Valoración de la compañía Cementos Argos S.A. a partir del método de Valor Económico Agregado (EVA) 2012-2021

Abstract

In this work an valuation exercise of Cementos Argos S.A is made by using the Economic Value Added method (EVA), assuming a 10 years´ time horizon and taking into account the financial and accounting information published by the company. The valuation exercise is made from an external valuator perspective in a national context. The financial statements were projected based on different macroeconomic variables as the Gross Domestic Product, The Inflation and the Exchange Rate (USD/COL.P). The cost of the capital was determined through the WACC (Weighted Average Cost of Capital) method, determining the cost of the patrimony by the CAPM (Capital Asset Pricing Model) method. Under the financial statements projected for a relevant period of 10 years and the WACC calculated of 10,63% for the year 2012, the assessment supports a value per share of $5.376, which was proven through the Discounted Free Cash Flow method. The value per share found is close to the price quoted on June 8th, 2012 after the division by absorption of assets made by Inversiones Argos S.A.