Datos históricos de Bayer
País: Zona Euro.
Sector: Farmacia y Salud.
Ticker | BAYN.DE |
Cotización | 20,02 |
Nº acciones | 982.424.082 |
Capitalización | 19.668.130.122 |
Valor contable por acción | 48,18 |
Precio / Valor contable | 0,42 |
EV / EBITDA | 5,62 |
EV / EBIT | 33,93 |
2019 | |||
---|---|---|---|
BPA | 2,46 | ||
PER | 8,14 | ||
DPA | 2,8000 | ||
RPD | 13,99% |
Tasas de crecimiento | 5 años | 10 años | 20 años | 30 años |
---|---|---|---|---|
Ingresos | 0,61% | 3,40% | 2,77% | #¡DIV/0! |
EBITDA | 2,51% | 5,09% | #¡DIV/0! | |
EBIT | -5,32% | 3,37% | 3,16% | #¡DIV/0! |
BPA Ordinario | -9,90% | 4,12% | -0,54% | #¡DIV/0! |
Dividendo ordinario | 4,47% | 7,18% | 3,91% | #¡DIV/0! |
Valor contable por acción | 14,66% | 7,71% | #¡DIV/0! | #¡DIV/0! |
CASH-FLOW DE EXPLOTACIÓN | 7,15% | 4,32% | 7,32% | #¡DIV/0! |
Dejé de actualizar Bayer cuando decidí centrar la base de datos en las empresas que considero más adecuadas para el largo plazo. Es una de las mejores farmacéuticas del mundo, pero este sector no termino de verlo claro, pensando en el muy largo plazo.
Ratios Medios | 5 años | 10 años | 20 años | 30 años |
---|---|---|---|---|
PER medio | 21,06 | 24,34 | 20,05 | #¡DIV/0! |
RD Media | 3,03% | 2,85% | 3,06% | |
Precio / valor contable medio | 2,95 | 3,27 | 2,62 | #¡REF! |
EV / EBITDA medio | 11,36 | 10,67 | #¡VALOR! | #¡VALOR! |
EV /EBIT medio | 18,67 | 18,36 | 15,35 | #¡DIV/0! |
ROA medio | 5,08% | 4,85% | 4,05% | #¡REF! |
ROE medio | 12,83% | 14,00% | 11,61% | #¡REF! |
ROCE medio | 11,04% | 12,54% | 10,74% | #¡REF! |
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ingresos | 43.545,00 | 39.586,00 | 35.015,00 | 46.769,00 | 46.324,00 | 42.239,00 | 40.157,00 | 39.741,00 | 36.528,00 | 35.088,00 | 31.168,00 | 32.918,00 | 32.385,00 | 28.956,00 | 27.383,00 | 23.278,00 | 28.567,00 | 29.624,00 | 28.938,00 | 28.615,00 | 25.194,00 | 23.352,00 | |
% | 10% | 13.05% | -25.13% | 0.96% | 9.67% | 5.18% | 1.05% | 8.8% | 4.1% | 12.58% | -5.32% | 1.65% | 11.84% | 5.74% | 17.63% | -18.51% | -3.57% | 2.37% | 1.13% | 13.58% | 7.89% | ||
Coste de ventas | -17.467,00 | -17.010,00 | -11.382,00 | -20.295,00 | -21.158,00 | -20.266,00 | -19.347,00 | -19.070,00 | -17.975,00 | -17.103,00 | -15.135,00 | -16.456,00 | -16.352,00 | -15.275,00 | -15.027,00 | -12.421,00 | -16.834,00 | -17.680,00 | -16.542,00 | -15.077,00 | -13.585,00 | -12.510,00 | |
% | -2.69% | -49.45% | 43.92% | 4.08% | -4.4% | -4.75% | -1.45% | -6.09% | -5.1% | -13% | 8.03% | -0.64% | -7.05% | -1.65% | -20.98% | 26.21% | 4.79% | -6.88% | -9.72% | -10.98% | -8.59% | ||
Margen bruto | 26.078,00 | 22.576,00 | 23.633,00 | 26.474,00 | 25.166,00 | 21.973,00 | 20.810,00 | 20.671,00 | 18.553,00 | 17.985,00 | 16.033,00 | 16.462,00 | 16.033,00 | 13.681,00 | 12.356,00 | 10.857,00 | 11.733,00 | 11.944,00 | 12.396,00 | 13.538,00 | 11.609,00 | 10.842,00 | 0,00 |
% | 15.51% | -4.47% | -10.73% | 5.2% | 14.53% | 5.59% | 0.67% | 11.42% | 3.16% | 12.17% | -2.61% | 2.68% | 17.19% | 10.72% | 13.81% | -7.47% | -1.77% | -3.65% | -8.44% | 16.62% | 7.07% | ||
EBITDA | 9.554,00 | 10.266,00 | 8.563,00 | 8.801,00 | 9.583,00 | 8.442,00 | 7.830,00 | 6.916,00 | 6.918,00 | 6.286,00 | 5.815,00 | 6.266,00 | 5.866,00 | 4.675,00 | 4.647,00 | 3.834,00 | 3.532,00 | 4.922,00 | #¡VALOR! | #¡VALOR! | #¡VALOR! | #¡VALOR! | |
% | -6.94% | 19.89% | -2.7% | -8.16% | 13.52% | 7.82% | 13.22% | -0.03% | 10.05% | 8.1% | -7.2% | 6.82% | 25.48% | 0.6% | 21.21% | 8.55% | -28.24% | ||||||
Margen EBITDA / Ventas | 21,94% | 25,93% | 24,46% | 18,82% | 20,69% | 19,99% | 19,50% | 17,40% | 18,94% | 17,91% | 18,66% | 19,04% | 18,11% | 16,15% | 16,97% | 16,47% | 12,36% | 16,61% | #¡VALOR! | #¡VALOR! | #¡VALOR! | #¡VALOR! | |
EBIT (Operating profit) | 4.189,00 | 3.914,00 | 5.903,00 | 7.042,00 | 6.250,00 | 5.506,00 | 4.934,00 | 3.928,00 | 4.149,00 | 2.730,00 | 3.006,00 | 3.544,00 | 3.154,00 | 2.762,00 | 2.812,00 | 1.875,00 | -1.203,00 | 1.610,00 | 1.242,00 | 3.064,00 | 2.248,00 | 2.886,00 | 0,00 |
% | 7.03% | -33.69% | -16.17% | 12.67% | 13.51% | 11.59% | 25.61% | -5.33% | 51.98% | -9.18% | -15.18% | 12.37% | 14.19% | -1.78% | 49.97% | 255.86% | -174.72% | 29.63% | -59.46% | 36.3% | -22.11% | ||
Margen EBIT / Ventas | 9,62% | 9,89% | 16,86% | 15,06% | 13,49% | 13,04% | 12,29% | 9,88% | 11,36% | 7,78% | 9,64% | 10,77% | 9,74% | 9,54% | 10,27% | 8,05% | -4,21% | 5,43% | 4,29% | 10,71% | 8,92% | 12,36% | #¡DIV/0! |
Resultado neto ordinario | 4.091,00 | 1.695,00 | 7.336,00 | 4.531,00 | 4.110,00 | 3.426,00 | 3.186,00 | 2.453,00 | 2.470,00 | 1.301,00 | 1.359,00 | 1.719,00 | 4.711,00 | 1.683,00 | 1.597,00 | 685,00 | -1.361,00 | 1.060,00 | 965,00 | 1.816,00 | 2.002,00 | 1.614,00 | 0,00 |
Resultado neto total | 4.091,00 | 1.695,00 | 7.336,00 | 4.531,00 | 4.110,00 | 3.426,00 | 3.186,00 | 2.453,00 | 2.470,00 | 1.301,00 | 1.359,00 | 1.719,00 | 4.711,00 | 1.683,00 | 1.597,00 | 685,00 | -1.361,00 | 1.060,00 | 965,00 | 1.816,00 | 2.002,00 | 1.614,00 | |
BPA ordinario | 2,46 | 5,94 | 3,73 | 5,12 | 4,97 | 4,14 | 3,85 | 2,97 | 2,99 | 1,57 | 1,64 | 2,09 | 5,72 | 2,13 | 2,19 | 0,94 | -1,86 | 1,45 | 1,32 | 2,49 | 2,74 | 2,21 | #¡DIV/0! |
% | -58.59% | 59.25% | -27.15% | 3.02% | 20.05% | 7.53% | 29.63% | -0.67% | 90.45% | -4.27% | -21.53% | -63.46% | 168.54% | -2.74% | 132.98% | 150.54% | -228.28% | 9.85% | -46.99% | -9.12% | 23.98% | ||
BPA extraordinario | 1,71 | 4,14 | 4,68 | 0,32 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
BPA total | 4,17 | 1,80 | 8,41 | 5,44 | 4,97 | 4,14 | 3,85 | 2,97 | 2,99 | 1,57 | 1,64 | 2,09 | 5,72 | 2,13 | 2,19 | 0,94 | -1,86 | 1,45 | 1,32 | 2,49 | 2,74 | 2,21 | #¡DIV/0! |
Dividendo ordinario | 2,8000 | 2,8000 | 2,8000 | 2,7000 | 2,5000 | 2,2500 | 2,1000 | 1,9000 | 1,6500 | 1,5000 | 1,4000 | 1,4000 | 1,3500 | 1,0000 | 0,9500 | 0,5500 | 0,5000 | 0,9000 | 0,9000 | 1,4000 | 1,3000 | 1,0200 | 0,0000 |
% | -0% | -0% | 3.7% | 8% | 11.11% | 7.14% | 10.53% | 15.15% | 10% | 7.14% | -0% | 3.7% | 35% | 5.26% | 72.73% | 10% | -44.44% | -0% | -35.71% | 7.69% | 27.45% | ||
Pay-out | 113,82% | 47,14% | 75,07% | 52,73% | 50,30% | 54,31% | 54,51% | 64,05% | 55,24% | 95,34% | 85,19% | 67,13% | 23,61% | 47,04% | 43,45% | 58,64% | -26,83% | 62,01% | 68,11% | 56,30% | 47,42% | 46,16% | #¡DIV/0! |
Dividendo extraordinario | |||||||||||||||||||||||
Dividendo total | 2,8000 | 2,8000 | 2,8000 | 2,7000 | 2,5000 | 2,2500 | 2,1000 | 1,9000 | 1,6500 | 1,5000 | 1,4000 | 1,4000 | 1,3500 | 1,0000 | 0,9500 | 0,5500 | 0,5000 | 0,9000 | 0,9000 | 1,4000 | 1,3000 | 1,0200 | 0,0000 |
Observaciones |
La su...
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La subida tan fuerte de la deuda es por la compra de Monsanto. El extraordinario negativo se debe a depreciaciones de activos, y no ha supuesto salida de dinero de la caja (el flujo de explotación es muy similar al de 2017)
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La ba...
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La bajada de las ventas y el BPA extraordinario se debe a la venta de la participación en Covestro (tenía el 64% y pasa a tener el 25% al final de 2017)
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Saca...
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Saca a Bolsa su negocio químico (la nueva empresa se llama Covestro), pasa a definirse como una empresa de Ciencias de la Vida (Life Sciences), con los negocios de farmacéutica, salud de consumo y cultivos
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Valor contable por acción | 48,18 | 49,30 | 44,50 | 36,68 | 29,34 | 24,31 | 17,92 | 16,79 | 23,30 | 22,85 | 22,92 | 19,82 | 20,42 | 16,23 | 15,28 | 14,98 | 16,72 | 21,00 | 23,17 | 22,10 | 20,55 | 17,21 | #¡REF! |
% | -2.27% | 10.79% | 21.32% | 25.02% | 20.69% | 35.66% | 6.73% | -27.94% | 1.97% | -0.31% | 15.64% | -2.94% | 25.82% | 6.22% | 2% | -10.41% | -20.38% | -9.37% | 4.84% | 7.54% | 19.41% | ||
Deuda neta | 34.068,00 | 35.679,00 | 3.595,00 | 11.778,00 | 17.449,00 | 27.000,00 | 21.100,00 | 7.022,00 | 7.013,00 | 7.917,00 | 9.691,00 | 14.152,00 | 12.184,00 | 17.539,00 | 5.494,00 | 5.422,00 | 6.000,00 | 8.900,00 | 6.500,00 | 5.900,00 | 0,00 | 0,00 | 0,00 |
% | -4.52% | 892.46% | -69.48% | -32.5% | -35.37% | 27.96% | 200.48% | 0.13% | -11.42% | -18.31% | -31.52% | 16.15% | -30.53% | 219.24% | 1.33% | -9.63% | -32.58% | 36.92% | 10.17% | ||||
Deuda neta / EBITDA | 3,57 | 3,48 | 0,42 | 1,34 | 1,82 | 3,20 | 2,69 | 1,02 | 1,01 | 1,26 | 1,67 | 2,26 | 2,08 | 3,75 | 1,18 | 1,41 | 1,70 | 1,81 | #¡VALOR! | #¡VALOR! | #¡VALOR! | #¡VALOR! | |
Deuda neta / CF EXplotación | 4,15 | 4,51 | 0,44 | 1,30 | 2,53 | 4,65 | 4,08 | 1,55 | 1,39 | 1,37 | 1,80 | 3,92 | 2,84 | 4,17 | 1,57 | 2,21 | 1,82 | 2,00 | 1,68 | 1,91 | 0,00 | 0,00 | #¡DIV/0! |
ROA | 3,24% | 1,34% | 9,77% | 5,51% | 5,56% | 4,88% | 6,21% | 4,78% | 4,69% | 2,53% | 2,66% | 3,27% | 9,18% | 3,18% | 4,35% | 2,09% | -5,01% | 3,19% | 3,26% | 6,26% | 6,53% | 5,62% | #¡REF! |
ROE | 8,64% | 3,69% | 19,93% | 14,94% | 16,94% | 17,04% | 21,51% | 17,66% | 12,82% | 6,89% | 7,17% | 10,52% | 28,01% | 13,10% | 14,31% | 6,26% | -11,14% | 6,91% | 5,70% | 11,25% | 13,34% | 12,84% | #¡REF! |
ROCE | 5,13% | 4,78% | 14,59% | 16,12% | 14,57% | 11,66% | 13,74% | 18,79% | 15,79% | 10,18% | 10,50% | 11,62% | 10,87% | 9,09% | 16,89% | 11,46% | -6,56% | 6,61% | 5,28% | 13,75% | 14,81% | 22,58% | #¡REF! |
Cash-flow de explotación | 8.207,00 | 7.917,00 | 8.134,00 | 9.089,00 | 6.890,00 | 5.810,00 | 5.171,00 | 4.530,00 | 5.060,00 | 5.773,00 | 5.375,00 | 3.608,00 | 4.283,00 | 4.203,00 | 3.502,00 | 2.450,00 | 3.293,00 | 4.458,00 | 3.859,00 | 3.091,00 | 3.253,00 | 2.848,00 | 0,00 |
% | 3.66% | -2.67% | -10.51% | 31.92% | 18.59% | 12.36% | 14.15% | -10.47% | -12.35% | 7.4% | 48.97% | -15.76% | 1.9% | 20.02% | 42.94% | -25.6% | -26.13% | 15.52% | 24.85% | -4.98% | 14.22% | ||
Cash-flow de inversión | -671,00 | -34.152,00 | -432,00 | -8.729,00 | -2.762,00 | -15.539,00 | -2.581,00 | -814,00 | -3.890,00 | -2.414,00 | -1.126,00 | -3.089,00 | 3.186,00 | -14.730,00 | -1.741,00 | -814,00 | 460,00 | -6.570,00 | -2.132,00 | -6.189,00 | 214,00 | -3.192,00 | 0,00 |
% | 98.04% | -7805.56% | 95.05% | -216.04% | 82.23% | -502.05% | -217.08% | 79.07% | -61.14% | -114.39% | 63.55% | -196.96% | 121.63% | -746.07% | -113.88% | -276.96% | 107% | -208.16% | 65.55% | -2992.06% | 106.7% | ||
Cash-flow de financiación | -8.389,00 | 23.432,00 | -1.881,00 | -350,00 | -3.974,00 | 9.736,00 | -2.535,00 | -3.783,00 | -2.213,00 | -3.230,00 | -3.621,00 | -873,00 | -7.730,00 | 10.199,00 | -1.881,00 | -761,00 | -1.761,00 | 2.171,00 | -1.549,00 | 772,00 | -1.729,00 | -201,00 | 0,00 |
% | -135.8% | 1345.72% | -437.43% | 91.19% | -140.82% | 484.06% | 32.99% | -70.94% | 31.49% | 10.8% | -314.78% | 88.71% | -175.79% | 642.21% | -147.17% | 56.79% | -181.11% | 240.15% | -300.65% | 144.65% | -760.2% | ||
Variación tipos cambio | -580,00 | -139,00 | 30,00 | -148,00 | 184,00 | -91,00 | -6,00 | -26,00 | -14,00 | 3,00 | -83,00 | -123,00 | -47,00 | -160,00 | -39,00 | -25,00 | -11,00 | 50,00 | 5,00 | -110,00 | -17,00 | 0,00 | |
Cash-flow neto | -853,00 | -3.383,00 | 5.682,00 | 40,00 | 6,00 | 191,00 | -36,00 | -73,00 | -1.069,00 | 115,00 | 631,00 | -437,00 | -384,00 | -375,00 | -280,00 | 836,00 | 1.967,00 | 48,00 | 228,00 | -2.321,00 | 1.628,00 | -562,00 | 0,00 |
% | 74.79% | -159.54% | 14105% | 566.67% | -96.86% | 630.56% | 50.68% | 93.17% | -1029.57% | -81.77% | 244.39% | -13.8% | -2.4% | -33.93% | -133.49% | -57.5% | 3997.92% | -78.95% | 109.82% | -242.57% | 389.68% | ||
CFE-CFI-PID | 6.058,00 | -27.134,00 | 6.970,00 | -434,00 | 3.476,00 | -10.091,00 | 2.252,00 | 3.248,00 | 600,00 | 2.842,00 | 3.043,00 | -753,00 | 6.125,00 | -11.682,00 | 974,00 | 912,00 | 2.971,00 | -2.816,00 | 1.243,00 | -3.434,00 | 3.107,00 | -708,00 | 0,00 |
Pago por dividendos | |||||||||||||||||||||||
Nº acciones a 31 de Diciembre | 982.424.082 | 932.551.964 | 826.947.808 | 826.947.808 | 826.947.808 | 826.947.808 | 826.947.808 | 826.947.808 | 826.947.808 | 826.947.808 | 826.947.808 | 824.235.151 | 823.907.303 | 791.757.583 | 730.341.920 | 730.341.920 | 730.341.920 | 730.341.920 | 730.341.920 | 730.341.920 | 730.341.920 | 730.341.920 | |
Cotización máxima | 74,36 | 110,22 | 123,90 | 113,30 | 146,45 | 121,40 | 103,15 | 73,09 | 59,44 | 59,17 | 56,61 | 66,85 | 62,95 | 41,04 | 36,10 | 25,82 | 23,68 | 40,90 | 58,00 | 56,50 | 47,65 | 49,62 | |
Cotización mínima | 52,02 | 58,34 | 98,60 | 83,45 | 106,80 | 91,31 | 68,64 | 47,62 | 35,36 | 43,26 | 33,34 | 33,50 | 38,76 | 30,22 | 23,45 | 18,80 | 9,80 | 17,03 | 23,90 | 38,52 | 29,74 | 29,40 | |
PER máximo | 12,52 | 29,55 | 24,20 | 22,80 | 35,35 | 31,51 | 34,77 | 24,47 | 37,78 | 36,00 | 27,14 | 11,69 | 29,61 | 18,77 | 38,49 | -13,86 | 16,32 | 30,95 | 23,33 | 20,61 | 21,56 | #¡DIV/0! | |
PER medio | 10,64 | 22,60 | 21,73 | 19,79 | 30,56 | 27,61 | 28,96 | 20,21 | 30,13 | 31,16 | 21,56 | 8,78 | 23,92 | 16,29 | 31,75 | -11,97 | 11,53 | 21,92 | 16,47 | 17,33 | 17,51 | #¡DIV/0! | |
PER mínimo | 8,76 | 15,64 | 19,26 | 16,79 | 25,78 | 23,70 | 23,14 | 15,94 | 22,48 | 26,32 | 15,99 | 5,86 | 18,23 | 13,82 | 25,00 | -10,09 | 6,75 | 12,89 | 9,61 | 14,05 | 13,46 | #¡DIV/0! | |
RD% máxima | 5,38% | 4,80% | 2,74% | 3,00% | 2,11% | 2,30% | 2,77% | 3,46% | 4,24% | 3,24% | 4,20% | 4,03% | 2,58% | 3,14% | 2,35% | 2,66% | 9,18% | 5,28% | 5,86% | 3,37% | 3,43% | 0,00% | |
RD% media | 4,57% | 3,67% | 2,46% | 2,60% | 1,82% | 2,01% | 2,31% | 2,86% | 3,38% | 2,80% | 3,34% | 3,02% | 2,08% | 2,73% | 1,93% | 2,30% | 6,49% | 3,74% | 4,14% | 2,84% | 2,79% | 0,00% | |
RD% mínima | 3,77% | 2,54% | 2,18% | 2,21% | 1,54% | 1,73% | 1,84% | 2,26% | 2,52% | 2,37% | 2,47% | 2,02% | 1,59% | 2,31% | 1,52% | 1,94% | 3,80% | 2,20% | 2,41% | 2,30% | 2,14% | 0,00% | |
Precio / Valor contable máximo | 1,51 | 2,48 | 3,38 | 3,86 | 6,02 | 6,78 | 6,14 | 3,14 | 2,60 | 2,58 | 2,86 | 3,27 | 3,88 | 2,69 | 2,41 | 1,54 | 1,13 | 1,77 | 2,62 | 2,75 | 2,77 | #¡REF! | |
Precio / Valor contable medio | 1,28 | 1,89 | 3,03 | 3,35 | 5,21 | 5,94 | 5,11 | 2,59 | 2,07 | 2,23 | 2,27 | 2,46 | 3,13 | 2,33 | 1,99 | 1,33 | 0,80 | 1,25 | 1,85 | 2,31 | 2,25 | #¡REF! | |
Precio / Valor contable mínimo | 1,06 | 1,31 | 2,69 | 2,84 | 4,39 | 5,10 | 4,09 | 2,04 | 1,55 | 1,89 | 1,68 | 1,64 | 2,39 | 1,98 | 1,57 | 1,12 | 0,47 | 0,74 | 1,08 | 1,87 | 1,73 | #¡REF! | |
EV / EBITDA máximo | 10,59 | 12,42 | 12,98 | 11,60 | 17,54 | 15,52 | 13,35 | 9,75 | 9,08 | 10,08 | 9,73 | 11,47 | 14,85 | 8,17 | 8,29 | 7,04 | 5,32 | #¡VALOR! | #¡VALOR! | #¡VALOR! | #¡VALOR! | ||
EV / EBITDA medio | 9,52 | 9,60 | 11,79 | 10,31 | 15,60 | 13,93 | 11,29 | 8,23 | 7,50 | 8,95 | 8,19 | 9,13 | 12,71 | 7,25 | 7,09 | 6,31 | 4,29 | #¡VALOR! | #¡VALOR! | #¡VALOR! | #¡VALOR! | ||
EV / EBITDA mínimo | 8,45 | 6,77 | 10,60 | 9,02 | 13,66 | 12,34 | 9,22 | 6,71 | 5,91 | 7,82 | 6,66 | 6,78 | 10,58 | 6,33 | 5,88 | 5,59 | 3,26 | #¡VALOR! | #¡VALOR! | #¡VALOR! | #¡VALOR! |
BPA / Dividendo / PER medio
Evolución de la deuda
CFE-CFI-PID = Cash Flow de Explotación - Cash Flow de Inversión - Pago de Intereses de la Deuda. Comparar esta cifra con el "Pago por dividendos" da una idea aproximada (no exacta) de la capacidad de la empresa para mantener y/o incrementar su dividendo actual. Algunas empresas incluyen el pago de intereses de la deuda en el CFE y otras en el de CFF (Financiación). Si está en el CFE el cálculo es CFE-CFI y ya no hay que restar nada más, lógicamente.
El EBITDA y el EBIT de las empresas españolas lo calculo sin hacer ningún ajuste por motivos extraordinarios.