Análisis comparable entre Supermercados Peruanos y Grupo Éxito en Colombia
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2017-07-17
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Pontificia Universidad Católica del Perú
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La presente tesis tiene como objetivo identificar los principales inputs de valor de las
empresas cuyo principal negocio son los supermercados: “Supermercados Peruanos” de Perú
y “Grupo Éxito” de Colombia; así como identificar las estrategias necesarias para
incrementar el valor de cada empresa. Para ello, se ha realizado la valorización de ambas
empresas, partiendo de saldos reales al cierre de diciembre de 2016 proyectado hasta el año
2026, con la finalidad de permitir el crecimiento orgánico e inorgánico, mejorar las
condiciones de financiamiento e incrementar la rentabilidad de los accionistas de ambas
empresas.
Para determinar el valor de ambas empresas, se utilizó el método de flujos de caja
descontados, los mismos que fueron aplicados al principal negocio de ambas empresas.
Asimismo, las alternativas de financiamiento propuestas en la presente investigación, se
desarrollaron sobre la base del análisis de estructura óptima de capital y la descomposición
del retorno sobre patrimonio (ROE) a través del análisis Dupont.
Se identificó que los inputs de valor más sensibles para ambas empresas son el costo
del capital invertido por metro cuadrado, el costo de ventas y los gastos operativos, estos
pueden agregar o disminuir el valor de las empresas, en caso no son gestionados correcta y
oportunamente. Con los inputs de valor evaluados, se determinó que la valorización de
Supermercados Peruanos genera un valor empresa de S/. 2,503 millones y un precio por
acción de S/. 2.75; y, en el caso de la valorización del Grupo Éxito se obtuvo un valor
empresa de COP 15’759,247 millones y un precio por acción de 25,934 Pesos Colombianos
(COP)
The present thesis aims to identify the main value inputs of the companies whose main business is supermarkets: "Supermercados Peruanos" from Peru and "Grupo Éxito" from Colombia; As well as identify the strategies needed to increase the value of each company. To achieve this, the valuation of the companies has been carried out, starting their balance sheets as of December 2016 projected until 2026, in order to allow organic and inorganic growth, to improve financing conditions and to increase the profitability of the shareholders of both companies. To determine the value of both companies, it has been used the discounted free cash flow method, this method was applied to the main business of both companies. In addition, the financing alternatives proposed in the present research were developed on the basis of the optimal capital structure analysis and the decomposition of return on equity (ROE) through the Dupont analysis. It was identified that the most sensitive value inputs for both companies are the capital expenditure cost per square meter, cost of goods sold and operating expenses, these can add or decrease the value of the companies, if these are not managed correctly and in a timely manner. With the evaluated value inputs, it was determined that the valuation of Supermercados Peruanos generates a company value of S /. 2,503 millions and a price per share of S /. 2.75; and in the case of the valuation of Grupo Exito, it was obtained a company value of COP 15´759,247 millions of colombian pesos and a price per share of COP 25,934 colombian pesos
The present thesis aims to identify the main value inputs of the companies whose main business is supermarkets: "Supermercados Peruanos" from Peru and "Grupo Éxito" from Colombia; As well as identify the strategies needed to increase the value of each company. To achieve this, the valuation of the companies has been carried out, starting their balance sheets as of December 2016 projected until 2026, in order to allow organic and inorganic growth, to improve financing conditions and to increase the profitability of the shareholders of both companies. To determine the value of both companies, it has been used the discounted free cash flow method, this method was applied to the main business of both companies. In addition, the financing alternatives proposed in the present research were developed on the basis of the optimal capital structure analysis and the decomposition of return on equity (ROE) through the Dupont analysis. It was identified that the most sensitive value inputs for both companies are the capital expenditure cost per square meter, cost of goods sold and operating expenses, these can add or decrease the value of the companies, if these are not managed correctly and in a timely manner. With the evaluated value inputs, it was determined that the valuation of Supermercados Peruanos generates a company value of S /. 2,503 millions and a price per share of S /. 2.75; and in the case of the valuation of Grupo Exito, it was obtained a company value of COP 15´759,247 millions of colombian pesos and a price per share of COP 25,934 colombian pesos
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Empresas -- Valoración
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