Con el presente trabajo, buscamos obtener el valor fundamental de la acción de la empresa Laive al cierre del año 2018 a través de los métodos de flujo de caja descontado y dividendos descontados, aprendidos en la Maestría en Finanzas. Laive se dedica principalmente a la elaboración, producción y comercialización de lácteos y sus derivados que, al cierre del año 2018, representan el 78,81 % del total de los ingresos. Asimismo, la empresa cuenta con dos líneas adicionales: cárnicos y derivados de frutas. Para realizar la presente valorización, tomamos en consideración tanto los estados financieros anuales auditados del periodo 2012-2018 como las memorias anuales. Acudimos a fuentes como el Banco Central de Reserva del Perú (BCRP), la Superintendencia del Mercado de Valores (SMV), Euromonitor, Bloomberg, entre otras. Adicionalmente, obtuvimos una entrevista con un funcionari...

This study has as its main objective to develop an analysis of decision making under uncertainty using the real options application in the evaluation of investments in mining projects. It is also proposed to study the behaviour of gold prices, for the specific case of Peru, using historic prices and based on the commodity prices process. The Ornstein-Uhlenbeck model has been used for this. The main result is that to evaluate projects using the real options approach allows to evaluate –in their real magnitude– the financial benefits associated with an investment project, as it takes into account the trinomial of profitability-risk-flexibility. The assessment method using real options makes it possible to structure strategic thinking.

This study has as its main objective to develop an analysis of decision making under uncertainty using the real options application in the evaluation of investments in mining projects. It is also proposed to study the behaviour of gold prices, for the specific case of Peru, using historic prices and based on the commodity prices process. The Ornstein-Uhlenbeck model has been used for this. The main result is that to evaluate projects using the real options approach allows to evaluate –in their real magnitude– the financial benefits associated with an investment project, as it takes into account the trinomial of profitability-risk-flexibility. The assessment method using real options makes it possible to structure strategic thinking. Doi: https://doi.org/10.1016/j.jefas.2016.07.​001