Citas bibligráficas
Avellaneda, J., Calvo, A., Espinoza, A., Florez, H. (2021). Valorización de la acción de Unión Andina de Cementos en el contexto de pandemia por COVID-19 [Pontificia Universidad Católica del Perú]. http://hdl.handle.net/20.500.12404/18310
Avellaneda, J., Calvo, A., Espinoza, A., Florez, H. Valorización de la acción de Unión Andina de Cementos en el contexto de pandemia por COVID-19 []. PE: Pontificia Universidad Católica del Perú; 2021. http://hdl.handle.net/20.500.12404/18310
@mastersthesis{renati/17385,
title = "Valorización de la acción de Unión Andina de Cementos en el contexto de pandemia por COVID-19",
author = "Florez Alata, Hugo Gustavo",
publisher = "Pontificia Universidad Católica del Perú",
year = "2021"
}
The company Unión Andina de Cementos (UNACEM) was established in 2012 from the merger of Cementos Lima S.A.A. and Cemento Andino S.A. UNACEM is dedicated to the processing, production, marketing and export of cement and clinker. With an important market share gained of approximately 46%, it is one of the most important cement companies in Perú. Its majority shareholders are Inversiones JRPR S.A (25.08%) and Nuevas Inversiones S.A (25.25%), both owned by the Rizo Patron family. UNACEM has two cement plants in Peru: the Atocongo Plant in Lima and the Condorcocha Plant in Tarma, Junín, as well as two hydroelectric power stations: CELEPSA - El Platanal in the basin of Cañete River in Yauyos, and Carpapata in Tarma, Junín. Additionally, has a network of agents called Progre-Sol with more than 800 hardware stores that act as authorized distributors in the retail channel. The company has a strong negotiating position, both for its vertical integration -from its own reserves or its export dock- and for its commercial oligopoly in the central sierra of Peru. In addition, has concrete plans to strengthen corporate social responsibility and executes social and environmental development plans in the areas of influence to its stakeholders. The CENTRUM consulting team has been commissioned to establish the value of UNACEM's market capitalization and determine the value of its share at December 31, 2019 using the most appropriate valuation method. This research was carried out using information from open sources about UNACEM: Superintendencia de Mercado de Valores, Bolsa de Valores de Lima, Annual Reports, Sustainability Reports and Financial Statements. In addition, Mag. Francisco Barúa Costa, Chief Investment Officer & Investment Manager at UNACEM, was interviewed, who was able to provide a better understanding about cement industry. This research determined that the most suitable valuation methodology to estimate the intrinsic value of UNACEM is the discounted free cash flow method with a forecasting horizon of ten years using a WACC discount rate of 8.754% and with a perpetuity rate of 1%. After applying this methodology and considering the economic effects of the pandemic caused by COVID-19 in the short, medium and long term, this value was estimated at S/1.51 per share. With this result and taking into account the strengths and potential of the evaluated company, the recommendation of the consulting team is to buy shares of UNACEM, by reason of, despite the price reflects a decrease in cash flows caused by lower sales, in the context of the pandemic, the company's share has great potential for appreciation in the medium and long term.
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