Factores de fortaleza Puntuación máxima Pepsi Cola

Liderazgo 25 15
Estabilidad 15 12
Mercado 10 7
Internacionalidad 25 19
Tendencia 10 8
Apoyo 10 7
Protección 5 4
Fortaleza de la marca 100 72

Pepsi Cola
Fortaleza de la marca 72
Múltiplo 18.2
Beneficio de la marca (S/. millones) 894,491
Valor de la marca (S/. millones) 16,279,727

EL NEGOCIO TIENE UN VALOR ALTO DE MARCA

LO QUE INDICA QUE PEPSI COLA ESTA
DIRIGIDA POR LA MARCA MAS QUE POR EL
PRODUCTO.

Un porcentaje del valor de marca de la cuota de mercado

bajo, indica que el negocio se rige por otro tipo de activos
(tangibles e intangibles) y que la marca tiene una importancia
relativa en el negocio. También podría que significar que la
empresa no está alcanzando el nivel de marca que debería,
algo que debería preocupar a los inversores.
 ALTO 20

MEDIO 10

BAJO 0
0 50 72

FORTALEZA DE LA MARCA

Figura : Determinación del múltiplo de marca Interbrand

Marcas Cuota de mercado S/. Millones

Coca Cola 45.13% 10,115,571.00
Fanta 10.27% 983,178.00
Otros 7.82% 257,104.00
Sprite 11.68% 1,043,654.00
Pepsi Cola 25.14% 6,141,783.00

100.00%
100.04%

Cuota de Mercado Valor de Marca

Pepsi Cola 6,141,783 16,279,727
% Valor de Marca 100% 265.07%

ota de mercado
o tipo de activos
ne una importancia
e significar que la
marca que debería,
Un porcentaje alto de valor de MARCA de la cuota de mercado
alto señala que el negocio está dirigido por la marca y que
los directivos deberían preocuparse sobre cómo se está
gestionando la marca, ya que tiene una gran incidencia en
el valor para los accionistas. También podría significar que
el negocio está infravalorado por el mercado y que no se
reflejando el verdadero valor de los activos del negocio, entre
los cuales la marca es elemento.
 100

o de marca Interbrand

a de mercado

egocio, entre
Venta de productos terminados y mercadería

MARCAS 2017 %
Coca Cola 10,115,571.00 0.54
Fanta 983,178.00 0.05
Sprite 1,043,654.00 0.06
Pepsi Cola 6,141,783.00 0.33
Dr.Pepper 224,629.00 0.01
Otros 257,104.00 0.01
TOTAL 18,765,919.00 1.00

PORCENTAJE DE VEN
MARCAS 2017 2016
Coca Cola 0.54 0.57
Fanta 0.05 0.06
Sprite 0.06 0.06
Pepsi Cola 0.33 0.29
Dr.Pepper 0.01 0.01
Otros 0.01 0.01

Coca Cola 10,115,571.00

Fanta 983,178.00
Otros 257,104.00
Dr.Pepper 224,629.00
Pepsi Cola 6,141,783.00
Sprite 1,043,654.00
 2,016 % 2015 % 2014 %
10,023,457 0.57 10,010,964 0.57 10,000,643 0.58
966,252 0.06 965,364 0.06 961,864 0.06
1,042,582 0.06 1,025,784 0.06 1,001,114 0.06
5,138,708 0.29 5,100,080 0.29 5,098,562 0.29
124,575 0.01 118,900 0.01 115,752.00 0.01
204,885 0.01 201,137 0.01 200,563.00 0.01
17,500,459 1.00 17,422,229 1.00 17,378,498.00 1.00

PORCENTAJE DE VENTAS POR MARCA

2015 2014
0.57 0.58
0.06 0.06
0.06 0.06
0.29 0.29
0.01 0.01
0.01 0.01
 2015 2016
(millones de soles) año -3 año -2
Beneficio antes de intereses e impuestos (EBIT) 1,418,842 1,677,788
- EBIT de la empresa sin marca 1,186,829 1,446,497
EBIT diferencia de la marca 232,013 231,292
Factor compensador de la inflación 1.22 1.15
Valor actual del EBIT diferencial de la marca 283,056 265,985
Factor de ponderación 1 2
EBIT diferencia ponderado de la marca
Remuneración del capital
Beneficio diferencia de la marca antes de impuestos
Impuestos 2012
Beneficio diferencial de la marca
 2017 2018
año -1 año 0
2,151,467 1,749,366
1,920,897 1,518,074
230,570 231,292
1.00 1
230,570 259,870
3
251,123
-35,299
215,823
-678,667
894,491
B
ESTADO DE RESULTADOS PILSEN TRUJILLO 2017 %
Ventas netas 6,141,783 100.00%
Otros ingresos operacionales 118,536 1.93%
Total ingresos brutos 6,256,634 101.87%
Costo de ventas -1,643,541 -26.76%
Utilidad bruta 4,516,053 73.53%
Gastos de venta -1,821,039 -29.65%
Gastos de administración -609,879 -9.93%
Otros ingresos 100,725 1.64%
Otros gastos -98,883 -1.61%
Pérdida neta en venta de inversiones en subsidiarias 0 0.00%
Total gastos de operación -2,521,816 -41.06%
Utilidad operativa 2,151,467 35.03%
Ingresos financieros 327,971 5.34%
Gastos financieros -28,866 -0.47%
Participación en los resultados de subsidiarias 0 0.00%
Utilidad antes del impuesto a a renta 2,333,263 37.99%
Impuesto a la renta -678,667 -11.05%
Utilidad del año 1,727,069 28.12%

Coste de Capital de Marca 844,057.00 281,324.20

152,278.00 50,754.26
691,779.00 230,569.94
EBIT SIN MARCA 1,920,896.64
2016 % 2,015 % 2,014
5,138,708 100% 5,100,080 100% 2,098,562
138,054 2.69% 161,673 3.17% 66,651
5,276,762 102.69% 5,258,692 103.11% 2,164,667
-1,429,939 -27.83% -1,596,515 -31.30% -688,057
3,704,495 72.09% 3,575,666 70.11% 1,446,539
-1,533,252 -29.84% -1,654,492 -32.44% -628,981
-624,814 -12.16% -684,757 -13.43% -239,069
48,893 0.95% 42,594 0.84% 30,074
-32,931 -0.64% -41,974 -0.82% -21,873
-11,819 -0.23% 0 0.00% 0
-2,241,504 -43.62% -2,321,046 -45.51% -1,005,001
1,677,788 32.65% 1,418,842 27.82% 517,505
166,714 3.24% 132,121 2.59% 5,351
-27,235 -0.53% -29,070 -0.57% -23,924
0 0.00% 0 0.00% 58,559
1,833,323 35.68% 1,479,859 29.02% 576,685
-548,300 -10.67% -491,138 -9.63% -185,723
1,319,620 25.68% 1,059,287 20.77% 386,765

844,057.00 281,324.20 844,057.00 281,324.20 844,057.00

150,113.00 50,032.66 147,948.00 49,311.07 145,783.00
693,944.00 231,291.54 696,109.00 232,013.13 698,274.00
1,446,496.63 1,186,829.13 284,770.67
 %
100%
3.18%
103.15%
-32.79%
68.93%
-29.97%
-11.39%
1.43%
-1.04%
0.00%
-47.89%
24.66%
0.25%
-1.14%
2.79%
27.48%
-8.85%
18.43%

281,324.20
48,589.47 2,165
232,734.72
 Annual Returns on Investments in Compounded Value of $ 100
Year Stocks T.Bills T.Bonds Stocks T.Bills T.Bonds
1928 43.81% 3.08% 0.84% $143.81 $103.08 $100.84
1929 -8.30% 3.16% 4.20% $131.88 $106.34 $105.07
1930 -25.12% 4.55% 4.54% $98.75 $111.18 $109.85
1931 -43.84% 2.31% -2.56% $55.46 $113.74 $107.03
1932 -8.64% 1.07% 8.79% $50.66 $114.96 $116.44
1933 49.98% 0.96% 1.86% $75.99 $116.06 $118.60
1934 -1.19% 0.32% 7.96% $75.09 $116.44 $128.05
1935 46.74% 0.18% 4.47% $110.18 $116.64 $133.78
1936 31.94% 0.17% 5.02% $145.38 $116.84 $140.49
1937 -35.34% 0.30% 1.38% $94.00 $117.19 $142.43
1938 29.28% 0.08% 4.21% $121.53 $117.29 $148.43
1939 -1.10% 0.04% 4.41% $120.20 $117.33 $154.98
1940 -10.67% 0.03% 5.40% $107.37 $117.36 $163.35
1941 -12.77% 0.08% -2.02% $93.66 $117.46 $160.04
1942 19.17% 0.34% 2.29% $111.61 $117.85 $163.72
1943 25.06% 0.38% 2.49% $139.59 $118.30 $167.79
1944 19.03% 0.38% 2.58% $166.15 $118.75 $172.12
1945 35.82% 0.38% 3.80% $225.67 $119.20 $178.67
1946 -8.43% 0.38% 3.13% $206.65 $119.65 $184.26
1947 5.20% 0.57% 0.92% $217.39 $120.33 $185.95
1948 5.70% 1.02% 1.95% $229.79 $121.56 $189.58
1949 18.30% 1.10% 4.66% $271.85 $122.90 $198.42
1950 30.81% 1.17% 0.43% $355.60 $124.34 $199.27
1951 23.68% 1.48% -0.30% $439.80 $126.18 $198.68
1952 18.15% 1.67% 2.27% $519.62 $128.29 $203.19
1953 -1.21% 1.89% 4.14% $513.35 $130.72 $211.61
1954 52.56% 0.96% 3.29% $783.18 $131.98 $218.57
1955 32.60% 1.66% -1.34% $1,038.47 $134.17 $215.65
1956 7.44% 2.56% -2.26% $1,115.73 $137.60 $210.79
1957 -10.46% 3.23% 6.80% $999.05 $142.04 $225.11
1958 43.72% 1.78% -2.10% $1,435.84 $144.57 $220.39
1959 12.06% 3.26% -2.65% $1,608.95 $149.27 $214.56
1960 0.34% 3.05% 11.64% $1,614.37 $153.82 $239.53
1961 26.64% 2.27% 2.06% $2,044.40 $157.30 $244.46
1962 -8.81% 2.78% 5.69% $1,864.26 $161.67 $258.38
1963 22.61% 3.11% 1.68% $2,285.80 $166.70 $262.74
1964 16.42% 3.51% 3.73% $2,661.02 $172.54 $272.53
1965 12.40% 3.90% 0.72% $2,990.97 $179.28 $274.49
1966 -9.97% 4.84% 2.91% $2,692.74 $187.95 $282.47
1967 23.80% 4.33% -1.58% $3,333.69 $196.10 $278.01
1968 10.81% 5.26% 3.27% $3,694.23 $206.41 $287.11
1969 -8.24% 6.56% -5.01% $3,389.77 $219.96 $272.71
1970 3.56% 6.69% 16.75% $3,510.49 $234.66 $318.41
1971 14.22% 4.54% 9.79% $4,009.72 $245.32 $349.57
1972 18.76% 3.95% 2.82% $4,761.76 $255.01 $359.42
1973 -14.31% 6.73% 3.66% $4,080.44 $272.16 $372.57
 1974 -25.90% 7.78% 1.99% $3,023.54 $293.33 $379.98
1975 37.00% 5.99% 3.61% $4,142.10 $310.90 $393.68
1976 23.83% 4.97% 15.98% $5,129.20 $326.35 $456.61
1977 -6.98% 5.13% 1.29% $4,771.20 $343.09 $462.50
1978 6.51% 6.93% -0.78% $5,081.77 $366.87 $458.90
1979 18.52% 9.94% 0.67% $6,022.89 $403.33 $461.98
1980 31.74% 11.22% -2.99% $7,934.26 $448.58 $448.17
1981 -4.70% 14.30% 8.20% $7,561.16 $512.73 $484.91
1982 20.42% 11.01% 32.81% $9,105.08 $569.18 $644.04
1983 22.34% 8.45% 3.20% $11,138.90 $617.26 $664.65
1984 6.15% 9.61% 13.73% $11,823.51 $676.60 $755.92
1985 31.24% 7.49% 25.71% $15,516.60 $727.26 $950.29
1986 18.49% 6.04% 24.28% $18,386.33 $771.15 $1,181.06
1987 5.81% 5.72% -4.96% $19,455.08 $815.27 $1,122.47
1988 16.54% 6.45% 8.22% $22,672.40 $867.86 $1,214.78
1989 31.48% 8.11% 17.69% $29,808.58 $938.24 $1,429.72
1990 -3.06% 7.55% 6.24% $28,895.11 $1,009.08 $1,518.87
1991 30.23% 5.61% 15.00% $37,631.51 $1,065.69 $1,746.77
1992 7.49% 3.41% 9.36% $40,451.51 $1,101.98 $1,910.30
1993 9.97% 2.98% 14.21% $44,483.33 $1,134.84 $2,181.77
1994 1.33% 3.99% -8.04% $45,073.14 $1,180.07 $2,006.43
1995 37.20% 5.52% 23.48% $61,838.19 $1,245.15 $2,477.55
1996 22.68% 5.02% 1.43% $75,863.69 $1,307.68 $2,512.94
1997 33.10% 5.05% 9.94% $100,977.34 $1,373.76 $2,762.71
1998 28.34% 4.73% 14.92% $129,592.25 $1,438.70 $3,174.95
1999 20.89% 4.51% -8.25% $156,658.05 $1,503.58 $2,912.88
2000 -9.03% 5.76% 16.66% $142,508.98 $1,590.23 $3,398.03
2001 -11.85% 3.67% 5.57% $125,622.01 $1,648.63 $3,587.37
2002 -21.97% 1.66% 15.12% $98,027.82 $1,675.96 $4,129.65
2003 28.36% 1.03% 0.38% $125,824.39 $1,693.22 $4,145.15
2004 10.74% 1.23% 4.49% $139,341.42 $1,714.00 $4,331.30
2005 4.83% 3.01% 2.87% $146,077.85 $1,765.59 $4,455.50
2006 15.61% 4.68% 1.96% $168,884.34 $1,848.18 $4,542.87
2007 5.48% 4.64% 10.21% $178,147.20 $1,933.98 $5,006.69
2008 -36.55% 1.59% 20.10% $113,030.22 $1,964.64 $6,013.10
2009 25.94% 0.14% -11.12% $142,344.87 $1,967.29 $5,344.65
2010 14.82% 0.13% 8.46% $163,441.94 $1,969.84 $5,796.96
2011 2.07% 0.03% 16.04% $166,818.28 $1,970.44 $6,726.52
2012 15.83% 0.05% 2.97% $193,219.24 $1,971.42 $6,926.40
2013 15.83% 0.05% 2.97% $193,219.24 $1,972.83 $6,966.40
2014 15.83% 0.05% 2.97% $194,221.24 $1,972.42 $6,967.40
2015 15.83% 0.05% 2.97% $195,319.24 $1,973.82 $6,968.40
2016 15.83% 0.05% 2.97% $195,919.24 $1,975.44 $6,968.11
2017 15.83% 0.05% 2.97% $196,619.24 $1,978.62 $6,971.40

Risk Premium
Arithmetic Aver Stock T-Bills T.Bonds Stocks - T.Bills Stocks - T.Bonds
1928-2013 11.26% 3.61% 5.38% 7.65% 5.88%
1963-2013 11.10% 5.17% 7.19% 5.93% 3.91%
2002-2013 8.71% 1.65% 5.64% 7.06% 3.08%

Estimacion del Costo de Cápital

RM 8.71%
RF 1.65%
RP 2.61%
Boa 1.21 Beta promedio del sector
Koa 12.80%
Koa (S/.) 14.06%
Curvas Cupon Cero
Fecha de Tipo de Tasas (%) Tasas (%)
Plazo (DIAS) Devaluacion
Proceso Curva Soles Dolares
1/29/2017 CCPSS 0 3.25% 0.87% 2.36%
1/29/2017 CCPSS 360 3.94% 1.29% 2.62%
1/29/2017 CCPSS 720 4.08% 1.82% 2.22%
1/29/2017 CCPSS 1080 4.29% 2.36% 1.88%
1/29/2017 CCPSS 1440 4.59% 2.86% 1.68%
1/29/2017 CCPSS 1800 4.93% 3.31% 1.57%
1/29/2017 CCPSS 2160 5.25% 3.71% 1.49%
1/29/2017 CCPSS 2520 5.54% 4.06% 1.42%
1/29/2017 CCPSS 2880 5.78% 4.36% 1.36%
1/29/2017 CCPSS 3240 5.99% 4.63% 1.30%
1/29/2017 CCPSS 3600 6.17% 4.86% 1.25%
1/29/2017 CCPSS 3960 6.32% 5.07% 1.19%
1/29/2017 CCPSS 4320 6.44% 5.24% 1.14%
1/29/2017 CCPSS 4680 6.55% 5.40% 1.09%
1/29/2017 CCPSS 5040 6.64% 5.54% 1.04%
1/29/2017 CCPSS 5400 6.72% 5.67% 1.00%
1/29/2017 CCPSS 5760 6.79% 5.78% 0.96%
1/29/2017 CCPSS 6120 6.86% 5.88% 0.92%
1/29/2017 CCPSS 6480 6.91% 5.97% 0.89%
1/29/2017 CCPSS 6840 6.96% 6.05% 0.86%
1/29/2017 CCPSS 7200 7.01% 6.12% 0.83%
1/29/2017 CCPSS 7560 7.05% 6.19% 0.81%
1/29/2017 CCPSS 7920 0.71% 0.63% 0.08%
1/29/2017 CCPSS 8280 7.12% 6.31% 0.76%
1/29/2017 CCPSS 8640 7.15% 6.36% 0.74%
1/29/2017 CCPSS 9000 7.18% 6.41% 0.72%
1/29/2017 CCPSS 9360 7.20% 6.45% 0.71%
1/29/2017 CCPSS 9720 7.23% 6.49% 0.69%
1/29/2017 CCPSS 10080 7.25% 6.53% 0.68%
1/29/2017 CCPSS 10440 7.27% 6.56% 0.66%
1/29/2017 CCPSS 10800 7.29% 6.60% 0.65%
1/29/2017 CCPSS 11160 7.32% 6.69% 0.59%
1/29/2017 CCPSS 11520 7.35% 6.82% 0.50%
Promedio 6.09% 4.94% 1.10%
Devaluacion 1.11%
 Bonos
Spread - Tesoro
Mes/Año EMBIG EE.UU. -
Perú (pbs) 30 años
(%)
Oct09 149.1 4.9
Nov09 146.8 4.7
Dic09 131.4 4.7 Meses EMBIG RP
Ene10 123.0 4.8 24 260.807 2.61%
Feb10 127.2 4.8 23 251.320 2.5%
Mar10 131.8 4.7 22 238.940 2.4%
Abr10 117.8 4.9 21 228.411 2.3%
May10 110.0 4.9 20 218.879 2.2%
Jun10 104.0 5.2 19 208.877 2.1%
Jul10 129.5 5.1 18 200.505 2.01%
Ago10 168.9 4.9 17 195.115 2.0%
Sep10 155.7 4.8 16 191.215 1.9%
Oct10 138.6 4.8 15 185.706 1.9%
Nov10 174.9 4.5 14 181.827 1.8%
Dic10 175.0 4.5 13 178.433 1.8%
Ene11 195.1 4.3 12 177.196 1.77%
Feb11 208.7 4.5 11 175.922 1.8%
Mar11 220.9 4.4 10 175.619 1.8%
Abr11 181.6 4.4 9 175.167 1.8%
May11 154.1 4.6 8 172.037 1.7%
Jun11 160.3 4.7 7 174.068 1.7%
Jul11 197.6 4.6 6 179.151 1.79%
Ago11 195.3 4.5 5 174.629 1.7%
Sep11 257.8 4.3 4 166.582 1.7%
Oct11 475.4 4.2 3 160.204 1.6%
Nov11 479.0 4.1 2 162.011 1.6%
Dic11 523.7 2.8 1 156.450 1.6%
Ene12 460.1 3.1
Feb12 419.1 3.6
Mar12 408.9 3.6
Abr12 359.6 3.7
May12 292.2 4.2
Jun12 257.5 4.5
Jul12 273.9 4.4
Ago12 240.0 4.4
Sep12 226.0 4.2
Oct12 193.3 4.2
Nov12 191.2 4.3
Dic12 179.0 4.5
Ene13 179.7 4.6
Feb13 200.2 4.6
Mar13 157.8 4.6
Abr13 143.6 4.7
May13 201.8 4.3
Jun13 206.8 4.1
Jul13 185.7 4.0
Ago13 156.6 3.8
Sep13 167.6 3.8
Oct13 156.5 3.9