Valoración de Financiación: Valor Intrínseco
Una vez encontrada una buena empresa con el apoyo de la lista de control para invertir en valor, podemos definir el valor intrínseco. Aunque Buffett en general es claro sobre su estrategia (comprar buenas empresas a precios bajos), sobre la definición exacta de este aspecto no habla tan claro. Y su método para valorar a veces cambia . Estas diferencias son difíciles de aclarar cuando simplemente modelos clásicos (como el método de flujo de efectivo descontado; DFC) se aplican. Aquí no solo queremos hablar acerca de detalles técnicos sino también de los dos problemas principales con modelos como el DCF: Estos modelos son inestables, y no predicen bien el futuro. La inestabilidad significa que una diferencia pequeña de un variable puede resultar un valor completamente diferente para una empresa. Eso significa que estos modelos no son objetivos, sino que son más bien subjetivos ya que cada resultado puede ser creado con prácticamente la misma información. Aparte de eso, estos modelos también están basados en valores históricos. Basarse solamente en el pasado, es un mal indicador del futuro.
Buffett dijo lo siguiente:
Valorar una empresa es en parte arte y en parte ciencia.
No existe ninguna fórmula a resolver [valor intrínseco]. Es necesario conocer la empresa [de donde consideras comprar acciones].
Aquí el inversor individual tiene un problema: ¿Cómo valora una empresa especifica en un sector determinado? Después de haber realizado investigaciones en base a la experiencia hemos diseñado un método que ofrece soluciones a este problema.
La idea del método de valoración se basa en la idea de Warren Buffett. El valor intrínseco consiste de dos partes: (1) el propio valor, y (2) el futuro crecimiento. Muchos inversores son de la opinión de que la valoración de empresas consta del valor subyacente (valor de liquidación), o del efectivo que es ignorado por el futuro crecimiento. Al contrario, Warren Buffett está seguro de que es la combinación de las dos muestras el mejor valor intrínseco . En el método de abajo hemos incorporado ambos elementos.
Lea más en el libro gratis:

- Etiquetas: Acciones | Intrínseco | Invertir | Valor | Warren Buffett
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