Trabajo Final Nokia

Nokia e
telfon
HISTORIA:
COMPENTECIA
METODO DE EVALUACION
APPLE
MOTOROLA
RIM
Nokia es una empresa transnacional y es el primer fabricant

telfonos mviles del mundo, adems de una de las principa
STORIA:
LOS COMIENZOS
FUSION
LIDERANDO EL CAMBIO
TOROLA
BOTTON UP
TOP DOWN
FLUJO DE CAJA LIBRE
mer fabricante de
de las principales
BALANCE GENERAL
2002
Efectivo y Equivalente
8846
Cuentas a la Recomendacin.
5488
Inventario
1208
Otros activos circulantes
1094
Total del Activo Corriente

Net PPE
Intangibles
Otros activos a largo plazo
Total del Activo
Cuentas por pagar
Porcin actual de deuda a largo plazo
16,635
2787
632
2013
22,067
2794
0
Otros Pasiv actual.
5163
Total de Pasivos Corrientes
7958
Deuda a Largo Plazo

Otra a largo plazo Pasiv.
Total Pasivo
0
436
8558
Resultados Acumulados
11,031
Patrimonio Total
13,510
Total pasivo y patrimonio
22,068
ESTADO DE RESULTADOS
2,002
Ingresos
28,395
Costo de Ventas
Beneficio bruto
17,291
11,104
gastos
depreciacion
3064
2887
EBITDA (UTILIDAD ANTES DE IMPT E INTERESES)
5153
Gasto Financiero
Utilidad de Operacin
195
4958
Utilidades antes de impuestos

Utilidades netas
4,651
3198
DATOS POR ACCION
2002
Los ingresos por accin ($)
5.99
El EBITDA por accin
1.09
Flujo de caja libre por accin
1.03
Ganancias por accin ($)
0.68
Los dividendos por accin
0.2
Valor contable por accin
2.85
Final de mes Precio de la accin
15.5
NOKIA
2003
2004
2005
2006
13,711
14,675
12,338
10,722
6448
5451
6656
7395
1323
1623
2077
1952
1,252
2518
2524
3274
22,734
24,268
23,594
23,344
2381
2254
2297
2327
420
372
375
1042
1543
1306
1495
1693
27,077
28,200
27,761
28,407
3304
3320
4350
4687
95.08
5974
6593
7689
8075
9373
9913
12,039
12,762
371
366
334
497
9930
10,488
12,628
13,375
15,795
17,124
16,377
13,971
17,148
17,712
15,133
15,032
27,078
28,200
27,761
28,407
2,003
2,004
2,005
2,006
33,343
36,408
42,568
51,648
19,512
13,831
22,557
13,851
27,650
14,918
34,844
16,804
3807
4256
3701
4644
4445
4762
4999
4895
5768
5506
5711
6911
180
5588
119
5387
0
5711
0
6911
6,051
4066
5,858
3990
6,189
4502
7,188
5408
2003
2004
2005
2006
6.95
7.81
9.6
12.61
1.2
1.18
1.29
1.69
1.09
1.01
1.14
0.85
0.86
1.02
1.32
0.26
0.3
0.37
0.33
3.58
3.8
3.41
3.67
17
15.67
18.3
20.32
EXPRESADO EN MILLONES DE DOLARES
2007
2008
2009
2010
16,113
10,032
12,378
16,300
15,569
14,041
11,134
10,052
3943
3726
2602
3350
4537
8196
6827
6343
40,162
35,995
32,940
36,046
2621
3433
2804
2595
5130
14,960
11,067
10,213
3635
3836
3044
3098
51,548
58,225
49,855
51,951
9698
7686
6905
8102
154
16,318
22,256
14,282
15,036
26,016
29,942
21,187
23,291
5633
1762
3997
8092
1474
31,294
37,325
31,597
32,851
19,016
17,199
14,134
13,943
20,254
20,900
18,258
19,101
51,548
58,225
49,855
51,952
2,007
2,008
2,009
2,010
70,001
74,594
57,173
56,364
46,277
23,724
49,039
25,556
38,669
18,503
39,344
17,020
7623
7742
8332
8779
7084
8243
6629
7785
8359
8445
3176
2605
0
8359
0
8445
0
3176
0
2605
11,335
9878
7,311
5866
1,342
363
2,372
1783
2007
2008
2009
2010
17.78
19.63
15.27
15.05
2.12
2.22
0.85
0.7
2.47
0.86
1.05
1.46
2.51
1.54
0.1
0.48
0.42
0.6
0.39
0.35
5.14
5.5
4.88
5.1
38.39
15.6
12.85
10.32
DOLARES
2011
15,184
10,002
3245
7022
35,454
2566
8697
3710
50,426
7705
497
16,094
24,296
5528
1220
31,044
10,914
19,382
50,426
2,011
53,844
38,079
15,765
6841
7816
1107
0
1107
-
1,669
-2072
2011
14.38
0.3
0.22
-0.55
0.41
5.18
4.82
Ingresos
Costo de Ventas
Margen bruto
2,002
28,395
17,291
11,104
Gastos
Depreciacion
3064
2887
EBITDA (UTILIDAD ANTES DE IMPT E INTERESES)
5153
Gastos financieros
195
4958

Utilidades netas
4651
3198
BALANCE GENERAL
2002
Inventario
8846
5488
1208
1094
16,635
Net PPE
Intangibles
Total del Activo
2787
632
2013
22,067
Cuentas por pagar
2794

Otros Pasiv actual.
0
5163
7958
Deuda a Largo Plazo

Total Pasivo
0
436
8558
Patrimonio Total
11,031
13,510
22,068
HISTORICO
2,003
2,004
2,005
2,006
2,007
33,343
19,512
13,831
36,408
22,557
13,851
42,568
27,650
14,918
51,648
34,844
16,804
70,001
46,277
23,724
3807
4256
3701
4644
4445
4762
4999
4895
7623
7742
5768
5506
5711
6911
8359
180
5588
119
5387
0
5711
0
6911
0
8359
6051
4066
5858
3990
6189
4502
7188
5408
11,335
9878
2003
2004
2005
2006
2007
13,711
6448
1323
1,252
22,734
14,675
5451
1623
2518
24,268
12,338
6656
2077
2524
23,594
10,722
7395
1952
3274
23,344
16,113
15,569
3943
4537
40,162
2381
420
1543
27,077
2254
372
1306
28,200
2297
375
1495
27,761
2327
1042
1693
28,407
2621
5130
3635
51,548
3304
3320
4350
4687
9698
95.08
5974
0
6593
0
7689
0
8075
0
16,318
9373
9913
12,039
12,762
26,016
0
371
9930
0
366
10,488
0
334
12,628
0
497
13,375
0
1762
31,294
15,795
17,148
27,078
17,124
17,712
28,200
16,377
15,133
27,761
13,971
15,032
28,407
19,016
20,254
51,548
2,008
2,009
2,010
2,011
74,594
49,039
25,556
57,173
38,669
18,503
56,364
39,344
17,020
53,844
38,079
15,765
8332
8779
7084
8243
6629
7785
6841
7816
8445
3176
2605
1107
0
8445
0
3176
0
2605
0
1107
7311
5866
1342
363
2372
1783
-1669
-2072
2008
2009
2010
2011
10,032
14,041
3726
8196
35,995
12,378
11,134
2602
6827
32,940
16,300
10,052
3350
6343
36,046
15,184
10,002
3245
7022
35,454
3433
14,960
3836
58,225
2804
11,067
3044
49,855
2595
10,213
3098
51,951
2566
8697
3710
50,426
7686
6905
8102
7705
0
22,256
0
14,282
154
15,036
497
16,094
29,942
21,187
23,291
24,296
0
3997
37,325
0
8092
31,597
5633
1474
32,851
5528
1220
31,044
17,199
20,900
58,225
14,134
18,258
49,855
13,943
19,101
51,952
10,914
19,382
50,426
HISTORICO , VARIACION EN PORC

2002 - 2003
2,004
2,005
2,006
2,007
17%
13%
25%
9%
16%
0%
17%
23%
8%
21%
26%
13%
36%
33%
41%
24%
47%
-3%
9%
20%
3%
12%
3%
52%
58%
12%
-5%
4%
21%
21%
-8%
13%
-34%
-4%
-100%
6%
0%
21%
0%
21%
30%
27%
-3%
-2%
6%
13%
16%
20%
58%
83%
2002 - 2003
2,004
2,005
2,006
2,007
55%
7%
-16%
-13%
50%
17%
-15%
22%
11%
111%
10%
23%
28%
-6%
102%
14%
101%
0%
30%
39%
37%
7%
-3%
-1%
72%
-15%
-5%
2%
1%
13%
-34%
-11%
1%
178%
392%
-23%
-15%
14%
13%
115%
23%
4%
-2%
2%
81%
18%
0%
31%
8%
107%
#DIV/0!
-100%
#DIV/0!
#DIV/0!
#DIV/0!
16%
10%
17%
5%
102%
18%
6%
21%
6%
104%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-15%
-1%
-9%
49%
255%
16%
6%
20%
6%
134%
43%
8%
-4%
-15%
36%
27%
3%
-15%
-1%
35%
23%
4%
-2%
2%
81%
CION EN PORCENTAJES
2,008
2,009
2,010
2,011
7%
6%
8%
-23%
-21%
-28%
-1%
2%
-8%
-4%
-3%
-7%
9%
13%
-15%
-6%
-6%
-6%
3%
0%
1%
-62%
-18%
-58%
0%
1%
0%
-62%
0%
-18%
0%
-58%
-36%
-41%
-82%
-94%
77%
391%
-170%
-216%
2,008
2,009
2,010
2,011
-38%
23%
32%
-7%
-10%
-21%
-10%
0%
-6%
-30%
29%
-3%
81%
-17%
-7%
11%
-10%
-8%
9%
-2%
31%
-18%
-7%
-1%
192%
-26%
-8%
-15%
6%
-21%
2%
20%
13%
-14%
4%
-3%
-21%
-10%
17%
-5%
#DIV/0!
#DIV/0!
#DIV/0!
223%
36%
-36%
5%
7%
0%
15%
-29%
10%
4%
#DIV/0!
#DIV/0!
#DIV/0!
-2%
127%
102%
-82%
-17%
19%
-15%
4%
-6%
-10%
-18%
-1%
-22%
3%
-13%
5%
1%
13%
-14%
4%
-3%
PROMEDIO
9%
10%
6%
11%
14%
-9%
-14%
-9%
-12%
20%
PROMEDIO
10%
12%
16%
28%
11%
0%
74%
12%
12%
16%
#DIV/0!
18%
17%
#DIV/0!
45%
20%
2%
5%
12%
APPL
2002
2003
2004
4337
4566
5464
565
766
774
45
56
101
441
499
716
5388
5887
7055
Net PPE
621
669
707
Intangibles
119
109
97
170
150
191
6298
6815
8050
911
1154
1451
304
747
899
1229
1658
2357
2680
Deuda a Largo Plazo
316
229
235
294
Total Pasivo
2203
2592
2974
2325
2394
2670
Patrimonio Total
4095
4223
5076
Total Pasivo y Patrimonio
6298
6815
8050
BALANCE GENERAL
Inventario
Total del Activo
Cuentas por pagar

Otros Pasiv actual.
2,002
2,003
2,004
Ingresos
5742
6207
8279
Costo de Ventas
4139
4499
6020
Beneficio bruto
1603
1708
2259
gastos
1111
1212
1421
446
471
489
EBITDA
46
25
349
46
25
349

Utilidades netas
87
92
383
65
69
276
2002
2003
2004
8.56
10.67
depreciacion
LOA DATOS POR ACCION

Los ingresos por accin ($)
El EBITDA por accin
Flujo de caja libre por accin
Ganancias por accin ($)
0.06
0.03
0.45
-0.12
0.17
0.98
0.09
0.1
0.36
dividendo por accion

Valor contable por accin
5.71
5.82
6.54
Final de mes Precio de la accin
7.25
10.36
19.38
APPLE
2005
2006
2007
2008
2009
2010
8261
10,110
15,386
24,490
23,464
25,620
895
1252
1637
2422
3361
9924
165
270
346
509
455
1051
979
2877
4587
8716
5410
6719
10,300
14,509
21,956
34,690
31,555
41,678
817
1281
1832
2455
2954
4768
96
177
337
492
453
1083
338
1238
1222
1935
12,539
27,654
11,551
17,205
25,347
39,572
47,501
75,183
1779
3390
4970
5520
5601
12,015
1705
3081
4329
8572
5905
8707
3484
6471
9299
14,092
11,506
20,722
601
750
1516
4450
4355
6670
4085
7221
10,815
18,542
15,861
27,392
4005
5607
9101
13,845
23,353
37,169
7466
9984
14,532
21,030
31,640
47,791
11551
17205
25347
39572
47501
75183
2,005
2,006
2,007
2,008
2,009
2,010
13,931
19,315
24,006
32,479
42,905
65,225
9888
13,717
15,852
21,334
25,683
39,541
4043
5598
8154
11,145
17,222
25,684
1859
2433
2963
3761
4149
5517
534
712
782
1109
1333
1782
1650
2453
4409
6275
11,740
18,385
1650
2453
4409
6275
11,740
18,385
1815
2818
5008
6895
12,066
18,540
1335
1989
3496
4834
8235
14,013
2005
2006
2007
2008
2009
2010
16.79
22.64
27.6
36.66
47.89
71.4
1.99
2.88
5.07
7.08
13.11
20.12
2.74
1.83
5.44
9.6
10.06
18.16
1.61
2.33
4.02
5.46
9.19
15.34
11.7
16.71
23.74
35.32
52.31
53.61
76.98
153
114
185
284
MOT
2011
2002
2003
2004
25,952
3655
6162
6566
11,717
7092
4583
4437
776
5242
2756
2869
8557
3896
3648
3262
44,988
19,885
17,149
17,134
7777
11,157
8913
6104
4432
59,174
11,301
7336
7914
116371
42,343
33,398
31,152
14,632
3492
2434
2268
13,338
12,765
7264
7542
27,970
16,257
9698
9810
4293
8372
7189
11,786
2696
1152
2914
39,756
23,731
19,707
19,913
62,841
9727
5434
2582
76,615
18,612
13,691
11,239
116371
42,343
33,398
31,152
2,011
2,002
2,003
2,004
108249
37,580
30,004
26,679
64,431
23,628
21,445
17,938
43,818
13,952
8559
8741
7599
5141
3703
4203
2429
4437
4318
3754
33,790
4374
538
784
2352
2357
33,790
2022
-1819
784
34,205
2231
-5511
-3446
25,922
1318
-3937
-2485
2011
2002
2003
2004
117
17.2
13.22
11.59
36.45
0.24
0.34
35.89
-2.43
0.29
0.38
27.96
0.6
-1.73
-1.08
2.65
0.16
0.16
0.16
82.64
8.52
6.03
4.88
381
15.02
8.65
MOTOROLA
2005
2006
2007
2008
2009
2010
8016
10,708
3918
15,640
8606
6979
4436
4492
5779
7509
5324
3493
2792
2546
2522
3162
2836
2659
2663
3336
15,650
4664
5456
4232
17,907
21,082
27,869
30,975
22,222
17,363
5164
2332
2271
2267
2480
2442
4499
2837
9027
7475
5509
5351
5611
5227
32,098
30,889
35,649
38,593
34,812
27,869
2789
3330
4406
5056
4167
3188
6644
7243
8082
10,369
8333
7432
9433
10,573
12,488
15,425
12,500
10,620
6675
4578
3806
2704
3991
4092
2815
2407
2682
3322
2874
3650
19,409
17,558
18,976
21,451
19,365
18,362
3103
1722
5897
9086
8579
3878
12,689
13,331
16,673
17,142
15,447
9507
32,098
30,889
35,649
38,593
34,812
27,869
2,005
2,006
2,007
2,008
2,009
2,010
27,058
31,323
36,843
42,879
36,622
30,146
18,101
20,826
25,066
30,152
26,670
21,751
8957
10,497
11,777
12,727
9952
8395
4073
4209
3859
4504
5092
6677
3771
3060
3680
4106
4429
4109
1113
3228
4238
4117
431
-2391
1113
3228
4238
4117
431
-2391
1293
3252
6520
4610
-390
-2637
893
1532
4578
3661
-49
-4244
2005
2006
2007
2008
2009
2010
11.62
12.87
14.79
17.74
16.03
13.3
0.48
1.33
1.7
1.7
0.19
-1.06
0.99
1.08
1.66
1.21
0.15
-0.06
0.38
0.63
1.84
1.51
-0.02
-1.87
0.16
2.19
0.16
0.19
0.2
0.2
5.45
5.48
6.69
7.09
6.76
4.19
14
17.2
22.59
20.56
16.04
4.43
Research I
2011
2002
2003
2004
7963
341
1,193
1,037
3495
40.80
95.21
241
1308
31.27
42.83
92.48
3266
12.17
24.67
163
16,032
425
1,355
1,534
2154
163
148
200
82.06
94.37
113
4594
190
334
767
25,603
860
1,931
2,614
2429
73.00
35.57
68.46
6.14
0.19
0.22
5832
69.93
173
562
8261
149
209
631
3365
5.77
4094
15,720
155
215
637
3827
-170
-119
84.09
9883
705
1,716
1,977
25,603
860
1,931
2,614
2823
6.2
6.5
2,011
2,002
2,003
2,004
22,044
307
595
1.35
14,987
167
323
636
7057
140
271
714
4022
118
108
195
3183
55.91
-148
-33.78
30.44
27.91
-148
-64.22
72.21
421
47.62
52
106
213
-165
-51
-118
130
62.63
100
62.57
457
35.94
2011
2002
2003
2004
9.54
0.66
-7.00
-0.08
-0.28
1.28
0.22
0.09
0.11
2.38
0.81
0.3
0.38
1.52
1.06
3.7
8.24
3.49
11.02
-0.06
0.17
-0.02
4.28
7.76
search In Motion
RIM
2005
2006
2007
2008
2009
2010
635
987
1,605
1,518
1,911
2,121
347
613
1,249
2.27
2.8
4,279
135
256
396
682
622
618
140
63.32
227
555
673
699
1,257
1,919
3,477
4,842
5,813
7,488
326
488
706
1,335
1,957
2,504
115
248
584
1,204
1,477
2,306
614
434
743
721
958
577
2,312
3,089
5,511
8,101
10,204
12,875
94.95
130
271
448
616
832
0.26
0.27
0.34
--
--
--
183
416
1,203
1,667
1,816
2,798
279
547
1,474
2,115
2,432
3.63
6.9
6.3
7.3
27.85
52.53
95.92
112
170
307
313
605
1.578
2,227
2,602
3,937
148
359
1,653
3,546
5,274
6,749
1,999
2,484
3,934
5,874
7,603
8,938
2,312
3,089
3,936
8,101
10,205
12,875
2,005
2,006
2,007
2,008
2,009
2,010
2.066
3.037
6.009
11.065
14.953
19.907
925
1.379
2.929
5.968
8.369
11.082
1.141
1.658
3.081
5.097
6.584
8.825
311
538
881
1.496
2.071
2.4
158
236
360
685
965
1.351
672
884
1.839
2.917
3.548
5.074
108
195
310
438
49.95
76.87
622
807
1.731
2.722
3.238
4.636
486
382
859
634
1.811
1,294
2.8
1,893
3.267
2,457
4.644
3,411
2005
2006
2007
2008
2009
2010
3.72
1.21
-0.05
0.67
5.45
1.59
0.86
1.14
10.7
3.28
2.18
2.31
19.55
5.15
1.09
3.35
26.85
6.37
364
4.35
38.03
9.69
5.67
6.36
3.6
23.51
4.46
46.87
7.01
104
10.38
39.94
13.65
70.88
17.08
66.2
2011
1,774
3,693
1,027
759
7,056
2,748
3.59
337
13,731
744
-2,645
3,389
242
3,631
7,913
10001
13,632
2,011
18.435
11.856
6.579
2.604
1.559
2.416
926
1.49
1.511
1,164
2011
35.17
4.61
3.83
2.22
19.27
17.02
Evoluc
Utilidades netas
12000
Nokia
10000
8000
6000
4000
2000
0
2,002
-2000
2,003
2,004
2,005
2,006
2,007
2,008
2,009
2,010
-4000
Utilidades netas
30000
APPLE
25000
20000
15000
10000
5000
0
2002
2003
2004
2005
2006
2007
2008
2009
201
Evolucion de las utilidades
as
Utilidade
6000
4000
MOTOROLA
2000
0
2002
-2000
2,008
2,009
2,010
2,011
2003
2004
2005
2006
-4000
-6000
as
Utilidade
4,000
3,500
RIM
3,000
2,500
2,000
1,500
1,000
500
2008
2009
2010
2011
2,002
-500
2,003
2,004
2,005
2,006
Utilidades netas
2005
2006
2007
2008
2009
2010
2011
Utilidades netas
2,005
2,006
2,007
2,008
2,009
2,010
2,011
NOKIA
UTILIDAD NETA
TOTAL ACTIVOS
ROA
2002
3,198
22,067
0.14
2003
4,066
27,077
0.15
2004
3,990
28,200
0.14
2005
4,502
27,761
0.16
2002
2003
65
6,298
0.01
69
6,815
0.01
2004
276
8,050
0.03
2005
1,335
11,551
0.12
2002
1,318
42,343
0.03
2003
(3,937)
33,398
-0.12
2004
(2,485)
31,152
-0.08
2005
893
32,098
0.03
2002
(130)
860
-0.15
2003
52
1,931
0.03
2004
213
2,614
0.08
2005
382
2,312
0.17
0.01
0.02
0.04
0.12
APPLE
UTILIDAD NETA
TOTAL ACTIVOS
ROA
MOTOROLA
UTILIDAD NETA
TOTAL ACTIVOS
ROA
Research In Motion RIM

UTILIDAD NETA
TOTAL ACTIVOS
ROA
ROA SECTOR
NOKIA
UTILIDAD NETA
TOTAL PATRIMONIO
ROE
2002
3,198
13,510
2003
4,066
17,148
2004
3,990
17,712
2005
4,502
15,133
0.24
0.24
0.23
0.30
2002
2003
2004
276
5,076
2005
1,335
7,466
APPLE
UTILIDAD NETA
TOTAL PATRIMONIO
ROE
65
4,095
69
4,223
0.02
0.02
0.05
0.18
2002
1,318
23,731
2003
(3,937)
19,707
2004
(2,485)
19,913
2005
893
19,409
0.06
-0.20
-0.12
0.05
2002
(130)
705
2003
2004
213
1,977
2005
382
1,999
ROE
-0.18
0.03
0.11
0.19
ROE SECTOR
0.03
0.02
0.07
0.18
MOTOROLA
UTILIDAD NETA
TOTAL PATRIMONIO
ROE

UTILIDAD NETA
TOTAL PATRIMONIO
52
1,716
NOKIA
PRECIO POR ACCION
UPA
PER
2002
15.50
0.68
22.79
2003
17.00
0.85
20.00
2004
15.67
0.86
18.22
2005
18.30
1.02
17.94
2002
7.25
2003
10.36
2004
19.38
2005
53.61
APPLE
PRECIO POR ACCION
UPA
PER
0.09
80.56
0.10
103.60
0.36
53.83
1.61
33.30
2003
15.02
(1.73)
-8.68
2004
8.65
(1.08)
-8.01
2005
14.00
0.38
36.84
2002
1.06
(0.28)
-3.79
2003
8.24
0.11
74.91
2004
11.02
0.38
29.00
2005
23.51
0.67
35.09
24.89
47.46
23.26
30.79
2002
2003
2004
2005
0.20
0.68
0.29
0.26
0.85
0.31
0.30
0.86
0.35
0.37
1.02
0.36
2002
2003
2004
2005
0.09
0.00
0.10
0.00
###
0.36
0.00
1.61
0.00
2002
2003
2004
2005
MOTOROLA
2002
PRECIO POR ACCION
UPA
PER
0.60
0.00

PRECIO POR ACCION
UPA
PER
PER SECTOR
NOKIA
DIVIDENDO POR ACCION
UPA
RDD
APPLE
UPA
RDD
MOTOROLA
0.16
0.16
0.16
0.16
UPA
RDD
0.60
0.27
(1.73)
-0.09
(1.08)
-0.15
0.38
0.42
2002
2003
2004
2005
(0.28)
0.00
0.11
0.00
0.38
0.00
0.67
0.00
2002
0.71
2003
0.69
2004
0.65
2005
0.64
2002
1.00
2003
1.00
2004
1.00
2005
1.00
2002
0.73
2003
1.09
2004
1.15
2005
0.58
2003
1.00
2004
1.00
2005
1.00

UPA
RDD
NOKIA
APPLE
MOTOROLA

2002
1.00
NOKIA
2002
PRECIO POR ACCION
0.20
15.50
1%
2003
0.26
17.00
2%
2004
0.30
15.67
2%
2005
0.37
18.30
2%
APPLE
2002
2003
2004
2005

PRECIO POR ACCION
7.25
0%
10.36
0%
19.38
0%
53.61
0%
MOTOROLA
2002
0.16
-
PRECIO POR ACCION
2003
0.16
15.02
1%
2004
0.16
8.65
2%
2005
0.16
14.00
1%

2002
PRECIO POR ACCION
RD SECTOR
NOKIA
1.06
0%
#VALUE!
2003
8.24
0%
0.01
2004
11.02
0%
0.01
2005
23.51
0%
0.01
pasivo con costo
patrimonio
precio de las acciones
valor de los activos
2002
2003
2004
2005
436
13,510
15.50
22,067
371
17,148
17.00
27,077
366
17,712
15.67
28,200
334
15,133
18.30
27,761
9.51
10.78
9.86
9.99
2002
545
4,095
7.25
6298
2003
235
4,223
10.36
6815
2004
294
5,076
19.38
8050
2005
601
7,466
53.61
11551
4.80
6.45
12.26
34.70
2002
6,989
18,612
0.00
42,343
2003
9,524
13,691
15.02
33,398
2004
10,103
11,239
8.65
31,152
2005
9,490
12,689
14.00
32,098
0.17
6.44
3.45
5.83
2002
5.77
705
1.06
860
2003
6.24
1,716
8.24
1,931
2004
6.50
1,977
11.02
2,614
2005
34.70
1,999
23.51
2,312
0.88
7.33
8.34
20.34
Q de Tobin
APPLE
pasivo con costo
patrimonio
Q de Tobin
MOTOROLA
pasivo con costo
patrimonio
Q de Tobin

pasivo con costo
patrimonio
Q de Tobin
GRAHAM :Incremento en Ventas de los ultimos 5 aos.

NOKIA
Ingresos
2007
2008
2009
2010
70,001
74,594
57,173
56,364
2007
2008
2009
2010
24,006
32,479
42,905
65,225
2007
2008
2009
2010
36,843
42,879
36,622
30,146
2007
2008
2009
2010
6,000
11,000
15,000
20,000
APPLE
Ingresos
MOTOROLA
Ingresos

Ingresos
GRAHAM: Incremento de Dividendos durante los ultimos 10 aos,

NOKIA
2002
Dividendos
2003
0.20
2002
0.26
2003
0.70
2004
0.30
2004
2005
0.37
2005
NOKIA
0.60
0.50
0.40
0.30
0.20
0.10
2002
2003
2004
2005
2006
2007
2008
INDICADORES ECONOMICOS
RENTABILIDAD SOBRE ACTIVOS (ROA)
2006
5,408
28,407
0.19
2007
9,878
51,548
0.19
2008
5,866
58,225
0.10
2009
363
49,855
0.01
2010
1,783
51,951
0.03
2011
(2,072)
50,426
-0.04
2006
1,989
17,205
0.12
2007
3,496
25,347
0.14
2008
4,834
39,572
0.12
2009
8,235
47,501
0.17
2010
14,013
75,183
0.19
2011
25,922
116,371
0.22
2006
1,532
30,889
0.05
2007
4,578
35,649
0.13
2008
3,661
38,593
0.09
2009
(49)
34,812
0.00
2010
(4,244)
27,869
-0.15
2011
(51)
25,603
-0.002
2006
634
3,089
0.21
2007
1,294
5,511
0.23
2008
1,893
8,101
0.23
2009
2,457
10,204
0.24
2010
3,411
12,875
0.26
2011
1,164
13,731
0.085
0.14
0.17
0.14
0.11
0.08
0.07
RENTABILIDAD SOBRE PATRIMONIO (ROE)
2006
5,408
15,032
2007
9,878
20,254
2008
5,866
20,900
2009
363
18,258
2010
1,783
19,101
2011
(2,072)
19,382
0.36
0.49
0.28
0.02
0.09
-0.11
2006
1,989
9,984
2007
3,496
14,532
2008
4,834
21,030
2009
8,235
31,640
2010
14,013
47,791
2011
25,922
76,615
0.20
0.24
0.23
0.26
0.29
0.34
2006
1,532
17,558
2007
4,578
18,976
2008
3,661
21,451
2009
(49)
19,365
2010
(4,244)
18,362
2011
(51)
15,720
0.09
0.24
0.17
0.00
-0.23
2006
634
2,484
2007
1,294
3,934
2008
1,893
5,874
2009
2,457
7,603
2010
3,411
8,938
2011
1,164
10,001
0.26
0.33
0.32
0.32
0.38
0.116
0.23
0.32
0.25
0.15
0.13
0.09
-0.003
PER : PRICE - EARNING RATIO
2006
20.32
1.32
15.39
2007
38.39
2.51
15.29
2008
15.60
1.54
10.13
2009
12.85
0.10
128.50
2010
10.32
0.48
21.50
2011
4.82
(0.55)
-8.76
2006
76.98
2007
153.00
2008
114.00
2009
185.00
2010
284.00
2011
381.00
2.33
33.04
4.02
38.06
5.46
20.88
9.19
20.13
15.34
18.51
27.96
13.63
2006
17.20
0.63
27.30
2007
22.59
1.84
12.28
2008
20.56
1.51
13.62
2009
16.04
(0.02)
-802.00
2010
4.43
(1.87)
-2.37
2011
7.76
(0.02)
-388.00
2006
46.87
1.14
41.11
2007
104.00
2.31
45.02
2008
39.94
3.35
11.92
2009
70.88
4.35
16.29
2010
66.20
6.36
10.41
2011
17.02
2.22
7.67
29.21
27.66
14.14
-159.27
12.01
-93.87
RATIO DE DISTRIBUCION DE DIVIDENDOS
2006
2007
2008
2009
2010
2011
0.33
1.32
0.25
0.42
2.51
0.17
0.60
1.54
0.39
0.39
0.10
3.90
0.35
0.48
0.73
0.41
(0.55)
-0.75
2006
2007
2008
2009
2010
2011
2.33
0.00
4.02
0.00
5.46
0.00
9.19
0.00
15.34
0.00
27.96
0.00
2006
2007
2008
2009
2010
2011
2.19
0.16
0.19
0.20
0.20
(PAY OU
0.63
3.48
1.84
0.09
1.51
0.13
2006
2007
2008
1.14
0.00
2.31
0.00
3.35
0.00
(0.02)
-10.00
(1.87)
-0.11
(0.02)
0.00
2009
2010
2011
4.35
0.00
6.36
0.00
2.22
0.00
RATIO DE REINVERSION
2006
0.75
2007
0.83
2008
0.61
2009
(2.90)
2010
0.27
2011
1.75
1
2006
1.00
2007
1.00
2008
1.00
2009
1.00
2010
1.00
2011
1.00
2006
(2.48)
2007
0.91
2008
0.87
2009
11.00
2010
1.11
2011
1.00
2006
1.00
2007
1.00
2008
1.00
2009
1.00
2010
1.00
2011
1.00
RENTABILIDAD POR DIVIDENDOS
2006
0.33
20.32
2%
2006
76.98
0%
2006
2.19
17.20
13%
2006
46.87
0%
0.04
2007
0.42
38.39
1%
2007
153.00
0%
2007
0.16
22.59
1%
2007
104.00
0%
0.00
2008
0.60
15.60
4%
2008
114.00
0%
2008
0.19
20.56
1%
2008
39.94
0%
0.01
2009
0.39
12.85
3%
2009
185.00
0%
2009
0.20
16.04
1%
2009
70.88
0%
0.01
2010
0.35
10.32
3%
2010
284.00
0%
2010
0.20
4.43
5%
2010
66.20
0%
0.02
Q DE TOBING
2011
0.41
4.82
9%
2011
381.00
0%
2011
7.76
0%
2011
17.02
0%
0.02
2006
2007
2008
2009
2010
2011
497
15,032
20.32
28,407
1,762
20,254
38.39
51,548
3,997
20,900
15.60
58,225
8,092
18,258
12.85
49,855
7,107
19,101
10.32
51,951
6,748
19,382
4.82
50,426
10.77
15.12
5.67
4.87
3.93
1.99
2006
750
9,984
76.98
17205
2007
1,516
14,532
153.00
25347
2008
4,450
21,030
114.00
39572
2009
4,355
31,640
185.00
47501
2010
6,670
47,791
284.00
75183
2011
11,786
76,615
381.00
116371
44.71
87.78
60.70
123.32
180.62
250.94
2006
6,985
13,331
17.20
30,889
2007
6,488
16,673
22.59
35,649
2008
6,026
17,142
20.56
38,593
2009
6,865
15,447
16.04
34,812
2010
7,742
9,507
4.43
27,869
2011
7,459
9,883
7.76
25,603
7.65
10.75
9.29
7.31
1.79
3.29
2006
58.87
2,484
46.87
3,089
2007
103.17
3,934
104.00
5,511
2008
112.00
5,874
39.94
8,101
2009
170.00
7,603
70.88
10,204
2010
307.00
8,938
66.20
12,875
2011
242.00
10,001
17.02
13,731
37.71
74.26
28.97
52.83
45.98
12.41
120,000
100,000
80,000
120,000
2011
100,000
53,844
80,000
60,000
2011
40,000
108,249
20,000
0
2007
2011
22,044
2008
2009
2011
18,000
timos 10 aos,
2005
2006
0.33
0.42
NOKIA
2006
2006
2007
2007
2008
0.60
2007
2009
2008
2010
2008
2011
2009
0.39
2009
2010
0.35
2010
2011
0.41
2011
ONOMICOS
ACTIVOS (ROA)
RENTABILIDAD SOBRE ACTIVOS (ROA)
0.30
0.25
0.20
0.15
0.10
0.05
0.00
2002
-0.05
-0.10
-0.15
-0.20
ONIO (ROE)
2003
2004
APPLE
NOKIA
2005
2006
MOTOROLA
2007
2008
2009
2010
GRAHAM
0.25
0.20
0.15
0.10
0.05
0.00
2002
-0.05
2003
2004
2005
2006
2007
2008
2009
2010
-0.10
GRAHAM: ROA SIMILAR O MEJOR QUE LA MEDIA DEL SECTOR. La

empresa NOKIA tiene un ROA inferior ala media del sector.
Axis Title
RENTABILIDAD SOBRE PATRIMONIO (RO
0.60
0.50
0.40
APPLE
NOKIA
MOTOR
Resea
RIM
0.30
0.20
0.10
0.00
2002
-0.10
2003
2004
2005
2006
2007
2008
2009
2010
2011
-0.20
Axis Title
-0.30
GRAHAM
0.60
0.50
0.40
0.30
0.20
0.10
0.00
2002
-0.10
2003
2004
2005
2006
2007
2008
2009
-0.20
GRAHAM: ROE SIMILAR O MEJOR QUE LA MEDIA DEL SECTOR. La

empresa NOKIA tiene un ROE inferior ala media del sector.
NG RATIO
PER : PRICE - EARNING RATIO

200.00
0.00
2002
-200.00
-400.00
-600.00
-800.00
2003
2004
2005
2006
2007
2008
2009
2010
2011
A
N
M
R
-400.00
-600.00
-800.00
-1000.00
GRAHAM
150.00
100.00
50.00
0.00
2002
-50.00
2003
2004
2005
2006
2007
2008
-100.00
-150.00
-200.00
GRAHAM: PER INFERIOR AL DEL SECTOR. La empresa Nokia t

superior a la de la media del sector.
(PAY OUT)
RATIO DE DISTRIBUCION DE DIVIDENDOS (PAY OU

6.00
Axis Title
IDENDOS
A
N
M
R
-200.00
4.00
2.00
0.00
2002
-2.00
-4.00
-6.00
-8.00
-10.00
-12.00
2003
2004
2005
2006
2007
2008
2009
2010
2011
APPLE
NOKIA
MOTORO
Research
RIM
-8.00
-10.00
-12.00
GRAHAM: PAY OUT inferior al 65%
ON
RATIO DE REINVERSION
Axis Title
12.00
VIDENDOS
10.00
8.00
APPLE
NOKIA
MOTOROLA
Research I
RIM
6.00
4.00
2.00
-
2002
(2.00)
(4.00)
2003
2004
2005
2006
2007
2008
2009
2010
2011
14%
12%
10%
A
N
M
R
8%
6%
4%
2%
0%
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
RENTABILIDAD POR DIVIDENDOS
0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0.00
2002
2003
2004
2005
2006
2007
2008
20
Q DE TOBING
300.00
250.00
200.00
APPL
NOKI
MOTO
Rese
RIM
150.00
100.00
50.00
0.00
2002
2003
2004
2005
2006
2007
NOKIA
2008
2009
2010
2011
NOKIA
APPLE
MOTOROLA
Research In Motion
RIM
2009
2010
2011
VOS (ROA)
2009
2009
2010
2010
DEL SECTOR. La
a del sector.
2011
2011
RIMONIO (ROE)
010
APPLE
NOKIA
MOTOROLA
Research In Motion
RIM
2011
2008
2009
2010
2011
DEL SECTOR. La
a del sector.
NG RATIO
2010
2011
APPLE
NOKIA
MOTOROLA
Research In Motion
RIM
APPLE
NOKIA
MOTOROLA
Research In Motion
RIM
07
2008
2009
2010
a empresa Nokia tiene un PER

el sector.
DOS (PAY OUT)
2011
APPLE
NOKIA
MOTOROLA
Research In Motion
RIM
2011
ON
APPLE
NOKIA
MOTOROLA
Research In Motion
RIM
2011
APPLE
NOKIA
MOTOROLA
Research In Motion
RIM
2010
2011
IVIDENDOS
2008
2009
2010
2011
010
APPLE
NOKIA
MOTOROLA
Research In Motion
RIM
2011
METODOS D
Valor Patrimonial
Total Activo
Total Pasivo
Valor Patr. Contable
GOOD WILL
Este metodo le da un plus valor, al valor de la e
Total Activo
Total Pasivo (sin costo)
Patrimonio Ajustado
Determinacin del factor "n"

Indice
Razon
Indice
Indice
ROA
ROE
de
de
de
de
liquidez
Endeudamiento
eficiencia
Rentabilidad
50,426
23,799
26,627
Coeficiente n= 1.5 - 3 veces
*Metodo Clasico --- UTILIDADES

METODO GOODWILL S/UTILIDADES
Valor de empresa (V)
P+n U
Patrimonio neto Ajustado (A)

Coeficiente de ajuste s/ utilida
26,627
0.26
Utilidades netas (B)
(2,072)
VALOR DE EMPRESA
26,090.4
* Metodo de la Union de Expertos Contables Europ
PATRIMONIO AJUSTADO
UTILIDADES PROYECTADAS
TASA LIBRE DE RIESGO
VALOR DE LA EMPRESA
26,627.00
datos proyectados
0.03
9,919.88
METODOS DE VALORACION
Con este metodo podremos determinar cual es el valor contable, de la empresa
Total Activo
2009
49,855
2010
51,951
2011
50,426
Total Pasivo
31,597
32,851
31,044
or Patr. Contable
18,258
19,100
19,382 Millones de $us
da un plus valor, al valor de la empresa.
*
Frmula
Resultado
Porcentaje
participacion
Ponderado
AC/PC
PT/AT
VTA/AT
1.46
0.48
1.07
10%
10%
10%
0.15
0.05
0.11
UN/AT
UN/PAT
-0.04
-0.11
50.0%
20.0%
100%
-0.02
-0.02
0.26
1
2
3
V = P +n B
METODO GOODWILL S/V

Valor de empresa (V)
Patrimonio neto Ajustado (A)

Coeficiente de ajuste s/ utilidades hist. (n
Ventas netas (F)
VALOR DE EMPRESA
Milones de $us
= CA +
tos Contables Europeos

Utilidades Anuales Proyectadas
-
2,012
2,490
Millones de dolares
2,013
2,992
2,014
3,595
2,015
4,319
2,016
- 5,190
t=1
Bt
(1+
ontable, de la empresa Nokia
lones de $us
VC = TA - TP
15
7.5
*Metodo Clasico --- VENTAS
DO GOODWILL S/VENTAS
empresa (V)
P+n F
eto Ajustado (A)

te s/ utilidades hist. (n)
26,627
0.075
s netas (F)
53,844
E EMPRESA
CA +
t=1
30,665.3
Bt
(1+k)^t
Millones de $us
BALANCE GENERAL
2002
2003
8846
13,711
Inventario
5488
1208
6448
1323
1094
1,252
16,635
22,734
2787
632
2381
420

Total del Activo
2013
22,067
1543
27,077
Cuentas
por pagar
Porcin actual
de deuda a
largo plazo
Otros Pasiv actual.
2794
3304
0
5163
95.08
5974
7958
9373

Total Pasivo
436
8558
371
9930
Patrimonio Total
11,031
13,510
15,795
17,148
22,068
27,078

Net PPE
Intangibles
Deuda a Largo Plazo
2,002
2,003
Ingresos
28,395
33,343
Costo de Ventas
17,291
19,512
Margen bruto
11,104
13,831
Otros gastos
3064
3807
depreciacion
EBITDA (UTIl ANTES DE IMPT E
INT.)
2887
4256
5153
5768
195
180
4958
5588
4651
6051
Utilidades netas
3198
4066
Gastos Financieros
(+)Depreciacion
2,887
4,256
195
180
(+) Intereses
Flujo de caja bruto
6,280
(-) Inversiones Brutas
Flujo de Caja Libre
6,280
K=
2002
flujo de caja libre
6,280
8,502
4,278
4,224
14.242%
2003
4,224
-33%
ROE
PAY OUT
G
-0.11
-0.75
7.97%
HISTORICO
2004
2005
2006
14,675
12,338
10,722
5451
1623
6656
2077
7395
1952
2518
2524
3274
24,268
23,594
23,344
2254
372
2297
375
2327
1042
1306
28,200
1495
27,761
1693
28,407
3320
4350
4687
0
6593
0
7689
0
8075
9913
12,039
12,762
366
10,488
334
12,628
497
13,375
17,124
17,712
16,377
15,133
13,971
15,032
28,200
27,761
28,407
HISTORICO
2,004
2,005
2,006
36,408
42,568
51,648
22,557
27,650
34,844
13,851
14,918
16,804
3701
4445
4999
4644
4762
4895
5506
5711
6911
119
5387
5711
5858
6189
7188
3990
4502
5408
4,644
4,895
-
8,753
7,886
6,911
4,762
119
867
9,264
-
2,757
12,021
10,303
-
943
11,246
VALORACION DE NOKIA MEDIANTE EL FLUJO
2004
7,886
87%
2005
12,021
52%
2006
11,246
-6%
METODO DE CONVERGENCIA
FCLt + 1
VR=
VR
k g
656.61
0.13
VR
5,199.18
Millones de $us
ESTE METODO CONSIDERA EL CRECIMIENTO CONSTANTE

EN LOS INGRESOS (g) Y NO TOMA EN CUENTA
TODAS LAS CONDICIONES DEL MERCADO.
VALOR DE LA EMPRESA
V 0 =
FCL t
( 1+k )
+VR
Metodo de Convergencia
Metodo de Perpetuidad
Metodos de Valoracion
Valor Patrimonial
11,898.75
11,399.17
Good Will
*Metodo Clasico --- UTILIDADES
Metodo de la Union de Expertos Contables Europeos
Convergencia
Perpetuidad
HISTORICO
2007
2008
2009
2010
16,113
10,032
12,378
16,300
15,569
3943
14,041
3726
11,134
2602
10,052
3350
4537
8196
6827
6343
40,162
35,995
32,940
36,046
2621
5130
3433
14,960
2804
11,067
2595
10,213
3635
51,548
3836
58,225
3044
49,855
3098
51,951
9698
7686
6905
8102
0
16,318
0
22,256
0
14,282
154
15,036
26,016
29,942
21,187
23,291
5633
1762
31,294
3997
37,325
8092
31,597
1474
32,851
19,016
20,254
17,199
20,900
14,134
18,258
13,943
19,101
51,548
58,225
49,855
51,952
Flujo de caja libre
HISTORICO
2,007
2,008
2,009
2,010
70,001
74,594
57,173
56,364
46,277
49,039
38,669
39,344
23,724
25,556
18,503
17,020
7623
8332
7084
6629
7742
8779
8243
7785
8359
8445
3176
2605
###
8,359
8,445
3,176
2,605
11,335
7311
1342
2372
9878
5866
363
1783
7,742
8,779
17,620
3,858
13,762
8,243
7,785
-
14,645
8,606
9,568
7,281
5,071
793
21,926
3,535
8,775
NOKIA MEDIANTE EL FLUJO DE CAJA LIBRE
2007
13,762
22%
2008
21,926
59%
2009
3,535
-84%
2010
8,775
148%
METODO DE LA PERPETUIDAD
VR=
VR
VR
FCLt + 1
k
656.61
0.1424
4,610.23
Millones de $us
ESTE METODO NO CONSIDERA EL CRECIEMIENTO

DE LOS INGRESOS (g)
Millones de $us
ACCIONES EN CIRCULACION
Millones de $us
19,382
30,000
25,000
20,000
s Europeos
30,000
26,090
9,920
11,899
11,399
25,000
20,000
15,000
10,000
5,000
-
PROYECTADOS
2011
2,012
2,013
2,014
15,184
16,766
18,513
20,442
10,002
3245
11,044
3,583
12,195
3,956
13,465
4,369
7022
7,754
8,561
9,453
35,454
2566
8697
39,148
0
2,833
9,603
43,227
0
3,129
10,604
47,730
0
3,454
11,708
3710
50,426
4,097
55,680
4,523
61,481
4,995
67,886
7705
8,508
9,394
10,373
497
16,094
549
17,771
606
19,622
669
21,667
24,296
26,827
29,622
32,709
5528
6,104
6,740
7,442
1220
31,044
1,347
34,278
1,487
37,850
1,642
41,793
10,914
19,382
12,051
21,401
13,307
23,631
14,693
26,093
50,426
55,680
61,481
67,886
PROYECTADOS
2,011
53,844
2,012
2,013
70,715
74,403
78,090
38,079
42,023
46,375
51,178
15,765
28,692
28,028
26,912
6841
7,583
8,406
9,317
7816
7,847
7,878
7,909
1107
13,262
11,744
9,686
13,262
11,744
9,686
-1475
-1304
-1153
1,107
-1669
-2072 7,816
-
2,014
2,490
7,847
-
2,992
7,878
-
3,595
7,909
-
5,744
5,357
4,887
4,315
1,626
1,430
1,579
1,743
7,370
3,927
3,308
2,571
102%
2011
7,370
-16%
2% G
2012
3,927
-47%
2013
3,308
-16%
2014
2,571
-22%
+1
PRECIO DE ACCIONES
PRECIO AL 2011 (mercado)
3,745
METODO DE CONVERGENCIA
METODO DE PERPETUIDAD
TADOS
2,015
2,016
22,571
24,923
14,868
4,824
16,417
5,326
10,438
11,526
52,703
0
3,814
12,928
58,194
0
4,212
14,275
5,515
74,959
6,090
82,769
11,454
12,647
739
23,924
816
26,417
36,117
39,879
8,217
9,074
1,814
46,148
2,003
50,956
16,224
28,812
17,914
31,814
74,959
82,769
TADOS
2,015
2,016
81,778
85,465
56,478
62,328
25,300
23,138
10,328
11,448
7,941
7,972
0.397%
7,031
3,717
7,031
3,717
-1019
-901
4,319
7,941
-
5,190
7,972
-
3,621
2,782
1,925
2,126
1,696
657
2015
1,696
-34%
G=
2016
657
-61%
4% X
ACCIONES
4.82
3.18
3.04
NOKIA
VARIACION DEL PRECIO DE LAS ACCIONES
12/1/2011
11/1/2011
10/3/2011
9/1/2011
8/1/2011
7/1/2011
6/1/2011
5/2/2011
4/1/2011
3/1/2011
2/1/2011
1/3/2011
12/1/2010
11/1/2010
10/1/2010
9/1/2010
4.46
5.36
6.23
5.24
5.96
5.37
5.94
6.5
8.04
7.42
7.52
9.33
8.99
8.04
9.33
8.74
Rentabilidad
Base Unitaria
0.83
0.86
1.19
0.88
1.11
0.90
0.91
0.81
1.08
0.99
0.81
1.04
1.12
0.86
1.07
1.17
8/2/2010
7/1/2010
6/1/2010
5/3/2010
7.46
8.29
7.1
8.82
0.90
1.17
0.80
0.88
-10.01
16.76
-19.50
-12.41
4/1/2010
3/1/2010
2/1/2010
1/4/2010
12/1/2009
11/2/2009
10/1/2009
9/1/2009
8/3/2009
7/1/2009
6/1/2009
5/1/2009
4/1/2009
3/2/2009
2/2/2009
1/2/2009
12/1/2008
11/3/2008
10.07
12.87
11.15
11.34
10.64
10.98
10.44
12.11
11.6
11.05
12.07
12.67
11.71
9.32
7.48
9.8
12.46
11.32
0.78
1.15
0.98
1.07
0.97
1.05
0.86
1.04
1.05
0.92
0.95
1.08
1.26
1.25
0.76
0.79
1.10
0.93
-21.76
15.43
-1.68
6.58
-3.10
5.17
-13.79
4.40
4.98
-8.45
-4.74
8.20
25.64
24.60
-23.67
-21.35
10.07
-6.68
Periodo
Precio
Rentabilidad
Total en %
-16.79
-13.96
18.89
-12.08
10.99
-9.60
-8.62
-19.15
8.36
-1.33
-19.40
3.78
11.82
-13.83
6.75
17.16
10/1/2008
9/2/2008
12.13
14.9
0.81
0.74
-18.59
-25.91
8/1/2008
7/1/2008
6/2/2008
5/1/2008
4/1/2008
3/3/2008
2/1/2008
1/2/2008
12/3/2007
20.11
21.83
19.58
22.69
23.4
24.77
28.02
28.54
29.87
0.92
1.11
0.86
0.97
0.94
0.88
0.98
0.96
0.98
-7.88
11.49
-13.71
-3.03
-5.53
-11.60
-1.82
-4.45
-2.39
11/1/2007
10/1/2007
9/4/2007
8/1/2007
7/2/2007
6/1/2007
5/1/2007
4/2/2007
3/1/2007
2/1/2007
1/3/2007
12/1/2006
11/1/2006
10/2/2006
9/1/2006
8/1/2006
7/3/2006
6/1/2006
5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/3/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005
30.6
30.9
29.51
25.58
22.28
21.87
21.3
19.21
17.44
16.61
16.82
15.46
15.39
15.13
14.98
15.89
15.1
15.42
16.34
17.24
15.77
13.84
13.69
13.63
12.72
12.53
12.6
0.99
1.05
1.15
1.15
1.02
1.03
1.11
1.10
1.05
0.99
1.09
1.00
1.02
1.01
0.94
1.05
0.98
0.94
0.95
1.09
1.14
1.01
1.00
1.07
1.02
0.99
1.07
-0.97
4.71
15.36
14.81
1.87
2.68
10.88
10.15
5.00
-1.25
8.80
0.45
1.72
1.00
-5.73
5.23
-2.08
-5.63
-5.22
9.32
13.95
1.10
0.44
7.15
1.52
-0.56
7.23
8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005
3/1/2005
11.75
11.88
12.4
12.56
11.9
11.17
0.99
0.96
0.99
1.06
1.07
0.96
-1.09
-4.19
-1.27
5.55
6.54
-4.45
2/1/2005
1/3/2005
12/1/2004
11/1/2004
10/1/2004
9/1/2004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/1/2004
3/1/2004
2/2/2004
1/2/2004
12/1/2003
11/3/2003
10/1/2003
9/2/2003
8/1/2003
7/1/2003
6/2/2003
5/1/2003
4/1/2003
3/3/2003
2/3/2003
1/2/2003
12/2/2002
11/1/2002
10/1/2002
9/3/2002
8/1/2002
7/1/2002
6/3/2002
5/1/2002
4/1/2002
3/1/2002
2/1/2002
1/2/2002
11.69
11.06
11.35
11.71
11.17
9.93
8.59
8.41
10.53
9.95
10.14
14.68
15.47
14.68
12.08
12.77
12.07
11.08
11.57
10.87
11.67
12.82
11.77
9.95
9.21
10.02
10.79
13.37
11.57
9.22
9.25
8.63
10.08
9.66
11.32
14.44
14.32
16.17
1.06
0.97
0.97
1.05
1.12
1.16
1.02
0.80
1.06
0.98
0.69
0.95
1.05
1.22
0.95
1.06
1.09
0.96
1.06
0.93
0.91
1.09
1.18
1.08
0.92
0.93
0.81
1.16
1.25
1.00
1.07
0.86
1.04
0.85
0.78
1.01
0.89
5.70
-2.56
-3.07
4.83
12.49
15.60
2.14
-20.13
5.83
-1.87
-30.93
-5.11
5.38
21.52
-5.40
5.80
8.94
-4.24
6.44
-6.86
-8.97
8.92
18.29
8.03
-8.08
-7.14
-19.30
15.56
25.49
-0.32
7.18
-14.38
4.35
-14.66
-21.61
0.84
-11.44
PRIME RATE
2002
1 Ene
2 Ene
2003
2004
4.25
2005
4.00
3 Ene
4 Ene
5 Ene
6 Ene
7 Ene
8 Ene
9 Ene
10 Ene
11 Ene
12 Ene
13 Ene
14 Ene
15 Ene
16 Ene
17 Ene
18 Ene
19 Ene
20 Ene
21 Ene
22 Ene
23 Ene
24 Ene
25 Ene
26 Ene
27 Ene
28 Ene
29 Ene
30 Ene
31 Ene
1 Feb
2 Feb
3 Feb
4 Feb
5 Feb
6 Feb
7 Feb
8 Feb
9 Feb
10 Feb
11 Feb
12 Feb
13 Feb
14 Feb
15 Feb
16 Feb
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
17 Feb
18 Feb
19 Feb
20 Feb
21 Feb
22 Feb
23 Feb
24 Feb
25 Feb
26 Feb
27 Feb
28 Feb
29 Feb
1 Mar
2 Mar
3 Mar
4 Mar
5 Mar
6 Mar
7 Mar
8 Mar
9 Mar
10 Mar
11 Mar
12 Mar
13 Mar
14 Mar
15 Mar
16 Mar
17 Mar
18 Mar
19 Mar
20 Mar
21 Mar
22 Mar
23 Mar
24 Mar
25 Mar
26 Mar
27 Mar
28 Mar
29 Mar
30 Mar
31 Mar
1 Abr
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
2 Abr
3 Abr
4 Abr
5 Abr
6 Abr
7 Abr
8 Abr
9 Abr
10 Abr
11 Abr
12 Abr
13 Abr
14 Abr
15 Abr
16 Abr
17 Abr
18 Abr
19 Abr
20 Abr
21 Abr
22 Abr
23 Abr
24 Abr
25 Abr
26 Abr
27 Abr
28 Abr
29 Abr
30 Abr
1 May
2 May
3 May
4 May
5 May
6 May
7 May
8 May
9 May
10 May
11 May
12 May
13 May
14 May
15 May
16 May
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
5.75
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
17 May
18 May
19 May
20 May
21 May
22 May
23 May
24 May
25 May
26 May
27 May
28 May
29 May
30 May
31 May
1 Jun
2 Jun
3 Jun
4 Jun
5 Jun
6 Jun
7 Jun
8 Jun
9 Jun
10 Jun
11 Jun
12 Jun
13 Jun
14 Jun
15 Jun
16 Jun
17 Jun
18 Jun
19 Jun
20 Jun
21 Jun
22 Jun
23 Jun
24 Jun
25 Jun
26 Jun
27 Jun
28 Jun
29 Jun
30 Jun
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.25
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
1 Jul
2 Jul
3 Jul
4 Jul
5 Jul
6 Jul
7 Jul
8 Jul
9 Jul
10 Jul
11 Jul
12 Jul
13 Jul
14 Jul
15 Jul
16 Jul
17 Jul
18 Jul
19 Jul
20 Jul
21 Jul
22 Jul
23 Jul
24 Jul
25 Jul
26 Jul
27 Jul
28 Jul
29 Jul
30 Jul
31 Jul
1 Ago
2 Ago
3 Ago
4 Ago
5 Ago
6 Ago
7 Ago
8 Ago
9 Ago
10 Ago
11 Ago
12 Ago
13 Ago
14 Ago
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.50
4.50
4.50
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.50
6.50
6.50
15 Ago
16 Ago
17 Ago
18 Ago
19 Ago
20 Ago
21 Ago
22 Ago
23 Ago
24 Ago
25 Ago
26 Ago
27 Ago
28 Ago
29 Ago
30 Ago
31 Ago
1 Set
2 Set
3 Set
4 Set
5 Set
6 Set
7 Set
8 Set
9 Set
10 Set
11 Set
12 Set
13 Set
14 Set
15 Set
16 Set
17 Set
18 Set
19 Set
20 Set
21 Set
22 Set
23 Set
24 Set
25 Set
26 Set
27 Set
28 Set
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.75
4.75
4.75
4.75
4.75
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.75
6.75
6.75
6.75
6.75
6.75
29 Set
30 Set
1 Oct
2 Oct
3 Oct
4 Oct
5 Oct
6 Oct
7 Oct
8 Oct
9 Oct
10 Oct
11 Oct
12 Oct
13 Oct
14 Oct
15 Oct
16 Oct
17 Oct
18 Oct
19 Oct
20 Oct
21 Oct
22 Oct
23 Oct
24 Oct
25 Oct
26 Oct
27 Oct
28 Oct
29 Oct
30 Oct
31 Oct
1 Nov
2 Nov
3 Nov
4 Nov
5 Nov
6 Nov
7 Nov
8 Nov
9 Nov
10 Nov
11 Nov
12 Nov
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.25
4.25
4.25
4.25
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
4.75
5.00
5.00
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
13 Nov
14 Nov
15 Nov
16 Nov
17 Nov
18 Nov
19 Nov
20 Nov
21 Nov
22 Nov
23 Nov
24 Nov
25 Nov
26 Nov
27 Nov
28 Nov
29 Nov
30 Nov
1 Dic
2 Dic
3 Dic
4 Dic
5 Dic
6 Dic
7 Dic
8 Dic
9 Dic
10 Dic
11 Dic
12 Dic
13 Dic
14 Dic
15 Dic
16 Dic
17 Dic
18 Dic
19 Dic
20 Dic
21 Dic
22 Dic
23 Dic
24 Dic
25 Dic
26 Dic
27 Dic
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
4.00
5.25
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
28
29
30
31
Dic
Dic
Dic
Dic
4.25
4.25
4.00
4.00
5.25
5.25
5.25
5.25
7.25
7.25
7.25
REN
Variacion del precio de las acciones de Nokia
AO
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
Rentabilidad Base unitaria

0.9433
0.9861
0.9869
0.9297
1.0564
1.0106
1.0154
0.9948
1.0095
0.9639
Rentabilidad Simple
Rentabilidad continua
Rentabilidad Total
-6%
-1%
-1%
-7%
6%
1%
2%
-1%
1%
-4%
0.9890
-0.0110 X
RENTABILIDAD ECONOMICA PROYECTADA

Capital financiero = TOTAL ACTIVO - TOTAL PASIVO ( sin costo)
TOTAL ACTIVO
TOTAL PASIVO
CAPITAL FINANCIERO
2002
22,067
7,957
14,110
2003
27,077
9,278
17,799
2004
28,200
9,913
18,287
Rentabilidad Economica = Flujo de caja libre /Capital Financiero
F.C.L.
Capital Finaniero
Rent Economica
2002
6,280
14,110
0.4451
2003
4,224
17,799
0.2373
2004
7,886
18,287
0.4312
RENTABILIDAD ECONOMICA - REGRESION SIMPLE
Y= Rentabilidad Economica
X= Periodos
n= 10
10
Y ( x )=a+ bx
X
HISTORICO
AOS
Rent. Economica
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
PROYECTADOS
COSTO DE CAPITAL PROPIO
COSTO DE LA DEUDA
1
2
3
4
5
6
7
8
9
10
11
0.445
0.237
0.431
0.765
0.719
0.539
0.775
0.123
0.305
0.277
0.37
37%
0%
Estructura del balance
Deuda
Patrimonio
2002
39%
61%
2003
37%
63%
2004
37%
63%
CPPC= (Patrimonio * Costo de Capital Propio) + (Deuda

CPPC= ( 0.38 * 0.37) + (0.62 *0.00 )
CPPC=
14.24%
2006
2007
2008
2009
2010
3.25
7.25
8.25
7.25
3.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
6.50
6.50
6.50
6.50
6.50
6.50
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.75
7.75
7.75
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
8.00
8.00
8.00
8.00
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.00
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
0.00
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.75
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
7.25
8.25
8.25
7.25
7.25
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
0.00
0.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
8.25
8.25
7.25
7.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
RENTABILIDAD
2005
27,761
12,039
15,722
HISTORICO
2006
2007
28,407
51,548
12,762
26,016
15,645
25,532
2008
58,225
29,942
28,283
2009
49,855
21,187
28,668
2010
51,951
23,138
28,813
2005
12,021
15,722
0.7646
HISTORICO
2006
2007
11,246
13,762
15,645
25,532
0.7188
0.5390
2008
21,926
28,283
0.7752
2009
3,535
28,668
0.1233
2010
8,775
28,813
0.3046
)=a+ bx
a=
X2
yb x
n
XY
1
4
9
16
25
36
49
64
81
100
2005
45%
55%
5
55
385
24
-0.0166
0.5526
y
x
x
xy
b
a
0
0
1
3
4
3
5
1
3
3
2006
47%
53%
b=
2007
61%
39%
Propio) + (Deuda * Costo de Deuda)
2008
64%
36%
2009
63%
37%
n xy x
n x2 (
y/n
x/n
x / n
xy /n
2010
63%
37%
VARIACION _PRIME RATE

2011
2002
0.00
0.00
2003
2004
2005
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 1.047619048
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 1.045454545
1
1
1
1
1
1
1
1
1
1
1
1
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
0.00
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 1.043478261
1
1
1
1
1
1
1
1
1
1
1
1
1
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 0.941176471
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1.0625
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3.25
0.00
0.00
0.00
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 1.041666667
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1.058823529
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1.04
1
1
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 1.038461538
1.055555556
1
1
1
1
1
1
1
1
1
1
1
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0.8947368421
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 1.037037037
1
1
1
1
1
1
1
1 1.052631579
1
1
1
1
1
1
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
3.25
3.25
3.25
0.00
0.00
3.25
3.25
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 1.035714286
1.05
1
1
1
1
1
1
1
1
1
1
1
1
3.25
3.25
3.25
1
1
1
1
1
1
1
1
1
2011
50,426
23,799
26,627
2011
7,370
26,627
0.2768
2012
55,680
26,279
29,401
2012
3,927
29,401
0.1336
2013
61,481
29,016
32,464
PROYECTADO
2014
67,886
32,040
35,847
2015
74,959
35,378
39,582
2016
82,769
39,064
43,705
2013
3,308
32,464
0.1019
PROYECTADO
2014
2,571
35,847
0.0717
2015
1,696
39,582
0.0429
2016
657
43,705
0.0150
xy x y
x2( x )2
0.46
5.50
38.50
2.40
2011
62%
38%
2006
2007
2008
2009
2010
2011
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1.034482759
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 0.896551724
1
1
1
1
1
1
1
1
1 0.923076923
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1.033333333
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0.875
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1.032258065
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0.952380952
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1.03125
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1 0.939393939
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0.9
1
1
1
1
1
1
1
1
1
1
0.888888889
1
1
1
1
1
1 0.967741935
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0.966666667
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0.8125
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
regresion simple
DATOS PARA LA PROYECCION DE VENTAS
Y ( x )=a+ bx
a=
10
X
HISTORICO
Inversiones Brutas
ACTIVO CORRIENTE
PASIVO CORRIENTE
CAPITAL DE TRABAJO
INVERSIONES BRUTAS
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
1
2
3
4
5
6
7
8
9
10
Y
Ventas
28,395.0
33,343.0
36,408.0
42,568.0
51,648.0
70,001.0
74,594.0
57,173.0
56,364.0
53,844.0
2012
2013
2014
2015
2016
11
12
13
14
15
70,715.3
74,402.8
78,090.3
81,777.9
85,465.4
AOS
PROYECTADOS
* Capital de trabajo
yb x
n
Aumento o disminucion de Activos fijo neto

Aumento o disminucion del Capital ed Trabajo
Total Inversiones Brutas
b x
n
b=
X2
n xy x y
n x2 ( x)2
XY
1
4
9
16
25
36
49
64
81
100
y
x
x
xy
b
a
28,395
66,686
109,224
170,272
258,240
420,006
522,158
457,384
507,276
538,440
504,338
55
385
3,078,081
3,687.54
30,152.33
y/n
x/n
x / n
xy /n
2002
16,635
7,958
8,677
2003
22,734
9,373
13,361
2004
24,268
9,913
14,355
2005
23,594
12,039
11,555
2006
23,344
12,762
10,582
2007
40,162
26,016
14,146
2002
2003
2004
2005
2006
2007
406
4,684
4,278
127
994
43
2,800
30
973
294
3,564
867
2,757
943
3,858
50,433.80
5.50
38.50
307,808.10
2008
35,995
29,942
6,053
2009
32,940
21,187
11,753
2010
36,046
23,291
12,755
2011
35,454
24,296
11,158
2012
39,148
26,827
12,321
2008
2009
2010
2011
2012
PROYECTADO
2013
43,227
29,622
13,604
2013
812
8,093
7,281
629
5,700
5,071
209
1,002
29
1,597
267
1,163
295
1,284
793
1,626
1,430
1,579
PROYECTADO
2014
2015
47,730
52,703
32,709
36,117
15,022
16,587
2014
2015
2016
58,194
39,879
18,315
2016
326
1,417
360
1,565
397
1,728
1,743
1,925
2,126
NA
AOS
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
NOKIA
17.00
15.67
18.30
20.32
38.39
15.60
12.85
10.32
4.82
NASDAQ
1467.92
1621.12
1645.20
1756.90
2084.93
1211.65
1860.31
2217.86
2277.83
2458.44
2366.80
PIB
11,553.00
11,840.70
12,263.80
12,638.40
12,976.20
13,228.90
13,228.80
12,880.60
13,248.20
13,579.41
14,000.37
CORRELACIN
NAS
AOS
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
NOKIA
17.00
15.67
18.30
20.32
38.39
15.60
12.85
10.32
4.82
NASDAQ
1467.92
1621.12
1645.20
1756.90
2084.93
1211.65
1860.31
2217.86
2277.83
2458.44
2366.80
tasa de
inflacion(%)
2.80
1.60
2.30
2.50
3.20
2.50
2.90
3.80
1.16
2.10
1.30
correlacion
NASDAQ Vs
AOS
NOKIA
NASDAQ
2003
2004
2005
2006
2007
2008
2009
2010
2011
17.00
15.67
18.30
20.32
38.39
15.60
12.85
10.32
4.82
1467.92
1621.12
1645.20
1756.90
2084.93
1211.65
1860.31
2217.86
2277.83
tasa de
interes(%)
1.00%
2.25%
4.25%
5.25%
4.25%
5.25%
3.50%
3.90%
3.50%
CORRELACION
NASDA
AOS
NOKIA
NASDAQ
2003
2004
2005
2006
17.00
15.67
18.30
20.32
1467.92
1621.12
1645.20
1756.90
(%)Deficit
Fiscal
2007
2008
2009
2010
2011
2012
2013
correlacion
38.39
15.60
12.85
10.32
4.82
2084.93
1211.65
1860.31
2217.86
2277.83
2458.44
2366.80
-2%
-3.20%
-11.20%
-9.60%
-6.10%
-3.70%
-3.20%
NASDAQ. Vs pib real

TASA DE
CRECIMIENT
O
3.00%
2.45%
3.10%
4.40%
3.20%
3.20%
2.00%
1.10%
2.70%
2.50%
3.10%
NASDAQ vs PIB
0.05
0.04
0.03
0.02
0.01
0
2003
2004
2005
2006
2007
2008
TASA DE CRECIMIENTO
2009
2010
2011
NASDAQ
0.41299777
PIB
RELACION DIRECTA
NASDAQ Vs INFLACION
Var %
inflacion
0.00%
-42.86%
43.75%
8.70%
28.00%
-21.88%
16.00%
31.03%
-69.47%
81.03%
-38.10%
NASDAQ vs INFLACION
2500
3.5
2000
3
2.5
1500
2
1000
1.5
1
500
0.5
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
0
2013
tasa de
inflacion(%)
500
0.5
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
0
2013
0.0978451
INFLACION
PRECIO DE LAS AC
NASDAQ Vs TASA DE INTERES NOMINAL
Var % Tasa
de interes
125.0%
88.9%
23.5%
-19.0%
23.5%
-33.3%
11.4%
-10.3%
5.8%
NASDAQ vs TASA DE INTERES 2500
0.06
0.05
2000
0.04
1500
0.03
1000
0.02
500
0.01
0
2003
tasa de
interes(%)
2004
2005
2006
2007
2008
2009
TASA DE INTERES
2010
0
2011
PRECIO DE LAS AC
NASDAQ Vs DEFICIT FISCAL

Var % del
Deficit
Fiscal
0
2007
-0.02
-0.04
-0.06
-0.08
-0.1
NASDAQ vs DEFICIT
2008
2009
2010
2011
2007
-0.02
2008
2009
2010
2011
-0.04
68%
250%
-14%
-36%
-39%
-14%
-0.06
-0.08
-0.1
-0.12
-0.30
DFICIT PUBLICO
PRECIO DE LAS ACCIONES
PIB
2500
2000
1500
1000
500
2009
2010
2011
2012
0
2013
DAQ
PRECIO DE LAS ACCIONES
ACION
011
2500
2000
1500
1000
500
2012
0
2013
tasa de
inflacion(%)
011
500
2012
0
2013
RECIO DE LAS ACCIONES
AL
2500
2000
1500
1000
tasa de
interes(%)
500
0
1
RECIO DE LAS ACCIONES
DAQ vs DEFICIT FISCAL

2011
2012
2500
2013
2000
1500
1000
500
(%)Deficit
Fiscal
2011
2012
E LAS ACCIONES
2013
2000
1500
1000
500
0
(%)Deficit
Fiscal
CONCL
INDICADORES
Nokia presenta desde el ao 2008 una caida de consid

2011 con numeros "Rojos" y sus indicadores en negati
no esta
BOTTON UP
Este es un analisis de la empresa y el sector atravez

decir que la accion estaba sobre valorada y apartir de
ao 2011. En ocasiones un PER bajo puede significar q
a corto plazo, pero este no es el caso de NOKIA ya que
al mercado una innovacion realmente
FLUJO DE CAJA LIBRE
EL flujo de caja libre de NOKIA muestra que esta dismi
TOP DOWN
TOP DOWN
Pese a que este analisis nos muestra que la Econom

despues de la crisis vivida en el ao 2007-2008. Se
economicas, NOKIA esta peleando con la tecnologia qu
comunicacion movil
RECOMENDACIONES
No se recomienda invertir en esta empresa.
CONCLUSIONES
e el ao 2008 una caida de consideracion en sus indicadores ROA y ROE. Terminando la gestion
ojos" y sus indicadores en negativo (ROA= -0.04 , ROE= -0.11). Esto nos indica que la empresa
no esta creando valor.
e la empresa y el sector atravez del PER y el RD. En el ao 2009 el PER era igual a 128.50, es
estaba sobre valorada y apartir de all tuvo una caida sorprendente hasta llegar a (-8.76) en el
es un PER bajo puede significar que la accion esta subvaloraba y podria aumentar su cotizacion
te no es el caso de NOKIA ya que para que NOKIA se levante como empresa tendria que lanzar
rcado una innovacion realmente sorprendente que desplace al gigante APPLE.
CAJA LIBRE
de NOKIA muestra que esta disminuyendo su saldo disponible de efectivo que tiene la empresa.
alisis nos muestra que la Economia de EEUU ( principal mercado de NOKIA) esta mejorando
s vivida en el ao 2007-2008. Se debe tomar en cuenta que a pesar que hay las condiciones
sta peleando con la tecnologia que presenta APPLE, el cual esta desplazando del mercado de la
comunicacion movil a todos sus competidores.
NDACIONES
nda invertir en esta empresa.

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Nokia e

Nokia es una empresa transnacional y es el primer fabricant

Otros activos circulantes

Total del Activo Corriente

Otros Pasiv actual.

Total de Pasivos Corrientes

Deuda a Largo Plazo

Total pasivo y patrimonio

EBITDA (UTILIDAD ANTES DE IMPT E INTERESES)

Utilidades antes de impuestos

DATOS POR ACCION

Los ingresos por accin ($)

El EBITDA por accin

Flujo de caja libre por accin

Ganancias por accin ($)

Los dividendos por accin

Valor contable por accin

Final de mes Precio de la accin

EXPRESADO EN MILLONES DE DOLARES

EBITDA (UTILIDAD ANTES DE IMPT E INTERESES)

Utilidades antes de impuestos

Cuentas por pagar

Porcin actual de deuda a largo plazo

Total de Pasivos Corrientes

Deuda a Largo Plazo

HISTORICO , VARIACION EN PORC

Otros activos a largo plazo

Deuda a Largo Plazo

Otra a largo plazo Pasiv.

Total Pasivo y Patrimonio

Total del Activo

Cuentas por pagar

Utilidades antes de impuestos

LOA DATOS POR ACCION

dividendo por accion

Final de mes Precio de la accin

Evolucion de las utilidades

Research In Motion RIM

Research In Motion RIM

Research In Motion RIM

Research In Motion RIM

Research In Motion RIM

DIVIDENDO POR ACCION

PRECIO POR ACCION

Research In Motion RIM

pasivo con costo

Research In Motion RIM

GRAHAM :Incremento en Ventas de los ultimos 5 aos.

Research In Motion RIM

GRAHAM: Incremento de Dividendos durante los ultimos 10 aos,

RENTABILIDAD SOBRE ACTIVOS (ROA)

RENTABILIDAD SOBRE PATRIMONIO (ROE)

PER : PRICE - EARNING RATIO

RATIO DE DISTRIBUCION DE DIVIDENDOS

RENTABILIDAD POR DIVIDENDOS

RENTABILIDAD SOBRE ACTIVOS (ROA)

Research In Motion RIM

GRAHAM: ROA SIMILAR O MEJOR QUE LA MEDIA DEL SECTOR. La

RENTABILIDAD SOBRE PATRIMONIO (RO

GRAHAM: ROE SIMILAR O MEJOR QUE LA MEDIA DEL SECTOR. La

PER : PRICE - EARNING RATIO

GRAHAM: PER INFERIOR AL DEL SECTOR. La empresa Nokia t

RATIO DE DISTRIBUCION DE DIVIDENDOS (PAY OU

GRAHAM: PAY OUT inferior al 65%