{"id":528,"date":"2023-01-03T22:23:18","date_gmt":"2023-01-03T22:23:18","guid":{"rendered":"https:\/\/ginvest.es\/\/el-valor-del-creixement\/"},"modified":"2023-07-05T10:16:49","modified_gmt":"2023-07-05T08:16:49","slug":"back-to-basics-el-valor-del-crecimiento","status":"publish","type":"post","link":"https:\/\/ginvest.es\/ca\/back-to-basics-el-valor-del-crecimiento\/","title":{"rendered":"Back to basics. El valor del crecimiento"},"content":{"rendered":"

El precio de la acci\u00f3n de una compa\u00f1\u00eda<\/strong> en bolsa es la suma del componente racional (valor por fundamentales de la compa\u00f1\u00eda) m\u00e1s el componente irracional (comportamiento del inversor seg\u00fan su nivel de confianza, reflejando la valoraci\u00f3n que hace de ella).<\/p>\n

En cambio, el precio de una compa\u00f1\u00eda<\/strong> no es m\u00e1s que la valoraci\u00f3n por fundamentales de \u00e9sta. Incluye la parte tangible, es decir, b\u00e1sicamente los flujos de caja futuros que se espera genere la compa\u00f1\u00eda y la parte intangible, el resto.<\/p>\n

Si analizamos m\u00e1s en detalle este \u00faltimo punto veremos que la valoraci\u00f3n de una empresa depende de la valoraci\u00f3n que se haga de cada uno de estos siguientes cuatro factores:<\/p>\n

\u2013 Oportunidades de crecimiento<\/p>\n

\u2013 Ventaja competitiva<\/p>\n

\u2013 Gobernanza sostenible<\/p>\n

\u2013 Balances financieros s\u00f3lidos<\/p>\n

<\/h3>\n

Hasta hace pocos a\u00f1os, la valoraci\u00f3n de una compa\u00f1\u00eda se centraba fundamentalmente en el \u00faltimo punto: el an\u00e1lisis de los balances. Puesto que, el crecimiento futuro era bastante predecible.<\/p>\n

Por ejemplo, una f\u00e1brica de galletas que iba incrementando ventas, hasta que llegaba al l\u00edmite de su capacidad productiva, entonces deb\u00eda construir una nueva f\u00e1brica para satisfacer la demanda. Es decir, costes e ingresos eran bastante predecibles.<\/p>\n

Actualmente, el mundo es cada vez m\u00e1s disruptivo, los cambios penetran y son adoptados cada vez m\u00e1s r\u00e1pido por la sociedad. Por ejemplo, una empresa de software, una vez desarrollado el producto, las ventas son directamente escalables sin necesidad de aumentar costes. De este modo, la parte de crecimiento e ingreso es m\u00e1s dif\u00edcil de predecir.<\/p>\n

Asimismo, a parte del an\u00e1lisis de sus balances, cada vez hay m\u00e1s factores intangibles para valorar una compa\u00f1\u00eda a tener en cuenta:<\/p>\n

\u2013 Escalabilidad en ventas<\/p>\n

\u2013 Imagen de marca<\/p>\n

\u2013 Sostenibilidad<\/p>\n

\u2013 Buen gobierno<\/p>\n

Por otro lado, existen m\u00e9tricas usadas para valorar compa\u00f1\u00edas que no recogen los gastos en I+D, digitalizaci\u00f3n, etc. pero que forman parte del valor intr\u00ednseco de la compa\u00f1\u00eda tambi\u00e9n.<\/p>\n

Estudios recientes demuestran que los beneficios son cada vez menos relevantes hoy que en el pasado.<\/p>\n

Es por ello que los analistas, dependiendo de las m\u00e9tricas utilizadas, dar\u00e1n distinta valoraci\u00f3n y, por tanto, distinto precio de referencia y diferente recomendaci\u00f3n para una misma compa\u00f1\u00eda.<\/p>\n

De la misma manera, algunos tambi\u00e9n clasifican las empresas como valor o crecimiento seg\u00fan tengan m\u00faltiplos mayores o menores en determinadas m\u00e9tricas.<\/p>\n

Creemos que no hay estilos de inversi\u00f3n distintos sino s\u00f3lo distintas maneras de valorar. Cualquier inversor de largo plazo tiene el mismo objetivo en mente: buenos modelos de negocio en que invertir.<\/p>\n

Estos buenos modelos de negocio, en general, tienen ventajas competitivas sostenibles que demuestran su poder de crecimiento en el largo plazo. Son los fundamentales (margen y crecimiento ventas) los que aportan valor en el largo plazo. Todo depende de la valoraci\u00f3n que se haga de los factores antes mencionados.<\/p>\n

En resumen, no es valor o crecimiento lo que buscamos, sino el valor del crecimiento.<\/h3>","protected":false},"excerpt":{"rendered":"

El precio de la acci\u00f3n de una compa\u00f1\u00eda en bolsa es la suma del componente racional (valor por fundamentales de la compa\u00f1\u00eda) m\u00e1s el componente irracional (comportamiento del inversor seg\u00fan su nivel de confianza, reflejando la valoraci\u00f3n que hace de ella). En cambio, el precio de una compa\u00f1\u00eda no es m\u00e1s que la valoraci\u00f3n por […]<\/p>","protected":false},"author":7,"featured_media":529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categorizar"],"acf":[],"yoast_head":"\nBack to basics. 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En cambio, el precio de una compa\u00f1\u00eda no es m\u00e1s que la valoraci\u00f3n por […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ginvest.es\/ca\/back-to-basics-el-valor-del-crecimiento\/\" \/>\n<meta property=\"og:site_name\" content=\"GINVEST\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-03T22:23:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-05T08:16:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/valor-creixement.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Francesca Maset\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ginvestam\" \/>\n<meta name=\"twitter:site\" content=\"@ginvestam\" \/>\n<meta name=\"twitter:label1\" content=\"Escrit per\" \/>\n\t<meta name=\"twitter:data1\" content=\"Francesca Maset\" \/>\n\t<meta name=\"twitter:label2\" content=\"Temps estimat de lectura\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minuts\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ginvest.es\/back-to-basics-el-valor-del-crecimiento\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ginvest.es\/back-to-basics-el-valor-del-crecimiento\/\"},\"author\":{\"name\":\"Francesca Maset\",\"@id\":\"https:\/\/ginvest.es\/#\/schema\/person\/64e93ea3de1c6740c2503fc4b3970a6b\"},\"headline\":\"Back to basics. 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