Valoración de mercado de la empresa Ladrillera El Ajizal S.A

Abstract

To appraise a company is to quantify the market value of the patrimony, considering the future cash flows or free cash flows, brought at the time of the analysis of valuation or to the present value, with the propose that the owners and/or shareholders can perform the following actions: (to perform the purchase or sale of a company, to perform a joint or a split of a company, to measure the administrative and financial management, to take credits, or when one of the proprietors wants to acquire a participation of another that sells, also is a tool of strategic planning that serves to be able to forecast and generate different scenes of future investment, expansion, positioning etc. Several valuation methods exist that are classified in Accounting Methods and future profitability Methods. Among the accounting methods five can be mentioned: Carrying Value, Value with Adjustment of Net worth, Value of Replacement, Value of liquidation and multiples. These methods are relatively easy to use, but they present limitations. The methods associated to the profitability, unlike the accounting methods, consider the capacity of the company to generate wealth, to produce future value, can be mentioned: Value in Stock market, discounted Cash Flow and real value. The recommended method to make the application practices of the model of valuation exhibited in this work is the method of Free Cash Flow discounted since the brick maker Ajizal S.A. is an ongoing Company allowing to appraise it because their cash flow is the result of the income and expense of the company that allow the replacement of the capital of work and fixed assets, attention of the service to the debt and distribution of utilities. The appraisal process includes a meticulous analysis of the macroeconomic activity of the sector until the year 2011 which glimpses a positive dynamic that results in expansion possibilities and growth of the company. Additionally, an analysis of the present productive process that in comparison with other brick makers is moderately advanced, and a financial standing analysis.