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Etb´s valoration
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The objective of this work is to carry out the valuation of one of the most important companies in the telecommunications sector in Colombia:Empresa de Telecomunicaciones de Bogotá S.A. E.P.S, known and therefore named as ETB, is a Colombian public corporation and public facility, the oldest of Colombia. The strategic importance of this company is framed in the fact that it has an absolute majority of ownership of the Bogota District in its operation, this way to approach the whole valuation makes it become a benchmark for the valuation of several companies that have state participation. And more than this, it is about obtaining deterministic historical information to try to approximate according to the theoretical foundation of enterprise’s valuation, with all its academic improvements, to obtain an implicit value of ETB not only based on its numbers, but also taking into account certain approximations stochastic to reach more solid results. With this, we want to give an objective criterion about the creation of value for a company as important as ETB for the District's economy, since intrinsically it wants to maximize the utility of the shareholders according what Friedman (1970)states about social responsibility. The way in which it will develop is framed in three essential steps to reach a share value: obtain and process historical information to make cash flow forecasts for the next 5 years, calculate the WACC and with this as rate of discount, reach the intrinsic average price of the share.
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Telecommunications Shareholders Cash flow