Question
Antes de la oferta, Microsoft cre la siguiente valoracin del flujo de caja descontado de LinkedIn. Por qu los analistas volvieron a agregar los gastos
Antes de la oferta, Microsoft cre la siguiente valoracin del flujo de caja descontado de LinkedIn.
Por qu los analistas volvieron a agregar los gastos de acciones para llegar a los flujos de efectivo libres?
| en miles de dlares estadounidenses | Ao fiscal 16E | Ao fiscal 17E | Ao fiscal 18E | Ao fiscal 19E | Ao fiscal 20E | Ao fiscal 21E | Ao fiscal 22E | Ao fiscal 23E | Valor terminal |
|---|---|---|---|---|---|---|---|---|---|
| Ingresos netos | 3.742.464 | 4.570.391 | 5.385.685 | 6.272.014 | 7.225.381 | 8.241.160 | 9.307.119 | 10.423.675 | |
| Costo de los ingresos | (500.860) | (599.430) | (671.042) | (742,402) | (812.487) | (880.375) | (974.363) | (1.069.430) | |
| Beneficio bruto | 3.241.604 | 3.970.961 | 4.714.643 | 5.529.612 | 6.412.894 | 7.360.785 | 8.332.756 | 9.354.245 | |
| Ventas y marketing | (1.276.256) | (1.535.216) | (1.781.941) | (2.044.070) | (2.319.453) | (2.605.850) | (2.898.763) | (3.197.823) | |
| Desarrollo de productos | (1.004.897) | (1.178.117) | (1.332.746) | (1.489.994) | (1.647.819) | (1.785.504) | (1.915.629) | (2.038.170) | |
| General y administrativo | (542.094) | (612,367) | (667.484) | (719.033) | (766,204) | (808.377) | (844.466) | (874,842) | |
| Depreciacin y amortizacin | (550.640) | (587,919) | (595.995) | (612.094) | (637,107) | (664,393) | (691.351) | (717,171) | |
| Ingresos de explotacin | (132,283) | 57.342 | 336.477 | 664.421 | 1.042.311 | 1.496.661 | 1.982.547 | 2.526.239 | |
| Flujo de caja libre (FCF) | |||||||||
| EBIT | (132,283) | 57.342 | 336.477 | 664.421 | 1.042.311 | 1.496.661 | 1.982.547 | 2.526.239 | |
| Menos impuestos (tasa impositiva del 35%) | 46.299 | (20.070) | (117.767) | (232,547) | (364.808) | (523,831) | (693.892) | (884,183) | |
| Agregar depreciacin y amortizacin | 550.640 | 587,919 | 595,995 | 612.094 | 637,107 | 664.393 | 691.351 | 717,171 | |
| Agregar gastos de stock | 580,398 | 594,908 | 609.781 | 625.025 | 640.651 | 656.667 | 673.084 | 689,911 | |
| Menos gastos de capital | (709,920) | (727.668) | (654.901) | (671,274) | (688.056) | (705.257) | (722,888) | (740,961) | |
| Menos intangibles | (8.308) | - | - | - | - | - | - | - | |
| Flujo de caja libre no apalancado | 326.826 | 492,431 | 769,585 | 997,719 | 1.267.205 | 1.588.633 | 1.930.202 | 2.308.177 | |
| Valor presente (WACC del 10%) | 326.826 | 447.665 | 636.020 | 749.601 | 865.517 | 986.416 | 1.089.549 | 1.184.459 | 20.898.681 |
| PV total del flujo de caja libre no apalancado | 27.184.735 | ||||||||
| Supuestos de valor terminal: | |||||||||
| Crecimiento: 4,6% | |||||||||
| CMPC: 10% |
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Finance Applications And Theory
Authors: Marcia Millon Cornett, John R. Nofsinger, Troy Adair
3rd International Edition
1259252221, 9781259252228
