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Aliaga, V., Guevara, J., Izquierdo, J., Rios, Y. (2023). Análisis financiero del sector cementero UNACEM y Argos [Pontificia Universidad Católica del Perú]. http://hdl.handle.net/20.500.12404/26714
Aliaga, V., Guevara, J., Izquierdo, J., Rios, Y. Análisis financiero del sector cementero UNACEM y Argos []. PE: Pontificia Universidad Católica del Perú; 2023. http://hdl.handle.net/20.500.12404/26714
@mastersthesis{renati/12907,
title = "Análisis financiero del sector cementero UNACEM y Argos",
author = "Rios Cardenas, Yolka Elizabeth",
publisher = "Pontificia Universidad Católica del Perú",
year = "2023"
}
Title: Análisis financiero del sector cementero UNACEM y Argos
Authors(s): Aliaga Linares, Víctor Andrés; Guevara Medina, José Alexander; Izquierdo Arizona, José Octavio; Rios Cardenas, Yolka Elizabeth
Advisor(s): O’Brien Cáceres, Juan
Keywords: Empresas--Finanzas; Estados financieros--Análisis; Sector financiero--Perú; Industria del cemento
OCDE field: https://purl.org/pe-repo/ocde/ford#5.02.04
Issue Date: 14-Dec-2023
Institution: Pontificia Universidad Católica del Perú
Abstract: El cemento es uno de los materiales resistentes y duraderos empleados en la
construcción moderna con una contribución importante a la medición del producto bruto
interno de la construcción, que, a su vez, esta última, genera un importante aporte al
crecimiento, y específicamente, al desarrollo económico.
El presente trabajo se centra en cementeras de gran relevancia en la región
Latinoamérica Unión Andina de Cementos S.A.A. y subsidiarias (UNACEM), asì como
Cementos Argos y subsidiarias (Argos). Estas empresas con sede en Perú (UNACEM) y
Colombia (Argos) han conseguido una significativa cuota de mercado a nivel local, lo que les
ha permitido concretar adquisiciones relevantes tanto en la región como en Estados Unidos.
Esto demuestra su capacidad de crecimiento sostenible a largo plazo.
En el primer capítulo presenta un análisis cualitativo de la empresa, composición de la
industria y su descripción macroeconómica que permitirá anclar a los supuestos que se
plantearán en los siguientes capítulos.
El segundo capítulo busca realizar un análisis cuantitativo histórico para comprender
la evolución financiera a nivel de estados financieros e indicadores que permitirá, junto al
análisis cualitativo del primer capítulo, establecer interesantes relaciones que serán el ancla
para las proyecciones.
El tercer capítulo se centra en la proyección financiera, el cual, se plantea supuestos
principales de volúmenes, precios, mix de ventas, utilidad bruta y gastos relativos a la venta,
entre otros, que están anclados al análisis cualitativo y cuantitativo de los capítulos anteriores.
Posteriormente, se proyectan 10 años de estados financieros como Balance General,
Ganancias y Pérdidas y Flujo de Caja hasta el 2032, y el análisis de la estructura de capital,
que serán los inputs para la valorización de ambas empresas por la metodología del descuento de flujo de caja libre. Finalmente se realiza un análisis de sensibilidad para identificar las
variables que ante un cambio puedan generar una mayor variación hacia el valor de la acción,
el cual, se identificó que el margen bruto y gastos operativos podrían ser las más relevantes.
En el cuarto capítulo se realiza un análisis de comparables contra principales
participantes de la región y para el quinto capítulo se propone planes de reestructuración
como crecimiento inorgánico atado a la optimización de capital y recompra de acciones
buscando utilizar eficientemente los excedentes de caja con la finalidad de incrementar el
valor de la empresa y la rentabilidad de los accionistas.
Cement is one of the most resistant and durable materials used in modern construction with an important contribution to the measurement of gross domestic product in the construction industry. It generates an important contribution to growth and specifically to economic development. This study focuses on cement companies of great relevance in the Latin American region, such as Unión Andina de Cementos S.A.A. and subsidiaries. (UNACEM) and Cementos Argos and subsidiaries (Argos). UNACEM, orginating from Peru and Argos, from Columbia, have managed to achieve an important market share locally. Which in turn has led them to close interesting acquisitions within the region and even in the United States. They have demonstrated their capacity for growth and sustainability in the industry long-term. The first chapter presents a qualitative analysis of the company, composition of the industry and its macroeconomic description that will anchor the assumptions that will be raised in the following chapters. The second chapter seeks to carry out a historical quantitative analysis to understand the financial evolution at the level of financial statements and indicators. This will allow, together with the qualitative analysis of the first chapter, to establish interesting relationships that will be the anchor for these projections. The third chapter focuses on the financial projection, which proposes main assumptions of volumes, prices, mix sales, gross profit and expenses related to all sales, among others, which are anchored to the qualitative and quantitative analysis of the previous chapters. Subsequently, 10 vears of financial statements such as Balance Sheets. Profit and Loss and Cash Flow are projected until 2032 and the analysis of the capital structure, which will be the inputs for the valuation of both companies using the discounted flow methodology of free cash. Finally, a sensitivity analysis is carried out to identify the variables that, in the event of a change, could generate a greater variation towards the value of the share, which would identify that the gross margin and operating expenses could be the most relevant. In the fourth chapter, an analysis of comparables is carried out against the main participants in the region and for the fifth chapter, restructuring plans are proposed such as inorganic growth tied to capital optimization and share repurchases seeking to efficiently use cash surpluses with the purpose of increasing the value of the company and the profitability of shareholders.
Cement is one of the most resistant and durable materials used in modern construction with an important contribution to the measurement of gross domestic product in the construction industry. It generates an important contribution to growth and specifically to economic development. This study focuses on cement companies of great relevance in the Latin American region, such as Unión Andina de Cementos S.A.A. and subsidiaries. (UNACEM) and Cementos Argos and subsidiaries (Argos). UNACEM, orginating from Peru and Argos, from Columbia, have managed to achieve an important market share locally. Which in turn has led them to close interesting acquisitions within the region and even in the United States. They have demonstrated their capacity for growth and sustainability in the industry long-term. The first chapter presents a qualitative analysis of the company, composition of the industry and its macroeconomic description that will anchor the assumptions that will be raised in the following chapters. The second chapter seeks to carry out a historical quantitative analysis to understand the financial evolution at the level of financial statements and indicators. This will allow, together with the qualitative analysis of the first chapter, to establish interesting relationships that will be the anchor for these projections. The third chapter focuses on the financial projection, which proposes main assumptions of volumes, prices, mix sales, gross profit and expenses related to all sales, among others, which are anchored to the qualitative and quantitative analysis of the previous chapters. Subsequently, 10 vears of financial statements such as Balance Sheets. Profit and Loss and Cash Flow are projected until 2032 and the analysis of the capital structure, which will be the inputs for the valuation of both companies using the discounted flow methodology of free cash. Finally, a sensitivity analysis is carried out to identify the variables that, in the event of a change, could generate a greater variation towards the value of the share, which would identify that the gross margin and operating expenses could be the most relevant. In the fourth chapter, an analysis of comparables is carried out against the main participants in the region and for the fifth chapter, restructuring plans are proposed such as inorganic growth tied to capital optimization and share repurchases seeking to efficiently use cash surpluses with the purpose of increasing the value of the company and the profitability of shareholders.
Link to repository: http://hdl.handle.net/20.500.12404/26714
Discipline: Finanzas Corporativas y Riesgo Financiero
Grade or title grantor: Pontificia Universidad Católica del Perú. CENTRUM
Grade or title: Maestro en Finanzas Corporativas y Riesgo Financiero
Juror: Agüero Olivos, Carlos Eduardo; Arana Barbier, Pablo José; O’Brien Cáceres, Juan
Register date: 14-Dec-2023
This item is licensed under a Creative Commons License