Precio compra Cost.

		cost		AÑO 0	AÑO 1	AÑO 2	AÑO 3	AÑO 4	AÑO 5	AÑO 6	AÑO 7	AÑO 8	AÑO 9	AÑO 10
Precio compra			160.00
	1			132735.00	140699.10	149141.05	158089.51	167574.88	177629.37	188287.13	199584.36	211559.42	224252.99	237708.17
	Margin ebit			3.17%	3.21%	3.24%	3.27%	3.30%	3.34%	3.37%	3.40%	3.44%	3.47%	3.51%
	EBIT			4,213.00	4,510.44	4,828.87	5,169.79	5,534.78	5,925.54	6,343.88	6,791.76	7,271.25	7,784.61	8,334.20
	Capital invertido			16,373.00	17,355.38	18,396.70	19,500.50	20,670.54	21,910.77	23,225.41	24,618.94	26,096.07	27,661.84	29,321.55
	CASH FLOW OPERATIVO			54.9	58.2	61.7	65.4	69.3	73.5	77.9	82.5	87.5	92.8	98.3
	NOPAT			2869.1	3071.6	3288.5	3520.6	3769.2	4035.3	4320.2	4625.2	4951.7	5301.3	5675.6
	CAPEX Crec			34.24%	33.90%	33.57%	33.23%	32.90%	32.58%	32.26%	31.94%	31.62%	31.31%	31.00%
	% a FCF			65.76%	66.10%	66.43%	66.77%	67.10%	67.42%	67.74%	68.06%	68.38%	68.69%	69.00%
	Incremento ventas			6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	6.00%
	crec			7.0%	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%	7.00%
	ROIC			17.52%	17.70%	17.88%	18.05%	18.23%	18.42%	18.60%	18.79%	18.97%	19.16%	19.36%
	Change profit margin			1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
	Expansion PE			0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.59%
	NOPAT EARNINGS			24.86	23.22	21.69	20.26	18.93	17.68	16.51	15.42	14.41	13.46	12.57
	NOPAT EARNING FINAL			24.86	24.86	24.86	24.86	24.86	24.86	24.86	24.86	24.86	24.86	27.00
	Rentabilidad			9.4%	9.60%	9.80%	10.02%	10.26%	10.51%	10.78%	11.07%	11.38%	11.72%	20.67%
									10.04%					11.58%

Precio compra Paychex

		PAYX		AÑO 0	AÑO 1	AÑO 2	AÑO 3	AÑO 4	AÑO 5	AÑO 6	AÑO 7	AÑO 8	AÑO 9	AÑO 10
Precio compra			57.00
	Ventas			3237.00	3398.85	3568.79	3747.23	3934.59	4131.32	4337.89	4554.78	4782.52	5021.65	5272.73
	Margin ebit			39.64%	39.95%	40.27%	40.59%	40.92%	41.25%	41.58%	41.91%	42.24%	42.58%	42.92%
	EBIT			1,283.00	1,357.93	1,437.23	1,521.16	1,610.00	1,704.02	1,803.54	1,908.87	2,020.34	2,138.33	2,263.21
	Capital invertido			2,043.50	2,145.68	2,252.96	2,365.61	2,483.89	2,608.08	2,738.49	2,875.41	3,019.18	3,170.14	3,328.65
	CASH FLOW OPERATIVO			54.9	57.6	60.5	63.6	66.7	70.1	73.6	77.2	81.1	85.2	89.4
	NOPAT			838.4	887.4	939.2	994.1	1052.1	1113.6	1178.6	1247.4	1320.3	1397.4	1479.0
	CAPEX Crec			12.19%	12.09%	11.99%	11.90%	11.80%	11.71%	11.62%	11.53%	11.43%	11.34%	11.25%
	% a FCF			87.81%	87.91%	88.01%	88.10%	88.20%	88.29%	88.38%	88.47%	88.57%	88.66%	88.75%
	Incremento ventas			5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
	crec			5.8%	5.80%	5.80%	5.80%	5.80%	5.80%	5.80%	5.80%	5.80%	5.80%	5.80%
	ROIC			41.03%	41.36%	41.69%	42.02%	42.36%	42.70%	43.04%	43.38%	43.73%	44.08%	44.43%
	Change profit margin			0.80%	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%
	Expansion PE			0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.13%
	NOPAT EARNINGS			24.30	22.96	21.69	20.49	19.36	18.29	17.28	16.33	15.43	14.58	13.77
	NOPAT EARNING FINAL			24.30	24.30	24.30	24.30	24.30	24.30	24.30	24.30	24.30	24.30	27.00
	Rentabilidad			9.3%	9.55%	9.77%	10.01%	10.26%	10.52%	10.81%	11.10%	11.42%	11.76%	23.24%
									10.02%					11.84%