valuacion de general motors usando un modelo de opciones reales

Valuación GM
Common Stock 1,017,000 944,000 944,000 943,000
Retained Earnings (61,014,000) (58,470,000) (42,847,000) (39,392,000)
Treasury Stock - - - -
Capital Surplus 15,732,000 15,335,000 15,327,000 15,319,000
Other Stockholder Equity (15,674,000) (14,779,000) (14,467,000) (13,964,000)
Total Stockholder Equity (59,939,000) (56,970,000) (41,043,000) (37,094,000)
Net Tangible Assets ($60,888,000) ($58,040,000) ($42,136,000) ($38,160,000)
Income Statement
PERIOD ENDING 30-Sep-08 30-Jun-08 31-Mar-08 31-Dec-07
Total Revenue 37,941,000 37,975,000 42,670,000 46,897,000
Cost of Revenue 35,996,000 43,365,000 38,333,000 44,457,000
Gross Profit 1,945,000 (5,390,000) 4,337,000 2,440,000
Operating Expenses
Research
Development
Selling General
and
Administrative
- - - -
2,828,000 7,086,000 4,926,000 5,381,000
Non Recurring - - - -
Others - - - -
Total Operating
Expenses
- - - -
Operating Income or Loss -883 (12,476,000) -589 (2,941,000)
Income from Continuing Operations
Total Other
Income/Expenses
Net
Earnings Before
Interest And
Taxes
78,000 -231 318,000 1,623,000
(2,040,000) (14,637,000) (1,883,000) (2,563,000)
Interest Expense 542,000 721,000 774,000 646,000
Income Before
Tax
Income Tax
Expense
(2,582,000) (15,358,000) (2,657,000) (3,209,000)
68,000 308,000 653,000 (1,643,000)
Minority Interest 58,000 67,000 -73 -406
Net Income From
Continuing Ops
(2,542,000) (15,471,000) (3,251,000) (1,527,000)
Javier Herrou Febrero 2009 Página 9 de 54