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Qu opina de los supuestos de los analistas sobre las tasas de crecimiento (tanto en el perodo analizado como en el perodo terminal)? en miles
Qu opina de los supuestos de los analistas sobre las tasas de crecimiento (tanto en el perodo analizado como en el perodo terminal)?
| 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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Currency Strategy The Practitioners Guide To Currency Investing Hedging And Forecasting
Authors: Callum Henderson
2nd Edition
0470027592, 978-0470027592
