trabajo final nokia
DESCRIPTION
análisis macro económico y financieroTRANSCRIPT
HISTORIAAPPLECOMPENTECIAMOTOROLARIMBOTTON UPMETODO DE EVALUACIONTOP DOWNFLUJO DE CAJA LIBRE
Nokia es una empresa transnacional y es el primer fabricante de telfonos mviles del mundo, adems de una de las principalesLOS COMIENZOSFUSIONLIDERANDO EL CAMBIOHISTORIA:
EEFF NOKIANOKIAEXPRESADO EN MILLONES DE DOLARESBALANCE GENERAL2002200320042005200620072008200920102011Efectivo y Equivalente884613,71114,67512,33810,72216,11310,03212,37816,30015,184Cuentas a la Recomendacin.5488644854516656739515,56914,04111,13410,05210,002Inventario1208132316232077195239433726260233503245Otros activos circulantes10941,25225182524327445378196682763437022Total del Activo Corriente16,63522,73424,26823,59423,34440,16235,99532,94036,04635,454Net PPE2787238122542297232726213433280425952566Intangibles6324203723751042513014,96011,06710,2138697Otros activos a largo plazo2013154313061495169336353836304430983710Total del Activo22,06727,07728,20027,76128,40751,54858,22549,85551,95150,426Cuentas por pagar2794330433204350468796987686690581027705Porcin actual de deuda a largo plazo095.08000000154497Otros Pasiv actual.5163597465937689807516,31822,25614,28215,03616,094Total de Pasivos Corrientes79589373991312,03912,76226,01629,94221,18723,29124,296Deuda a Largo Plazo0000000056335528Otra a largo plazo Pasiv.43637136633449717623997809214741220Total Pasivo8558993010,48812,62813,37531,29437,32531,59732,85131,044Resultados Acumulados11,03115,79517,12416,37713,97119,01617,19914,13413,94310,914Patrimonio Total13,51017,14817,71215,13315,03220,25420,90018,25819,10119,382Total pasivo y patrimonio22,06827,07828,20027,76128,40751,54858,22549,85551,95250,426ESTADO DE RESULTADOS2,0022,0032,0042,0052,0062,0072,0082,0092,0102,011Ingresos28,39533,34336,40842,56851,64870,00174,59457,17356,36453,844Costo de Ventas17,29119,51222,55727,65034,84446,27749,03938,66939,34438,079Beneficio bruto11,10413,83113,85114,91816,80423,72425,55618,50317,02015,765gastos3064380737014445499976238332708466296841depreciacion2887425646444762489577428779824377857816EBITDA (UTILIDAD ANTES DE IMPT E INTERESES)5153576855065711691183598445317626051107Gasto Financiero1951801190000000Utilidad de Operacin4958558853875711691183598445317626051107Utilidades antes de impuestos4,6516,0515,8586,1897,18811,3357,3111,3422,372-1,669Utilidades netas31984066399045025408987858663631783-2072DATOS POR ACCION2002200320042005200620072008200920102011Los ingresos por accin ($)5.996.957.819.612.6117.7819.6315.2715.0514.38El EBITDA por accin1.091.21.181.291.692.122.220.850.70.3Flujo de caja libre por accin1.031.091.0111.142.470.861.051.460.22Ganancias por accin ($)0.680.850.861.021.322.511.540.10.48-0.55Los dividendos por accin0.20.260.30.370.330.420.60.390.350.41Valor contable por accin2.853.583.83.413.675.145.54.885.15.18Final de mes Precio de la accin15.51715.6718.320.3238.3915.612.8510.324.82
EEFF Variacion %HISTORICOHISTORICO , VARIACION EN PORCENTAJESESTADO DE RESULTADOS2,0022,0032,0042,0052,0062,0072,0082,0092,0102,0112002 - 20032,0042,0052,0062,0072,0082,0092,0102,011PROMEDIOIngresos28,39533,34336,40842,56851,64870,00174,59457,17356,36453,84417%9%17%21%36%7%-23%-1%-4%9%Costo de Ventas17,29119,51222,55727,65034,84446,27749,03938,66939,34438,07913%16%23%26%33%6%-21%2%-3%10%Margen bruto11,10413,83113,85114,91816,80423,72425,55618,50317,02015,76525%0%8%13%41%8%-28%-8%-7%6%Gastos306438073701444549997623833270846629684124%-3%20%12%52%9%-15%-6%3%11%Depreciacion288742564644476248957742877982437785781647%9%3%3%58%13%-6%-6%0%14%EBITDA (UTILIDAD ANTES DE IMPT E INTERESES)515357685506571169118359844531762605110712%-5%4%21%21%1%-62%-18%-58%-9%Gastos financieros1951801190000000-8%-34%-100%0%0%0%0%0%0%0%-14%Utilidad de Operacin495855885387571169118359844531762605110713%-4%6%21%21%1%-62%-18%-58%-9%Utilidades antes de impuestos4651605158586189718811,335731113422372-166930%-3%6%16%58%-36%-82%77%-170%-12%Utilidades netas31984066399045025408987858663631783-207227%-2%13%20%83%-41%-94%391%-216%20%BALANCE GENERAL20022003200420052006200720082009201020112002 - 20032,0042,0052,0062,0072,0082,0092,0102,011PROMEDIOEfectivo y Equivalente884613,71114,67512,33810,72216,11310,03212,37816,30015,18455%7%-16%-13%50%-38%23%32%-7%10%Cuentas a la Recomendacin.5488644854516656739515,56914,04111,13410,05210,00217%-15%22%11%111%-10%-21%-10%-0%12%Inventario120813231623207719523943372626023350324510%23%28%-6%102%-6%-30%29%-3%16%Otros activos circulantes10941,2522518252432744537819668276343702214%101%0%30%39%81%-17%-7%11%28%Total del Activo Corriente16,63522,73424,26823,59423,34440,16235,99532,94036,04635,45437%7%-3%-1%72%-10%-8%9%-2%11%Net PPE2787238122542297232726213433280425952566-15%-5%2%1%13%31%-18%-7%-1%0%Intangibles6324203723751042513014,96011,06710,2138697-34%-11%1%178%392%192%-26%-8%-15%74%Otros activos a largo plazo2013154313061495169336353836304430983710-23%-15%14%13%115%6%-21%2%20%12%Total del Activo22,06727,07728,20027,76128,40751,54858,22549,85551,95150,42623%4%-2%2%81%13%-14%4%-3%12%Cuentas por pagar279433043320435046879698768669058102770518%0%31%8%107%-21%-10%17%-5%16%Porcin actual de deuda a largo plazo095.080000001544970%-100%0%0%0%0%0%0%223%0%Otros Pasiv actual.5163597465937689807516,31822,25614,28215,03616,09416%10%17%5%102%36%-36%5%7%18%Total de Pasivos Corrientes79589373991312,03912,76226,01629,94221,18723,29124,29618%6%21%6%104%15%-29%10%4%17%Deuda a Largo Plazo00000000563355280%0%0%0%0%0%0%0%-2%0%Otra a largo plazo Pasiv.43637136633449717623997809214741220-15%-1%-9%49%255%127%102%-82%-17%45%Total Pasivo8558993010,48812,62813,37531,29437,32531,59732,85131,04416%6%20%6%134%19%-15%4%-6%20%Resultados Acumulados11,03115,79517,12416,37713,97119,01617,19914,13413,94310,91443%8%-4%-15%36%-10%-18%-1%-22%2%Patrimonio Total13,51017,14817,71215,13315,03220,25420,90018,25819,10119,38227%3%-15%-1%35%3%-13%5%1%5%Total pasivo y patrimonio22,06827,07828,20027,76128,40751,54858,22549,85551,95250,42623%4%-2%2%81%13%-14%4%-3%12%
EEFF CompetenciaAPPLEMOTOROLAResearch In Motion RIMBALANCE GENERAL200220032004200520062007200820092010201120022003200420052006200720082009201020112002200320042005200620072008200920102011Efectivo y Equivalente433745665464826110,11015,38624,49023,46425,62025,952365561626566801610,708391815,6408606697979633411,1931,0376359871,6051,5181,9112,1211,774Cuentas a la Recomendacin.5657667748951252163724223361992411,717709245834437443644925779750953243493349540.8095.212413476131,2492.272.84,2793,693Inventario45561011652703465094551051776524227562869279225462522316228362659130831.2742.8392.481352563966826226181,027Otros activos circulantes4414997169792877458787165410671985573896364832622663333615,650466454564232326612.1724.6716314063.32227555673699759Total del Activo Corriente53885887705510,30014,50921,95634,69031,55541,67844,98819,88517,14917,13417,90721,08227,86930,97522,22217,36316,0324251,3551,5341,2571,9193,4774,8425,8137,4887,056Net PPE62166970781712811832245529544768777711,1578913610451642332227122672480244221541631482003264887061,3351,9572,5042,748Intangibles119109979617733749245310834432-------44992837282382.0694.371131152485841,2041,4772,3063.59Otros activos a largo plazo17015019133812381222193512,53927,65459,17411,301733679149027747555095351561152274594190334767614434743721958577337Total del Activo62986815805011,55117,20525,34739,57247,50175,18311637142,34333,39831,15232,09830,88935,64938,59334,81227,86925,6038601,9312,6142,3123,0895,5118,10110,20412,87513,731Cuentas por pagar911115414511779339049705520560112,01514,632349224342268278933304406505641673188242973.0035.5768.4694.95130271448616832744Porcin actual de deuda a largo plazo-304------------------6.140.190.220.260.270.34--------Otros Pasiv actual.747899122917053081432985725905870713,33812,7657264754266447243808210,36983337432583269.931735621834161,2031,6671,8162,7982,645Total de Pasivos Corrientes16582357268034846471929914,09211,50620,72227,97016,25796989810943310,57312,48815,42512,50010,62082611492096312795471,4742,1152,4323.633,389Deuda a Largo Plazo31600000000042938372718966754578380627043991409233655.776.26.56.96.37.30.00.00.00.0Otra a largo plazo Pasiv.229235294601750151644504355667011,786269611522914281524072682332228743650409400027.8552.5395.92112170307242Total Pasivo2203259229744085722110,81518,54215,86127,39239,75623,73119,70719,91319,40917,55818,97621,45119,36518,36215,7201552156373136051.5782,2272,6023,9373,631Resultados Acumulados23252394267040055607910113,84523,35337,16962,8419727543425823103172258979086857938783827-170-11984.091483591,6533,5465,2746,7497,913Patrimonio Total4095422350767466998414,53221,03031,64047,79176,61518,61213,69111,23912,68913,33116,67317,14215,447950798837051,7161,9771,9992,4843,9345,8747,6038,93810001Total Pasivo y Patrimonio62986815805011551172052534739572475017518311637142,34333,39831,15232,09830,88935,64938,59334,81227,86925,6038601,9312,6142,3123,0893,9368,10110,20512,87513,632ESTADO DE RESULTADOS2,0022,0032,0042,0052,0062,0072,0082,0092,0102,0112,0022,0032,0042,0052,0062,0072,0082,0092,0102,0112,0022,0032,0042,0052,0062,0072,0082,0092,0102,011Ingresos57426207827913,93119,31524,00632,47942,90565,22510824937,58030,00426,67927,05831,32336,84342,87936,62230,14622,0443075951.352.0663.0376.00911.06514.95319.90718.435Costo de Ventas413944996020988813,71715,85221,33425,68339,54164,43123,62821,44517,93818,10120,82625,06630,15226,67021,75114,9871673236369251.3792.9295.9688.36911.08211.856Beneficio bruto16031708225940435598815411,14517,22225,68443,81813,95285598741895710,49711,77712,7279952839570571402717141.1411.6583.0815.0976.5848.8256.579gastos111112121421185924332963376141495517759951413703420340734209385945045092667740221181081953115388811.4962.0712.42.604depreciacion4464714895347127821109133317822429443743183754377130603680410644294109318355.9162.6362.571582363606859651.3511.559EBITDA4625349165024534409627511,74018,38533,79043745387841113322842384117431-2391-148-33.781004576728841.8392.9173.5485.0742.41623522357--------30.4427.9135.9449.9576.87108195310438926Utilidad de Operacin4625349165024534409627511,74018,38533,7902022-18197841113322842384117431-2391-148-64.2272.214216228071.7312.7223.2384.6361.49Utilidades antes de impuestos8792383181528185008689512,06618,54034,2052231-5511-34461293325265204610-390-2637-165-11847.621064868591.8112.83.2674.6441.511Utilidades netas65692761335198934964834823514,01325,9221318-3937-2485893153245783661-49-4244-51-130522133826341,2941,8932,4573,4111,164LOA DATOS POR ACCION200220032004200520062007200820092010201120022003200420052006200720082009201020112002200320042005200620072008200920102011Los ingresos por accin ($)88.5610.6716.7922.6427.636.6647.8971.411717.213.2211.5911.6212.8714.7917.7416.0313.39.540.661.282.383.725.4510.719.5526.8538.0335.17El EBITDA por accin0.060.030.451.992.885.077.0813.1120.1236.4520.240.340.481.331.71.70.19-1.06-0.06-7.000.220.811.211.593.285.156.379.694.61Flujo de caja libre por accin-0.120.170.982.741.835.449.610.0618.1635.89-2.430.290.380.991.081.661.210.15-0.060.17-0.080.090.3-0.050.862.181.093645.673.83Ganancias por accin ($)0.090.10.361.612.334.025.469.1915.3427.960.6-1.73-1.080.380.631.841.51-0.02-1.87-0.02-0.280.110.380.671.142.313.354.356.362.22dividendo por accion2.650.160.160.160.162.190.160.190.20.2-Valor contable por accin5.715.826.54911.716.7123.7435.3252.3182.648.526.034.885.455.486.697.096.764.194.281.523.73.493.64.467.0110.3813.6517.0819.27Final de mes Precio de la accin7.2510.3619.3853.6176.98153114185284381-15.028.651417.222.5920.5616.044.437.761.068.2411.0223.5146.8710439.9470.8866.217.02
GraficosEvolucion de las utilidadesNokiaMOTOROLAAPPLERIM
Graficos31984066399045025408987858663631783-2072
Utilidades netas
Metodologia para la valoracion 6569276133519893496483482351401325922
Utilidades netas
Botton up1318-3937-2485893153245783661-49-4244-51
#REF!Utilidades netas
Valoracion-13051.8321338263412941893245734111164
Utilidades netas
Flujo de caja libreMetodologia para la valoracion de NokiavMETODO GOOWILLMtodo sobre VentasConsideramos este mtodo porque es necesario demostrar la presencia que tiene nuestra empresa en el mercado ; para as comprobar si tiene o no un buen posicionamiento.V= A+nFMtodo sobre las UtilidadesConsideramos este mtodo ya que es mas completo , pues se toma en cuenta lo que es la competitividad , los costos y la capacidad gerencial.V= A+ n BMtodo de la UCEEConsideramos este mtodo porque es un avance en la direccin de lo que significa valoracin financiera de lo que vendran hacer valores futuros proyectados, tomando en cuenta los beneficios histricos de la empresa.V= A + Bt/(1+K)^tvMtodo del Flujo de Caja libreEste mtodo nos muestra la libre disponibilidad de fondos que tienen los inversionistas , despus de que la empresa haya cubierto todos sus gastos de operacin y de previsiones por inversin.vMtodo PatrimonialEste mtodo toma en cuenta los Activos y Pasivos de la empresa y nos determina el valor contable siendo este mismo el valor patrimonial de la empresa.VC= TA - TP
Rentabilidad.INDICADORES ECONOMICOSRENTABILIDAD SOBRE ACTIVOS (ROA)NOKIA2002200320042005200620072008200920102011UTILIDAD NETA3,1984,0663,9904,5025,4089,8785,8663631,783(2,072)TOTAL ACTIVOS22,06727,07728,20027,76128,40751,54858,22549,85551,95150,426ROA0.140.150.140.160.190.190.100.010.03-0.04APPLE2002200320042005200620072008200920102011UTILIDAD NETA65692761,3351,9893,4964,8348,23514,01325,922TOTAL ACTIVOS6,2986,8158,05011,55117,20525,34739,57247,50175,183116,371ROA0.010.010.030.120.120.140.120.170.190.22MOTOROLA2002200320042005200620072008200920102011UTILIDAD NETA1,318(3,937)(2,485)8931,5324,5783,661(49)(4,244)(51)TOTAL ACTIVOS42,34333,39831,15232,09830,88935,64938,59334,81227,86925,603ROA0.03-0.12-0.080.030.050.130.09-0.00-0.15-0.002Research In Motion RIM2002200320042005200620072008200920102011UTILIDAD NETA(130)522133826341,2941,8932,4573,4111,164TOTAL ACTIVOS8601,9312,6142,3123,0895,5118,10110,20412,87513,731ROA-0.150.030.080.170.210.230.230.240.260.085ROA SECTOR0.010.020.040.120.140.170.140.110.080.07GRAHAM: ROA SIMILAR O MEJOR QUE LA MEDIA DEL SECTOR. La empresa NOKIA tiene un ROA inferior ala media del sector.RENTABILIDAD SOBRE PATRIMONIO (ROE)NOKIA2002200320042005200620072008200920102011UTILIDAD NETA3,1984,0663,9904,5025,4089,8785,8663631,783(2,072)TOTAL PATRIMONIO13,51017,14817,71215,13315,03220,25420,90018,25819,10119,382ROE0.240.240.230.300.360.490.280.020.09-0.11APPLE2002200320042005200620072008200920102011UTILIDAD NETA65692761,3351,9893,4964,8348,23514,01325,922TOTAL PATRIMONIO4,0954,2235,0767,4669,98414,53221,03031,64047,79176,615ROE0.020.020.050.180.200.240.230.260.290.34MOTOROLA2002200320042005200620072008200920102011UTILIDAD NETA1,318(3,937)(2,485)8931,5324,5783,661(49)(4,244)(51)TOTAL PATRIMONIO23,73119,70719,91319,40917,55818,97621,45119,36518,36215,720ROE0.06-0.20-0.120.050.090.240.17-0.00-0.23-0.003Research In Motion RIM2002200320042005200620072008200920102011UTILIDAD NETA(130)522133826341,2941,8932,4573,4111,164TOTAL PATRIMONIO7051,7161,9771,9992,4843,9345,8747,6038,93810,001ROE-0.180.030.110.190.260.330.320.320.380.116ROE SECTOR0.030.020.070.180.230.320.250.150.130.09GRAHAM: ROE SIMILAR O MEJOR QUE LA MEDIA DEL SECTOR. La empresa NOKIA tiene un ROE inferior ala media del sector.PER : PRICE - EARNING RATIONOKIA2002200320042005200620072008200920102011PRECIO POR ACCION15.5017.0015.6718.3020.3238.3915.6012.8510.324.82UPA0.680.850.861.021.322.511.540.100.48(0.55)PER22.7920.0018.2217.9415.3915.2910.13128.5021.50-8.76APPLE2002200320042005200620072008200920102011PRECIO POR ACCION7.2510.3619.3853.6176.98153.00114.00185.00284.00381.00UPA0.090.100.361.612.334.025.469.1915.3427.96PER80.56103.6053.8333.3033.0438.0620.8820.1318.5113.63MOTOROLA2002200320042005200620072008200920102011PRECIO POR ACCION0.015.028.6514.0017.2022.5920.5616.044.437.76UPA0.60(1.73)(1.08)0.380.631.841.51(0.02)(1.87)(0.02)PER0.00-8.68-8.0136.8427.3012.2813.62-802.00-2.37-388.00Research In Motion RIM2002200320042005200620072008200920102011PRECIO POR ACCION1.068.2411.0223.5146.87104.0039.9470.8866.2017.02UPA(0.28)0.110.380.671.142.313.354.356.362.22PER-3.7974.9129.0035.0941.1145.0211.9216.2910.417.67PER SECTOR24.8947.4623.2630.7929.2127.6614.14-159.2712.01-93.87GRAHAM: PER INFERIOR AL DEL SECTOR. La empresa Nokia tiene un PER superior a la de la media del sector.RATIO DE DISTRIBUCION DE DIVIDENDOS (PAY OUT)NOKIA2002200320042005200620072008200920102011DIVIDENDO POR ACCION0.200.260.300.370.330.420.600.390.350.41UPA0.680.850.861.021.322.511.540.100.48(0.55)RDD0.290.310.350.360.250.170.393.900.73-0.75APPLE2002200320042005200620072008200920102011DIVIDENDO POR ACCION0.00.00.00.00.00.00.00.00.00.0UPA0.090.100.361.612.334.025.469.1915.3427.96RDD0.000.000.000.000.000.000.000.000.000.00MOTOROLA2002200320042005200620072008200920102011DIVIDENDO POR ACCION0.160.160.160.162.190.160.190.200.200.0UPA0.60(1.73)(1.08)0.380.631.841.51(0.02)(1.87)(0.02)RDD0.27-0.09-0.150.423.480.090.13-10.00-0.110.00Research In Motion RIM2002200320042005200620072008200920102011GRAHAM: PAY OUT inferior al 65%DIVIDENDO POR ACCION0.00.00.00.00.00.00.00.00.00.0UPA(0.28)0.110.380.671.142.313.354.356.362.22RDD0.000.000.000.000.000.000.000.000.000.00RATIO DE REINVERSIONNOKIA20022003200420052006200720082009201020110.710.690.650.640.750.830.61(2.90)0.271.751APPLE20022003200420052006200720082009201020111.001.001.001.001.001.001.001.001.001.00MOTOROLA20022003200420052006200720082009201020110.731.091.150.58(2.48)0.910.8711.001.111.00Research In Motion RIM20022003200420052006200720082009201020111.001.001.001.001.001.001.001.001.001.00RENTABILIDAD POR DIVIDENDOSNOKIA2002200320042005200620072008200920102011DIVIDENDO POR ACCION0.200.260.300.370.330.420.600.390.350.41PRECIO POR ACCION15.5017.0015.6718.3020.3238.3915.6012.8510.324.821%2%2%2%2%1%4%3%3%9%APPLE2002200320042005200620072008200920102011DIVIDENDO POR ACCIONPRECIO POR ACCION7.2510.3619.3853.6176.98153.00114.00185.00284.00381.000%0%0%0%0%0%0%0%0%0%MOTOROLA2002200320042005200620072008200920102011DIVIDENDO POR ACCION0.160.160.160.162.190.160.190.200.200.0PRECIO POR ACCION0.015.028.6514.0017.2022.5920.5616.044.437.76-1%2%1%13%1%1%1%5%0%Research In Motion RIM2002200320042005200620072008200920102011DIVIDENDO POR ACCION0.00.00.00.00.00.00.00.00.00.0PRECIO POR ACCION1.068.2411.0223.5146.87104.0039.9470.8866.2017.020%0%0%0%0%0%0%0%0%0%RD SECTOR0.000.010.010.010.040.000.010.010.020.02Q DE TOBINGNOKIA2002200320042005200620072008200920102011pasivo con costo4363713663344971,7623,9978,0927,1076,748patrimonio13,51017,14817,71215,13315,03220,25420,90018,25819,10119,382precio de las acciones15.5017.0015.6718.3020.3238.3915.6012.8510.324.82valor de los activos22,06727,07728,20027,76128,40751,54858,22549,85551,95150,426Q de Tobin9.5110.789.869.9910.7715.125.674.873.931.99APPLE2002200320042005200620072008200920102011pasivo con costo5452352946017501,5164,4504,3556,67011,786patrimonio4,0954,2235,0767,4669,98414,53221,03031,64047,79176,615precio de las acciones7.2510.3619.3853.6176.98153.00114.00185.00284.00381.00valor de los activos629868158050115511720525347395724750175183116371Q de Tobin4.806.4512.2634.7044.7187.7860.70123.32180.62250.94MOTOROLA2002200320042005200620072008200920102011pasivo con costo6,9899,52410,1039,4906,9856,4886,0266,8657,7427,459patrimonio18,61213,69111,23912,68913,33116,67317,14215,4479,5079,883precio de las acciones0.0015.028.6514.0017.2022.5920.5616.044.437.76valor de los activos42,34333,39831,15232,09830,88935,64938,59334,81227,86925,603Q de Tobin0.176.443.455.837.6510.759.297.311.793.29Research In Motion RIM2002200320042005200620072008200920102011pasivo con costo5.776.246.5034.7058.87103.17112.00170.00307.00242.00patrimonio7051,7161,9771,9992,4843,9345,8747,6038,93810,001precio de las acciones1.068.2411.0223.5146.87104.0039.9470.8866.2017.02valor de los activos8601,9312,6142,3123,0895,5118,10110,20412,87513,731Q de Tobin0.887.338.3420.3437.7174.2628.9752.8345.9812.41GRAHAM :Incremento en Ventas de los ultimos 5 aos.NOKIA20072008200920102011Ingresos70,00174,59457,17356,36453,844APPLE20072008200920102011Ingresos24,00632,47942,90565,225108,249MOTOROLA20072008200920102011Ingresos36,84342,87936,62230,14622,044Research In Motion RIM20072008200920102011Ingresos6,00011,00015,00020,00018,000GRAHAM: Incremento de Dividendos durante los ultimos 10 aos,NOKIA2002200320042005200620072008200920102011Dividendos0.200.260.300.370.330.420.600.390.350.412002200320042005200620072008200920102011
El ROA de nokia es de( -0,04) esto quiere decir que por cada peso de $us invertido, esta perdiendo 0,04 de $us, es decir que la empresa no esta creando valor.
Mide la eficienda de la compaia en el uso de sus activos para generar ingresosEl ROE de nokia es de (-0,11) esto quiere decir que por cada cada $us de aporte de capital, esta perdiendo (-0,11) de $us.
Indica el nivel de utilidad que genera cada peso de propiedad de los accionistas.El PER es el numero de veces que el mercado reconoce en precio a la utilidad de la empresa. Nokia tiene un PER de (-8,76), por encima del sector. Esto quiere decir que las perspectivas de la accion no son buenas.PAY OUT nos indica que de cada $us de ganancia (utilida neta) cuanto se distribuira en dividendos. La ultima gestion nokia no distribuye nada de dividendos por que no no genero utilidades.El ratio de reinversion indica por cada $us generado mediante utilidades, cuando se reinvierte en la misma empresa.APPLE no ha pagado dividentes en los ultimos aos, su politica ha sido la de reinvertir el 100% de sus utilidades en la misma empresa. Recien el 2012 comenzo a pagar dividedos ( dividendo = 2,62$ por accion)los investionistas exigen ganar un dividendo mas alto, por que quieren ganar mas por el alto riesgo q representa la empresa.cuando este indicador es mayor a 1 nos indica que la empresa esta generando valor. En el caso de nokia es superior a 1, pero se puede notar una tendencia bajista, mientras q apple despega sorprendentemente comenzando el 2002 con 4,80 y al 2011 llega a 250,94.
Rentabilidad.
APPLENOKIAMOTOROLAResearch In Motion RIMRENTABILIDAD SOBRE ACTIVOS (ROA)
Rentabilidad
APPLENOKIAMOTOROLAResearch In Motion RIMRENTABILIDAD SOBRE PATRIMONIO (ROE)
GRAHAM
APPLENOKIAMOTOROLAResearch In Motion RIMPER : PRICE - EARNING RATIO
EVA
APPLENOKIAMOTOROLAResearch In Motion RIMRATIO DE DISTRIBUCION DE DIVIDENDOS (PAY OUT)
Calculos auxiliares
APPLENOKIAMOTOROLAResearch In Motion RIMRATIO DE REINVERSION
Top Down
APPLENOKIAMOTOROLAResearch In Motion RIM
Conclusiones
APPLENOKIAMOTOROLAResearch In Motion RIMQ DE TOBING
NOKIAROA SECTORGRAHAM
NOKIAROE SECTORGRAHAM
PER SECTORNOKIAGRAHAM
0.20.260.30.370.330.420.60.390.350.41
NOKIA
7000124006368437459432479428795717342905366225636465225301465384410824922044
NOKIAAPPLEMOTOROLAResearch In Motion RIM
NOKIARD SECTORRENTABILIDAD POR DIVIDENDOS
Valor PatrimonialCon este metodo podremos determinar cual es el valor contable, de la empresa Nokia200920102011Total Activo49,85551,95150,426Total Pasivo31,59732,85131,044Valor Patr. Contable18,25819,10019,382Millones de $usGOOD WILLEste metodo le da un plus valor, al valor de la empresa.Total Activo50,426Total Pasivo (sin costo)23,799Patrimonio Ajustado26,627*Determinacin del factor "n"FrmulaResultadoPorcentaje participacionPonderadoIndice de liquidezAC/PC1.4610%0.15Razon de EndeudamientoPT/AT0.4810%0.05Indice de eficienciaVTA/AT1.0710%0.11Indice de RentabilidadROAUN/AT-0.0450.0%-0.02ROEUN/PAT-0.1120.0%-0.02100%0.261Coeficiente n= 1.5 - 3 veces27.5153*Metodo Clasico --- UTILIDADES*Metodo Clasico --- VENTASMETODO GOODWILL S/UTILIDADESMETODO GOODWILL S/VENTASValor de empresa (V)P+n UValor de empresa (V)P+n FPatrimonio neto Ajustado (A)26,627Patrimonio neto Ajustado (A)26,627Coeficiente de ajuste s/ utilidades hist. (n)0.26Coeficiente de ajuste s/ utilidades hist. (n)0.075Utilidades netas (B)(2,072)Ventas netas (F)53,844VALOR DE EMPRESA26,090.4Milones de $usVALOR DE EMPRESA30,665.3Millones de $us* Metodo de la Union de Expertos Contables EuropeosUtilidades Anuales Proyectadas2,0122,0132,0142,0152,016-2,490-2,992-3,595-4,319-5,190PATRIMONIO AJUSTADO26,627.00UTILIDADES PROYECTADASdatos proyectadosTASA LIBRE DE RIESGO0.03VALOR DE LA EMPRESA9,919.88Millones de dolares
Psin costo = Cuentas por pagar + Otros Pasivos ActualesIntel Celeron:Total Activo / Total PasivoIntel Celeron:Total Pasivo - Total ActivoIntel Celeron:Ingresos / Total ActivoTASA PRIME (ES LA TASA MAS BAJA A LA QUE PRESTAN LOS MEJORES BANCOS DE EEUU A SUS MEJORES CLIENTES)es el valor contable de nokiaVC = TA - TPMETODOS DE VALORACIONV = P +n BV = CA + t=1 Bt (1+k)^t
HISTORICOPROYECTADOSBALANCE GENERAL20022003200420052006200720082009201020112,0122,0132,0142,0152,016Efectivo y Equivalente884613,71114,67512,33810,72216,11310,03212,37816,30015,18416,76618,51320,44222,57124,923Cuentas a la Recomendacin.5488644854516656739515,56914,04111,13410,05210,00211,04412,19513,46514,86816,417Inventario12081323162320771952394337262602335032453,5833,9564,3694,8245,326Otros activos circulantes10941,252251825243274453781966827634370227,7548,5619,45310,43811,526Total del Activo Corriente16,63522,73424,26823,59423,34440,16235,99532,94036,04635,45439,14843,22747,73052,70358,19400000Net PPE27872381225422972327262134332804259525662,8333,1293,4543,8144,212Intangibles6324203723751042513014,96011,06710,21386979,60310,60411,70812,92814,275Otros activos a largo plazo20131543130614951693363538363044309837104,0974,5234,9955,5156,090Total del Activo22,06727,07728,20027,76128,40751,54858,22549,85551,95150,42655,68061,48167,88674,95982,769Cuentas por pagar27943304332043504687969876866905810277058,5089,39410,37311,45412,647Porcin actual de deuda a largo plazo095.08000000154497549606669739816Otros Pasiv actual.5163597465937689807516,31822,25614,28215,03616,09417,77119,62221,66723,92426,417Total de Pasivos Corrientes79589373991312,03912,76226,01629,94221,18723,29124,29626,82729,62232,70936,11739,879Deuda a Largo Plazo00000000563355286,1046,7407,4428,2179,074Otra a largo plazo Pasiv.436371366334497176239978092147412201,3471,4871,6421,8142,003Total Pasivo8558993010,48812,62813,37531,29437,32531,59732,85131,04434,27837,85041,79346,14850,956Resultados Acumulados11,03115,79517,12416,37713,97119,01617,19914,13413,94310,91412,05113,30714,69316,22417,914Patrimonio Total13,51017,14817,71215,13315,03220,25420,90018,25819,10119,38221,40123,63126,09328,81231,814Total pasivo y patrimonio22,06827,07828,20027,76128,40751,54858,22549,85551,95250,42655,68061,48167,88674,95982,769Flujo de caja libreHISTORICOPROYECTADOSESTADO DE RESULTADOS2,0022,0032,0042,0052,0062,0072,0082,0092,0102,0112,0122,0132,0142,0152,016Ingresos28,39533,34336,40842,56851,64870,00174,59457,17356,36453,84470,71574,40378,09081,77885,465Costo de Ventas17,29119,51222,55727,65034,84446,27749,03938,66939,34438,07942,02346,37551,17856,47862,328Margen bruto11,10413,83113,85114,91816,80423,72425,55618,50317,02015,76528,69228,02826,91225,30023,138Otros gastos30643807370144454999762383327084662968417,5838,4069,31710,32811,448depreciacion28874256464447624895774287798243778578167,8477,8787,9097,9417,9720.397%EBITDA (UTIl ANTES DE IMPT E INT.)515357685506571169118359844531762605110713,26211,7449,6867,0313,717Gastos Financieros19518011900.00.00.00.00.00.000000Utilidad de Operacin49585588538757116,9118,3598,4453,1762,6051,10713,26211,7449,6867,0313,717Utilidades antes de impuestos4651605158586189718811,335731113422372-1669-1475-1304-1153-1019-901Utilidades netas31984066399045025408987858663631783-2072-2,490-2,992-3,595-4,319-5,190(+)Depreciacion2,8874,2564,6444,7624,8957,7428,7798,2437,7857,8167,8477,8787,9097,9417,972(+) Intereses1951801190.00.00.00.00.00.00.00.00.00.00.00.0Flujo de caja bruto6,2808,5028,7539,26410,30317,62014,6458,6069,5685,7445,3574,8874,3153,6212,782(-) Inversiones Brutas0.04,278867-2,757-9433,858-7,2815,071793-1,6261,4301,5791,7431,9252,126Flujo de Caja Libre6,2804,2247,88612,02111,24613,76221,9263,5358,7757,3703,9273,3082,5711,696657102%2%GVALORACION DE NOKIA MEDIANTE EL FLUJO DE CAJA LIBREK=14.242%200220032004200520062007200820092010201120122013201420152016flujo de caja libre6,2804,2247,88612,02111,24613,76221,9263,5358,7757,3703,9273,3082,5711,696657-33%87%52%-6%22%59%-84%148%-16%-47%-16%-22%-34%-61%G=4%XROE-0.11PAY OUT-0.75G7.97%METODO DE CONVERGENCIAMETODO DE LA PERPETUIDADV R =656.61V R =656.610.130.1424V R =5,199.18Millones de $usV R =4,610.23Millones de $usESTE METODO CONSIDERA EL CRECIMIENTO CONSTANTEESTE METODO NO CONSIDERA EL CRECIEMIENTOEN LOS INGRESOS (g) Y NO TOMA EN CUENTADE LOS INGRESOS (g)TODAS LAS CONDICIONES DEL MERCADO.VALOR DE LA EMPRESAPRECIO DE ACCIONESPRECIO AL 2011 (mercado)4.82Metodo de Convergencia11,898.75Millones de $usACCIONES EN CIRCULACION3,745METODO DE CONVERGENCIA3.18Metodo de Perpetuidad11,399.17Millones de $usMETODO DE PERPETUIDAD3.04Metodos de ValoracionValor Patrimonial19,382Good Will*Metodo Clasico --- UTILIDADES26,090Metodo de la Union de Expertos Contables Europeos9,920Convergencia11,899Perpetuidad11,399
hp:utilida neta /patrimoniohp:divid por acc / upaIr a rentabilidadsaldo disponible de efectivo q tiene la empresa
Valor Patrimonial*Metodo Clasico --- UTILIDADESMetodo de la Union de Expertos Contables EuropeosConvergenciaPerpetuidadMetodos de Valoracion
NOKIARENTABILIDADVARIACION DEL PRECIO DE LAS ACCIONESPeriodoPrecioRentabilidad Base UnitariaRentabilidad Total en %Variacion del precio de las acciones de Nokia12/1/114.460.83-16.7911/1/115.360.86-13.96AORentabilidad Base unitariaRentabilidad Total10/3/116.231.1918.8920110.9433-6%9/1/115.240.88-12.0820100.9861-1%8/1/115.961.1110.9920090.9869-1%7/1/115.370.90-9.6020080.9297-7%6/1/115.940.91-8.6220071.05646%5/2/116.50.81-19.1520061.01061%4/1/118.041.088.3620051.01542%3/1/117.420.99-1.3320040.9948-1%2/1/117.520.81-19.4020031.00951%1/3/119.331.043.7820020.9639-4%12/1/108.991.1211.8211/1/108.040.86-13.8310/1/109.331.076.75Rentabilidad Simple0.98909/1/108.741.1717.16Rentabilidad continua-0.0110X8/2/107.460.90-10.017/1/108.291.1716.76RENTABILIDAD ECONOMICA PROYECTADA6/1/107.10.80-19.505/3/108.820.88-12.41Capital financiero = TOTAL ACTIVO - TOTAL PASIVO ( sin costo)4/1/1010.070.78-21.763/1/1012.871.1515.43HISTORICOPROYECTADO2/1/1011.150.98-1.682002200320042005200620072008200920102011201220132014201520161/4/1011.341.076.58TOTAL ACTIVO22,06727,07728,20027,76128,40751,54858,22549,85551,95150,42655,68061,48167,88674,95982,76912/1/0910.640.97-3.10TOTAL PASIVO7,9579,2789,91312,03912,76226,01629,94221,18723,13823,79926,27929,01632,04035,37839,06411/2/0910.981.055.17CAPITAL FINANCIERO14,11017,79918,28715,72215,64525,53228,28328,66828,81326,62729,40132,46435,84739,58243,70510/1/0910.440.86-13.799/1/0912.111.044.408/3/0911.61.054.987/1/0911.050.92-8.45Rentabilidad Economica = Flujo de caja libre /Capital Financiero6/1/0912.070.95-4.745/1/0912.671.088.204/1/0911.711.2625.64HISTORICOPROYECTADO3/2/099.321.2524.602002200320042005200620072008200920102011201220132014201520162/2/097.480.76-23.67F.C.L.6,2804,2247,88612,02111,24613,76221,9263,5358,7757,3703,9273,3082,5711,6966571/2/099.80.79-21.35Capital Finaniero14,11017,79918,28715,72215,64525,53228,28328,66828,81326,62729,40132,46435,84739,58243,70512/1/0812.461.1010.07Rent Economica0.44510.23730.43120.76460.71880.53900.77520.12330.30460.27680.13360.10190.07170.04290.015011/3/0811.320.93-6.6810/1/0812.130.81-18.599/2/0814.90.74-25.918/1/0820.110.92-7.88RENTABILIDAD ECONOMICA - REGRESION SIMPLE7/1/0821.831.1111.496/2/0819.580.86-13.715/1/0822.690.97-3.03Y= Rentabilidad Economica4/1/0823.40.94-5.53X= Periodos3/3/0824.770.88-11.60n= 102/1/0828.020.98-1.82101/2/0828.540.96-4.4512/3/0729.870.98-2.3911/1/0730.60.99-0.97XYX2XYy5y/n0.4610/1/0730.91.054.71HISTORICOAOSRent. Economicax55x/n5.509/4/0729.511.1515.36200210.44510x385x / n38.508/1/0725.581.1514.81200320.23740xy24xy /n2.407/2/0722.281.021.87200430.43191b-0.01666/1/0721.871.032.68200540.765163a0.55265/1/0721.31.1110.88200650.7192544/2/0719.211.1010.15200760.5393633/1/0717.441.055.00200870.7754952/1/0716.610.99-1.25200980.1236411/3/0716.821.098.80201090.30581312/1/0615.461.000.452011100.277100311/1/0615.391.021.72PROYECTADOS2012110.3710/2/0615.131.011.009/1/0614.980.94-5.73COSTO DE CAPITAL PROPIO37%8/1/0615.891.055.23COSTO DE LA DEUDA0%7/3/0615.10.98-2.086/1/0615.420.94-5.63Estructura del balance5/1/0616.340.95-5.224/3/0617.241.099.3220022003200420052006200720082009201020113/1/0615.771.1413.95Deuda39%37%37%45%47%61%64%63%63%62%2/1/0613.841.011.10Patrimonio61%63%63%55%53%39%36%37%37%38%1/3/0613.691.000.4412/1/0513.631.077.1511/1/0512.721.021.5210/3/0512.530.99-0.569/1/0512.61.077.238/1/0511.750.99-1.09CPPC= (Patrimonio * Costo de Capital Propio) + (Deuda * Costo de Deuda)7/1/0511.880.96-4.196/1/0512.40.99-1.27CPPC= ( 0.38 * 0.37) + (0.62 *0.00 )5/2/0512.561.065.554/1/0511.91.076.54CPPC=14.24%3/1/0511.170.96-4.452/1/0511.691.065.701/3/0511.060.97-2.5612/1/0411.350.97-3.0711/1/0411.711.054.8310/1/0411.171.1212.499/1/049.931.1615.608/2/048.591.022.147/1/048.410.80-20.136/1/0410.531.065.835/3/049.950.98-1.874/1/0410.140.69-30.933/1/0414.680.95-5.112/2/0415.471.055.381/2/0414.681.2221.5212/1/0312.080.95-5.4011/3/0312.771.065.8010/1/0312.071.098.949/2/0311.080.96-4.248/1/0311.571.066.447/1/0310.870.93-6.866/2/0311.670.91-8.975/1/0312.821.098.924/1/0311.771.1818.293/3/039.951.088.032/3/039.210.92-8.081/2/0310.020.93-7.1412/2/0210.790.81-19.3011/1/0213.371.1615.5610/1/0211.571.2525.499/3/029.221.00-0.328/1/029.251.077.187/1/028.630.86-14.386/3/0210.081.044.355/1/029.660.85-14.664/1/0211.320.78-21.613/1/0214.441.010.842/1/0214.320.89-11.441/2/0216.17PRIME RATEVARIACION _PRIME RATE200220032004200520062007200820092010201120022003200420052006200720082009201020111 Ene3.250.002 Ene4.254.007.258.257.253.250.003 Ene4.754.255.257.258.257.253.2511114 Ene4.755.257.258.257.253.253.251111115 Ene4.005.257.258.253.253.253.25111116 Ene4.254.005.257.253.253.253.251111117 Ene4.754.254.005.257.253.253.253.251111118 Ene4.754.254.008.257.253.253.250.001111119 Ene4.754.254.007.258.257.253.250.0011111110 Ene4.754.255.257.258.257.253.251111111 Ene4.755.257.258.257.253.253.2511111112 Ene4.005.257.258.253.253.253.251111113 Ene4.254.005.257.253.253.253.2511111114 Ene4.754.254.005.257.253.253.253.2511111115 Ene4.754.254.008.257.253.253.250.0011111116 Ene4.754.254.007.258.257.253.250.0011111117 Ene4.754.255.257.258.257.253.251111118 Ene4.755.257.258.257.253.253.2511111119 Ene4.005.257.258.253.253.253.251111120 Ene4.254.005.257.253.253.253.2511111121 Ene4.754.254.005.253.253.253.2511111122 Ene4.754.254.008.257.253.253.250.001111123 Ene4.754.254.007.258.256.503.250.0011110.8965517241124 Ene4.754.255.257.258.256.503.251111125 Ene4.755.257.258.256.503.253.2511111126 Ene4.005.257.258.253.253.253.251111127 Ene4.254.005.257.253.253.253.2511111128 Ene4.754.254.005.256.503.253.253.2511111129 Ene4.754.254.008.256.503.253.250.0011111130 Ene4.754.254.007.258.256.503.250.0011111131 Ene4.754.255.257.258.256.003.2511110.92307692311 Feb4.755.257.508.256.003.253.25111.03448275861112 Feb4.005.257.508.253.253.253.25111113 Feb4.254.005.507.503.253.253.2511.047619047611114 Feb4.754.254.005.506.003.253.253.251111115 Feb4.754.254.008.256.003.253.250.001111116 Feb4.754.254.007.508.256.003.250.001111117 Feb4.754.255.507.508.256.003.25111118 Feb4.755.507.508.256.003.253.251111119 Feb4.005.507.508.253.253.253.251111110 Feb4.254.005.507.503.253.253.2511111111 Feb4.754.254.005.506.003.253.253.2511111112 Feb4.754.254.008.256.003.253.250.0011111113 Feb4.754.254.007.508.256.003.250.0011111114 Feb4.754.255.507.508.256.003.251111115 Feb4.755.507.508.256.003.253.2511111116 Feb4.005.507.508.253.253.251111117 Feb4.254.005.507.503.253.253.251111118 Feb4.754.254.005.503.253.253.2511111119 Feb4.754.254.008.256.003.253.250.001111120 Feb4.754.254.007.508.256.003.250.0011111121 Feb4.754.255.507.508.256.003.251111122 Feb4.755.507.508.256.003.253.2511111123 Feb4.005.507.508.253.253.253.251111124 Feb4.254.005.507.503.253.253.2511111125 Feb4.754.254.005.506.003.253.253.2511111126 Feb4.754.254.008.256.003.253.250.0011111127 Feb4.754.254.007.508.256.003.250.0011111128 Feb4.754.255.507.508.256.003.251111129 Feb6.0011 Mar4.754.005.507.508.253.253.252 Mar4.005.507.508.253.253.253.251111113 Mar4.254.005.507.506.003.253.253.251111114 Mar4.754.254.005.506.003.253.253.2511111115 Mar4.754.254.008.256.003.253.250.001111116 Mar4.754.257.508.256.003.250.00111117 Mar4.754.255.507.508.256.003.25111118 Mar4.754.005.507.508.253.253.25111119 Mar4.005.507.508.253.253.253.2511111110 Mar4.254.005.507.506.003.253.253.2511111111 Mar4.754.254.005.506.003.253.253.25111111112 Mar4.754.254.008.256.003.253.250.0011111113 Mar4.754.257.508.256.003.250.001111114 Mar4.754.255.507.508.256.003.251111115 Mar4.754.005.507.508.253.253.251111116 Mar4.005.507.508.253.253.253.2511111117 Mar4.254.005.507.506.003.253.253.2511111118 Mar4.754.254.005.506.003.253.253.25111111119 Mar4.754.254.008.255.253.253.250.001110.8751120 Mar4.754.257.508.253.250.00111121 Mar4.754.255.507.508.253.25111122 Mar4.754.005.507.508.253.253.251111123 Mar4.005.757.508.253.253.253.2511.0454545455111124 Mar4.254.005.757.505.253.253.253.2511111125 Mar4.754.254.005.755.253.253.253.25111111126 Mar4.754.254.008.255.253.253.250.0011111127 Mar4.754.257.508.255.253.250.001111128 Mar4.754.255.757.508.255.253.251111129 Mar4.005.757.758.253.253.2511.03333333331130 Mar4.005.757.758.253.253.253.2511111131 Mar4.254.005.757.755.253.253.253.251111111 Abr4.754.254.005.755.253.253.253.2511111112 Abr4.754.254.008.255.253.253.250.001111113 Abr4.754.257.758.255.253.250.00111114 Abr4.754.255.757.758.255.253.25111115 Abr4.754.005.757.753.253.2511116 Abr4.005.757.753.253.253.25111117 Abr4.254.005.757.755.253.253.253.251111118 Abr4.754.255.755.253.253.253.251111119 Abr4.754.258.255.253.253.250.001111110 Abr4.754.257.758.255.253.250.001111111 Abr4.754.255.757.758.255.253.251111112 Abr4.754.005.757.758.253.253.251111113 Abr4.005.758.253.253.253.251111114 Abr4.254.005.755.253.253.253.251111115 Abr4.754.254.005.755.253.253.253.25111111116 Abr4.754.254.008.255.253.253.250.0011111117 Abr4.754.257.758.255.253.250.001111118 Abr4.754.255.757.758.255.253.251111119 Abr4.754.005.757.758.253.253.251111120 Abr4.005.757.758.253.253.253.2511111121 Abr4.005.757.755.253.253.253.2511111122 Abr4.754.005.755.253.253.250.001111123 Abr4.754.254.008.255.253.253.250.001111124 Abr4.754.257.758.255.253.250.001111125 Abr4.754.255.757.758.255.253.251111126 Abr4.754.005.757.758.253.253.251111127 Abr4.005.757.758.253.253.253.2511111128 Abr4.254.005.757.755.253.253.253.2511111129 Abr4.754.254.005.755.253.253.253.25111111130 Abr4.754.254.008.255.003.253.250.001110.9523809524111 May4.754.258.255.003.250.00111112 May4.754.255.757.758.255.003.2511113 May4.754.005.757.758.253.253.25111114 May4.006.007.758.253.253.253.2511.043478260911115 May4.254.006.007.755.003.253.253.251111116 May4.754.254.006.005.003.253.253.2511111117 May4.754.254.008.255.003.253.250.001111118 May4.754.257.758.255.003.250.00111119 May4.754.256.007.758.255.003.251111110 May4.754.006.007.758.253.253.251111111 May4.006.008.008.253.253.253.25111.032258064511112 May4.254.006.008.005.003.253.253.2511111113 May4.754.254.006.005.003.253.253.25111111114 May4.754.254.008.255.003.253.250.0011111115 May4.754.258.008.255.003.250.001111116 May4.754.256.008.008.255.003.251111117 May4.754.006.008.008.253.253.251111118 May4.006.008.008.253.253.253.2511111119 May4.254.006.008.005.003.253.253.2511111120 May4.754.254.006.005.003.253.253.25111111121 May4.754.254.008.255.003.253.250.0011111122 May4.754.258.008.255.003.250.001111123 May4.754.256.008.008.255.003.251111124 May4.754.006.008.008.253.253.251111125 May4.006.008.008.253.253.253.2511111126 May4.254.006.008.003.253.253.2511111127 May4.754.254.006.005.003.253.253.2511111128 May4.754.254.008.255.003.253.250.0011111129 May4.754.258.255.003.250.001111130 May4.754.258.008.255.003.25111131 May4.754.006.008.008.253.253.2511111 Jun4.006.008.008.253.253.253.251111112 Jun4.254.006.008.005.003.253.253.251111113 Jun4.754.254.006.005.003.253.253.2511111114 Jun4.754.254.008.255.003.253.250.001111115 Jun4.754.258.008.255.003.250.00111116 Jun4.754.256.008.008.255.003.25111117 Jun4.754.006.008.008.253.253.25111118 Jun4.006.008.008.253.253.253.251111119 Jun4.254.006.008.005.003.253.253.2511111110 Jun4.754.254.006.005.003.253.253.25111111111 Jun4.754.254.008.255.003.253.250.0011111112 Jun4.754.258.008.255.003.250.001111113 Jun4.754.256.008.008.255.003.251111114 Jun4.754.006.008.008.253.253.251111115 Jun4.006.008.008.253.253.253.2511111116 Jun4.254.006.008.005.003.253.253.2511111117 Jun4.754.254.006.005.003.253.253.25111111118 Jun4.754.254.008.255.003.253.250.0011111119 Jun4.754.258.008.255.003.250.001111120 Jun4.754.256.008.008.255.003.251111121 Jun4.754.006.008.008.253.253.251111122 Jun4.006.008.008.253.253.253.2511111123 Jun4.254.006.008.005.003.253.253.2511111124 Jun4.754.254.006.005.003.253.253.25111111125 Jun4.754.254.008.255.003.253.250.0011111126 Jun4.754.258.008.255.003.250.001111127 Jun4.754.006.008.008.255.003.2510.941176470611128 Jun4.754.006.008.008.253.253.251111129 Jun4.006.008.008.253.253.253.2511111130 Jun4.004.256.008.255.003.253.253.251.062511.031251111 Jul4.754.004.256.255.003.253.253.25111.041666666711112 Jul4.754.004.258.255.003.253.250.001111113 Jul4.754.008.258.255.003.250.00111114 Jul4.754.006.258.258.250.0011115 Jul4.754.256.258.258.253.253.2511116 Jul4.256.258.258.253.253.253.251111117 Jul4.004.256.258.255.003.253.253.251111118 Jul4.754.004.256.255.003.253.253.2511111119 Jul4.754.004.258.255.003.253.250.0011111110 Jul4.754.008.258.255.003.250.000.001111111 Jul4.754.006.258.258.255.000.003.251111112 Jul4.754.256.258.258.253.253.251111113 Jul4.256.258.258.253.253.253.2511111114 Jul4.004.256.258.255.003.253.253.2511111115 Jul4.754.004.256.255.003.253.253.25111111116 Jul4.754.004.258.255.003.253.250.0011111117 Jul4.754.008.258.255.003.250.000.001111118 Jul4.754.006.258.258.255.000.003.251111119 Jul4.754.256.258.258.253.253.251111120 Jul4.256.258.258.253.253.253.2511111121 Jul4.004.256.258.255.003.253.253.2511111122 Jul4.754.004.256.255.003.253.253.25111111123 Jul4.754.004.258.255.003.253.250.0011111124 Jul4.754.008.258.255.003.250.000.001111125 Jul4.754.006.258.258.255.000.003.251111126 Jul4.754.256.258.258.253.253.251111127 Jul4.256.258.258.253.253.253.2511111128 Jul4.004.256.258.255.003.253.253.2511111129 Jul4.754.004.256.255.003.253.253.25111111130 Jul4.754.004.258.255.003.253.250.0011111131 Jul4.754.008.258.255.003.250.000.00111111 Ago4.754.006.258.258.255.000.003.25111112 Ago4.754.256.258.258.253.253.25111113 Ago4.256.258.258.253.253.253.251111114 Ago4.004.256.258.255.003.253.253.251111115 Ago4.754.004.256.255.003.253.253.2511111116 Ago4.754.004.258.255.003.253.250.001111117 Ago4.754.008.258.255.003.250.000.00111118 Ago4.754.006.258.258.255.000.003.25111119 Ago4.754.256.258.258.253.253.251111110 Ago4.256.508.258.253.253.253.2511.04111111 Ago4.004.506.508.255.003.253.253.251.05882352941111112 Ago4.754.004.506.505.003.253.253.25111111113 Ago4.754.004.508.255.003.253.250.0011111114 Ago4.754.008.258.255.003.250.000.001111115 Ago4.754.006.508.258.255.000.003.251111116 Ago4.754.506.508.258.253.253.251111117 Ago4.506.508.258.253.253.253.2511111118 Ago4.004.506.508.255.003.253.253.2511111119 Ago4.754.004.506.505.003.253.253.25111111120 Ago4.754.004.508.255.003.253.250.0011111121 Ago4.754.008.258.255.003.250.000.001111122 Ago4.754.006.508.258.255.000.003.251111123 Ago4.754.506.508.258.253.253.251111124 Ago4.506.508.258.253.253.253.2511111125 Ago4.004.506.508.255.003.253.253.2511111126 Ago4.754.004.506.505.003.253.253.25111111127 Ago4.754.004.508.255.003.253.250.0011111128 Ago4.754.008.258.255.003.250.000.001111129 Ago4.754.006.508.258.255.000.003.251111130 Ago4.754.506.508.258.253.253.251111131 Ago4.506.508.258.253.253.253.251111111 Set4.004.506.508.255.003.253.253.251111112 Set4.754.004.506.505.003.253.253.2511111113 Set4.754.004.508.255.003.253.250.001111114 Set4.754.008.258.255.003.250.000.00111115 Set4.754.006.508.258.255.000.003.25111116 Set4.754.506.508.258.250.003.25111117 Set4.506.508.258.253.253.253.25111118 Set4.004.506.508.255.003.253.253.251111119 Set4.754.004.506.505.003.253.253.25111111110 Set4.754.004.508.255.003.253.250.0011111111 Set4.754.008.258.255.003.250.000.001111112 Set4.754.006.508.258.255.000.003.251111113 Set4.754.506.508.258.253.253.251111114 Set4.506.508.258.253.253.253.2511111115 Set4.004.506.508.255.003.253.253.2511111116 Set4.754.004.506.505.003.253.253.25111111117 Set4.754.004.508.255.003.253.250.0011111118 Set4.754.008.258.255.003.250.000.001111119 Set4.754.006.508.257.755.000.003.251110.9393939394120 Set4.754.506.508.257.753.253.251111121 Set4.506.758.257.753.253.253.2511.0384615385111122 Set4.004.756.758.255.003.253.253.251.05555555561111123 Set4.754.004.756.755.003.253.253.25111111124 Set4.754.004.757.755.003.253.250.0011111125 Set4.754.008.257.755.003.250.000.001111126 Set4.754.006.758.257.755.000.003.251111127 Set4.754.756.758.257.753.253.251111128 Set4.756.758.257.753.253.253.2511111129 Set4.004.756.758.255.003.253.253.2511111130 Set4.754.004.756.755.003.253.253.2511111111 Oct4.754.004.757.755.003.253.250.001111112 Oct4.754.008.257.755.003.250.000.00111113 Oct4.754.006.758.257.755.000.003.25111114 Oct4.754.756.758.257.753.253.25111115 Oct4.756.758.257.753.253.253.251111116 Oct4.004.756.758.255.003.253.253.251111117 Oct4.754.004.756.755.003.253.253.2511111118 Oct4.754.004.757.755.003.253.250.001111119 Oct4.754.008.257.754.503.250.000.001110.9110 Oct4.754.006.758.257.754.500.003.251111111 Oct4.754.756.758.257.753.253.251111112 Oct4.756.758.257.753.253.253.2511111113 Oct4.004.756.758.254.503.253.253.2511111114 Oct4.754.004.756.754.503.253.253.25111111115 Oct4.754.004.757.754.503.253.250.0011111116 Oct4.754.008.257.754.503.250.000.001111117 Oct4.754.006.758.257.754.500.003.251111118 Oct4.754.756.758.257.753.253.251111119 Oct4.756.758.257.753.253.253.2511111120 Oct4.004.756.758.254.503.253.253.2511111121 Oct4.754.004.756.754.503.253.253.25111111122 Oct4.754.004.757.754.503.253.250.0011111123 Oct4.754.008.257.754.503.250.000.001111124 Oct4.754.006.758.257.754.500.003.251111125 Oct4.754.756.758.257.753.253.251111126 Oct4.756.758.257.753.253.253.2511111127 Oct4.004.756.758.254.503.253.253.2511111128 Oct4.754.004.756.754.503.253.253.25111111129 Oct4.754.004.757.754.003.253.250.001110.88888888891130 Oct4.754.008.257.754.003.250.000.001111131 Oct4.754.006.758.257.754.000.003.25111111 Nov4.754.756.758.257.503.253.251110.967741935512 Nov4.757.008.257.503.253.253.2511.03703703711113 Nov4.004.757.008.254.003.253.253.251111114 Nov4.754.004.757.004.003.253.253.2511111115 Nov4.754.004.757.504.003.253.250.001111116 Nov4.754.008.257.504.003.250.000.00111117 Nov4.254.007.008.257.504.000.003.250.894736842111118 Nov4.254.757.008.257.503.253.25111119 Nov4.757.008.257.503.253.253.2511111110 Nov4.004.757.008.254.003.253.253.2511111111 Nov4.254.005.007.004.003.253.253.2511.05263157891111112 Nov4.254.005.007.504.003.253.250.0011111113 Nov4.254.008.257.504.003.250.000.001111114 Nov4.254.007.008.257.504.000.003.251111115 Nov4.255.007.008.257.503.253.251111116 Nov5.007.008.257.503.253.253.2511111117 Nov4.005.007.008.254.003.253.253.2511111118 Nov4.254.005.007.004.003.253.253.25111111119 Nov4.254.005.007.504.003.253.250.0011111120 Nov4.254.008.257.504.003.250.000.001111121 Nov4.254.007.008.257.504.000.003.251111122 Nov4.255.007.008.257.503.253.251111123 Nov5.007.008.257.503.253.253.2511111124 Nov4.005.007.008.254.003.253.253.2511111125 Nov4.254.005.007.004.003.253.253.25111111126 Nov4.254.005.007.504.003.253.250.0011111127 Nov4.254.008.257.504.003.250.000.001111128 Nov4.254.007.008.257.504.000.003.251111129 Nov4.255.007.008.257.500.003.253.251111130 Nov5.007.008.257.500.003.253.253.251111111 Dic4.005.007.008.254.003.253.253.251111112 Dic4.254.005.007.004.003.253.253.2511111113 Dic4.254.005.007.504.003.253.250.001111114 Dic4.254.008.257.504.003.250.000.00111115 Dic4.254.007.008.257.504.000.003.25111116 Dic4.255.007.008.257.503.253.25111117 Dic5.007.008.257.503.253.253.251111118 Dic4.005.007.008.254.003.253.253.251111119 Dic4.254.005.007.004.003.253.253.25111111110 Dic4.254.005.007.504.003.253.250.0011111111 Dic4.254.008.257.254.003.250.000.00110.96666666671112 Dic4.254.007.008.257.254.000.003.251111113 Dic4.255.007.008.257.253.253.251111114 Dic5.007.258.257.253.253.253.2511.0357142857111115 Dic4.005.257.258.254.003.253.253.251.051111116 Dic4.254.005.257.254.003.253.253.25111111117 Dic4.254.005.257.253.253.253.250.001110.81251118 Dic4.254.008.257.253.253.250.000.001111119 Dic4.254.007.258.257.253.250.003.251111120 Dic4.255.257.258.257.253.253.251111121 Dic5.257.258.257.253.253.253.2511111122 Dic4.005.257.258.253.253.253.253.2511111123 Dic4.254.005.257.253.253.253.253.25111111124 Dic4.254.005.257.253.253.253.250.0011111125 Dic3.250.000.00126 Dic4.254.007.258.257.253.250.003.25127 Dic4.255.257.258.257.253.253.251111128 Dic5.257.258.257.253.253.253.2511111129 Dic4.005.257.258.253.253.253.253.2511111130 Dic4.254.005.257.253.253.253.253.25111111131 Dic4.255.257.253.253.253.2511111
Pasivo sin costo
Prime RateOperaciones en US dlaresPeriodoPrecioRentabilidad Base UnitariaRentabilidad Total en %12/1/114.460.83-16.79Variacion del precio de las acciones de NokiaVariacion del precio del indice Prime Rate (Km)Estructura del balanceBONOS DEL TESORO DE ESTADOS UNIDOS - TNA (TASA NOMINAL ANUAL)11/1/115.360.86-13.96200220032004200520062007200820092010201120022003200420052006200720082009201020111/6/1231/05/201231/03/201231/12/201130/09/201130/06/201131/03/201110/3/116.231.1918.891 Ene3.250.00AORentabilidad Base unitariaRentabilidad TotalAORentabilidad Base unitariaRentabilidad TotalDeudaPatrimonio3 meses4,614,614,614,614,614,614,619/1/115.240.88-12.082 Ene4.254.007.258.257.253.250.0020110.9433-6%20111.000.00%20110.620.386 meses4,794,794.794,794,794,794,798/1/115.961.1110.993 Ene4.754.255.257.258.257.253.25111120100.9861-1%20101.000.00%20100.630.371 aos4,764,764.764,764,764,764,767/1/115.370.90-9.604 Ene4.755.257.258.257.253.253.2511111120090.9869-1%20091.000.00%20090.630.375 aos0,610,661,050,830,951,772,266/1/115.940.91-8.625 Ene4.005.257.258.253.253.253.251111120080.9297-7%20081.00-39.64%20080.640.3610 aos1,471,572,221,881,913,173,475/2/116.50.81-19.156 Ene4.254.005.257.253.253.253.2511111120071.05646%20071.00-6.39%20070.610.3930 aos2,552,653,362,892,904,384,514/1/118.041.088.367 Ene4.754.254.005.257.253.253.253.2511111120061.01061%20061.006.40%20060.470.533/1/117.420.99-1.338 Ene4.754.254.008.257.253.253.250.0011111120051.01542%20051.0015.68%20050.450.552/1/117.520.81-19.409 Ene4.754.254.007.258.257.253.250.0011111120040.9948-1%20041.0013.21%20040.370.631/3/119.331.043.7810 Ene4.754.255.257.258.257.253.251111120031.00951%20031.00-3.00%20030.370.6312/1/108.991.1211.8211 Ene4.755.257.258.257.253.253.2511111120020.9639-4%20021.00-5.50%20020.390.6111/1/108.040.86-13.8312 Ene4.005.257.258.253.253.253.251111110/1/109.331.076.7513 Ene4.254.005.257.253.253.253.25111111Promedio geometricoPromedio geometrico9/1/108.741.1717.1614 Ene4.754.254.005.257.253.253.253.251111110.98900.99988/2/107.460.90-10.0115 Ene4.754.254.008.257.253.253.250.001111117/1/108.291.1716.7616 Ene4.754.254.007.258.257.253.250.00111111Rentabilidad continua anualRentabilidad continua anual6/1/107.10.80-19.5017 Ene4.754.255.257.258.257.253.2511111-1.1040%-0.02%5/3/108.820.88-12.4118 Ene4.755.257.258.257.253.253.251111114/1/1010.070.78-21.7619 Ene4.005.257.258.253.253.253.25111113/1/1012.871.1515.4320 Ene4.254.005.257.253.253.253.251111112/1/1011.150.98-1.6821 Ene4.754.254.005.253.253.253.25111111B=0.0029289501B=2.131/4/1011.341.076.5822 Ene4.754.254.008.257.253.253.250.00111110.001377963612/1/0910.640.97-3.1023 Ene4.754.254.007.258.256.503.250.0011110.8965517241111/2/0910.981.055.1724 Ene4.754.255.257.258.256.503.251111110/1/0910.440.86-13.7925 Ene4.755.257.258.256.503.253.25111111Rentabilidad de la empresa=-5.38Costo de la deuda09/1/0912.111.044.4026 Ene4.005.257.258.253.253.253.25111118/3/0911.61.054.9827 Ene4.254.005.257.253.253.253.251111117/1/0911.050.92-8.4528 Ene4.754.254.005.256.503.253.253.251111116/1/0912.070.95-4.7429 Ene4.754.254.008.256.503.253.250.001111115/1/0912.671.088.2030 Ene4.754.254.007.258.256.503.250.001111114/1/0911.711.2625.6431 Ene4.754.255.257.258.256.003.2511110.92307692313/2/099.321.2524.601 Feb4.755.257.508.256.003.253.25111.0344827586111CPPC= (Patrimonio * Costo de Capital Propio) + (Deuda * Costo de Deuda)2/2/097.480.76-23.672 Feb4.005.257.508.253.253.253.25111111/2/099.80.79-21.353 Feb4.254.005.507.503.253.253.2511.04761904761111CPPC= ( 0.38 * (- 0.011040)) + (0.62 *0.00 )12/1/0812.461.1010.074 Feb4.754.254.005.506.003.253.253.25111111CPPC=-206.83%11/3/0811.320.93-6.685 Feb4.754.254.008.256.003.253.250.0011111110/1/0812.130.81-18.596 Feb4.754.254.007.508.256.003.250.001111119/2/0814.90.74-25.917 Feb4.754.255.507.508.256.003.25111118/1/0820.110.92-7.888 Feb4.755.507.508.256.003.253.251111117/1/0821.831.1111.499 Feb4.005.507.508.253.253.253.25111116/2/0819.580.86-13.7110 Feb4.254.005.507.503.253.253.251111115/1/0822.690.97-3.0311 Feb4.754.254.005.506.003.253.253.251111114/1/0823.40.94-5.5312 Feb4.754.254.008.256.003.253.250.001111113/3/0824.770.88-11.6013 Feb4.754.254.007.508.256.003.250.001111112/1/0828.020.98-1.8214 Feb4.754.255.507.508.256.003.25111111/2/0828.540.96-4.4515 Feb4.755.507.508.256.003.253.2511111112/3/0729.870.98-2.3916 Feb4.005.507.508.253.253.251111111/1/0730.60.99-0.9717 Feb4.254.005.507.503.253.253.251111110/1/0730.91.054.7118 Feb4.754.254.005.503.253.253.251111119/4/0729.511.1515.3619 Feb4.754.254.008.256.003.253.250.00111118/1/0725.581.1514.8120 Feb4.754.254.007.508.256.003.250.001111117/2/0722.281.021.8721 Feb4.754.255.507.508.256.003.25111116/1/0721.871.032.6822 Feb4.755.507.508.256.003.253.251111115/1/0721.31.1110.8823 Feb4.005.507.508.253.253.253.25111114/2/0719.211.1010.1524 Feb4.254.005.507.503.253.253.251111113/1/0717.441.055.0025 Feb4.754.254.005.506.003.253.253.251111112/1/0716.610.99-1.2526 Feb4.754.254.008.256.003.253.250.001111111/3/0716.821.098.8027 Feb4.754.254.007.508.256.003.250.0011111112/1/0615.461.000.4528 Feb4.754.255.507.508.256.003.251111111/1/0615.391.021.7229 Feb6.00110/2/0615.131.011.001 Mar4.754.005.507.508.253.253.259/1/0614.980.94-5.732 Mar4.005.507.508.253.253.253.251111118/1/0615.891.055.233 Mar4.254.005.507.506.003.253.253.251111117/3/0615.10.98-2.084 Mar4.754.254.005.506.003.253.253.2511111116/1/0615.420.94-5.635 Mar4.754.254.008.256.003.253.250.001111115/1/0616.340.95-5.226 Mar4.754.257.508.256.003.250.00111114/3/0617.241.099.327 Mar4.754.255.507.508.256.003.25111113/1/0615.771.1413.958 Mar4.754.005.507.508.253.253.25111112/1/0613.841.011.109 Mar4.005.507.508.253.253.253.251111111/3/0613.691.000.4410 Mar4.254.005.507.506.003.253.253.2511111112/1/0513.631.077.1511 Mar4.754.254.005.506.003.253.253.25111111111/1/0512.721.021.5212 Mar4.754.254.008.256.003.253.250.0011111110/3/0512.530.99-0.5613 Mar4.754.257.508.256.003.250.00111119/1/0512.61.077.2314 Mar4.754.255.507.508.256.003.25111118/1/0511.750.99-1.0915 Mar4.754.005.507.508.253.253.25111117/1/0511.880.96-4.1916 Mar4.005.507.508.253.253.253.251111116/1/0512.40.99-1.2717 Mar4.254.005.507.506.003.253.253.251111115/2/0512.561.065.5518 Mar4.754.254.005.506.003.253.253.2511111114/1/0511.91.076.5419 Mar4.754.254.008.255.253.253.250.001110.875113/1/0511.170.96-4.4520 Mar4.754.257.508.253.250.0011112/1/0511.691.065.7021 Mar4.754.255.507.508.253.2511111/3/0511.060.97-2.5622 Mar4.754.005.507.508.253.253.251111112/1/0411.350.97-3.0723 Mar4.005.757.508.253.253.253.2511.0454545455111111/1/0411.711.054.8324 Mar4.254.005.757.505.253.253.253.2511111110/1/0411.171.1212.4925 Mar4.754.254.005.755.253.253.253.2511111119/1/049.931.1615.6026 Mar4.754.254.008.255.253.253.250.001111118/2/048.591.022.1427 Mar4.754.257.508.255.253.250.00111117/1/048.410.80-20.1328 Mar4.754.255.757.508.255.253.25111116/1/0410.531.065.8329 Mar4.005.757.758.253.253.2511.0333333333115/3/049.950.98-1.8730 Mar4.005.757.758.253.253.253.251111114/1/0410.140.69-30.9331 Mar4.254.005.757.755.253.253.253.251111113/1/0414.680.95-5.111 Abr4.754.254.005.755.253.253.253.2511111112/2/0415.471.055.382 Abr4.754.254.008.255.253.253.250.001111111/2/0414.681.2221.523 Abr4.754.257.758.255.253.250.001111112/1/0312.080.95-5.404 Abr4.754.255.757.758.255.253.251111111/3/0312.771.065.805 Abr4.754.005.757.753.253.25111110/1/0312.071.098.946 Abr4.005.757.753.253.253.25111119/2/0311.080.96-4.247 Abr4.254.005.757.755.253.253.253.251111118/1/0311.571.066.448 Abr4.754.255.755.253.253.253.251111117/1/0310.870.93-6.869 Abr4.754.258.255.253.253.250.00111116/2/0311.670.91-8.9710 Abr4.754.257.758.255.253.250.00111115/1/0312.821.098.9211 Abr4.754.255.757.758.255.253.25111114/1/0311.771.1818.2912 Abr4.754.005.757.758.253.253.25111113/3/039.951.088.0313 Abr4.005.758.253.253.253.25111112/3/039.210.92-8.0814 Abr4.254.005.755.253.253.253.25111111/2/0310.020.93-7.1415 Abr4.754.254.005.755.253.253.253.25111111112/2/0210.790.81-19.3016 Abr4.754.254.008.255.253.253.250.0011111111/1/0213.371.1615.5617 Abr4.754.257.758.255.253.250.001111110/1/0211.571.2525.4918 Abr4.754.255.757.758.255.253.25111119/3/029.221.00-0.3219 Abr4.754.005.757.758.253.253.25111118/1/029.251.077.1820 Abr4.005.757.758.253.253.253.251111117/1/028.630.86-14.3821 Abr4.005.757.755.253.253.253.251111116/3/0210.081.044.3522 Abr4.754.005.755.253.253.250.00111115/1/029.660.85-14.6623 Abr4.754.254.008.255.253.253.250.00111114/1/0211.320.78-21.6124 Abr4.754.257.758.255.253.250.00111113/1/0214.441.010.8425 Abr4.754.255.757.758.255.253.25111112/1/0214.320.89-11.4426 Abr4.754.005.757.758.253.253.25111111/2/0216.1727 Abr4.005.757.758.253.253.253.2511111128 Abr4.254.005.757.755.253.253.253.2511111129 Abr4.754.254.005.755.253.253.253.25111111130 Abr4.754.254.008.255.003.253.250.001110.9523809524111 May4.754.258.255.003.250.00111112 May4.754.255.757.758.255.003.2511113 May4.754.005.757.758.253.253.25111114 May4.006.007.758.253.253.253.2511.043478260911115 May4.254.006.007.755.003.253.253.251111116 May4.754.254.006.005.003.253.253.2511111117 May4.754.254.008.255.003.253.250.001111118 May4.754.257.758.255.003.250.00111119 May4.754.256.007.758.255.003.251111110 May4.754.006.007.758.253.253.251111111 May4.006.008.008.253.253.253.25111.032258064511112 May4.254.006.008.005.003.253.253.2511111113 May4.754.254.006.005.003.253.253.25111111114 May4.754.254.008.255.003.253.250.0011111115 May4.754.258.008.255.003.250.001111116 May4.754.256.008.008.255.003.251111117 May4.754.006.008.008.253.253.251111118 May4.006.008.008.253.253.253.2511111119 May4.254.006.008.005.003.253.253.2511111120 May4.754.254.006.005.003.253.253.25111111121 May4.754.254.008.255.003.253.250.0011111122 May4.754.258.008.255.003.250.001111123 May4.754.256.008.008.255.003.251111124 May4.754.006.008.008.253.253.251111125 May4.006.008.008.253.253.253.2511111126 May4.254.006.008.003.253.253.2511111127 May4.754.254.006.005.003.253.253.2511111128 May4.754.254.008.255.003.253.250.0011111129 May4.754.258.255.003.250.001111130 May4.754.258.008.255.003.25111131 May4.754.006.008.008.253.253.2511111 Jun4.006.008.008.253.253.253.251111112 Jun4.254.006.008.005.003.253.253.251111113 Jun4.754.254.006.005.003.253.253.2511111114 Jun4.754.254.008.255.003.253.250.001111115 Jun4.754.258.008.255.003.250.00111116 Jun4.754.256.008.008.255.003.25111117 Jun4.754.006.008.008.253.253.25111118 Jun4.006.008.008.253.253.253.251111119 Jun4.254.006.008.005.003.253.253.2511111110 Jun4.754.254.006.005.003.253.253.25111111111 Jun4.754.254.008.255.003.253.250.0011111112 Jun4.754.258.008.255.003.250.001111113 Jun4.754.256.008.008.255.003.251111114 Jun4.754.006.008.008.253.253.251111115 Jun4.006.008.008.253.253.253.2511111116 Jun4.254.006.008.005.003.253.253.2511111117 Jun4.754.254.006.005.003.253.253.25111111118 Jun4.754.254.008.255.003.253.250.0011111119 Jun4.754.258.008.255.003.250.001111120 Jun4.754.256.008.008.255.003.251111121 Jun4.754.006.008.008.253.253.251111122 Jun4.006.008.008.253.253.253.2511111123 Jun4.254.006.008.005.003.253.253.2511111124 Jun4.754.254.006.005.003.253.253.25111111125 Jun4.754.254.008.255.003.253.250.0011111126 Jun4.754.258.008.255.003.250.001111127 Jun4.754.006.008.008.255.003.2510.941176470611128 Jun4.754.006.008.008.253.253.251111129 Jun4.006.008.008.253.253.253.2511111130 Jun4.004.256.008.255.003.253.253.251.062511.031251111 Jul4.754.004.256.255.003.253.253.25111.041666666711112 Jul4.754.004.258.255.003.253.250.001111113 Jul4.754.008.258.255.003.250.00111114 Jul4.754.006.258.258.250.0011115 Jul4.754.256.258.258.253.253.2511116 Jul4.256.258.258.253.253.253.251111117 Jul4.004.256.258.255.003.253.253.251111118 Jul4.754.004.256.255.003.253.253.2511111119 Jul4.754.004.258.255.003.253.250.0011111110 Jul4.754.008.258.255.003.250.000.001111111 Jul4.754.006.258.258.255.000.003.251111112 Jul4.754.256.258.258.253.253.251111113 Jul4.256.258.258.253.253.253.2511111114 Jul4.004.256.258.255.003.253.253.2511111115 Jul4.754.004.256.255.003.253.253.25111111116 Jul4.754.004.258.255.003.253.250.0011111117 Jul4.754.008.258.255.003.250.000.001111118 Jul4.754.006.258.258.255.000.003.251111119 Jul4.754.256.258.258.253.253.251111120 Jul4.256.258.258.253.253.253.2511111121 Jul4.004.256.258.255.003.253.253.2511111122 Jul4.754.004.256.255.003.253.253.25111111123 Jul4.754.004.258.255.003.253.250.0011111124 Jul4.754.008.258.255.003.250.000.001111125 Jul4.754.006.258.258.255.000.003.251111126 Jul4.754.256.258.258.253.253.251111127 Jul4.256.258.258.253.253.253.2511111128 Jul4.004.256.258.255.003.253.253.2511111129 Jul4.754.004.256.255.003.253.253.25111111130 Jul4.754.004.258.255.003.253.250.0011111131 Jul4.754.008.258.255.003.250.000.00111111 Ago4.754.006.258.258.255.000.003.25111112 Ago4.754.256.258.258.253.253.25111113 Ago4.256.258.258.253.253.253.251111114 Ago4.004.256.258.255.003.253.253.251111115 Ago4.754.004.256.255.003.253.253.2511111116 Ago4.754.004.258.255.003.253.250.001111117 Ago4.754.008.258.255.003.250.000.00111118 Ago4.754.006.258.258.255.000.003.25111119 Ago4.754.256.258.258.253.253.251111110 Ago4.256.508.258.253.253.253.2511.04111111 Ago4.004.506.508.255.003.253.253.251.05882352941111112 Ago4.754.004.506.505.003.253.253.25111111113 Ago4.754.004.508.255.003.253.250.0011111114 Ago4.754.008.258.255.003.250.000.001111115 Ago4.754.006.508.258.255.000.003.251111116 Ago4.754.506.508.258.253.253.251111117 Ago4.506.508.258.253.253.253.2511111118 Ago4.004.506.508.255.003.253.253.2511111119 Ago4.754.004.506.505.003.253.253.25111111120 Ago4.754.004.508.255.003.253.250.0011111121 Ago4.754.008.258.255.003.250.000.001111122 Ago4.754.006.508.258.255.000.003.251111123 Ago4.754.506.508.258.253.253.251111124 Ago4.506.508.258.253.253.253.2511111125 Ago4.004.506.508.255.003.253.253.2511111126 Ago4.754.004.506.505.003.253.253.25111111127 Ago4.754.004.508.255.003.253.250.0011111128 Ago4.754.008.258.255.003.250.000.001111129 Ago4.754.006.508.258.255.000.003.251111130 Ago4.754.506.508.258.253.253.251111131 Ago4.506.508.258.253.253.253.251111111 Set4.004.506.508.255.003.253.253.251111112 Set4.754.004.506.505.003.253.253.2511111113 Set4.754.004.508.255.003.253.250.001111114 Set4.754.008.258.255.003.250.000.00111115 Set4.754.006.508.258.255.000.003.25111116 Set4.754.506.508.258.250.003.25111117 Set4.506.508.258.253.253.253.25111118 Set4.004.506.508.255.003.253.253.251111119 Set4.754.004.506.505.003.253.253.25111111110 Set4.754.004.508.255.003.253.250.0011111111 Set4.754.008.258.255.003.250.000.001111112 Set4.754.006.508.258.255.000.003.251111113 Set4.754.506.508.258.253.253.251111114 Set4.506.508.258.253.253.253.2511111115 Set4.004.506.508.255.003.253.253.2511111116 Set4.754.004.506.505.003.253.253.25111111117 Set4.754.004.508.255.003.253.250.0011111118 Set4.754.008.258.255.003.250.000.001111119 Set4.754.006.508.257.755.000.003.251110.9393939394120 Set4.754.506.508.257.753.253.251111121 Set4.506.758.257.753.253.253.2511.0384615385111122 Set4.004.756.758.255.003.253.253.251.05555555561111123 Set4.754.004.756.755.003.253.253.25111111124 Set4.754.004.757.755.003.253.250.0011111125 Set4.754.008.257.755.003.250.000.001111126 Set4.754.006.758.257.755.000.003.251111127 Set4.754.756.758.257.753.253.251111128 Set4.756.758.257.753.253.253.2511111129 Set4.004.756.758.255.003.253.253.2511111130 Set4.754.004.756.755.003.253.253.2511111111 Oct4.754.004.757.755.003.253.250.001111112 Oct4.754.008.257.755.003.250.000.00111113 Oct4.754.006.758.257.755.000.003.25111114 Oct4.754.756.758.257.753.253.25111115 Oct4.756.758.257.753.253.253.251111116 Oct4.004.756.758.255.003.253.253.251111117 Oct4.754.004.756.755.003.253.253.2511111118 Oct4.754.004.757.755.003.253.250.001111119 Oct4.754.008.257.754.503.250.000.001110.9110 Oct4.754.006.758.257.754.500.003.251111111 Oct4.754.756.758.257.753.253.251111112 Oct4.756.758.257.753.253.253.2511111113 Oct4.004.756.758.254.503.253.253.2511111114 Oct4.754.004.756.754.503.253.253.25111111115 Oct4.754.004.757.754.503.253.250.0011111116 Oct4.754.008.257.754.503.250.000.001111117 Oct4.754.006.758.257.754.500.003.251111118 Oct4.754.756.758.257.753.253.251111119 Oct4.756.758.257.753.253.253.2511111120 Oct4.004.756.758.254.503.253.253.2511111121 Oct4.754.004.756.754.503.253.253.25111111122 Oct4.754.004.757.754.503.253.250.0011111123 Oct4.754.008.257.754.503.250.000.001111124 Oct4.754.006.758.257.754.500.003.251111125 Oct4.754.756.758.257.753.253.251111126 Oct4.756.758.257.753.253.253.2511111127 Oct4.004.756.758.254.503.253.253.2511111128 Oct4.754.004.756.754.503.253.253.25111111129 Oct4.754.004.757.754.003.253.250.001110.88888888891130 Oct4.754.008.257.754.003.250.000.001111131 Oct4.754.006.758.257.754.000.003.25111111 Nov4.754.756.758.257.503.253.251110.967741935512 Nov4.757.008.257.503.253.253.2511.03703703711113 Nov4.004.757.008.254.003.253.253.251111114 Nov4.754.004.757.004.003.253.253.2511111115 Nov4.754.004.757.504.003.253.250.001111116 Nov4.754.008.257.504.003.250.000.00111117 Nov4.254.007.008.257.504.000.003.250.894736842111118 Nov4.254.757.008.257.503.253.25111119 Nov4.757.008.257.503.253.253.2511111110 Nov4.004.757.008.254.003.253.253.2511111111 Nov4.254.005.007.004.003.253.253.2511.05263157891111112 Nov4.254.005.007.504.003.253.250.0011111113 Nov4.254.008.257.504.003.250.000.001111114 Nov4.254.007.008.257.504.000.003.251111115 Nov4.255.007.008.257.503.253.251111116 Nov5.007.008.257.503.253.253.2511111117 Nov4.005.007.008.254.003.253.253.2511111118 Nov4.254.005.007.004.003.253.253.25111111119 Nov4.254.005.007.504.003.253.250.0011111120 Nov4.254.008.257.504.003.250.000.001111121 Nov4.254.007.008.257.504.000.003.251111122 Nov4.255.007.008.257.503.253.251111123 Nov5.007.008.257.503.253.253.2511111124 Nov4.005.007.008.254.003.253.253.2511111125 Nov4.254.005.007.004.003.253.253.25111111126 Nov4.254.005.007.504.003.253.250.0011111127 Nov4.254.008.257.504.003.250.000.001111128 Nov4.254.007.008.257.504.000.003.251111129 Nov4.255.007.008.257.500.003.253.251111130 Nov5.007.008.257.500.003.253.253.251111111 Dic4.005.007.008.254.003.253.253.251111112 Dic4.254.005.007.004.003.253.253.2511111113 Dic4.254.005.007.504.003.253.250.001111114 Dic4.254.008.257.504.003.250.000.00111115 Dic4.254.007.008.257.504.000.003.25111116 Dic4.255.007.008.257.503.253.25111117 Dic5.007.008.257.503.253.253.251111118 Dic4.005.007.008.254.003.253.253.251111119 Dic4.254.005.007.004.003.253.253.25111111110 Dic4.254.005.007.504.003.253.250.0011111111 Dic4.254.008.257.254.003.250.000.00110.96666666671112 Dic4.254.007.008.257.254.000.003.251111113 Dic4.255.007.008.257.253.253.251111114 Dic5.007.258.257.253.253.253.2511.0357142857111115 Dic4.005.257.258.254.003.253.253.251.051111116 Dic4.254.005.257.254.003.253.253.25111111117 Dic4.254.005.257.253.253.253.250.001110.81251118 Dic4.254.008.257.253.253.250.000.001111119 Dic4.254.007.258.257.253.250.003.251111120 Dic4.255.257.258.257.253.253.251111121 Dic5.257.258.257.253.253.253.2511111122 Dic4.005.257.258.253.253.253.253.2511111123 Dic4.254.005.257.253.253.253.253.25111111124 Dic4.254.005.257.253.253.253.250.0011111125 Dic3.250.000.00126 Dic4.254.007.258.257.253.250.003.25127 Dic4.255.257.258.257.253.253.251111128 Dic5.257.258.257.253.253.253.2511111129 Dic4.005.257.258.253.253.253.253.2511111130 Dic4.254.005.257.253.253.253.253.25111111131 Dic4.255.257.253.253.253.250.0011111
MODELO GRAHAM1:Incremento en Ventas de los ultimos 5 aos.2: Incremento de Dividendos durante los ultimos 10 aos,3: Pay out inferior al 65%4: Deuda sobre capital, inferior al 50%5: ROE y ROA similar o mejor que la media del sector6: PER inferior al del sectorPERFIL DE INVERSION7: Rentabilidad por dividendos mejor al del sector1: :Incremento en Ventas de los ultimos 5 aos.NOKIA20072008200920102011Ingresos70,00174,59457,17356,36453,844APPLE20072008200920102011Ingresos24,00632,47942,90565,225108,249MOTOROLA20072008200920102011Ingresos36,84342,87936,62230,14622,0442: Incremento de Dividendos durante los ultimos 10 aos,NOKIA2002200320042005200620072008200920102011Dividendos0.200.260.300.370.330.420.600.390.350.4120022003200420052006200720082009201020113: Pay out inferior al 65%NOKIA2002200320042005200620072008200920102011Pay out0.290.310.350.360.250.170.393.900.73-0.75200720082009201020114 : Deuda sobre capital, inferior al 50%NOKIA20072008200920102011deuda1,762.003,997.008,092.007,107.006,748.00capital20,254.0020,900.0018,258.0019,101.0019,382.008.70%19.12%44.32%37.21%34.82%5: ROE y ROA similar o mejor que la media del sectorROEROANokia-0.11-0.04Apple0.3380.22Motorola-0.003-0.0019919541Media del Sector0.080.066: PER inferior al del sectorPERNokia-8.76Apple13.63Motorola-388.00Media del sector-127.717: Rentabilidad por dividendos mejor al del sectorDividendoPrecioRentabilidad por DividendosNokia0.414.821.9762Apple2.653811009.65Motorola07.760Sector337.21
NOKIA
NOKIAAPPLEMOTOROLA
NOKIA
VALOR ECONOMICO AGREGADOEVA****EVA= UTILIDADES NETAS AJUSTADAS - COSTO DE CAPITALCPPC * CAPITAL FINANCIEROCPPC= (Patrimonio * Costo de Capital Propio) + (Deuda * Costo de Deuda)Deuda con costo (incluyendo corto plazo) + Capital Accionario PropioPASIVO A LARGOPLAZOPATRIMONIOCPPC14%2002200320042005200620072008200920102011CAPITAL FINANCIERO19,10923,49324,67123,15623,60438,33447,15340,63241,24442,224COSTO DE CAPITAL2,7223,3463,5143,2983,3625,4606,7165,7875,8746,014Utilidades dsp. Impuestos31984066399045025408987858663631783-2072(+) Intereses pagados1951801190000000(-) Intereses ganados0000000000(+) Gastos extraordinarios0000000000(-) Ingresos extraordinarios0000000000Utilidades Ajustadas33934246410945025408987858663631783-2072EVA6719005951,2042,0464,418-850-5,424-4,091-8,086
regresion simpleDATOS PARA LA PROYECCION DE VENTASn10XYX2XYy504,338y/n50,433.80HISTORICOAOSVentasx55x/n5.502002128,395.0128,395x385x / n38.502003233,343.0466,686xy3,078,081xy /n307,808.102004336,408.09109,224b3,687.542005442,568.016170,272a30,152.332006551,648.025258,2402007670,001.036420,0062008774,594.049522,1582009857,173.064457,3842010956,364.081507,27620111053,844.0100538,440PROYECTADOS20121170,715.320131274,402.820141378,090.320151481,777.920161585,465.4Inversiones Brutas* Capital de trabajoPROYECTADO200220032004200520062007200820092010201120122013201420152016ACTIVO CORRIENTE16,63522,73424,26823,59423,34440,16235,99532,94036,04635,45439,14843,22747,73052,70358,194PASIVO CORRIENTE7,9589,3739,91312,03912,76226,01629,94221,18723,29124,29626,82729,62232,70936,11739,879CAPITAL DE TRABAJO8,67713,36114,35511,55510,58214,1466,05311,75312,75511,15812,32113,60415,02216,58718,315INVERSIONES BRUTAS200220032004200520062007200820092010201120122013201420152016Aumento o disminucion de Activos fijo neto-406-1274330294812-629-209-29267295326360397Aumento o disminucion del Capital ed Trabajo4,684994-2,800-9733,564-8,0935,7001,002-1,5971,1631,2841,4171,5651,728Total Inversiones Brutas4,278867-2,757-9433,858-7,2815,071793-1,6261,4301,5791,7431,9252,126
NASDAQ. Vs pib realAOSNOKIANASDAQPIBTASA DE CRECIMIENTO200317.001467.9211,553.003.00%200415.671621.1211,840.702.45%200518.301645.2012,263.803.10%200620.321756.9012,638.404.40%200738.392084.9312,976.203.20%200815.601211.6513,228.903.20%200912.851860.3113,228.802.00%201010.322217.8612,880.601.10%20114.822277.8313,248.202.70%20122458.4413,579.412.50%20132366.8014,000.373.10%CORRELACIN0.4129977671RELACION DIRECTAPIBPRECIO DE LAS ACCIONESNASDAQ Vs INFLACIONAOSNOKIANASDAQtasa de inflacion(%)Var % inflacion200317.001467.922.800.00%200415.671621.121.60-42.86%200518.301645.202.3043.75%200620.321756.902.508.70%200738.392084.933.2028.00%200815.601211.652.50-21.88%200912.851860.312.9016.00%201010.322217.863.8031.03%20114.822277.831.16-69.47%20122458.442.1081.03%20132366.801.30-38.10%correlacion0.0978450992INFLACIONPRECIO DE LAS ACCIONESNASDAQ Vs TASA DE INTERES NOMINALAOSNOKIANASDAQtasa de interes(%)Var % Tasa de interes200317.001467.921.00%200415.671621.122.25%125.0%200518.301645.204.25%88.9%200620.321756.905.25%23.5%200738.392084.934.25%-19.0%200815.601211.655.25%23.5%200912.851860.313.50%-33.3%201010.322217.863.90%11.4%20114.822277.833.50%-10.3%CORRELACION5.8%TASA DE INTERESPRECIO DE LAS ACCIONESNASDAQ Vs DEFICIT FISCALAOSNOKIANASDAQ(%)Deficit FiscalVar % del Deficit Fiscal200317.001467.92200415.671621.12200518.301645.20200620.321756.90200738.392084.93-2%200815.601211.65-3.20%68%200912.851860.31-11.20%250%201010.322217.86-9.60%-14%20114.822277.83-6.10%-36%20122458.44-3.70%-39%20132366.80-3.20%-14%correlacion-0.30DFICIT PUBLICOPRECIO DE LAS ACCIONES
El PIB crecera en 2,5% y 3,1% segn la ONU, basado en datos de la oficina de estadstica de trabajo de los EE.UU el 7/06/2012fuente: FONDO M0NETARIO INTERNACIONAL
2.81467.921.61621.122.31645.22.51756.93.22084.932.51211.652.91860.313.82217.861.162277.832.12321.3363395251.32300.4928641135
tasa de inflacion(%)NASDAQNASDAQ vs INFLACION
0.031467.920.02451621.120.0311645.20.0441756.90.0322084.930.0321211.650.021860.310.0112217.860.0272277.830.0252321.3363395250.0352300.4928641135
TASA DE CRECIMIENTONASDAQNASDAQ vs PIB
0.011467.920.02251621.120.04251645.20.05251756.90.04252084.930.05251211.650.0351860.310.0392217.860.0352277.83
tasa de interes(%)NASDAQNASDAQ vs TASA DE INTERES
-0.0192084.93-0.0321211.65-0.1121860.31-0.0962217.86-0.0612277.83-0.0372321.336339525-0.0322300.4928641135
(%)Deficit FiscalNASDAQNASDAQ vs DEFICIT FISCAL
CONCLUSIONESINDICADORESNokia presenta desde el ao 2008 una caida de consideracion en sus indicadores ROA y ROE. Terminando la gestion 2011 con numeros "Rojos" y sus indicadores en negativo (ROA= -0.04 , ROE= -0.11). Esto nos indica que la empresa no esta creando valor.BOTTON UPEste es un analisis de la empresa y el sector atravez del PER y el RD. En el ao 2009 el PER era igual a 128.50, es decir que la accion estaba sobre valorada y apartir de all tuvo una caida sorprendente hasta llegar a (-8.76) en el ao 2011. En ocasiones un PER bajo puede significar que la accion esta subvaloraba y podria aumentar su cotizacion a corto plazo, pero este no es el caso de NOKIA ya que para que NOKIA se levante como empresa tendria que lanzar al mercado una innovacion realmente sorprendente que desplace al gigante APPLE.FLUJO DE CAJA LIBREEL flujo de caja libre de NOKIA muestra que esta disminuyendo su saldo disponible de efectivo que tiene la empresa.TOP DOWNPese a que este analisis nos muestra que la Economia de EEUU ( principal mercado de NOKIA) esta mejorando despues de la crisis vivida en el ao 2007-2008. Se debe tomar en cuenta que a pesar que hay las condiciones economicas, NOKIA esta peleando con la tecnologia que presenta APPLE, el cual esta desplazando del mercado de la comunicacion movil a todos sus competidores.RECOMENDACIONESNo se recomienda invertir en esta empresa.
MBD000ED894.unknown
MBD003C1A88.unknown
MBD003C1A89.unknown
MBD000EE020.unknown
MBD003C1A87.unknown
MBD0006C814.unknown
MBD000ED457.unknown
MBD000516BA.unknown
MBD000516BB.unknown