WWB Bank

Balance General al 31 Diciembre

ESTADO DE SITUACION PATRIMONIAL
Rubros 2011 2010
Activos
Caja y bancos 9,630 70,430
Inversiones 26,342 0
Cartera de créditos 576,566 0
Cuentas por cobrar 11,100 0
Bienes de uso (Planta y equipo) 13,916 0
Otros activos 179,478 32
Valorizaciones 799 0
ACTIVO TOTAL 817,831 70,462
Pasivo
Depósitos 11,778 0
Operaciones de mercado monetario 11,363 0
Créditos de bancos y otras obligaciones financieras 375,859 0
Cuentas por pagar 20,858 155
Otros pasivos 14,978 0
PASIVO TOTAL 434,836 155
Patrimonio neto 382,995 70,307
Capital social 109,540 70,000
Reservas, resultados 273,455 307
PASIVO MAS PATRIMONIO NETO 817,831 70,462

ESTADO DE RESULTADOS
Ingresos 174,473 462
Gastos operacionales 23,162 0
Otros gastos operacionales 86,585 3
Rresultado operacional antes de Prov. Y Am. 64,726 459
Provisiones, depreciaciones y amortizaciones 43,917 0
Resultado operacional neto 20,809 459
Ingresos y gastos no operacionales -5,862 0
Ganancia antes impuestos (operaciones ordinarias) 26,671 459
Impuesto a las Ganancias 11,494 152
Utilidad neta 15,177 307
UPA 169.38
Cantidad de acciones 89,603,243

FLUJO DE FONDOS
Flujo de efectivo operaciones
Utilidad neta 15,177 307
más Partidas no significan uso fondos (Provisiones) 32,137 0
más Partidas no significan uso fondos (Depreciaciones) 2,210 0
más Partidas no significan uso fondos (Amortizaciones) 8,665 0
58,189 307
Aumento del Capital de trabajo neto
Variación Cuentas a cobrar -12,087 0
Variación Cartera de créditos -608,152 0
Variación otros activos -188,109 -32
Variación cuentas por pagar 20,703 155
Variación pasivos estimados y provisiones -465 0
Variación otros pasivos 14,978 0

Efectivo provisto (usado) por actividades de operación -714,943 430

Flujo de efectivo de las actividades de inversión -41,568 0

Efectivo neto usado en actividades de inversión -41,568 0

Efectivo provisto por actividades de financiación 695,712 70,000

Aumento Depósitos 11,778 0
Aumento Posiciones pasivas operaciones de mercado 11,363 0
Aumento crédito de bancos y otras ob. Financieras 375,859 0
Aumento capital 296,712 70,000

FLUJO DE FONDOS NETO (ECF) -60,799 70,430

 Stock price
(Dec 31, 2011)in
Company Name Exchange:Ticker Industry Group Country US$
Banco de Galicia & Buenos Aires BASE:GALI Bank Argentina $1.51
S.A.
Banco (BASE:GALI)
Patagonia Sudameris S.A. BASE:BPAT Bank Argentina $0.72
(BASE:BPAT)
Banco Santander Rio S.A. BASE:BRIO Bank Argentina $1.42
(BASE:BRIO)
Banco Macro S.A. (BASE:BMA) BASE:BMA Bank Argentina $2.20
BBVA Banco Frances S.A. BASE:FRAN Bank Argentina $1.85
(BASE:FRAN)
FirstCaribbean International Bank TTSE:FCI Banks (Regional) Barbados $1.42
Ltd.
BCB(TTSE:FCI)
Holdings Ltd. OTCPK:BCBH.F Banks (Regional) Belize $0.32
(OTCPK:BCBH.F)
Bank Butterfield & Son Ltd. BER:NTB.BH Banks (Regional) Bermuda $1.15
(BER:NTB.BH)
Banco do Brasil S.A. BOVESPA:BBAS3 Bank Brazil $12.60
(BOVESPA:BBAS3)
Banco do Nordeste do Brasil S.A. BOVESPA:BNBR3 Banks (Regional) Brazil $18.61
(BOVESPA:BNBR3)
Banestes (BOVESPA:BEES3) BOVESPA:BEES3 Banks (Regional) Brazil $4.01
Banco da Amazonia S.A. BOVESPA:BAZA3 Banks (Regional) Brazil $0.21
(BOVESPA:BAZA3)
BRB-Banco de Brasilia S.A. BOVESPA:BSLI3 Banks (Regional) Brazil $14.51
(BOVESPA:BSLI3)
CorpBanca S.A. SNSE:CORPBANCA Bank Chile $0.01
(SNSE:CORPBANCA)
Banco de Chile (SNSE:CHILE) SNSE:CHILE Bank Chile $0.14
Banco Santander-Chile SNSE:BSANTANDER Bank Chile $0.07
(SNSE:BSANTANDER)
Sociedad Matriz del Banco de SNSE:SM-CHILE B Bank Chile $0.30
Chile (SNSE:SM-CHILE
Banco B)
de Credito e Inversiones SNSE:BCI Bank Chile $55.36
(SNSE:BCI)
Banco Bilbao Vizcaya Argentaria BVC:BBVACOL Bank Colombia $0.13
Colombia
Banco de S.A. (BVC:BBVACOL)
Occidente S.A. BVC:OCCIDENTE Bank Colombia $15.45
(BVC:OCCIDENTE)
Helm Bank SA BVC:PFHELMBANK Bank Colombia $0.16
(BVC:PFHELMBANK)
Banco de Bogota S.A. BVC:BOGOTA Bank Colombia $25.24
(BVC:BOGOTA)
Banco Santander Colombia S.A. BVC:SANTANDER Bank Colombia $2.50
(BVC:SANTANDER)
Bancolombia S.A. BVC:BCOLOMBIA Bank Colombia $14.67
(BVC:BCOLOMBIA)
Grupo Aval Acciones Y Valores BVC:GRUPOAVAL Bank Colombia $0.64
S.A. (BVC:GRUPOAVAL)
Banco Popular S.A. BVC:POPULAR Banks (Regional) Colombia $0.27
(BVC:POPULAR)
Banco de Guayaquil S.A. GYSE:GYL Bank Ecuador $2.00
(GYSE:GYL)
First Caribbean International Bank - Bank Jamaica $0.15
Jamaica Ltd. Ltd. (JMSE:NCBJ)
NCB Jamaica JMSE:NCBJ Bank Jamaica $0.32
Grupo Financiero Inbursa SAB de BMV:GFINBUR O Bank Mexico $1.84
CV (BMV:GFINBUR
Grupo O)
Financiero Banorte SAB de BMV:GFNORTE O Bank Mexico $3.04
CV (BMV:GFNORTE
Banregio O)
Grupo Financiero, S.A. BMV:GFREGIO O Banks (Regional) Mexico $2.15
de C.V.Latinoamericano
Banco (BMV:GFREGIOde O) NYSE:BLX Bank Panama $16.05
Comercio
Banco Exterior,del
de Credito S.APeru BVL:CREDITC1 Bank Peru $2.26
(NYSE:BLX)
(BVL:CREDITC1)
BBVA Banco Continental BVL:CONTINC1 Bank Peru $2.04
(BVL:CONTINC1)
Scotiabank Perú (BVL:SCOTIAC1) BVL:SCOTIAC1 Bank Peru $13.52
Credicorp Ltd. (NYSE:BAP) NYSE:BAP Bank Peru $109.47
Scotiabank Trinidad & Tobago Ltd. TTSE:SBTT Bank Trinidad & $7.86
(TTSE:SBTT)
Republic Bank Ltd. (TTSE:RBL) TTSE:RBL Bank Tobago
Trinidad & $15.06
BBVA Banco Provincial SA CCSE:BPV Bank Tobago
Venezuela $8.73
(CCSE:BPV)
Banco Exterior CA Banco CCSE:BEX Banks (Regional) Venezuela $1.51
Universal
Banco (CCSE:BEX)
Occidental de Descuento CCSE:BOU Banks (Regional) Venezuela $0.10
I.C.A. (CCSE:BOU)
Promedio
Mediana
Fuente: Bloomberg
 EV/EBITD EV/Invested Payout
Beta PE PBV PS EV/EBIT A Capital EV/Sales ratio
0.44 7.19 1.00 0.90
NA NA 1.00 2.54 13.56%
0.88 3.64 0.96 1.17
NA NA 0.95 0.90 38.06%
1.27 4.20 1.75 1.66
NA NA 2.58 1.17 52.46%
1.28 5.13 1.22 1.57
NA NA 1.26 1.53 45.77%
1.72 3.29 1.21 0.98
NA NA 1.23 0.89 90.43%
0.27 30.63 1.34 5.16
NA NA 2.85 2.01 0.00%
0.90 NA 0.08 2.25
NA NA 0.30 12.10 NA
0.00 NA 0.74 5.91
NA NA NA -12.60 0.00%
1.33 5.12 1.18 1.04
NA NA 1.03 5.40 39.21%
0.51 8.89 1.29 1.26
NA NA 1.11 2.81 37.58%
0.94 5.72 1.32 1.32
NA NA 1.07 5.14 0.41%
1.14 7.36 0.60 1.30
NA NA 0.63 1.50 89.51%
0.00 4.45 1.07 0.79
NA NA NA 0.05 3.26%
0.67 12.30 2.35 5.50
NA NA 1.37 11.70 93.68%
0.70 14.60 3.62 5.76
NA NA 1.74 9.83 69.95%
0.70 13.30 3.61 5.71
NA NA 1.55 11.66 0.00%
0.72 26.02 1.12 1.74
NA NA 1.04 5.28 49.36%
0.72 12.18 2.57 4.29
NA NA 1.39 9.29 31.11%
0.00 8.35 NA 1.47
NA NA NA 1.47 0.00%
0.18 11.87 1.57 2.96
NA NA 1.28 4.93 0.00%
0.35 NA 1.06 NA NA NA 1.03 NA NA
0.38 15.12 1.77 3.27 NA NA 1.60 3.80 0.00%
0.52 18.82 2.86 5.36 NA NA 1.84 7.64 0.00%
0.74 15.27 2.58 4.20 NA NA 1.68 6.70 0.00%
0.79 17.84 1.26 2.09 4.69 5.68 1.37 3.05 36.51%
-0.08 12.24 2.05 7.28 NA NA 2.34 6.51 48.58%
0.06 6.07 1.04 0.75 NA NA NA -0.16 0.00%
0.38 23.19 0.46 0.98 NA NA NA -1.32 0.00%
0.58 5.18 1.10 2.01 NA NA 1.05 3.95 25.66%
1.12 19.41 2.41 14.72 NA NA 1.67 21.59 35.06%
1.45 13.00 1.29 3.23 NA NA 1.07 12.03 14.23%
0.00 12.70 1.58 3.88 NA NA 1.09 17.30 18.36%
1.50 14.12 0.81 7.28 NA NA 0.95 36.02 0.00%
0.52 13.44 2.72 3.96 NA NA 2.17 4.70 41.54%
0.92 11.07 3.25 4.82 NA NA 2.55 5.49 75.10%
1.17 12.53 2.24 4.92 NA NA 2.80 4.48 28.08%
1.59 15.28 2.77 4.72 NA NA 2.42 5.28 23.96%
0.00 16.32 3.18 7.34 NA NA 3.52 7.03 42.47%
0.00 15.50 2.02 5.38 NA NA NA 1.27 55.68%
0.08 2.08 NA 0.82 NA NA NA 0.82 0.00%
0.00 5.52 1.20 2.41 NA NA 1.04 9.37 56.19%
0.23 NA NA NA NA NA NA NA NA
0.63 11.81 1.70 3.55 NA NA 1.55 5.83
0.62 12.27 1.32 3.10 NA NA 1.32 4.82
 % held
Return on Pre-tax by Trailing Trailing
Return Capital (ROC Net Profit Operatin Effective institutio Net Net Operatin
on Equity or ROIC) Margin g Margin Tax Rate ns Income Income g Income
37.15% 0.00% 17.76% 0.00% 32.49% 0.77% $118.10 $225.00 $0.00
30.45% 0.00% 31.02% 0.00% 31.07% 3.32% $142.20 $150.30 $0.00
42.94% 0.00% 34.07% 0.00% 31.94% 11.91% $403.20 $362.40 $0.00
26.81% 0.00% 28.09% 0.00% 29.45% 53.60% $254.50 $262.60 $0.00
25.86% 0.00% 24.91% 0.00% 34.47% 11.72% $301.70 $215.20 $0.00
4.59% 0.00% 16.85% 0.00% 6.59% NA $70.80 $70.80 $0.00
-4.49% -8.20% -140.85% -330.28% 0.00% 5.71% -$7.30 -$20.00 -$46.90
2.21% 0.00% 5.87% 0.00% 7.31% 1.01% -$207.60 $18.60 $0.00
24.97% 0.00% 21.54% 0.00% 26.56% 30.67% $7,048.40 $7,093.20 $0.00
23.78% 0.00% 21.49% 0.00% 28.69% 4.89% $188.90 $297.50 $0.00
12.84% 0.00% 15.85% 0.00% 27.12% 0.21% $100.60 $56.70 $0.00
5.83% 0.00% 14.21% 0.00% 36.29% NA $85.60 $66.70 $0.00
27.26% 0.00% 18.71% 0.00% 12.60% NA $118.10 $112.10 $0.00
23.06% 0.00% 44.02% 0.00% 15.39% 20.84% $261.80 $243.80 $0.00
26.99% 0.00% 37.92% 0.00% 12.08% 11.19% $808.60 $765.80 $0.00
22.05% 0.00% 38.85% 0.00% 15.85% 38.85% $1,019.20 $818.90 $0.00
10.05% 0.00% 6.54% 0.00% 16.43% 23.30% $136.90 $132.10 $0.00
21.45% 0.00% 35.01% 0.00% 15.22% 19.90% $474.40 $445.20 $0.00
NA NA 17.65% 0.00% 22.40% NA $221.10 $221.10 $0.00
16.50% 0.00% 27.70% 0.00% 24.52% 8.17% $203.00 $237.40 $0.00
0.00% 0.00% NA NA 0.00% 1.51% $0.00 $0.00 $0.00
20.67% 0.00% 14.14% 0.00% 25.66% 0.04% $476.80 $585.10 $0.00
NA NA 27.46% 0.00% 23.85% NA $55.40 $70.70 $0.00
19.71% 0.00% 27.63% 0.00% 22.41% 18.04% $748.60 $825.80 $0.00
29.53% 83.19% 12.72% 50.42% 29.91% 0.16% $498.70 $698.20 $2,767.10
23.76% 0.00% 48.24% 0.00% 32.41% 1.20% $170.60 $186.90 $0.00
24.99% 0.00% 13.73% 0.00% 19.26% NA $44.60 $54.90 $0.00
2.03% NA 4.23% 0.00% 26.32% NA $1.82 $1.82 $0.00
26.75% 0.00% 38.75% 0.00% 22.13% 14.27% $152.00 $152.00 $0.00
7.99% 0.00% 78.11% 0.00% 10.32% 28.41% $632.10 $413.60 $0.00
16.15% 0.00% 23.22% 0.00% 27.33% 34.60% $543.10 $562.80 $0.00
23.52% 0.00% 36.17% 0.00% 23.40% 0.89% $54.70 $73.00 $0.00
10.73% 0.00% 60.13% 0.00% 0.00% 36.57% $42.20 $73.90 $0.00
26.69% 0.00% 31.44% 0.00% 25.93% NA $430.70 $502.90 $0.00
34.55% 0.00% 42.51% 0.00% 28.12% 5.23% $358.40 $386.80 $0.00
22.24% 0.00% 36.20% 0.00% 30.92% 0.30% $245.10 $262.10 $0.00
24.15% 0.00% 31.07% 0.00% 23.00% 71.97% $571.30 $649.40 $0.00
23.98% 0.00% 44.97% 0.00% 22.09% 23.84% $85.00 $85.00 $0.00
16.03% NA 35.26% 0.00% 24.55% 26.23% $156.00 $164.50 $0.00
29.90% 0.00% 39.29% 0.00% 6.90% 0.05% $378.90 $378.90 $0.00
39.57% 0.00% 44.68% 0.00% 10.47% NA $81.50 $105.90 $0.00
0.00% 0.00% NA NA 0.00% NA $0.00 $0.00 $0.00
 Trailing Reinvest
Revenue Revenue Trailing Net Cap ment Dividend
s s EBITDA EBITDA EBIT (1-t) Ex Rate FCFF FCFE s
$947.70 $1,266.80 $0.00 $0.00 $0.00 $50.00 NA -$50.00 $566.10 -$30.50
$444.60 $484.50 $0.00 $0.00 $0.00 $29.27 NA -$29.27 $200.33 -$57.20
$1,022.50 $1,063.80 $0.00 $0.00 $0.00 $75.00 NA -$75.00 $361.50 -$190.10
$831.30 $935.00 $0.00 $0.00 $0.00 $60.86 NA -$60.86 $197.74 -$120.20
$1,014.70 $864.00 $0.00 $0.00 $0.00 $74.90 NA -$74.90 $305.11 -$194.60
$420.20 $420.20 $0.00 $0.00 $0.00 ### NA $1,019.50 $1,090.30 $0.00
$14.20 $14.20 -$28.90 -$45.50 -$46.90 $16.60 NA -$63.50 -$24.20 $0.00
$106.50 $316.80 $0.00 $0.00 $0.00 $1,075.30 NA ### ### $0.00
### ### $0.00 $0.00 $0.00 $7,880.00 NA ### $2,988.60 ###
$1,333.90 $1,384.50 $0.00 $0.00 $0.00 $2,544.00 NA ### ### -$111.80
$435.10 $357.80 $0.00 $0.00 $0.00 $35.36 NA -$35.36 $21.34 -$0.24
$486.40 $469.40 $0.00 $0.00 $0.00 $336.05 NA -$336.05 -$269.35 -$59.70
$663.80 $599.30 $0.00 $0.00 $0.00 $4.67 NA -$4.67 $85.03 -$3.65
$586.00 $553.80 $0.00 $0.00 $0.00 $12.52 NA -$12.52 $1,280.48 -$228.40
$2,050.70 $2,019.30 $0.00 $0.00 $0.00 $375.20 NA -$375.20 $2,610.30 -$535.70
$2,373.20 $2,108.10 $0.00 $0.00 $0.00 $0.00 NA $0.00 $818.90 $0.00
$2,050.90 $2,020.70 $0.00 $0.00 $0.00 $375.00 NA -$375.00 $1,444.40 -$65.20
$1,345.00 $1,271.80 $0.00 $0.00 $0.00 $657.50 NA -$657.50 $287.80 -$138.50
$1,253.00 $1,253.00 $0.00 $0.00 $0.00 $140.20 NA -$217.30 -$21.10 $0.00
$814.10 $857.10 $0.00 $0.00 $0.00 $0.00 NA $0.00 $237.40 $0.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 NA $0.00 $0.00 $0.00
$2,201.80 $4,137.40 $0.00 $0.00 $0.00 $0.00 NA $0.00 $585.10 $0.00
$194.60 $257.50 $0.00 $0.00 $0.00 $0.00 NA $0.00 $70.70 $0.00
$2,722.90 $2,988.70 $0.00 $0.00 $0.00 $0.00 NA $0.00 $825.80 $0.00
$4,250.10 $5,488.00 $2,286.70 $2,940.10 $1,939.56 $7,213.30 346.35% ### ### -$254.90
$287.00 $387.40 $0.00 $0.00 $0.00 $1,033.00 NA ### -$780.17 -$90.80
$363.00 $400.00 $0.00 $0.00 $0.00 $0.00 NA $0.00 $54.90 $0.00
$43.00 $43.00 $0.00 $0.00 $0.00 $13.50 NA -$13.50 -$11.68 $0.00
$392.30 $392.30 $0.00 $0.00 $0.00 $135.34 NA -$135.34 -$69.54 -$39.00
$833.60 $529.50 $0.00 $0.00 $0.00 -$93.19 NA $93.19 $506.79 -$145.00
$2,183.50 $2,423.80 $0.00 $0.00 $0.00 $260.98 NA -$296.48 $266.32 -$80.10
$179.20 $201.80 $0.00 $0.00 $0.00 $25.36 NA -$25.36 $47.64 -$13.40
$81.90 $122.90 $0.00 $0.00 $0.00 $0.00 NA $0.00 $73.90 $0.00
$1,463.10 $1,599.40 $0.00 $0.00 $0.00 $156.30 NA -$192.10 $2,866.10 -$208.90
$822.80 $909.80 $0.00 $0.00 $0.00 $72.88 NA -$94.88 $1,384.62 -$290.50
$624.90 $724.10 $0.00 $0.00 $0.00 $29.22 NA $6.58 $383.08 -$73.60
$1,848.90 $2,090.40 $0.00 $0.00 $0.00 ### NA $1,252.80 $2,028.00 -$155.60
$189.00 $189.00 $0.00 $0.00 $0.00 $123.32 NA -$123.32 -$69.62 -$36.10
$449.70 $466.60 $0.00 $0.00 $0.00 $128.30 NA -$128.30 $5.64 -$91.60
$964.30 $964.30 $0.00 $0.00 $0.00 $2,250.60 NA ### $855.50 $0.00
$186.90 $237.00 $0.00 $0.00 $0.00 $687.90 NA -$701.70 -$169.57 -$59.50
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 NA $0.00 $0.00 $0.00
Ejercicio 1

INVERSIÓN 1,000,000
NOPAT 85,000
ke 10%
kd 7%

ROIC = NOPAT/CAPITAL 8.5%

WACC = KE x WE + KD x WD (1-t) 7.68%

VA EVA 1,106,771

Valor agregado del proyecto 106,771

VA FCF 1,106,771
Ejercicio 2

Negocio Nueva Negocio Actual +

Actual Inversión Nueva Inversión
ROIC 0.15 0.15 0.15
EVA 0 0 0
VA EVA 6,000 400 6,400
VA FCF 6,000 400 6,400

WACC 15%
Rio SA

0 1 2 3 4 5 6 7
Ventas 83.6 89.5 95.7 102.4 106.5 110.8 115.2 118.7
CMV 63.1 66.2 71.3 76.3 79.9 83.1 87 90.2
Margen bruto 20.5 23.3 24.4 26.1 26.6 27.7 28.2 28.5
Depreciaciones 3.3 9.9 10.6 11.3 11.8 12.3 12.7 13.1
Utilidad a T 17.2 13.4 13.8 14.8 14.8 15.4 15.5 15.4
Impuesto 6.0 4.7 4.8 5.2 5.2 5.4 5.4 5.4
Utilidad neta 11.2 8.7 9.0 9.6 9.6 10.0 10.1 10.0

Supuestos
Crecimiento de ventas 7% 7% 7% 4% 4% 4% 3%
CMV como %Vtas 74.0% 74.5% 74.5% 75.0% 75.0% 75.5% 76.0%
CT como %Vtas 13 13 13 13 13 13 13
BU como %Vtas 79 79 79 79 79 79 79
Tasa impuesto 35%
WACC 9%
Crecimiento de vtas LP 3%

Calculos auxiliares
CT 11.1 11.6 12.4 13.3 13.8 14.4 15.0 15.4
Variacion CT 0.5 0.8 0.9 0.5 0.6 0.6 0.5
BU Neto 66 70.7 75.6 80.9 84.1 87.5 91.0 93.8
Inversion neto BU 4.7 4.9 5.3 3.2 3.4 3.5 2.8

Cálculo del FF
1 2 3 4 5 6 7
Utilidad neta 8.7 9.0 9.6 9.6 10.0 10.1 10.0
´+Depreciación 9.9 10.6 11.3 11.8 12.3 12.7 13.1
´-Inversión en BU 14.6 15.5 16.6 15.0 15.7 16.2 15.9
´-Inversión en CT 0.5 0.8 0.9 0.5 0.6 0.6 0.5
FF Libre 3.5 3.3 3.5 5.8 6.1 6.0 6.8

VA FF año 1 al 7 23.99 3.183 2.749 2.669 4.143 3.935 3.594 3.714

VA FF a perpetuidad 63.76 116.6
Valor de la Empresa 87.75