Financiera

DIRECCION FINANCIERA

FORMULAS 1º CUATRIMESTRE

* VAN = FCFo +FCF1 + FCF2 + … + FCFn
1+k1+k2 1+kn* VANreinv = FCFo + FCF1x1+Kreinvn-1 + FCF 1+Kreinvn-2 +…+ FCFn
1+kn
----------
FCF1 +FCF2 + … + FCFn
* I = 1+k1+k2 1+kn > 1
-FCFo
----------
*
* ∑ FCFi ; x = (Ultimo - Total)x12 = meses
1+kiUltimo
P = años y meses

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*
* FCFo +FCF1 + FCF2 + … + FCFn = 0
1+r1+r2 1+rn

TIR = r

* VA- =___VF+___
1+mTIRn
VA- = FCF0 + ∑ FCF; VF+ = ∑ FCF1+rn
1+rn

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* | 0 | 1 | 2 |
+I | 0 | x | 0 |
-CV | 0 | x | 0 |
-CF | 0 | x |0 |
-G inst | x | 0 | 0 |
=EBITDA | x | x | 0 |
-Am | 0 | AF – Solar = AF/i | 0 |
=EBIT | x | x | 0 |
-Imp | EBIT x (Imp) | = | 0 |
=NOPLAT | x | x | 0 |
+Am | 0 | = | 0 |
=FC Operat| x | x | 0 |
-CAPEX | AF | 0 | Desinv = VR – Ef fisc; vr=0->desinv=0Ef fisc = Bºcont x Imp socBºcont = VR – VNC VNC = CAPEX – Am x n |
FM | 0 | x | 0 |
-NOF | 0 | FMn-1 – FMn | = |
=FCF |x | x | x |

* VANfc = FCFo α0 +FCF1 α1 + FCF2 α2 + … + FCFn αn
1+Rf 1+Rf2 1+Rfn

* VANtd = FCFo +FCF1 + FCF2 + … + FCFn;k = Rf + P
1+k 1+k2 1+kn

* αn = 1+Rfn
1+kn
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* E(VAN) =E(FCFo) + E(FCF1) + E(FCF2) + … + E(FCFn)
1+k 1+k2 1+kn

* ƃ2VAN= ƃ2(FCFo) + ƃ2(FCF1) + ƃ2(FCF2) +...