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Datos históricos de Unilever
País: Zona Euro.
GB
Sector: Consumo.
| Ticker | UNA.AS |
| Cotización | 46,57 |
| Nº acciones | 2.609.600.000 |
| Capitalización | 121.529.072.000 |
| Valor contable por acción | 7,29 |
| Precio / Valor contable | 6,39 |
| EV / EBITDA | 11,43 |
| EV / EBIT | 12,39 |
| 2022 | 2023 estimado | %s/2022 | |
|---|---|---|---|
| BPA | 2,93 | 2,35 | -24,68% |
| PER | 15,89 | 19,82 | |
| DPA | 1,7100 | ||
| RPD | 3,67% |
| Tasas de crecimiento | 5 años | 10 años | 20 años | 30 años |
|---|---|---|---|---|
| Ingresos | 2,26% | 1,59% | 1,10% | |
| EBITDA | 4,09% | 4,49% | 2,61% | |
| EBIT | 3,96% | 4,40% | 3,90% | |
| BPA Ordinario | 7,91% | 7,05% | 8,13% | |
| Dividendo ordinario | 3,58% | 5,81% | 5,68% | |
| Valor contable por acción | 10,10% | 3,82% | 7,60% | |
| CASH-FLOW DE EXPLOTACIÓN | -0,03% | 0,63% | -0,40% |
Porcentaje recomendado a largo plazo en una cartera ya formada para Unilever = 2%-4%
Si estás en proceso de formación de tu cartera este porcentaje debes verlo simplemente como una orientación hacia la cual creo que deberías tender con el paso del tiempo.
Tienes análisis, valoraciones y recomendaciones de compra actualizadas constantemente en este hilo del Foro sobre Unilever:
¿A qué precio comprar Unilever?: Análisis Fundamental y Técnico
| Ratios Medios | 5 años | 10 años | 20 años | 30 años |
|---|---|---|---|---|
| PER medio | 22,31 | 22,31 | 20,83 | 15,15 |
| RD Media | 3,44% | 3,32% | 3,39% | 2,35% |
| Precio / valor contable medio | 9,65 | 8,49 | ||
| EV / EBITDA medio | 13,48 | 13,47 | 12,06 | 8,42 |
| EV /EBIT medio | 16,24 | 16,04 | 14,73 | 10,42 |
| ROA medio | 9,10% | 9,55% | ||
| ROE medio | 41,96% | 38,94% | ||
| ROCE medio | 25,19% | 27,04% |
| 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | 60.073,00 | 52.444,00 | 50.724,00 | 51.980,00 | 50.982,00 | 53.715,00 | 52.713,00 | 53.272,00 | 48.436,00 | 49.797,00 | 51.324,00 | 46.467,00 | 44.262,00 | 39.823,00 | 40.523,00 | 40.187,00 | 39.642,00 | 38.401,00 | 38.566,00 | 42.693,00 | 48.270,00 | 51.514,00 | 47.582,00 |
| % | 14.55% | 3.39% | -2.42% | 1.96% | -5.09% | 1.9% | -1.05% | 9.98% | -2.73% | -2.98% | 10.45% | 4.98% | 11.15% | -1.73% | 0.84% | 1.37% | 3.23% | -0.43% | -9.67% | -11.55% | -6.3% | 8.26% | |
| Coste de ventas | -35.906,00 | -30.259,00 | -28.684,00 | -29.102,00 | -28.769,00 | -30.547,00 | -30.229,00 | -30.808,00 | -28.387,00 | -29.245,00 | -30.703,00 | -27.930,00 | -25.890,00 | -23.182,00 | -21.342,00 | -20.558,00 | -20.093,00 | -19.539,00 | -19.856,00 | -21.192,00 | -24.049,00 | -26.962,00 | -25.221,00 |
| % | -18.66% | -5.49% | 1.44% | -1.16% | 5.82% | -1.05% | 1.88% | -8.53% | 2.93% | 4.75% | -9.93% | -7.88% | -11.68% | -8.62% | -3.81% | -2.31% | -2.84% | 1.6% | 6.3% | 11.88% | 10.8% | -6.9% | |
| Margen bruto | 24.167,00 | 22.185,00 | 22.040,00 | 22.878,00 | 22.213,00 | 23.168,00 | 22.484,00 | 22.464,00 | 20.049,00 | 20.552,00 | 20.621,00 | 18.537,00 | 18.372,00 | 16.641,00 | 19.181,00 | 19.629,00 | 19.549,00 | 18.862,00 | 18.710,00 | 21.501,00 | 24.221,00 | 24.552,00 | 22.361,00 |
| % | 8.93% | 0.66% | -3.66% | 2.99% | -4.12% | 3.04% | 0.09% | 12.05% | -2.45% | -0.33% | 11.24% | 0.9% | 10.4% | -13.24% | -2.28% | 0.41% | 3.64% | 0.81% | -12.98% | -11.23% | -1.35% | 9.8% | |
| EBITDA | 12.701,00 | 10.465,00 | 10.321,00 | 10.690,00 | 14.751,00 | 10.395,00 | 9.265,00 | 8.885,00 | 9.412,00 | 8.668,00 | 8.188,00 | 7.462,00 | 7.332,00 | 6.052,00 | 8.170,00 | 6.188,00 | 6.390,00 | 6.348,00 | 6.302,00 | 7.521,00 | 7.589,00 | 8.019,00 | 5.135,00 |
| % | 21.37% | 1.4% | -3.45% | -27.53% | 41.9% | 12.2% | 4.28% | -5.6% | 8.58% | 5.86% | 9.73% | 1.77% | 21.15% | -25.92% | 32.03% | -3.16% | 0.66% | 0.73% | -16.21% | -0.9% | -5.36% | 56.16% | |
| Margen EBITDA / Ventas | 21,14% | 19,95% | 20,35% | 20,57% | 28,93% | 19,35% | 17,58% | 16,68% | 19,43% | 17,41% | 15,95% | 16,06% | 16,56% | 15,20% | 20,16% | 15,40% | 16,12% | 16,53% | 16,34% | 17,62% | 15,72% | 15,57% | 10,79% |
| EBIT (Operating profit) | 10.755,00 | 8.702,00 | 8.303,00 | 8.708,00 | 12.535,00 | 8.857,00 | 7.801,00 | 7.515,00 | 7.980,00 | 7.517,00 | 6.989,00 | 6.433,00 | 6.339,00 | 5.020,00 | 7.167,00 | 5.245,00 | 5.408,00 | 5.074,00 | 4.239,00 | 5.483,00 | 5.007,00 | 5.174,00 | 3.181,00 |
| % | 23.59% | 4.81% | -4.65% | -30.53% | 41.53% | 13.54% | 3.81% | -5.83% | 6.16% | 7.55% | 8.64% | 1.48% | 26.27% | -29.96% | 36.64% | -3.01% | 6.58% | 19.7% | -22.69% | 9.51% | -3.23% | 62.65% | |
| Margen EBIT / Ventas | 17,90% | 16,59% | 16,37% | 16,75% | 24,59% | 16,49% | 14,80% | 14,11% | 16,48% | 15,10% | 13,62% | 13,84% | 14,32% | 12,61% | 17,69% | 13,05% | 13,64% | 13,21% | 10,99% | 12,84% | 10,37% | 10,04% | 6,69% |
| Resultado neto ordinario | 7.642,00 | 6.049,00 | 5.581,00 | 5.625,00 | 6.374,00 | 6.053,00 | 5.184,00 | 4.909,00 | 5.171,00 | 4.842,00 | 4.480,00 | 4.252,00 | 4.244,00 | 3.370,00 | 5.027,00 | 3.888,00 | 3.419,00 | 3.130,00 | 2.941,00 | 2.762,00 | 2.136,00 | 1.838,00 | 1.105,00 |
| Resultado neto total | 7.642,00 | 6.049,00 | 5.581,00 | 5.625,00 | 9.389,00 | 6.053,00 | 5.184,00 | 4.909,00 | 5.171,00 | 4.842,00 | 4.480,00 | 4.252,00 | 4.244,00 | 3.370,00 | 5.027,00 | 3.888,00 | 4.745,00 | 3.766,00 | 2.941,00 | 2.762,00 | 2.136,00 | 1.838,00 | 1.105,00 |
| BPA ordinario | 2,93 | 2,32 | 2,12 | 2,03 | 2,14 | 2,00 | 1,71 | 1,62 | 1,71 | 1,60 | 1,48 | 1,41 | 1,40 | 1,23 | 1,30 | 1,29 | 1,13 | 1,03 | 0,84 | 0,79 | 0,61 | 0,53 | 0,32 |
| % | 26.29% | 9.43% | 4.43% | -5.14% | 7% | 16.96% | 5.56% | -5.26% | 6.87% | 8.11% | 4.96% | 0.71% | 13.82% | -5.38% | 0.78% | 14.16% | 9.71% | 22.62% | 6.33% | 29.51% | 15.09% | 65.63% | |
| BPA extraordinario | 0,00 | 0,00 | 0,00 | 0,00 | 1,01 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | -0,12 | 0,36 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| BPA total | 2,93 | 2,32 | 2,12 | 2,03 | 3,15 | 2,00 | 1,71 | 1,62 | 1,71 | 1,60 | 1,48 | 1,41 | 1,40 | 1,11 | 1,66 | 1,29 | 1,57 | 1,25 | 0,84 | 0,79 | 0,61 | 0,53 | 0,32 |
| Dividendo ordinario | 1,7100 | 1,7100 | 1,6416 | 1,6416 | 1,5488 | 1,4340 | 1,2804 | 1,2080 | 1,1400 | 1,0760 | 0,9720 | 0,9000 | 0,8320 | 0,4650 | 0,7700 | 0,7500 | 0,7000 | 0,6600 | 0,6300 | 0,5800 | 0,5666 | 0,5366 | 0,4766 |
| % | -0% | 4.17% | -0% | 5.99% | 8.01% | 12% | 5.99% | 5.96% | 5.95% | 10.7% | 8% | 8.17% | 78.92% | -39.61% | 2.67% | 7.14% | 6.06% | 4.76% | 8.62% | 2.36% | 5.59% | 12.59% | |
| Pay-out | 58,39% | 73,77% | 77,34% | 80,94% | 72,37% | 71,66% | 74,71% | 74,44% | 66,69% | 67,22% | 65,63% | 64,03% | 59,30% | 37,80% | 59,23% | 58,35% | 61,93% | 63,78% | 74,61% | 73,14% | 92,39% | 101,69% | 150,23% |
| Dividendo extraordinario | 0,2600 | ||||||||||||||||||||||
| Dividendo total | 1,7100 | 1,7100 | 1,6416 | 1,6416 | 1,5488 | 1,4340 | 1,2804 | 1,2080 | 1,1400 | 1,0760 | 0,9720 | 0,9000 | 0,8320 | 0,4650 | 0,7700 | 0,7500 | 0,9600 | 0,6600 | 0,6300 | 0,5800 | 0,5666 | 0,5366 | 0,4766 |
| Observaciones |
El BP...
+
x
El BPA extraordinario se debe a la venta de la división de untables (mantequilla, margarina, etc)
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| Valor contable por acción | 7,29 | 6,56 | 5,81 | 4,76 | 3,88 | 4,51 | 5,41 | 5,10 | 4,51 | 4,74 | 5,01 | 3,29 | 4,10 | 3,71 | 2,76 | 2,76 | 2,09 | 1,70 | 1,68 | 2,01 | 2,35 | ||
| % | 11.13% | 12.91% | 22.06% | 22.68% | -13.97% | -16.64% | 6.08% | 13.08% | -4.85% | -5.39% | -100% | -19.76% | 10.51% | 34.42% | -0% | 32.06% | 22.94% | 1.19% | -16.42% | -14.47% | |||
| Deuda neta | 23.676,00 | 25.510,00 | 20.928,00 | 23.051,00 | 20.781,00 | 20.343,00 | 12.614,00 | 11.505,00 | 9.900,00 | 8.456,00 | 7.355,00 | 8.781,00 | 6.668,00 | 6.357,00 | 8.012,00 | 8.335,00 | 7.523,00 | 10.502,00 | 9.663,00 | 12.555,00 | 16.966,00 | 23.199,00 | 26.468,00 |
| % | -7.19% | 21.89% | -9.21% | 10.92% | 2.15% | 61.27% | 9.64% | 16.21% | 17.08% | 14.97% | -16.24% | 31.69% | 4.89% | -20.66% | -3.88% | 10.79% | -28.37% | 8.68% | -23.03% | -26% | -26.87% | -12.35% | |
| Deuda neta / EBITDA | 1,86 | 2,44 | 2,03 | 2,16 | 1,41 | 1,96 | 1,36 | 1,29 | 1,05 | 0,98 | 0,90 | 1,18 | 0,91 | 1,05 | 0,98 | 1,35 | 1,18 | 1,65 | 1,53 | 1,67 | 2,24 | 2,89 | 5,15 |
| Deuda neta / CF EXplotación | 3,25 | 3,20 | 2,31 | 2,84 | 3,08 | 2,79 | 1,79 | 1,57 | 1,79 | 1,34 | 1,08 | 1,61 | 1,21 | 1,10 | 2,07 | 2,15 | 1,67 | 2,41 | 1,74 | 1,85 | 2,15 | 3,09 | 3,93 |
| ROA | 9,82% | 8,06% | 8,25% | 8,68% | 10,72% | 10,04% | 9,19% | 9,39% | 10,77% | 10,64% | 9,70% | 9,32% | 13,48% | 10,49% | 8,66% | 7,99% | 7,98% | 7,27% | 4,79% | 3,48% | 1,92% | ||
| ROE | 40,18% | 35,36% | 36,56% | 42,64% | 55,08% | 44,41% | 31,70% | 31,80% | 37,88% | 33,76% | 29,55% | 33,88% | 40,58% | 34,62% | 40,89% | 37,44% | 40,49% | 46,66% | 36,41% | 26,28% | 13,53% | ||
| ROCE | 23,70% | 19,23% | 21,52% | 23,58% | 37,90% | 25,50% | 26,36% | 27,24% | 33,03% | 32,30% | 30,29% | 30,01% | 34,41% | 26,22% | 33,20% | 26,34% | 24,51% | 28,99% | 21,34% | 16,77% | 9,02% | ||
| Cash-flow de explotación | 7.282,00 | 7.972,00 | 9.058,00 | 8.109,00 | 6.753,00 | 7.292,00 | 7.047,00 | 7.330,00 | 5.543,00 | 6.294,00 | 6.836,00 | 5.452,00 | 5.490,00 | 5.774,00 | 3.871,00 | 3.876,00 | 4.511,00 | 4.353,00 | 5.547,00 | 6.780,00 | 7.883,00 | 7.497,00 | 6.738,00 |
| % | -8.66% | -11.99% | 11.7% | 20.08% | -7.39% | 3.48% | -3.86% | 32.24% | -11.93% | -7.93% | 25.39% | -0.69% | -4.92% | 49.16% | -0.13% | -14.08% | 3.63% | -21.53% | -18.19% | -13.99% | 5.15% | 11.26% | |
| Cash-flow de inversión | 2.453,00 | -3.246,00 | -1.481,00 | -2.237,00 | 4.644,00 | -5.879,00 | -3.188,00 | -3.539,00 | -341,00 | -1.161,00 | -755,00 | -4.467,00 | -1.164,00 | -1.263,00 | 1.415,00 | -623,00 | 1.155,00 | 515,00 | -120,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| % | 175.57% | -119.18% | 33.8% | -148.17% | 178.99% | -84.41% | 9.92% | -937.83% | 70.63% | -53.77% | 83.1% | -283.76% | 7.84% | -189.26% | 327.13% | -153.94% | 124.27% | 529.17% | |||||
| Cash-flow de financiación | -8.890,00 | -7.099,00 | -5.804,00 | -4.667,00 | -11.548,00 | -1.433,00 | -3.073,00 | -3.032,00 | -5.190,00 | -5.390,00 | -6.622,00 | 411,00 | -4.609,00 | -4.301,00 | -3.130,00 | -3.009,00 | -6.572,00 | -4.821,00 | -5.938,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| % | -25.23% | -22.31% | -24.36% | 59.59% | -705.86% | 53.37% | -1.35% | 41.58% | 3.71% | 18.6% | -1711.19% | 108.92% | -7.16% | -37.41% | -4.02% | 54.21% | -36.32% | 18.81% | |||||
| Variación tipos cambio | -7,00 | 285,00 | -414,00 | -179,00 | 72,00 | -9,00 | 284,00 | -541,00 | -146,00 | 84,00 | -220,00 | -384,00 | -148,00 | -173,00 | -697,00 | -53,00 | 351,00 | -188,00 | 489,00 | ||||
| Cash-flow neto | 838,00 | -2.088,00 | 1.359,00 | 1.026,00 | -79,00 | -29,00 | 1.070,00 | 218,00 | -134,00 | -173,00 | -761,00 | 1.012,00 | -431,00 | 37,00 | 1.459,00 | 191,00 | -555,00 | -141,00 | -22,00 | 6.780,00 | 7.883,00 | 7.497,00 | 6.738,00 |
| % | 140.13% | -253.64% | 32.46% | 1398.73% | -172.41% | -102.71% | 390.83% | 262.69% | 22.54% | 77.27% | -175.2% | 334.8% | -1264.86% | -97.46% | 663.87% | 134.41% | -293.62% | -540.91% | -100.32% | -13.99% | 5.15% | 11.26% | |
| CFE-CFI-PID | 8.991,00 | 4.238,00 | 6.953,00 | 5.178,00 | 10.920,00 | 943,00 | 3.387,00 | 3.212,00 | 4.681,00 | 4.622,00 | 5.575,00 | 489,00 | 3.832,00 | 3.994,00 | 4.799,00 | 2.701,00 | 5.061,00 | 4.225,00 | 4.640,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| Pago por dividendos | 4.329,00 | 4.483,00 | 4.279,00 | 4.209,00 | 4.066,00 | 3.916,00 | 3.609,00 | 3.331,00 | 3.189,00 | 2.993,00 | 2.699,00 | 2.485,00 | 2.323,00 | 2.106,00 | 2.086,00 | 2.182,00 | 2.602,00 | 1.804,00 | 1.720,00 | 1.715,00 | 1.580,00 | 1.365,00 | 1.266,00 |
| Nº acciones a 31 de Diciembre | 2.609.600.000 | 2.609.600.000 | 2.629.200.000 | 2.773.500.000 | 2.978.727.700 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.024.884.061 | 3.483.034.480 | 3.483.034.480 | 3.483.034.480 | 3.483.034.480 | 3.483.034.480 |
| Cotización máxima | 49,09 | 51,05 | 55,39 | 57,77 | 50,16 | 52,31 | 43,11 | 42,84 | 34,05 | 32,83 | 29,43 | 26,39 | 23,92 | 22,82 | 25,41 | 25,52 | 20,76 | 20,30 | 20,05 | 19,87 | 24,17 | 23,87 | 23,88 |
| Cotización mínima | 39,36 | 43,00 | 38,42 | 45,57 | 42,13 | 37,23 | 36,22 | 31,34 | 26,97 | 27,03 | 24,31 | 20,74 | 20,51 | 13,35 | 16,07 | 18,74 | 16,38 | 16,01 | 14,68 | 15,12 | 16,00 | 17,95 | 13,33 |
| PER máximo | 21,18 | 24,05 | 27,31 | 27,00 | 25,07 | 30,52 | 26,56 | 25,06 | 21,27 | 22,17 | 20,94 | 18,81 | 19,45 | 17,55 | 19,77 | 22,58 | 20,06 | 24,04 | 25,28 | 32,40 | 45,80 | 75,24 | |
| PER medio | 19,08 | 22,15 | 23,13 | 24,14 | 23,06 | 26,12 | 24,44 | 21,70 | 19,06 | 20,21 | 19,12 | 16,80 | 18,06 | 13,91 | 16,14 | 19,58 | 17,95 | 21,50 | 21,90 | 28,53 | 38,06 | 65,91 | |
| PER mínimo | 16,98 | 20,26 | 18,94 | 21,29 | 21,05 | 21,72 | 22,32 | 18,33 | 16,85 | 18,25 | 17,29 | 14,78 | 16,67 | 10,27 | 12,50 | 16,58 | 15,83 | 18,96 | 18,51 | 24,66 | 30,32 | 56,58 | |
| RD% máxima | 4,34% | 3,82% | 4,27% | 3,40% | 3,40% | 3,44% | 3,34% | 3,64% | 3,99% | 3,60% | 3,70% | 4,01% | 2,27% | 5,77% | 4,67% | 3,74% | 4,03% | 3,94% | 3,95% | 3,75% | 3,35% | 2,66% | |
| RD% media | 3,91% | 3,52% | 3,62% | 3,04% | 3,13% | 2,94% | 3,07% | 3,15% | 3,57% | 3,28% | 3,38% | 3,58% | 2,11% | 4,57% | 3,81% | 3,24% | 3,60% | 3,52% | 3,42% | 3,30% | 2,79% | 2,33% | |
| RD% mínima | 3,48% | 3,22% | 2,96% | 2,68% | 2,86% | 2,45% | 2,80% | 2,66% | 3,16% | 2,96% | 3,06% | 3,15% | 1,94% | 3,37% | 2,95% | 2,74% | 3,18% | 3,10% | 2,89% | 2,85% | 2,22% | 2,00% | |
| Precio / Valor contable máximo | 7,49 | 8,79 | 11,65 | 14,87 | 11,13 | 9,68 | 8,45 | 9,49 | 7,18 | 6,55 | 7,27 | 5,57 | 6,84 | 9,23 | 7,51 | 9,73 | 11,80 | 11,80 | 12,04 | 10,18 | |||
| Precio / Valor contable medio | 6,75 | 8,10 | 9,86 | 13,30 | 10,24 | 8,28 | 7,77 | 8,22 | 6,43 | 5,97 | 6,75 | 4,42 | 5,59 | 8,01 | 6,72 | 8,71 | 10,22 | 10,39 | 10,00 | 8,92 | |||
| Precio / Valor contable mínimo | 6,00 | 7,41 | 8,08 | 11,73 | 9,35 | 6,89 | 7,10 | 6,94 | 5,69 | 5,39 | 6,24 | 3,26 | 4,33 | 6,78 | 5,93 | 7,68 | 8,64 | 8,98 | 7,97 | 7,65 | |||
| EV / EBITDA máximo | 14,68 | 14,94 | 15,78 | 12,27 | 16,33 | 18,44 | 15,97 | 14,82 | 12,86 | 13,03 | 13,11 | 11,80 | 13,01 | 9,43 | 13,77 | 13,26 | 11,55 | 11,28 | 10,95 | 11,36 | 13,39 | 21,35 | |
| EV / EBITDA medio | 13,47 | 13,92 | 13,69 | 11,12 | 15,18 | 15,98 | 14,80 | 12,97 | 11,62 | 11,96 | 12,07 | 10,63 | 12,15 | 7,68 | 11,49 | 11,65 | 10,50 | 10,25 | 9,71 | 10,27 | 11,62 | 19,34 | |
| EV / EBITDA mínimo | 12,25 | 12,90 | 11,61 | 9,98 | 14,03 | 13,52 | 13,63 | 11,12 | 10,39 | 10,88 | 11,03 | 9,47 | 11,30 | 5,92 | 9,20 | 10,05 | 9,46 | 9,22 | 8,47 | 9,18 | 9,84 | 17,33 |
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.
