2005 was a very good year for the shareholders of the companies in the Euro Stoxx 50. The shareholder value creation of these 50 companies was €292.9 billion. The companies that created most value for their shareholders were Total (€30 billion), Sanofi-Synthelabo (€23.2 billion) and Eni...

We compute the Shareholder Value Creation of BBVA. The market cap of BBVA increased between December 1991 and December 2005 in 47,386 million euros. The shareholder value creation during this period was 15,617 million euros. The average shareholder return of BBVA in this 14 years was 19.8%,...

2005 was a very good year for the shareholders of the companies in the Euro Stoxx 50. The shareholder value creation of these 50 companies was 292.9 billion. The companies that created more value for their shareholders were Total ( 30 billion), Sanofi-Synthelabo ( 23.2 billion) and Eni ( 20.7...

This paper contains a collection and classification of 96 errors seen in company valuations performed by financial analysts, investment banks and financial consultants. The author had access to most of the valuations referred to in this paper in his capacity as a consultant in company...

Spanish Abstract: La conclusioacute;n fundamental es que los muacute;ltiplos casi siempre tienen una gran dispersioacute;n. Por este motivo las valoraciones realizadas por muacute;ltiplos son casi siempre muy cuestionables. Sin embargo, los muacute;ltiplos siacute; son uacute;tiles en una segunda fase...

Spanish Abstract: La Prima de Riesgo del Mercado es uno de los paraacute;metros financieros maacute;s investigados y controvertidos, y tambieacute;n uno de los que maacute;s confusioacute;n genera. Gran parte de la confusioacute;n se debe a que el teacute;rmino ldquo;Prima de Riesgo del Mercadordquo;...

Spanish Abstract: En este artiacute;culo se muestra que es un error enorme utilizar las betas calculadas con datos histoacute;ricos para calcular la rentabilidad exigida a las acciones o para medir la gestioacute;n de una cartera de valores. Por 7 razones: porque cambian mucho de un diacute;a para...

We compute the Shareholder Value Creation of Repsol. The market cap of Repsol increased between December 1991 and December 2005 in 25,611 million euros. The shareholder value creation during this period was 6,736 million euros. The average shareholder return of Repsol in this 14 years was 14.5%,...

During the last 3, 5, 10 and 15 years, the average return of the equity mutual funds in Spain was 600 basis points smaller than the average return of the Spanish Index ITBM. Nevertheless, on December 31, 2006, 348,000 investors in the 120 existing equity mutual funds had 10.7 billion euros. Only...

We compute the Shareholder Value Creation of Banco Popular. The market cap of Banco Popular increased between December 1991 and December 2005 in 14.9 billion euros. The shareholder value creation during this period was 13.4 billion euros. The average shareholder return of Banco Popular in this...