CASO EDELNOR
Páginas: 6 (1466 palabras)
Publicado: 16 de abril de 2014
EDELNOR
I Elección de Proxys (Fuente: Yahoo Finance)
Se han considerado empresas que operan sólo en EE.UU.
¿Qué criterio se usa para ponderar las Betas apalancadas?
Vamos a ponderar por Valor Total de la empresa como método practico: Deuda (D) + Capital (K)
Sector:
Industria:
Services
Electric
Tasa IR EE.UU.
30.39% Fuente: Damodaran
B desap = B apal / ( 1+ (1-tx)* (D/C))EMPRESA
TICKET
Beta (Be)
Apalanc.
American DG Energy, Inc.
American Electric Power Co., I
Atlantic Power Corporation
Black Hills Corporation
Calpine Corp.
Cleco Corporation
CMS Energy Corp.
Dominion Resources, Inc.
DTE Energy Company
Dynegy Inc.
Edison International
El Paso Electric Co.
Ellomay Capital Ltd.
Empresa Nacional de Electricid
Entergy Corporation
Great Plains EnergyIncorporat
Hawaiian Electric Industries I
0.32
0.25
0.37
0.66
0.67
0.40
0.14
0.05
0.35
-0.02
0.33
0.24
0.66
1.28
0.20
0.61
0.20
Market
Capitalizatio
n
109.88
24.77
350.01
2.56
8.86
3.02
7.82
40.48
13.24
2.54
18.22
1.43
101.89
12.28
12.33
4.10
2.48
US$
Deuda
Financiera
179.83
122.29
171.19
113.82
315.05
84.02
228.33
197.84
103.63
90.2690.97
107.43
37.41
52.59
137.64
108.41
104.63
US$
Valor
US$
D/K
Total
289.71
147.06
521.20
116.38
323.91
87.04
236.15
238.32
116.87
92.80
109.19
108.86
139.30
64.87
149.97
112.51
107.11
1.6366
4.9371
0.4891
44.4625
35.5587
27.8202
29.1982
4.8875
7.8273
35.5346
4.9927
75.1266
0.3671
4.2824
11.1631
26.4422
42.1903
Beta (Boa) Valor x Boa
Noapalanc.
0.1496
0.0563
0.2760
0.0207
0.0260
0.0196
0.0066
0.0114
0.0543
-0.0008
0.0737
0.0045
0.5257
0.3215
0.0228
0.0314
0.0066
43.34
8.29
143.86
2.40
8.43
1.71
1.55
2.71
6.34
-0.07
8.05
0.49
73.22
20.86
3.42
3.54
0.71
Huaneng Power International, I
IdaCorp, Inc.
ITC Holdings Corp.
NRG Yield, Inc.
OGE Energy Corp.
Ormat Technologies Inc.
Pampa EnergiaSA
Pepco Holdings, Inc.
PG&E Corporation
Pinnacle West Capital Corporat
The AES Corporation
Wisconsin Energy Corp.
0.63
0.62
-0.08
2.32
0.56
1.13
1.72
0.20
0.31
0.36
1.05
0.18
14.26
2.75
5.74
963.48
7.20
1.36
326.48
5.14
20.33
6.05
10.37
10.62
210.41
90.10
223.84
115.73
93.50
144.66
127.94
124.15
101.94
80.41
273.05
122.97
224.67
92.85
229.581,079.21
100.70
146.02
454.42
129.29
122.27
86.46
283.42
133.59
6,043.72
14.7555
32.7625
38.9958
0.1201
12.9861
106.3654
0.3919
24.1533
5.0142
13.2904
26.3307
11.5793
0.0559
0.0260
-0.0028
2.1373
0.0558
0.0151
1.3513
0.0112
0.0690
0.0351
0.0543
0.0199
Boa
B proxy desap I
B desap del sector
0.55
0.56 Fuente: Damodaran (Ver Hoja Betas Damodaran)
No hayrazones para creer que el Boa de EDELNOR sea significativamente menor que el Boa del sector americano.
Se toma el Boa del sector:
0.56
2
12.56
2.42
-0.65
2,306.58
5.62
2.20
614.08
1.45
8.44
3.04
15.40
2.65
3,302.60
0.55
II Análisis de la relación D/K
Datos en miles de soles
AÑO
2006
2007
2008
2009
2010
2011
2012
2013
TRIMESTRE
2006 - IV2007 - IV
2008 - IV
2009 - IV
2010 - IV
2011 - IV
2012 - IV
2013 - IV
Deuda de largo plazo
386,455
509,541
709,502
853,849
885,602
791,917
787,309
868,222
Deuda de corto plazo
Sobregiros y prestam os
Bancarios
205,692
262,043
151,311
84,972
885,602
791,917
787,309
868,222
412
1,707
0
107
885,602
791,917787,309
868,222
Obligaciones financieras
205,280
260,336
151,311
84,865
0
0
0
0
Patrim onio Contable
878,886
813,115
841,324
855,142
925,599
1,001,221
1,077,737
1,253,587
1,471,033
1,584,699
1,702,137
1,793,963
2,696,803
2,585,055
2,652,355
2,990,031
Total
(*) Se considera solo la Deuda Financiera.
Fuente:...
I Elección de Proxys (Fuente: Yahoo Finance)
Se han considerado empresas que operan sólo en EE.UU.
¿Qué criterio se usa para ponderar las Betas apalancadas?
Vamos a ponderar por Valor Total de la empresa como método practico: Deuda (D) + Capital (K)
Sector:
Industria:
Services
Electric
Tasa IR EE.UU.
30.39% Fuente: Damodaran
B desap = B apal / ( 1+ (1-tx)* (D/C))EMPRESA
TICKET
Beta (Be)
Apalanc.
American DG Energy, Inc.
American Electric Power Co., I
Atlantic Power Corporation
Black Hills Corporation
Calpine Corp.
Cleco Corporation
CMS Energy Corp.
Dominion Resources, Inc.
DTE Energy Company
Dynegy Inc.
Edison International
El Paso Electric Co.
Ellomay Capital Ltd.
Empresa Nacional de Electricid
Entergy Corporation
Great Plains EnergyIncorporat
Hawaiian Electric Industries I
0.32
0.25
0.37
0.66
0.67
0.40
0.14
0.05
0.35
-0.02
0.33
0.24
0.66
1.28
0.20
0.61
0.20
Market
Capitalizatio
n
109.88
24.77
350.01
2.56
8.86
3.02
7.82
40.48
13.24
2.54
18.22
1.43
101.89
12.28
12.33
4.10
2.48
US$
Deuda
Financiera
179.83
122.29
171.19
113.82
315.05
84.02
228.33
197.84
103.63
90.2690.97
107.43
37.41
52.59
137.64
108.41
104.63
US$
Valor
US$
D/K
Total
289.71
147.06
521.20
116.38
323.91
87.04
236.15
238.32
116.87
92.80
109.19
108.86
139.30
64.87
149.97
112.51
107.11
1.6366
4.9371
0.4891
44.4625
35.5587
27.8202
29.1982
4.8875
7.8273
35.5346
4.9927
75.1266
0.3671
4.2824
11.1631
26.4422
42.1903
Beta (Boa) Valor x Boa
Noapalanc.
0.1496
0.0563
0.2760
0.0207
0.0260
0.0196
0.0066
0.0114
0.0543
-0.0008
0.0737
0.0045
0.5257
0.3215
0.0228
0.0314
0.0066
43.34
8.29
143.86
2.40
8.43
1.71
1.55
2.71
6.34
-0.07
8.05
0.49
73.22
20.86
3.42
3.54
0.71
Huaneng Power International, I
IdaCorp, Inc.
ITC Holdings Corp.
NRG Yield, Inc.
OGE Energy Corp.
Ormat Technologies Inc.
Pampa EnergiaSA
Pepco Holdings, Inc.
PG&E Corporation
Pinnacle West Capital Corporat
The AES Corporation
Wisconsin Energy Corp.
0.63
0.62
-0.08
2.32
0.56
1.13
1.72
0.20
0.31
0.36
1.05
0.18
14.26
2.75
5.74
963.48
7.20
1.36
326.48
5.14
20.33
6.05
10.37
10.62
210.41
90.10
223.84
115.73
93.50
144.66
127.94
124.15
101.94
80.41
273.05
122.97
224.67
92.85
229.581,079.21
100.70
146.02
454.42
129.29
122.27
86.46
283.42
133.59
6,043.72
14.7555
32.7625
38.9958
0.1201
12.9861
106.3654
0.3919
24.1533
5.0142
13.2904
26.3307
11.5793
0.0559
0.0260
-0.0028
2.1373
0.0558
0.0151
1.3513
0.0112
0.0690
0.0351
0.0543
0.0199
Boa
B proxy desap I
B desap del sector
0.55
0.56 Fuente: Damodaran (Ver Hoja Betas Damodaran)
No hayrazones para creer que el Boa de EDELNOR sea significativamente menor que el Boa del sector americano.
Se toma el Boa del sector:
0.56
2
12.56
2.42
-0.65
2,306.58
5.62
2.20
614.08
1.45
8.44
3.04
15.40
2.65
3,302.60
0.55
II Análisis de la relación D/K
Datos en miles de soles
AÑO
2006
2007
2008
2009
2010
2011
2012
2013
TRIMESTRE
2006 - IV2007 - IV
2008 - IV
2009 - IV
2010 - IV
2011 - IV
2012 - IV
2013 - IV
Deuda de largo plazo
386,455
509,541
709,502
853,849
885,602
791,917
787,309
868,222
Deuda de corto plazo
Sobregiros y prestam os
Bancarios
205,692
262,043
151,311
84,972
885,602
791,917
787,309
868,222
412
1,707
0
107
885,602
791,917787,309
868,222
Obligaciones financieras
205,280
260,336
151,311
84,865
0
0
0
0
Patrim onio Contable
878,886
813,115
841,324
855,142
925,599
1,001,221
1,077,737
1,253,587
1,471,033
1,584,699
1,702,137
1,793,963
2,696,803
2,585,055
2,652,355
2,990,031
Total
(*) Se considera solo la Deuda Financiera.
Fuente:...
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