Valoración de empresas. Jazztel
Fecha
2015-09-09
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Jaén: Universidad de Jaén
Resumen
[ES] La valoración de empresas es en la actualidad un tema crucial en el mundo de los negocios, dada la gran cantidad de operaciones que por diferentes motivos necesitan valoraciones fiables para la toma de decisiones. Es la razón que me ha llevado a realizar éste TFG y más concretamente sobre la empresa Jazztel dado que ha sido objeto reciente de éste proceso, por lo que realizar una valoración por mi parte suponía un reto atractivo.
Así, y partiendo fundamentalmente de la información contable de carácter público de los últimos cinco años, he analizado en primer lugar las cuentas anuales, su composición y evolución y la interrelación entre las distintas masas y partidas mediante ratios, para llegar a realizar un chequeo exhaustivo de la contabilidad. De ello he obtenido los datos y parámetros para realizar una valoración de la empresa, que llevaré a cabo por el método de descuento de flujos de caja (MDFC), por ser el método más utilizado en la actualidad y el más objetivo a juicio de la mayor parte de los analistas, y que nos conducirá al fin último perseguido que es cuantificar el valor de la empresa Jazztel.
[EN] The evaluation of enterprises is a crucial issue in today’s business world, due to the large amount of operations that, for one reason or another, need reliable valuations when taking decisions. That is why I have decided to devote my end of degree project to this issue, focusing our attention on the Jazztel enterprise concretely due to the fact that it has been exposed to that type of process recently. Therefore, I consider it not only very appealing to me but also a personal challenge. Thus, taking as a starting point the countable information of public character for the last five years, I have firstly analyzed the composition and evolution of the annual accounts, as well as the interrelation in between the different masses and line items through ratios in order to carry out an accurate revision on the accounts. From it, the data and parameters have been obtained to conduct an assessment of the before mentioned enterprise. It will be carried out through the discounted cash flow method (DCFM) as it is not only the most widespread method used nowadays but also the most objective according to the most analytics’ opinion, which will lead us to our final goal which is to quantify Jazztel’s value.
[EN] The evaluation of enterprises is a crucial issue in today’s business world, due to the large amount of operations that, for one reason or another, need reliable valuations when taking decisions. That is why I have decided to devote my end of degree project to this issue, focusing our attention on the Jazztel enterprise concretely due to the fact that it has been exposed to that type of process recently. Therefore, I consider it not only very appealing to me but also a personal challenge. Thus, taking as a starting point the countable information of public character for the last five years, I have firstly analyzed the composition and evolution of the annual accounts, as well as the interrelation in between the different masses and line items through ratios in order to carry out an accurate revision on the accounts. From it, the data and parameters have been obtained to conduct an assessment of the before mentioned enterprise. It will be carried out through the discounted cash flow method (DCFM) as it is not only the most widespread method used nowadays but also the most objective according to the most analytics’ opinion, which will lead us to our final goal which is to quantify Jazztel’s value.