Академический Документы
Профессиональный Документы
Культура Документы
FY 2010
12/31/2010
1,465,300.0
799,413.0
665,887.0
88,220.0
577,667.0
90,040.0
408.0
-55,872.0
543,091.0
133,315.0
-409,776.0
0.0
0.0
409,776.0
0.0
409,776.0
FY 2011
12/31/2011
1,682,700.0
989,504.0
693,196.0
94,112.0
599,084.0
46,241.0
1,317.0
-48,051.0
599,577.0
120,465.0
-479,112.0
-0.0
479,112.0
0.0
479,112.0
--409,776.0
--479,112.0
150.32
150.32
150.32
2,726.1
150.32
--2,726.1
175.75
175.75
175.75
2,726.1
-----
CO GAAP
686,364.0
46.84
45.44
39.42
CO GAAP
709,368.0
42.16
41.20
35.60
Margen de beneficio
Dividendo por accin
Efectivo dividendos ordinarios
Ingreso de intereses
Gasto en investigacin y desarrollo
Gasto de personal
Gasto de depreciacin
Gasto de renta
Source: Bloomberg
27.97
--26,402.0
-42,570.0
103,186.0
1,275.0
28.47
--34,485.0
-41,662.0
102,575.0
1,739.0
FY 2012
12/31/2012
1,731,539.0
1,106,249.0
625,290.0
123,835.0
501,455.0
41,872.0
-4,535.0
-45,467.0
509,585.0
48,682.0
-460,903.0
0.0
0.0
460,903.0
0.0
460,903.0
FY 2013
12/31/2013
2,002,814.0
1,305,374.0
697,440.0
116,426.0
581,014.0
34,281.0
1,670.0
-19,090.0
564,153.0
130,187.0
-433,966.0
0.0
0.0
433,966.0
0.0
433,966.0
FY 2014
12/31/2014
2,329,345.3
1,587,100.0
742,245.3
269,725.1
472,520.2
52,307.0
3,407.9
-19,778.0
436,583.3
--436,583.3
0.0
0.0
436,583.3
0.0
436,583.3
--460,903.0
0.0
0.0
433,966.0
--436,583.3
169.07
169.07
169.07
2,726.1
-----
159.19
159.19
159.19
2,726.1
159.19
159.19
159.19
2,726.1
160.15
160.15
160.15
2,726.1
160.15
160.15
160.15
2,726.1
CO GAAP
611,652.0
35.32
36.11
28.96
CO GAAP
695,293.0
34.72
34.82
29.01
IAS/IFRS
628,389.8
26.98
31.87
20.29
184650.94
26.62
--32,536.0
-----
21.67
74.00
201,728.1
17,908.0
0.0
115,839.0
103,904.0
--
18.74
81.40
221,902.3
25,791.5
0.0
-155,869.6
--
FY 2010
12/31/2010
FY 2011
12/31/2011
521,897.0
507,225.0
282,583.0
23,366.0
33,929.0
1,369,000.0
226,676.0
3,172,003.0
4,762,990.0
1,590,987.0
727,646.0
4,126,325.0
5,495,325.0
561,342.0
7,550.0
307,313.0
45,320.0
26,774.0
948,299.0
312,425.0
3,862,998.0
5,551,859.0
1,688,861.0
758,725.0
4,934,148.0
5,882,447.0
172,413.0
23,812.0
90,952.0
287,177.0
1,483,322.0
543,904.0
2,027,226.0
2,314,403.0
0.0
0.0
-3,180,922.0
3,180,922.0
5,495,325.0
205,241.0
23,812.0
139,213.0
368,266.0
1,650,970.0
488,333.0
2,139,303.0
2,507,569.0
0.0
0.0
-3,374,878.0
3,374,878.0
5,882,447.0
CO GAAP
2,726.1
--70,478.0
CO GAAP
2,726.1
--11,058.0
Referencia
Estndar contable
Acciones en circulacin:
Nm de acciones de Tesorera
Monto de acciones de Tesorera
Obligaciones de pensin
Arrendamientos operativos
Arrend capital - Corto plazo
Arrend capital - Largo plazo
Arrend capital - Total
Opciones dadas en el periodo
Opciones en circulacin al fin del periodo
Deuda neta
Deuda neta a capital
Ratio de capital comn tangible
Ratio corriente
Ciclo de conversin de efectivo
Inventario - Materiales bsicos
Inventario - Bienes terminados
Otro inventario
Beneficios retenidos puros
Ajuste inflacin acumulada
Fondo de comercio
Inversiones en sociedades annimas
Source: Bloomberg
--10,136.0
10,136.0
0.0
0.0
478,012.0
15.03
-4.77
-3.84
4,335.0
-19,031.0
-----
----0.0
0.0
1,105,890.0
32.77
-2.58
8.51
33,234.0
-12,086.0
-----
FY 2012
12/31/2012
FY 2013
12/31/2013
FY 2014
12/31/2014
178,326.0
65.0
373,286.0
84,591.0
145,805.0
782,073.0
202,432.0
4,968,707.0
--789,053.0
5,960,192.0
6,742,265.0
229,155.0
20,335.0
282,205.0
89,434.0
31,502.0
652,631.0
77,523.0
5,838,541.0
7,702,045.0
1,863,504.0
986,646.0
6,902,710.0
7,555,341.0
244,300.6
84,522.1
322,095.4
95,427.2
48,717.3
795,062.5
54,153.7
6,688,431.4
--1,022,582.1
7,765,167.2
8,560,229.7
350,575.0
49,884.0
92,382.0
492,841.0
2,168,404.0
449,962.0
2,618,366.0
3,111,207.0
0.0
0.0
68,152.0
3,562,906.0
3,631,058.0
6,742,265.0
234,473.0
35,176.0
129,013.0
398,662.0
2,603,357.0
523,872.0
3,127,229.0
3,525,891.0
0.0
0.0
117,496.0
3,911,954.0
4,029,450.0
7,555,341.0
386,712.6
51,044.3
86,515.2
524,272.1
3,282,424.1
505,233.6
3,787,657.7
4,311,929.8
0.0
0.0
-4,248,300.0
4,248,300.0
8,560,229.7
CO GAAP
2,726.1
----
CO GAAP
2,726.1
0.0
0.0
--
IAS/IFRS
2,726.1
----
10%
15%
18%
----0.0
0.0
2,039,897.0
56.18
-1.59
4.63
---460,903.0
----
0.0
0.0
0.0
0.0
--2,389,043.0
59.29
53.29
1.64
2.57
73,594.0
950.0
14,890.0
433,966.0
-0.0
0.0
----0.0
0.0
3,004,645.8
70.73
-1.52
-2.56
--------
FY 2010
12/31/2010
FY 2011
12/31/2011
409,776.0
108,697.0
53,964.0
41,109.0
613,546.0
479,112.0
110,284.0
34,989.0
27,264.0
651,649.0
715.0
-897,873.0
---32,588.0
-929,746.0
601.0
-896,546.0
-84.0
--28,474.0
-924,503.0
-152,709.0
131,543.0
----460,642.0
439,476.0
123,276.0
-163,564.0
---23,812.0
----187,376.0
-460,230.0
Referencia
EBITDA
Margen EBITDA ltimos 12M
Flujo de caja libre
Flujo de caja libre a empresa
Flujo libre de caja a capital
Flujo libre de caja por accin
Precio a flujo de caja libre
Flujo de caja a beneficio neto
686,364.0
46.84
-284,327.0
-216,389.5
--104.30
-1.50
709,368.0
42.16
-244,897.0
-207,946.6
-268,108.0
-89.84
-1.36
Source: Bloomberg
FY 2012
12/31/2012
FY 2013
12/31/2013
FY 2014
12/31/2014
460,903.0
110,197.0
19,505.0
-250,304.0
340,301.0
433,966.0
114,279.0
22,878.0
86,397.0
657,520.0
436,583.3
155,869.6
----
--1,112,633.0
--6,304.0
-1,106,329.0
--893,251.0
---500.0
-893,751.0
-------
-209,907.0
-609,246.0
-23,812.0
---375,527.0
-390,501.0
-188,918.0
-549,137.0
-52,889.0
---307,330.0
71,099.0
----------
611,652.0
35.32
-772,332.0
-734,460.1
-186,898.0
-283.31
-0.74
695,293.0
34.72
-235,731.0
-209,360.9
260,517.0
-86.47
-1.52
628,389.8
26.98
-------
2010
2011
2012
2013
2014
$
$
$
$
$
1,369,000
948,299
782,073
652,631
795,063
2010
2011
2012
2013
2014
$
$
$
$
$
1,081,823
580,033
289,232
253,969
270,790
2010
2011
2012
2013
2014
$
$
$
$
$
305,949
352,633
457,877
371,639
417,523
2010
2011
2012
2013
2014
$
$
$
$
$
133,536
147,392
107,302
137,166
30,810
2010
2011
2012
2013
2014
9.11
8.76
6.20
6.85
1.32
EBITDA
Ao 2010
Ao 2011
686,364
709,368
Ao 2010
Ao 2011
46.84
42.16
Ao 2012
Ao 2013
Ao 2014
$
$
$
611,652
695,293
628,390
Ao 2012
Ao 2013
Ao 2014
35.32
34.72
26.98
El Margen EBITDA cada ao es mayor que la PKT, lo que demuestra que el crecimiento genera caja
vez de demandarla
Palanca de crecimiento (PDC) = Margen EBITDA/PKT
Ao
Ao
Ao
Ao
Ao
2010
2011
2012
2013
2014
5
5
6
5
20
Este indicador nos muestra que es muy atractivo para ISAGEN crecer. Lo ideal es que sea mayor qu
y todos los aos ha estado por encima de 5, con un repunte en el ltimo ao.
2010
2011
2012
2013
Ao 2014
$
$
$
$
5
3
2
2
2010
2011
2012
2013
2014
$
$
$
$
$
0.25
0.16
0.12
0.09
0.09
2010
2011
2012
2013
2014
$
$
$
$
$
0.05
0.06
0.07
0.05
0.06
Esta informacin no esta en el archivo enviado por el laboratorio financiero, pero de la pgina web
isagen tomamos el balance general mensual del 2014. Se adjunta archivo.
Mes
Diciembre
Noviembre
Octubre
Septiembre
Agosto
Julio
Junio
Mayo
Abril
Marzo
Febrero
Enero
Totales
795,063
894,044
901,250
886,553
942,934
982,509
1,043,529
850,820
591,358
784,965
698,130
682,582
10,053,737
$
$
$
$
$
$
$
$
$
$
$
$
6,688,951
6,573,580
6,508,173
6,452,847
6,377,775
6,327,361
6,257,994
6,175,010
6,113,368
6,001,622
5,945,836
5,864,084
###
$
$
$
$
$
$
$
$
$
$
$
$
Activos
totales
7,484,014
7,467,624
7,409,423
7,339,400
7,320,709
7,309,870
7,301,523
7,025,830
6,704,726
6,786,587
6,643,966
6,546,666
###
Requerimiento
permanente
$
6,704,726
$
6,704,726
$
6,704,726
$
6,704,726
$
6,704,726
$
6,704,726
$
6,704,726
$
6,704,726
$
6,704,726
$
6,704,726
$
6,704,726
$
6,704,726
$
80,456,712
50,464
1,247,079
1,297,543
Costo de la deuda= Gasto por inters x (1-tasa de impuestos)/ Cant. De deuda- costos de adquisic
Costo del stock preferencial = Intereses / Cantidad del stock preferencial
Costo de accin = (Dividendos por accin + crecimiento de dividendos) / Valor del mercado
K = Ra = Rf + Be* (Rm - Rf) + Rp + SCF Donde: Be*: Es el Beta econmico, se obtiene desde el Be
A / Ventas
Requerimientos
estacionales
$
779,288
$
762,898
$
704,697
$
634,674
$
615,983
$
605,144
$
596,797
$
321,104
$
$
81,861
$
-60,760
$
-158,060
$
4,883,626
se obtiene desde el Beta patrimonial promedio ponderado del sector de negocios, tomando como peso la ca
gocios, tomando como peso la capitalizacin burstil de cada empresa, Este beta es ajustado por la relacin D
FCO
Ventas
- Costos y gastos operativos
= EBIT
- Impuestos operacionales
+ Depreciacin
+ Amortizacin
= FCB
- KTNO
- Crecimiento en activos fijos
= FCO
VALOR EMPRESARIAL
VPN(FCO)
2010
$1,465,300
$887,633
$577,667
$133,315
$1,590,987
$0
$2,035,339
$133,536
$0
$1,901,803
2011
$1,682,700
$1,083,616
$599,084
$120,465
$1,688,861
$0
$2,167,480
$147,392
$0
$2,020,088
2012
$1,731,539
$1,230,084
$501,455
$48,682
$0
$0
$452,773
$107,302
$0
$345,471
10%
$5,860,681
VALOR DE LA COMPAA
Valor de la compaa = Valor
Empresarial + Activos no operativos
$5,999,357
$4,492,223
VALOR PATRIMONIAL
Valor de la compaa - Valor de los
pasivos o obligaciones fcieras del ao
inicial
2013
$2,002,814
$1,421,800
$581,014
$130,187
$1,863,504
$0
$2,314,331
$137,166
$0
$2,177,165
2014
$2,329,345
$1,856,825
$472,520
$147,155
$0
$0
$325,365
$30,810
$0
$294,555
UOAII
IMPTOS
UODI
ANOP
CAPM
Ci
CK
2010
543091
184650.94
358440.06
2011
599577
203856.18
395720.82
2012
509585
173258.9
336326.1
2013
564153
191812.02
372340.98
3305539
4010390
5076009
5975707
0.141484
0.141484
0.141484
0.141484
0.1701015218 0.16981435 0.16819649 0.16786518
0.1291790131 0.12894859 0.12351764 0.12716034
-387532
2014
436583
148438.334
288145
DATOS ADICIONALES
Rf
9%
Rm
14%
beta (Riesgo s
1.02968
IMPTOS
34%
UODI
UODI - CK(ANOP)
6719241.45
0.141484
0.16647331
0.1255607
-555527.7
CK
ANOP
ANOP
CAPM
EVA
COSTO DE CAPITAL
ACTIVOS NETOS DE OPERACIN
CXC+INV-CXP+FIJOS
RF+B(Rm-Rf)
UODI-CK*ANOP
TO DE CAPITAL
Ci (PT/AT)(1-IMP)+CAPM(PATR/AT)
IVOS NETOS DE OPERACIN
+INV-CXP+FIJOS
+B(Rm-Rf)
DI-CK*ANOP