,573.96 0.69%
Nov 26, 20 0.934 -1.27% Nov 26, 20 8,515.53 -0.09%
Nov 23, 20 0.946 -0.21% Nov 23, 20 8,522.78 0.09%
Nov 22, 20 0.948 0.85% Nov 22, 20 8,514.96 -0.24%
Nov 21, 20 0.94 0.00% Nov 21, 20 8,535.50 0.43%
Nov 20, 20 0.94 -0.21% Nov 20, 20 8,499.23 -0.78%
Nov 19, 20 0.942 -0.21% Nov 19, 20 8,566.30 -0.10%
Nov 16, 20 0.944 -0.21% Nov 16, 20 8,574.88 0.01%
Nov 15, 20 0.946 0.21% Nov 15, 20 8,573.66 0.27%
Nov 14, 20 0.944 0.43% Nov 14, 20 8,550.55 -1.38%
Nov 13, 20 0.94 -1.05% Nov 13, 20 8,670.05 0.10%
Nov 12, 20 0.95 0.00% Nov 12, 20 8,661.23 0.05%
Nov 09, 20 0.95 0.00% Nov 09, 20 8,657.22 1.00%
Nov 08, 20 0.95 0.42% Nov 08, 20 8,571.53 -1.16%
Nov 07, 20 0.946 0.21% Nov 07, 20 8,671.98 0.62%
Nov 06, 20 0.944 0.00% Nov 06, 20 8,618.62 0.53%
Nov 05, 20 0.944 0.43% Nov 05, 20 8,573.48 0.12%
Nov 02, 20 0.94 -0.42% Nov 02, 20 8,563.37 0.04%
Nov 01, 20 0.944 0.00% Nov 01, 20 8,560.18 0.48%
Oct 31, 20 0.944 0.64% Oct 31, 20 8,519.21 0.35%
Oct 30, 20 0.938 -0.21% Oct 30, 20 8,489.68 -0.18%
Oct 29, 20 0.94 0.00% Oct 29, 20 8,504.83 1.10%
Oct 26, 20 0.94 -1.05% Oct 26, 20 8,412.36 -1.00%
Oct 25, 20 0.95 0.00% Oct 25, 20 8,497.16 -1.50%
Oct 24, 20 0.95 0.00% Oct 24, 20 8,626.14 -0.18%
Oct 23, 20 0.95 -0.21% Oct 23, 20 8,641.52 0.30%
Oct 22, 20 0.952 -0.42% Oct 22, 20 8,615.95 0.18%
Oct 19, 20 0.956 -0.21% Oct 19, 20 8,600.27 0.01%
Oct 18, 20 0.958 -1.24% Oct 18, 20 8,599.66 -0.81%
Oct 17, 20 0.97 2.75% Oct 17, 20 8,670.30 1.28%
Oct 16, 20 0.944 -1.46% Oct 16, 20 8,560.32 1.41%
Oct 15, 20 0.958 0.42% Oct 15, 20 8,441.69 0.57%
Oct 12, 20 0.954 0.00% Oct 12, 20 8,393.90 -0.10%
Oct 11, 20 0.954 -0.62% Oct 11, 20 8,401.96 -1.01%
Oct 10, 20 0.96 -0.62% Oct 10, 20 8,487.88 -0.67%
Oct 09, 20 0.966 0.84% Oct 09, 20 8,545.34 0.28%
Oct 08, 20 0.958 0.00% Oct 08, 20 8,521.11 -0.39%
Oct 05, 20 0.958 0.00% Oct 05, 20 8,554.15 0.50%
Oct 04, 20 0.958 0.00% Oct 04, 20 8,512.01 0.25%
Oct 03, 20 0.958 0.00% Oct 03, 20 8,490.84 -0.24%
Oct 02, 20 0.958 -0.21% Oct 02, 20 8,511.54 0.83%
Oct 01, 20 0.96 1.05% Oct 01, 20 8,441.26 0.34%
Sep 28, 20 0.95 0.42% Sep 28, 20 8,412.72 -0.40%
Sep 27, 20 0.946 2.83% Sep 27, 20 8,446.41 0.85%
Sep 26, 20 0.92 -2.13% Sep 26, 20 8,374.90 -0.04%
Sep 25, 20 0.94 0.00% Sep 25, 20 8,378.04 0.01%
Sep 24, 20 0.94 2.17% Sep 24, 20 8,377.37 -0.06%
Sep 21, 20 0.92 0.88% Sep 21, 20 8,382.72 0.34%
Sep 20, 20 0.912 1.33% Sep 20, 20 8,354.33 0.72%
Sep 19, 20 0.9 0.00% Sep 19, 20 8,294.54 0.09%
Sep 18, 20 0.9 0.00% Sep 18, 20 8,286.98 1.42%
Sep 17, 20 0.9 0.00% Sep 17, 20 8,170.91 0.10%
Sep 14, 20 0.9 0.00% Sep 14, 20 8,162.69 -0.53%
Sep 13, 20 0.9 0.00% Sep 13, 20 8,206.00 -0.68%
Sep 12, 20 0.9 2.51% Sep 12, 20 8,261.86 -0.24%
Sep 11, 20 0.878 -3.09% Sep 11, 20 8,282.11 -0.59%
Sep 10, 20 0.906 0.00% Sep 10, 20 8,331.45 0.32%
Sep 07, 20 0.906 0.00% Sep 07, 20 8,304.71 -0.20%
Sep 06, 20 0.906 0.00% Sep 06, 20 8,321.09 0.09%
Sep 05, 20 0.906 0.00% Sep 05, 20 8,313.26 -0.39%
Sep 04, 20 0.906 -0.44% Sep 04, 20 8,346.07 0.44%
Sep 03, 20 0.91 0.00% Sep 03, 20 8,309.44 0.42%
Aug 31, 20 0.91 0.22% Aug 31, 20 8,274.54 -0.81%
Aug 30, 20 0.908 0.00% Aug 30, 20 8,342.44 0.11%
Aug 29, 20 0.908 0.89% Aug 29, 20 8,332.93 -0.48%
Aug 28, 20 0.9 0.00% Aug 28, 20 8,373.53 0.87%
Aug 27, 20 0.9 0.00% Aug 27, 20 8,301.28 0.36%
Aug 24, 20 0.9 0.00% Aug 24, 20 8,271.66 0.79%
Aug 23, 20 0.9 0.00% Aug 23, 20 8,207.23 0.22%
Aug 22, 20 0.9 -2.39% Aug 22, 20 8,189.52 -0.27%
Aug 21, 20 0.922 0.22% Aug 21, 20 8,211.84 -0.28%
Aug 20, 20 0.92 0.44% Aug 20, 20 8,234.80 0.60%
Aug 17, 20 0.916 2.92% Aug 17, 20 8,185.49 0.71%
Aug 16, 20 0.89 -1.11% Aug 16, 20 8,127.85 0.54%
Aug 14, 20 0.9 -2.17% Aug 14, 20 8,084.04 -0.14%
Aug 13, 20 0.92 1.10% Aug 13, 20 8,095.38 -0.72%
Aug 10, 20 0.91 1.79% Aug 10, 20 8,154.49 -0.60%
Aug 08, 20 0.894 2.29% Aug 09, 20 8,203.98 -0.33%
Aug 06, 20 0.874 0.69% Aug 08, 20 8,231.38 0.51%
Aug 03, 20 0.868 -2.47% Aug 07, 20 8,189.94 0.04%
Aug 02, 20 0.89 2.77% Aug 06, 20 8,187.05 1.22%
Aug 01, 20 0.866 0.00% Aug 03, 20 8,088.71 1.18%
Jul 31, 201 0.866 -2.70% Aug 02, 20 7,994.11 -0.23%
Jul 27, 201 0.89 0.00% Aug 01, 20 8,012.24 0.43%
Jul 25, 201 0.89 0.00% Jul 31, 201 7,977.74 -1.02%
Jul 24, 201 0.89 0.00% Jul 30, 201 8,060.24 0.24%
Jul 23, 201 0.89 1.37% Jul 27, 201 8,040.78 0.30%
Jul 17, 201 0.878 0.00% Jul 26, 201 8,016.71 0.79%
Jul 16, 201 0.878 3.29% Jul 25, 201 7,953.86 -0.01%
Jul 13, 201 0.85 0.00% Jul 24, 201 7,954.72 0.07%
Jul 12, 201 0.85 -5.35% Jul 23, 201 7,949.39 0.65%
Jul 11, 201 0.898 0.90% Jul 20, 201 7,898.09 0.44%
Jul 10, 201 0.89 1.14% Jul 19, 201 7,863.76 -1.58%
Jul 09, 201 0.88 -1.12% Jul 18, 201 7,990.15 -0.19%
Jul 06, 201 0.89 0.00% Jul 17, 201 8,005.25 0.26%
Jul 05, 201 0.89 0.68% Jul 16, 201 7,984.18 0.64%
Jul 04, 201 0.884 0.00% Jul 13, 201 7,933.45 0.16%
Jul 03, 201 0.884 -2.43% Jul 12, 201 7,920.42 0.35%
Jul 02, 201 0.906 2.95% Jul 11, 201 7,892.87 0.21%
Jun 29, 20 0.88 -1.57% Jul 10, 201 7,876.10 0.14%
Jun 28, 20 0.894 -0.89% Jul 09, 201 7,865.40 0.38%
Jun 27, 20 0.902 0.00% Jul 06, 201 7,835.34 0.27%
Jun 26, 20 0.902 0.00% Jul 05, 201 7,814.50 -1.08%
Jun 25, 20 0.902 0.22% Jul 04, 201 7,899.99 -0.54%
Jun 22, 20 0.9 -0.66% Jul 03, 201 7,943.05 -0.96%
Jun 21, 20 0.906 -3.21% Jul 02, 201 8,020.17 -0.83%
Jun 20, 20 0.936 0.00% Jun 29, 20 8,087.01 1.21%
Jun 19, 20 0.936 -0.21% Jun 28, 20 7,990.67 0.63%
Jun 18, 20 0.938 0.00% Jun 27, 20 7,940.99 -0.31%
Jun 15, 20 0.938 0.21% Jun 26, 20 7,965.38 0.00%
Jun 14, 20 0.936 2.18% Jun 25, 20 7,965.65 -1.77%
Jun 13, 20 0.916 -2.14% Jun 22, 20 8,108.84 -0.19%
Jun 11, 20 0.936 -0.21% Jun 21, 20 8,124.00 -0.14%
Jun 08, 20 0.938 4.22% Jun 20, 20 8,135.47 0.59%
Jun 07, 20 0.9 -1.32% Jun 19, 20 8,087.71 -0.93%
Jun 06, 20 0.912 -2.98% Jun 18, 20 8,163.77 -0.46%
Jun 05, 20 0.94 0.43% Jun 15, 20 8,201.28 0.44%
Jun 04, 20 0.936 1.74% Jun 14, 20 8,165.00 -1.54%
May 31, 20 0.92 -1.08% Jun 13, 20 8,292.54 0.01%
May 30, 20 0.93 0.00% Jun 12, 20 8,292.01 0.42%
May 29, 20 0.93 -0.85% Jun 11, 20 8,257.51 0.05%
May 25, 20 0.938 0.00% Jun 08, 20 8,253.12 -0.38%
May 24, 20 0.938 -0.21% Jun 07, 20 8,284.58 -0.06%
May 23, 20 0.94 -0.42% Jun 06, 20 8,289.31 0.47%
May 22, 20 0.944 0.43% Jun 05, 20 8,250.17 1.94%
May 21, 20 0.94 -1.05% Jun 04, 20 8,093.25 0.16%
May 18, 20 0.95 0.00% May 31, 20 8,080.10 0.77%
May 17, 20 0.95 -0.42% May 30, 20 8,018.66 -2.23%
May 16, 20 0.954 -2.65% May 29, 20 8,201.96 -0.74%
May 15, 20 0.98 -1.80% May 25, 20 8,263.10 -0.02%
May 11, 20 0.998 2.89% May 24, 20 8,264.44 -0.97%
May 09, 20 0.97 0.00% May 23, 20 8,345.65 -0.99%
May 08, 20 0.97 -2.02% May 22, 20 8,429.08 2.04%
May 07, 20 0.99 -0.80% May 21, 20 8,260.86 -1.77%
May 03, 20 0.998 -0.20% May 18, 20 8,409.70 -1.20%
May 02, 20 1 0.00% May 17, 20 8,511.49 -0.76%
Apr 30, 20 1 0.60% May 16, 20 8,576.50 -1.20%
Apr 27, 20 0.994 0.20% May 15, 20 8,680.35 -0.86%
Apr 26, 20 0.992 -0.80% May 14, 20 8,755.58 -0.23%
Apr 25, 20 1 -0.99% May 11, 20 8,775.91 -0.40%
Apr 24, 20 1.01 -1.46% May 10, 20 8,811.22 0.70%
Apr 23, 20 1.025 0.49% May 09, 20 8,750.27 -0.14%
Apr 20, 20 1.02 -0.49% May 08, 20 8,762.92 -0.98%
Apr 19, 20 1.025 2.50% May 07, 20 8,849.35 0.69%
Apr 18, 20 1 -0.99% May 04, 20 8,788.32 0.96%
Apr 17, 20 1.01 1.20% May 03, 20 8,705.10 -0.30%
Apr 16, 20 0.998 0.00% May 02, 20 8,731.02 0.21%
Apr 13, 20 0.998 1.84% Apr 30, 20 8,713.14 -0.76%
Apr 12, 20 0.98 -2.00% Apr 27, 20 8,780.22 -1.42%
Apr 11, 20 1 0.00% Apr 26, 20 8,906.42 -1.11%
Apr 10, 20 1 0.00% Apr 25, 20 9,006.10 0.01%
Apr 05, 20 1 1.01% Apr 24, 20 9,005.21 0.54%
Apr 04, 20 0.99 -1.00% Apr 23, 20 8,957.03 0.41%
Apr 03, 20 1 0.00% Apr 20, 20 8,920.49 -0.36%
Apr 02, 20 1 0.20% Apr 19, 20 8,952.47 0.21%
Mar 30, 20 0.998 1.01% Apr 18, 20 8,933.46 0.08%
Mar 29, 20 0.988 -0.20% Apr 17, 20 8,926.65 0.26%
Mar 28, 20 0.99 0.00% Apr 16, 20 8,903.60 0.37%
Mar 27, 20 0.99 4.43% Apr 13, 20 8,871.04 -0.64%
Mar 26, 20 0.948 -0.21% Apr 12, 20 8,928.03 1.13%
Mar 23, 20 0.95 -3.06% Apr 11, 20 8,828.34 -0.15%
Mar 22, 20 0.98 -1.80% Apr 10, 20 8,841.74 -0.22%
Mar 21, 20 0.998 0.20% Apr 05, 20 8,861.11 1.20%
Mar 20, 20 0.996 0.00% Apr 04, 20 8,756.18 -0.10%
Mar 19, 20 0.996 -0.20% Apr 03, 20 8,764.69 -0.05%
Mar 16, 20 0.998 0.00% Apr 02, 20 8,769.26 0.63%
Mar 15, 20 0.998 1.63% Mar 30, 20 8,714.17 0.39%
Mar 14, 20 0.982 -1.80% Mar 29, 20 8,680.28 -0.53%
Mar 13, 20 1 0.81% Mar 28, 20 8,726.88 -0.16%
Mar 12, 20 0.992 -0.80% Mar 27, 20 8,740.63 0.20%
Mar 09, 20 1 0.00% Mar 26, 20 8,722.84 0.71%
Mar 08, 20 1 0.00% Mar 23, 20 8,660.99 0.20%
Mar 07, 20 1 0.00% Mar 22, 20 8,643.85 -1.67%
Mar 06, 20 1 0.00% Mar 21, 20 8,790.59 0.67%
Mar 05, 20 1 0.81% Mar 20, 20 8,731.99 -0.49%
Mar 02, 20 0.992 -0.80% Mar 19, 20 8,775.38 -0.47%
Mar 01, 20 1 0.00% Mar 16, 20 8,816.96 1.49%
Feb 28, 20 1 -4.31% Mar 15, 20 8,687.83 1.00%
Feb 27, 20 1.045 0.00% Mar 14, 20 8,601.51 -0.08%
Feb 26, 20 1.045 2.96% Mar 13, 20 8,608.30 0.57%
Feb 23, 20 1.015 1.50% Mar 12, 20 8,559.15 0.97%
Feb 22, 20 1 -3.85% Mar 09, 20 8,477.18 0.07%
Feb 21, 20 1.04 -1.89% Mar 08, 20 8,471.65 0.34%
Feb 20, 20 1.06 2.42% Mar 07, 20 8,443.16 0.12%
Feb 19, 20 1.035 -2.82% Mar 06, 20 8,432.84 0.58%
Feb 16, 20 1.065 6.71% Mar 05, 20 8,384.01 0.38%
Feb 15, 20 0.998 3.74% Mar 02, 20 8,352.22 -0.71%
Feb 14, 20 0.962 -1.64% Mar 01, 20 8,411.68 -0.48%
Feb 13, 20 0.978 0.00% Feb 28, 20 8,452.41 0.44%
Feb 12, 20 0.978 0.82% Feb 27, 20 8,415.23 0.43%
Feb 09, 20 0.97 1.04% Feb 26, 20 8,379.01 0.27%
Feb 08, 20 0.96 -3.03% Feb 23, 20 8,356.13 0.79%
Feb 07, 20 0.99 0.61% Feb 22, 20 8,290.73 0.11%
Feb 06, 20 0.984 -7.17% Feb 21, 20 8,281.28 -0.31%
Feb 05, 20 1.06 -1.85% Feb 20, 20 8,307.04 -0.10%
Feb 02, 20 1.08 -1.82% Feb 19, 20 8,315.03 -0.16%
Jan 31, 20 1.1 0.92% Feb 16, 20 8,328.50 0.84%
Jan 30, 20 1.09 -0.46% Feb 15, 20 8,258.97 1.12%
Jan 29, 20 1.095 0.00% Feb 14, 20 8,167.16 0.36%
Jan 26, 20 1.095 -2.23% Feb 13, 20 8,138.07 0.35%
Jan 25, 20 1.12 0.00% Feb 12, 20 8,109.49 1.34%
Jan 23, 20 1.12 0.00% Feb 09, 20 8,002.55 -0.81%
Jan 22, 20 1.12 -0.88% Feb 08, 20 8,067.56 0.66%
Jan 19, 20 1.13 0.89% Feb 07, 20 8,014.29 0.09%
Jan 18, 20 1.12 1.82% Feb 06, 20 8,007.41 -2.13%
Jan 17, 20 1.1 -3.08% Feb 05, 20 8,181.68 -0.75%
Jan 16, 20 1.135 0.00% Feb 02, 20 8,243.25 -0.91%
Jan 15, 20 1.135 1.34% Feb 01, 20 8,318.61 -0.62%
Jan 12, 20 1.12 -2.61% Jan 31, 20 8,370.46 0.08%
Jan 11, 20 1.15 1.32% Jan 30, 20 8,363.37 -0.72%
Jan 10, 20 1.135 0.00% Jan 29, 20 8,423.91 -0.12%
Jan 09, 20 1.135 1.34% Jan 26, 20 8,434.44 0.25%
Jan 08, 20 1.12 8.21% Jan 25, 20 8,413.46 -0.27%
Jan 05, 20 1.035 -2.82% Jan 23, 20 8,436.41 -0.64%
Jan 04, 20 1.065 0.47% Jan 22, 20 8,490.52 1.54%
Jan 03, 20 1.06 0.95% Jan 19, 20 8,361.95 -0.15%
Jan 18, 20 8,374.67 0.70%
Jan 17, 20 8,316.59 1.01%
Jan 16, 20 8,233.13 -0.26%
Jan 15, 20 8,254.85 -0.17%
Jan 12, 20 8,269.05 1.24%
Jan 11, 20 8,167.91 1.66%
Jan 10, 20 8,034.85 0.00%
Jan 09, 20 8,034.76 0.65%
Jan 08, 20 7,982.75 -0.04%
Jan 05, 20 7,985.82 0.25%
Jan 04, 20 7,965.70 0.69%
Jan 03, 20 7,910.81 2.03%
Media/zi = -0.05%
Media/an = -11.52%

StDev/zi = 1.17%
StDev/an= 18.51%
 1.    INTRODUCERE     motivare
2.    PROFILUL CELOR DOUĂ COMPANII: investing.com

3.    VALOAREA CONTABILĂ A AVERII ACȚIONARILO

Bilanț
126.5 Sf.an.crt. Încep.an.crt.

Imo Active imobilizate 640 520

Stocuri + Creante 390 285

ACR

Cash ef si eq 36 52

TOTAL 1066 856

Sf.an.crt. Încep.an.crt.
Active imobilizate 640 520
ACN 223 322
TOTAL Cap Inv 863 841
Total Activ - DCR 2.62% 863 841
NFR -82.5 187 270

4.  VALOAREA DE PIAȚĂ A AVERII ACȚIONARILOR

sf an incep an
Nr. actiuni (mil) 1575 265
1) reducerea numărului de acțiuni la 262.500.000 acțiuni
2) emiterea unui număr 131.25 de noi acțiuni acordate gratuit
3) divizarea acțiunilor 393.75 mil acțiuni în raport de divizare 1:4
Curs bursier (lei/act) 0.7000 1.8800
Capitalizarea b = Nr act * Curs bursier 1102.5 498.20
121.30%
 5.    VENITURILE din EXPLOATARE și PRINCIPALELE MARJE DE PRO

Contul de profit şi pierdere

Venituri din exploatare (CA)
Chelt de exploatare MCV = 60.0%
Chelt fixe
EBITDA
Amortizare (Ajustari de valoare)

Profit din exploatare EBIT(Profit expl)

EBIT × (1 - t)
Chelt cu dobanzile
EBT
Impozit pe profit 16%
Profit net
Repartizarea profitului
· Dividende 50%
· Profit reinvestit 50%

e EBIT(Profit expl) = CA / (CA - PRctb) = 12.99% Dc CA ↑↓ cu ± 10%, at EBIT ↑↓ cu ± 12.99%

PRctb = (F + Amo) / (1 - Var/CA) = 40.0

e PN = CA / (CA - PRctb') = 15.61% Dc CA ↑↓ cu ± 10%, at PN ↑↓ cu ± 15.61%

PRctb' = (F + Amo + Dob) / (1 - Var/CA) = 62.50

6. ELEMENTELE PRINCIPALE ale VALORII PREZENTE

a.     CASH-FLOW-ul DISPONIBIL : CFD = PN + Dob × (1 – t) – D CapInv

CFD = PN + Amo + Dob · (1 – ) – D CapInv

D CapInv = CapInv1 - CapInv0 = D Imo + D
CapInv = Total Activ - DCR

VP (V0) =CFD1/((1+CMPC))+( VT1)/((1+CMPC) )

> CapInv (I0)
857 > 841

b. COSTUL MEDIU PONDERAT AL CAPITALULUI : CMPC (k) = kCPR × %CPR + kefDTL × %

 CAPM (Capital Asset Pricing Model) ERP(Equity Risk Premium) = EBET - Rf
Pret timp Prima de risc
1) Costul capitalurilor proprii : kCPR(EiCAPM) = Rf + bi × (EBET - Rf)

Beta (Risc de Piata) 0.46

Rata de dobanda fara risc (Rf) = 5.14%
Prima de risc a pietei de capital (ERP) = 6.85%
Costul CPR (Equity) 8.2900%
2) Costul datoriilor :
Costul dat. inainte de imp. = 7.27%
Costul datoriilor defiscaliz. = 6.10%
CMPC = 7.76%

Rata de acoperire a dobanzilor = EBIT / Dob = 5.16

Clasa de rating= AAA
1) Rata de dobanda fara risc (Rf) = 5.14%
2) Prima de risc de credit cf rating c-nie = 0.00%
3) Prima de risc de tara pt neramburs datorii = 2.13%
Costul datoriilor inainte de impozit = 7.27%

c.   VALOAREA TERMINALĂ : VT = CFD × (1+g) / (CMPC - g)

Rata de crestere (g) g= 2.616% 5.14%

g = D CapInv / CapInv
Valoarea terminala (VT)
VT = CFD*(1+g) / (CMPC - g) = 900
VT actualizata = 835
CFD actualizat = 21

7.    VALOAREA PREZENTĂ (VP) A COMPANIEI:

VP (V0) =CFD1/((1+CMPC))+( VT1)/((1+CMPC) )

> CapInv (I0)
857 > 841

Cap Invest = 841

8. VALOAREA ACTUALIZATĂ NETĂ (VAN = VP – CapInv)

VAN = VP - CapInv > 0 16 >0

Valoarea actualizată netă = plus/minus de valoare a Cap =0
<0

9. PRAG de RENTABILITATE CONTABIL vs FINANCIAR

Scenarii:
0. Situaţia normală : ( activitate = 117) :

Pragul de rentabilitate contabil sau Punctul Mort : nivelul critic al cif

2. Pragul de rentabilitate financiar : nivelul critic al cifrei de afaceri (1

3. Situatia de avarie : spre exemplu, un nivel de activitate de 75 > PR

10.    VALOAREA PREZENTĂ a CAPITALURILOR PROPRII :

Val. prezentă totală IMP = 857

- DTL 204
Valoarea prezentă CPR = 653
Valoarea prezentă (intrinsecă) per acțiune = 0.414
Supra/Subevaluare = -41%
Se recomandă cumpărarea acț. IMP

11. EVALUARE RELATIVĂ - PRIN COMPARAȚIE (prin multiplii de preț)

2021
P/E = Curs bursier/PN per acț = P / EPS Ratio = 17.31
Valoare CPR IMPP/E =
Valoarea per actiune =
Supra/Subevaluare =

P/BV = Curs bursier/AN per acț = P / BVshare = 1.13

Valoare CPR IMPP/BV =
Valoarea per actiune =
Supra/Subevaluare =

P/Sales = Curs bursier/CA per acț = P / Salesshare = 6.9

Valoare IMPP/Sales =
Valoarea per actiune =
Supra/Subevaluare =

Valoare mixta = =(VPCPR + CPRP/E + CPRP/BV + CPRP/Sales) / 4

DOUĂ COMPANII: investing.com

ABILĂ A AVERII ACȚIONARILOR = ACTIVUL NET = Active totale – Datorii totale

Bilanț Sf.an.crt.

Val ctb (Activ net) =

-15.4296338377318 Sf.an.crt. Încep.an.crt. 700
Active-Datorii = CPR

Capitaluri proprii 700 637 9.89%

Val reala = Val

Datorii > 1 an (TL) 163 204
intrinseca = VP
?
?

Val prezenta a benef

Datorii curente (DTS < 1 an) 203 15 viitoare

Val piata (CapBurs) =

TOTAL 1066 856 1103
Nr act x Curs burs
Dif 0.00 0.00 AN/act =
CB/act =
Sf.an.crt. Încep.an.crt. Prima/Discount =
Capitaluri proprii 700 637 76%
Datorii > 1 an (TL) 163 204 24%
TOTAL Cap Inv 863 841

CȚIONARILOR = CAPITALIZAREA BURSIERĂ: Nr total de actiuni x Curs bursier

Activul net ↓
637 0.4044 lei/act IMP (val ctb)
Actionar
IACIU GH
Pers. Juridice

Val piata ↓ 0.7000 lei/act IMP (val piata) ANDRICI ADRIAN

Discount Pers. Fizice

-139 Badwill/Goodwill TOTAL
Fd com negativ/pozitiv
PRINCIPALELE MARJE DE PROFIT: EBITDA; EBIT; EBIT (1 - t); EBT; PROFITUL NET

e profit şi pierdere
Sf.an.crt.
174.0 174 Daca CA
104 0% ↑↓ cu ± 10%
10
60
6 atunci Cash Flow = -16.00

53.60 53.60 EBIT ↑↓ cu Situatia cash-flow-urilor

45 0% Cash-flow operational =
9 Cash-flow de investitii =
45 atunci Cash-flow de finantare =
7 PN ↑↓ cu Cash-flow total
37.43 37.4 0%
Cash la sfarsitul anului =
18.7 Cash la inceputul anului =
18.7 Cash-flow total

↑↓ cu ± 10%, at EBIT ↑↓ cu ± 12.99% CapInv0 = 100000 lei in titluri de stat

Dob1 = 16% 15%
Castig nominal 16000 lei
↑↓ cu ± 10%, at PN ↑↓ cu ± 15.61% VP (V0) = 100870
Castig(+)/Pierdere(-) 870

Anul
LORII PREZENTE 0 1
VP CFD + VT
= PN + Dob × (1 – t) – D CapInv 1/(1+CMPC)

(1 – ) – D CapInv 22.98 22.98

CapInv = CapInv1 - CapInv0 = D Imo + D ACN
CapInv = Total Activ - DCR

+CMPC) )
mil lei

 Rata de dobândă fără risc (Rf = de remunerare a

: CMPC (k) = kCPR × %CPR + kefDTL × %DTL  Prima de risc de credit cf rating c-nie = (DS = d
 Prima de risc de tara pt neramburs datorii = (CD
în Rf
 Cota de impozit pe profit ()

k  (R  DS  CDS)  (1  τ) unde, CDS = CRP – Rf , c

  Rata de dobândă fără risc (Rf = de remunerare a
 Prima de risc de credit cf rating c-nie = (DS = d
 Prima de risc de tara pt neramburs datorii = (CD
ERP(Equity Risk Premium) = EBET - Rf în Rf
p Prima de risc  Cota de impozit pe profit ()

+ bi × (EBET - Rf) k d  (R f  DS  CDS)  (1  τ) unde, CDS = CRP – Rf , c

0.395
9.57% If interest coverage ratio is
6.42% > ≤ to Rating is Spread is
-100000 0.20 D2/D 20.00%
0.2 0.65 C2/C 16.00%
0.65 0.80 Ca2/CC 12.00%
0.8 1.25 Caa/CCC 9.00%
1.25 1.50 B3/B- 7.50%
1.5 1.75 B2/B 6.50%
1.75 2.00 B1/B+ 5.50%
2 2.25 Ba2/BB 4.25%
2.25 2.50 Ba1/BB+ 3.25%
2.5 3.00 Baa2/BBB 2.25%
3 4.25 A3/A- 1.75%
4.25 5.50 A2/A 1.25%
5.5 6.50 A1/A+ 1.10%
6.5 8.50 Aa2/AA 1.00%
> 8.5 AAA 0%
Return on Investment = ROC = EBIT(1-t
g) / (CMPC - g) Rmarja = 25.85% Reinvestment Rate = (Net Capital Expen
Rmarja neta = 21.51% gEBIT = (Net Capital Expenditures + Ch
Dacă g > Rf at. g = Rf Rrot = 0.21
Levier fin = 1.32 1.23

=> potențial de câștiguri viitoarde

CMPC) ) 1) VP = CFD / CMPC Eval in perpetuitate simpla: CFD = const pe per (n) nedetermin

mil lei 2) VP = CFD (1 + g) / (CMPC - g) Eval in perpetuitate de crestere: CFD creste cu rata 'g' const.

= VP – CapInv)

Capitalizare Se indeplineste obiectivul major in Finante: Cresterea valorii capitalurilor investite

 Conservare
Decapitalizare

FINANCIAR

17) :

au Punctul Mort : nivelul critic al cifrei de afaceri (14,6) pentru care PN =0.

: nivelul critic al cifrei de afaceri (131) pentru care VAN = 0

, un nivel de activitate de 75 > PR ctb, dar < PR fin

LOR PROPRII :

Curs bursier ↓ AN/act. ↓ Val ctb a CPR = 637

0.700 0.404
=» Supraevaluare
Se recomandă cumpărarea acț. IMP

RAȚIE (prin multiplii de preț)

6.39 (2022) ηdivid = 3.76%
648 Curs bursier ↓
0.41 0.7
-41%

1.47
791 Curs bursier ↓
0.50 0.7
-28%

3.01
1201 Curs bursier ↓
0.76 0.7
9%

823 Curs bursier ↓

0.52 0.7
-25.3%
orii totale

Încep.an.crt.

Cresterea val capit

637 Ob c-niei IMP =
investite

DImo = 127

VP = (∑CFDt +
653
VTn) / -99
DNFR =
? (1+CMPC)t –
DTL0

k = rata
k=
Cash Flow normala de
disponib k = rata de actualiz rentab/cls costul
risc capit

498.20 1.73
0.404 lei/act
0.700 lei/act Încep.an Sf.an
73.1%
Rcrt = 22.4 2.1
Rquik = 19.0 1.9
Rcash = 3.5 0.2

ctiuni x Curs bursier

Structura
actionariat
Actiuni Procent
155.750.000 56.8%
42.589.293 15.5%

42.500.700 15.5%

33.603.549 12.2%
274.443.542 100%
BT; PROFITUL NET 0.24 0.19

Levierul indator = 0.32 0.23

Racoper 5.16

CF ≠ PN ??? PN = 37.43

h-flow-urilor
125.93
-126.50
-15.4
-16.00
de analiză
36.00
52.00 de evaluare
-16.00 CFD = 22.98

tluri de stat
Rata infl

ră risc (Rf = de remunerare a obligaţiunilor emise de stat)

edit cf rating c-nie = (DS = default spread)
a pt neramburs datorii = (CDS = country default spread), necuprinsă

profit ()

1  τ) unde, CDS = CRP – Rf , cu CRP = country risk premium

ră risc (Rf = de remunerare a obligaţiunilor emise de stat)
edit cf rating c-nie = (DS = default spread)
a pt neramburs datorii = (CDS = country default spread), necuprinsă

profit ()

1  τ) unde, CDS = CRP – Rf , cu CRP = country risk premium

on Investment = ROC = EBIT(1-t)/(BV of Debt + BV of Equity)

stment Rate = (Net Capital Expenditures + Change in WC)/EBIT(1-t)
= (Net Capital Expenditures + Change in WC)/EBIT(1-t) * ROC

= const pe per (n) nedetermin

e: CFD creste cu rata 'g' const. pe per nedetermin

alurilor investite
 Bilanț
www.investing.com / bvb.ro Sf.an.crt. 2020 Încep.an.crt. 2020

Fixed Assets Active imobilizate 171 287

Stocuri + Creante 287 154

ACRnete (Net Working Capital)

Cash ef si eq 3 6

TOTAL 461 447

174513500 54821583

112260609 98837294

Active imobilizate 171 287

ACRnete = ACR - DCR ACRnete 126 -3
TOTAL Cap Inv 297 285
ACRnete = ACR-DCR

www.investing.com / bvb.ro TRP

Capitalizarea bursiera = Nr act * Nr. actiuni (mil) 2179

Curs bursier
Curs bursier (lei/act) 0.1737 01.01.2020

Supra evaluare

www.investing.com / bvb.ro Contul de profit şi pierdere

Venituri din exploatare
26% Chelt de exploatare MCV = 73.86%
Chelt fixe
Profit inainte de dob, impoz, amortiz EBITDA
Amortizare (Ajustari de valoare)
Profit din exploatare Profit inainte de EBIT
dob, impoz
EBIT × (1 - t) cu t = cota de 16%
impozit/profit
Chelt cu dobanzile
Profit inainte de impozit EBT
Rezultatul extraordinar
Impozit pe profit 10.8%
Profit net
Marja neta = 7.63%
 Repartizarea profitului
· Dividende DivY(Investing.com) = 3.2 %
· Profit reinvestit

B. VP (Val Prezenta a afacerii) = (∑CFDt + VTn) / (1 + CMPC)t – DTL0

B1. CFD = PN + Amo + Dob · (1 – ) – D Imo –  ACRnete

B2. Costul mediu ponderat al capitalului (CMPC = WACC)

CMPC (k) = kCPR × CPR% + kefDTL × DTL%

net: risk free rate romania Rata de dobanda fara risc (Rf) = 5.52%
www.investing.com Beta 0.75
net: equity risk premium romania Prima de risc a pietei de capital (ERP) = 6.42%
B21. Costul CPR (Equity) 10.34%
Costul dat. inainte de imp. = 8.70%
B22. Costul datoriilor defiscaliz. = 7.76%
CMPC = 9.75%

Rata de acoperire a dobanzilor = EBIT(Pr expl) / Dob =

Clasa de rating=
Prima de risc de credit cf rating c-nie =
https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html
Prima de risc de tara pt neramburs datorii =
B22. Costul datoriilor inainte de impozit =

ROIC = EBIT (1-t) / Cap Inv = 13.01% VP =CFD1/((1+CMPC))+(

ROE = PN / CPR = 15.02%
VT1)/((1+CMPC) )
ReinvRate = Inv noi / EBIT (1-t) = 81.6%
g = Inv noi (Imo+ACRnete) / Cap invest 10.63% 5.52%
Rata de crestere (g) g= 10.63%

B3. Valoarea terminala (VT)

VT = CFD*(1+g)/(CMPC - g) = 624
VT actualizata = 569
CFD actualizat = 23

Cap Invest = 285

Valoarea prezenta TRP = 591
Valoarea prezenta CPRTRP = 526
 Valoarea intrinseca per actiune = 0.24
Supra/Subevaluare = -28%

Prag rentabilitate contabil vs financiar

0. Situatia actuala : 433.0

Vanz = 433.0
PN = 33.04
VAN = 307 Capitalizare

1. Prag de rentabilitate contabil 291.3

Vanz = 291.3
PN = 0
VAN = -475 Decapitalizare

2. Prag de rentabilitate financiar 377.4

Vanzmin = 377.4
PNmin = 20.07
VAN = 0 Conservare

3. Situatie de avarie 350

Vanz = 350
PNinsuficient = 13.69
VAN = -151 Decapitalizare

B. Bis Evaluare relativa - prin comparatie - TRP (prin multiplii de pret si val) =

B. Bis 1. PER = CapBurs/PN PER = P / EPS Ratio = 26.17

PNTRP * PER = 865
Valoarea per actiune = 0.40
Supra/Subevaluare = -56%

B. Bis 2. PBR = CapBurs/AN PBR = P / BVshare = 4.12

ANTRP * PBR = 987
Valoarea per actiune = 0.45
Supra/Subevaluare = -62%

B. Bis 3. PSR = CapBurs/Vanz PSR = P / Salesshare = 4.62

VanzariTRP * PSR = 2000
Valoarea per actiune = 0.92
Supra/Subevaluare = -81%

B. Bis 4. EBITDA/EV(CPR+DTL) EBITDA / EV = 19.51

EBITDATRP * EBITDA/EV = 1166
Valoare CPRTRP * EBITDA/EV = 1108
Valoarea per actiune = 0.51
Supra/Subevaluare = -66%
Valoare mixta CPRTRP = 944
Valoare mixta/actTRP = 0.43
Supra/Subevaluare = -60%
 Bilanț
A. Val ctb (Activ net) =
Sf.an.crt. Încep.an.crt. 220
Active-Datorii = CPRincep an
Capitaluri proprii 240 220 Activ net = CPRsf an 240

B. Val reala = Val intrinseca 526

Datorii > 1 an (TL) 57 65
= VPCPR

Datorii curente (< 1 an) 164 162 Val prezenta a benef viitoare Cash Flow disponib

C. Val piata (CapBurs) = Nr

TOTAL 461 447 378
act x Curs burs
Dif AN/act = 0.10
149509567 154861231 CB/act = 0.1737
Prima = 72.3%
Capitaluri proprii 240 220 77% 72.3%
Datorii > 1 an (TL) 57 65 23%
TOTAL Cap Inv 297 285
Dif

A. Activul net ↓
220 0.1008 lei/act TRP (val ctb)
C. Val piata ↓ 0.1737 lei/act TRP (val piata)
378 Discount

159 Badwill/Goodwill Cash Flow =

72.3% Fd com negativ/pozitiv

Cash-flow operational =
Cash-flow de investitii =
de profit şi pierdere Cash-flow de finantare =
Sf.an.crt.
433.0 433 Daca Ven expl
319.8 0.00% ↑↓ cu ± 10% Cash la sfarsitul anului =
53 0.738617980124798 Cash la inceputul anului =
60
18 atunci
41.54 41.54 EBIT ↑↓ cu

37 0% e EBIT = Ven / (VenA - PR) =

4.5
37
atunci e PN = Ven / (Ven - PR') =
4 PN ↑↓ cu
33.04 33.04 0%
 12
21

+ CMPC)t – DTL0 Anul

VP =CFD1/((1+CMPC))+ 0
( VT1)/((1+CMPC) ) VP
1 – ) – D Imo –  ACRnete 25.00 25.00

Cantit. Pret unitar

de risc al riscului
de piata de piata
italului (CMPC = WACC) Pret timp Prima de risc
% + kefDTL × DTL% B21. kCPR(EiCAPM) = Rf + bi (EM - Rf)
ERP(Equity Risk Premium) = EM - Rf

If interest coverage ratio is

> ≤ to Rating is
-100000 0.20 D2/D
15.02% 0.2 0.65 C2/C
0.65 0.80 Ca2/CC
0.8 1.25 Caa/CCC
13.01% 1.25 1.50 B3/B-
1.5 1.75 B2/B
8.34 1.75 2.00 B1/B+
Aa2/AA 2 2.25 Ba2/BB
1.00% 2.25 2.50 Ba1/BB+
2.18% 2.5 3.00 Baa2/BBB
8.70% 6.92% 3 4.25 A3/A-
4.25 5.50 A2/A
5.5 6.50 A1/A+
=CFD1/((1+CMPC))+( 6.5 8.50 Aa2/AA

)/((1+CMPC) )
Return on Investment = ROC = EBIT(1-t)/(
= g = Rf Rmarja = 8.56% Reinvestment Rate = (Net Capital Expendit
Rmarja neta = 7.63% gEBIT = (Net Capital Expenditures + Chan
Rrot = 1.52
Levier fin = 1.29 1.24

1) VP = CFD / CMPC Eval in perpetuitate simpla

2) VP = CFD (1 + g) / (CMPC -Eval in perpetuitate de crestere

>0 Capitalizare
VAN = VP - CapInv = 307 =0 Conservare
<0 Decapitalizare
Curs bursier ↓ AN/act ↓
 0.1737 0.101
=> Eficient => Cumparare

=> Management performant

=> Solutie inaceptabila

=> Solutie de echilibru

<< 15.02%
ROE = 6.22%
=> Solutie inaceptabila << 8.94%

(prin multiplii de pret si val) =

ηdivid = 3.20%
Curs bursier ↓
0.1737
=> Eficient => Cumparare

Curs bursier ↓
0.1737
=> Eficient => Cumparare

Curs bursier ↓
0.1737
=> Eficient => Cumparare

Marja bruta (EBITDA/Sales) = 44.63%

Curs bursier ↓ Vanzari/act = 5.52
0.1737 Val ctb/act = 1.6
=> Eficient => Cumparare DTL/CPR = 34.17
 Curs bursier ↓
EBITDA/EVIndustrie = 19.51
0.1737
=> Eficient => Cumparare
 Ob c-niei TRP = Cresterea val capit investite

DImo = -98

VP = (∑CFDt + VTn) / 129

DNFR =
(1+CMPC)t – DTL0

k = rata normala k = costul

k = rata de actualiz
de rentab/cls risc capit

1.72

lei/act
lei/act Încep.an Sf.an
Rcrt = 1.0 1.8
Rquik = 0.9 1.7
Rcash = 0.0 0.0

Rindator = 0.23 0.19

Levierul indator = 0.30 0.24
Racoper 8.34

-2.60 CF ≠ PN ??? PN = 33.04

Situatia cash-flow-urilor
w operational = -77.36
w de investitii = 98.35
w de finantare = -21.3
Cash-flow total -0.35

farsitul anului = 3.10

nceputul anului = 5.70
Cash-flow total -2.60

e EBIT = Ven / (VenA - PR) = 2.725 Dc Ven ↑↓ cu ± 10%, at EBIT ↑↓ cu ± 12,89%

PR = 274.08

e PN = Ven / (Ven - PR') = 3.056 Dc Ven ↑↓ cu ± 10%, at PN ↑↓ cu ± 20.17%

PR' = 291.30
 1
CFD + VT Potential CFD viitoare
1/(1+CMPC)

CAPM
Risk Premium) = EM - Rf

Spread is
20.00%
16.00%
12.00%
9.00%
7.50%
6.50%
5.50%
4.25%
3.25%
2.25%
1.75%
1.25%
1.10%
1.00%

Investment = ROC = EBIT(1-t)/(BV of Debt + BV of Equity)

ment Rate = (Net Capital Expenditures + Change in WC)/EBIT(1-t)
(Net Capital Expenditures + Change in WC)/EBIT(1-t) * ROC
COTR IMP
EBIT (Profit din expl)= 16.56 EBIT (Profit din expl)=
Cap Inv = CPR + DTL(>1 an) = 230.44 Cap Inv = CPR + DTL(>1 an) =
Venituri din expl = 37.596 Venituri din expl =
ROC (rentab cap inv) = 6.04% 6.04% ROC (rentab cap inv) =

R.Marjă (EBIT/Ven expl) = 37.00% R.Marjă (EBIT/Ven expl) =

R. Rotaţie (Ven expl/CapInv) = 0.16 R. Rotaţie (Ven expl/CapInv) =

Profit Net = 9.798 Profit Net =
CPR = 100.465 CPR =
ROE (rentab cap proprii) = 9.75% 9.75% ROE (rentab cap proprii) =

R.Marjă netă (PN/Ven expl) = 26.06% R.Marjă netă (PN/Ven expl) =

R. Rotaţie (Ven expl/CapInv) = 16.31% R. Rotaţie (Ven expl/CapInv) =

Levierul (CapInv/CPR) = 2.29 Levierul (CapInv/CPR) =

= 1 + 1.29

TBM CMP
EBIT (Profit din expl)= 27.75 EBIT (Profit din expl)=
Cap Inv = CPR + DTL(>1 an) = 87.703 87.703 Cap Inv = CPR + DTL(>1 an) =
Venituri din expl = 124.147 Venituri din expl =
ROC (rentab cap inv) = 26.58% 26.58% ROC (rentab cap inv) =

R.Marjă (EBIT/Ven expl) = 18.78% R.Marjă (EBIT/Ven expl) =

R. Rotaţie (Ven expl/CapInv) = 141.55% R. Rotaţie (Ven expl/CapInv) =

Profit Net = 21.919 Profit Net =
CPR = 81.977 CPR =
ROE (rentab cap proprii) = 26.74% 26.74% ROE (rentab cap proprii) =

R.Marjă netă (PN/Ven expl) = 17.66% R.Marjă netă (PN/Ven expl) =

R. Rotaţie (Ven expl/CapInv) = 141.55% R. Rotaţie (Ven expl/CapInv) =

Levierul (CapInv/CPR) = 1.07 Levierul (CapInv/CPR) =

 COTR
190.635
748.679 445.9 302.779 Cap Inv =
Imo + ACRnete
271 Cap Inv = CPR + DAT TL
21.39% 21.39% Return on Investing 5.08%
7.45%
59.09% Operating Margin 46.59%

0.36 Assets Turnover = Revenue / Assets(Equity+LT Debts+ST Debts) 0.16

154.139
585.68
26.32% 26.32% Return onEquity 11.40%
9.71%
56.88% Net Profit Margin 28.48%

36.20% Assets Turnover 0.16

1.28 Levierul = CapInv/CPR = (CPR + DAT)/CPR = 1 + DAT TL/ CPR
LT Debt/Equity 1.13

36.893
587.517 587.517
777.931
5.27% 5.27%
3.98%
132.41%
32.709
474.89
6.89% 6.89%
4.20%
132.41%
1.24
 IMP Industry

22.83% -6.55%
22.72% -5.86%
98.79% -73.21%

0.23 0.08

28.99% -7.75%
20.73% -8.02%
77.95% -84.57%

0.23 0.08

0.16 0.19
Aplicatie privind ratele de rantabilitate si componentele lor

In contul pregatirii pe parcurs de la seminarii sunteti solicitati sa realizati in echipa

analiza comparativa a rentabilitatii capitalurilor investite (CPR+DTL) si a rentabilitatii capitalurilor proprii
> la doua companii din aceeasi industrie (prelucratoare, constructii, energie etc.) cu interpretarea rezultatelor, sau
> la doua companii din industrii diferite dar cu interpretarea rezultatelor in contextul industriilor alese

Culegerea datelor se va face de pe site-ul bvb.ro si (complementar) de pe site-ul investing.com

cu prefixul RO…(simbolul companiei romanesti),fereastra "financials" & "ratio" pt comparatii cu industry

Succes !
 apitalurilor proprii
nterpretarea rezultatelor, sau
industriilor alese

mparatii cu industry
sapt
CEON % BET %
-0.23% -0.01%
-0.46% -0.36%
0.94% 1.92% Beta = 0.6333
-1.39% -2.18%
1.41% 2.53%
-2.14% -2.38%
-4.71% -7.28%
9.68% -1.04%
1.53% 0.32%
2.92% -4.04%
-0.22% -2.46%
-0.45% 0.12%
0.45% 0.43%
-0.45% 0.94%
3.23% 1.88%
5.71% 1.63%
-1.87% -1.78%
-3.60% -1.00%
-1.19% -0.46%
0.60% 2.39%
-2.33% -1.71%
0.88% 0.74%
2.10% -1.03%
-0.60% 2.87%
1.82% -0.72%
-0.30% -1.11%
-0.90% -3.57%
-1.77% -2.16%
1.19% 0.01%
1.82% 2.26%
-4.08% -0.50%
0.88% 2.96%
1.49% -2.15%
4.69% 5.05%
3.23% 5.96%
-6.93% -11.61%
-4.86% -2.24%
-3.90% -1.39%
-1.28% -0.09%
5.41% 2.18%
4.23% 2.04%
-8.97% -6.17%
-1.02% 3.99%
-0.25% 0.73%
1.28% 3.73%
-1.27% 0.91%
-3.66% -0.43%
7.05% 1.23%
-6.36% 1.66%
-0.73% -3.04%
9.87% -2.13%
4.17% -0.32%
8.43% 2.14%
0.61% -1.62%
0.00% 0.80%
0.30% -0.83%
6.13% 1.46%
4.03% 1.55%
2.76% 1.02%
0.35% -0.70%
-2.03% 0.72%
8.41% -0.62%
0.20% 2.52%
-0.20% -0.42%
0.00% 2.61%
1.03% -0.17%
-1.02% -0.50%
0.00% -0.98%
0.00% 1.31%
0.00% 0.34%
-1.01% -0.37%
1.02% 2.30%
7.69% 0.76%
-3.81% 0.02%
-0.42% 0.85%
-2.66% -2.21%
-1.01% 0.74%
-1.00% 0.02%
1.01% 2.20%
0.61% 1.15%
-1.41% 0.59%
0.81% -0.84%
4.65% -0.53%
2.87% 3.11%
-6.70% 0.80%
2.56% 1.23%
7.57% 2.31%
-6.09% 2.92%
0.00% -1.39%
1.03% -1.39%
-2.26% -1.16%
2.83% 2.99%
 -2.27% -0.29%
8.77% 1.23%
-5.19% 0.65%
4.93% 3.46%
3.39% 1.24%
1.25% 0.26%
-0.93% 1.46%
0.94% -0.31%
-2.14% 2.85%
0.62% 2.39%
-0.92% 1.79%
5.47% 1.16%
0.32% 3.50%
-1.27% -3.24%
-1.26% -0.90%
-0.62% 0.38%
-1.23% -0.44%
1.25% -0.91%
-1.54% -1.69%
-1.22% -2.00%
-1.79% 3.42%
-2.90% 1.62%
2.99% 1.44%
0.00% -0.10%
-1.47% 1.88%
-1.45% 2.33%
0.00% -2.03%
2.99% 0.46%
1.82% 0.81%
1.23% -2.59%
1.56% 0.75%
-0.62% -1.19%
1.90% -0.28%
-1.25% -1.32%
0.63% 1.69%
6.00% 1.27%
9.09% 5.12%
-5.17% -2.47%
0.00% 5.05%
3.57% 0.77%
-3.45% -0.22%
-4.29% -4.97%
1.68% 5.95%
-2.29% -0.04%
1.67% 2.47%
7.91% -6.78%
-19.88% -16.55%
 9.12% 3.55%
-3.11% -9.67%
4.57% -0.03%
-1.96% 0.74%
1.71% -0.02%
-1.68% -1.88%
-3.51% 1.31%
-1.07% 1.35%
1.08% 0.31%
-1.07% -0.27%
0.00% 0.64%
0.81% 0.05%
0.54% -0.97%
-1.60% 0.92%
0.27% 1.73%
0.00% 0.27%
4.18% 0.03%
-0.28% 0.85%
2.86% -0.72%
-1.13% 1.44%
-0.28% 0.12%
0.00% 0.92%
-2.74% -1.69%
-2.41% 1.71%
2.19% 2.27%
-0.27% -0.15%
-0.81% 0.10%
-0.54% 1.55%
-4.62% 0.66%
-6.92% -1.22%
-1.87% 0.86%
0.00% 1.20%
-0.47% -1.39%
4.38% -0.04%
6.20% 1.39%
3.75% 1.73%
-0.27% 0.78%
6.25% 2.84%
2.92% -0.83%
3.64% 0.97%
-1.49% 3.71%
-5.90% -0.42%
3.74% -0.97%
0.64% -1.64%
-0.32% 0.33%
-0.95% 0.78%
2.27% 1.02%
-2.53% 0.79%
-1.86% 1.95%
0.62% 0.17%
1.59% 2.16%
-1.87% 0.22%
-6.96% 2.36%
-4.96% -1.33%
-2.94% 1.43%
3.03% 1.33%
6.29% 7.48%
2.14% -0.33%
-5.08% -2.05%
1.37% -0.54%
-2.68% -5.54%
-4.47% 3.36%
6.46% 6.52%
-8.12% -8.81%
-3.61% -1.27%
0.00% 0.22%
-1.19% 1.67%
-3.45% -0.61%
-0.57% -0.95%
0.57% 1.10%