En este documento se cuantifica la creación de valor para los accionistas del Banco Santander (BSCH) entre diciembre de 1991 y diciembre de 2005. En ese período, el aumento de la capitalización de BSCH fue de 67.070 millones de euros, el aumento del valor para los accionistas fue de 32.114...

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...

It is a big mistake to use betas calculated from historical data to compute the required return to equity. It is a mistake for seven reasons: because betas calculated from historical data change considerably from one day to the next; because calculated betas depend very much on which stock index...

This paper shows that ten methods of company valuation using cash flow discounting (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and...

Este documento es un compendio de los métodos y teorías más utilizados para valorar empresas por descuento de flujos. Los diez métodos descritos son: flujos para las acciones descontados a la rentabilidad exigida a las acciones; free cash flow descontado al WACC; capital cash flows descontados...

This paper contains a collection and a classification of 75 errors seen in company valuations performed by financial analysts, investment banks and financial consultants. The author had access to most of the valuations that are referred to in this paper when consulting in purchases, sales and...

This paper contains a classified collection of 110 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 acquisitions,...

Entre diciembre de 1990 y marzo de 2008, 61 empresas españolas (entre 154 analizadas) sufrieron un descenso en su cotización superior al 70%. El promedio del mayor descenso fue del 64%. El mayor descenso del IBEX 35 en este período fue del 58%. Este documento muestra la evolución de la...

2002 was a bad year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value destruction of the companies in the Euro Stoxx 50 was 958,968 million euros. In 2002 only Eni created value (3,374 million euros). The remaining 49 companies destroyed value and had negative...

Este documento analiza la creación de valor y la rentabilidad para los accionistas de Endesa (ELE), Iberdrola (IBE) y Unión Fenosa (UNF) entre diciembre de 1991 y diciembre de 2007. En ese período, la creación de valor para los accionistas fue (en millardos de euros): ELE, 31,2; IBE, 32, y...