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Análisis Fundamental: USD in Millions Except Per Share Data. 2014 2015 2016 2017 2018

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andusoto

This document analyzes the financial statements of Chipotle Mexican Grill from 2014 to 2018 and provides calculations to evaluate the company's performance. It asks the reader to calculate key metrics like return on equity and economic value added, and make an investment decision. The balance sheet shows total assets growing from $721 million in 2014 to $1.424 billion in 2018. The income statement reveals net income increased from $81 million in 2014 to $218 million in 2018. The reader is asked to analyze various financial ratios and use the Altman Z-score model to assess the company's risk level.

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Download as xlsx, pdf, or txt

Análisis Fundamental: USD in Millions Except Per Share Data. 2014 2015 2016 2017 2018

Uploaded by

andusoto
29 views8 pages
This document analyzes the financial statements of Chipotle Mexican Grill from 2014 to 2018 and provides calculations to evaluate the company's performance. It asks the reader to calculate key metrics like return on equity and economic value added, and make an investment decision. The balance sheet shows total assets growing from $721 million in 2014 to $1.424 billion in 2018. The income statement reveals net income increased from $81 million in 2014 to $218 million in 2018. The reader is asked to analyze various financial ratios and use the Altman Z-score model to assess the company's risk level.

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This document analyzes the financial statements of Chipotle Mexican Grill from 2014 to 2018 and provides calculations to evaluate the company's performance. It asks the reader to calculate key metrics like return on equity and economic value added, and make an investment decision. The balance sheet shows total assets growing from $721 million in 2014 to $1.424 billion in 2018. The income statement reveals net income increased from $81 million in 2014 to $218 million in 2018. The reader is asked to analyze various financial ratios and use the Altman Z-score model to assess the company's risk level.

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© All Rights Reserved
Download as XLSX, PDF, TXT or read online from Scribd
Download as xlsx, pdf, or txt
29 views8 pages

Análisis Fundamental: USD in Millions Except Per Share Data. 2014 2015 2016 2017 2018

Uploaded by

andusoto
This document analyzes the financial statements of Chipotle Mexican Grill from 2014 to 2018 and provides calculations to evaluate the company's performance. It asks the reader to calculate key metrics like return on equity and economic value added, and make an investment decision. The balance sheet shows total assets growing from $721 million in 2014 to $1.424 billion in 2018. The income statement reveals net income increased from $81 million in 2014 to $218 million in 2018. The reader is asked to analyze various financial ratios and use the Altman Z-score model to assess the company's risk level.

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Análisis Fundamental

Realice los cálculos considerando la siguiente información y toma una decisión de inversión.

- La tasa de descuento de la empresa es 10% anual.


- Los activos que no forman parte de la operación ("activos no operativos") son los siguientes: a) El total de Caja, b) El Goodwill, c) El rubro Equity & Other Investment
- Las cuentas por pagar ("accounts payable") no devengan interés. Es decir, son pasivos no financieros o gratuitos.
- Precio de mercado de la acción para 2016 es 394 USD.
- La empresa tiene 1,840,765 de acciones en circulación en 2016.

CHIPOTLE MEXICAN GRILL, INC. (CMG), Balance Sheet


USD in millions except per share data. 2014 2015 2016 2017 2018
Assets
Current assets
Cash and equivalents 171 188 270 350 456
Receivables 5 4 5 6 8
Inventories 4 5 6 7 9
Deferred income taxes 2 3 3 4 6
Prepaid expenses 9 12 14 16 21
Other current assets 10 - 24
Total current assets 201 212 298 407 500
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 646 777 882 982 1,122
Accumulated Depreciation -151 -191 -246 -305 -370
Net property, plant and equipment 495 586 636 677 752
Equity and other investments 128
Goodwill 22 22 22 22
Intangible assets 22
Other long-term assets 3 6 6 17 22

1
Total non-current assets 25 28 28 39 172
Total assets 721 826 962 1,123 1,424
Liabilities and stockholders' equity
Liabilities
Current liabilities
Accounts payable 20 24 25 34 46
Taxes payable 4 16
Accrued liabilities 53 53 73 89 77
Other current liabilities - 18
Total current liabilities 73 77 102 123 157
Non-current liabilities
Long-term debt 4 4 4
Deferred taxes liabilities 16 30 39 51 64
Other long-term liabilities 70 92 113 134 159
Total non-current liabilities 86 126 156 189 223
Total liabilities 159 203 258 312 380
Total stockholders' equity 562 623 704 811 1,044
Total liabilities and stockholders' equity 721 826 962 1,123 1,424

CHIPOTLE MEXICAN GRILL, INC. CLASS A (CMG) INCOME STATEMENT


USD in millions except per share data. 2014 2015 2016 2017 2018
Revenue 1,086 1,332 1,518 1,836 2,270
Cost of revenue 843 1,045 1,140 1,347 1,680
Gross profit 243 287 378 489 590
Operating expenses
Sales, General and administrative 75 101 108 126 158
Other operating expenses 50 62 67 75 81
Total operating expenses 125 163 175 201 239
Operating income 118 124 203 288 351
Interest Expense - - - 3
Other income (expense) 6 3 1 1 2
Income before taxes 124 127 204 289 353

2
Income taxes 43 49 77 110 135

Net income 81 78 127 179 218

Ejercicio CMG 2014 2015 2016 2017 2018

a) Ganancia de las operaciones

b) Ganancia para los accionistas

c) Ganancia para los bancos

d) Capital:
Activo Total
(-) Activos no operativos
Exceso de Caja
Goodwill
Equity & Other investments
(-) Pasivos no financieros o gratuitos
Accounts Payable
(=) Capital

e) Dinero invertido por los accionistas

f) Dinero invertido por bancos y acreedores

g) Tasa impositiva (Impuesto sobre la Renta)

h) NOPAT

i) Return on Equity, ROE

j) Return on Debt, RD

3
k) Return on Invested Capital, ROIC

l) Economic Value Added, EVA**

Razones Financieras 2014 2015 2016 2017 2018


Liquidez
Capital de trabajo
Endeudamiento
Multiplicador de capital
ROE
UPA

PER
Capitalización bursátil

Modelo Altman :

Capital de Trabajo / AT
UR / AT
EBITDA / AT
CC / PT
Ventas / PT

Zscore

4
El rubro Equity & Other Investments.

2019 2020 2021

473 578 758


17 24 35
11 13 15
9 13 19
27 34 35
10 4 16
547 666 878

1,312 1,491 1,721


-445 -527 -614
867 964 1,107
191 314 496
22 22 22

43 44 43

5
256 380 561
1,670 2,010 2,546

59 59 70
18 23
128 91 105
32 48
187 200 246

3
49 55 41
184 216 248
236 271 289
423 471 535
1,247 1,539 2,011
1,670 2,010 2,546

2019 2020 2021


2,731 3,215 4,108
1,991 2,360 2,991
740 855 1,117

195 219 290


89 103 117
284 322 407
456 533 710

2 2 4
458 535 714

6
180 207 269

278 328 445

2019 2020 2021

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2019 2020 2021

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