¿ APPLE

2008 2009 2010 2011

Ventas 32,479 42,905 65,225 108,249
Costo de venta 21,334 25,683 39,541 64,431
MB 11,145 17,222 25,684 43,818
% MB/VTA 34% 40% 39% 40%
GAV 3,761 4,149 5,517 7,599
% GAV/VTA 12% 10% 8% 7%
Ingresos netos 4,834 8,235 14,013 25,922
ROS 15% 19% 21% 23.9%

ACTIVO 39,572 53,851 75,183 116,371

PASIVO 18,542 26,019 27,392 39,756
PATRIMONIO 21,030 27,832 47,791 76,615

ROA (ING.NET/ACTIVO) 0.12 0.15 0.19 0.22

ROE (ING. NETO/PAT) 0.23 0.30 0.29 0.34

ROTACION (VTAS/ACTIVO) 0.82 0.80 0.87 0.93

APALANCAMIENTO (ACTIVO/PAT) 1.88 1.93 1.57 1.52
ROS 15% 19% 21% 24%

DUPONT (ROS x ROT x APALANC) 23% 30% 29% 34%

Inventario 509 455 1051 776

Intangibles

2.13 2.07 2.74 2.93

 GOOGLE
2008 2009 2010 2011
21,796 23,651 29,321 37,905
8,622 8,844 10,417 13,188
13,174 14,807 18,904 24,717
60% 63% 64% 65%
3,749 3,652 4,761 7,813
17% 15% 16% 21%
4,227 6,520 8,505 9,737
19% 28% 29% 25.7%

31,767 40,497 57,851 72,574

3,529 4,493 11,610 14,429
28,238 36,004 46,241 58,145

0.13 0.16 0.15 0.13

0.15 0.18 0.18 0.17

0.69 0.58 0.51 0.52

1.12 1.12 1.25 1.25
19% 28% 29% 26%

15% 18% 18% 17%

9.00 9.01 4.98 5.03

 9 APPLE
2008 2009 2010 2011
Ventas 32,479 42,905 65,225 108,249
Costo de venta 21,334 25,683 39,541 64,431
MB 11,145 17,222 25,684 43,818
% MB/VTA 34% 40% 39% 40%
GAV 3,761 4,149 5,517 7,599
% GAV/VTA 12% 10% 8% 7%
Ingresos netos 4,834 8,235 14,013 25,922
ROS 15% 19% 21% 23.9%

ACTIVO 39,572 53,851 75,183 116,371

PASIVO 18,542 26,019 27,392 39,756
PATRIMONIO 21,030 27,832 47,791 76,615

ROA (ING.NET/ACTIVO) 0.12 0.15 0.19 0.22

ROE (ING. NETO/PAT) 0.23 0.30 0.29 0.34

ROTACION (VTAS/ACTIVO) 0.82 0.80 0.87 0.93

APALANCAMIENTO (ACTIVO/PAT) 1.88 1.93 1.57 1.52
ROS 15% 19% 21% 24%

DUPONT (ROS x ROT x APALANC) 23% 30% 29% 34%

Inventario 509 455 1051 776

Intangibles

2.13 2.07 2.74 2.93

 GOOGLE
2008 2009 2010 2011
21,796 23,651 29,321 37,905 100 100
8,622 8,844 10,417 13,188 60 35
13,174 14,807 18,904 24,717 40 65
60% 63% 64% 65%
3,749 3,652 4,761 7,813 7 21
17% 15% 16% 21%
4,227 6,520 8,505 9,737 23.95 25.69
19% 28% 29% 25.7%

31,767 40,497 57,851 72,574

3,529 4,493 11,610 14,429
28,238 36,004 46,241 58,145

0.13 0.16 0.15 0.13

0.15 0.18 0.18 0.17

0.69 0.58 0.51 0.52

1.12 1.12 1.25 1.25
19% 28% 29% 26%

15% 18% 18% 17%

9.00 9.01 4.98 5.03