Datos relevantes del calculo

Re = Costo de las cciones

Rd = Costo de la Deuda
E = valor de mercado de las acciones
D= valor de mercado de la deuda
E/V = % de financiamiento va acciones
D/V = % de financiamiento va deuda
Tc = Impuesto a las Empresas
WACC = E/V * Re + D/V * Rd * (1- Tc)

Deuda Largo Plazo

Deuda Corto Plazo
Total Deuda

Gasto en inters 2011

Inters sobre el % promedio de

la deuda 2010 2011

2011
3608700
5148000
8756700

2010 Balance Sheet

1713100 long term debt
2219200 Total debt - long term debt
3932300

206200

income statement
interest expense

3.3%

=Rd

Valor de la Deuda en 2011 (se asume que el valor libro de la deuda es igual al valor de mercado)

Deuda Largo Plazo

3608700

e
f

Deuda Corto Plazo

Total Deuda

5148000
8756700

g
h

menos efectivo y efectivo

equivalente
menos inversin en valores

Deuda neta ($ B)

519300
526600

7.7108 = D

Balance Sheet
cash and equivalent cash
long term investment

alor de mercado)

Deudas (%)

0.446703206

UAI

2190500

Impuesto renta

Impuesto renta %

Rf=
0.08
Rm=
0.09
Beta=
2.58
CAPM (costo de acciones)

407700

0.18612189

Calculo del valor de mercado de las acciones en 2011

o
p
q

nmero de acciones en 2011

precio de la accin en 2011
Valor de mercado de las Acciones en 2011 (B$)

Valor de la Empresa ($B)

Acciones (%)

WACC = E/V * Re + D/V * Rd * (1- Tc)

WACC =

0.070393418

= D/V
Income statement
income before tax
income tax expense

= Tc
= income tax expense/ before income tax expense

0.10586983

= Re
Re = Rf + Beta* (Rm - Rf)

Valor

Key Statistics (share statistic)

share outstanding
Historical Prices end year

153.18
62.35
9.550773
17.261573

0.55329679

=E
= E+D = V

= E/V

Balance Sheet
View: Annual Data | Quarterly Data
Period Ending

Dec 31. 2013 Dec 31. 2012 Dec 31. 2011

Assets
Current Assets
Cash And Cash Equivalents
Short Term Investments
Net Receivables
Inventory
Other Current Assets

335.500
380.700
607.400
236.400

195.200
434.400
725.600
294.800

519.300
309.800
673.800
408.300

Total Current Assets

Long Term Investments
Property Plant and Equipment
Goodwill
Intangible Assets
Accumulated Amortization
Other Assets
Deferred Long Term Asset Charges

1.560.000
11.153.400
408.500
-

1.650.000
11.207.300
717.600
-

1.911.200
526.600
10.404.100
1.152.100
147.000
191.200
209.500

Total Assets

13.121.900

13.574.900

14.541.700

Liabilities
Current Liabilities
Accounts Payable
Short/Current Long Term Debt
Other Current Liabilities

861.600
20.900
203.000

1.092.300
94.100
195.100

1.014.900
74.800
412.400

Total Current Liabilities

Long Term Debt
Other Liabilities
Deferred Long Term Liability Charges
Minority Interest
Negative Goodwill

1.085.500
3.022.600
983.000
1.146.500
814.800
-

1.381.500
3.960.700
1.363.700
1.108.100
1.128.200
-

1.502.100
3.608.700
1.328.800
1.062.400
1.254.700
-

Total Liabilities

7.052.400

8.942.200

8756700

Stockholders' Equity
Misc Stocks Options Warrants
Redeemable Preferred Stock
Preferred Stock
Common Stock
Retained Earnings
Treasury Stock
Capital Surplus
Other Stockholder Equity

751.100
3.407.300
-305.5
2.329.500
-112.9

18.500
3.217.700
-322.6
1.774.700
-55.6

18.500
4.424.300
-336
1.770.800
-92.6

Total Stockholder Equity

6.069.500

4.632.700

5.785.000

Net Tangible Assets

6.069.500

4.632.700

4.485.900

Income Statement
View: Annual Data | Quarterly Data
Period Ending
Total Revenue
Cost of Revenue

Dec 31. 2013 Dec 31. 2012

5.691.400
5.872.700
4.542.100
4.700.600

Gross Profit

1.149.300

1.172.100

Operating Expenses
Research Development
Selling General and Administrative
Non Recurring
Others

168.500
309.800
-

288.200
1.192.700
-

Total Operating Expenses

671.000

-308.8

Income from Continuing Operations

Total Other Income/Expenses Net
Earnings Before Interest And Taxes
Interest Expense
Income Before Tax
Income Tax Expense
Minority Interest

-2.6
668.400
179.100
489.300
55.100
51.700

2.600
-306.2
195.600
-501.8
255.900
227.200

Net Income From Continuing Ops

359.800

Non-recurring Events
Discontinued Operations
Extraordinary Items
Effect Of Accounting Changes
Other Items

2.000
-

35.900
-

Net Income
Preferred Stock And Other Adjustments

413.500
-48.7

-899.4
-

Net Income Applicable To Common Shares

364.800

-899.4

Operating Income or Loss

-1162500

Dec 31. 2011

6.563.900
3.953.000

Key Statistics
Data provided by Capital IQ, except where noted.
Valuation Measures

Trailing P/E (ttm, intraday):

2.610.900

180.400
133.700
-

2.296.800

99.900
2.396.700
206.200
2.190.500
407.700
-193.5

Price/Sales (ttm):
Price/Book (mrq):

Financial Highlights
Fiscal Year
Fiscal Year Ends:
Most Recent Quarter (mrq):
Profitability
Profit Margin (ttm):
Operating Margin (ttm):
Management Effectiveness
Return on Assets (ttm):
Return on Equity (ttm):
Income Statement
Revenue (ttm):
Revenue Per Share (ttm):
Qtrly Revenue Growth (yoy):
Gross Profit (ttm):

1.792.500

20.100
-

1.619.100
1.619.100

Net Income Avl to Common (ttm):

Diluted EPS (ttm):
Qtrly Earnings Growth (yoy):
Balance Sheet
Total Cash (mrq):
Total Cash Per Share (mrq):
Total Debt (mrq):
Total Debt/Equity (mrq):
Current Ratio (mrq):
Book Value Per Share (mrq):
Cash Flow Statement
Operating Cash Flow (ttm):
Levered Free Cash Flow (ttm):
View Financials

Trading Information
Stock Price History
2.42B
Beta:
2.58
5.72B
-29.64%
13.11
20.02%
N/A
28.98
-10.20
13.60
0.49
16.33
0.47
17.61
1.12
Share Statistics
4.69
5,500,850
4,491,850
153.18M
Dec 31
Float:
144.53M
Jun 30, 2014
0.55%
0.50%
1.98%
53.13M
12.23%
14.60
39.10%
2.92%
50.78M
0.61%
Dividends & Splits
0.60
5.10B
4.10%
33.34
0.60
-26.00%
3.70%
1.15B
2.40%
1.22B
182.00%
47.60M
Sep 2, 2014
1.21
Aug 13, 2014
-92.50%
8
May 16, 2008
363.50M
2.37
3.66B
53.62
1.60
34.58
633.10M
163.49M

Historical Prices
Set Date Range
Start Date:
End Date:

Prices
Open
Date
62.27
Dec 30, 2011

day
day

High
63.23

Year
Year

Eg. Jan 1, 2010

Daily
Weekly
Monthly
Dividends Only

Low
62.08

Close
62.35

Adj Close*
56.80

Volume
1,908,100