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[null,null,null,"Exhibit 1. ABC. P&L and Balance sheet"]
[]
[null,"Profit and Loss Statement (€m)",null,2020,{"$f":"D3+1","v":2021},{"$f":"E3+1","v":2022},{"$f":"F3+1","v":2023}]
[null,"Sales",null,690,{"$f":"D4*(1+E19)","v":703.80000000000007},{"$f":"E4*(1+F19)","v":746.02800000000013},798.24996000000021]
[null,"COGS",null,{"$f":"D4-D6","v":528},{"$f":"E4-E6","v":548.38953488372101},{"$f":"F4-F6","v":574.44156000000009},{"$f":"G4-G6","v":614.65246920000016}]
[null,"Gross Margin",null,162,{"$f":"E4*E20","v":155.41046511627906},{"$f":"F4*F20","v":171.58644000000004},183.59749080000006]
[null,"Salaries",null,75,70,72,71]
[null,"Overhead",null,39,35,42,38]
[null,"Opex",null,{"$f":"D7+D8","v":114},{"$f":"E7+E8","v":105},{"$f":"F7+F8","v":114},{"$f":"G7+G8","v":109}]
[null,"EBITDA",null,{"$f":"D6-D9","v":48},{"$f":"E6-E9","v":50.410465116279056},{"$f":"F6-F9","v":57.586440000000039},{"$f":"G6-G9","v":74.59749080000006}]
[null,"Depreciation & provisions",null,25,{"$f":"10%*D54","v":20},{"$f":"10%*E54","v":22},{"$f":"10%*F54","v":30}]
[null,"EBIT",null,{"$f":"D10-D11","v":23},{"$f":"E10-E11","v":30.410465116279056},{"$f":"F10-F11","v":35.586440000000039},{"$f":"G10-G11","v":44.59749080000006}]
[null,"Financial expenses",null,4,{"$f":"E27*D59","v":6},{"$f":"F27*E59","v":14.179760465116281},{"$f":"G27*F59","v":19.479119924651155}]
[null,"EBT",null,{"$f":"D12-D13","v":19},{"$f":"E12-E13","v":24.410465116279056},{"$f":"F12-F13","v":21.406679534883757},{"$f":"G12-G13","v":25.118370875348905}]
[null,"Taxes",null,{"$f":"30%*D14","v":5.7},{"$f":"30%*E14","v":7.3231395348837163},6.4220038604651268,7.535511262604671]
[null,"Net Income",null,{"$f":"D14-D15","v":13.3},{"$f":"E14-E15","v":17.087325581395341},{"$f":"F14-F15","v":14.98467567441863},{"$f":"G14-G15","v":17.582859612744233}]
[]
[null,"P&L Ratios",null,{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},{"$f":"G3","v":2023},"Average 3y"]
[null,"Growth of Sales",null,0.15,0.02,0.06,7.0000000000000007E-2,{"$f":"AVERAGE(E19:G19)","v":5.000000000000001E-2}]
[null,"Gross Margin / Sales",null,{"$f":"D6/D4","v":0.23478260869565218},0.22081623347013221,0.23,0.23,{"$f":"AVERAGE(E20:G20)","v":0.22693874449004406}]
[null,"Opex / Sales",null,{"$f":"(D7+D8)/D4","v":0.16521739130434782},{"$f":"(E7+E8)/E4","v":0.14919011082693945},{"$f":"(F7+F8)/F4","v":0.15280927793594876},{"$f":"(G7+G8)/G4","v":0.13654870712426967},{"$f":"AVERAGE(E21:G21)","v":0.14618269862905264}]
[null,"Increase in Opex",null,"nd",{"$f":"(E8+E7)/(D8+D7)-1","v":-7.8947368421052655E-2},{"$f":"(F8+F7)/(E8+E7)-1","v":8.5714285714285632E-2},{"$f":"(G8+G7)/(F8+F7)-1","v":-4.3859649122807043E-2},{"$f":"AVERAGE(E22:G22)","v":-1.2364243943191355E-2}]
[null,"EBITDA / Sales",null,{"$f":"D10/D4","v":6.9565217391304349E-2},{"$f":"E10/E4","v":7.1626122643192736E-2},{"$f":"F10/F4","v":7.7190722064051254E-2},{"$f":"G10/G4","v":9.3451292875730355E-2},{"$f":"AVERAGE(E23:G23)","v":8.0756045860991443E-2}]
[null,"ROS, Net Income / Sales",null,{"$f":"D16/D4","v":1.927536231884058E-2},{"$f":"E16/E4","v":2.427866664023208E-2},{"$f":"F16/F4","v":2.0085942718528833E-2},{"$f":"G16/G4","v":2.2026759152915246E-2}]
[null,"ROE, Net Income / Equity",null,"nd",{"$f":"E16/D60","v":0.10463763368888757},{"$f":"F16/E60","v":8.3069448621860983E-2},{"$f":"G16/F60","v":8.9996824006126588E-2},{"$f":"AVERAGE(E25:G25)","v":9.2567968772291717E-2}]
[null,"RONA, EBIT / Net Assets",null,"nd",{"$f":"E12/E55","v":7.3581420107621906E-2},{"$f":"F12/F55","v":6.8736846171675886E-2},{"$f":"G12/G55","v":8.1969430911443639E-2},{"$f":"AVERAGE(E26:G26)","v":7.4762565730247144E-2}]
[null,"Cost of Debt",null,{"$f":"D13/D59","v":0.02},0.03,0.06,0.06]
[null,"EBIT / Fin expenses",null,{"$f":"D12/D13","v":5.75},{"$f":"E12/E13","v":5.0684108527131757},{"$f":"F12/F13","v":2.5096643971910857},{"$f":"G12/G13","v":2.2895023477709167}]
[null,"Inflation in Germany",null,1.4E-3,3.0700000000000002E-2,6.8699999999999997E-2,6.2E-2,{"$f":"AVERAGE(D29:G29)","v":4.07E-2}]
[]
[null,null,null,"Exhibit 1 cont. ABC. Balance sheet"]
[]
[null,"BALANCE SHEET (€m)",null,{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},{"$f":"G3","v":2023},"Change"]
[null,"Cash",null,5,3.4266666666666623,2.304000000000002,-6.5333333333313703E-2]
[null,"Receivables",null,155,183,212,245,{"$f":"G35-D35","v":90}]
[null,"Inventory",null,44,52,57,59,{"$f":"G36-D36","v":15}]
[null,"Other",null,4,5.5606666666666662,5.1286666666666667,3.5513333333333335]
[null,"Current Assets, CA",null,{"$f":"SUM(D34:D37)","v":208},{"$f":"SUM(E34:E37)","v":243.98733333333334},{"$f":"SUM(F34:F37)","v":276.43266666666665},{"$f":"SUM(G34:G37)","v":307.48599999999999}]
[null,"Fixed Assets net, FA",null,200,220,300,300,{"$f":"G39-D39","v":100}]
[null,"Total Assets",null,{"$f":"D39+D38","v":408},{"$f":"E39+E38","v":463.98733333333337},{"$f":"F38+F39","v":576.43266666666659},{"$f":"G38+G39","v":607.48599999999999}]
[]
[null,"Payable to suppliers",null,{"$f":"D5/12","v":44},46,54,60,{"$f":"G42-D42","v":16}]
[null,"Other payables",null,4,1.2706666666666666,2.4086666666666665,3.4766666666666666]
[null,"Bank line of credit",null,{"$f":"IF((D40-D42-D43-D46-D47-D48)>0,(D40-D42-D43-D46-D47-D48),0)","v":0},{"$f":"IF((E40-E42-E43-E46-E47-E48)>0,(E40-E42-E43-E46-E47-E48),0)","v":34.329341085271345},{"$f":"IF((F40-F42-F43-F46-F47-F48)>0,(F40-F42-F43-F46-F47-F48),0)","v":114.65199874418592},{"$f":"IF((G40-G42-G43-G46-G47-G48)>0,(G40-G42-G43-G46-G47-G48),0)","v":136.05447246477507},{"$f":"G44-D44","v":136.05447246477507}]
[null,"Current liabilities",null,{"$f":"SUM(D42:D44)","v":48},{"$f":"SUM(E42:E44)","v":81.600007751938008},{"$f":"SUM(F42:F44)","v":171.06066541085258},{"$f":"SUM(G42:G44)","v":199.53113913144173}]
[null,"Long-term Debt",null,200,202,210,195,{"$f":"G46-D46","v":-5}]
[null,"Equity",null,150,{"$f":"D47+D48","v":163.30000000000001},{"$f":"E47+E48","v":180.38732558139534},{"$f":"F47+F48","v":195.37200125581398},{"$f":"G47-D47","v":45.372001255813984}]
[null,"Net income for the year",null,{"$f":"D16","v":13.3},{"$f":"E16","v":17.087325581395341},{"$f":"F16","v":14.98467567441863},{"$f":"G16","v":17.582859612744233},{"$f":"G48-D48","v":4.2828596127442324}]
[null,"Liabilities + Equity",null,{"$f":"D45+D46+D47+D48","v":411.3},{"$f":"E45+E46+E47+E48","v":463.98733333333337},{"$f":"F45+F46+F47+F48","v":576.43266666666659},{"$f":"G45+G46+G47+G48","v":607.48599999999988}]
[]
[]
[null,"Short Balance Sheet",null,{"$f":"D33","v":2020},{"$f":"E33","v":2021},{"$f":"F33","v":2022},{"$f":"G33","v":2023},{"$f":"H33","v":"Change"}]
[null,"NFO or Current Assets, Net",null,{"$f":"D35+D36+D37-D42-D43","v":155},{"$f":"E35+E36+E37-E42-E43","v":193.29},{"$f":"F35+F36+F37-F42-F43","v":217.72},{"$f":"G35+G36+G37-G42-G43","v":244.07466666666667},{"$f":"G53-D53","v":89.074666666666673}]
[null,"FA or Fixed Assets, Net",null,{"$f":"D39","v":200},{"$f":"E39","v":220},{"$f":"F39","v":300},{"$f":"G39","v":300},100]
[null,"NA, Net Assets",null,{"$f":"D53+D54","v":355},{"$f":"E53+E54","v":413.28999999999996},{"$f":"F53+F54","v":517.72},{"$f":"G53+G54","v":544.07466666666664}]
[]
[null,"D-Short. Line of credit ",null,{"$f":"D44","v":0},{"$f":"E44","v":34.329341085271345},114.65199874418592,136.05447246477507,136.05447246477507]
[null,"D-Long. Loans ",null,{"$f":"D46","v":200},{"$f":"E46","v":202},{"$f":"F46","v":210},195,-5]
[null,"D, Total Debt",null,{"$f":"D57+D58","v":200},{"$f":"E57+E58","v":236.32934108527135},324.6519987441859,331.05447246477507,131.05447246477507]
[null,"E, Equity",null,{"$f":"D47+D48","v":163.30000000000001},{"$f":"E47+E48","v":180.38732558139534},{"$f":"F47+F48","v":195.37200125581398},{"$f":"G47+G48","v":212.95486086855823},49.654860868558217]
[null,"Debt + Equity",null,{"$f":"D59+D60","v":363.3},{"$f":"E59+E60","v":416.7166666666667},{"$f":"F59+F60","v":520.02399999999989},{"$f":"G59+G60","v":544.0093333333333}]
[null,"Cash surplus",null,{"$f":"D61-D55","v":8.3000000000000114},{"$f":"E61-E55","v":3.4266666666667334},{"$f":"F61-F55","v":2.3039999999998599},{"$f":"G61-G55","v":-6.5333333333342125E-2},-8.3653333333333535]
[]
[null,"Balance Sheet Ratios"]
[null,"NFO / Sales in %",null,{"$f":"D53/D4","v":0.22463768115942029},{"$f":"E53/E4","v":0.27463768115942028},{"$f":"F53/F4","v":0.29183891221241021},{"$f":"G53/G4","v":0.30576220344147165}]
[null,"Receivables in Days",null,{"$f":"D35/D4*365","v":81.992753623188406},94.906223358908761,103.72264847968171,112.0263131613561]
[null,"Inventory in Days",null,30.416666666666664,34.610434358533972,36.217783406896949,35.036058714656825]
[null,"Payables in Days",null,{"$f":"D42/D5*365","v":30.416666666666664},{"$f":"E42/E5*365","v":30.616922701780048},{"$f":"F42/F5*365","v":34.311584280218156},{"$f":"G42/G5*365","v":35.629890218295074},"Sum"]
[null,"Capex",null,12,{"$f":"E39-D39+E11","v":40},{"$f":"F39-E39+F11","v":102},30,{"$f":"SUM(D69:G69)","v":184}]
[null,"Debt /EBITDA",null,{"$f":"D59/D10","v":4.166666666666667},{"$f":"E59/E10","v":4.6881007850283352},{"$f":"F59/F10","v":5.6376466186169116},{"$f":"G59/G10","v":4.4378767826434027}]
[null,"Debt short  / NFO",null,{"$f":"D57/D53","v":0},{"$f":"E57/E53","v":0.17760536543676003},{"$f":"F57/F53","v":0.52660297053181115},0.55742971740113023]
[]
[]
[]
[]
[]
[null,"Receivables / Ventas",null,null,{"$f":"E35/E$4","v":0.26001705029838018},0.28417163967036085,0.30692140592152356]
[null,"Inventory / Ventas",null,null,7.3884626314293822E-2,7.6404638967974378E-2,7.3911685507632205E-2]
[null,"Payables and other / Ventas",null,null,{"$f":"(E42+E43)/E$4","v":6.7164914274888687E-2},{"$f":"(F42+F43)/F$4","v":7.5611996690025926E-2},{"$f":"(G42+G43)/G$4","v":7.9519786843041812E-2}]

{"sheet":"Exh 2-3","index":2,"n_rows":118,"n_cols":11,"rows_kept":118,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,"Exhibit 2. ABC.  P&L and Balance sheet Forecast",null,null,null,null,"© E.M. Abascal. Ag. 2023"]
[null,null,null,null,"Pre M&A","Post M&A",null,null,"Forecast"]
[null,"P&L  (€m)","Assumptions",null,0,0,{"$f":"F3+1","v":1},{"$f":"G3+1","v":2},{"$f":"H3+1","v":3},{"$f":"I3+1","v":4}]
[null,"Sales",null,null,{"$f":"F4","v":798.24996000000021},798.24996000000021,{"$f":"F4*(1+G20)","v":878.07495600000027},{"$f":"G4*(1+H20)","v":965.88245160000042},{"$f":"H4*(1+I20)","v":1062.4706967600005},{"$f":"I4*(1+J20)","v":1083.7201106952004}]
[null,"COGS",null,null,null,614.65246920000016,{"$f":"(G4-G6)","v":684.89846568000019},{"$f":"(H4-H6)","v":763.04713676400036},{"$f":"(I4-I6)","v":849.97655740800042},{"$f":"(J4-J6)","v":866.97608855616033}]
[null,"Gross Margin",null,null,null,{"$f":"F4-F5","v":183.59749080000006},{"$f":"G4*G21","v":193.17649032000006},{"$f":"H4*H21","v":202.83531483600009},{"$f":"I4*I21","v":212.49413935200008},{"$f":"J4*J21","v":216.74402213904011}]
[null,"Salaries",null,null,null,71,60,{"$f":"G7*(1+H23)","v":61.2},{"$f":"H7*(1+I23)","v":62.424000000000007},{"$f":"I7*(1+J23)","v":63.672480000000007}]
[null,"Overhead",null,null,null,38,{"$f":"F8*(1+G23)","v":38.76},{"$f":"G8*(1+H23)","v":39.535199999999996},{"$f":"H8*(1+I23)","v":40.325903999999994},{"$f":"I8*(1+J23)","v":41.132422079999998}]
[null,"Opex",null,null,null,{"$f":"F7+F8","v":109},98.759999999999991,100.73519999999999,102.749904,104.80490208000001]
[null,"EBITDA",null,null,{"$f":"F10","v":74.59749080000006},{"$f":"F6-F9","v":74.59749080000006},94.416490320000065,102.1001148360001,109.74423535200008,111.93912005904011]
[null,"Depreciation",0.1,null,null,30,{"$f":"$C11*F33","v":30},{"$f":"$C11*G33","v":22},{"$f":"$C11*H33","v":22.3},{"$f":"$C11*I33","v":22.57}]
[null,"Amort. of Goodwill",0.05,null,null,null,{"$f":"$C12*$F$34","v":0},{"$f":"$C12*$F$34","v":0},{"$f":"$C12*$F$34","v":0},{"$f":"$C12*$F$34","v":0}]
[null,"EBIT ",null,null,{"$f":"F13","v":44.59749080000006},{"$f":"F10-F11","v":44.59749080000006},{"$f":"G10-G11-G12","v":64.416490320000065},{"$f":"H10-H11-H12","v":80.100114836000103},{"$f":"I10-I11-I12","v":87.444235352000078},{"$f":"J10-J11-J12","v":89.369120059040114}]
[null,"Financial expenses",0.06,null,null,19.479119924651155,{"$f":"$C14*F39","v":28.867188347886504},{"$f":"$C14*G39","v":23.734986873057743},{"$f":"$C14*H39","v":23.128186419414163},{"$f":"$C14*I39","v":22.327500777125557}]
[null,"EBT",null,null,null,{"$f":"F13-F14","v":25.118370875348905},35.549301972113561,56.36512796294236,64.316048932585915,67.041619281914564]
[null,"Taxes",0.3,null,null,{"$f":"0.3*F15","v":7.535511262604671},{"$f":"$C$16*G15","v":10.664790591634068},{"$f":"$C$16*H15","v":16.909538388882709},{"$f":"$C$16*I15","v":19.294814679775772},{"$f":"$C$16*J15","v":20.112485784574368},"Suma"]
[null,"Net Income",null,null,{"$f":"F17","v":17.582859612744233},{"$f":"F15-F16","v":17.582859612744233},24.884511380479495,39.455589574059651,45.021234252810146,46.929133497340196,{"$f":"SUM(G17:J17)","v":156.29046870468949}]
[]
[null,"P&L Ratios",null,null,null,null,null,null,"Assumptions (in bold and green)"]
[null,"Growth of Sales",0.1,null,null,7.0000000000000007E-2,{"$f":"C20","v":0.1},{"$f":"G20","v":0.1},{"$f":"H20","v":0.1},0.02]
[null,"Gross Margin / Sales",-0.01,null,null,{"$f":"F6/F4","v":0.23},{"$f":"F21+$C21","v":0.22},{"$f":"G21+$C21","v":0.21},{"$f":"H21+$C21","v":0.19999999999999998},0.2]
[null,"Opex / Sales",null,null,null,{"$f":"(F9)/F4","v":0.13654870712426967},0.11247331372471117,0.10429343636291398,9.6708459172883884E-2,9.6708459172883898E-2]
[null,"Increase in Opex",0.02,null,null,-4.3859649122807043E-2,{"$f":"$C$23","v":0.02},{"$f":"G23","v":0.02},{"$f":"C23","v":0.02},{"$f":"I23","v":0.02}]
[null,"EBITDA / Sales",null,null,null,{"$f":"F10/F4","v":9.3451292875730355E-2},0.10752668627528882,0.10570656363708603,0.1032915408271161,0.10329154082711613]
[null,"ROS, Net Income / Sales",null,null,null,{"$f":"F17/F4","v":2.2026759152915246E-2},2.8339848677428271E-2,4.0849266397480155E-2,4.237409501278689E-2,4.3303739622618444E-2,"Media"]
[null,"ROE, Net Income / Equity",null,null,null,{"$f":"F17/F40","v":0.27929312161383402},{"$f":"G17/F40","v":0.39527545668689829},{"$f":"H17/G40","v":0.44917886551143799},{"$f":"I17/H40","v":0.35367648183418637},{"$f":"J17/I40","v":0.27234313759263412},{"$f":"AVERAGE(G26:J26)","v":0.36761848540628922}]
[null,"RONA, EBIT / Net Assets",null,null,null,{"$f":"F13/F35","v":8.1969430911443639E-2},0.13325091835591471,0.15621221447886469,0.16061281530859084,0.16153594367544277,{"$f":"AVERAGE(G27:J27)","v":0.15290297295470326}]
[null,"Debt /EBITDA",null,null,{"$f":"E39/F10","v":4.4378767826434027},{"$f":"F39/F10","v":6.4495440883932256},4.1897672028502289,3.7754097953373469,3.3908388149821,2.9837710307098204]
[]
[null,null,null,null,"Pre M&A","Post M&A",null,null,{"$f":"I2","v":"Forecast"}]
[null,"Balance  (€m)",{"$f":"C3","v":"Assumptions"},null,{"$f":"E3","v":0},0,1,2,3,4]
[null,"NFO",0.3,null,244.07466666666667,244.07466666666667,{"$f":"$C32*G4","v":263.42248680000006},{"$f":"$C32*H4","v":289.76473548000013},{"$f":"$C32*I4","v":318.74120902800013},{"$f":"$C32*J4","v":325.11603320856011}]
[null,"FA or Fixed Assets, Net",null,null,300,300,{"$f":"F33-G11+G45","v":220},{"$f":"G33-H11+H45","v":223},{"$f":"H33-I11+I45","v":225.7},{"$f":"I33-J11+J45","v":228.13}]
[null,"Goodwill",null,null,0,{"$f":"IF((F63-E40)>0,(F63-E40),0)","v":0},{"$f":"F34-G12","v":0},{"$f":"G34-H12","v":0},{"$f":"H34-I12","v":0},{"$f":"I34-J12","v":0}]
[null,"NA, Net Assets",null,null,{"$f":"E32+E33+E34","v":544.07466666666664},544.07466666666664,483.42248680000006,512.76473548000013,544.44120902800012,553.24603320856011]
[]
[null,"D-Short. Line of credit ",0.8,null,136.05447246477507,{"$f":"$C37*F32","v":195.25973333333334},{"$f":"$C37*G32","v":210.73798944000006},231.81178838400012,254.99296722240013,260.09282656684809]
[null,"D-Long. Loans ",null,null,195,{"$f":"F39-F37","v":285.86007246477504},{"$f":"G39-G37","v":184.8451251109623},153.65798527290264,117.13204572969249,73.907877068464359]
[null,"D, Total Debt",null,null,{"$f":"E37+E38","v":331.05447246477507},{"$f":"IF(F40>F35,0,F35-F40)","v":481.11980579810842},{"$f":"IF(G40>G35,0,G35-G40)","v":395.58311455096236},385.46977365690276,372.12501295209262,334.00070363531245]
[null,"E, Equity",null,null,212.95486086855823,{"$f":"IF(F63>E40,0,E40-F63)+J63","v":62.954860868558228},{"$f":"F40+G17-G42","v":87.839372249037723},{"$f":"G40+H17-H42","v":127.29496182309737},{"$f":"H40+I17-I42","v":172.3161960759075},{"$f":"I40+J17-J42","v":219.24532957324769}]
[null,"Debt + Equity",null,null,{"$f":"E39+E40","v":544.0093333333333},{"$f":"F39+F40","v":544.07466666666664},{"$f":"G40+G39","v":483.42248680000012},{"$f":"H40+H39","v":512.76473548000013},{"$f":"I40+I39","v":544.44120902800012},{"$f":"J40+J39","v":553.24603320856011}]
[null,null,"Dividends paid",0,null,"nd",{"$f":"$D42*F17","v":0},{"$f":"$D42*G17","v":0},{"$f":"$D42*H17","v":0},{"$f":"$D42*I17","v":0}]
[null,null,null,"Cash surplus (+)",null,{"$f":"F41-F35","v":0},{"$f":"G41-G35","v":0},{"$f":"H41-H35","v":0},{"$f":"I41-I35","v":0},{"$f":"J41-J35","v":0}]
[null,null,null,"Cash flow for the shareholder",null,"nd",{"$f":"G43-F43+G42","v":0},{"$f":"H43-G43+H42","v":0},{"$f":"I43-H43+I42","v":0},{"$f":"J43-I43+J42","v":0}]
[null,null,null,"Capex",null,"nd",-50,25,{"$f":"H45","v":25},{"$f":"I45","v":25}]
[]
[null,"All assumptions in green and bold.",null,null,null,"Fill in cells F63 and J63 with the price to pay and the equity to invest."]
[null,"Read the notes inside each cell",null,null,null,"Yellow cells mean be careful with the calculation or main results."]
[]
[null,null,null,null,null,"Exhibit 3. ABC. CF Calculation, Valuation, Return and Risks"]
[]
[null,"CF Calculation",null,null,null,{"$f":"F31","v":0},{"$f":"G31","v":1},{"$f":"H31","v":2},{"$f":"I31","v":3},{"$f":"J31","v":4}]
[null,"± Change in NA, net assets",null,null,null,null,{"$f":"F35-G35","v":60.652179866666586},{"$f":"G35-H35","v":-29.342248680000068},{"$f":"H35-I35","v":-31.67647354799999},{"$f":"I35-J35","v":-8.8048241805599901}]
[null,"± Change in Debt",null,null,null,null,{"$f":"G39-F39","v":-85.536691247146052},-10.113340894059604,-13.344760704810142,-38.12430931678017]
[null,"± Net Income",null,null,null,null,{"$f":"G40-F40","v":24.884511380479495},39.455589574059644,45.021234252810132,{"$f":"J40-I40","v":46.929133497340189}]
[null,"Final Value, Perpetuity",null,null,null,null,null,null,null,{"$f":"E60","v":312.86088998226796}]
[null,"Initial Equity invested",null,null,null,{"$f":"-J63","v":-50}]
[null,"CF shareholder",null,null,null,{"$f":"SUM(F53:F57)","v":-50},{"$f":"SUM(G53:G57)","v":2.8421709430404007E-14},{"$f":"SUM(H53:H57)","v":0},{"$f":"SUM(I53:I57)","v":0},{"$f":"SUM(J53:J57)","v":312.86088998226796}]
[]
[null,null,null,"Final value with Perpetuity & (K-g) =",{"$f":"J17/D62","v":312.86088998226796},null,null,"Final value, EBITDA multiple",6,{"$f":"I60*J10-J39","v":337.63401671892825}]
[]
[null,null,"Required return K  =",0.15,"PV= ",{"$f":"NPV(D62,G58:J58)","v":178.87922926648667},"NPV = ",{"$f":"F62+F58","v":128.87922926648667},"IRR =",{"$f":"IRR(F58:J58)","v":0.58159512625164322}]
[null,null,null,null,"Price to pay =",200,null,null,"Equity to invest =",50]
[]
[null,"Equity Valuations"]
[null,"Buyer, max price with DCF and all equity",null,null,null,205]
[null,"With EBITDA multiple =",7,null,null,{"$f":"C67*F10-E39","v":191.12796313522534}]
[null,"With P/E multiple =",10.9,null,null,{"$f":"C68*E17","v":191.65316977891214}]
[null,"Book Value",null,null,null,{"$f":"E40","v":212.95486086855823}]
[null,"Seller, asking price",null,null,null,"nd"]
[null,"Seller, using DCF",null,null,null,63]
[]
[null,"Risks. Sensitivity Analysis"]
[]
[null,"Biggest risk?","Base","Worst","Best","Range pp",null,"Worst & Best case",null,"IRR","NPV"]
[null,"g Sales",0.1,0.05,0.15,{"$f":"(E76-D76)*100","v":10},null,"Base case",null,0.57999999999999996,129]
[null,"IRR shareholder",0.57999999999999996,0.38,0.74,{"$f":"(E77-D77)*100","v":36},null,"Worst case",null,0.26,23]
[null,"NPV",129,54,211,{"$f":"E78-D78","v":157},null,"Best case",null,0.79,241]
[null,"Margin decline",-0.01,-0.02,0,{"$f":"(E79-D79)*100","v":2},null,"Range",null,{"$f":"J78-J77","v":0.53},{"$f":"K78-K77","v":218}]
[null,{"$f":"B77","v":"IRR shareholder"},{"$f":"C77","v":0.57999999999999996},0.56999999999999995,0.6,{"$f":"(E80-D80)*100","v":3.0000000000000027}]
[null,{"$f":"B78","v":"NPV"},{"$f":"C78","v":129},122,136,{"$f":"E81-D81","v":14}]
[null,"Opex increase",0.02,0.04,0,{"$f":"(E82-D82)*100","v":-4},null,"Leverage & Return. Price paid = €200"]
[null,{"$f":"B80","v":"IRR shareholder"},{"$f":"C80","v":0.57999999999999996},0.54,0.62,{"$f":"(E83-D83)*100","v":7.9999999999999964},null,"Debt","Equity","IRR","NPV"]
[null,{"$f":"B81","v":"NPV"},{"$f":"C81","v":129},109,148,{"$f":"E84-D84","v":39},null,"0% ó 0€",200,0.16,6]
[null,"Purchase Price",200,220,180,{"$f":"E85-D85","v":-40},null,"25% ó 50€",150,0.23,47]
[null,{"$f":"B83","v":"IRR shareholder"},{"$f":"C83","v":0.57999999999999996},0.56999999999999995,0.59,{"$f":"(E86-D86)*100","v":2.0000000000000018},null,"50% ó 100€",100,0.35,88]
[null,{"$f":"B84","v":"NPV"},{"$f":"C84","v":129},123,133,{"$f":"E87-D87","v":10},null,"75% ó 150€",50,0.57999999999999996,129]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K1","v":"© E.M. Abascal. Ag. 2023"}]
[null,"Valuation with FCF and with CF shareholder"]
[]
[null,"Companies",null,"A",null,"B"]
[null,"NA Net assets",null,100,null,100,"Assume always constant"]
[null,"D Debt",null,0,null,70,"Assume always constant"]
[null,"E Equity",null,{"$f":"D93-D94","v":100},null,{"$f":"F93-F94","v":30}]
[null,"EBIT",null,14.286,null,{"$f":"D96","v":14.286}]
[null,"Finex, financial expenses",null,{"$f":"D94*D101","v":0},null,{"$f":"F94*F101","v":8.4}]
[null,"EBT",null,{"$f":"D96-D97","v":14.286},null,{"$f":"F96-F97","v":5.8859999999999992}]
[null,"Taxes",null,{"$f":"D103*D98","v":4.2858000000000001},null,{"$f":"F103*F98","v":1.7657999999999998}]
[null,"Net Income",null,{"$f":"D98-D99","v":10.0002},null,{"$f":"F98-F99","v":4.1201999999999996}]
[null,"Kd",null,0.05,null,0.12,"Not rational for A & B to have same Kd, because B has mor debt"]
[null,"Ke",null,0.1,null,0.15,"Not rational for A & B to have same Ke, because B has mor debt"]
[null,"t",null,0.3,null,0.3]
[null,"WACC",null,{"$f":"D94/D93*D101*(1-D103)+D95/D93*D102","v":0.1},null,{"$f":"F94/F93*F101*(1-F103)+F95/F93*F102","v":0.10379999999999999}]
[null,"(1) FCF (1-t) = EBIT (1-t)",null,{"$f":"D96*(1-$D$103)","v":10.0002},null,{"$f":"F96*(1-$F$103)","v":10.0002}]
[null,"(2) Finex",null,{"$f":"D97","v":0},null,{"$f":"F97","v":8.4}]
[null,"(3) Finex x t",null,{"$f":"D106*D103","v":0},null,{"$f":"F106*F103","v":2.52},"Tax shield due to finex"]
[null,"NI = (1) - (2) + (3)",null,{"$f":"D105-D106+D107","v":10.0002},null,{"$f":"F105-F106+F107","v":4.1201999999999988}]
[null,"(1) VA (FCF (1-t)",null,{"$f":"D105/D104","v":100.002},null,{"$f":"F105/F104","v":96.341040462427756},"Value of the Net Assets",null,"Using perpetuity"]
[null,"(2) VA (Finex)",null,{"$f":"D106/D101","v":0},null,{"$f":"F106/F101","v":70},"Value of Debt"]
[null,"(3) VA (Finex x t)",null,{"$f":"D107/D102","v":0},null,{"$f":"F107/F102","v":16.8},"Value of tax shield"]
[null,"VA (NI) = (1) - (2) + (3)",null,{"$f":"D109-D110+D111","v":100.002},null,{"$f":"F109-F110+F111","v":43.141040462427753},"Value of Equity"]
[null,"VA (NI)",null,{"$f":"D100/D102","v":100.002},null,{"$f":"F100/F102","v":27.468}]
[]
[null,"Conclusions (coteries paribus)"]
[null,"a) VA of NA and E increases with Debt, if discounted at WACC (it doesn't make sense, VA of NA should be always the same regardless the financial structure; wrong influence of WACC)"]
[null,"b) The VA of E calculated as VA NA - Debt is abnormally high"]
[null,"c) "]

{"sheet":"Exh 2-3 TO DO","index":3,"n_rows":118,"n_cols":11,"rows_kept":118,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Exhibit 2. ABC.  P&L and Balance sheet Forecast TO DO",null,null,null,null,null,"© E.M. Abascal. Ag. 2023"]
[null,null,null,null,"Pre M&A","Post M&A",null,null,"Forecast"]
[null,"P&L  (€m)","Assumptions",null,0,0,{"$f":"F3+1","v":1},{"$f":"G3+1","v":2},{"$f":"H3+1","v":3},{"$f":"I3+1","v":4}]
[null,"Sales",null,null,{"$f":"F4","v":798.24996000000021},798.24996000000021]
[null,"COGS",null,null,null,614.65246920000016]
[null,"Gross Margin",null,null,null,{"$f":"F4-F5","v":183.59749080000006},{"$f":"G4*G21","v":0},{"$f":"H4*H21","v":0},{"$f":"I4*I21","v":0},{"$f":"J4*J21","v":0}]
[null,"Salaries",null,null,null,71,60]
[null,"Overhead",null,null,null,38]
[null,"Opex",null,null,null,{"$f":"F7+F8","v":109}]
[null,"EBITDA",null,null,{"$f":"F10","v":74.59749080000006},{"$f":"F6-F9","v":74.59749080000006},0,0,0,0]
[null,"Depreciation",0.1,null,null,30]
[null,"Amort. of Goodwill",0.05]
[null,"EBIT ",null,null,{"$f":"F13","v":44.59749080000006},{"$f":"F10-F11","v":44.59749080000006},{"$f":"G10-G11-G12","v":0},{"$f":"H10-H11-H12","v":0},{"$f":"I10-I11-I12","v":0},{"$f":"J10-J11-J12","v":0}]
[null,"Financial expenses",0.06,null,null,19.479119924651155]
[null,"EBT",null,null,null,{"$f":"F13-F14","v":25.118370875348905},0,0,0,0]
[null,"Taxes",0.3,null,null,{"$f":"0.3*F15","v":7.535511262604671},null,null,null,null,"Suma"]
[null,"Net Income",null,null,{"$f":"F17","v":17.582859612744233},{"$f":"F15-F16","v":17.582859612744233},0,0,0,0,{"$f":"SUM(G17:J17)","v":0}]
[]
[null,"P&L Ratios",null,null,null,null,null,null,"Assumptions (in bold and green)"]
[null,"Growth of Sales",0.1,null,null,7.0000000000000007E-2,{"$f":"C20","v":0.1},{"$f":"G20","v":0.1},{"$f":"H20","v":0.1},0.02]
[null,"Gross Margin / Sales",-0.01,null,null,{"$f":"F6/F4","v":0.23},{"$f":"F21+$C21","v":0.22},{"$f":"G21+$C21","v":0.21},{"$f":"H21+$C21","v":0.19999999999999998},0.2]
[null,"Opex / Sales",null,null,null,{"$f":"(F9)/F4","v":0.13654870712426967}]
[null,"Increase in Opex",0.02,null,null,-4.3859649122807043E-2,{"$f":"$C$23","v":0.02},{"$f":"G23","v":0.02},{"$f":"C23","v":0.02},{"$f":"I23","v":0.02}]
[null,"EBITDA / Sales",null,null,null,{"$f":"F10/F4","v":9.3451292875730355E-2}]
[null,"ROS, Net Income / Sales",null,null,null,{"$f":"F17/F4","v":2.2026759152915246E-2},null,null,null,null,"Media"]
[null,"ROE, Net Income / Equity",null,null,null,{"$f":"F17/F40","v":0.27929312161383402},{"$f":"G17/F40","v":0},{"$f":"H17/G40","v":{"$error":"#DIV/0!"}},{"$f":"I17/H40","v":{"$error":"#DIV/0!"}},{"$f":"J17/I40","v":{"$error":"#DIV/0!"}},{"$f":"AVERAGE(G26:J26)","v":{"$error":"#DIV/0!"}}]
[null,"RONA, EBIT / Net Assets",null,null,null,{"$f":"F13/F35","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"AVERAGE(G27:K27)","v":{"$error":"#DIV/0!"}}]
[null,"Debt /EBITDA",null,null,{"$f":"E39/F10","v":4.4378767826434027},{"$f":"F39/F10","v":0},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"}]
[]
[null,null,null,null,"Pre M&A","Post M&A",null,null,{"$f":"I2","v":"Forecast"}]
[null,"Balance  (€m)",{"$f":"C3","v":"Assumptions"},null,{"$f":"E3","v":0},0,1,2,3,4]
[null,"NFO",0.3,null,244.07466666666667]
[null,"FA or Fixed Assets, Net",null,null,300]
[null,"Goodwill",null,null,0,{"$f":"IF((F63-E40)>0,(F63-E40),0)","v":0}]
[null,"NA, Net Assets",null,null,{"$f":"E32+E33+E34","v":544.07466666666664},0,0,0,0,0]
[]
[null,"D-Short. Line of credit ",0.8,null,136.05447246477507]
[null,"D-Long. Loans ",null,null,195]
[null,"D, Total Debt",null,null,{"$f":"E37+E38","v":331.05447246477507},{"$f":"IF(F40>F35,0,F35-F40)","v":0},{"$f":"IF(G40>G35,0,G35-G40)","v":0},0,0,0]
[null,"E, Equity",null,null,212.95486086855823,{"$f":"IF(F63>E40,0,E40-F63)+J63","v":62.954860868558228}]
[null,"Debt + Equity",null,null,{"$f":"E39+E40","v":544.0093333333333},{"$f":"F39+F40","v":62.954860868558228},{"$f":"G40+G39","v":0},{"$f":"H40+H39","v":0},{"$f":"I40+I39","v":0},{"$f":"J40+J39","v":0}]
[null,null,"Dividends paid",0,null,"nd"]
[null,null,null,"Cash surplus (+)"]
[null,null,null,"Cash flow for the shareholder",null,"nd"]
[null,null,null,"Capex",null,"nd",-50,25,{"$f":"H45","v":25},{"$f":"I45","v":25}]
[]
[null,"All assumptions in green and bold.",null,null,null,"Fill in cells F63 and J63 with the price to pay and the equity to invest."]
[null,"Read the notes inside each cell",null,null,null,"Yellow cells mean be careful with the calculation or main results."]
[]
[null,null,null,null,null,"Exhibit 3. ABC. CF Calculation, Valuation, Return and Risks"]
[]
[null,"CF Calculation",null,null,null,{"$f":"F31","v":0},{"$f":"G31","v":1},{"$f":"H31","v":2},{"$f":"I31","v":3},{"$f":"J31","v":4}]
[null,"± Change in NA, net assets"]
[null,"± Change in Debt"]
[null,"± Net Income"]
[null,"Final Value, Perpetuity"]
[null,"Initial Equity invested"]
[null,"CF shareholder"]
[]
[null,null,null,"Final value with Perpetuity & (K-g) =",{"$f":"J17/D62","v":0},null,null,"Final value, EBITDA multiple",6,{"$f":"I60*J10-J39","v":0}]
[]
[null,null,"Required return K  =",0.15,"PV= ",{"$f":"NPV(D62,G58:J58)","v":0},"NPV = ",{"$f":"F62+F58","v":0},"IRR =",{"$f":"IRR(F58:J58)","v":{"$error":"#NUM!"}}]
[null,null,null,null,"Price to pay =",200,null,null,"Equity to invest =",50]
[]
[null,"Equity Valuations"]
[null,"Buyer, max price with DCF and all equity"]
[null,"With EBITDA multiple =",7]
[null,"With P/E multiple =",10.9]
[null,"Book Value"]
[null,"Seller, asking price",null,null,null,"nd"]
[null,"Seller, using DCF"]
[]
[null,"Risks. Sensitivity Analysis"]
[]
[null,"Biggest risk?","Base","Worst","Best","Range pp",null,"Worst & Best case",null,"TIR","VAN"]
[null,"g Sales",0.1,0.05,0.15,{"$f":"(E76-D76)*100","v":10},null,"Base case"]
[null,"IRR shareholder",null,null,null,{"$f":"(E77-D77)*100","v":0},null,"Worst case"]
[null,"NPV",null,null,null,{"$f":"E78-D78","v":0},null,"Best case"]
[null,"Margin decline",-0.01,-0.02,0,{"$f":"(E79-D79)*100","v":2},null,"Range",null,{"$f":"J78-J77","v":0},{"$f":"K78-K77","v":0}]
[null,{"$f":"B77","v":"IRR shareholder"},null,null,null,{"$f":"(E80-D80)*100","v":0}]
[null,{"$f":"B78","v":"NPV"},null,null,null,{"$f":"E81-D81","v":0}]
[null,"Opex increase",0.02,0.04,0,{"$f":"(E82-D82)*100","v":-4},null,"Leverage & Return. Price paid = €200"]
[null,{"$f":"B80","v":"IRR shareholder"},null,null,null,{"$f":"(E83-D83)*100","v":0},null,"Debt","Equity","IRR","NPV"]
[null,{"$f":"B81","v":"NPV"},null,null,null,{"$f":"E84-D84","v":0},null,"0% ó 0€",200]
[null,"Purchase Price",200,220,180,{"$f":"E85-D85","v":-40},null,"25% ó 50€",150]
[null,{"$f":"B83","v":"IRR shareholder"},null,null,null,{"$f":"(E86-D86)*100","v":0},null,"50% ó 100€",100]
[null,{"$f":"B84","v":"NPV"},null,null,null,{"$f":"E87-D87","v":0},null,"75% ó 150€",50]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K1","v":"© E.M. Abascal. Ag. 2023"}]
[null,"Valuation with FCF and with CF shareholder"]
[]
[null,"Companies",null,"A",null,"B"]
[null,"NA Net assets",null,100,null,100,"Assume always constant"]
[null,"D Debt",null,0,null,70,"Assume always constant"]
[null,"E Equity",null,{"$f":"D93-D94","v":100},null,{"$f":"F93-F94","v":30}]
[null,"EBIT",null,14.286,null,{"$f":"D96","v":14.286}]
[null,"Finex, financial expenses",null,{"$f":"D94*D101","v":0},null,{"$f":"F94*F101","v":8.4}]
[null,"EBT",null,{"$f":"D96-D97","v":14.286},null,{"$f":"F96-F97","v":5.8859999999999992}]
[null,"Taxes",null,{"$f":"D103*D98","v":4.2858000000000001},null,{"$f":"F103*F98","v":1.7657999999999998}]
[null,"Net Income",null,{"$f":"D98-D99","v":10.0002},null,{"$f":"F98-F99","v":4.1201999999999996}]
[null,"Kd",null,0.05,null,0.12,"Not rational for A & B to have same Kd, because B has mor debt"]
[null,"Ke",null,0.1,null,0.15,"Not rational for A & B to have same Ke, because B has mor debt"]
[null,"t",null,0.3,null,0.3]
[null,"WACC",null,{"$f":"D94/D93*D101*(1-D103)+D95/D93*D102","v":0.1},null,{"$f":"F94/F93*F101*(1-F103)+F95/F93*F102","v":0.10379999999999999}]
[null,"(1) FCF (1-t) = EBIT (1-t)",null,{"$f":"D96*(1-$D$103)","v":10.0002},null,{"$f":"F96*(1-$F$103)","v":10.0002}]
[null,"(2) Finex",null,{"$f":"D97","v":0},null,{"$f":"F97","v":8.4}]
[null,"(3) Finex x t",null,{"$f":"D106*D103","v":0},null,{"$f":"F106*F103","v":2.52},"Tax shield due to finex"]
[null,"NI = (1) - (2) + (3)",null,{"$f":"D105-D106+D107","v":10.0002},null,{"$f":"F105-F106+F107","v":4.1201999999999988}]
[null,"(1) VA (FCF (1-t)",null,{"$f":"D105/D104","v":100.002},null,{"$f":"F105/F104","v":96.341040462427756},"Value of the Net Assets",null,"Using perpetuity"]
[null,"(2) VA (Finex)",null,{"$f":"D106/D101","v":0},null,{"$f":"F106/F101","v":70},"Value of Debt"]
[null,"(3) VA (Finex x t)",null,{"$f":"D107/D102","v":0},null,{"$f":"F107/F102","v":16.8},"Value of tax shield"]
[null,"VA (NI) = (1) - (2) + (3)",null,{"$f":"D109-D110+D111","v":100.002},null,{"$f":"F109-F110+F111","v":43.141040462427753},"Value of Equity"]
[null,"VA (NI)",null,{"$f":"D100/D102","v":100.002},null,{"$f":"F100/F102","v":27.468}]
[]
[null,"Conclusions (coteries paribus)"]
[null,"a) VA of NA and E increases with Debt, if discounted at WACC (it doesn't make sense, VA of NA should be always the same regardless the financial structure; wrong influence of WACC)"]
[null,"b) The VA of E calculated as VA NA - Debt is abnormally high"]
[null,"c) "]

{"sheet":"Questions","index":4,"n_rows":122,"n_cols":16,"rows_kept":122,"cut":false,"hidden":false,"merged":[]}
[null,"CAP 10. SELF-ASSESSMENT QUESTIONS. VALUATION OF COMPANIES.",null,"© IESE. Abascal. 2023"]
[null,"Answer T or F, true or false in Col C, to the questions below (Col B)."]
[null,"Each correct answer is 1 point. Incorrect is -1. No answer = 0 points. Leave blank if you don't know.",-1]
[null,"The correct answers are in Col. D. Click the 2 in the upper left corner, or click the + sign above col. E"]
[null,"Many of the technical questions, about the K, the CF, the IRR have already been formulated in previous chapters. I will repeat some."]
[null,"Unless otherwise indicated, in this questionnaire, company value = equity value."]
[null,"If you find errors, please contact eabascal@iese.edu"]
[null,"Time required: 30 min."]
[null,"Questions on Valuation (40)","Your answer","Correct Answer","Grade"]
[1,"Analysis of past P&L and Balance sheets. Ideally use 7-10 years with the full business cycle.",null,"T",{"$f":"IF(C10=\"\",0,IF(C10=D10,1,$C$3))","v":0},null,1,{"$f":"G10+1","v":2},{"$f":"H10+1","v":3},4,5,6,7,8,9,10]
[{"$f":"A10+1","v":2},"Timing. Better to buy after 5 or 6 very good years, to ensure that the target company makes money and is doing well.",null,"F",0,null,"T","F","T","T","T","F","T","F","T","F"]
[{"$f":"A11+1","v":3},"Be clear about what I buy, customer, product, competitor, assets to sell, etc.",null,"T",0,null,{"$f":"G10+10","v":11},{"$f":"G12+1","v":12},13,14,15,16,17,18,19,20]
[4,"After the merger with the target company, the equity of the target company disappears. I will only have as equity the one that I have put in the acquisition.",null,"T",0,null,"T","T","T","F","T","T","T","T","F","T"]
[5,"After the merger, the assets and debts of the 2 companies are added.",null,"T",0,null,{"$f":"G12+10","v":21},{"$f":"G14+1","v":22},23,24,25,26,27,28,29,30]
[6,"Goodwill is the value of the customers, the product portfolio, brands, etc.",null,"F",0,null,"F","T","T","F","T","F","T","F","F","F"]
[7,"I need a hypothesis of the price to pay for the shares to make the forecast of P&L and Balance.",null,"T",0,null,{"$f":"G14+10","v":31},{"$f":"G16+1","v":32},33,34,35,36,37,38,39,40]
[8,"With an acquisition I almost always improve my company, because the Opex in % goes down.",null,"F",0,null,"T","F","F","T","T","T","T","T","F","T"]
[9,"If I don't improve the business (product, customers, etc.) I won't create value, unless I buy at an abnormally cheap price.",null,"T",0]
[10,"Opex reduction is usually the main value creation factor.",null,"F",0]
[11,"If you buy, it is because you have an action plan, and that action plan must be reflected in the P&L and Balances forecast.",null,"T",0]
[12,"For the forecast, it is better to situate yourself in the year you are in, at the moment of the economic cycle you are in, with the possibilities of growth, margin% that you have now.",null,"T",0]
[13,"The value of a company (and of anything) is always subjective.",null,"T",0]
[14,"The value, that is, the price, of a company can be calculated quite accurately.",null,"F",0]
[15,"The three elements of the value formula (CF, K, g) are subjective, but not arbitrary.",null,"T",0]
[16,"The perpetuity is an estimate of the company's value in the 5th (or 7th or 10th) or last year of our forecast.",null,"T",0]
[17,"The perpetuity value can be very sensitive to the (K-g) we use.",null,"T",0]
[18,"The market capitalization is equal to the last price of the share on the stock market x number of shares of the company.",null,"T",0]
[19,"Market capitalization truly reflects the value of the company.",null,"F",0]
[20,"The NPV is the difference between what a company is worth to me and what I have paid out of pocket for it (invested equity).",null,"T",0]
[21,"Valuation by multiples almost always gives similar results to valuation by cash flow discount.",null,"F",0]
[22,"A shortcut for valuation is PV = CF/(K-g) where CF = sustainable profit of the next few years.",null,"T",0]
[23,"In current financial language enterprise value = asset value = debt + equity.",null,"T",0]
[24,"Enterprise value is the same as the market value of the company, that is, of the shares.",null,"F",0]
[25,"It is very difficult to break away from the prevailing multiples in the market, even if they are disproportionately high or low..",null,"T",0]
[26,"The maximum price to pay will depend on the financing you obtain via debt.",null,"F",0]
[27,"The maximum price to pay is defined by the present value for you of the equity cash flows you expect as a shareholder.",null,"T",0]
[28,"The EBITDA multiple is usually quite stable over time within the same sector.",null,"F",0]
[29,"In the valuation by EBITDA multiple, what is relevant is the size of the EBITDA, whatever the sector. That is why the sector does not affect the valuation.",null,"F",0]
[30,"The value of the shares for the seller is irrelevant because in the end you will pay only the price that is attractive to you and not  the one attractive for the seller.",null,"F",0]
[31,"It is important to know why the seller wants to sell and what he is looking for.",null,"T",0]
[32,"The NPV is what the company you buy is worth to you.",null,"F",0]
[33,"Value creation levers are different from risk factors. Risk is one thing and value creation another.",null,"F",0]
[34,"If I buy cheap, even if the business does not improve anything, I am creating value.",null,"T",0]
[35,"If I'm not listed on the stock market and I'm not planning to sell the company, the topic of value creation doesn't contribute much.",null,"T",0]
[36,"The levers for creating value for the shareholder are: improving the business of the target company, financing the acquisition well, or buying it cheap.",null,"T",0]
[37,"It is important to be clear about what I buy (customers, product, technology, etc.), and how much it would cost me to get it on my own.",null,"T",0]
[38,"In financial jargon, inorganic growth is achieved through acquisitions and organic is the normal growth of the company.",null,"T",0]
[39,"If the company is good, the timing of the acquisition is irrelevant, because sooner or later the company will pay off because it is good.",null,"F",0]
[40,"The price to pay depends a lot on the moment of the economic and stock market cycle, since the stock market is always a reference",null,"T",0]
[]
[null,null,"Your grade",null,{"$f":"SUM(E10:E49)","v":0}]
[null,null,"highest possible grade",null,40]
[]
[null,"More questions on Valuation (grammar review pending) another 65 questions",{"$f":"C9","v":"Your answer"},{"$f":"D9","v":"Correct Answer"},"Grade"]
[41,"Many acquisitions are justified by synergies (reduction in Opex%).",null,"T",{"$f":"IF(C55=\"\",0,IF(C55=D55,1,$C$3))","v":0},null,null,"Many acquisitions are justified by synergies (reduction in Opex%)."]
[{"$f":"A55+1","v":42},"If you are listed on the stock market, you must anticipate what the effect of the acquisition will be on the stock price.",null,"T",0,null,null,"If you are listed on the stock market, you must anticipate what the effect of the acquisition will be on the stock price."]
[43,"But with these criteria you are likely to miss out on many acquisition opportunities.",null,"T",0,null,null,"But with these criteria you are likely to miss out on many acquisition opportunities."]
[44,"Be clear why you buy. Reinforce strengths, reduce weaknesses or risks.",null,"T",0,null,null,"Be clear why you buy. Reinforce strengths, reduce weaknesses or risks."]
[45,"The reasons for the purchase must be reflected in the P&L and future Balances.",null,"T",0,null,null,"The reasons for the purchase must be reflected in the P&L and future Balances."]
[46,"The main value creation lever in an acquisition is the reduction in Opex%, or expected synergies.",null,"F",0,null,null,"The main value creation lever in an acquisition is the reduction in Opex%, or expected synergies."]
[47,"The value creation/destruction levers are the assumptions you have used for the P&L forecast and Balance Sheet and price paid.",null,"T",0,null,null,"The value creation/destruction levers are the assumptions you have used for the P&L forecast and Balance Sheet and price paid."]
[48,"The VAN is the extra benefit obtained, above the expected benefit.",null,"F",0,null,null,"The VAN is the extra benefit obtained, above the expected benefit."]
[49,"The VAN is the extra profitability obtained, above the required profitability K.",null,"F",0,null,null,"The VAN is the extra profitability obtained, above the required profitability K."]
[50,"Often the company is worth more to you than to the seller because you can improve it.",null,"T",0,null,null,"Often the company is worth more to you than to the seller because you can improve it."]
[51,"The EBITDA multiple is obtained from similar and recent transactions in the sector and also from listed companies.",null,"T",0,null,null,"The EBITDA multiple is obtained from similar and recent transactions in the sector and also from listed companies."]
[52,"These three multiples give very similar valuations, within the same sector.",null,"F",0,null,null,"These three multiples give very similar valuations, within the same sector."]
[53,"Multiples that are used in the market are: Price / Sales, PER, EBITDA multiple.",null,"T",0,null,null,"Multiples that are used in the market are: Price / Sales, PER, EBITDA multiple."]
[54,"The value created is measured (rather estimated) with the VAN.",null,"T",0,null,null,"The value created is measured (rather estimated) with the VAN."]
[55,"As the valuation sometimes gives very different numbers (and nothing indicative), make numbers with the price that seems reasonable to you and see if the shareholder return is good and the company's profit is acceptable and the debt can be repaid.",null,"T",0,null,null,"As the valuation sometimes gives very different numbers (and nothing indicative), make numbers with the price that seems reasonable to you and see if the shareholder return is good and the company's profit is acceptable and the debt can be repaid."]
[{"$f":"A69+1","v":56},"The IRR is more subjective than the Present Value (VA) and the VAN (net present value).",null,"F",0,null,null,"The IRR is more subjective than the Present Value (VA) and the VAN (net present value)."]
[57,"For the forecast it is better to use the average margin and g Sales of good, bad and normal years.",null,"F",0,null,null,"For the forecast it is better to use the average margin and g Sales of good, bad and normal years."]
[58,"If I buy a competitor, my growth potential increases.",null,"F",0,null,null,"If I buy a competitor, my growth potential increases."]
[59,"Timing. Better to buy when the future looks better than the present.",null,"T",0,null,null,"Timing. Better to buy when the future looks better than the present."]
[60,"Valuation has many tricks and therefore valuation is an art and not a technique.",null,"F",0,null,null,"Valuation has many tricks and therefore valuation is an art and not a technique."]
[61,"The value of a company depends exclusively on the flows it promises, and therefore it is the same for everyone. True or false.",null,"F",{"$f":"IF(C75=\"\",0,IF(C75=D75,1,$C$3))","v":0},null,null,"The value of a company depends exclusively on the flows it promises, and therefore it is the same for everyone. True or false."]
[62,"The valuation of companies serves to set a price range that is reasonable in order to buy/sell, and to be well prepared for the purchase/sale negotiation. True or false.",null,"T",0,null,null,"The valuation of companies serves to set a price range that is reasonable in order to buy/sell, and to be well prepared for the purchase/sale negotiation. True or false."]
[63,"The first step in valuation is to directly calculate the CF. The income statement and the balance sheet are not necessary, since they are already seen in the CF. True or false.",null,"F",0,null,null,"The first step in valuation is to directly calculate the CF. The income statement and the balance sheet are not necessary, since they are already seen in the CF. True or false."]
[64,"As a discountable flow, we will use the \"cash flow\" for the shareholder (CFacc), that is, the cash that the shareholder can take home: what is in the cash plus the dividends paid. True or false.",null,"T",0,null,null,"As a discountable flow, we will use the \"cash flow\" for the shareholder (CFacc), that is, the cash that the shareholder can take home: what is in the cash plus the dividends paid. True or false."]
[65,"CFacc = + Net profit − Change in net asset AN. True or false.",null,"F",0,null,null,"CFacc = + Net profit − Change in net asset AN. True or false."]
[66,"The perpetuity in year 5, 10 or 15 is calculated as EBITDA /Ke-g. True or false.",null,"F",0,null,null,"The perpetuity in year 5, 10 or 15 is calculated as EBITDA /Ke-g. True or false."]
[67,"If we use net profit as CFacc, we are assuming that the investment will be equal to the amortization or will be financed with debt. True or false.",null,"T",0,null,null,"If we use net profit as CFacc, we are assuming that the investment will be equal to the amortization or will be financed with debt. True or false."]
[68,"If we use EBITDA as CFacc, we are assuming that the company will not make any more investments. You will not pay taxes or interest. True or false.",null,"T",0,null,null,"If we use EBITDA as CFacc, we are assuming that the company will not make any more investments. You will not pay taxes or interest. True or false."]
[69,"From the cash flow discount formula it can be deduced that the value of a company depends on the CF that the company promises to the shareholder next year, on the profitability K that the shareholder wants to obtain from his investment and on the growth g that is expected for the CF in the next years. True or false.",null,"T",0,null,null,"From the cash flow discount formula it can be deduced that the value of a company depends on the CF that the company promises to the shareholder next year, on the profitability K that the shareholder wants to obtain from his investment and on the growth g that is expected for the CF in the next years. True or false."]
[70,"Once the CF of the shareholder and its current value have been calculated, the valuation process is complete. True or false.",null,"F",0,null,null,"Once the CF of the shareholder and its current value have been calculated, the valuation process is complete. True or false."]
[71,"Company A promises 10 CFs of €10 and a final CF of 100. Company B promises 10 CFs of €2 and a final value of €132 in year 10. A and B should have the same value since they promise the same CFs , 140 in total.",null,"F",0,null,null,null,null,"Company A promises 10 CFs of €10 and a final CF of 100. Company B promises 10 CFs of €2 and a final value of €132 in year 10. A and B should have the same value since they promise the same CFs , 140 in total."]
[72,"By risk, we understand the variability in the profitability that the company promises, due to changes in the CFacc that we expect. True or false.",null,"T",0,null,null,null,null,"By risk, we understand the variability in the profitability that the company promises, due to changes in the CFacc that we expect. True or false."]
[73,"The risk factors of a company are always present, even if the company changes owners, since the risk depends on the business and not on the owner. True or false.",null,"F",0,null,null,null,null,"The risk factors of a company are always present, even if the company changes owners, since the risk depends on the business and not on the owner. True or false."]
[74,"In the long term, a company with more risk should give higher returns and therefore should be worth more. True or false.",null,"F",0,null,null,null,null,"In the long term, a company with more risk should give higher returns and therefore should be worth more. True or false."]
[75,"The Ke at which we discount the CFacc is the return that we ask for the assets that we buy. True or false.",null,"F",0,null,null,null,null,"The Ke at which we discount the CFacc is the return that we ask for the assets that we buy. True or false."]
[76,"The Ke that we must use to buy a company can be accurately calculated using modern portfolio theory. True or false.",null,"F",0,null,null,null,null,"The Ke that we must use to buy a company can be accurately calculated using modern portfolio theory. True or false."]
[77,"The shareholders of company A ask for a return Ke of 10%. Company A buys company B, which also promises a return of 10% and has the same risk as A. As a consequence, A's shares will be worth more, since A's size is now larger and therefore has less risk. True or false.",null,"F",0,null,null,null,null,"The shareholders of company A ask for a return Ke of 10%. Company A buys company B, which also promises a return of 10% and has the same risk as A. As a consequence, A's shares will be worth more, since A's size is now larger and therefore has less risk. True or false."]
[78,"The shareholders of company A ask for a return Ke of 10%. Company A buys company B, which also promises a return of 10%, but decreases the joint risk of A+B. As a consequence, A's shares will be worth more, since A now has less risk than before. True or false.",null,"T",0,null,null,null,null,"The shareholders of company A ask for a return Ke of 10%. Company A buys company B, which also promises a return of 10%, but decreases the joint risk of A+B. As a consequence, A's shares will be worth more, since A now has less risk than before. True or false."]
[79,"Before buying a company, it is convenient to see the consequences of the acquisition in the stakeholders of our company. True or false.",null,"T",0,null,null,null,null,"Before buying a company, it is convenient to see the consequences of the acquisition in the stakeholders of our company. True or false."]
[80,"If the acquiring company is listed on the stock market, it will be convenient to anticipate the consequences of the acquisition on the market price. True or false.",null,"T",0,null,null,null,null,"If the acquiring company is listed on the stock market, it will be convenient to anticipate the consequences of the acquisition on the market price. True or false."]
[81,"The PER tells us how many euros we pay for each euro of profit that the company promises (it is the inverse of the profitability of the share). True or false.",null,"T",0,null,null,null,null,"The PER tells us how many euros we pay for each euro of profit that the company promises (it is the inverse of the profitability of the share). True or false."]
[82,"A high PER necessarily means that the return that the shareholder will receive is low. True or false.",null,"F",0,null,null,null,null,"A high PER necessarily means that the return that the shareholder will receive is low. True or false."]
[83,"The greater the growth expectations of a company, the higher the PER of the market at which it is traded. True or false.",null,"T",0,null,null,null,null,"The greater the growth expectations of a company, the higher the PER of the market at which it is traded. True or false."]
[84,"The PER depends on a company depends on the (Ke-g) that the market applies to it. True or false.",null,"T",0,null,null,null,null,"The PER depends on a company depends on the (Ke-g) that the market applies to it. True or false."]
[85,"Company A trades at a PER of 10. Its EBITDA is €10, therefore its market value must be 10 x €10 = €100. True or false.",null,"F",0,null,null,null,null,"Company A trades at a PER of 10. Its EBITDA is €10, therefore its market value must be 10 x €10 = €100. True or false."]
[86,"The book value always gives us a very low price for the company and therefore should not be used in valuation. True or false.",null,"F",0,null,null,null,null,"The book value always gives us a very low price for the company and therefore should not be used in valuation. True or false."]
[87,"Company A's expected ROE is 10%. Its book value is €100. The shareholders of A ask for a return Ke of 10%. The market value of A should be around €100. True or false.",null,"T",0,null,null,null,null,"Company A's expected ROE is 10%. Its book value is €100. The shareholders of A ask for a return Ke of 10%. The market value of A should be around €100. True or false."]
[88,"When buying, it is necessary to see how the acquired company will influence the growth and risk expectations of the acquiring company. True or false.",null,"T",0,null,null,null,null,"When buying, it is necessary to see how the acquired company will influence the growth and risk expectations of the acquiring company. True or false."]
[89,"The results of the risk analysis (its quantification) depends on the company's risk factors and not on the person carrying out the analysis. True or false.",null,"F",0,null,null,null,null,"The results of the risk analysis (its quantification) depends on the company's risk factors and not on the person carrying out the analysis. True or false."]
[90,"The risk is symmetrical: if you win 30% in the optimal scenario, you lose 30% in the worst. True or false.",null,"F",0,null,null,null,null,"The risk is symmetrical: if you win 30% in the optimal scenario, you lose 30% in the worst. True or false."]
[91,"If you leverage an acquisition with debt, you can pay a higher price, since having put in less money, the shareholder return will continue to be very high. True or false.",null,"F",0,null,null,null,null,"If you leverage an acquisition with debt, you can pay a higher price, since having put in less money, the shareholder return will continue to be very high. True or false."]
[92,"The fair value payable by a company is the present value of cash flows to the shareholder, assuming that the acquisition is financed with debt and equity. True or false.",null,"F",0,null,null,null,null,"The fair value payable by a company is the present value of cash flows to the shareholder, assuming that the acquisition is financed with debt and equity. True or false."]
[93,"Sometimes the market price does not reflect the value of the company. True or false.",null,"T",0,null,null,null,null,"Sometimes the market price does not reflect the value of the company. True or false."]
[94,"The markets are efficient because they reflect all the available information: fundamentals of the company, of the economy and psychological attitude of the investor. True or false.",null,"T",0,null,null,null,null,"The markets are efficient because they reflect all the available information: fundamentals of the company, of the economy and psychological attitude of the investor. True or false."]
[95,"Usually, listed companies are more valuable than their unlisted counterparts. True or false.",null,"T",0,null,null,null,null,"Usually, listed companies are more valuable than their unlisted counterparts. True or false."]
[96,"Holding companies (conglomerates) have less risk due to diversification. For this reason, its price on the stock market is usually higher than that of its competitors that are not diversified. True or false.",null,"F",0,null,null,null,null,"Holding companies (conglomerates) have less risk due to diversification. For this reason, its price on the stock market is usually higher than that of its competitors that are not diversified. True or false."]
[97,"The enterprise value (EV) is the value of the company and therefore the value of its shares. True or false.",null,"F",0,null,null,null,null,"The enterprise value (EV) is the value of the company and therefore the value of its shares. True or false."]
[98,"The enterprise value (EV) is usually calculated with a multiple x EBITDA. True or false.",null,"T",0,null,null,null,null,"The enterprise value (EV) is usually calculated with a multiple x EBITDA. True or false."]
[99,"At the peak of the economic cycle, company A had an EBITDA of €100, the best in its history. Similar companies were trading at an EBITDA multiple of 7 times. Therefore we can say that €700 was the fair value of company A at that time. True or false.",null,"F",0,null,null,null,null,"At the peak of the economic cycle, company A had an EBITDA of €100, the best in its history. Similar companies were trading at an EBITDA multiple of 7 times. Therefore we can say that €700 was the fair value of company A at that time. True or false."]
[100,"Company B has a sustained EBITDA of €10. Its debt is €20. B trades on the stock market at an EBITDA multiple of 5 times. Therefore we can say that the market value of the shares is €30. True or false.",null,"T",0,null,null,null,null,"Company B has a sustained EBITDA of €10. Its debt is €20. B trades on the stock market at an EBITDA multiple of 5 times. Therefore we can say that the market value of the shares is €30. True or false."]
[101,"You invest €100. Your required return is K =10%. After one year, the retrun obtained is IRR = 10%. You have earned money, but you have not generated value",null,"T",0]
[102,"You invest €100. Your K is 10%. After one year, the profitability obtained is IRR = 5%. You've made money, but you've destroyed value",null,"T",0]
[103,"The NPV is the additional return, in euros, that you obtain above the required rate of return K.",null,"F",0]
[104,"Projects A and B have the same IRR. The initial investment in A was 100 and in B 1,000. Surely B has a higher NPV",null,"F",0]
[105,"A project adds value to the company when the IRR of the project is greater than the required return K.",null,"T",0]
[]
[null,null,{"$f":"C51","v":"Your grade"},null,{"$f":"SUM(E55:E119)","v":0}]
[null,null,{"$f":"C52","v":"highest possible grade"},null,65]

{"sheet":"Anx 1","index":5,"n_rows":79,"n_cols":8,"rows_kept":79,"cut":false,"hidden":true,"merged":[]}
[null,null,null,"Anexo 1. ABC. Cuenta de Resultados y Balances recientes"]
[]
[null,"CUENTA DE RDOS.  (Millón €)",null,2020,{"$f":"D3+1","v":2021},{"$f":"E3+1","v":2022},{"$f":"F3+1","v":2023}]
[null,"Ventas",null,690,{"$f":"D4*(1+E19)","v":703.80000000000007},{"$f":"E4*(1+F19)","v":746.02800000000013},798.24996000000021]
[null,"CMV",null,{"$f":"D4-D6","v":528},{"$f":"E4-E6","v":548.38953488372101},{"$f":"F4-F6","v":574.44156000000009},{"$f":"G4-G6","v":614.65246920000016}]
[null,"Margen bruto",null,162,{"$f":"E4*E20","v":155.41046511627906},{"$f":"F4*F20","v":171.58644000000004},183.59749080000006]
[null,"Salarios",null,75,70,72,71]
[null,"Gastos generales",null,39,35,42,38]
[null,"Opex",null,{"$f":"D7+D8","v":114},{"$f":"E7+E8","v":105},{"$f":"F7+F8","v":114},{"$f":"G7+G8","v":109}]
[null,"EBITDA",null,{"$f":"D6-D9","v":48},{"$f":"E6-E9","v":50.410465116279056},{"$f":"F6-F9","v":57.586440000000039},{"$f":"G6-G9","v":74.59749080000006}]
[null,"Amortización y provisiones",null,25,{"$f":"10%*D54","v":20},{"$f":"10%*E54","v":22},{"$f":"10%*F54","v":30}]
[null,"EBIT benef antes de int e imp.",null,{"$f":"D10-D11","v":23},{"$f":"E10-E11","v":30.410465116279056},{"$f":"F10-F11","v":35.586440000000039},{"$f":"G10-G11","v":44.59749080000006}]
[null,"Gastos financieros, neto",null,4,{"$f":"E27*D59","v":6},{"$f":"F27*E59","v":14.179760465116281},{"$f":"G27*F59","v":19.479119924651155}]
[null,"EBT benef ant de impuestos",null,{"$f":"D12-D13","v":19},{"$f":"E12-E13","v":24.410465116279056},{"$f":"F12-F13","v":21.406679534883757},{"$f":"G12-G13","v":25.118370875348905}]
[null,"Impuestos",null,{"$f":"30%*D14","v":5.7},{"$f":"30%*E14","v":7.3231395348837163},6.4220038604651268,7.535511262604671]
[null,"Beneficio neto",null,{"$f":"D14-D15","v":13.3},{"$f":"E14-E15","v":17.087325581395341},{"$f":"F14-F15","v":14.98467567441863},{"$f":"G14-G15","v":17.582859612744233}]
[]
[null,"Ratios de Cuenta de Resultados",null,{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},{"$f":"G3","v":2023},"Promedio 3a"]
[null,"Crecimiento de ventas",null,0.15,0.02,0.06,7.0000000000000007E-2,{"$f":"AVERAGE(E19:G19)","v":5.000000000000001E-2}]
[null,"Margen bruto / Ventas",null,{"$f":"D6/D4","v":0.23478260869565218},0.22081623347013221,0.23,0.23,{"$f":"AVERAGE(E20:G20)","v":0.22693874449004406}]
[null,"Opex / Ventas",null,{"$f":"(D7+D8)/D4","v":0.16521739130434782},{"$f":"(E7+E8)/E4","v":0.14919011082693945},{"$f":"(F7+F8)/F4","v":0.15280927793594876},{"$f":"(G7+G8)/G4","v":0.13654870712426967},{"$f":"AVERAGE(E21:G21)","v":0.14618269862905264}]
[null,"           Incremento de Opex",null,"nd",{"$f":"(E8+E7)/(D8+D7)-1","v":-7.8947368421052655E-2},{"$f":"(F8+F7)/(E8+E7)-1","v":8.5714285714285632E-2},{"$f":"(G8+G7)/(F8+F7)-1","v":-4.3859649122807043E-2},{"$f":"AVERAGE(E22:G22)","v":-1.2364243943191355E-2}]
[null,"EBITDA /Ventas",null,{"$f":"D10/D4","v":6.9565217391304349E-2},{"$f":"E10/E4","v":7.1626122643192736E-2},{"$f":"F10/F4","v":7.7190722064051254E-2},{"$f":"G10/G4","v":9.3451292875730355E-2},{"$f":"AVERAGE(E23:G23)","v":8.0756045860991443E-2}]
[null,"ROS (Beneficio/Ventas)",null,{"$f":"D16/D4","v":1.927536231884058E-2},{"$f":"E16/E4","v":2.427866664023208E-2},{"$f":"F16/F4","v":2.0085942718528833E-2},{"$f":"G16/G4","v":2.2026759152915246E-2}]
[null,"ROE (Beneficio / Equity)",null,"nd",{"$f":"E16/D60","v":0.10463763368888757},{"$f":"F16/E60","v":8.3069448621860983E-2},{"$f":"G16/F60","v":8.9996824006126588E-2},{"$f":"AVERAGE(E25:G25)","v":9.2567968772291717E-2}]
[null,"RONA (EBIT/ Activo neto)",null,"nd",{"$f":"E12/E55","v":7.3581420107621906E-2},{"$f":"F12/F55","v":6.8736846171675886E-2},{"$f":"G12/G55","v":8.1969430911443639E-2},{"$f":"AVERAGE(E26:G26)","v":7.4762565730247144E-2}]
[null,"Tipo de interés efectivo",null,{"$f":"D13/D59","v":0.02},0.03,0.06,0.06]
[null,"EBIT / Gastos financieros",null,{"$f":"D12/D13","v":5.75},{"$f":"E12/E13","v":5.0684108527131757},{"$f":"F12/F13","v":2.5096643971910857},{"$f":"G12/G13","v":2.2895023477709167}]
[null,"Inflación en Alemania",null,1.4E-3,3.0700000000000002E-2,6.8699999999999997E-2,6.2E-2,{"$f":"AVERAGE(D29:G29)","v":4.07E-2}]
[]
[null,null,null,"Anexo 1 cont. ABC. Balances recientes"]
[]
[null,"BALANCE   (Millón €)",null,{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},{"$f":"G3","v":2023},"Cambios"]
[null,"Caja",null,5,3.4266666666666623,2.304000000000002,-6.5333333333313703E-2]
[null,"Clientes",null,155,183,212,245,{"$f":"G35-D35","v":90}]
[null,"Existencias",null,44,52,57,59,{"$f":"G36-D36","v":15}]
[null,"Otros",null,4,5.5606666666666662,5.1286666666666667,3.5513333333333335]
[null,"Activo circulante",null,{"$f":"SUM(D34:D37)","v":208},{"$f":"SUM(E34:E37)","v":243.98733333333334},{"$f":"SUM(F34:F37)","v":276.43266666666665},{"$f":"SUM(G34:G37)","v":307.48599999999999}]
[null,"Activo fijo, neto",null,200,220,300,300,{"$f":"G39-D39","v":100}]
[null,"Activo total",null,{"$f":"D39+D38","v":408},{"$f":"E39+E38","v":463.98733333333337},{"$f":"F38+F39","v":576.43266666666659},{"$f":"G38+G39","v":607.48599999999999}]
[]
[null,"Proveedores",null,{"$f":"D5/12","v":44},46,54,60,{"$f":"G42-D42","v":16}]
[null,"Otros acreedores (no comerciales)",null,4,1.2706666666666666,2.4086666666666665,3.4766666666666666]
[null,"Crédito bancario ",null,{"$f":"IF((D40-D42-D43-D46-D47-D48)>0,(D40-D42-D43-D46-D47-D48),0)","v":0},{"$f":"IF((E40-E42-E43-E46-E47-E48)>0,(E40-E42-E43-E46-E47-E48),0)","v":34.329341085271345},{"$f":"IF((F40-F42-F43-F46-F47-F48)>0,(F40-F42-F43-F46-F47-F48),0)","v":114.65199874418592},{"$f":"IF((G40-G42-G43-G46-G47-G48)>0,(G40-G42-G43-G46-G47-G48),0)","v":136.05447246477507},{"$f":"G44-D44","v":136.05447246477507}]
[null,"Pasivo circulante",null,{"$f":"SUM(D42:D44)","v":48},{"$f":"SUM(E42:E44)","v":81.600007751938008},{"$f":"SUM(F42:F44)","v":171.06066541085258},{"$f":"SUM(G42:G44)","v":199.53113913144173}]
[null,"Deuda a largo",null,200,202,210,195,{"$f":"G46-D46","v":-5}]
[null,"Patrimonio",null,150,{"$f":"D47+D48","v":163.30000000000001},{"$f":"E47+E48","v":180.38732558139534},{"$f":"F47+F48","v":195.37200125581398},{"$f":"G47-D47","v":45.372001255813984}]
[null,"Beneficio del año",null,{"$f":"D16","v":13.3},{"$f":"E16","v":17.087325581395341},{"$f":"F16","v":14.98467567441863},{"$f":"G16","v":17.582859612744233},{"$f":"G48-D48","v":4.2828596127442324}]
[null,"Pasivo y Patrimonio",null,{"$f":"D45+D46+D47+D48","v":411.3},{"$f":"E45+E46+E47+E48","v":463.98733333333337},{"$f":"F45+F46+F47+F48","v":576.43266666666659},{"$f":"G45+G46+G47+G48","v":607.48599999999988}]
[]
[]
[null,"BALANCE RESUMIDO",null,{"$f":"D33","v":2020},{"$f":"E33","v":2021},{"$f":"F33","v":2022},{"$f":"G33","v":2023},{"$f":"H33","v":"Cambios"}]
[null,"NOF (con caja mínima =  0)  ",null,{"$f":"D35+D36+D37-D42-D43","v":155},{"$f":"E35+E36+E37-E42-E43","v":193.29},{"$f":"F35+F36+F37-F42-F43","v":217.72},{"$f":"G35+G36+G37-G42-G43","v":244.07466666666667},{"$f":"G53-D53","v":89.074666666666673}]
[null,"AF, activo fijo neto",null,{"$f":"D39","v":200},{"$f":"E39","v":220},{"$f":"F39","v":300},{"$f":"G39","v":300},100]
[null,"AN, activo neto",null,{"$f":"D53+D54","v":355},{"$f":"E53+E54","v":413.28999999999996},{"$f":"F53+F54","v":517.72},{"$f":"G53+G54","v":544.07466666666664}]
[]
[null,"D-Corto. Líneas de crédito",null,{"$f":"D44","v":0},{"$f":"E44","v":34.329341085271345},114.65199874418592,136.05447246477507,136.05447246477507]
[null,"D-Largo. Préstamos",null,{"$f":"D46","v":200},{"$f":"E46","v":202},{"$f":"F46","v":210},195,-5]
[null,"D  Deuda a corto y largo",null,{"$f":"D57+D58","v":200},{"$f":"E57+E58","v":236.32934108527135},324.6519987441859,331.05447246477507,131.05447246477507]
[null,"E Equity o Patrimonio",null,{"$f":"D47+D48","v":163.30000000000001},{"$f":"E47+E48","v":180.38732558139534},{"$f":"F47+F48","v":195.37200125581398},{"$f":"G47+G48","v":212.95486086855823},49.654860868558217]
[null,"Financiación",null,{"$f":"D59+D60","v":363.3},{"$f":"E59+E60","v":416.7166666666667},{"$f":"F59+F60","v":520.02399999999989},{"$f":"G59+G60","v":544.0093333333333}]
[null,"                     Caja excedente (+)",null,{"$f":"D61-D55","v":8.3000000000000114},{"$f":"E61-E55","v":3.4266666666667334},{"$f":"F61-F55","v":2.3039999999998599},{"$f":"G61-G55","v":-6.5333333333342125E-2},-8.3653333333333535]
[]
[null,"RATIOS DE BALANCE"]
[null,"NOF / Ventas",null,{"$f":"D53/D4","v":0.22463768115942029},{"$f":"E53/E4","v":0.27463768115942028},{"$f":"F53/F4","v":0.29183891221241021},{"$f":"G53/G4","v":0.30576220344147165}]
[null,"Clientes en días",null,{"$f":"D35/D4*365","v":81.992753623188406},94.906223358908761,103.72264847968171,112.0263131613561]
[null,"Existencias en días",null,30.416666666666664,34.610434358533972,36.217783406896949,35.036058714656825]
[null,"Proveedores en días",null,{"$f":"D42/D5*365","v":30.416666666666664},{"$f":"E42/E5*365","v":30.616922701780048},{"$f":"F42/F5*365","v":34.311584280218156},{"$f":"G42/G5*365","v":35.629890218295074},"Suma"]
[null,"Capex",null,12,{"$f":"E39-D39+E11","v":40},{"$f":"F39-E39+F11","v":102},30,{"$f":"SUM(D69:G69)","v":184}]
[null,"Deuda /EBITDA",null,{"$f":"D59/D10","v":4.166666666666667},{"$f":"E59/E10","v":4.6881007850283352},{"$f":"F59/F10","v":5.6376466186169116},{"$f":"G59/G10","v":4.4378767826434027}]
[null,"Deuda a corto / NOF",null,{"$f":"D57/D53","v":0},{"$f":"E57/E53","v":0.17760536543676003},{"$f":"F57/F53","v":0.52660297053181115},0.55742971740113023]
[]
[]
[]
[]
[]
[null,"Receivables / Ventas",null,null,{"$f":"E35/E$4","v":0.26001705029838018},0.28417163967036085,0.30692140592152356]
[null,"Inventory / Ventas",null,null,7.3884626314293822E-2,7.6404638967974378E-2,7.3911685507632205E-2]
[null,"Payables and other / Ventas",null,null,{"$f":"(E42+E43)/E$4","v":6.7164914274888687E-2},{"$f":"(F42+F43)/F$4","v":7.5611996690025926E-2},{"$f":"(G42+G43)/G$4","v":7.9519786843041812E-2}]

{"sheet":"Anx 2-3","index":6,"n_rows":118,"n_cols":14,"rows_kept":118,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,null,"Anexo 2 .  ABC.  Previsión de Cta Rdos y Balance",null,null,null,null,"© E.M. Abascal. Ag. 2023"]
[null,null,null,null,"Pre M&A","Post M&A",null,null,"Previsión"]
[null,"Cta Rdos (mill €)","Hipótesis",null,0,0,{"$f":"F3+1","v":1},{"$f":"G3+1","v":2},{"$f":"H3+1","v":3},{"$f":"I3+1","v":4}]
[null,"Ventas",null,null,{"$f":"F4","v":798.24996000000021},798.24996000000021,{"$f":"F4*(1+G20)","v":878.07495600000027},{"$f":"G4*(1+H20)","v":965.88245160000042},{"$f":"H4*(1+I20)","v":1062.4706967600005},{"$f":"I4*(1+J20)","v":1083.7201106952004}]
[null,"CMV",null,null,null,614.65246920000016,{"$f":"(G4-G6)","v":684.89846568000019},{"$f":"(H4-H6)","v":763.04713676400036},{"$f":"(I4-I6)","v":849.97655740800042},{"$f":"(J4-J6)","v":866.97608855616033}]
[null,"Margen bruto",null,null,null,{"$f":"F4-F5","v":183.59749080000006},{"$f":"G4*G21","v":193.17649032000006},{"$f":"H4*H21","v":202.83531483600009},{"$f":"I4*I21","v":212.49413935200008},{"$f":"J4*J21","v":216.74402213904011}]
[null,"Salarios",null,null,null,71,60,{"$f":"G7*(1+H23)","v":61.2},{"$f":"H7*(1+I23)","v":62.424000000000007},{"$f":"I7*(1+J23)","v":63.672480000000007}]
[null,"Gastos Generales",null,null,null,38,{"$f":"F8*(1+G23)","v":38.76},{"$f":"G8*(1+H23)","v":39.535199999999996},{"$f":"H8*(1+I23)","v":40.325903999999994},{"$f":"I8*(1+J23)","v":41.132422079999998}]
[null,"Opex",null,null,null,{"$f":"F7+F8","v":109},98.759999999999991,100.73519999999999,102.749904,104.80490208000001]
[null,"EBITDA",null,null,{"$f":"F10","v":74.59749080000006},{"$f":"F6-F9","v":74.59749080000006},94.416490320000065,102.1001148360001,109.74423535200008,111.93912005904011]
[null,"Amortización",0.1,null,null,30,{"$f":"$C11*F33","v":30},{"$f":"$C11*G33","v":22},{"$f":"$C11*H33","v":22.3},{"$f":"$C11*I33","v":22.57}]
[null,"Amort. Fondo de comercio",0.05,null,null,null,{"$f":"$C12*$F$34","v":0},{"$f":"$C12*$F$34","v":0},{"$f":"$C12*$F$34","v":0},{"$f":"$C12*$F$34","v":0}]
[null,"EBIT ",null,null,{"$f":"F13","v":44.59749080000006},{"$f":"F10-F11","v":44.59749080000006},{"$f":"G10-G11-G12","v":64.416490320000065},{"$f":"H10-H11-H12","v":80.100114836000103},{"$f":"I10-I11-I12","v":87.444235352000078},{"$f":"J10-J11-J12","v":89.369120059040114}]
[null,"Gastos financieros, neto",0.06,null,null,19.479119924651155,{"$f":"$C14*F39","v":28.867188347886504},{"$f":"$C14*G39","v":23.734986873057743},{"$f":"$C14*H39","v":23.128186419414163},{"$f":"$C14*I39","v":22.327500777125557}]
[null,"EBT",null,null,null,{"$f":"F13-F14","v":25.118370875348905},35.549301972113561,56.36512796294236,64.316048932585915,67.041619281914564]
[null,"Impuestos",0.3,null,null,{"$f":"0.3*F15","v":7.535511262604671},{"$f":"$C$16*G15","v":10.664790591634068},{"$f":"$C$16*H15","v":16.909538388882709},{"$f":"$C$16*I15","v":19.294814679775772},{"$f":"$C$16*J15","v":20.112485784574368},"Suma"]
[null,"BN, Beneficio neto",null,null,{"$f":"F17","v":17.582859612744233},{"$f":"F15-F16","v":17.582859612744233},24.884511380479495,39.455589574059651,45.021234252810146,46.929133497340196,{"$f":"SUM(G17:J17)","v":156.29046870468949}]
[]
[null,"Ratios de Cuenta de Resultados",null,null,null,null,null,null,"Hipótesis (en negrita y verde)"]
[null,"Crecimiento de ventas",0.1,null,null,7.0000000000000007E-2,{"$f":"C20","v":0.1},{"$f":"G20","v":0.1},{"$f":"H20","v":0.1},0.02]
[null,"Margen bruto / Ventas",-0.01,null,null,{"$f":"F6/F4","v":0.23},{"$f":"F21+$C21","v":0.22},{"$f":"G21+$C21","v":0.21},{"$f":"H21+$C21","v":0.19999999999999998},0.2]
[null,"Opex / Ventas",null,null,null,{"$f":"(F9)/F4","v":0.13654870712426967},0.11247331372471117,0.10429343636291398,9.6708459172883884E-2,9.6708459172883898E-2]
[null,"Incremento de Opex",0.02,null,null,-4.3859649122807043E-2,{"$f":"$C$23","v":0.02},{"$f":"G23","v":0.02},{"$f":"C23","v":0.02},{"$f":"I23","v":0.02}]
[null,"EBITDA /Ventas",null,null,null,{"$f":"F10/F4","v":9.3451292875730355E-2},0.10752668627528882,0.10570656363708603,0.1032915408271161,0.10329154082711613]
[null,"ROS (Beneficio/Ventas)",null,null,null,{"$f":"F17/F4","v":2.2026759152915246E-2},2.8339848677428271E-2,4.0849266397480155E-2,4.237409501278689E-2,4.3303739622618444E-2,"Media"]
[null,"ROE (Beneficio / Equity)",null,null,null,{"$f":"F17/F40","v":0.27929312161383402},{"$f":"G17/F40","v":0.39527545668689829},{"$f":"H17/G40","v":0.44917886551143799},{"$f":"I17/H40","v":0.35367648183418637},{"$f":"J17/I40","v":0.27234313759263412},{"$f":"AVERAGE(G26:J26)","v":0.36761848540628922}]
[null,"RONA (Ebit / Activo neto)",null,null,null,{"$f":"F13/F35","v":8.1969430911443639E-2},0.13325091835591471,0.15621221447886469,0.16061281530859084,0.16153594367544277,{"$f":"AVERAGE(G27:J27)","v":0.15290297295470326}]
[null,"Deuda /EBITDA",null,null,{"$f":"E39/F10","v":4.4378767826434027},{"$f":"F39/F10","v":6.4495440883932256},4.1897672028502289,3.7754097953373469,3.3908388149821,2.9837710307098204]
[]
[null,null,null,null,"Pre M&A","Post M&A",null,null,{"$f":"I2","v":"Previsión"}]
[null,"Balance  (Mill €)",{"$f":"C3","v":"Hipótesis"},null,{"$f":"E3","v":0},0,1,2,3,4]
[null,"NOF",0.3,null,244.07466666666667,244.07466666666667,{"$f":"$C32*G4","v":263.42248680000006},{"$f":"$C32*H4","v":289.76473548000013},{"$f":"$C32*I4","v":318.74120902800013},{"$f":"$C32*J4","v":325.11603320856011}]
[null,"AF, activo fijo neto",null,null,300,300,{"$f":"F33-G11+G45","v":220},{"$f":"G33-H11+H45","v":223},{"$f":"H33-I11+I45","v":225.7},{"$f":"I33-J11+J45","v":228.13}]
[null,"Fondo de comercio",null,null,0,{"$f":"IF((F63-E40)>0,(F63-E40),0)","v":0},{"$f":"F34-G12","v":0},{"$f":"G34-H12","v":0},{"$f":"H34-I12","v":0},{"$f":"I34-J12","v":0}]
[null,"AN, activo neto",null,null,{"$f":"E32+E33+E34","v":544.07466666666664},544.07466666666664,483.42248680000006,512.76473548000013,544.44120902800012,553.24603320856011]
[]
[null,"D-Corto. Línea de crédito",0.8,null,136.05447246477507,{"$f":"$C37*F32","v":195.25973333333334},{"$f":"$C37*G32","v":210.73798944000006},231.81178838400012,254.99296722240013,260.09282656684809]
[null,"D-Largo. Préstamos",null,null,195,{"$f":"F39-F37","v":285.86007246477504},{"$f":"G39-G37","v":184.8451251109623},153.65798527290264,117.13204572969249,73.907877068464359]
[null,"D  Deuda total",null,null,{"$f":"E37+E38","v":331.05447246477507},{"$f":"IF(F40>F35,0,F35-F40)","v":481.11980579810842},{"$f":"IF(G40>G35,0,G35-G40)","v":395.58311455096236},385.46977365690276,372.12501295209262,334.00070363531245]
[null,"E  Equity o Patrimonio",null,null,212.95486086855823,{"$f":"IF(F63>E40,0,E40-F63)+J63","v":62.954860868558228},{"$f":"F40+G17-G42","v":87.839372249037723},{"$f":"G40+H17-H42","v":127.29496182309737},{"$f":"H40+I17-I42","v":172.3161960759075},{"$f":"I40+J17-J42","v":219.24532957324769}]
[null,"Financiación",null,null,{"$f":"E39+E40","v":544.0093333333333},{"$f":"F39+F40","v":544.07466666666664},{"$f":"G40+G39","v":483.42248680000012},{"$f":"H40+H39","v":512.76473548000013},{"$f":"I40+I39","v":544.44120902800012},{"$f":"J40+J39","v":553.24603320856011}]
[null,null,"Dividendos pagados",0,null,"nd",{"$f":"$D42*F17","v":0},{"$f":"$D42*G17","v":0},{"$f":"$D42*H17","v":0},{"$f":"$D42*I17","v":0}]
[null,null,null,"Caja excedente (+)",null,{"$f":"F41-F35","v":0},{"$f":"G41-G35","v":0},{"$f":"H41-H35","v":0},{"$f":"I41-I35","v":0},{"$f":"J41-J35","v":0}]
[null,null,null,"Cash flow anual para accionista",null,"nd",{"$f":"G43-F43+G42","v":0},{"$f":"H43-G43+H42","v":0},{"$f":"I43-H43+I42","v":0},{"$f":"J43-I43+J42","v":0}]
[null,null,null,"Capex o Nuevas inversiones en AF",null,"nd",-50,25,{"$f":"H45","v":25},{"$f":"I45","v":25}]
[]
[null,"Directrices. Todas las hipótesis en verde y negrita.",null,null,null,"Rellenar las celdas F63 y J63 con el precio a pagar y el equity a invertir."]
[null,"Leer las notas dentro de cada celda. ",null,null,null,"Celdas amarillas significa, cuidado con el cálculo o resultados principales."]
[]
[null,null,null,null,null,"Anexo 3. ABC. Cálculo de CF, Valoración, Rentabilidad y Riesgos"]
[]
[null,"Cálculo de CF",null,null,null,{"$f":"F31","v":0},{"$f":"G31","v":1},{"$f":"H31","v":2},{"$f":"I31","v":3},{"$f":"J31","v":4}]
[null,"− Variación de AN, activo neto",null,null,null,null,{"$f":"F35-G35","v":60.652179866666586},{"$f":"G35-H35","v":-29.342248680000068},{"$f":"H35-I35","v":-31.67647354799999},{"$f":"I35-J35","v":-8.8048241805599901}]
[null,"+ Variación de Deuda",null,null,null,null,{"$f":"G39-F39","v":-85.536691247146052},-10.113340894059604,-13.344760704810142,-38.12430931678017]
[null,"± Beneficio o Variación de Equity",null,null,null,null,{"$f":"G40-F40","v":24.884511380479495},39.455589574059644,45.021234252810132,{"$f":"J40-I40","v":46.929133497340189}]
[null,"Valor final Perpetuidad",null,null,null,null,null,null,null,{"$f":"E60","v":312.86088998226796}]
[null,"Equity invertido inicialmente",null,null,null,{"$f":"-J63","v":-50}]
[null,"CF accionista",null,null,null,{"$f":"SUM(F53:F57)","v":-50},{"$f":"SUM(G53:G57)","v":2.8421709430404007E-14},{"$f":"SUM(H53:H57)","v":0},{"$f":"SUM(I53:I57)","v":0},{"$f":"SUM(J53:J57)","v":312.86088998226796}]
[]
[null,null,null,"Valor final con Perpetuidad y (K-g) =",{"$f":"J17/D62","v":312.86088998226796},null,null,"VF con múltiplo EBITDA",6,{"$f":"I60*J10-J39","v":337.63401671892825}]
[]
[null,null,"Rentabilidad exigida K=",0.15,"VA = ",{"$f":"NPV(D62,G58:J58)","v":178.87922926648667},"VAN = ",{"$f":"F62+F58","v":128.87922926648667},"TIR =",{"$f":"IRR(F58:J58)","v":0.58159512625164322}]
[null,null,null,null,"Precio a pagar =",200,null,null,"Equity a invertir =",50]
[]
[null,"Valoraciones de las acciones"]
[null,"Con DCF, todo equity. Max a pagar",null,null,null,205]
[null,"Con Múltiplo EBITDA =",7,null,null,{"$f":"C67*F10-E39","v":191.12796313522534}]
[null,"Con PER de",10.5,null,null,{"$f":"C68*E17","v":184.62002593381445},null,null,null,null,null,null,null,8]
[null,"Valor contable",null,null,null,{"$f":"E40","v":212.95486086855823},null,null,null,null,null,null,null,{"$f":"0.8","v":0.8}]
[null,"Valor para Vendedor, precio pedido",null,null,null,"nd",null,null,null,null,null,null,null,{"$f":"N68*N69","v":6.4}]
[null,"Valor para Vendedor con DCF",null,null,null,63]
[]
[null,"Riesgos. Análisis de Sensibilidad"]
[]
[null,"Qué riesgo es mayor","Base","Pesim.","Optim.","Rango pp",null,"Worst & Best case",null,"TIR","VAN"]
[null,"g Ventas",0.1,0.05,0.15,{"$f":"(E76-D76)*100","v":10},null,"Escenario Base",null,0.57999999999999996,129]
[null,"TIR inversor",0.57999999999999996,0.38,0.74,{"$f":"(E77-D77)*100","v":36},null,"Escenario Peor",null,0.26,23]
[null,"VAN",129,54,211,{"$f":"E78-D78","v":157},null,"Escenario Optimo",null,0.79,241]
[null,"Caída de margen% x año",-0.01,-0.02,0,{"$f":"(E79-D79)*100","v":2},null,"Rango",null,{"$f":"J78-J77","v":0.53},{"$f":"K78-K77","v":218}]
[null,{"$f":"B77","v":"TIR inversor"},{"$f":"C77","v":0.57999999999999996},0.56999999999999995,0.6,{"$f":"(E80-D80)*100","v":3.0000000000000027}]
[null,"VAN",{"$f":"C78","v":129},122,136,{"$f":"E81-D81","v":14}]
[null,"Incremento opex x año",0.02,0.04,0,{"$f":"(E82-D82)*100","v":-4},null,"Rentabilidad y Deuda. Precio  = 200€"]
[null,{"$f":"B80","v":"TIR inversor"},{"$f":"C80","v":0.57999999999999996},0.54,0.62,{"$f":"(E83-D83)*100","v":7.9999999999999964},null,"Deuda","Equity","TIR","VAN"]
[null,"VAN",{"$f":"C81","v":129},109,148,{"$f":"E84-D84","v":39},null,"0% ó 0€",200,0.16,6]
[null,"Precio de compra",200,220,180,{"$f":"E85-D85","v":-40},null,"25% ó 50€",150,0.23,47]
[null,{"$f":"B83","v":"TIR inversor"},{"$f":"C83","v":0.57999999999999996},0.56999999999999995,0.59,{"$f":"(E86-D86)*100","v":2.0000000000000018},null,"50% ó 100€",100,0.35,88]
[null,"VAN",{"$f":"C84","v":129},123,133,{"$f":"E87-D87","v":10},null,"75% ó 150€",50,0.57999999999999996,129]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K1","v":"© E.M. Abascal. Ag. 2023"}]
[null,"Valuation with FCF and with CF shareholder"]
[]
[null,"Companies",null,"A",null,"B"]
[null,"NA Net assets",null,100,null,100,"Assume always constant"]
[null,"D Debt",null,0,null,70,"Assume always constant"]
[null,"E Equity",null,{"$f":"D93-D94","v":100},null,{"$f":"F93-F94","v":30}]
[null,"EBIT",null,14.286,null,{"$f":"D96","v":14.286}]
[null,"Finex, financial expenses",null,{"$f":"D94*D101","v":0},null,{"$f":"F94*F101","v":8.4}]
[null,"EBT",null,{"$f":"D96-D97","v":14.286},null,{"$f":"F96-F97","v":5.8859999999999992}]
[null,"Taxes",null,{"$f":"D103*D98","v":4.2858000000000001},null,{"$f":"F103*F98","v":1.7657999999999998}]
[null,"Net Income",null,{"$f":"D98-D99","v":10.0002},null,{"$f":"F98-F99","v":4.1201999999999996}]
[null,"Kd",null,0.05,null,0.12,"Not rational for A & B to have same Kd, becasue B has mor edebt"]
[null,"Ke",null,0.1,null,0.15,"Not rational for A & B to have same Ke, becasue B has mor edebt"]
[null,"t",null,0.3,null,0.3]
[null,"WACC",null,{"$f":"D94/D93*D101*(1-D103)+D95/D93*D102","v":0.1},null,{"$f":"F94/F93*F101*(1-F103)+F95/F93*F102","v":0.10379999999999999}]
[null,"(1) FCF (1-t) = EBIT (1-t)",null,{"$f":"D96*(1-$D$103)","v":10.0002},null,{"$f":"F96*(1-$F$103)","v":10.0002}]
[null,"(2) Finex",null,{"$f":"D97","v":0},null,{"$f":"F97","v":8.4}]
[null,"(3) Finex x t",null,{"$f":"D106*D103","v":0},null,{"$f":"F106*F103","v":2.52},"Tax shield due to finex"]
[null,"NI = (1) - (2) + (3)",null,{"$f":"D105-D106+D107","v":10.0002},null,{"$f":"F105-F106+F107","v":4.1201999999999988}]
[null,"(1) VA (FCF (1-t)",null,{"$f":"D105/D104","v":100.002},null,{"$f":"F105/F104","v":96.341040462427756},"Value of the Net Assets",null,"Using prepetuity"]
[null,"(2) VA (Finex)",null,{"$f":"D106/D101","v":0},null,{"$f":"F106/F101","v":70},"Value of Debt"]
[null,"(3) VA (Finex x t)",null,{"$f":"D107/D102","v":0},null,{"$f":"F107/F102","v":16.8},"Value of tax shield"]
[null,"VA (NI) = (1) - (2) + (3)",null,{"$f":"D109-D110+D111","v":100.002},null,{"$f":"F109-F110+F111","v":43.141040462427753},"Value of Equity"]
[null,"VA (NI)",null,{"$f":"D100/D102","v":100.002},null,{"$f":"F100/F102","v":27.468}]
[]
[null,"Conclussions (coeteris paribus)"]
[null,"a) VA of NA and E increases with Debt, if discounted at WACC (it doesnt make sense, VA of NA should be always the same regardeless the financial strucutre; wrong inlfuence of WACC)"]
[null,"b) The VA of E calculated as VA NA - Debt is abnormally high"]
[null,"c) "]

{"sheet":"Anx 2-3 HACER","index":7,"n_rows":118,"n_cols":14,"rows_kept":118,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,"Anexo 2 .  ABC.  Previsión de Cta Rdos y Balance HACER",null,null,null,null,null,"© E.M. Abascal. Ag. 2023"]
[null,null,null,null,"Pre M&A","Post M&A",null,null,"Previsión"]
[null,"Cta Rdos (mill €)","Hipótesis",null,0,0,{"$f":"F3+1","v":1},{"$f":"G3+1","v":2},{"$f":"H3+1","v":3},{"$f":"I3+1","v":4}]
[null,"Ventas",null,null,{"$f":"F4","v":798.24996000000021},798.24996000000021]
[null,"CMV",null,null,null,614.65246920000016]
[null,"Margen bruto",null,null,null,{"$f":"F4-F5","v":183.59749080000006},{"$f":"G4*G21","v":0},{"$f":"H4*H21","v":0},{"$f":"I4*I21","v":0},{"$f":"J4*J21","v":0}]
[null,"Salarios",null,null,null,71,60]
[null,"Gastos Generales",null,null,null,38]
[null,"Opex",null,null,null,{"$f":"F7+F8","v":109}]
[null,"EBITDA",null,null,{"$f":"F10","v":74.59749080000006},{"$f":"F6-F9","v":74.59749080000006},{"$f":"G6-G9","v":0},0,0,0]
[null,"Amortización",0.1,null,null,30]
[null,"Amort. Fondo de comercio",0.05]
[null,"EBIT ",null,null,{"$f":"F13","v":44.59749080000006},{"$f":"F10-F11","v":44.59749080000006}]
[null,"Gastos financieros, neto",0.06,null,null,19.479119924651155]
[null,"EBT",null,null,null,{"$f":"F13-F14","v":25.118370875348905},0,0,0,0]
[null,"Impuestos",0.3,null,null,{"$f":"0.3*F15","v":7.535511262604671},null,null,null,null,"Suma"]
[null,"BN, Beneficio neto",null,null,{"$f":"F17","v":17.582859612744233},{"$f":"F15-F16","v":17.582859612744233},0,0,0,0,{"$f":"SUM(G17:J17)","v":0}]
[]
[null,"Ratios de Cuenta de Resultados",null,null,null,null,null,null,"Hipótesis (en negrita y verde)"]
[null,"Crecimiento de ventas",0.1,null,null,7.0000000000000007E-2,{"$f":"C20","v":0.1},{"$f":"G20","v":0.1},{"$f":"H20","v":0.1},0.02]
[null,"Margen bruto / Ventas",-0.01,null,null,{"$f":"F6/F4","v":0.23},{"$f":"F21+$C21","v":0.22},{"$f":"G21+$C21","v":0.21},{"$f":"H21+$C21","v":0.19999999999999998},0.2]
[null,"Opex / Ventas",null,null,null,{"$f":"(F9)/F4","v":0.13654870712426967}]
[null,"Incremento de Opex",0.02,null,null,-4.3859649122807043E-2,{"$f":"$C$23","v":0.02},{"$f":"G23","v":0.02},{"$f":"C23","v":0.02},{"$f":"I23","v":0.02}]
[null,"EBITDA /Ventas",null,null,null,{"$f":"F10/F4","v":9.3451292875730355E-2}]
[null,"ROS (Beneficio/Ventas)",null,null,null,{"$f":"F17/F4","v":2.2026759152915246E-2},null,null,null,null,"Media"]
[null,"ROE (Beneficio / Equity)",null,null,null,{"$f":"F17/F40","v":0.27929312161383402},{"$f":"G17/F40","v":0},{"$f":"H17/G40","v":{"$error":"#DIV/0!"}},{"$f":"I17/H40","v":{"$error":"#DIV/0!"}},{"$f":"J17/I40","v":{"$error":"#DIV/0!"}},{"$f":"AVERAGE(G26:J26)","v":{"$error":"#DIV/0!"}}]
[null,"RONA (Ebit / Activo neto)",null,null,null,{"$f":"F13/F35","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"AVERAGE(G27:J27)","v":{"$error":"#DIV/0!"}}]
[null,"Deuda /EBITDA",null,null,{"$f":"E39/F10","v":4.4378767826434027},{"$f":"F39/F10","v":0}]
[]
[null,null,null,null,"Pre M&A","Post M&A",null,null,{"$f":"I2","v":"Previsión"}]
[null,"Balance  (Mill €)",{"$f":"C3","v":"Hipótesis"},null,{"$f":"E3","v":0},0,1,2,3,4]
[null,"NOF",0.3,null,244.07466666666667]
[null,"AF, activo fijo neto",null,null,300]
[null,"Fondo de comercio",null,null,0,{"$f":"IF((F63-E40)>0,(F63-E40),0)","v":0}]
[null,"AN, activo neto",null,null,{"$f":"E32+E33+E34","v":544.07466666666664},0,0,0,0,0]
[]
[null,"D-Corto. Línea de crédito",0.8,null,136.05447246477507]
[null,"D-Largo. Préstamos",null,null,195]
[null,"D  Deuda total",null,null,{"$f":"E37+E38","v":331.05447246477507},{"$f":"IF(F40>F35,0,F35-F40)","v":0},{"$f":"IF(G40>G35,0,G35-G40)","v":0},0,0,0]
[null,"E  Equity o Patrimonio",null,null,212.95486086855823,{"$f":"IF(F63>E40,0,E40-F63)+J63","v":62.954860868558228}]
[null,"Financiación",null,null,{"$f":"E39+E40","v":544.0093333333333},{"$f":"F39+F40","v":62.954860868558228},{"$f":"G40+G39","v":0},{"$f":"H40+H39","v":0},{"$f":"I40+I39","v":0},{"$f":"J40+J39","v":0}]
[null,null,"Dividendos pagados",0,null,"nd",{"$f":"$D42*F17","v":0},{"$f":"$D42*G17","v":0},{"$f":"$D42*H17","v":0},{"$f":"$D42*I17","v":0}]
[null,null,null,"Caja excedente (+)"]
[null,null,null,"Cash flow anual para accionista",null,"nd"]
[null,null,null,"Capex o Nuevas inversiones en AF",null,"nd",-50,25,{"$f":"H45","v":25},{"$f":"I45","v":25}]
[]
[null,"Directrices. Todas las hipótesis en verde y negrita.",null,null,null,"Rellenar las celdas F63 y J63 con el precio a pagar y el equity a invertir."]
[null,"Leer las notas dentro de cada celda. ",null,null,null,"Celdas amarillas significa, cuidado con el cálculo o resultados principales."]
[]
[null,null,null,null,null,"Anexo 3. ABC. Cálculo de CF, Valoración, Rentabilidad y Riesgos"]
[]
[null,"Cálculo de CF",null,null,null,{"$f":"F31","v":0},{"$f":"G31","v":1},{"$f":"H31","v":2},{"$f":"I31","v":3},{"$f":"J31","v":4}]
[null,"− Variación de AN, activo neto"]
[null,"+ Variación de Deuda"]
[null,"± Beneficio o Variación de Equity"]
[null,"Valor final Perpetuidad"]
[null,"Equity invertido inicialmente"]
[null,"CF accionista",null,null,null,{"$f":"SUM(F53:F57)","v":0},{"$f":"SUM(G53:G57)","v":0},{"$f":"SUM(H53:H57)","v":0},{"$f":"SUM(I53:I57)","v":0},{"$f":"SUM(J53:J57)","v":0}]
[]
[null,null,null,"Valor final con Perpetuidad y (K-g) =",{"$f":"J17/D62","v":0},null,null,"VF con múltiplo EBITDA",6,{"$f":"I60*J10-J39","v":0}]
[]
[null,null,"Rentabilidad exigida K=",0.15,"VA = ",{"$f":"NPV(D62,G58:J58)","v":0},"VAN = ",{"$f":"F62+F58","v":0},"TIR =",{"$f":"IRR(F58:J58)","v":{"$error":"#NUM!"}}]
[null,null,null,null,"Precio a pagar =",200,null,null,"Equity a invertir =",50]
[]
[null,"Valoraciones de las acciones"]
[null,"Con DCF, todo equity. Max a pagar"]
[null,"Con Múltiplo EBITDA =",7]
[null,"Con PER de",10.5,null,null,null,null,null,null,null,null,null,null,8]
[null,"Valor contable",null,null,null,null,null,null,null,null,null,null,null,{"$f":"0.8","v":0.8}]
[null,"Valor para Vendedor, precio pedido",null,null,null,"nd",null,null,null,null,null,null,null,{"$f":"N68*N69","v":6.4}]
[null,"Valor para Vendedor con DCF"]
[]
[null,"Riesgos. Análisis de Sensibilidad"]
[]
[null,"Qué riesgo es mayor","Base","Pesim.","Optim.","Rango pp",null,"Worst & Best case",null,"TIR","VAN"]
[null,"g Ventas",0.1,0.05,0.15,{"$f":"(E76-D76)*100","v":10},null,"Escenario Base"]
[null,"TIR inversor",null,null,null,null,null,"Escenario Peor"]
[null,"VAN",null,null,null,null,null,"Escenario Optimo"]
[null,"Caída de margen% x año",-0.01,-0.02,0,{"$f":"(E79-D79)*100","v":2},null,"Rango",null,{"$f":"J78-J77","v":0},{"$f":"K78-K77","v":0}]
[null,{"$f":"B77","v":"TIR inversor"}]
[null,"VAN"]
[null,"Incremento opex x año",0.02,0.04,0,{"$f":"(E82-D82)*100","v":-4},null,"Rentabilidad y Deuda. Precio  = 200€"]
[null,{"$f":"B80","v":"TIR inversor"},null,null,null,null,null,"Deuda","Equity","TIR","VAN"]
[null,"VAN",null,null,null,null,null,"0% ó 0€",200]
[null,"Precio de compra",200,220,180,{"$f":"E85-D85","v":-40},null,"25% ó 50€",150]
[null,{"$f":"B83","v":"TIR inversor"},null,null,null,null,null,"50% ó 100€",100]
[null,"VAN",null,null,null,null,null,"75% ó 150€",50]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K1","v":"© E.M. Abascal. Ag. 2023"}]
[null,"Valuation with FCF and with CF shareholder"]
[]
[null,"Companies",null,"A",null,"B"]
[null,"NA Net assets",null,100,null,100,"Assume always constant"]
[null,"D Debt",null,0,null,70,"Assume always constant"]
[null,"E Equity",null,{"$f":"D93-D94","v":100},null,{"$f":"F93-F94","v":30}]
[null,"EBIT",null,14.286,null,{"$f":"D96","v":14.286}]
[null,"Finex, financial expenses",null,{"$f":"D94*D101","v":0},null,{"$f":"F94*F101","v":8.4}]
[null,"EBT",null,{"$f":"D96-D97","v":14.286},null,{"$f":"F96-F97","v":5.8859999999999992}]
[null,"Taxes",null,{"$f":"D103*D98","v":4.2858000000000001},null,{"$f":"F103*F98","v":1.7657999999999998}]
[null,"Net Income",null,{"$f":"D98-D99","v":10.0002},null,{"$f":"F98-F99","v":4.1201999999999996}]
[null,"Kd",null,0.05,null,0.12,"Not rational for A & B to have same Kd, becasue B has mor edebt"]
[null,"Ke",null,0.1,null,0.15,"Not rational for A & B to have same Ke, becasue B has mor edebt"]
[null,"t",null,0.3,null,0.3]
[null,"WACC",null,{"$f":"D94/D93*D101*(1-D103)+D95/D93*D102","v":0.1},null,{"$f":"F94/F93*F101*(1-F103)+F95/F93*F102","v":0.10379999999999999}]
[null,"(1) FCF (1-t) = EBIT (1-t)",null,{"$f":"D96*(1-$D$103)","v":10.0002},null,{"$f":"F96*(1-$F$103)","v":10.0002}]
[null,"(2) Finex",null,{"$f":"D97","v":0},null,{"$f":"F97","v":8.4}]
[null,"(3) Finex x t",null,{"$f":"D106*D103","v":0},null,{"$f":"F106*F103","v":2.52},"Tax shield due to finex"]
[null,"NI = (1) - (2) + (3)",null,{"$f":"D105-D106+D107","v":10.0002},null,{"$f":"F105-F106+F107","v":4.1201999999999988}]
[null,"(1) VA (FCF (1-t)",null,{"$f":"D105/D104","v":100.002},null,{"$f":"F105/F104","v":96.341040462427756},"Value of the Net Assets",null,"Using prepetuity"]
[null,"(2) VA (Finex)",null,{"$f":"D106/D101","v":0},null,{"$f":"F106/F101","v":70},"Value of Debt"]
[null,"(3) VA (Finex x t)",null,{"$f":"D107/D102","v":0},null,{"$f":"F107/F102","v":16.8},"Value of tax shield"]
[null,"VA (NI) = (1) - (2) + (3)",null,{"$f":"D109-D110+D111","v":100.002},null,{"$f":"F109-F110+F111","v":43.141040462427753},"Value of Equity"]
[null,"VA (NI)",null,{"$f":"D100/D102","v":100.002},null,{"$f":"F100/F102","v":27.468}]
[]
[null,"Conclussions (coeteris paribus)"]
[null,"a) VA of NA and E increases with Debt, if discounted at WACC (it doesnt make sense, VA of NA should be always the same regardeless the financial strucutre; wrong inlfuence of WACC)"]
[null,"b) The VA of E calculated as VA NA - Debt is abnormally high"]
[null,"c) "]

{"sheet":"Preguntas","index":8,"n_rows":122,"n_cols":16,"rows_kept":122,"cut":false,"hidden":true,"merged":[]}
[null,"CAP 10. PREGUNTAS de AUTOEVALUACION. VALORACION DE EMPRESAS.",null,"© IESE. Abascal. 2023"]
[null,"Contestar V o F, verdadero o falso en la Col C, a las preguntas de abajo (Col B)."]
[null,"Cada respuesta correcta es 1 punto. Incorrecta es -1. No respuesta = 0 puntos. Deja en blanco si no lo sabes. ",-1]
[null,"Las respuestas correctas están en la Col. D. Pinchar el 2 en esquina superior izda, o pinchar el signo + encima de col. E"]
[null,"Muchas de las preguntas técnicas, sobre la K, el CF, la TIR ya han sido formuladas en caps anteriores. Repetiré algunas. "]
[null,"Salvo indicación en contrario, en este cuestionario, valor de empresa = valor de las acciones. "]
[null,"Si encuentras errores por favor contactar con eabascal@iese.edu"]
[null,"Tiempo requerido: 30 mn. "]
[null,"Preguntas sobre Valoración de Empresas (son 40 en total)","Tu respuesta","Respuesta correcta","Califica-ción"]
[1,"P&L y Balances pasados. Idealmente usar 7-10 años con el ciclo económico completo. ",null,"V",{"$f":"IF(C10=\"\",0,IF(C10=D10,1,$C$3))","v":0},null,1,{"$f":"G10+1","v":2},{"$f":"H10+1","v":3},4,5,6,7,8,9,10]
[{"$f":"A10+1","v":2},"Timing. Mejor comprar después de 5 ó 6 años muy buenos, para asegurar que la empresa target gana dinero y va bien. ",null,"F",0,null,"V","F","V","V","V","F","V","F","V","F"]
[{"$f":"A11+1","v":3},"Tener claro qué compro, cliente, producto, competidor, activos vendibles, etc",null,"V",0,null,{"$f":"G10+10","v":11},{"$f":"G12+1","v":12},13,14,15,16,17,18,19,20]
[4,"Tras la fusión con la empresa target el equity de la empresa target desaparece. Solo  tendré como equity el que yo he puesto en la adquisición. ",null,"V",0,null,"V","V","V","F","V","V","V","V","F","V"]
[5,"Tras la fusión se suman los activos y las deudas de las 2 empresas.",null,"V",0,null,{"$f":"G12+10","v":21},{"$f":"G14+1","v":22},23,24,25,26,27,28,29,30]
[6,"El Fondo de Comercio es el valor de la cartera de clientes, o de productos, marca, etc. ",null,"F",0,null,"F","V","V","F","V","F","V","F","F","F"]
[7,"No puedo hacer la previsión de P&L y Balance si no parto de una hipótesis de precio a pagar por las acciones.",null,"V",0,null,{"$f":"G14+10","v":31},{"$f":"G16+1","v":32},33,34,35,36,37,38,39,40]
[8,"Con una adquisición casi siempre mejoro mi empresa, pues los Opex en % bajan.",null,"F",0,null,"V","F","F","V","V","V","V","V","F","V"]
[9,"Si no mejoro el negocio (producto, clientes, etc) no crearé valor, salvo  que compre a un precio anormalmente barato. ",null,"V",0]
[10,"La reducción de Opex suele ser el principal factor de creación de valor. ",null,"F",0]
[11,"Si compras es porque tienes un plan de acción y ese plan de acción debe quedar  reflejado en el forecast de P&L y Balances.",null,"V",0]
[12,"Para el forecast, mejor situarse en el año en que estás, en el momento del ciclo económico que estás, con las posibilidades de crecimiento, margen% que tienes ahora. ",null,"V",0]
[13,"El valor de una empresa (y de cualquier cosa) es siempre subjetivo. ",null,"V",0]
[14,"El valor , es decir el precio, de una empresa se puede calcular con bastante exactitud. ",null,"F",0]
[15,"Los tres elementos de la fórmula del valor (CF, K, g) son subjetivos, pero no arbitrarios. ",null,"V",0]
[16,"La perpetuidad es una estimación del valor de la empresa en el año 5 (ó 7 ó10) o último de nuestro forecast. ",null,"V",0]
[17,"El valor de la perpetuidad puede ser muy sensible al (K-g) que utilicemos. ",null,"V",0]
[18,"La capitalización bursátil es igual al último precio de la acción en bolsa x número de acciones de la empresa. ",null,"V",0]
[19,"La capitalización bursátil refleja realmente el valor de la empresa. ",null,"F",0]
[20,"El VAN es la diferencia entre lo que vale para mi una empresa y lo que yo he pagado de mi bolsillo (equity invertido) por ella.",null,"V",0]
[21,"Casi siempre la valoración por múltiplos da resultados similares a la valoración por descuento de cash flows. ",null,"F",0]
[22,"Un atajo (número gordo) para la valoración es VA = CF/(K-g) donde CF = beneficio sostenible sostenible de los próximos años.",null,"V",0]
[23,"En el lenguaje financiero actual enterprise value = valor de los activos = deuda + equity.",null,"V",0]
[24,"Enterprise value es lo mismo que valor de mercado de la empresa, es decir, de las acciones.",null,"F",0]
[25,"En la práctica es muy difícil separarse de los múltiplos a los que actualmente se compra, aunque estos sean desproporcionadamente altos o bajos.",null,"V",0]
[26,"El precio máximo a pagar dependerá de la financiación que obtengas vía deuda.",null,"F",0]
[27,"El precio máximo a pagar lo define el valor actual para ti de los cash flows esperados por el accionista. ",null,"V",0]
[28,"El múltiplo EBITDA suele ser bastante estable en el tiempo dentro del mismo sector.",null,"F",0]
[29,"En la valoración por múltiplo EBITDA, lo relevante es el tamaño del EBITDA, sea del sector que sea. Por eso el sector no afecta a la valoración. ",null,"F",0]
[30,"El valor de las acciones para el vendedor es irrelevante pues a la postre tú pagarás sólo  aquel precio que sea atractivo para ti y no para el vendedor. ",null,"F",0]
[31,"Es importante saber por qué el vendedor quiere vender y qué busca. ",null,"V",0]
[32,"El VAN es lo que vale para ti la empresa que compras. ",null,"F",0]
[33,"Las palancas de creación de valor son diferentes de los factores de riesgo. Riesgo es  una cosa y creación de valor otra. ",null,"F",0]
[34,"Si compro barato, aunque no mejore nada el negocio, estoy creando valor. ",null,"V",0]
[35,"Si no cotizo en bolsa ni pienso vender la empresa, el tema creación de valor no aporta mucho.",null,"V",0]
[36,"Las palancas de creación de valor para el accionista son : mejorar el negocio de la empresa target, financiar bien la adquisición, o comprarla barata. ",null,"V",0]
[37,"Es importante tener claro qué compro (clientes, producto, tecnología, etc), y cuanto me  costaría a mi conseguirlo por mi cuenta. ",null,"V",0]
[38,"En el argot financiero, crecimiento inorgánico es el conseguido vía adquisiciones y el  orgánico es el crecimiento normal de la empresa. ",null,"V",0]
[39,"Si la empresa es buena, da igual el momento del ciclo económico en que compre, pues tarde o temprano la empresa dará sus frutos porque es buena. ",null,"F",0]
[40,"El precio a pagar depende mucho del momento del ciclo económico y bursátil, pues la bolsa es siempre una referencia. ",null,"V",0]
[]
[null,null,"Tu calificación",null,{"$f":"SUM(E10:E49)","v":0}]
[null,null,"Máxima calificación posible",null,40]
[]
[null,"Más Preguntas sobre Valoración de Empresas (son otras 65)","Tu respuesta","Respuesta correcta","Califica-ción"]
[41,"Muchas adquisiciones se justifican por las sinergias (reducción de Opex%).",null,"V",{"$f":"IF(C55=\"\",0,IF(C55=D55,1,$C$3))","v":0}]
[{"$f":"A55+1","v":42},"Si cotizas en bolsa, debes anticipar cual será el efecto de la adquisición en el precio bursátil.",null,"V",0]
[43,"Pero con estos criterios es posibles que pierda muchas oportunidades de adquisición.",null,"V",0]
[44,"Ten claro por qué compras.  Reforzar fortalezas, disminuir debilidades o riesgos.",null,"V",0]
[45,"Las razones de la compra deben quedar reflejadas en la P&L y Balances futuros. ",null,"V",0]
[46,"La principal palanca de creación de valor en una adquisición es la reducción de Opex%, o sinergias esperadas. ",null,"F",0]
[47,"Las palancas de creación/destrucción de valor son las hipótesis que has usado para el forecast de P&L y Balance y precio pagado. ",null,"V",0]
[48,"El VAN es el beneficio extra obtenido, por encima del beneficio esperado.",null,"F",0]
[49,"El VAN es la rentabilidad extra obtenida, por encima de la rentabilidad exigida K. ",null,"F",0]
[50,"Es frecuente que la empresa valga más para ti que para el vendedor pues tú la puedes mejorar.",null,"V",0]
[51,"El múltiplo EBITDA se obtiene a partir de transacciones similares y recientes en el sector y también de empresas cotizadas. ",null,"V",0]
[52,"Estos tres múltiplos dan valoraciones muy similares, dentro del mismo sector. ",null,"F",0]
[53,"Múltiplos que se usan en el mercado son: Precio / Ventas, PER, Múltiplo EBITDA. ",null,"V",0]
[54,"El valor creado se mide (más bien se estima) con el VAN.",null,"V",0]
[55,"Como la valoración a veces da números muy diferentes (y nada orientativos), haz números con el precio que te parece razonable y mira si la rentabilidad del accionista es buena y el beneficio de la empresa aceptable y la deuda se puede devolver.   ",null,"V",0]
[{"$f":"A69+1","v":56},"La TIR es más subjetiva que el Valor actual (VA) y que el VAN (valor actual neto).",null,"F",0]
[57,"Para el forecast mejor usar el promedio de margen y g Ventas de años buenos, malos y normales. ",null,"F",0]
[58,"Si compro un competidor, mi potencial de crecimiento aumenta. ",null,"F",0]
[59,"Timing. Mejor comprar cuando el futuro pinta mejor que el presente.",null,"V",0]
[60,"La valoración tiene muchas triquiñuelas y por tanto, la valoración es un arte y no una técnica.",null,"F",0]
[61,"El valor de una empresa depende exclusivamente de los flujos que promete, y por tanto es el mismo para todo el mundo. Verdadero o Falso.",null,"F",{"$f":"IF(C75=\"\",0,IF(C75=D75,1,$C$3))","v":0}]
[62,"La valoración de empresas sirve para fijar un rango de precios que sea razonable de cara a comprar/vender, y para ir bien preparados a la negociación de compra/venta. Verdadero o Falso.",null,"V",0]
[63,"El primer paso en la valoración es calcular directamente los CF. La cuenta de resultados y el balance no hacen falta, pues ya se ven en los CF. Verdadero o Falso.",null,"F",0]
[64,"Como flujo a descontar, utilizaremos el «cash flow» para el accionista (CFacc), es decir, la caja que el accionista se puede llevar a su casa: lo que hay en la caja más los dividendos pagados. Verdadero o Falso.",null,"V",0]
[65,"CFacc = + Beneficio neto − Variación de activo neto AN. Verdadero o Falso.",null,"F",0]
[66,"La perpetuidad en el año 5, 10 ó 15 se calcula como EBITDA /Ke-g. Verdadero o Falso.",null,"F",0]
[67,"Si utilizamos como CFacc el beneficio neto, estamos asumiendo que la inversión será igual a la amortización o será financiada con deuda. Verdadero o Falso.",null,"V",0]
[68,"Si utilizamos como CFacc el EBITDA, estamos asumiendo que la empresa no hará más inversiones. Ni pagará impuestos ni intereses. Verdadero o Falso.",null,"V",0]
[69,"De la fórmula del descuento de flujos se deduce que el valor de una empresa depende del CF que la empresa promete al accionista el año próximo, de la rentabilidad K que el accionista quiere obtener de su inversión y del  crecimiento g que se espera para los CF en los próximos años. Verdadero o Falso.",null,"V",0]
[70,"Una vez calculados los CF del accionista y su valor actual, el proceso de valoración está completado. Verdadero o Falso.",null,"F",0]
[71,"La empresa A promete 10 CF de 10€ y un CF final de 100. La empresa B promete 10 CF de 2€  y un valor final de 132€ en el año 10. A y B deberían tener el mismo valor pues prometen los mismos Cf, 140 en total. ",null,"F",0]
[72,"Por riesgo, entendemos la variabilidad en la rentabilidad que promete la empresa, debida a cambios en los CFacc que esperamos. Verdadero o Falso.",null,"V",0]
[73,"Los factores de riesgo de una empresa están siempre presentes, aunque la empresa cambie de propietario, pues el riesgo depende del negocio y no del propietario. Verdadero o Falso.",null,"F",0]
[74,"En el largo plazo una empresa con más riesgo debería dar mayor rentabilidad y por tanto debería valer más. Verdadero o Falso.",null,"F",0]
[75,"La Ke a la que descontamos los CFacc es la rentabilidad que le pedimos a los activos que compramos. Verdadero o Falso.",null,"F",0]
[76,"La Ke que debemos utilizar para comprar una empresa se puede calcular con exactitud utilizando la teoría moderna de carteras. Verdadero o Falso.",null,"F",0]
[77,"Los accionistas de la empresa A piden una rentabilidad Ke del 10%. La empresa A compra la empresa B, que promete una rentabilidad también del 10% y tiene el mismo riesgo que A. Como consecuencia, las acciones de A valdrán más, pues ahora el tamaño de A es más grande y por tanto tiene menos riesgo. Verdadero o Falso.",null,"F",0]
[78,"Los accionistas de la empresa A piden una rentabilidad Ke del 10%. La empresa A compra la empresa B, que promete una rentabilidad también del 10%, pero disminuye el riesgo conjunto de A+B. Como consecuencia, las acciones de A valdrán más, pues ahora A tiene menos riesgo que antes. Verdadero o Falso.",null,"V",0]
[79,"Antes de comprar una empresa, conviene ver las consecuencias de la adquisición en los stakeholders de nuestra empresa. Verdadero o Falso.",null,"V",0]
[80,"Si la empresa adquirente cotiza en bolsa, convendrá prever las consecuencias de la adquisición en el precio de mercado. Verdadero o Falso.",null,"V",0]
[81,"El PER nos indica cuántos euros pagamos por cada euro de beneficio que la empresa promete (es la inversa de la rentabilidad de la acción). Verdadero o Falso.",null,"V",0]
[82,"Un PER alto significa necesariamente que la rentabilidad que el accionista recibirá es baja. Verdadero o Falso.",null,"F",0]
[83,"Cuanto mayor sean las expectativas de crecimiento de una empresa mayor será el PER de mercado a que cotice. Verdadero o Falso.",null,"V",0]
[84,"El PER depende de una empresa depende del (Ke-g) que el mercado le aplique. Verdadero o Falso.",null,"V",0]
[85,"La empresa A cotiza a un PER de 10. Su EBITDA es de 10€, por tanto su valor bursátil deberá ser de 10 x 10€ = 100€. Verdadero o Falso.",null,"F",0]
[86,"El valor contable siempre nos da un precio muy bajo de la empresa y por eso no se debe utilizar en valoración. Verdadero o Falso.",null,"F",0]
[87,"El ROE esperado de la empresa A es 10%. Su valor contable es 100€. Los accionistas de A piden una rentabilidad Ke del 10%. El valor de mercado de A deberá estar en torno a 100€. Verdadero o Falso.",null,"V",0]
[88,"A la hora de comprar hay que ver como influirá la empresa adquirida en las expectativas de crecimiento y riesgo de la empresa adquirente. Verdadero o Falso.",null,"V",0]
[89,"El resultados del análisis de riesgos (su cuantificación) depende de los factores de riesgo de la empresa y no de la persona que lleva a cabo el análisis. Verdadero o Falso.",null,"F",0]
[90,"El riesgo es simétrico: si ganas un 30% en el escenario óptimo, pierdes un 30% en el pésimo. Verdadero o Falso.",null,"F",0]
[91,"Si apalancas una adquisición con deuda puedes pagar mayor precio, ya que al haber puesto tú menos dinero, la rentabilidad del accionista seguirá siendo muy alta. Verdadero o Falso.",null,"F",0]
[92,"El valor razonable a pagar por una empresa es el valor presente de los cash flows para el accionista, asumiendo que la adquisición se financia con deuda y capital. Verdadero o Falso.",null,"F",0]
[93,"A veces el precio de mercado no refleja el valor de la compañía. Verdadero o Falso.",null,"V",0]
[94,"Los mercados son eficientes porque reflejan toda la información disponible: fundamentales de la empresa, de la economía y actitud sicológica del inversor. Verdadero o Falso.",null,"V",0]
[95,"Habitualmente las compañías en bolsa tienen más valor que sus homónimas que no cotizan. Verdadero o Falso.",null,"V",0]
[96,"Las empresas tipo holding conglomerados) tienen menos riesgos debido a la diversificación. Por ello su precio en bolsa suele ser más elevado que el de sus competidores que no están diversificados. Verdadero o Falso.",null,"F",0]
[97,"El enterprise value (EV) es el valor de la empresa y por tanto el valor de sus acciones. Verdadero o Falso.",null,"F",0]
[98,"El enterprise value (EV) se calcula habitualmente con un múltiplo x EBITDA. Verdadero o Falso.",null,"V",0]
[99,"En la cresta del ciclo económico, la empresa A tenía un EBITDA de 100€, el mejor de sus historia. Compañías similares cotizaban a un múltiplo EBITDA de 7 veces. Por tanto podemos decir que 700€ era el valor razonable de la empresa A en ese momento. Verdadero o Falso.",null,"F",0]
[100,"La empresa B tiene un EBITDA sostenido de 10€.Su deuda es de 20€. B cotiza en bolsa a un múltiplo EBITDA de 5 veces. Por tanto podemos decir que el valor de mercado de las acciones es 30€. Verdadero o Falso.",null,"V",0]
[101,"Inviertes 100€. Tu rentabilidad requerida es K =10%. Al cabo de un año la rentabilidad obtenida es TIR = 10%. Has ganado dinero, pero no has generado valor",null,"V",0]
[102,"Inviertes 100€. Tu K es 10%. Al cabo de un año la rentabilidad obtenida es TIR = 5%. Has ganado dinero, pero has destruido valor",null,"V",0]
[103,"El VAN es la rentabilidad adicional, en euros, que obtienes por encima de la tasa exigida de rentabilidad K.",null,"F",0]
[104,"Los proyectos A y B tienen la misma TIR. La inversión inicial en A fue de 100 y en B de 1.000 . Seguro que B tiene mayor VAN",null,"F",0]
[105,"Un proyecto añade valor a la compañía cuando la TIR del proyecto es mayor que la rentabilidad exigida K.",null,"V",0]
[]
[null,null,"Tu calificación",null,{"$f":"SUM(E55:E119)","v":0}]
[null,null,"Máxima calificación posible",null,65]

{"sheet":"Anx 1 PT","index":9,"n_rows":79,"n_cols":8,"rows_kept":79,"cut":false,"hidden":true,"merged":[]}
[null,null,null,"Anexo 1. ABC. P&L e Balanços recentes"]
[]
[null,"P&L (€ milhões)",null,2020,{"$f":"D3+1","v":2021},{"$f":"E3+1","v":2022},{"$f":"F3+1","v":2023}]
[null,"Vendas",null,690,{"$f":"D4*(1+E19)","v":703.80000000000007},{"$f":"E4*(1+F19)","v":746.02800000000013},798.24996000000021]
[null,"CMV",null,{"$f":"D4-D6","v":528},{"$f":"E4-E6","v":548.38953488372101},{"$f":"F4-F6","v":574.44156000000009},{"$f":"G4-G6","v":614.65246920000016}]
[null,"Margem bruta",null,162,{"$f":"E4*E20","v":155.41046511627906},{"$f":"F4*F20","v":171.58644000000004},183.59749080000006]
[null,"Salários",null,75,70,72,71]
[null,"Desp. Gerais",null,39,35,42,38]
[null,"Opex",null,{"$f":"D7+D8","v":114},{"$f":"E7+E8","v":105},{"$f":"F7+F8","v":114},{"$f":"G7+G8","v":109}]
[null,"EBITDA",null,{"$f":"D6-D9","v":48},{"$f":"E6-E9","v":50.410465116279056},{"$f":"F6-F9","v":57.586440000000039},{"$f":"G6-G9","v":74.59749080000006}]
[null,"Depreciação",null,25,{"$f":"10%*D54","v":20},{"$f":"10%*E54","v":22},{"$f":"10%*F54","v":30}]
[null,"EBIT ",null,{"$f":"D10-D11","v":23},{"$f":"E10-E11","v":30.410465116279056},{"$f":"F10-F11","v":35.586440000000039},{"$f":"G10-G11","v":44.59749080000006}]
[null,"Desp. Financeiras, líq.",null,4,{"$f":"E27*D59","v":6},{"$f":"F27*E59","v":14.179760465116281},{"$f":"G27*F59","v":19.479119924651155}]
[null,"EBT",null,{"$f":"D12-D13","v":19},{"$f":"E12-E13","v":24.410465116279056},{"$f":"F12-F13","v":21.406679534883757},{"$f":"G12-G13","v":25.118370875348905}]
[null,"Impostos",null,{"$f":"30%*D14","v":5.7},{"$f":"30%*E14","v":7.3231395348837163},6.4220038604651268,7.535511262604671]
[null,"LL, Lucro Líquido",null,{"$f":"D14-D15","v":13.3},{"$f":"E14-E15","v":17.087325581395341},{"$f":"F14-F15","v":14.98467567441863},{"$f":"G14-G15","v":17.582859612744233}]
[]
[null,"Índices do P&L",null,{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},{"$f":"G3","v":2023},"Média 3 anos"]
[null,"Crescimento Vendas",null,0.15,0.02,0.06,7.0000000000000007E-2,{"$f":"AVERAGE(E19:G19)","v":5.000000000000001E-2}]
[null,"Margen bruta / Ventas",null,{"$f":"D6/D4","v":0.23478260869565218},0.22081623347013221,0.23,0.23,{"$f":"AVERAGE(E20:G20)","v":0.22693874449004406}]
[null,"Opex / Vendas",null,{"$f":"(D7+D8)/D4","v":0.16521739130434782},{"$f":"(E7+E8)/E4","v":0.14919011082693945},{"$f":"(F7+F8)/F4","v":0.15280927793594876},{"$f":"(G7+G8)/G4","v":0.13654870712426967},{"$f":"AVERAGE(E21:G21)","v":0.14618269862905264}]
[null,"           Incremento de Opex",null,"nd",{"$f":"(E8+E7)/(D8+D7)-1","v":-7.8947368421052655E-2},{"$f":"(F8+F7)/(E8+E7)-1","v":8.5714285714285632E-2},{"$f":"(G8+G7)/(F8+F7)-1","v":-4.3859649122807043E-2},{"$f":"AVERAGE(E22:G22)","v":-1.2364243943191355E-2}]
[null,"EBITDA /Vendas",null,{"$f":"D10/D4","v":6.9565217391304349E-2},{"$f":"E10/E4","v":7.1626122643192736E-2},{"$f":"F10/F4","v":7.7190722064051254E-2},{"$f":"G10/G4","v":9.3451292875730355E-2},{"$f":"AVERAGE(E23:G23)","v":8.0756045860991443E-2}]
[null,"ROS (Lucro Líq. / Vendas)",null,{"$f":"D16/D4","v":1.927536231884058E-2},{"$f":"E16/E4","v":2.427866664023208E-2},{"$f":"F16/F4","v":2.0085942718528833E-2},{"$f":"G16/G4","v":2.2026759152915246E-2}]
[null,"ROE (Lucro Líq. / Equity)",null,"nd",{"$f":"E16/D60","v":0.10463763368888757},{"$f":"F16/E60","v":8.3069448621860983E-2},{"$f":"G16/F60","v":8.9996824006126588E-2},{"$f":"AVERAGE(E25:G25)","v":9.2567968772291717E-2}]
[null,"RONA (Ebit / Activo Líquido)",null,"nd",{"$f":"E12/E55","v":7.3581420107621906E-2},{"$f":"F12/F55","v":6.8736846171675886E-2},{"$f":"G12/G55","v":8.1969430911443639E-2},{"$f":"AVERAGE(E26:G26)","v":7.4762565730247144E-2}]
[null,"Taxa de juros efetiva",null,{"$f":"D13/D59","v":0.02},0.03,0.06,0.06]
[null,"EBIT / Despesas Financeiras",null,{"$f":"D12/D13","v":5.75},{"$f":"E12/E13","v":5.0684108527131757},{"$f":"F12/F13","v":2.5096643971910857},{"$f":"G12/G13","v":2.2895023477709167}]
[null,"Inflação na Alemanha",null,1.4E-3,3.0700000000000002E-2,6.8699999999999997E-2,6.2E-2,{"$f":"AVERAGE(D29:G29)","v":4.07E-2}]
[]
[null,null,null,"Anexo 1 cont. ABC. Balanços recentes"]
[]
[null,"Balanço  (€ milhões)",null,{"$f":"D3","v":2020},{"$f":"E3","v":2021},{"$f":"F3","v":2022},{"$f":"G3","v":2023},"Variação"]
[null,"Caixa",null,5,3.4266666666666623,2.304000000000002,-6.5333333333313703E-2]
[null,"Clientes",null,155,183,212,245,{"$f":"G35-D35","v":90}]
[null,"Estoques",null,44,52,57,59,{"$f":"G36-D36","v":15}]
[null,"Outros",null,4,5.5606666666666662,5.1286666666666667,3.5513333333333335]
[null,"Ativo Circulante",null,{"$f":"SUM(D34:D37)","v":208},{"$f":"SUM(E34:E37)","v":243.98733333333334},{"$f":"SUM(F34:F37)","v":276.43266666666665},{"$f":"SUM(G34:G37)","v":307.48599999999999}]
[null,"Ativo Fixo, Líquido",null,200,220,300,300,{"$f":"G39-D39","v":100}]
[null,"Ativo total",null,{"$f":"D39+D38","v":408},{"$f":"E39+E38","v":463.98733333333337},{"$f":"F38+F39","v":576.43266666666659},{"$f":"G38+G39","v":607.48599999999999}]
[]
[null,"Fornecedores",null,{"$f":"D5/12","v":44},46,54,60,{"$f":"G42-D42","v":16}]
[null,"Outros credores (não comerciais)",null,4,1.2706666666666666,2.4086666666666665,3.4766666666666666]
[null,"Crédito bancário ",null,{"$f":"IF((D40-D42-D43-D46-D47-D48)>0,(D40-D42-D43-D46-D47-D48),0)","v":0},{"$f":"IF((E40-E42-E43-E46-E47-E48)>0,(E40-E42-E43-E46-E47-E48),0)","v":34.329341085271345},{"$f":"IF((F40-F42-F43-F46-F47-F48)>0,(F40-F42-F43-F46-F47-F48),0)","v":114.65199874418592},{"$f":"IF((G40-G42-G43-G46-G47-G48)>0,(G40-G42-G43-G46-G47-G48),0)","v":136.05447246477507},{"$f":"G44-D44","v":136.05447246477507}]
[null,"Passivo circulante",null,{"$f":"SUM(D42:D44)","v":48},{"$f":"SUM(E42:E44)","v":81.600007751938008},{"$f":"SUM(F42:F44)","v":171.06066541085258},{"$f":"SUM(G42:G44)","v":199.53113913144173}]
[null,"Dívida de longo prazo",null,200,202,210,195,{"$f":"G46-D46","v":-5}]
[null,"Patrimônio Líquido",null,150,{"$f":"D47+D48","v":163.30000000000001},{"$f":"E47+E48","v":180.38732558139534},{"$f":"F47+F48","v":195.37200125581398},{"$f":"G47-D47","v":45.372001255813984}]
[null,"Lucro do ano",null,{"$f":"D16","v":13.3},{"$f":"E16","v":17.087325581395341},{"$f":"F16","v":14.98467567441863},{"$f":"G16","v":17.582859612744233},{"$f":"G48-D48","v":4.2828596127442324}]
[null,"Passivo + Patrim. Líquido",null,{"$f":"D45+D46+D47+D48","v":411.3},{"$f":"E45+E46+E47+E48","v":463.98733333333337},{"$f":"F45+F46+F47+F48","v":576.43266666666659},{"$f":"G45+G46+G47+G48","v":607.48599999999988}]
[]
[]
[null,"BALANÇO CURTO",null,{"$f":"D33","v":2020},{"$f":"E33","v":2021},{"$f":"F33","v":2022},{"$f":"G33","v":2023},{"$f":"H33","v":"Variação"}]
[null,"NOF (com caixa mínimo =  0)  ",null,{"$f":"D35+D36+D37-D42-D43","v":155},{"$f":"E35+E36+E37-E42-E43","v":193.29},{"$f":"F35+F36+F37-F42-F43","v":217.72},{"$f":"G35+G36+G37-G42-G43","v":244.07466666666667},{"$f":"G53-D53","v":89.074666666666673}]
[null,"AF, ativo fixo líquido",null,{"$f":"D39","v":200},{"$f":"E39","v":220},{"$f":"F39","v":300},{"$f":"G39","v":300},100]
[null,"AL, ativo líquido",null,{"$f":"D53+D54","v":355},{"$f":"E53+E54","v":413.28999999999996},{"$f":"F53+F54","v":517.72},{"$f":"G53+G54","v":544.07466666666664}]
[]
[null,"D-Curto. Linhas de crédito",null,{"$f":"D44","v":0},{"$f":"E44","v":34.329341085271345},114.65199874418592,136.05447246477507,136.05447246477507]
[null,"D-Longo. Empréstimos",null,{"$f":"D46","v":200},{"$f":"E46","v":202},{"$f":"F46","v":210},195,-5]
[null,"D  Divida curto e lungo prazo",null,{"$f":"D57+D58","v":200},{"$f":"E57+E58","v":236.32934108527135},324.6519987441859,331.05447246477507,131.05447246477507]
[null,"E Equity ou PL",null,{"$f":"D47+D48","v":163.30000000000001},{"$f":"E47+E48","v":180.38732558139534},{"$f":"F47+F48","v":195.37200125581398},{"$f":"G47+G48","v":212.95486086855823},49.654860868558217]
[null,"Financiamento",null,{"$f":"D59+D60","v":363.3},{"$f":"E59+E60","v":416.7166666666667},{"$f":"F59+F60","v":520.02399999999989},{"$f":"G59+G60","v":544.0093333333333}]
[null,"                     Caixa excedente (+)",null,{"$f":"D61-D55","v":8.3000000000000114},{"$f":"E61-E55","v":3.4266666666667334},{"$f":"F61-F55","v":2.3039999999998599},{"$f":"G61-G55","v":-6.5333333333342125E-2},-8.3653333333333535]
[]
[null,"ÍNDICES DE BALANÇO"]
[null,"NOF / Vendas",null,{"$f":"D53/D4","v":0.22463768115942029},{"$f":"E53/E4","v":0.27463768115942028},{"$f":"F53/F4","v":0.29183891221241021},{"$f":"G53/G4","v":0.30576220344147165}]
[null,"Dias de Clientes",null,{"$f":"D35/D4*365","v":81.992753623188406},94.906223358908761,103.72264847968171,112.0263131613561]
[null,"Dias de Estoques",null,30.416666666666664,34.610434358533972,36.217783406896949,35.036058714656825]
[null,"Dias de Fornecedores",null,{"$f":"D42/D5*365","v":30.416666666666664},{"$f":"E42/E5*365","v":30.616922701780048},{"$f":"F42/F5*365","v":34.311584280218156},{"$f":"G42/G5*365","v":35.629890218295074},"Soma"]
[null,"Capex",null,12,{"$f":"E39-D39+E11","v":40},{"$f":"F39-E39+F11","v":102},30,{"$f":"SUM(D69:G69)","v":184}]
[null,"Dívida / EBITDA",null,{"$f":"D59/D10","v":4.166666666666667},{"$f":"E59/E10","v":4.6881007850283352},{"$f":"F59/F10","v":5.6376466186169116},{"$f":"G59/G10","v":4.4378767826434027}]
[null,"Divida curto / NOF",null,{"$f":"D57/D53","v":0},{"$f":"E57/E53","v":0.17760536543676003},{"$f":"F57/F53","v":0.52660297053181115},0.55742971740113023]
[]
[]
[]
[]
[]
[null,"Contas a Receber / Vendas",null,null,{"$f":"E35/E$4","v":0.26001705029838018},0.28417163967036085,0.30692140592152356]
[null,"Estoques / Vendas",null,null,7.3884626314293822E-2,7.6404638967974378E-2,7.3911685507632205E-2]
[null,"Contas a Pagar e outros / Vendas",null,null,{"$f":"(E42+E43)/E$4","v":6.7164914274888687E-2},{"$f":"(F42+F43)/F$4","v":7.5611996690025926E-2},{"$f":"(G42+G43)/G$4","v":7.9519786843041812E-2}]

{"sheet":"Anx 2-3 PT","index":10,"n_rows":113,"n_cols":11,"rows_kept":113,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,null,"Anexo 2. ABC. P&L e Balanços futuros",null,null,null,null,"© E.M. Abascal. Ag. 2023"]
[null,null,null,null,"Pre M&A","Pós M&A",null,null,"Previsão"]
[null,"P&L (€ milhões)","Hipóteses",null,0,0,{"$f":"F3+1","v":1},{"$f":"G3+1","v":2},{"$f":"H3+1","v":3},{"$f":"I3+1","v":4}]
[null,"Vendas",null,null,{"$f":"F4","v":798.24996000000021},798.24996000000021,{"$f":"F4*(1+G20)","v":878.07495600000027},{"$f":"G4*(1+H20)","v":965.88245160000042},{"$f":"H4*(1+I20)","v":1062.4706967600005},{"$f":"I4*(1+J20)","v":1083.7201106952004}]
[null,"CMV",null,null,null,614.65246920000016,{"$f":"(G4-G6)","v":588.31022052000014},{"$f":"(H4-H6)","v":550.5529974120002},{"$f":"(I4-I6)","v":499.36122747720015},{"$f":"(J4-J6)","v":866.97608855616033}]
[null,"Margem bruta",null,null,null,{"$f":"F4-F5","v":183.59749080000006},{"$f":"G4*G21","v":289.76473548000013},{"$f":"H4*H21","v":415.32945418800023},{"$f":"I4*I21","v":563.10946928280032},{"$f":"J4*J21","v":216.74402213904011}]
[null,"Salários",null,null,null,71,60,{"$f":"G7*(1+H23)","v":61.2},{"$f":"H7*(1+I23)","v":62.424000000000007},{"$f":"I7*(1+J23)","v":63.672480000000007}]
[null,"Desp. Gerais",null,null,null,38,60,{"$f":"G8*(1+H23)","v":61.2},{"$f":"H8*(1+I23)","v":62.424000000000007},{"$f":"I8*(1+J23)","v":63.672480000000007}]
[null,"Opex",null,null,null,{"$f":"F7+F8","v":109},120,122.4,124.84800000000001,127.34496000000001]
[null,"EBITDA",null,null,{"$f":"F10","v":74.59749080000006},{"$f":"F6-F9","v":74.59749080000006},169.76473548000013,292.92945418800025,438.26146928280031,89.399062139040097]
[null,"Depreciação",0.1,null,null,30,{"$f":"$C11*F33","v":30},{"$f":"$C11*G33","v":22},{"$f":"$C11*H33","v":22.3},{"$f":"$C11*I33","v":22.57}]
[null,"Amort. Ágio",0.05,null,null,null,{"$f":"$C12*$F$34","v":0},{"$f":"$C12*$F$34","v":0},{"$f":"$C12*$F$34","v":0},{"$f":"$C12*$F$34","v":0}]
[null,"EBIT ",null,null,{"$f":"F13","v":44.59749080000006},{"$f":"F10-F11","v":44.59749080000006},{"$f":"G10-G11-G12","v":139.76473548000013},{"$f":"H10-H11-H12","v":270.92945418800025},{"$f":"I10-I11-I12","v":415.96146928280029},{"$f":"J10-J11-J12","v":66.829062139040104}]
[null,"Desp. Financeiras, líq.",0.06,null,null,19.479119924651155,{"$f":"$C14*F39","v":28.867188347886504},{"$f":"$C14*G39","v":20.570360576337738},{"$f":"$C14*H39","v":11.815813565447913},{"$f":"$C14*I39","v":0}]
[null,"EBT",null,null,null,{"$f":"F13-F14","v":25.118370875348905},110.89754713211363,250.3590936116625,404.14565571735238,66.829062139040104]
[null,"Impostos",0.3,null,null,{"$f":"0.3*F15","v":7.535511262604671},{"$f":"$C$16*G15","v":33.269264139634089},{"$f":"$C$16*H15","v":75.107728083498742},{"$f":"$C$16*I15","v":121.24369671520572},{"$f":"$C$16*J15","v":20.048718641712032},"Soma"]
[null,"LL, Lucro Líquido",null,null,{"$f":"F17","v":17.582859612744233},{"$f":"F15-F16","v":17.582859612744233},77.628282992479541,175.25136552816377,282.90195900214667,46.780343497328076,{"$f":"SUM(G17:J17)","v":582.56195102011804}]
[]
[null,"Índices do P&L",null,null,null,null,null,null,"Hipóteses (em negrito e verde)"]
[null,"Crescimento Vendas",0.1,null,null,7.0000000000000007E-2,{"$f":"C20","v":0.1},{"$f":"G20","v":0.1},{"$f":"H20","v":0.1},0.02]
[null,"Margen bruta / Ventas",0.1,null,null,{"$f":"F6/F4","v":0.23},{"$f":"F21+$C21","v":0.33},{"$f":"G21+$C21","v":0.43000000000000005},{"$f":"H21+$C21","v":0.53},0.2]
[null,"Opex / Vendas",-0.01,null,null,{"$f":"(F9)/F4","v":0.13654870712426967},0.13666259261811808,0.12672349497316404,0.11750724079329757,0.11750724079329757]
[null,"Incremento de Opex",0.02,null,null,-4.3859649122807043E-2,{"$f":"$C$23","v":0.02},{"$f":"G23","v":0.02},{"$f":"C23","v":0.02},{"$f":"I23","v":0.02}]
[null,"EBITDA /Vendas",0.02,null,null,{"$f":"F10/F4","v":9.3451292875730355E-2},0.19333740738188196,0.30327650502683606,0.41249275920670253,8.2492759206702446E-2]
[null,"ROS (Lucro Líq. / Vendas)",null,null,null,{"$f":"F17/F4","v":2.2026759152915246E-2},8.8407353452043466E-2,0.18144171191624506,0.26626801084006824,4.3166444025218603E-2,"Média"]
[null,"ROE (Lucro Líq. / Equity)",null,null,null,{"$f":"F17/F40","v":0.27929312161383402},{"$f":"G17/F40","v":1.2330784616386901},{"$f":"H17/G40","v":1.2466029761106674},{"$f":"I17/H40","v":0.89572846092485647},{"$f":"J17/I40","v":7.8131775776102128E-2},{"$f":"AVERAGE(G26:J26)","v":0.863385418612579}]
[null,"RONA (Ebit / Ativo Líquido)",null,null,null,{"$f":"F13/F35","v":8.1969430911443639E-2},0.28911508938106789,0.52836990424932917,0.76401540218717678,0.12079447140626347,{"$f":"AVERAGE(G27:J27)","v":0.42557371680595935}]
[null,"Dívida / EBITDA",null,null,{"$f":"E39/F10","v":4.4378767826434027},{"$f":"F39/F10","v":6.4495440883932256},2.0194968169897218,0.67227867759726889,0,0]
[]
[null,null,null,null,"Pre M&A",{"$f":"F2","v":"Pós M&A"},null,null,{"$f":"I2","v":"Previsão"}]
[null,"Balanço  (€ milhões)",{"$f":"C3","v":"Hipóteses"},null,{"$f":"E3","v":0},0,1,2,3,4]
[null,"NOF",0.3,null,244.07466666666667,244.07466666666667,{"$f":"$C32*G4","v":263.42248680000006},{"$f":"$C32*H4","v":289.76473548000013},{"$f":"$C32*I4","v":318.74120902800013},{"$f":"$C32*J4","v":325.11603320856011}]
[null,"AF, ativo fixo líquido",null,null,300,300,{"$f":"F33-G11+G45","v":220},{"$f":"G33-H11+H45","v":223},{"$f":"H33-I11+I45","v":225.7},{"$f":"I33-J11+J45","v":228.13}]
[null,"Ágio",null,null,0,{"$f":"IF((F63-E40)>0,(F63-E40),0)","v":0},{"$f":"F34-G12","v":0},{"$f":"G34-H12","v":0},{"$f":"H34-I12","v":0},{"$f":"I34-J12","v":0}]
[null,"AL, ativo líquido",null,null,{"$f":"E32+E33+E34","v":544.07466666666664},544.07466666666664,483.42248680000006,512.76473548000013,544.44120902800012,553.24603320856011]
[]
[null,"D-Curto. Linhas de crédito",0.8,null,136.05447246477507,{"$f":"$C37*F32","v":195.25973333333334},{"$f":"$C37*G32","v":210.73798944000006},231.81178838400012,254.99296722240013,260.09282656684809]
[null,"D-Longo. Empréstimos",null,null,195,{"$f":"F39-F37","v":285.86007246477504},{"$f":"G39-G37","v":132.10135349896225},-34.881562293201569,-254.99296722240013,-260.09282656684809]
[null,"D  Divida curto e longo prazo",null,null,{"$f":"E37+E38","v":331.05447246477507},{"$f":"IF(F40>F35,0,F35-F40)","v":481.11980579810842},{"$f":"IF(G40>G35,0,G35-G40)","v":342.83934293896232},196.93022609079856,0,0]
[null,"E Equity ou Patrimônio",null,null,212.95486086855823,{"$f":"IF(F63>E40,0,E40-F63)+J63","v":62.954860868558228},{"$f":"F40+G17-G42","v":140.58314386103777},{"$f":"G40+H17-H42","v":315.83450938920157},{"$f":"H40+I17-I42","v":598.73646839134824},{"$f":"I40+J17-J42","v":645.51681188867633}]
[null,"Financiamento",null,null,{"$f":"E39+E40","v":544.0093333333333},{"$f":"F39+F40","v":544.07466666666664},{"$f":"G40+G39","v":483.42248680000012},{"$f":"H40+H39","v":512.76473548000013},{"$f":"I40+I39","v":598.73646839134824},{"$f":"J40+J39","v":645.51681188867633}]
[null,null,"Dividendos pagos",0,null,"nd",{"$f":"$D42*F17","v":0},{"$f":"$D42*G17","v":0},{"$f":"$D42*H17","v":0},{"$f":"$D42*I17","v":0}]
[null,null,null,"Caixa excedente (+)",null,{"$f":"F41-F35","v":0},{"$f":"G41-G35","v":0},{"$f":"H41-H35","v":0},{"$f":"I41-I35","v":54.295259363348123},{"$f":"J41-J35","v":92.270778680116223}]
[null,null,null,"Fluxo de Caixa do acionista",null,"nd",{"$f":"G43-F43+G42","v":0},{"$f":"H43-G43+H42","v":0},{"$f":"I43-H43+I42","v":54.295259363348123},{"$f":"J43-I43+J42","v":37.9755193167681}]
[null,null,null,"Capex ou Novos investimentos em AF",null,"nd",-50,25,{"$f":"H45","v":25},{"$f":"I45","v":25}]
[null,null,null,null,null,null,-50]
[null,"Diretrizes. Todas as hipóteses em verde e negrito.",null,null,null,"Preencha as células F63 e J63 com o preço a pagar e o capital a investir."]
[null,"Leia as notas dentro de cada célula.",null,null,null,"Células amarelas significam cuidado com o cálculo ou resultados principais."]
[]
[null,null,null,null,null,"Anexo 3. ABC. Cálculo do FC, Valuation, Rentabilidade e Riscos"]
[]
[null,"Cálculo do FC",null,null,null,{"$f":"F31","v":0},{"$f":"G31","v":1},{"$f":"H31","v":2},{"$f":"I31","v":3},{"$f":"J31","v":4}]
[null,"− Variação do AL, ativo líq.",null,null,null,null,{"$f":"F35-G35","v":60.652179866666586},{"$f":"G35-H35","v":-29.342248680000068},{"$f":"H35-I35","v":-31.67647354799999},{"$f":"I35-J35","v":-8.8048241805599901}]
[null,"+Variação da Dívida",null,null,null,null,{"$f":"G39-F39","v":-138.2804628591461},-145.90911684816376,-196.93022609079856,0]
[null,"+Lucro ou Variação do Equity",null,null,null,null,{"$f":"G40-F40","v":77.628282992479541},175.2513655281638,282.90195900214667,{"$f":"J40-I40","v":46.78034349732809}]
[null,"Valor final Perpetuidade",null,null,null,null,null,null,null,{"$f":"E60","v":311.86895664885384}]
[null,"Equity investido inicialmente",null,null,null,{"$f":"-J63","v":-50}]
[null,"FC acionista",null,null,null,{"$f":"SUM(F53:F57)","v":-50},{"$f":"SUM(G53:G57)","v":0},{"$f":"SUM(H53:H57)","v":0},{"$f":"SUM(I53:I57)","v":54.295259363348123},{"$f":"SUM(J53:J57)","v":349.84447596562194}]
[]
[null,null,null,"Valor final com Perpetuidade e (K-g) =",{"$f":"J17/D62","v":311.86895664885384},null,null,"VFinal com múltiplo EBITDA",6,{"$f":"I60*J10-J39","v":536.39437283424058}]
[]
[null,null,"Rentabilidade exigida K=",0.15,"VP = ",{"$f":"NPV(D62,G58:J58)","v":235.72472896164459},"VPL = ",{"$f":"F62+F58","v":185.72472896164459},"TIR =",{"$f":"IRR(F58:J58)","v":0.72580840431283189}]
[null,null,null,null,"Preço a pagar =",200,null,null,"Equity a investir =",50]
[]
[null,"Valuations do equity"]
[null,"Comprador, com DFC, tudo equity",null,null,null,205]
[null,"Com Múltiplo EBITDA =",7,null,null,{"$f":"C67*F10-E39","v":191.12796313522534}]
[null,"Com múltiplo P/E de",10.5,null,null,{"$f":"C68*E17","v":184.62002593381445}]
[null,"Valor contábil",null,null,null,{"$f":"E40","v":212.95486086855823}]
[null,"Valor para o vendedor, preço pedido",null,null,null,"nd"]
[null,"Valor para o vendedor con DFC",null,null,null,63]
[]
[null,"Riscos: Análise de Sensibilidade"]
[]
[null,"Qual o maior risco?","Base","Pessim.","Otim.","Intervalo pp",null,"Cenário Pess. e Otim.",null,"TIR","VPL"]
[null,"g Vendas",0.1,0.15,0.15,{"$f":"(E76-D76)*100","v":0},null,"Cenário Base",null,0.57999999999999996,129]
[null,"TIR investidor",0.57999999999999996,0.38,0.74,200,null,"Cenário Pessimista",null,0.26,23]
[null,"VPL",129,54,211,{"$f":"E78-D78","v":157},null,"Cenário Otimista",null,0.79,241]
[null,"Queda anual de margem",-0.01,-0.02,0,{"$f":"(E79-D79)*100","v":2},null,"Intervalo",null,{"$f":"J78-J77","v":0.53},{"$f":"K78-K77","v":218}]
[null,{"$f":"B77","v":"TIR investidor"},{"$f":"C77","v":0.57999999999999996},0.56999999999999995,0.6,{"$f":"(E80-D80)*100","v":3.0000000000000027}]
[null,"VPL",{"$f":"C78","v":129},122,136,{"$f":"E81-D81","v":14}]
[null,"Incremento anual opex",0.02,0.04,0,{"$f":"(E82-D82)*100","v":-4},null,"Rentabilidade e Dívida. Preço = €200"]
[null,{"$f":"B80","v":"TIR investidor"},{"$f":"C80","v":0.57999999999999996},0.54,0.62,{"$f":"(E83-D83)*100","v":7.9999999999999964},null,"Divida","Equity","TIR","VPL"]
[null,"VPL",{"$f":"C81","v":129},109,148,{"$f":"E84-D84","v":39},null,"0% ou €0",200,0.16,6]
[null,"Preço de aquisição",200,220,180,{"$f":"E85-D85","v":-40},null,"25% ou €50",150,0.23,47]
[null,{"$f":"B83","v":"TIR investidor"},{"$f":"C83","v":0.57999999999999996},0.56999999999999995,0.59,{"$f":"(E86-D86)*100","v":2.0000000000000018},null,"50% ou €100",100,0.35,88]
[null,"VPL",{"$f":"C84","v":129},123,133,{"$f":"E87-D87","v":10},null,"75% ou €150",50,0.57999999999999996,129]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K1","v":"© E.M. Abascal. Ag. 2023"}]
[null,"Valuation com FCF e com o FC acionista"]
[]
[null,"Empresas",null,"A",null,"B"]
[null,"AL, Ativos Líquidos",null,100,null,100,"Assuma sempre constante"]
[null,"D Dívida",null,0,null,70,"Assuma sempre constante"]
[null,"E Equity (PL)",null,{"$f":"D93-D94","v":100},null,{"$f":"F93-F94","v":30}]
[null,"EBIT",null,14.286,null,{"$f":"D96","v":14.286}]
[null,"Finex, despesas financeiras",null,{"$f":"D94*D101","v":0},null,{"$f":"F94*F101","v":8.4}]
[null,"EBT",null,{"$f":"D96-D97","v":14.286},null,{"$f":"F96-F97","v":5.8859999999999992}]
[null,"Impostos",null,{"$f":"D103*D98","v":4.2858000000000001},null,{"$f":"F103*F98","v":1.7657999999999998}]
[null,"Lucro Líquido",null,{"$f":"D98-D99","v":10.0002},null,{"$f":"F98-F99","v":4.1201999999999996}]
[null,"Kd",null,0.05,null,0.12,"Não é racional para A e B terem o mesmo Kd, porque B tem mais dívida"]
[null,"Ke",null,0.1,null,0.15,"Não é racional para A e B terem o mesmo Ke, porque B tem mais dívida"]
[null,"t",null,0.3,null,0.3]
[null,"WACC",null,{"$f":"D94/D93*D101*(1-D103)+D95/D93*D102","v":0.1},null,{"$f":"F94/F93*F101*(1-F103)+F95/F93*F102","v":0.10379999999999999}]
[null,"(1) FCF (1-t) = EBIT (1-t)",null,{"$f":"D96*(1-$D$103)","v":10.0002},null,{"$f":"F96*(1-$F$103)","v":10.0002}]
[null,"(2) Finex",null,{"$f":"D97","v":0},null,{"$f":"F97","v":8.4}]
[null,"(3) Finex x t",null,{"$f":"D106*D103","v":0},null,{"$f":"F106*F103","v":2.52},"Tax shield devido ao finex"]
[null,"LL = (1) - (2) + (3)",null,{"$f":"D105-D106+D107","v":10.0002},null,{"$f":"F105-F106+F107","v":4.1201999999999988}]
[null,"(1) VP (FCF (1-t)",null,{"$f":"D105/D104","v":100.002},null,{"$f":"F105/F104","v":96.341040462427756},"Valor dos Ativos Líquidos",null,"Usando perpetuidade"]
[null,"(2) VP (Finex)",null,{"$f":"D106/D101","v":0},null,{"$f":"F106/F101","v":70},"Valor da Dívida"]
[null,"(3) VP (Finex x t)",null,{"$f":"D107/D102","v":0},null,{"$f":"F107/F102","v":16.8},"Valor do tax shield"]
[null,"VP (LL) = (1) - (2) + (3)",null,{"$f":"D109-D110+D111","v":100.002},null,{"$f":"F109-F110+F111","v":43.141040462427753},"Valor do Equity (PL)"]
[null,"VP (LL)",null,{"$f":"D100/D102","v":100.002},null,{"$f":"F100/F102","v":27.468}]

{"sheet":"Anx 2-3 FAZER","index":11,"n_rows":113,"n_cols":11,"rows_kept":113,"cut":false,"hidden":true,"merged":[]}
[null,null,null,null,null,"Anexo 2. ABC. P&L e Balanços futuros",null,null,null,null,"© E.M. Abascal. Ag. 2023"]
[null,null,null,null,"Pre M&A","Pós M&A",null,null,"Previsão"]
[null,"P&L (€ milhões)","Hipóteses",null,0,0,{"$f":"F3+1","v":1},{"$f":"G3+1","v":2},{"$f":"H3+1","v":3},{"$f":"I3+1","v":4}]
[null,"Vendas",null,null,{"$f":"F4","v":798.24996000000021},798.24996000000021]
[null,"CMV",null,null,null,614.65246920000016]
[null,"Margem bruta",null,null,null,{"$f":"F4-F5","v":183.59749080000006},{"$f":"G4*G21","v":0},{"$f":"H4*H21","v":0},{"$f":"I4*I21","v":0},{"$f":"J4*J21","v":0}]
[null,"Salários",null,null,null,71,60,{"$f":"G7*(1+H23)","v":61.2},{"$f":"H7*(1+I23)","v":62.424000000000007},{"$f":"I7*(1+J23)","v":63.672480000000007}]
[null,"Desp. Gerais",null,null,null,38]
[null,"Opex",null,null,null,{"$f":"F7+F8","v":109}]
[null,"EBITDA",null,null,{"$f":"F10","v":74.59749080000006},{"$f":"F6-F9","v":74.59749080000006},0,0,0,0]
[null,"Depreciação",0.1,null,null,30]
[null,"Amort. Ágio",0.05]
[null,"EBIT ",null,null,{"$f":"F13","v":44.59749080000006},{"$f":"F10-F11","v":44.59749080000006},{"$f":"G10-G11-G12","v":0},{"$f":"H10-H11-H12","v":0},{"$f":"I10-I11-I12","v":0},{"$f":"J10-J11-J12","v":0}]
[null,"Desp. Financeiras, líq.",0.06,null,null,19.479119924651155]
[null,"EBT",null,null,null,{"$f":"F13-F14","v":25.118370875348905},0,0,0,0]
[null,"Impostos",0.3,null,null,{"$f":"0.3*F15","v":7.535511262604671},{"$f":"$C$16*G15","v":0},{"$f":"$C$16*H15","v":0},{"$f":"$C$16*I15","v":0},{"$f":"$C$16*J15","v":0},"Soma"]
[null,"LL, Lucro Líquido",null,null,{"$f":"F17","v":17.582859612744233},{"$f":"F15-F16","v":17.582859612744233},0,0,0,0,{"$f":"SUM(G17:J17)","v":0}]
[]
[null,"Índices do P&L",null,null,null,null,null,null,"Hipóteses (em negrito e verde)"]
[null,"Crescimento Vendas",0.1,null,null,7.0000000000000007E-2,{"$f":"C20","v":0.1},{"$f":"G20","v":0.1},{"$f":"H20","v":0.1},0.02]
[null,"Margen bruta / Ventas",0.1,null,null,{"$f":"F6/F4","v":0.23},{"$f":"F21+$C21","v":0.33},{"$f":"G21+$C21","v":0.43000000000000005},{"$f":"H21+$C21","v":0.53},0.2]
[null,"Opex / Vendas",-0.01,null,null,{"$f":"(F9)/F4","v":0.13654870712426967}]
[null,"Incremento de Opex",0.02,null,null,-4.3859649122807043E-2,{"$f":"$C$23","v":0.02},{"$f":"G23","v":0.02},{"$f":"C23","v":0.02},{"$f":"I23","v":0.02}]
[null,"EBITDA /Vendas",0.02,null,null,{"$f":"F10/F4","v":9.3451292875730355E-2}]
[null,"ROS (Lucro Líq. / Vendas)",null,null,null,{"$f":"F17/F4","v":2.2026759152915246E-2},null,null,null,null,"Media"]
[null,"ROE (Lucro Líq. / Equity)",null,null,null,{"$f":"F17/F40","v":0.27929312161383402},{"$f":"G17/F40","v":0},{"$f":"H17/G40","v":{"$error":"#DIV/0!"}},{"$f":"I17/H40","v":{"$error":"#DIV/0!"}},{"$f":"J17/I40","v":{"$error":"#DIV/0!"}},{"$f":"AVERAGE(G26:J26)","v":{"$error":"#DIV/0!"}}]
[null,"RONA (Ebit / Ativo Líquido)",null,null,null,{"$f":"F13/F35","v":{"$error":"#DIV/0!"}},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$error":"#DIV/0!"},{"$f":"AVERAGE(G27:J27)","v":{"$error":"#DIV/0!"}}]
[null,"Dívida / EBITDA",null,null,{"$f":"E39/F10","v":4.4378767826434027},{"$f":"F39/F10","v":0}]
[]
[null,null,null,null,"Pre M&A",{"$f":"F2","v":"Pós M&A"},null,null,{"$f":"I2","v":"Previsão"}]
[null,"Balanço  (€ milhões)",{"$f":"C3","v":"Hipóteses"},null,{"$f":"E3","v":0},0,1,2,3,4]
[null,"NOF",0.3,null,244.07466666666667]
[null,"AF, ativo fixo líquido",null,null,300]
[null,"Ágio",null,null,0,{"$f":"IF((F63-E40)>0,(F63-E40),0)","v":0}]
[null,"AL, ativo líquido",null,null,{"$f":"E32+E33+E34","v":544.07466666666664},0,0,0,0,0]
[]
[null,"D-Curto. Linhas de crédito",0.8,null,136.05447246477507]
[null,"D-Longo. Empréstimos",null,null,195]
[null,"D  Divida curto e longo prazo",null,null,{"$f":"E37+E38","v":331.05447246477507},{"$f":"IF(F40>F35,0,F35-F40)","v":0},{"$f":"IF(G40>G35,0,G35-G40)","v":0},0,0,0]
[null,"E Equity ou Patrimônio",null,null,212.95486086855823,{"$f":"IF(F63>E40,0,E40-F63)+J63","v":62.954860868558228}]
[null,"Financiamento",null,null,{"$f":"E39+E40","v":544.0093333333333},{"$f":"F39+F40","v":62.954860868558228},{"$f":"G40+G39","v":0},{"$f":"H40+H39","v":0},{"$f":"I40+I39","v":0},{"$f":"J40+J39","v":0}]
[null,null,"Dividendos pagos",0,null,"nd",{"$f":"$D42*F17","v":0},{"$f":"$D42*G17","v":0},{"$f":"$D42*H17","v":0},{"$f":"$D42*I17","v":0}]
[null,null,null,"Caixa excedente (+)"]
[null,null,null,"Fluxo de Caixa do acionista",null,"nd"]
[null,null,null,"Capex ou Novos investimentos em AF",null,"nd",-50,25,{"$f":"H45","v":25},{"$f":"I45","v":25}]
[]
[null,"Diretrizes. Todas as hipóteses em verde e negrito.",null,null,null,"Preencha as células F63 e J63 com o preço a pagar e o capital a investir."]
[null,"Leia as notas dentro de cada célula.",null,null,null,"Células amarelas significam cuidado com o cálculo ou resultados principais."]
[]
[null,null,null,null,null,"Anexo 3. ABC. Cálculo do FC, Valuation, Rentabilidade e Riscos"]
[]
[null,"Cálculo do FC",null,null,null,{"$f":"F31","v":0},{"$f":"G31","v":1},{"$f":"H31","v":2},{"$f":"I31","v":3},{"$f":"J31","v":4}]
[null,"− Variação do AL, ativo líq."]
[null,"+Variação da Dívida"]
[null,"+Lucro ou Variação do Equity"]
[null,"Valor final Perpetuidade"]
[null,"Equity investido inicialmente"]
[null,"FC acionista",null,null,null,{"$f":"SUM(F53:F57)","v":0},{"$f":"SUM(G53:G57)","v":0},{"$f":"SUM(H53:H57)","v":0},{"$f":"SUM(I53:I57)","v":0},{"$f":"SUM(J53:J57)","v":0}]
[]
[null,null,null,"Valor final com Perpetuidade e (K-g) =",{"$f":"J17/D62","v":0},null,null,"VFinal com múltiplo EBITDA",6,{"$f":"I60*J10-J39","v":0}]
[]
[null,null,"Rentabilidade exigida K=",0.15,"VP = ",{"$f":"NPV(D62,G58:J58)","v":0},"VPL = ",{"$f":"F62+F58","v":0},"TIR =",{"$f":"IRR(F58:J58)","v":{"$error":"#NUM!"}}]
[null,null,null,null,"Preço a pagar =",200,null,null,"Equity a investir =",50]
[]
[null,"Valuations do equity"]
[null,"Comprador, com DFC, tudo equity",null,null,null,205]
[null,"Com Múltiplo EBITDA =",7,null,null,{"$f":"C67*F10-E39","v":191.12796313522534}]
[null,"Com múltiplo P/E de",10.5,null,null,{"$f":"C68*E17","v":184.62002593381445}]
[null,"Valor contábil",null,null,null,{"$f":"E40","v":212.95486086855823}]
[null,"Valor para o vendedor, preço pedido",null,null,null,"nd"]
[null,"Valor para o vendedor con DFC",null,null,null,63]
[]
[null,"Riscos: Análise de Sensibilidade"]
[]
[null,"Qual o maior risco?","Base","Pessim.","Otim.","Intervalo pp",null,"Cenário Pess. e Otim.",null,"TIR","VPL"]
[null,"g Vendas",0.1,0.05,0.15,{"$f":"(E76-D76)*100","v":10},null,"Cenário Base"]
[null,"TIR investidor",null,null,null,null,null,"Cenário Pessimista"]
[null,"VPL",null,null,null,null,null,"Cenário Otimista"]
[null,"Queda anual de margem",-0.01,-0.02,0,{"$f":"(E79-D79)*100","v":2},null,"Intervalo",null,{"$f":"J78-J77","v":0},{"$f":"K78-K77","v":0}]
[null,{"$f":"B77","v":"TIR investidor"}]
[null,"VPL"]
[null,"Incremento anual opex",0.02,0.04,0,{"$f":"(E82-D82)*100","v":-4},null,"Rentabilidade e Dívida. Preço = €200"]
[null,{"$f":"B80","v":"TIR investidor"},null,null,null,null,null,"Divida","Equity","TIR","VPL"]
[null,"VPL",null,null,null,null,null,"0% ou €0",200]
[null,"Preço de aquisição",200,220,180,{"$f":"E85-D85","v":-40},null,"25% ou €50",150]
[null,{"$f":"B83","v":"TIR investidor"},null,null,null,null,null,"50% ou €100",100]
[null,"VPL",null,null,null,null,null,"75% ou €150",50]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K1","v":"© E.M. Abascal. Ag. 2023"}]
[null,"Valuation com FCF e com o FC acionista"]
[]
[null,"Empresas",null,"A",null,"B"]
[null,"AL, Ativos Líquidos",null,100,null,100,"Assuma sempre constante"]
[null,"D Dívida",null,0,null,70,"Assuma sempre constante"]
[null,"E Equity (PL)",null,{"$f":"D93-D94","v":100},null,{"$f":"F93-F94","v":30}]
[null,"EBIT",null,14.286,null,{"$f":"D96","v":14.286}]
[null,"Finex, despesas financeiras",null,{"$f":"D94*D101","v":0},null,{"$f":"F94*F101","v":8.4}]
[null,"EBT",null,{"$f":"D96-D97","v":14.286},null,{"$f":"F96-F97","v":5.8859999999999992}]
[null,"Impostos",null,{"$f":"D103*D98","v":4.2858000000000001},null,{"$f":"F103*F98","v":1.7657999999999998}]
[null,"Lucro Líquido",null,{"$f":"D98-D99","v":10.0002},null,{"$f":"F98-F99","v":4.1201999999999996}]
[null,"Kd",null,0.05,null,0.12,"Não é racional para A e B terem o mesmo Kd, porque B tem mais dívida"]
[null,"Ke",null,0.1,null,0.15,"Não é racional para A e B terem o mesmo Ke, porque B tem mais dívida"]
[null,"t",null,0.3,null,0.3]
[null,"WACC",null,{"$f":"D94/D93*D101*(1-D103)+D95/D93*D102","v":0.1},null,{"$f":"F94/F93*F101*(1-F103)+F95/F93*F102","v":0.10379999999999999}]
[null,"(1) FCF (1-t) = EBIT (1-t)",null,{"$f":"D96*(1-$D$103)","v":10.0002},null,{"$f":"F96*(1-$F$103)","v":10.0002}]
[null,"(2) Finex",null,{"$f":"D97","v":0},null,{"$f":"F97","v":8.4}]
[null,"(3) Finex x t",null,{"$f":"D106*D103","v":0},null,{"$f":"F106*F103","v":2.52},"Tax shield devido ao finex"]
[null,"LL = (1) - (2) + (3)",null,{"$f":"D105-D106+D107","v":10.0002},null,{"$f":"F105-F106+F107","v":4.1201999999999988}]
[null,"(1) VP (FCF (1-t)",null,{"$f":"D105/D104","v":100.002},null,{"$f":"F105/F104","v":96.341040462427756},"Valor dos Ativos Líquidos",null,"Usando perpetuidade"]
[null,"(2) VP (Finex)",null,{"$f":"D106/D101","v":0},null,{"$f":"F106/F101","v":70},"Valor da Dívida"]
[null,"(3) VP (Finex x t)",null,{"$f":"D107/D102","v":0},null,{"$f":"F107/F102","v":16.8},"Valor do tax shield"]
[null,"VP (LL) = (1) - (2) + (3)",null,{"$f":"D109-D110+D111","v":100.002},null,{"$f":"F109-F110+F111","v":43.141040462427753},"Valor do Equity (PL)"]
[null,"VP (LL)",null,{"$f":"D100/D102","v":100.002},null,{"$f":"F100/F102","v":27.468}]

{"sheet":"Perguntas","index":12,"n_rows":122,"n_cols":16,"rows_kept":122,"cut":false,"hidden":true,"merged":[]}
[null,"CAP 10. PERGUNTAS de AUTOAVALIAÇÃO. VALORAÇÃO DE EMPRESAS.",null,"© IESE. Abascal. 2023"]
[null,"Responda V ou F, verdadeiro ou falso na Col C, às perguntas abaixo (Col B)."]
[null,"Cada resposta correta vale 1 ponto. Resposta incorreta vale -1. Sem resposta = 0 pontos. Deixe em branco se não souber.",-1]
[null,"As respostas corretas estão na Col. D. Clique no \"2\" no canto superior esquerdo ou clique no sinal de \"+\" acima da Col. E."]
[null,"Muitas das perguntas técnicas, sobre o K, o FC, a TIR já foram formuladas em capítulos anteriores. Repetirei algumas."]
[null,"Salvo indicação em contrário, neste questionário, valor da empresa = valor das ações."]
[null,"Se encontrar erros, por favor, entre em contato com eabascal@iese.edu"]
[null,"Tempo requerido: 30 mn. "]
[null,"Perguntas sobre Valoração de Empresas (são 40 no total)","Sua Resposta","Respuesta correcta","Pontuação"]
[1,"P&L e Balanços passados. Idealmente usar de 7 a 10 anos com o ciclo econômico completo.",null,"V",{"$f":"IF(C10=\"\",0,IF(C10=D10,1,$C$3))","v":0},null,1,{"$f":"G10+1","v":2},{"$f":"H10+1","v":3},{"$f":"I10+1","v":4},{"$f":"J10+1","v":5},{"$f":"K10+1","v":6},{"$f":"L10+1","v":7},{"$f":"M10+1","v":8},{"$f":"N10+1","v":9},{"$f":"O10+1","v":10}]
[{"$f":"A10+1","v":2},"Timing. Melhor comprar após 5 ou 6 anos muito bons, para garantir que a empresa-alvo esteja lucrando e indo bem.",null,"F",{"$f":"IF(C11=\"\",0,IF(C11=D11,1,$C$3))","v":0},null,"V","F","V","V","V","F","V","F","V","F"]
[{"$f":"A11+1","v":3},"Tenha claro o que você está comprando: cliente, produto, concorrente, ativos vendáveis, etc.",null,"V",{"$f":"IF(C12=\"\",0,IF(C12=D12,1,$C$3))","v":0},null,{"$f":"G10+10","v":11},{"$f":"G12+1","v":12},{"$f":"H12+1","v":13},{"$f":"I12+1","v":14},{"$f":"J12+1","v":15},{"$f":"K12+1","v":16},{"$f":"L12+1","v":17},{"$f":"M12+1","v":18},{"$f":"N12+1","v":19},{"$f":"O12+1","v":20}]
[{"$f":"A12+1","v":4},"Após a fusão com a empresa-alvo, o equity da empresa-alvo desaparece. Só terei como equity o que coloquei na aquisição.",null,"V",{"$f":"IF(C13=\"\",0,IF(C13=D13,1,$C$3))","v":0},null,"V","V","V","F","V","V","V","V","F","V"]
[{"$f":"A13+1","v":5},"Após a fusão, somam-se os ativos e as dívidas das duas empresas.",null,"V",{"$f":"IF(C14=\"\",0,IF(C14=D14,1,$C$3))","v":0},null,{"$f":"G12+10","v":21},{"$f":"G14+1","v":22},{"$f":"H14+1","v":23},{"$f":"I14+1","v":24},{"$f":"J14+1","v":25},{"$f":"K14+1","v":26},{"$f":"L14+1","v":27},{"$f":"M14+1","v":28},{"$f":"N14+1","v":29},{"$f":"O14+1","v":30}]
[{"$f":"A14+1","v":6},"O ágio é o valor da carteira de clientes, ou dos produtos, marca, etc.",null,"F",{"$f":"IF(C15=\"\",0,IF(C15=D15,1,$C$3))","v":0},null,"F","V","V","F","V","F","V","F","F","F"]
[{"$f":"A15+1","v":7},"Não posso fazer a previsão de P&L e Balanço sem partir de uma hipótese de preço a pagar pelas ações.",null,"V",{"$f":"IF(C16=\"\",0,IF(C16=D16,1,$C$3))","v":0},null,{"$f":"G14+10","v":31},{"$f":"G16+1","v":32},{"$f":"H16+1","v":33},{"$f":"I16+1","v":34},{"$f":"J16+1","v":35},{"$f":"K16+1","v":36},{"$f":"L16+1","v":37},{"$f":"M16+1","v":38},{"$f":"N16+1","v":39},{"$f":"O16+1","v":40}]
[{"$f":"A16+1","v":8},"Com uma aquisição, quase sempre melhoro minha empresa, pois o Opex em % diminui.",null,"F",{"$f":"IF(C17=\"\",0,IF(C17=D17,1,$C$3))","v":0},null,"V","F","F","V","V","V","V","V","F","V"]
[{"$f":"A17+1","v":9},"Se eu não melhorar o negócio (produto, clientes, etc.), não criarei valor, a menos que compre a um preço anormalmente baixo.",null,"V",{"$f":"IF(C18=\"\",0,IF(C18=D18,1,$C$3))","v":0}]
[{"$f":"A18+1","v":10},"A redução de Opex costuma ser o principal fator de criação de valor.",null,"F",{"$f":"IF(C19=\"\",0,IF(C19=D19,1,$C$3))","v":0}]
[{"$f":"A19+1","v":11},"Se você compra, é porque tem um plano de ação, e esse plano de ação deve estar refletido na previsão de P&L e Balanços.",null,"V",{"$f":"IF(C20=\"\",0,IF(C20=D20,1,$C$3))","v":0}]
[{"$f":"A20+1","v":12},"Para a previsão, é melhor situar-se no ano em que está, no momento do ciclo econômico atual, com as possibilidades de crescimento e margem% que você tem agora.",null,"V",{"$f":"IF(C21=\"\",0,IF(C21=D21,1,$C$3))","v":0}]
[{"$f":"A21+1","v":13},"O valor de uma empresa (e de qualquer coisa) é sempre subjetivo.",null,"V",{"$f":"IF(C22=\"\",0,IF(C22=D22,1,$C$3))","v":0}]
[{"$f":"A22+1","v":14},"O valor, ou seja, o preço, de uma empresa pode ser calculado com bastante exatidão.",null,"F",{"$f":"IF(C23=\"\",0,IF(C23=D23,1,$C$3))","v":0}]
[{"$f":"A23+1","v":15},"Os três elementos da fórmula de valor (CF, K, g) são subjetivos, mas não arbitrários.",null,"V",{"$f":"IF(C24=\"\",0,IF(C24=D24,1,$C$3))","v":0}]
[{"$f":"A24+1","v":16},"A perpetuidade é uma estimativa do valor da empresa no ano 5 (ou 7 ou 10) ou último de nossa previsão.",null,"V",{"$f":"IF(C25=\"\",0,IF(C25=D25,1,$C$3))","v":0}]
[{"$f":"A25+1","v":17},"O valor da perpetuidade pode ser muito sensível ao (K-g) que utilizarmos.",null,"V",{"$f":"IF(C26=\"\",0,IF(C26=D26,1,$C$3))","v":0}]
[{"$f":"A26+1","v":18},"O market cap (capitalização de mercado) é igual ao último preço da ação na bolsa x número de ações da empresa.",null,"V",{"$f":"IF(C27=\"\",0,IF(C27=D27,1,$C$3))","v":0}]
[{"$f":"A27+1","v":19},"O market cap (capitalização de mercado) reflete de maneira real o valor da empresa.",null,"F",{"$f":"IF(C28=\"\",0,IF(C28=D28,1,$C$3))","v":0}]
[{"$f":"A28+1","v":20},"O VPL é a diferença entre o que uma empresa vale para mim e o que eu paguei por ela do meu bolso (equity investido).",null,"V",{"$f":"IF(C29=\"\",0,IF(C29=D29,1,$C$3))","v":0}]
[{"$f":"A29+1","v":21},"Quase sempre, a valoração por múltiplos dá resultados semelhantes à valoração por desconto de fluxos de caixa.",null,"F",{"$f":"IF(C30=\"\",0,IF(C30=D30,1,$C$3))","v":0}]
[{"$f":"A30+1","v":22},"Um atalho (número aproximado) para a valoração é VP = FC / (K-g) onde FC = lucro sustentável dos próximos anos.",null,"V",{"$f":"IF(C31=\"\",0,IF(C31=D31,1,$C$3))","v":0}]
[{"$f":"A31+1","v":23},"No linguajar financeiro atual, enterprise value = valor dos ativos = dívida + equity.",null,"V",{"$f":"IF(C32=\"\",0,IF(C32=D32,1,$C$3))","v":0}]
[{"$f":"A32+1","v":24},"Enterprise value é o mesmo que o valor de mercado da empresa, ou seja, das ações.",null,"F",{"$f":"IF(C33=\"\",0,IF(C33=D33,1,$C$3))","v":0}]
[{"$f":"A33+1","v":25},"Na prática, é muito difícil se distanciar dos múltiplos aos quais atualmente se fazem os negócios, mesmo que estejam desproporcionalmente altos ou baixos.",null,"V",{"$f":"IF(C34=\"\",0,IF(C34=D34,1,$C$3))","v":0}]
[{"$f":"A34+1","v":26},"O preço máximo a pagar dependerá do financiamento que você obtiver via dívida.",null,"F",{"$f":"IF(C35=\"\",0,IF(C35=D35,1,$C$3))","v":0}]
[{"$f":"A35+1","v":27},"O preço máximo a pagar é definido pelo valor presente para você dos fluxos de caixa esperados pelo acionista.",null,"V",{"$f":"IF(C36=\"\",0,IF(C36=D36,1,$C$3))","v":0}]
[{"$f":"A36+1","v":28},"O múltiplo EBITDA costuma ser bastante estável ao longo do tempo dentro do mesmo setor.",null,"F",{"$f":"IF(C37=\"\",0,IF(C37=D37,1,$C$3))","v":0}]
[{"$f":"A37+1","v":29},"Na valoração por múltiplo EBITDA, o relevante é o tamanho do EBITDA, seja qual for o setor. Por isso, o setor não afeta a valoração.",null,"F",{"$f":"IF(C38=\"\",0,IF(C38=D38,1,$C$3))","v":0}]
[{"$f":"A38+1","v":30},"O valor das ações para o vendedor é irrelevante, pois no fim das contas você pagará apenas o preço que for atrativo para você, e não para o vendedor.",null,"F",{"$f":"IF(C39=\"\",0,IF(C39=D39,1,$C$3))","v":0}]
[{"$f":"A39+1","v":31},"É importante saber por que o vendedor quer vender e o que busca.",null,"V",{"$f":"IF(C40=\"\",0,IF(C40=D40,1,$C$3))","v":0}]
[{"$f":"A40+1","v":32},"O VPL é o que vale para você a empresa que está comprando.",null,"F",{"$f":"IF(C41=\"\",0,IF(C41=D41,1,$C$3))","v":0}]
[{"$f":"A41+1","v":33},"As alavancas de criação de valor são diferentes dos fatores de risco. Risco é uma coisa e criação de valor é outra.",null,"F",{"$f":"IF(C42=\"\",0,IF(C42=D42,1,$C$3))","v":0}]
[{"$f":"A42+1","v":34},"Se compro barato, mesmo que não melhore nada no negócio, estou criando valor.",null,"V",{"$f":"IF(C43=\"\",0,IF(C43=D43,1,$C$3))","v":0}]
[{"$f":"A43+1","v":35},"Se minha empresa não é aberta e se não pretendo vendê-la,  o tema da criação de valor não acrescenta muito.",null,"V",{"$f":"IF(C44=\"\",0,IF(C44=D44,1,$C$3))","v":0}]
[{"$f":"A44+1","v":36},"As alavancas de criação de valor para o acionista são: melhorar o negócio da empresa-alvo, financiar bem a aquisição ou comprá-la barata.",null,"V",{"$f":"IF(C45=\"\",0,IF(C45=D45,1,$C$3))","v":0}]
[{"$f":"A45+1","v":37},"É importante ter claro o que estou comprando (clientes, produto, tecnologia, etc.) e quanto me custaria conseguir isso por conta própria.",null,"V",{"$f":"IF(C46=\"\",0,IF(C46=D46,1,$C$3))","v":0}]
[{"$f":"A46+1","v":38},"No jargão financeiro, crescimento inorgânico é o obtido via aquisições, e o orgânico é o crescimento normal da empresa.",null,"V",{"$f":"IF(C47=\"\",0,IF(C47=D47,1,$C$3))","v":0}]
[{"$f":"A47+1","v":39},"Se a empresa é boa, não importa o momento do ciclo econômico em que a compre, pois, cedo ou tarde, a empresa dará frutos porque é boa.",null,"F",{"$f":"IF(C48=\"\",0,IF(C48=D48,1,$C$3))","v":0}]
[{"$f":"A48+1","v":40},"O preço a pagar depende muito do momento do ciclo econômico e da bolsa, pois a bolsa é sempre uma referência.",null,"V",{"$f":"IF(C49=\"\",0,IF(C49=D49,1,$C$3))","v":0}]
[]
[null,null,"Sua pontuação",null,{"$f":"SUM(E10:E49)","v":0}]
[null,null,"Máxima pontuação possível",null,40]
[]
[null,"Mais Perguntas sobre Valoração de Empresas (são outras 65)",{"$f":"C9","v":"Sua Resposta"},{"$f":"D9","v":"Respuesta correcta"},{"$f":"E9","v":"Pontuação"}]
[41,"Muitas aquisições se justificam pelas sinergias (redução de Opex%).",null,"V",{"$f":"IF(C55=\"\",0,IF(C55=D55,1,$C$3))","v":0}]
[{"$f":"A55+1","v":42},"Se sua empresa é listada na bolsa, você deve antecipar qual será o efeito da aquisição no preço das ações.",null,"V",{"$f":"IF(C56=\"\",0,IF(C56=D56,1,$C$3))","v":0}]
[{"$f":"A56+1","v":43},"Mas com esses critérios, é possível que você perca muitas oportunidades de aquisição.",null,"V",{"$f":"IF(C57=\"\",0,IF(C57=D57,1,$C$3))","v":0}]
[{"$f":"A57+1","v":44},"Tenha claro por que está comprando. Reforce as fortalezas, diminua as fraquezas ou riscos.",null,"V",{"$f":"IF(C58=\"\",0,IF(C58=D58,1,$C$3))","v":0}]
[{"$f":"A58+1","v":45},"As razões da compra devem estar refletidas no P&L e Balanços futuros.",null,"V",{"$f":"IF(C59=\"\",0,IF(C59=D59,1,$C$3))","v":0}]
[{"$f":"A59+1","v":46},"A principal alavanca de criação de valor em uma aquisição é a redução do Opex% ou as sinergias esperadas.",null,"F",{"$f":"IF(C60=\"\",0,IF(C60=D60,1,$C$3))","v":0}]
[{"$f":"A60+1","v":47},"As alavancas de criação/destruição de valor são as hipóteses usadas para a previsão de P&L e Balanço e preço pago.",null,"V",{"$f":"IF(C61=\"\",0,IF(C61=D61,1,$C$3))","v":0}]
[{"$f":"A61+1","v":48},"O VPL é o benefício extra obtido, acima do benefício esperado.",null,"F",{"$f":"IF(C62=\"\",0,IF(C62=D62,1,$C$3))","v":0}]
[{"$f":"A62+1","v":49},"O VPL é o retorno extra obtido, acima da rentabilidade exigida K.",null,"F",{"$f":"IF(C63=\"\",0,IF(C63=D63,1,$C$3))","v":0}]
[{"$f":"A63+1","v":50},"É comum que a empresa valha mais para você do que para o vendedor, pois você pode melhorá-la.",null,"V",{"$f":"IF(C64=\"\",0,IF(C64=D64,1,$C$3))","v":0}]
[{"$f":"A64+1","v":51},"O múltiplo EBITDA é obtido a partir de transações similares e recentes no setor e também de empresas listadas.",null,"V",{"$f":"IF(C65=\"\",0,IF(C65=D65,1,$C$3))","v":0}]
[{"$f":"A65+1","v":52},"Esses três múltiplos dão valorações muito similares, dentro do mesmo setor.",null,"F",{"$f":"IF(C66=\"\",0,IF(C66=D66,1,$C$3))","v":0}]
[{"$f":"A66+1","v":53},"Os múltiplos usados no mercado são: Preço/Vendas, Índice P/L, Múltiplo EBITDA.",null,"V",{"$f":"IF(C67=\"\",0,IF(C67=D67,1,$C$3))","v":0}]
[{"$f":"A67+1","v":54},"O valor criado é medido (mais precisamente estimado) pelo VPL.",null,"V",{"$f":"IF(C68=\"\",0,IF(C68=D68,1,$C$3))","v":0}]
[{"$f":"A68+1","v":55},"Como a avaliação, às vezes, dá números muito diferentes (e dão pouca orientação), faça contas com o preço que considera razoável e veja se a rentabilidade do acionista é boa, se o lucro da empresa aceitável e se a dívida pode ser paga.",null,"V",{"$f":"IF(C69=\"\",0,IF(C69=D69,1,$C$3))","v":0}]
[{"$f":"A69+1","v":56},"A TIR é mais subjetiva que o Valor Presente (VP) e o VPL (valor presente líquido).",null,"F",{"$f":"IF(C70=\"\",0,IF(C70=D70,1,$C$3))","v":0}]
[{"$f":"A70+1","v":57},"Para a previsão, é melhor usar a média de margem e g (crescimento) de vendas de anos bons, ruins e normais.",null,"F",{"$f":"IF(C71=\"\",0,IF(C71=D71,1,$C$3))","v":0}]
[{"$f":"A71+1","v":58},"Se eu compro um concorrente, meu potencial de crescimento aumenta.",null,"F",{"$f":"IF(C72=\"\",0,IF(C72=D72,1,$C$3))","v":0}]
[{"$f":"A72+1","v":59},"Timing. Melhor comprar quando o futuro parece melhor que o presente.",null,"V",{"$f":"IF(C73=\"\",0,IF(C73=D73,1,$C$3))","v":0}]
[{"$f":"A73+1","v":60},"A avaliação tem muitas sutilezas e, portanto, a avaliação é uma arte e não uma técnica.",null,"F",{"$f":"IF(C74=\"\",0,IF(C74=D74,1,$C$3))","v":0}]
[{"$f":"A74+1","v":61},"O valor de uma empresa depende exclusivamente dos fluxos que promete e, portanto, é o mesmo para todos.",null,"F",{"$f":"IF(C75=\"\",0,IF(C75=D75,1,$C$3))","v":0}]
[{"$f":"A75+1","v":62},"A avaliação de empresas serve para definir uma faixa de preços razoável para comprar/vender e para estar bem preparado na negociação de compra/venda.",null,"V",{"$f":"IF(C76=\"\",0,IF(C76=D76,1,$C$3))","v":0}]
[{"$f":"A76+1","v":63},"O primeiro passo na avaliação é calcular diretamente os FC. O demonstrativo de resultados e o balanço não são necessários, pois já aparecem nos FC.",null,"F",{"$f":"IF(C77=\"\",0,IF(C77=D77,1,$C$3))","v":0}]
[{"$f":"A77+1","v":64},"Como fluxo a descontar, utilizaremos o \"fluxo de caixa\" para o acionista (FCacion), ou seja, o caixa que o acionista pode levar para casa: o que há no caixa mais os dividendos pagos.",null,"V",{"$f":"IF(C78=\"\",0,IF(C78=D78,1,$C$3))","v":0}]
[{"$f":"A78+1","v":65},"FCacion = + Lucro líquido – Variação de Ativo Líquido AL.",null,"F",{"$f":"IF(C79=\"\",0,IF(C79=D79,1,$C$3))","v":0}]
[{"$f":"A79+1","v":66},"A perpetuidade no ano 5, 10 ou 15 é calculada como EBITDA / (Ke-g).",null,"F",{"$f":"IF(C80=\"\",0,IF(C80=D80,1,$C$3))","v":0}]
[{"$f":"A80+1","v":67},"Se utilizarmos como FCacion o lucro líquido, estamos assumindo que o investimento será igual à depreciação e que sua dívida se mantém constante.",null,"V",{"$f":"IF(C81=\"\",0,IF(C81=D81,1,$C$3))","v":0}]
[{"$f":"A81+1","v":68},"Se utilizarmos como FCacion o EBITDA, estamos assumindo que a empresa não fará mais investimentos, nem pagará impostos nem juros.",null,"V",{"$f":"IF(C82=\"\",0,IF(C82=D82,1,$C$3))","v":0}]
[{"$f":"A82+1","v":69},"Da fórmula de desconto de fluxos deduz-se que o valor de uma empresa depende do FC que a empresa promete ao acionista no próximo ano, da rentabilidade K que o acionista deseja obter de seu investimento e do crescimento g esperado para os FC nos próximos anos. Verdadeiro ou Falso.",null,"V",{"$f":"IF(C83=\"\",0,IF(C83=D83,1,$C$3))","v":0}]
[{"$f":"A83+1","v":70},"Uma vez calculados os FC do acionista e seu valor presente, o processo de avaliação está completo.",null,"F",{"$f":"IF(C84=\"\",0,IF(C84=D84,1,$C$3))","v":0}]
[{"$f":"A84+1","v":71},"A empresa A promete 10 FC de €10 e um FC final de €100. A empresa B promete 10 FC de €2 e um valor final de €132 no ano 10. A e B deveriam ter o mesmo valor, pois prometem os mesmos FC, €140 no total.",null,"F",{"$f":"IF(C85=\"\",0,IF(C85=D85,1,$C$3))","v":0}]
[{"$f":"A85+1","v":72},"Por risco, entendemos a variabilidade na rentabilidade que a empresa promete, devido a alterações nos FCacion que esperamos.",null,"V",{"$f":"IF(C86=\"\",0,IF(C86=D86,1,$C$3))","v":0}]
[{"$f":"A86+1","v":73},"Os fatores de risco de uma empresa estão sempre presentes, mesmo que a empresa mude de proprietário, pois o risco depende do negócio e não do proprietário.",null,"F",{"$f":"IF(C87=\"\",0,IF(C87=D87,1,$C$3))","v":0}]
[{"$f":"A87+1","v":74},"A longo prazo, uma empresa com mais risco deveria gerar maior rentabilidade e, portanto, deveria valer mais.",null,"F",{"$f":"IF(C88=\"\",0,IF(C88=D88,1,$C$3))","v":0}]
[{"$f":"A88+1","v":75},"O Ke com o qual descontamos os FCacion é a rentabilidade que exigimos dos ativos que compramos.",null,"F",{"$f":"IF(C89=\"\",0,IF(C89=D89,1,$C$3))","v":0}]
[{"$f":"A89+1","v":76},"O Ke que devemos usar para comprar uma empresa pode ser calculado com exatidão usando a teoria moderna de carteiras.",null,"F",{"$f":"IF(C90=\"\",0,IF(C90=D90,1,$C$3))","v":0}]
[{"$f":"A90+1","v":77},"Os acionistas da empresa A exigem uma rentabilidade Ke de 10%. A empresa A compra a empresa B, que promete uma rentabilidade também de 10% e tem o mesmo risco que A. Como consequência, as ações de A valerão mais, pois agora o tamanho de A é maior e, portanto, tem menos risco.",null,"F",{"$f":"IF(C91=\"\",0,IF(C91=D91,1,$C$3))","v":0}]
[{"$f":"A91+1","v":78},"Os acionistas da empresa A exigem uma rentabilidade Ke de 10%. A empresa A compra a empresa B, que promete uma rentabilidade também de 10%, mas a junção de A+B faz com que o risco conjunto se reduza. Como consequência, as ações de A valerão mais, pois agora A tem menos risco do que antes.",null,"V",{"$f":"IF(C92=\"\",0,IF(C92=D92,1,$C$3))","v":0}]
[{"$f":"A92+1","v":79},"Antes de comprar uma empresa, é aconselhável ver as consequências da aquisição nos stakeholders de nossa empresa.",null,"V",{"$f":"IF(C93=\"\",0,IF(C93=D93,1,$C$3))","v":0}]
[{"$f":"A93+1","v":80},"Se a empresa adquirente está listada na bolsa, é aconselhável prever as consequências da aquisição no preço de mercado.",null,"V",{"$f":"IF(C94=\"\",0,IF(C94=D94,1,$C$3))","v":0}]
[{"$f":"A94+1","v":81},"O índice P/L nos indica quantos euros pagamos por cada euro de lucro que a empresa promete (é o inverso da rentabilidade da ação).",null,"V",{"$f":"IF(C95=\"\",0,IF(C95=D95,1,$C$3))","v":0}]
[{"$f":"A95+1","v":82},"Um índice P/L alto significa, necessariamente, que a rentabilidade que o acionista receberá é baixa.",null,"F",{"$f":"IF(C96=\"\",0,IF(C96=D96,1,$C$3))","v":0}]
[{"$f":"A96+1","v":83},"Quanto maiores as expectativas de crescimento de uma empresa, maior será o índice de P/L de mercado a que estará cotada.",null,"V",{"$f":"IF(C97=\"\",0,IF(C97=D97,1,$C$3))","v":0}]
[{"$f":"A97+1","v":84},"O índice P/L de uma empresa depende de (Ke-g) que o mercado aplica.",null,"V",{"$f":"IF(C98=\"\",0,IF(C98=D98,1,$C$3))","v":0}]
[{"$f":"A98+1","v":85},"A empresa A está cotada a um índice P/L de 10. Seu EBITDA é de €10, portanto, seu valor de mercado deverá ser 10 x €10 = €100. ",null,"F",{"$f":"IF(C99=\"\",0,IF(C99=D99,1,$C$3))","v":0}]
[{"$f":"A99+1","v":86},"O valor contábil sempre nos dá um preço muito baixo para a empresa e, por isso, não deve ser usado na avaliação. ",null,"F",{"$f":"IF(C100=\"\",0,IF(C100=D100,1,$C$3))","v":0}]
[{"$f":"A100+1","v":87},"O ROE esperado da empresa A é 10%. Seu valor contábil é €100. Os acionistas de A exigem uma rentabilidade Ke de 10%. O valor de mercado de A deverá estar em torno de €100.",null,"V",{"$f":"IF(C101=\"\",0,IF(C101=D101,1,$C$3))","v":0}]
[{"$f":"A101+1","v":88},"Na hora de comprar, é importante ver como a empresa adquirida influenciará as expectativas de crescimento e risco da empresa adquirente. ",null,"V",{"$f":"IF(C102=\"\",0,IF(C102=D102,1,$C$3))","v":0}]
[{"$f":"A102+1","v":89},"O resultado da análise de riscos (sua quantificação) depende dos fatores de risco da empresa e não da pessoa que realiza a análise. ",null,"F",{"$f":"IF(C103=\"\",0,IF(C103=D103,1,$C$3))","v":0}]
[{"$f":"A103+1","v":90},"O risco é simétrico: se você ganha 30% no cenário ótimo, perde 30% no pior. ",null,"F",{"$f":"IF(C104=\"\",0,IF(C104=D104,1,$C$3))","v":0}]
[{"$f":"A104+1","v":91},"Se você alavanca uma aquisição com dívida, pode pagar um preço maior, pois ao colocar menos dinheiro, a rentabilidade do acionista continuará alta. ",null,"F",{"$f":"IF(C105=\"\",0,IF(C105=D105,1,$C$3))","v":0}]
[{"$f":"A105+1","v":92},"O valor justo a pagar por uma empresa é o valor presente dos fluxos de caixa do acionista, assumindo que a aquisição seja financiada com dívida e capital. ",null,"F",{"$f":"IF(C106=\"\",0,IF(C106=D106,1,$C$3))","v":0}]
[{"$f":"A106+1","v":93},"Às vezes, o preço de mercado não reflete o valor da empresa. ",null,"V",{"$f":"IF(C107=\"\",0,IF(C107=D107,1,$C$3))","v":0}]
[{"$f":"A107+1","v":94},"Os mercados são eficientes porque refletem toda a informação disponível: fundamentos da empresa, da economia e atitude psicológica do investidor. ",null,"V",{"$f":"IF(C108=\"\",0,IF(C108=D108,1,$C$3))","v":0}]
[{"$f":"A108+1","v":95},"Normalmente, as empresas listadas em bolsa têm mais valor do que suas homólogas que não são listadas. ",null,"V",{"$f":"IF(C109=\"\",0,IF(C109=D109,1,$C$3))","v":0}]
[{"$f":"A109+1","v":96},"As empresas tipo holding (conglomerados) têm menos riscos devido à diversificação. Por isso, seu preço na bolsa tende a ser mais alto do que o de seus concorrentes que não são diversificados. ",null,"F",{"$f":"IF(C110=\"\",0,IF(C110=D110,1,$C$3))","v":0}]
[{"$f":"A110+1","v":97},"O enterprise value (EV) é o valor da empresa e, portanto, o valor de suas ações. ",null,"F",{"$f":"IF(C111=\"\",0,IF(C111=D111,1,$C$3))","v":0}]
[{"$f":"A111+1","v":98},"O enterprise value (EV) é geralmente calculado com um múltiplo x EBITDA. ",null,"V",{"$f":"IF(C112=\"\",0,IF(C112=D112,1,$C$3))","v":0}]
[{"$f":"A112+1","v":99},"No auge do ciclo econômico, a empresa A tinha um EBITDA de €100, o maior de sua história. Empresas similares estavam cotadas a um múltiplo EBITDA de 7 vezes. Portanto, podemos dizer que €700 era o valor justo da empresa A naquele momento.",null,"F",{"$f":"IF(C113=\"\",0,IF(C113=D113,1,$C$3))","v":0}]
[{"$f":"A113+1","v":100},"A empresa B tem um EBITDA sustentável de €10. Sua dívida é de €20. B está cotada na bolsa a um múltiplo EBITDA de 5 vezes. Portanto, podemos dizer que o valor de mercado das ações é €30.",null,"V",{"$f":"IF(C114=\"\",0,IF(C114=D114,1,$C$3))","v":0}]
[{"$f":"A114+1","v":101},"Você investe €100. Sua rentabilidade requerida é K = 10%. Após um ano, a rentabilidade obtida é TIR = 10%. Você ganhou dinheiro, mas não gerou valor.",null,"V",{"$f":"IF(C115=\"\",0,IF(C115=D115,1,$C$3))","v":0}]
[{"$f":"A115+1","v":102},"Você investe €100. Seu K é 10%. Após um ano, a rentabilidade obtida é TIR = 5%. Você ganhou dinheiro, mas destruiu valor.",null,"V",{"$f":"IF(C116=\"\",0,IF(C116=D116,1,$C$3))","v":0}]
[{"$f":"A116+1","v":103},"O VPL é a rentabilidade adicional, em euros, que você obtém acima da taxa de retorno requerida K.",null,"F",{"$f":"IF(C117=\"\",0,IF(C117=D117,1,$C$3))","v":0}]
[{"$f":"A117+1","v":104},"Os projetos A e B têm a mesma TIR. O investimento inicial em A foi de €100 e em B de €1.000. Certamente B tem um VPL maior.",null,"F",{"$f":"IF(C118=\"\",0,IF(C118=D118,1,$C$3))","v":0}]
[{"$f":"A118+1","v":105},"Um projeto adiciona valor à empresa quando a TIR do projeto é maior que a rentabilidade exigida K.",null,"V",{"$f":"IF(C119=\"\",0,IF(C119=D119,1,$C$3))","v":0}]
[]
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[]
[null,null,null,null,null,null,"N of years, so that the perpetuity exceeds no more than 10% the PV",25,17,13,11]
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