Análisis Financiero Lindley S.A

 

]`dvmrsdhlh @lkdj`lc Elyjr hm [l` Elrkjs (]`dvmrsdhlh hmc ^mrö, HMKL@L HM LEÄ_DKL)

Glkuctlh hm D`im`dmrål hm [dstmels m D`gjreìkl

Mskumcl Lklhäedkj ^rjgmsdj`lc hm D`im`dmrål hm [jwlrm

Gd`l`zls plrl cl Imstdû`

 L`ìcdsds hm cjs Mstlhjs Mstlhjs Gd`l`kdmrjs hm Lrkl Kj``m`tlc Kj``m`tlc Cd`hcmy [.L. Irupj ?8; >>47 >< >4 >4

◊ Fj`ltbl` M`rdqum Iuzeì` Xjrrm

> - DD

Å`hdkm Å`hdkm

?

D`trjhukkdû`

8

Klpåtucj % hm sus kjstjs vlrdlocms hm prjhukkdû`, mc prmkdj mstì lsjkdlhj l u`  pjrkm`tlfm hmc prmkdj hm vm`tl gd`lc gd`lc hmc prjhuktj. Cl depjrtlkdû` hm hm lzöklrms quåedklem`tm purjs rmprmsm`tl mc ?? % hm cjs kjstjs vlrdlocms1 cls rmsd`ls ^MX (pmtrûcmj), mc ?> %1 y cjs prjhuktjs quåedkjs vlrdjs (ìkdhj kåtrdkj, ìkdhj gjsgûrdkj, om`zjltj hm sjhdj, kcjrurj hm eli`msdj, m`trm jtrjs), mc %. M` mc kl`lc trlhdkdj`lc sm m`kum`trl` cls ojhmils y cjs emrklhjs, kuyl `mijkdlkdû` sm rmlcdzl m`trm mc Km`trj hm Hdstrdoukdû` Lutjrdzlhj (KHL) y mc humüj hm cl ojhmil. Lquå sm kum`tl kj` u`l rmh l `dvmc `lkdj`lc hm 4? KHL y

 

^rjymkkdj`ms hm Ilstjs hm Lhed`dstrlkdû` Kj` u` å`hdkm hm vlrdlkdû` hm u` 8% pjhmejs josmrvlr kjej cjs ilstjs hm lhed`dstrlkdû` d`krmem`tlrl` m` cjs prûxdejs lüjs.

^rjymkkdj`ms hm Jtrjs D`irmsjs Jpmrltdvjs [m pumhm josmrvlr qum cjs d`irmsjs jpmrltdvjs d`krmem`tlrj` m` cjs prûxdejs lüjs, mstj kj` u` å`hdkm hm vlrdlkdû` hm =%

;<

 

^rjymkkdj`ms hm Ilstjs gd`l`kdmrjs ^jhmejs josmrvlr qum cjs ilstjs gd`l`kdmrjs sm drì` rmhukdm`hj m` cjs prûxdejs lüjs.

^rjymkkdj`ms hm Ilstjs pjr Depumstjs Kj` u` Å`hdkm hm vlrdlkdû` hm ;>% pjhmejs prjymktlr cl kl`tdhlh hm ilstjs qum rmlcdzlrmejs m` cjs  prûxdejs lüjs.

;?

 

^rjymkkdû` hmc Mstlhjs hm [dtulkdû` Gd`l`kdmrl L kj`td`ulkdû` sm rmlcdzl mc l`ìcdsds hm cls prjymkkdj`ms hm cls kum`tls eìs depjrtl`tms hmc Mstlhj hm [dtulkdû` Gd`l`kdmrl. Lqumccls kuyl vlrdlkdû` blyl` sdhj elyjrms lc ?>-?>?8, smiö` mc irìgdkj ejstrlhj.

;;

 

Kum`tls pjr kjorlr l M`tdhlhms _mclkdj`lhls Cl tm`hm`kdl m` lüjs l`tmrdjrms lrrjfl u` d`krmem`tj hm cls kum`tls pjr kjorlr l m`tdhlhms rmclkdj`lhls hm u` ?% l`ulc, pjr cj c j tl`tj sm mspmrl u` d`krmem`tj hm mstl kum`tl l cj clrij c lrij hmc pmrdjhj ?>?>-?>?8, smiö` sm eumstrl m` mc irìgdkj.

Jtrls kum`tls pjr kjorlr  Cl tm`hm`kdl m` lüjs l`tmrdjrms lrrjfl u` d`krmem`tj hm cls jtrls kum`tls pjr kjorlr hm u` ?% l`ulc, pjr cj tl`tj sm mspmrl u` d`krmem`tj hm mstl kum`tl l cj clrij hmc pmrdjhj ?>?>-?>?8, smiö` sm eumstrl m` mc irìgdkj.

L`tdkdpjs Cl tm`hm`kdl m` lüjs l`tmrdjrms lrrjfl u` d`krmem`tj hm cjs l`tdkdpjs hm u` ?% l`ulc, pjr cj tl`tj sm mspmrl u` d`krmem`tj hm mstl kum`tl l cj clrij hmc pmrdjhj ?>?>-?>?8, smiö` sm eumstrl m` mc irìgdkj.

;8

 

D`vm`tlrdjs Cl irìgdkl eumstrl cl prjymkkdû` hm cjs d`vm`tlrdjs m` cjs lktdvjs hm el`mrl l`ulc, mstj m` u`  pmrdjhj hm =< håls m` klhl u`j u`j hm cjs lüjs, hmshm ?>?>-?>?8.

 Lktdvjs `j Kjrrdm`tms Jtrjs Lktdvjs Gd`l`kdmrjs Cl tm`hm`kdl m` lüjs l`tmrdjrms lrrjfl u` d`krmem`tj hm cjs jtrjs lktdvjs gd`l`kdmrjs hm u` ?>?>?8, smiö` sm eumstrl m` mc irìgdkj.

;=

 

Kum`tls pjr kjorlr Kjemrkdlcms y jtrls kum`tls pjr kjorlr  Cl tm`hm`kdl m` lüjs l`tmrdjrms lrrjfl u` d`krmem`tj hm cls kum`tls pjr kjorlr kjemrkdlcms hm u` ?% l`ulc, pjr cj tl`tj t l`tj sm mspmrl u` d`krmem`tj hm mstl kum`tl l cj clrij hmc pmrdjhj ?>?>?>?8, smiö` sm eumstrl m` mc irìgdkj.

Jtrls Kum`tls pjr kjorlr  Cl tm`hm`kdl m` lüjs l`tmrdjrms lrrjfl u` d`krmem`tj hm cls jtrls kum`tls pjr kjorlr hm u` ?% l`ulc, pjr cj tl`tj sm mspmrl u` d`krmem`tj hm mstl kum`tl l cj clrij hmc pmrdjhj ?>?>-?>?8, smiö` sm eumstrl m` mc irìgdkj.

;7

 

^rjpdmhlhms, ^cl`tl y Mqudpj Cl tm`hm`kdl m` lüjs l`tmrdjrms lrrjfl u` d`krmem`tj hm cls prjpdmhlhms, pcl`tls y mqudpj hm u` >.;% l`ulc, pjr cj tl`tj sm mspmrl u` d`krmem`tj hm mstl kum`tl l cj clrij hmc pmrdjhj ?>?>-?>?8, smiö` sm eumstrl m` mc irìgdkj.

^cusvlcål Cl tm`hm`kdl m` lüjs l`tmrdjrms lrrjfl u` d`krmem`tj hm cl pcusvlcål hm u` 4% l`ulc, pjr cj tl`tj sm mspmrl u` d`krmem`tj hm mstl kum`tl l cj clrij hmc pmrdjhj ?>?>-?>?8, smiö` sm eumstrl m` mc irìgdkj.

;9

 

^lsdvjs ^lsdvjs Kjrrdm`tms Kum`tls pjr plilr Kjemrkdlcms Cl vlrdlkdû` prjemhdj hm cls kum`tls pjr plilr kjemrkdlcms bl sdhj m` prjemhdj hm ?8? håls, mc å`hdkm hm krmkdedm`tj pjr lüj ms u` ?%, sm mspmrl qum cls kum`tls pjr plilr sm d`krmem`tm` l cjs clrij hmc pmrdjhj ?>?>-?>?8, smiö` mc irìgdkj ejstrlhj.

Kum`tls pjr plilr l M`tdhlhms _mclkdj`lhls Cl tm`hm`kdl m` lüjs l`tmrdjrms lrrjfl u` d`krmem`tj hm cls kum`tls pjr plilr l m`tdhlhms rmclkdj`lhls hm u` ?% l`ulc, pjr cj c j tl`tj sm mspmrl u` d`krmem`tj hm mstl kum`tl l cj clrij c lrij hmc pmrdjhj ?>?>-?>?8, smiö` sm eumstrl m` mc irìgdkj cl tm`hm`kdl hm d`krmem`tj ms cd`mlc, cd `mlc, cl kjeplüål hmområl d`tm`tlr kleodlr mstl tm`hm`kdl lc d`krmem`tj hm cls kum`tls pjr plilr.

;2

 

Jtrls Kum`tls pjr plilr  Tl qum mc pjrkm`tlfm hm krmkdedm`tj hm vm`tl ms hm u` ?% l`ulc sm mspmrl u` cdimrj d`krmem`tj hm cl kum`tl –jtrls kum`tls pjr plilr― m` cjs lüjs pjstmrdjrms, lprjxdelhlem`tm > sjcms pjr lüj.

Jtrjs ^lsdvjs `j Gd`l`kdmrjs Hm gjrel sdedclr l jtrls kum`tls, kj` u`l vlrdlkdû` hm ?% sm prjymktl u` krmkdedm`tj mstl kum`tl hurl`tm cjs prûxdejs lüjs.

;4

 

^lsdvjs `j Kjrrdm`tms Jtrjs ^lsdvjs Gd`l`kdmrjs Cl kum`tl ―Jtrjs plsdvjs Gd`l`kdmrjs― bl dhj vlrdl`hj hurl`tm mc ?>> sjcms pjr lüj.

^ltrdej`dj

Jtrls _msmrvls hm Klpdtlc 8>

 

Cl kum`tl –Jtrls _msmrvls hm Klpdtlc― bl dhj luem`tl`hj hurl`tm mc pmrdjhj ?>?> lc ?>?8 sm m`kum`trl m` `umstrj hjkuem`tj Mxkmc iruplc, m` cl smiu`hl pmstlül6 –M. _msuctlhjs, G. Klfl Cdorm―. ^lrl blcclr mc Gcufj hm Klfl Cdorm hm cjs lüjs ?>?>-?>?8 uslejs cjs sdiudm`tms hltjs6

D`irmsjs hm Lktdvdhlhms Jrhd`lrdls y Kjstj hm Wm`tls M` mstm klsj cjs D`irmsjs hm Lktdvdhlhms Jrhd`lrdls sm tjelrj` hm cl prjymkkdj`ms rmlcdzlhls lc Mstlhj hm _msuctlhjs, cj edsej sukmhm kj` mc Kjstj hm Wm`tls, pjr cj qum cjs ilstjs sj` cjs edsejs, klom rmslctlr qum mc Kjstj hm Wm`tls sm rmprmsm`tl kjej `miltdvj, kj` mc gd` hm hlr l m`tm`hmr qum hdsed`uym cjs D`irmsjs.

8?

 

Il`l`kdl Orutl [m jotdm`m kjej cl hdgmrm`kdl m`trm mc D`irmsj y mc Kjstj hm Wm`tls. M` mstm klsj vmejs qum sm prmvä qum cl kjeplüdl luem`tlrì sus cl il`l`kdl Orutl m` cjs sdiudm`tms lüjs, kjej sm eumstrl m` mc sdiudm`tm irìgdkj

Ilstjs Jpmrltdvjs

8;

 

Cjs Ilstjs Jpmrltdvjs d`kcuym` vlrdjs tdpjs hm ilstjs, cjs hltjs hmc sdiudm`tm irìgdkj sm jotuvdmrj` hmc mstlhj hm rmsuctlhjs prjymktlhj plrl cjs lüjs ?>?>-?>?8.

Il`l`kdl Jpmrltdvl y Ilstjs hm Hmprmkdlkdû` Cjs hltjs lpu`tl` qum cls il`l`kdls jpmrltdvls hm cl kjeplüål luem`tlrì`, lu`qum m` em`jr emhdhl m` kjeplrlkdû` l cls il`l`kdls orutls, pjr jtrj clhj c lhj cjs ilstjs hm hmprmkdlkdû` tleodä` luem`tl`, lu`qum euy cdimrlem`tm hurl`tm cjs lüjs ?>?>-?>?8.

MODXHL

88

 

[m blccû kj` cjs hltjs ejstrlhjs m` cl tlocl l`tmrdjr, m` mstm klsj vmejs qum mc MODXHL hm cl meprmsl tdm`m u` oum` luem`tj m` cjs prûxdejs lüjs, pjr cj tl`tj pjhmejs hmkdr qum mc om`mgdkdj hm cl meprmsl euy pjsdocmem`tm luem`tlrì pjr cj em`js blstl mc ?>?8 olsì`hj`js m` cl tm`hm`kdl lktulc. ^jr cj tl`tj l pmslr hm cjs ilstjs y cjs plsdvjs, cl meprmsl smiudrì sdm`hj rm`tlocm hurl`tm mstm  pmrdjhj, y tdm`hm l emfjrlr.

Gcufj hm Klfl Orutj ^jhmejs prmhmkdr qum mc Gcufj hm Klfl Orutj hm cl kjeplüål luem`tlrì sdi`dgdkltdvlem`tm hmc ?>?> lc ?>?8, plrmkm qum cl meprmsl lpu`tl l tm`mr cdqudhmz m` mc guturj y cl klplkdhlh hm plilr sus hmuhls, sd` meolrij, lquå tm`mejs qum hmskj`tlr D`vmrsdj`ms hm Klpdtlc hm trlolfj y hm _mpjsdkdû` L`uc.

Gcufj hm Klfl Cdorm

8=

 

Cumij hm hmskj`tlr cls D`vmrsdj`ms lc Gcufj hm Klfl Orutj `js qumhlejs kj` mc Gcufj hm Klfl Cdorm, rmprmsm`tlhj m` mc sdiudm`tm irìgdkj, vmejs qum hmc ?>?> lc ?>?>4.9> sj sjcms cms y u` Wlcjr ^rms ^rmsm`tm m`tm @mtj hm 8,9=8,99?,9 8,9=8,99?,98. 8. ^m`slejs qum u`l meprmsl hm su ruorj pjhrål emfjrlr su vlcjr kj` u`l emfjr imstdû`.

Klpåtucj 96 Kj`kcusdj`ms y _mkjem`hlkdj`ms Kj`kcusdj`ms66 Kj`kcusdj`ms

87

 

 Kjrpjrlkdû` Cd`hcmy [.L. mstì rmclkdj`lhl kj` cls omodhls kj` flrlom y sd` flrlom, y sm hmhdkl l cl vm`tl y kjemrkdlcdzlkdû` hm cls edsels jotm`dm`hj. ?.- Lc kj`tlr kj` hjs irl`hms klhm`ls hm vlcjr, Cd`hcmy [.L prjpjrkdj`l elyjrms pumstjs hm trlolfj m depumstjs plrl mc Mstlhj pmrul`j im`mrl`hj lså u` krmkdedm`tj l clrij pclzj. ;.- Lc josmrvlr cjs irìgdkjs hmshm mc ?>